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1. Accounting policies
1.1 Basis of preparation
SSP Group plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom under the Companies
Act 2006. The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries
(together referred to as the Group) and equity-account the Group\u2018s interest in its associates. These
\ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting
Standards(\u2018IAS\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019).
The \ufb01nancial statements are presented in Sterling, which is the Company\u2018s functional currency.
All information is given to the nearest \u00a30.1 million.
The \ufb01nancial statements are prepared on the historical cost basis, except in respect of \ufb01nancial
instruments (including derivative instruments) and de\ufb01ned bene\ufb01t pension schemes for which assets
are measured at fair value, as explained in the accounting policies below.
The accounting policies set out below have, unless otherwise stated, been applied consistently
to all periods presented in these \ufb01nancial statements.
1.2 Going concern
These \ufb01nancial statements are prepared on a going concern basis.
The Board has reviewed the Group\u2019s \ufb01nancial forecasts as part of the preparation of its \ufb01nancial
statements, including cash \ufb02ow forecasts prepared for a period of twelve months from the date
of approval of these \ufb01nancial statements (\u2018the going concern period\u2019) and taking into consideration
a number of di\ufb00erent scenarios. Having carefully reviewed these forecasts, the Directors have
concluded that it is appropriate to adopt the going concern basis of accounting in preparing these
\ufb01nancial statements for the reasons set out below.
In making the going concern assessment, the Directors have considered forecast cash \ufb02ows and
the liquidity available over the going concern period. In doing so they assessed a number of scenarios,
including a base case scenario and a plausible downside scenario. The base case scenario re\ufb02ects
an expectation of a continuing growth in passenger numbers in most of our key markets during
the forecast period, augmented by the ongoing roll-out of our new business pipeline.
With some uncertainty surrounding the economic and geo-political environment over the next twelve
months, a downside scenario has also been modelled, applying severe but plausible assumptions to the
base case. This downside scenario re\ufb02ects a pessimistic view of the travel markets for the remainder
of the current \ufb01nancial year, assuming sales that are around 5% lower than in the base case scenario.
In both its base case and downside case scenarios, the Directors are con\ufb01dent that the Group will have
su\ufb03cient funds to continue to meet its liabilities as they fall due for a period of at least 12 months from
the date of approval of the \ufb01nancial statements, and that it will have headroom against all applicable
covenant tests throughout this period of assessment. The Directors have therefore deemed it
appropriate to prepare the \ufb01nancial statements for the year ended 30 September 2024 on a going
concern basis.
1.3 Changes in accounting policies and disclosures
During the year ended 30 September 2024, the Group adopted the following standards:
\u2022
IFRS 17 Insurance contracts (as issued on 18 May 2017) including amendments to IFRS 17
(issued on 25 June 2020)
\u2022
De\ufb01nition of Accounting Estimates: Amendments to IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors
\u2022
Disclosure of Accounting policies: Amendments to IAS 1 Presentation of Financial Statements
and IFRS Practice Statement 2 Making Materiality Judgements
\u2022
Amendments to IAS 12 Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising from
a Single Transaction
\u2022
Amendments to IFRS 17 Insurance Contracts: Initial application of IFRS 17 and IFRS 9
\u2013 Comparative information
\u2022
Amendments to IAS 12: International Tax Reform \u2013 Pillar Two Model Rules
There is no signi\ufb01cant impact of adopting these new standards on the Group\u2019s consolidated
\ufb01nancial statements.
1.4 New accounting standards not yet adopted by the Group
The following amended standards and interpretations are not expected to have a signi\ufb01cant impact
on the Group\u2019s consolidated \ufb01nancial statements:
\u2022
Classi\ufb01cation of liabilities as current or non-current (Amendments to IAS 1)
\u2022
IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classi\ufb01cation of liabilities as current
or non-current and non-current liabilities with covenants
\u2022
IFRS 16 \u2018Leases\u2019 (amendments) \u2013 lease liability in a sale and leaseback
\u2022
IFRS 7 \u2018Financial Instruments: Disclosures\u2019 & IAS 7 \u2018Statement of Cash Flows\u2019 (amendments)
\u2013 supplier \ufb01nance arrangements
1.5 Basis of consolidation
The \ufb01nancial statements of the Group consolidate the results of the Company and its subsidiary entities,
together with the Group\u2018s attributable share of the results of associates. All intercompany balances and
transactions, including unrealised pro\ufb01ts and losses arising from intragroup transactions, have been
eliminated in full.
Subsidiaries
Subsidiaries are entities controlled by the Group. Control is the power to direct the relevant activities
of the subsidiary that signi\ufb01cantly a\ufb00ect the subsidiary\u2018s return so as to have rights to the variable
return from its activities.
The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the
date that control commences until the date that control ceases. Losses applicable to the non-controlling
interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the
non-controlling interests to have a de\ufb01cit balance.
Subsidiary undertakings exempt from audit
The following subsidiaries, all of which are incorporated in England and Wales, are exempt from
the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue
of section 479A of that Act.
Company
Company Registration Number
Procurement 2U Limited
01907655
Rail Gourmet Group Limited
06180162
SSP Asia Paci\ufb01c Holdings Limited
06180177
SSP Australia Financing Limited
15668708
SSP Bermuda Holdings Limited
11815274
SSP Euro Holdings Limited
08654008
SSP Financing No. 2 Limited
09113371
SSP Group Holdings Limited
05736092
SSP Lounge Holdings Global Limited
15075931
Associates
An associate is an undertaking in which the Group has a long-term equity interest and over which
it has the power to exercise signi\ufb01cant in\ufb02uence.
Associates are accounted for using the equity method and are initially recognised at cost (including
transaction costs). The Group\u2018s interest in the net assets of associates is reported as an investment on
the consolidated balance sheet and its interest in their results are included in the consolidated income
statement below the Group\u2018s operating pro\ufb01t. The Group\u2018s investment in associates includes goodwill
identi\ufb01ed on acquisition, net of any accumulated impairment losses. The consolidated \ufb01nancial
statements include the Group\u2018s share of the total comprehensive income and equity movements of
equity-accounted investees, from the date that signi\ufb01cant in\ufb02uence commences until the date that
signi\ufb01cant in\ufb02uence ceases.
When the Group\u2018s share of losses exceeds its interest in an equity-accounted investee, the carrying
amount of the Group\u2018s investment is reduced to nil and recognition of further losses is discontinued
except to the extent that the Group has incurred legal or constructive obligations or made payments
on behalf of an investee.
Investments in associates are reviewed for impairment whenever events or circumstances indicate
that the carrying amount may not be recoverable. The impairment review compares the net carrying
value with the recoverable amount, where the recoverable amount is the higher of the value in use,
calculated as the present value of the Group\u2018s share of the investees\u2018 future cash \ufb02ows and the
fair value less costs of disposal.
1.6 Foreign currency
Transactions in foreign currencies are translated to the respective functional currencies of Group
entities at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are retranslated to the functional currency
at the foreign exchange rate ruling at that date. Foreign exchange di\ufb00erences arising on translation are
recognised in the income statement, except for di\ufb00erences arising on the retranslation of a \ufb01nancial
liability designated as a hedge of the net investment in a foreign operation that is e\ufb00ective, or qualifying
cash \ufb02ow hedges, which are recognised directly in other comprehensive income. Non-monetary assets
and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
consolidation, are translated to the Group\u2018s presentation currency, Sterling, at foreign exchange rates
ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an
average rate for the period where this rate approximates to the foreign exchange rates ruling at the
dates of the transactions.
Exchange di\ufb00erences arising from this translation of foreign operations are reported as an item
of other comprehensive income and accumulated in the translation reserve or non-controlling interest,
as appropriate. When a foreign operation is disposed of, such that control, joint control or signi\ufb01cant
in\ufb02uence is lost, the entire accumulated amount in the foreign currency translation reserve, net of
amounts previously attributed to non-controlling interests, is recycled to the income statement as
part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary
that includes a foreign operation while still retaining control, the relevant proportion of the
accumulated amount is reattributed to non-controlling interests. When the Group disposes of only
part of its investment in an associate or joint venture that includes a foreign operation while still
retaining signi\ufb01cant in\ufb02uence or joint control, the relevant proportion of the cumulative amount
is recycled to the income statement.
Exchange di\ufb00erences arising from a monetary item receivable from or payable to a foreign operation,
the settlement of which is neither planned nor likely in the foreseeable future, are considered to form
part of a net investment in a foreign operation and are recognised directly in other comprehensive
income. Foreign currency di\ufb00erences arising on the retranslation of a hedge of a net investment in a
foreign operation are recognised directly in equity, in the translation reserve, to the extent that the
hedge is e\ufb00ective. When the hedged part of a net investment is disposed of, the associated cumulative
amount in equity is recycled to the income statement as an adjustment to the pro\ufb01t or loss on disposal.
1.7 Classi\ufb01cation of \ufb01nancial instruments issued by the Group
Financial instruments issued by the Group are treated as equity only to the extent that they meet
the following two conditions:
(a) they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets
or to exchange \ufb01nancial assets or \ufb01nancial liabilities with another party under conditions that
are potentially unfavourable to the Group; and
(b) where the instrument will or may be settled in the Company\u2018s own equity instruments, it is either
a non-derivative that includes no obligation to deliver a variable number of the Company\u2018s own
equity instruments or is a derivative that will be settled by the Company exchanging a \ufb01xed
amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
To the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability.
1.8 Non-derivative \ufb01nancial instruments
Non-derivative \ufb01nancial instruments comprise investments in equity and debt securities, trade and
other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition,
they are measured at amortised cost using the e\ufb00ective interest method, less any impairment losses
and doubtful debts. The allowance for doubtful debts is recognised based on an expected loss model
which is a probability weighted estimate of credit losses.
The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade and
other receivables. The basis on which expected credit losses are measured uses historical cash collection
data for periods of at least 24 months wherever possible. The historical loss rates are adjusted where
macro-economic, industry speci\ufb01c factors or known issues to a speci\ufb01c debtor are expected to have a
signi\ufb01cant impact when determining future expected credit losses. Trade and other receivables are fully
written o\ufb00 when each business unit determines there to be no reasonable expectation of recovery.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition,
they are measured at amortised cost using the e\ufb00ective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and deposits and liquid investments, and short-term
deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2018s cash
management are included as a component of cash and cash equivalents. Money market funds which are
readily convertible to cash are classi\ufb01ed as cash equivalents and held on the balance sheet at fair value.
Other \ufb01nancial assets
Other \ufb01nancial assets comprise money market funds that are not readily convertible to cash.
These are held on the balance sheet at amortised cost.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the
e\ufb00ective interest method. Where a modi\ufb01cation to the terms of existing borrowings has taken place,
the di\ufb00erence between the current carrying amount of borrowings and the modi\ufb01ed net present
value of future cash \ufb02ows is taken to the income statement.
1.9 Derivative \ufb01nancial instruments and hedging
Derivative \ufb01nancial instruments
Derivative \ufb01nancial instruments are recognised at fair value. The gain or loss on remeasurement to fair
value is recognised immediately in the income statement. However, where derivatives qualify for hedge
accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged.
Cash \ufb02ow hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of
a recognised asset or liability, or a highly probable forecast transaction, the e\ufb00ective part of any gain
or loss on the derivative \ufb01nancial instrument is recognised directly in the cash \ufb02ow hedging reserve.
Any ine\ufb00ective portion of the hedge is recognised immediately in the income statement.
If a hedge of a forecast transaction subsequently results in the recognition of a \ufb01nancial asset or a
\ufb01nancial liability, the associated gains and losses that were recognised directly in other comprehensive
income are recycled into the income statement in the same period or periods during which the asset
acquired or liability assumed a\ufb00ects pro\ufb01t or loss, i.e. when interest income or expense is recognised.
For cash \ufb02ow hedges, other than those speci\ufb01ed above, the associated cumulative gain or loss is
removed from equity and recognised in the income statement in the same period or periods during
which the hedged forecast transaction a\ufb00ects pro\ufb01t or loss.
Fair value hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in fair value
of a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value
of the derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged (even if it is normally carried at cost or amortised cost) and any gains or losses
on remeasurement are recognised immediately in the income statement (even if those gains would
normally be recognised directly in reserves).
1.10 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses.
Where parts of an item of property, plant and equipment have di\ufb00erent useful lives, they are accounted
for as separate items of property, plant and equipment. The restoration cost is capitalised and
depreciated over the life of the contract.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives
of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful
lives are as follows:
Freehold buildings 50 years
Leasehold buildings the life of the lease
Plant and machinery 3 to 13 years
Fixtures, \ufb01ttings, tools and equipment 3 to 13 years
1.11 IFRS 16 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 incremental borrowing rate 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 e\ufb00ective interest method. It is remeasured when there is a change in future lease payments arising
from a change in an index or a 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. Variable lease payments are recognised as an expense in the income
statement in the period they are incurred. For short-term leases and low value assets, the Group
recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
1.12 Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date at which control is transferred to the Group. The consideration transferred in the acquisition
is measured at fair value as are the identi\ufb01able assets and liabilities acquired. The excess of the fair
value of consideration transferred over the fair value of net assets acquired is accounted for as goodwill.
Any goodwill that arises is tested annually for impairment.
Non-controlling interests arising from acquisition are accounted for based on the proportionate share of
the fair value of identi\ufb01able net assets. Subsequent to acquisition, the carrying amount of non-controlling
interests is the amount of those interests at initial recognition plus the non-controlling interests\u2018 share
of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests
even if this results in the non-controlling interests having a de\ufb01cit balance.
1.13 Acquisitions and disposals of non-controlling interests
Acquisitions and disposals of non-controlling interests that do not result in a change of control are
accounted for as transactions with owners in their capacity as owners and, therefore, no goodwill is
recognised as a result of such transactions. The adjustments to non-controlling interests are based
on a proportionate amount of the net assets of the subsidiary. Any di\ufb00erence between the price paid
or received and the amount by which non-controlling interests are adjusted is recognised directly in
equity and attributed to the owners of the parent company.
1.14 Goodwill and intangible assets
Goodwill
Goodwill is allocated to groups of cash-generating units (CGUs) as this is the lowest level within the Group
at which the goodwill is monitored for internal management purposes. Goodwill is not amortised but is
tested annually for impairment, or when impairment triggers have been identi\ufb01ed, at the level at which it
is allocated when accounting for business combinations. Goodwill is stated at cost less any accumulated
impairment losses.
Inde\ufb01nite life intangible assets
Inde\ufb01nite life intangible assets relate to brands recognised on acquisition of the SSP business in 2006.
Inde\ufb01nite life intangible assets are treated as having an inde\ufb01nite life as there is no foreseeable limit to
the period over which they are expected to generate net cash in\ufb02ows. In particular, they are considered
to have an inde\ufb01nite life, given the strength and durability of the brands and the level of marketing
support provided. The nature of the food and beverage industry is such that obsolescence is not
a common issue, with the Group\u2019s major brands being originally created over 20 years ago.
These assets are tested annually for impairment or when impairment triggers have been identi\ufb01ed,
at the level at which they are allocated when accounting for business combinations.
De\ufb01nite life and software intangible assets
De\ufb01nite life intangible assets, consisting mainly of brands and franchise agreements and software, that
are acquired/purchased by the Group are stated at cost less accumulated amortisation and accumulated
impairment losses. Expenditure on internally generated brands is recognised in the income statement
as an expense is incurred.
Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives
of intangible assets (between 3 and 15 years) unless such lives are inde\ufb01nite. Other intangible assets are
amortised from the date they are available for use.
1.15 Inventories
Inventories comprise goods purchased for resale and consumable stores and are stated at the lower
of cost and net realisable value. Cost is calculated using the \u2018\ufb01rst in \ufb01rst out\u2019 method.
1.16 Impairment excluding inventories and deferred tax assets
Financial assets
A \ufb01nancial asset not carried at fair value through the income statement is assessed at each reporting
date to determine whether there is objective evidence that it is impaired. A \ufb01nancial asset is impaired
(with a charge to the income statement) if objective evidence indicates that a loss event has occurred
after the initial recognition of the asset, and that the loss event has had a negative e\ufb00ect on the
estimated future cash \ufb02ows of that asset, which can be estimated reliably.
An impairment loss in respect of a \ufb01nancial asset measured at amortised cost is calculated as the
di\ufb00erence between its carrying amount and the present value of the estimated future cash \ufb02ows
discounted at the asset\u2018s original e\ufb00ective interest rate. Interest on the impaired asset continues to
be recognised through the unwinding of the discount. When a subsequent event causes the amount of
impairment loss to decrease, the decrease in impairment loss is reversed through the income statement.
Non-\ufb01nancial assets
The carrying amounts of the Group\u2018s non-\ufb01nancial assets, other than inventories and deferred tax assets,
are reviewed at each reporting date to determine whether there is any indication of impairment. If any
such indication exists, then the asset\u2018s recoverable amount is estimated. For goodwill and intangible
assets that have inde\ufb01nite useful lives or that are not yet available for use, the recoverable amount is
estimated in each period at the same time.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs
to sell. For the purpose of impairment testing, assets that cannot be tested individually are grouped
together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are
largely independent of the cash in\ufb02ows of other assets or groups of assets. Subject to an operating
segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has
been allocated are aggregated so that the level at which impairment is tested re\ufb02ects the lowest
level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business
combination is allocated to CGUs or groups of CGUs that are expected to bene\ufb01t from the synergies
of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognised in the income statement. Impairment losses
recognised in respect of CGUs are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated
to the units, and then to reduce the carrying amounts of the other assets in the unit (or group of units)
on a pro rata basis. Any subsequent reduction in an impairment loss in respect of goodwill is not reversed.
For other assets, any subsequent reduction in an impairment loss is reversed only to the extent
the asset\u2018s carrying amount does not exceed the carrying amount that would have been determined,
net of depreciation or amortisation, if no impairment loss had been recognised.
1.17 Employee bene\ufb01ts
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a post-employment bene\ufb01t plan other than a de\ufb01ned contribution plan.
The Group\u2018s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately for each plan
by estimating the amount of future bene\ufb01t that employees have earned in the current and prior periods,
discounting the amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed annually by a quali\ufb01ed actuary using
the projected unit credit method. When the calculation results in a potential asset for the Group, the
recognised asset is limited to the present value of the economic bene\ufb01ts available in the form of any
future refunds from the plan or reductions in future contributions to the plan. To calculate the present
value of economic bene\ufb01ts, consideration is given to any applicable minimum funding requirements.
Remeasurements of the net de\ufb01ned liability, which comprise actuarial gains and losses, the return
on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if any, excluding interest),
are recognised immediately in other comprehensive income. Net interest expense and other
expenses related to de\ufb01ned plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change in bene\ufb01t
that relates to past service or the gain or loss on curtailment is recognised immediately in the income
statement. The Group recognises gains and losses on the settlement of a de\ufb01ned bene\ufb01t plan when
the settlement occurs.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a post-employment bene\ufb01t plan under which the employing company
pays \ufb01xed contributions into a separate entity and will have no legal or constructive obligation to pay
further amounts. Obligations for contributions to de\ufb01ned contribution pension plans are recognised
as an expense in the income statement in the periods during which services are rendered by employees.
Short-term bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A liability is recognised for the amount expected to be paid under a
short-term cash bonus if the employing company has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Share-based payments
Equity-settled share-based payments to employees are measured at the fair value of the equity
instruments at the grant date. The fair value excludes the e\ufb00ect of service and non-market-based
vesting conditions.
The fair value determined at the grant date of the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, with a corresponding adjustment to equity reserves,
based on the Group\u2018s estimate of equity instruments that will eventually vest. At each balance sheet
date, the Group revises its estimate of the number of equity instruments expected to vest as a result of
service and non-market-based vesting conditions. The impact of changes to the original estimates, if any,
is recognised in the income statement such that the cumulative expense re\ufb02ects the revised estimate,
with a corresponding adjustment to equity reserves.
1.18 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 out\ufb02ow
of economic bene\ufb01ts will be required to settle the obligation. Provisions are determined by discounting
the expected future cash \ufb02ows at an appropriate rate.
1.19 Segment information
Segment information is provided based on the geographical segments that are reviewed by the
chief operating decision-maker. In accordance with the provisions of IFRS 8 \u2018Operational segments\u2018,
the Group\u2018s chief operating decision-maker is the Board of Directors. The operating segments are
aggregated if they meet certain criteria. Segment results include items directly attributable to a
segment, as well as those that can be allocated on a reasonable basis. Unallocated items comprise
mainly head o\ufb03ce expenses, \ufb01nance income, \ufb01nance charges and income tax. No disclosure is made
for net assets/liabilities as these are not reported by segment to the chief operating decision-maker.
1.20 Revenue
Revenue represents amounts for retail goods and catering services supplied to third-party customers
(predominantly passengers) excluding discounts, value-added tax and similar sales taxes.
Sale of goods
Revenue is recognised at the point that control of the goods is passed to the customer. This is deemed
to be at the at the point of sale of food, beverage and retail goods.
Provision of catering services
Revenue is recognised over time, as the services are provided to the customer.
1.21 Supplier income
The Group enters into agreements with suppliers to bene\ufb01t from promotional activity and volume
growth. Supplier incentives, rebates and discounts are recognised within cost of sales as they are earned.
1.22 Underlying and non-underlying items
Underlying items
Underlying items are those that, in management\u2018s judgement, need to be disclosed by virtue of their
size, nature or incidence, in order to draw the attention of the reader and to show the underlying business
performance of the Group more accurately. Such items are included within the income statement caption
to which they relate, and are separately disclosed either in the notes to the consolidated \ufb01nancial
statements or on the face of the consolidated income statement.
Non-underlying items
The Group makes reference to non-underlying items in presenting the Group\u2019s statutory pro\ufb01tability
measures. Non-underlying items are non-recurring items of expense or income which are not incurred
in the normal course of business. Examples of non-underlying items include restructuring expenses
and impairment of goodwill, property, plant and equipment and right-of-use assets.
Items that are subsequently reversed are reversed in accordance with their original treatment,
as underlying or non-underlying respectively.
The tax e\ufb00ect of items follow the classi\ufb01cation as underlying or non-underlying of the original income
or expense that the tax e\ufb00ect relates to. The Board considers the alternative performance measures
using non-underlying items to be helpful to the reader, but notes that they have certain limitations,
including the exclusion of signi\ufb01cant recurring and non-recurring items, and may not be directly
comparable with similarly titled measures presented by other companies.
1.23 Finance income and expense
Finance income comprises interest receivable on funds invested and net foreign exchange gains that
are recognised in the income statement. Finance expense comprises interest payable, \ufb01nance charges
on shares classi\ufb01ed as liabilities, unwinding of the discount on lease liabilities, the unwinding of the
discount on provisions and net foreign exchange losses that are recognised in the income statement.
Interest income and interest expense are recognised in the income statement as they accrue, using
the e\ufb00ective interest method. Foreign currency gains and losses are reported on a net basis.
1.24 Taxation
Tax on the pro\ufb01t or loss for the period comprises current and deferred tax. Tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which
case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using
tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable
in respect of previous periods.
Deferred tax is provided on temporary di\ufb00erences between the carrying amounts of assets and
liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. No provision is
made for the following temporary di\ufb00erences: the initial recognition of goodwill; the initial recognition of
assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t other than in a business combination;
and di\ufb00erences relating to investments in subsidiaries to the extent that they will probably not reverse
in the foreseeable future. The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted
or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts
will be available, against which the temporary di\ufb00erence can be utilised.
1.25 Share capital
Where the Company purchases its own share capital (treasury shares), the consideration paid, including
any directly attributable incremental costs, is deducted from equity attributable to the Company\u2019s equity
holders until the shares are cancelled or reissued.
Where such shares are subsequently sold or reissued, any consideration received net of any directly
attributable incremental transaction costs and the related income tax e\ufb00ects, is included in equity
attributable to the Company\u2019s equity holders.
1.26 Government grants
Income received in the form of government grants is accounted for under IAS 20 \u2018Government grants\u2019
and recognised in the income statement in the period in which the associated costs for which the grants
are intended to compensate are incurred. The grant income is recognised as a reduction in the
corresponding expense in the income statement.
Where a government or a government guaranteed bank loan has been received with below-market
interest rates, the loan is accounted for initially at fair value discounted at market rates with the
di\ufb00erence between the cash received and the fair value at market rates being recognised as deferred
income. The unwind of the discount and the deferred income are released to and netted in \ufb01nance
charges in the income statement, on a straight-line basis over the duration of loan.
Other than the changes discussed in 1.3, the accounting policies adopted are consistent with those
of the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-385": { "value": "1.1 Basis of preparation SSP Group plc (the \u2018Company\u2019) is a company incorporated in the United Kingdom under the Companies Act 2006. The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the Group) and equity-account the Group\u2018s interest in its associates. These \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards(\u2018IAS\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). The \ufb01nancial statements are presented in Sterling, which is the Company\u2018s functional currency. All information is given to the nearest \u00a30.1 million. The \ufb01nancial statements are prepared on the historical cost basis, except in respect of \ufb01nancial instruments (including derivative instruments) and de\ufb01ned bene\ufb01t pension schemes for which assets are measured at fair value, as explained in the accounting policies below. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-3": { "value": "SSP Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-383": { "value": "SSP Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-434": { "value": "These \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards(\u2018IAS\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-435": { "value": "The \ufb01nancial statements are presented in Sterling, which is the Company\u2018s functional currency. All information is given to the nearest \u00a30.1 million. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-386": { "value": "1.2 Going concern These \ufb01nancial statements are prepared on a going concern basis. The Board has reviewed the Group\u2019s \ufb01nancial forecasts as part of the preparation of its \ufb01nancial statements, including cash \ufb02ow forecasts prepared for a period of twelve months from the date of approval of these \ufb01nancial statements (\u2018the going concern period\u2019) and taking into consideration a number of di\ufb00erent scenarios. Having carefully reviewed these forecasts, the Directors have concluded that it is appropriate to adopt the going concern basis of accounting in preparing these \ufb01nancial statements for the reasons set out below. In making the going concern assessment, the Directors have considered forecast cash \ufb02ows and the liquidity available over the going concern period. In doing so they assessed a number of scenarios, including a base case scenario and a plausible downside scenario. The base case scenario re\ufb02ects an expectation of a continuing growth in passenger numbers in most of our key markets during the forecast period, augmented by the ongoing roll-out of our new business pipeline. With some uncertainty surrounding the economic and geo-political environment over the next twelve months, a downside scenario has also been modelled, applying severe but plausible assumptions to the base case. This downside scenario re\ufb02ects a pessimistic view of the travel markets for the remainder of the current \ufb01nancial year, assuming sales that are around 5% lower than in the base case scenario. In both its base case and downside case scenarios, the Directors are con\ufb01dent that the Group will have su\ufb03cient funds to continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the \ufb01nancial statements, and that it will have headroom against all applicable covenant tests throughout this period of assessment. The Directors have therefore deemed it appropriate to prepare the \ufb01nancial statements for the year ended 30 September 2024 on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-388": { "value": "1.3 Changes in accounting policies and disclosures During the year ended 30 September 2024, the Group adopted the following standards: \u2022 IFRS 17 Insurance contracts (as issued on 18 May 2017) including amendments to IFRS 17 (issued on 25 June 2020) \u2022 De\ufb01nition of Accounting Estimates: Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors \u2022 Disclosure of Accounting policies: Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements \u2022 Amendments to IAS 12 Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2022 Amendments to IFRS 17 Insurance Contracts: Initial application of IFRS 17 and IFRS 9 \u2013 Comparative information \u2022 Amendments to IAS 12: International Tax Reform \u2013 Pillar Two Model Rules There is no signi\ufb01cant impact of adopting these new standards on the Group\u2019s consolidated \ufb01nancial statements. 1.4 New accounting standards not yet adopted by the Group The following amended standards and interpretations are not expected to have a signi\ufb01cant impact on the Group\u2019s consolidated \ufb01nancial statements: \u2022 Classi\ufb01cation of liabilities as current or non-current (Amendments to IAS 1) \u2022 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classi\ufb01cation of liabilities as current or non-current and non-current liabilities with covenants \u2022 IFRS 16 \u2018Leases\u2019 (amendments) \u2013 lease liability in a sale and leaseback \u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 & IAS 7 \u2018Statement of Cash Flows\u2019 (amendments) \u2013 supplier \ufb01nance arrangements ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-436": { "value": "1.3 Changes in accounting policies and disclosures During the year ended 30 September 2024, the Group adopted the following standards: \u2022 IFRS 17 Insurance contracts (as issued on 18 May 2017) including amendments to IFRS 17 (issued on 25 June 2020) \u2022 De\ufb01nition of Accounting Estimates: Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors \u2022 Disclosure of Accounting policies: Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements \u2022 Amendments to IAS 12 Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2022 Amendments to IFRS 17 Insurance Contracts: Initial application of IFRS 17 and IFRS 9 \u2013 Comparative information \u2022 Amendments to IAS 12: International Tax Reform \u2013 Pillar Two Model Rules There is no signi\ufb01cant impact of adopting these new standards on the Group\u2019s consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-437": { "value": "1.4 New accounting standards not yet adopted by the Group The following amended standards and interpretations are not expected to have a signi\ufb01cant impact on the Group\u2019s consolidated \ufb01nancial statements: \u2022 Classi\ufb01cation of liabilities as current or non-current (Amendments to IAS 1) \u2022 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classi\ufb01cation of liabilities as current or non-current and non-current liabilities with covenants \u2022 IFRS 16 \u2018Leases\u2019 (amendments) \u2013 lease liability in a sale and leaseback \u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 & IAS 7 \u2018Statement of Cash Flows\u2019 (amendments) \u2013 supplier \ufb01nance arrangements ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-387": { "value": "1.5 Basis of consolidation The \ufb01nancial statements of the Group consolidate the results of the Company and its subsidiary entities, together with the Group\u2018s attributable share of the results of associates. All intercompany balances and transactions, including unrealised pro\ufb01ts and losses arising from intragroup transactions, have been eliminated in full. Subsidiaries Subsidiaries are entities controlled by the Group. Control is the power to direct the relevant activities of the subsidiary that signi\ufb01cantly a\ufb00ect the subsidiary\u2018s return so as to have rights to the variable return from its activities. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a de\ufb01cit balance. Subsidiary undertakings exempt from audit The following subsidiaries, all of which are incorporated in England and Wales, are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of that Act.
Company
Company Registration Number
Procurement 2U Limited
01907655
Rail Gourmet Group Limited
06180162
SSP Asia Paci\ufb01c Holdings Limited
06180177
SSP Australia Financing Limited
15668708
SSP Bermuda Holdings Limited
11815274
SSP Euro Holdings Limited
08654008
SSP Financing No. 2 Limited
09113371
SSP Group Holdings Limited
05736092
SSP Lounge Holdings Global Limited
15075931
Associates An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise signi\ufb01cant in\ufb02uence. Associates are accounted for using the equity method and are initially recognised at cost (including transaction costs). The Group\u2018s interest in the net assets of associates is reported as an investment on the consolidated balance sheet and its interest in their results are included in the consolidated income statement below the Group\u2018s operating pro\ufb01t. The Group\u2018s investment in associates includes goodwill identi\ufb01ed on acquisition, net of any accumulated impairment losses. The consolidated \ufb01nancial statements include the Group\u2018s share of the total comprehensive income and equity movements of equity-accounted investees, from the date that signi\ufb01cant in\ufb02uence commences until the date that signi\ufb01cant in\ufb02uence ceases. When the Group\u2018s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the Group\u2018s investment is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Investments in associates are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The impairment review compares the net carrying value with the recoverable amount, where the recoverable amount is the higher of the value in use, calculated as the present value of the Group\u2018s share of the investees\u2018 future cash \ufb02ows and the fair value less costs of disposal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-438": { "value": "Subsidiaries Subsidiaries are entities controlled by the Group. Control is the power to direct the relevant activities of the subsidiary that signi\ufb01cantly a\ufb00ect the subsidiary\u2018s return so as to have rights to the variable return from its activities. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a de\ufb01cit balance. Subsidiary undertakings exempt from audit The following subsidiaries, all of which are incorporated in England and Wales, are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of that Act.
Company
Company Registration Number
Procurement 2U Limited
01907655
Rail Gourmet Group Limited
06180162
SSP Asia Paci\ufb01c Holdings Limited
06180177
SSP Australia Financing Limited
15668708
SSP Bermuda Holdings Limited
11815274
SSP Euro Holdings Limited
08654008
SSP Financing No. 2 Limited
09113371
SSP Group Holdings Limited
05736092
SSP Lounge Holdings Global Limited
15075931
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-477": { "value": "Associates An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise signi\ufb01cant in\ufb02uence. Associates are accounted for using the equity method and are initially recognised at cost (including transaction costs). The Group\u2018s interest in the net assets of associates is reported as an investment on the consolidated balance sheet and its interest in their results are included in the consolidated income statement below the Group\u2018s operating pro\ufb01t. The Group\u2018s investment in associates includes goodwill identi\ufb01ed on acquisition, net of any accumulated impairment losses. The consolidated \ufb01nancial statements include the Group\u2018s share of the total comprehensive income and equity movements of equity-accounted investees, from the date that signi\ufb01cant in\ufb02uence commences until the date that signi\ufb01cant in\ufb02uence ceases. When the Group\u2018s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the Group\u2018s investment is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Investments in associates are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The impairment review compares the net carrying value with the recoverable amount, where the recoverable amount is the higher of the value in use, calculated as the present value of the Group\u2018s share of the investees\u2018 future cash \ufb02ows and the fair value less costs of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-439": { "value": "Associates An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise signi\ufb01cant in\ufb02uence. Associates are accounted for using the equity method and are initially recognised at cost (including transaction costs). The Group\u2018s interest in the net assets of associates is reported as an investment on the consolidated balance sheet and its interest in their results are included in the consolidated income statement below the Group\u2018s operating pro\ufb01t. The Group\u2018s investment in associates includes goodwill identi\ufb01ed on acquisition, net of any accumulated impairment losses. The consolidated \ufb01nancial statements include the Group\u2018s share of the total comprehensive income and equity movements of equity-accounted investees, from the date that signi\ufb01cant in\ufb02uence commences until the date that signi\ufb01cant in\ufb02uence ceases. When the Group\u2018s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the Group\u2018s investment is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Investments in associates are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The impairment review compares the net carrying value with the recoverable amount, where the recoverable amount is the higher of the value in use, calculated as the present value of the Group\u2018s share of the investees\u2018 future cash \ufb02ows and the fair value less costs of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-389": { "value": "1.6 Foreign currency Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange di\ufb00erences arising on translation are recognised in the income statement, except for di\ufb00erences arising on the retranslation of a \ufb01nancial liability designated as a hedge of the net investment in a foreign operation that is e\ufb00ective, or qualifying cash \ufb02ow hedges, which are recognised directly in other comprehensive income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to the Group\u2018s presentation currency, Sterling, at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange di\ufb00erences arising from this translation of foreign operations are reported as an item of other comprehensive income and accumulated in the translation reserve or non-controlling interest, as appropriate. When a foreign operation is disposed of, such that control, joint control or signi\ufb01cant in\ufb02uence is lost, the entire accumulated amount in the foreign currency translation reserve, net of amounts previously attributed to non-controlling interests, is recycled to the income statement as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while still retaining control, the relevant proportion of the accumulated amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while still retaining signi\ufb01cant in\ufb02uence or joint control, the relevant proportion of the cumulative amount is recycled to the income statement. Exchange di\ufb00erences arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognised directly in other comprehensive income. Foreign currency di\ufb00erences arising on the retranslation of a hedge of a net investment in a foreign operation are recognised directly in equity, in the translation reserve, to the extent that the hedge is e\ufb00ective. When the hedged part of a net investment is disposed of, the associated cumulative amount in equity is recycled to the income statement as an adjustment to the pro\ufb01t or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-440": { "value": "1.7 Classi\ufb01cation of \ufb01nancial instruments issued by the Group Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or \ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and (b) where the instrument will or may be settled in the Company\u2018s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2018s own equity instruments or is a derivative that will be settled by the Company exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments. To the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-390": { "value": "1.7 Classi\ufb01cation of \ufb01nancial instruments issued by the Group Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or \ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and (b) where the instrument will or may be settled in the Company\u2018s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2018s own equity instruments or is a derivative that will be settled by the Company exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments. To the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. 1.8 Non-derivative \ufb01nancial instruments Non-derivative \ufb01nancial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the e\ufb00ective interest method, less any impairment losses and doubtful debts. The allowance for doubtful debts is recognised based on an expected loss model which is a probability weighted estimate of credit losses. The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade and other receivables. The basis on which expected credit losses are measured uses historical cash collection data for periods of at least 24 months wherever possible. The historical loss rates are adjusted where macro-economic, industry speci\ufb01c factors or known issues to a speci\ufb01c debtor are expected to have a signi\ufb01cant impact when determining future expected credit losses. Trade and other receivables are fully written o\ufb00 when each business unit determines there to be no reasonable expectation of recovery. Trade and other payables Trade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the e\ufb00ective interest method. Cash and cash equivalents Cash and cash equivalents comprise cash balances and deposits and liquid investments, and short-term deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2018s cash management are included as a component of cash and cash equivalents. Money market funds which are readily convertible to cash are classi\ufb01ed as cash equivalents and held on the balance sheet at fair value. Other \ufb01nancial assets Other \ufb01nancial assets comprise money market funds that are not readily convertible to cash. These are held on the balance sheet at amortised cost. Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the e\ufb00ective interest method. Where a modi\ufb01cation to the terms of existing borrowings has taken place, the di\ufb00erence between the current carrying amount of borrowings and the modi\ufb01ed net present value of future cash \ufb02ows is taken to the income statement. 1.9 Derivative \ufb01nancial instruments and hedging Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. Cash \ufb02ow hedges Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a recognised asset or liability, or a highly probable forecast transaction, the e\ufb00ective part of any gain or loss on the derivative \ufb01nancial instrument is recognised directly in the cash \ufb02ow hedging reserve. Any ine\ufb00ective portion of the hedge is recognised immediately in the income statement. If a hedge of a forecast transaction subsequently results in the recognition of a \ufb01nancial asset or a \ufb01nancial liability, the associated gains and losses that were recognised directly in other comprehensive income are recycled into the income statement in the same period or periods during which the asset acquired or liability assumed a\ufb00ects pro\ufb01t or loss, i.e. when interest income or expense is recognised. For cash \ufb02ow hedges, other than those speci\ufb01ed above, the associated cumulative gain or loss is removed from equity and recognised in the income statement in the same period or periods during which the hedged forecast transaction a\ufb00ects pro\ufb01t or loss. Fair value hedges Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in fair value of a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged (even if it is normally carried at cost or amortised cost) and any gains or losses on remeasurement are recognised immediately in the income statement (even if those gains would normally be recognised directly in reserves). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-441": { "value": "Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the e\ufb00ective interest method, less any impairment losses and doubtful debts. The allowance for doubtful debts is recognised based on an expected loss model which is a probability weighted estimate of credit losses. The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade and other receivables. The basis on which expected credit losses are measured uses historical cash collection data for periods of at least 24 months wherever possible. The historical loss rates are adjusted where macro-economic, industry speci\ufb01c factors or known issues to a speci\ufb01c debtor are expected to have a signi\ufb01cant impact when determining future expected credit losses. Trade and other receivables are fully written o\ufb00 when each business unit determines there to be no reasonable expectation of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-442": { "value": "Trade and other payables Trade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the e\ufb00ective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-443": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and deposits and liquid investments, and short-term deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2018s cash management are included as a component of cash and cash equivalents. Money market funds which are readily convertible to cash are classi\ufb01ed as cash equivalents and held on the balance sheet at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-444": { "value": "Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the e\ufb00ective interest method. Where a modi\ufb01cation to the terms of existing borrowings has taken place, the di\ufb00erence between the current carrying amount of borrowings and the modi\ufb01ed net present value of future cash \ufb02ows is taken to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-445": { "value": "1.9 Derivative \ufb01nancial instruments and hedging Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. Cash \ufb02ow hedges Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a recognised asset or liability, or a highly probable forecast transaction, the e\ufb00ective part of any gain or loss on the derivative \ufb01nancial instrument is recognised directly in the cash \ufb02ow hedging reserve. Any ine\ufb00ective portion of the hedge is recognised immediately in the income statement. If a hedge of a forecast transaction subsequently results in the recognition of a \ufb01nancial asset or a \ufb01nancial liability, the associated gains and losses that were recognised directly in other comprehensive income are recycled into the income statement in the same period or periods during which the asset acquired or liability assumed a\ufb00ects pro\ufb01t or loss, i.e. when interest income or expense is recognised. For cash \ufb02ow hedges, other than those speci\ufb01ed above, the associated cumulative gain or loss is removed from equity and recognised in the income statement in the same period or periods during which the hedged forecast transaction a\ufb00ects pro\ufb01t or loss. Fair value hedges Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in fair value of a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged (even if it is normally carried at cost or amortised cost) and any gains or losses on remeasurement are recognised immediately in the income statement (even if those gains would normally be recognised directly in reserves). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-478": { "value": "Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-479": { "value": "Cash \ufb02ow hedges Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash \ufb02ows of a recognised asset or liability, or a highly probable forecast transaction, the e\ufb00ective part of any gain or loss on the derivative \ufb01nancial instrument is recognised directly in the cash \ufb02ow hedging reserve. Any ine\ufb00ective portion of the hedge is recognised immediately in the income statement. If a hedge of a forecast transaction subsequently results in the recognition of a \ufb01nancial asset or a \ufb01nancial liability, the associated gains and losses that were recognised directly in other comprehensive income are recycled into the income statement in the same period or periods during which the asset acquired or liability assumed a\ufb00ects pro\ufb01t or loss, i.e. when interest income or expense is recognised. For cash \ufb02ow hedges, other than those speci\ufb01ed above, the associated cumulative gain or loss is removed from equity and recognised in the income statement in the same period or periods during which the hedged forecast transaction a\ufb00ects pro\ufb01t or loss. Fair value hedges Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in fair value of a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged (even if it is normally carried at cost or amortised cost) and any gains or losses on remeasurement are recognised immediately in the income statement (even if those gains would normally be recognised directly in reserves). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-446": { "value": "1.10 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have di\ufb00erent useful lives, they are accounted for as separate items of property, plant and equipment. The restoration cost is capitalised and depreciated over the life of the contract. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years Leasehold buildings the life of the lease Plant and machinery 3 to 13 years Fixtures, \ufb01ttings, tools and equipment 3 to 13 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-391": { "value": "1.10 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have di\ufb00erent useful lives, they are accounted for as separate items of property, plant and equipment. The restoration cost is capitalised and depreciated over the life of the contract. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years Leasehold buildings the life of the lease Plant and machinery 3 to 13 years Fixtures, \ufb01ttings, tools and equipment 3 to 13 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-392": { "value": "1.11 IFRS 16 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 incremental borrowing rate 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 e\ufb00ective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a 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. Variable lease payments are recognised as an expense in the income statement in the period they are incurred. For short-term leases and low value assets, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-447": { "value": "1.12 Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date at which control is transferred to the Group. The consideration transferred in the acquisition is measured at fair value as are the identi\ufb01able assets and liabilities acquired. The excess of the fair value of consideration transferred over the fair value of net assets acquired is accounted for as goodwill. Any goodwill that arises is tested annually for impairment. Non-controlling interests arising from acquisition are accounted for based on the proportionate share of the fair value of identi\ufb01able net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2018 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a de\ufb01cit balance. Goodwill Goodwill is allocated to groups of cash-generating units (CGUs) as this is the lowest level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is not amortised but is tested annually for impairment, or when impairment triggers have been identi\ufb01ed, at the level at which it is allocated when accounting for business combinations. Goodwill is stated at cost less any accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-393": { "value": "1.12 Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date at which control is transferred to the Group. The consideration transferred in the acquisition is measured at fair value as are the identi\ufb01able assets and liabilities acquired. The excess of the fair value of consideration transferred over the fair value of net assets acquired is accounted for as goodwill. Any goodwill that arises is tested annually for impairment. Non-controlling interests arising from acquisition are accounted for based on the proportionate share of the fair value of identi\ufb01able net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2018 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a de\ufb01cit balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-395": { "value": "1.13 Acquisitions and disposals of non-controlling interests Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and, therefore, no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any di\ufb00erence between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the parent company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-394": { "value": "1.14 Goodwill and intangible assets Goodwill Goodwill is allocated to groups of cash-generating units (CGUs) as this is the lowest level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is not amortised but is tested annually for impairment, or when impairment triggers have been identi\ufb01ed, at the level at which it is allocated when accounting for business combinations. Goodwill is stated at cost less any accumulated impairment losses. Inde\ufb01nite life intangible assets Inde\ufb01nite life intangible assets relate to brands recognised on acquisition of the SSP business in 2006. Inde\ufb01nite life intangible assets are treated as having an inde\ufb01nite life as there is no foreseeable limit to the period over which they are expected to generate net cash in\ufb02ows. In particular, they are considered to have an inde\ufb01nite life, given the strength and durability of the brands and the level of marketing support provided. The nature of the food and beverage industry is such that obsolescence is not a common issue, with the Group\u2019s major brands being originally created over 20 years ago. These assets are tested annually for impairment or when impairment triggers have been identi\ufb01ed, at the level at which they are allocated when accounting for business combinations. De\ufb01nite life and software intangible assets De\ufb01nite life intangible assets, consisting mainly of brands and franchise agreements and software, that are acquired/purchased by the Group are stated at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated brands is recognised in the income statement as an expense is incurred. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets (between 3 and 15 years) unless such lives are inde\ufb01nite. Other intangible assets are amortised from the date they are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-480": { "value": "Goodwill Goodwill is allocated to groups of cash-generating units (CGUs) as this is the lowest level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is not amortised but is tested annually for impairment, or when impairment triggers have been identi\ufb01ed, at the level at which it is allocated when accounting for business combinations. Goodwill is stated at cost less any accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-448": { "value": "Inde\ufb01nite life intangible assets Inde\ufb01nite life intangible assets relate to brands recognised on acquisition of the SSP business in 2006. Inde\ufb01nite life intangible assets are treated as having an inde\ufb01nite life as there is no foreseeable limit to the period over which they are expected to generate net cash in\ufb02ows. In particular, they are considered to have an inde\ufb01nite life, given the strength and durability of the brands and the level of marketing support provided. The nature of the food and beverage industry is such that obsolescence is not a common issue, with the Group\u2019s major brands being originally created over 20 years ago. These assets are tested annually for impairment or when impairment triggers have been identi\ufb01ed, at the level at which they are allocated when accounting for business combinations. De\ufb01nite life and software intangible assets De\ufb01nite life intangible assets, consisting mainly of brands and franchise agreements and software, that are acquired/purchased by the Group are stated at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated brands is recognised in the income statement as an expense is incurred. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets (between 3 and 15 years) unless such lives are inde\ufb01nite. Other intangible assets are amortised from the date they are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-396": { "value": "1.15 Inventories Inventories comprise goods purchased for resale and consumable stores and are stated at the lower of cost and net realisable value. Cost is calculated using the \u2018\ufb01rst in \ufb01rst out\u2019 method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-397": { "value": "1.16 Impairment excluding inventories and deferred tax assets Financial assets A \ufb01nancial asset not carried at fair value through the income statement is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A \ufb01nancial asset is impaired (with a charge to the income statement) if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event has had a negative e\ufb00ect on the estimated future cash \ufb02ows of that asset, which can be estimated reliably. An impairment loss in respect of a \ufb01nancial asset measured at amortised cost is calculated as the di\ufb00erence between its carrying amount and the present value of the estimated future cash \ufb02ows discounted at the asset\u2018s original e\ufb00ective interest rate. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the income statement. Non-\ufb01nancial assets The carrying amounts of the Group\u2018s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2018s recoverable amount is estimated. For goodwill and intangible assets that have inde\ufb01nite useful lives or that are not yet available for use, the recoverable amount is estimated in each period at the same time. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are largely independent of the cash in\ufb02ows of other assets or groups of assets. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested re\ufb02ects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to CGUs or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (or group of units) on a pro rata basis. Any subsequent reduction in an impairment loss in respect of goodwill is not reversed. For other assets, any subsequent reduction in an impairment loss is reversed only to the extent the asset\u2018s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-449": { "value": "Financial assets A \ufb01nancial asset not carried at fair value through the income statement is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A \ufb01nancial asset is impaired (with a charge to the income statement) if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event has had a negative e\ufb00ect on the estimated future cash \ufb02ows of that asset, which can be estimated reliably. An impairment loss in respect of a \ufb01nancial asset measured at amortised cost is calculated as the di\ufb00erence between its carrying amount and the present value of the estimated future cash \ufb02ows discounted at the asset\u2018s original e\ufb00ective interest rate. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-450": { "value": "Non-\ufb01nancial assets The carrying amounts of the Group\u2018s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2018s recoverable amount is estimated. For goodwill and intangible assets that have inde\ufb01nite useful lives or that are not yet available for use, the recoverable amount is estimated in each period at the same time. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are largely independent of the cash in\ufb02ows of other assets or groups of assets. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested re\ufb02ects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to CGUs or groups of CGUs that are expected to bene\ufb01t from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (or group of units) on a pro rata basis. Any subsequent reduction in an impairment loss in respect of goodwill is not reversed. For other assets, any subsequent reduction in an impairment loss is reversed only to the extent the asset\u2018s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-398": { "value": "1.17 Employee bene\ufb01ts De\ufb01ned bene\ufb01t plans A de\ufb01ned bene\ufb01t plan is a post-employment bene\ufb01t plan other than a de\ufb01ned contribution plan. The Group\u2018s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have earned in the current and prior periods, discounting the amount and deducting the fair value of any plan assets. The calculation of de\ufb01ned bene\ufb01t obligations is performed annually by a quali\ufb01ed actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of the economic bene\ufb01ts available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic bene\ufb01ts, consideration is given to any applicable minimum funding requirements. Remeasurements of the net de\ufb01ned liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income. Net interest expense and other expenses related to de\ufb01ned plans are recognised in the income statement. When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change in bene\ufb01t that relates to past service or the gain or loss on curtailment is recognised immediately in the income statement. The Group recognises gains and losses on the settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs. De\ufb01ned contribution plans A de\ufb01ned contribution plan is a post-employment bene\ufb01t plan under which the employing company pays \ufb01xed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees. Short-term bene\ufb01ts Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under a short-term cash bonus if the employing company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Share-based payments Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the e\ufb00ect of service and non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, with a corresponding adjustment to equity reserves, based on the Group\u2018s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of service and non-market-based vesting conditions. The impact of changes to the original estimates, if any, is recognised in the income statement such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to equity reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-451": { "value": "Share-based payments Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the e\ufb00ect of service and non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, with a corresponding adjustment to equity reserves, based on the Group\u2018s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of service and non-market-based vesting conditions. The impact of changes to the original estimates, if any, is recognised in the income statement such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to equity reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-399": { "value": "1.18 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 out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation. Provisions are determined by discounting the expected future cash \ufb02ows at an appropriate rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-400": { "value": "1.19 Segment information Segment information is provided based on the geographical segments that are reviewed by the chief operating decision-maker. In accordance with the provisions of IFRS 8 \u2018Operational segments\u2018, the Group\u2018s chief operating decision-maker is the Board of Directors. The operating segments are aggregated if they meet certain criteria. Segment results include items directly attributable to a segment, as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly head o\ufb03ce expenses, \ufb01nance income, \ufb01nance charges and income tax. No disclosure is made for net assets/liabilities as these are not reported by segment to the chief operating decision-maker. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-401": { "value": "1.20 Revenue Revenue represents amounts for retail goods and catering services supplied to third-party customers (predominantly passengers) excluding discounts, value-added tax and similar sales taxes. Sale of goods Revenue is recognised at the point that control of the goods is passed to the customer. This is deemed to be at the at the point of sale of food, beverage and retail goods. Provision of catering services Revenue is recognised over time, as the services are provided to the customer. 1.21 Supplier income The Group enters into agreements with suppliers to bene\ufb01t from promotional activity and volume growth. Supplier incentives, rebates and discounts are recognised within cost of sales as they are earned. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-402": { "value": "1.22 Underlying and non-underlying items Underlying items Underlying items are those that, in management\u2018s judgement, need to be disclosed by virtue of their size, nature or incidence, in order to draw the attention of the reader and to show the underlying business performance of the Group more accurately. Such items are included within the income statement caption to which they relate, and are separately disclosed either in the notes to the consolidated \ufb01nancial statements or on the face of the consolidated income statement. Non-underlying items The Group makes reference to non-underlying items in presenting the Group\u2019s statutory pro\ufb01tability measures. Non-underlying items are non-recurring items of expense or income which are not incurred in the normal course of business. Examples of non-underlying items include restructuring expenses and impairment of goodwill, property, plant and equipment and right-of-use assets. Items that are subsequently reversed are reversed in accordance with their original treatment, as underlying or non-underlying respectively. The tax e\ufb00ect of items follow the classi\ufb01cation as underlying or non-underlying of the original income or expense that the tax e\ufb00ect relates to. The Board considers the alternative performance measures using non-underlying items to be helpful to the reader, but notes that they have certain limitations, including the exclusion of signi\ufb01cant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. ", "dimensions": { "concept": "sspgroupolc:DescriptionOfAccountingPolicyForUnderlyingAndNonUnderlyingItems", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-481": { "value": "1.23 Finance income and expense Finance income comprises interest receivable on funds invested and net foreign exchange gains that are recognised in the income statement. Finance expense comprises interest payable, \ufb01nance charges on shares classi\ufb01ed as liabilities, unwinding of the discount on lease liabilities, the unwinding of the discount on provisions and net foreign exchange losses that are recognised in the income statement. Interest income and interest expense are recognised in the income statement as they accrue, using the e\ufb00ective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-452": { "value": "1.23 Finance income and expense Finance income comprises interest receivable on funds invested and net foreign exchange gains that are recognised in the income statement. Finance expense comprises interest payable, \ufb01nance charges on shares classi\ufb01ed as liabilities, unwinding of the discount on lease liabilities, the unwinding of the discount on provisions and net foreign exchange losses that are recognised in the income statement. Interest income and interest expense are recognised in the income statement as they accrue, using the e\ufb00ective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-403": { "value": "1.23 Finance income and expense Finance income comprises interest receivable on funds invested and net foreign exchange gains that are recognised in the income statement. Finance expense comprises interest payable, \ufb01nance charges on shares classi\ufb01ed as liabilities, unwinding of the discount on lease liabilities, the unwinding of the discount on provisions and net foreign exchange losses that are recognised in the income statement. Interest income and interest expense are recognised in the income statement as they accrue, using the e\ufb00ective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-453": { "value": "1.24 Taxation Tax on the pro\ufb01t or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous periods. Deferred tax is provided on temporary di\ufb00erences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. No provision is made for the following temporary di\ufb00erences: the initial recognition of goodwill; the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t other than in a business combination; and di\ufb00erences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available, against which the temporary di\ufb00erence can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-404": { "value": "1.24 Taxation Tax on the pro\ufb01t or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous periods. Deferred tax is provided on temporary di\ufb00erences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. No provision is made for the following temporary di\ufb00erences: the initial recognition of goodwill; the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t other than in a business combination; and di\ufb00erences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available, against which the temporary di\ufb00erence can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-405": { "value": "1.25 Share capital Where the Company purchases its own share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently sold or reissued, any consideration received net of any directly attributable incremental transaction costs and the related income tax e\ufb00ects, is included in equity attributable to the Company\u2019s equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-406": { "value": "1.26 Government grants Income received in the form of government grants is accounted for under IAS 20 \u2018Government grants\u2019 and recognised in the income statement in the period in which the associated costs for which the grants are intended to compensate are incurred. The grant income is recognised as a reduction in the corresponding expense in the income statement. Where a government or a government guaranteed bank loan has been received with below-market interest rates, the loan is accounted for initially at fair value discounted at market rates with the di\ufb00erence between the cash received and the fair value at market rates being recognised as deferred income. The unwind of the discount and the deferred income are released to and netted in \ufb01nance charges in the income statement, on a straight-line basis over the duration of loan. Other than the changes discussed in 1.3, the accounting policies adopted are consistent with those of the previous year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-407": { "value": "
2. Signi\ufb01cant accounting estimates and judgements
The preparation of the consolidated \ufb01nancial statements requires management to make estimates,
judgements and assumptions concerning the future. The resulting accounting estimates will, by
de\ufb01nition, seldom equal the related actual results. These estimates and assumptions are based on
historical experience and other factors that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the
carrying value of assets and liabilities within the next \ufb01nancial year are discussed below.
Key sources of estimation uncertainty
Impairment of goodwill and inde\ufb01nite life intangible assets
The Group recognises goodwill and inde\ufb01nite life intangible assets that have arisen through acquisitions.
These assets are subject to impairment reviews to ensure that the assets are not carried above their
recoverable amounts. For goodwill and inde\ufb01nite life intangible assets, reviews are performed annually
as well as when there is a speci\ufb01c trigger for impairment. There were no speci\ufb01c impairment triggers
in the year.
The recoverable amounts of CGUs or groups of CGUs have been determined based on value-in-use
calculations. These calculations require the use of estimates and assumptions consistent with the most
up-to-date budgets and plans that have been formally approved by the Board. The key assumptions
used for the value-in-use calculations and associated sensitivities are set out in note 12 to these
\ufb01nancial statements.
Critical accounting judgements
Deferred tax
The evaluation of recoverability of deferred tax assets requires judgements to be made regarding the
availability of future taxable income against which tax deductible temporary di\ufb00erences can be utilised.
Management therefore recognises deferred tax assets only where it believes it is probable that such assets
will be realised, taking account of historic evidence of taxable pro\ufb01ts; current levels of pro\ufb01tability;
and forecasts prepared for budgets and the Group\u2018s Medium Term Plan (as referred to in the viability
statement in the risk management section of the Strategic Report). Judgement is also required
to determine the period for which such pro\ufb01ts can be reliably forecasted.
Signi\ufb01cant Management judgement is required to determine the amount of the deferred tax asset that
should be recognised, based upon the likely timing, geography and probability of future taxable pro\ufb01ts.
Where there is a history of losses, convincing evidence is required before deferred tax assets are
recognised on historic losses.
Further details on deferred taxes are disclosed in note 15.
Other sources of estimation uncertainty
Acquisition accounting for concession contracts
The fair value of the concession contracts on acquisition is determined using an excess earnings model.
The valuation model has a wide range of inputs, including contractual information, passenger information
from which cash\ufb02ows are forecast, asset values and discount rates. Should these estimates di\ufb00er from
actuals then the value of these assets could be over or understated.
Current and deferred tax
The Group is required to determine the corporate tax provision in each of the many jurisdictions in which
it operates. During the normal course of business, there are transactions and calculations for which the
ultimate determination is uncertain. As a result, the Group recognises tax liabilities based on estimates
of whether additional taxes will be due. The recognition of tax bene\ufb01ts and assessment of provisions
against tax bene\ufb01ts requires management judgement.
In particular, the Group is routinely subject to tax audits in many jurisdictions, which by their nature are often
complex and can take several years to resolve. Provisions are based on management\u2018s interpretation of
country-speci\ufb01c tax law and the likelihood of settlement, and have been calculated using the single best
estimate of likely outcome approach. Management takes advice from in-house tax specialists and
professional tax advisors, and uses previous experience to inform its judgements. To the extent that
the outcome di\ufb00ers from the estimates made, tax adjustments may be required in future periods.
Climate change
In preparing these consolidated \ufb01nancial statements we have considered the impact of both physical
and transition climate change risks as well as our plans to mitigate against those risks on the recoverable
amount of our assets and level of liabilities. We do not believe that there is a material impact on the
\ufb01nancial reporting judgements and estimates arising from our considerations and as a result the
recoverable amount of our assets and level of liabilities have not been signi\ufb01cantly impacted by these
risks as at 30 September 2024.
The Group has performed an assessment of the qualitative impact of climate-related risks on our
business. On the basis of this analysis we have not identi\ufb01ed any signi\ufb01cant impact from climate-related
risks on the Group\u2019s going concern assessment nor the viability of the Group over the next three years.
Useful estimated lives of property, plant and equipment exceeding IFRS 16 lease term
In the UK, there are a number of leases which are considered to fall outside the scope of IFRS 16 due
to contractual terms meaning notice can be given so the lease would end within 12 months and therefore
the lease being classi\ufb01ed as short term. In a number of cases, the leasehold improvement associated with
these leases are being depreciated over a longer period, as we expect the lease term to be longer than
the contractually de\ufb01ned minimum period, which is used for the IFRS 16 assessment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-454": { "value": "Key sources of estimation uncertainty Impairment of goodwill and inde\ufb01nite life intangible assets The Group recognises goodwill and inde\ufb01nite life intangible assets that have arisen through acquisitions. These assets are subject to impairment reviews to ensure that the assets are not carried above their recoverable amounts. For goodwill and inde\ufb01nite life intangible assets, reviews are performed annually as well as when there is a speci\ufb01c trigger for impairment. There were no speci\ufb01c impairment triggers in the year. The recoverable amounts of CGUs or groups of CGUs have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions consistent with the most up-to-date budgets and plans that have been formally approved by the Board. The key assumptions used for the value-in-use calculations and associated sensitivities are set out in note 12 to these \ufb01nancial statements. Other sources of estimation uncertainty Acquisition accounting for concession contracts The fair value of the concession contracts on acquisition is determined using an excess earnings model. The valuation model has a wide range of inputs, including contractual information, passenger information from which cash\ufb02ows are forecast, asset values and discount rates. Should these estimates di\ufb00er from actuals then the value of these assets could be over or understated. Current and deferred tax The Group is required to determine the corporate tax provision in each of the many jurisdictions in which it operates. During the normal course of business, there are transactions and calculations for which the ultimate determination is uncertain. As a result, the Group recognises tax liabilities based on estimates of whether additional taxes will be due. The recognition of tax bene\ufb01ts and assessment of provisions against tax bene\ufb01ts requires management judgement. In particular, the Group is routinely subject to tax audits in many jurisdictions, which by their nature are often complex and can take several years to resolve. Provisions are based on management\u2018s interpretation of country-speci\ufb01c tax law and the likelihood of settlement, and have been calculated using the single best estimate of likely outcome approach. Management takes advice from in-house tax specialists and professional tax advisors, and uses previous experience to inform its judgements. To the extent that the outcome di\ufb00ers from the estimates made, tax adjustments may be required in future periods. Climate change In preparing these consolidated \ufb01nancial statements we have considered the impact of both physical and transition climate change risks as well as our plans to mitigate against those risks on the recoverable amount of our assets and level of liabilities. We do not believe that there is a material impact on the \ufb01nancial reporting judgements and estimates arising from our considerations and as a result the recoverable amount of our assets and level of liabilities have not been signi\ufb01cantly impacted by these risks as at 30 September 2024. The Group has performed an assessment of the qualitative impact of climate-related risks on our business. On the basis of this analysis we have not identi\ufb01ed any signi\ufb01cant impact from climate-related risks on the Group\u2019s going concern assessment nor the viability of the Group over the next three years. Useful estimated lives of property, plant and equipment exceeding IFRS 16 lease term In the UK, there are a number of leases which are considered to fall outside the scope of IFRS 16 due to contractual terms meaning notice can be given so the lease would end within 12 months and therefore the lease being classi\ufb01ed as short term. In a number of cases, the leasehold improvement associated with these leases are being depreciated over a longer period, as we expect the lease term to be longer than the contractually de\ufb01ned minimum period, which is used for the IFRS 16 assessment. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-408": { "value": "
3. Segmental reporting
SSP operates in the food and beverage travel sector, mainly at airports and railway stations.
Management monitors the performance and strategic priorities of the business from a geographic
perspective, and in this regard has identi\ufb01ed the following four key \u2018reportable segments\u2019: North
America, Continental Europe, UK and APAC & EEME. North America includes operations in the United
States, Canada and Bermuda; Continental Europe includes operations in the Nordic countries and in
Western and Southern Europe; The UK includes operations in the United Kingdom and the Republic
of Ireland; and APAC & EEME includes operations in Asia Paci\ufb01c, India, Eastern Europe and the Middle
East and South America. These segments comprise of countries which are at similar stages of
development and demonstrate similar economic characteristics.
The Group\u2018s management assesses the performance of operating segments based on revenue and
underlying operating pro\ufb01t. Interest income and expenditure are not allocated to segments, as they
are managed by a central treasury function, which oversees the debt and liquidity position of the Group.
The non-attributable segment comprises of costs associated with the Group\u2018s head o\ufb03ce function and
the depreciation of central assets. Revenue is measured in a manner consistent with that in the
income statement.
North Continental APAC & Non-
America Europe UK EEME
attributable
To ta l
2024 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Revenue
813.9
1,207.4
892.5
519.4
\u2013
3,433.2
Underlying operating
pro\ufb01t/(loss)
87.6
39.1
79.4
82.7
(42.2)
246.6
Non-underlying items
(note 6) (loss)/pro\ufb01t
(7.7)
(28.6)
(5.9)
(3.1)
4.6
(40.7)
Operating pro\ufb01t/(loss)
79.9
10.5
73.5
79.6
(37.6)
205.9
2023
Revenue
668.8
1,136.7
773.6
430.6
\u2013
3,009.7
Underlying operating
pro\ufb01t/(loss)
68.2
51.9
66.1
71.0
(52.4)
204.8
Non-underlying items
(note 6) (loss)/pro\ufb01t
(1.2)
(19.3)
(11.5)
1.2
(7.2)
(38.0)
Operating pro\ufb01t/(loss)
67.0
32.6
54.6
72.2
(59.6)
166.8
Disclosure in relation to net assets and liabilities for each reportable segment is not provided as these
are only reported on and reviewed by management in aggregate for the Group as a whole.
Additional information
Although the Group\u2018s operations are managed on a geographical basis, we provide additional information
in relation to revenue, based on the type of travel locations as follows:
2024 2023
Tu rn ov e r \u00a3m \u00a3m
Air
2,416.5
2,101.6
Rail
861.2
751.8
Other\u00b9
155.5
156.3
3,433.2
3,009.7
1 The majority of Other turnover relates to revenue from motorway units.
The following amounts are included in underlying operating pro\ufb01t:
North Continental APAC & Non-
America Europe UK EEME
attributable
To ta l
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Depreciation and
amortisation
(87.7)
(174.1)
(54.9)
(48.8)
(7.9)
(373.4)
Impairment of goodwill
\u2013
(9.0)
\u2013
(0.6)
\u2013
(9.6)
Impairment of \ufb01xed assets
(1.7)
(14.9)
(5.1)
(1.7)
\u2013
(23.4)
2023
Depreciation and
amortisation
(73.4)
(136.7)
(47.4)
(44.8)
(8.5)
(310.8)
Impairment of goodwill
\u2013
\u2013
(12.5)
\u2013
\u2013
(12.5)
Impairment of \ufb01xed assets
\u2013
(5.3)
1.0
(1.3)
\u2013
(5.6)
A reconciliation of underlying operating pro\ufb01t to loss before and after tax is provided as follows:
2024 2023
\u00a3m \u00a3m
Underlying operating pro\ufb01t
246.6
204.8
Non-underlying operating loss (note 6)
(40.7)
(38.0)
Share of pro\ufb01t from associates
5.4
0.5
Finance income
19.1
17.0
Finance expense
(114.1)
(103.6)
Non-underlying \ufb01nance income (note 6)
2.3
7.4
Pro\ufb01t before tax
118.6
88.1
Ta x at i o n
(33.1)
(32.0)
Pro\ufb01t after tax
85.5
56.1
The Group\u2018s customer base primarily represents individuals or groups of individuals travelling through
airports and railway stations. It does not rely on a single major customer; therefore, additional segmental
information by customer is not provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-455": { "value": "3. Segmental reporting SSP operates in the food and beverage travel sector, mainly at airports and railway stations. Management monitors the performance and strategic priorities of the business from a geographic perspective, and in this regard has identi\ufb01ed the following four key \u2018reportable segments\u2019: North America, Continental Europe, UK and APAC & EEME. North America includes operations in the United States, Canada and Bermuda; Continental Europe includes operations in the Nordic countries and in Western and Southern Europe; The UK includes operations in the United Kingdom and the Republic of Ireland; and APAC & EEME includes operations in Asia Paci\ufb01c, India, Eastern Europe and the Middle East and South America. These segments comprise of countries which are at similar stages of development and demonstrate similar economic characteristics. The Group\u2018s management assesses the performance of operating segments based on revenue and underlying operating pro\ufb01t. Interest income and expenditure are not allocated to segments, as they are managed by a central treasury function, which oversees the debt and liquidity position of the Group. The non-attributable segment comprises of costs associated with the Group\u2018s head o\ufb03ce function and the depreciation of central assets. Revenue is measured in a manner consistent with that in the income statement.
North Continental APAC & Non-
America Europe UK EEME
attributable
To ta l
2024 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Revenue
813.9
1,207.4
892.5
519.4
\u2013
3,433.2
Underlying operating
pro\ufb01t/(loss)
87.6
39.1
79.4
82.7
(42.2)
246.6
Non-underlying items
(note 6) (loss)/pro\ufb01t
(7.7)
(28.6)
(5.9)
(3.1)
4.6
(40.7)
Operating pro\ufb01t/(loss)
79.9
10.5
73.5
79.6
(37.6)
205.9
2023
Revenue
668.8
1,136.7
773.6
430.6
\u2013
3,009.7
Underlying operating
pro\ufb01t/(loss)
68.2
51.9
66.1
71.0
(52.4)
204.8
Non-underlying items
(note 6) (loss)/pro\ufb01t
(1.2)
(19.3)
(11.5)
1.2
(7.2)
(38.0)
Operating pro\ufb01t/(loss)
67.0
32.6
54.6
72.2
(59.6)
166.8
Disclosure in relation to net assets and liabilities for each reportable segment is not provided as these are only reported on and reviewed by management in aggregate for the Group as a whole. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-456": { "value": "Additional information Although the Group\u2018s operations are managed on a geographical basis, we provide additional information in relation to revenue, based on the type of travel locations as follows:
2024 2023
Tu rn ov e r \u00a3m \u00a3m
Air
2,416.5
2,101.6
Rail
861.2
751.8
Other\u00b9
155.5
156.3
3,433.2
3,009.7
1 The majority of Other turnover relates to revenue from motorway units. The following amounts are included in underlying operating pro\ufb01t:
North Continental APAC & Non-
America Europe UK EEME
attributable
To ta l
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Depreciation and
amortisation
(87.7)
(174.1)
(54.9)
(48.8)
(7.9)
(373.4)
Impairment of goodwill
\u2013
(9.0)
\u2013
(0.6)
\u2013
(9.6)
Impairment of \ufb01xed assets
(1.7)
(14.9)
(5.1)
(1.7)
\u2013
(23.4)
2023
Depreciation and
amortisation
(73.4)
(136.7)
(47.4)
(44.8)
(8.5)
(310.8)
Impairment of goodwill
\u2013
\u2013
(12.5)
\u2013
\u2013
(12.5)
Impairment of \ufb01xed assets
\u2013
(5.3)
1.0
(1.3)
\u2013
(5.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-409": { "value": "
4. Earnings per share
Basic earnings per share is calculated by dividing the result for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing the result for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year adjusted
by potentially dilutive outstanding share options.
Underlying earnings per share is calculated the same way except that the result for the year attributable
to ordinary shareholders is adjusted for speci\ufb01c items as detailed in the below table.
2024 2023
\u00a3m \u00a3m
Pro\ufb01t attributable to ordinary shareholders
27.4
8.1
Adjustments:
Non-underlying operating loss/(pro\ufb01t) (note 6)
40.7
38.0
Non-underlying share of loss of associate
\u2013
6.7
Non-underlying \ufb01nance income (note 6)
(2.3)
(7.4)
Tax e\ufb00ect of adjustments
(0.3)
2.9
Non-underlying loss attributable to non-controlling interest
(0.6)
1.3
Underlying pro\ufb01t attributable to ordinary shareholders
64.9
49.6
Basic weighted average number of shares
797,868,792
796,439,158
Dilutive potential ordinary shares
6,638,020
9,533,231
Diluted weighted average number of shares
804,506,812
805,972,389
Earnings per share (pence):
\u2013 Basic
3.4
1.0
\u2013 Diluted
3.4
1.0
Underlying earnings per share (pence):
\u2013 Basic
8.1
6.2
\u2013 Diluted
8.1
6.2
The number of ordinary shares in issue as at 30 September 2024 was 798,495,196 which excludes
treasury shares (30 September 2023: 796,529,196). The Company also holds 263,499 treasury shares
(2023: 263,499).
Potential ordinary shares can only be treated as dilutive when their conversion to ordinary shares would
decrease earnings per share or increase loss per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-410": { "value": "
5. Operating costs
2024 2023
Cost of food and materials: \u00a3m \u00a3m
Cost of inventories consumed in the period
(937.0)
(836.6)
Labour cost:
Employee remuneration
(1,030.1)
(918.4)
Overheads:
Depreciation of property, plant and equipment\u00b9
(128.7)
(106.6)
Depreciation of right-of-use assets
(236.1)
(194.5)
Amortisation of intangible assets
(8.6)
(9.7)
Non-underlying overheads (see note 6)
(40.7)
(38.0)
Derecognition of leases under IFRS 16
2.3
5.2
Rentals payable under leases
(463.8)
(396.8)
Other overheads
(384.6)
(347.5)
(3,227.3)
(2,842.9)
1 Capped to the life of the related unit lease where relevant.
\u00a312.0m of employee remuneration was capitalised in the year as intangible assets. The Group\u2019s rentals
payable consist of \ufb01xed and variable elements depending on the nature of the contract and the levels of
revenue earned from the respective sites. \u00a3452.0m (2023: \u00a3386.0m) of the expense relates to variable
elements, and the remaining \u00a311.8m (2023: \u00a310.8m) is rent from short-term leases. These payments are
not capitalised under IFRS 16.
Non-underlying items within operating costs are detailed in note 6 .
Auditor\u2018s remuneration:
2024 2023
\u00a3m \u00a3m
Audit of these \ufb01nancial statements
1.4
0.8
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1.8
1.8
Audit-related services
0.2
0.1
Other assurance services
0.1
0.1
3.5
2.8
Amounts paid to the Company\u2018s auditor and its associates in respect of services to the Company,
other than the audit of the Company\u2018s \ufb01nancial statements, have not been disclosed as the information
is required to be disclosed on a consolidated basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-494": { "value": "5. Operating costs
2024 2023
Cost of food and materials: \u00a3m \u00a3m
Cost of inventories consumed in the period
(937.0)
(836.6)
Labour cost:
Employee remuneration
(1,030.1)
(918.4)
Overheads:
Depreciation of property, plant and equipment\u00b9
(128.7)
(106.6)
Depreciation of right-of-use assets
(236.1)
(194.5)
Amortisation of intangible assets
(8.6)
(9.7)
Non-underlying overheads (see note 6)
(40.7)
(38.0)
Derecognition of leases under IFRS 16
2.3
5.2
Rentals payable under leases
(463.8)
(396.8)
Other overheads
(384.6)
(347.5)
(3,227.3)
(2,842.9)
1 Capped to the life of the related unit lease where relevant. \u00a312.0m of employee remuneration was capitalised in the year as intangible assets. The Group\u2019s rentals payable consist of \ufb01xed and variable elements depending on the nature of the contract and the levels of revenue earned from the respective sites. \u00a3452.0m (2023: \u00a3386.0m) of the expense relates to variable elements, and the remaining \u00a311.8m (2023: \u00a310.8m) is rent from short-term leases. These payments are not capitalised under IFRS 16. Non-underlying items within operating costs are detailed in note 6 11. Property, plant and equipment
Land, buildings Equipment,
and leasehold \ufb01xtures and
improvements \ufb01ttings To ta l
\u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
379.2
1,001.3
1,380.5
Additions
37.9
182.0
219.9
Acquisitions
21.5
4.4
25.9
Disposals
(7.8)
(111.8)
(119.6)
Reclassi\ufb01cations\u00b9
11.6
(11.6)
\u2013
E\ufb00ects of movements in foreign exchange
(28.6)
(40.6)
(69.2)
Other movements\u00b2
\u2013
7.4
7.4
At 30 September 2023
413.8
1,031.1
1,444.9
Additions
62.4
208.7
271.1
Acquisitions\u00b3
\u2013
25.6
25.6
Disposals
(10.4)
(49.4)
(59.8)
Reclassi\ufb01cations\u00b9
10.5
(10.5)
\u2013
E\ufb00ects of movements in foreign exchange
(37.1)
(61.3)
(98.4)
Other movements\u00b2
(0.7)
10.6
9.9
At 30 September 2024
438.5
1,154.8
1,593.3
Depreciation
At 1 October 2022
(247.6)
(663.6)
(911.2)
Charge for the year
(32.9)
(73.7)
(106.6)
Impairments
\u2013
(2.4)
(2.4)
Disposals
8.2
111.2
119.4
E\ufb00ects of movement in foreign exchange
19.4
23.4
42.8
At 30 September 2023
(252.9)
(605.1)
(858.0)
Charge for the year
(41.1)
(87.6)
(128.7)
Impairments
(2.7)
(14.4)
(17.1)
Disposals
9.4
47.7
57.1
E\ufb00ects of movement in foreign exchange
21.0
28.4
49.4
Other movements\u00b2
0.7
0.1
0.8
At 30 September 2024
(265.6)
(630.9)
(896.5)
Net book value
At 30 September 2024
172.9
523.9
696.8
At 30 September 2023
160.9
426
586.9
1 Reclassi\ufb01cations arise from costs capitalised as work in progress assets that are initially allocated to equipment, \ufb01xtures and \ufb01ttings and subsequently on completion of the assets are reallocated to the correct classi\ufb01cation. 2 Included in other movements is \u00a311.5m (2023: \u00a37.4m) in respect of increases to the restoration costs provision (see note 23). 3 The amount includes \u00a322.8m in relation to the \ufb01ve signi\ufb01cant acquisitions disclosed in note 31 and \u00a32.8m in relation to other acquisitions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-482": { "value": "5. Operating costs
2024 2023
Cost of food and materials: \u00a3m \u00a3m
Cost of inventories consumed in the period
(937.0)
(836.6)
Labour cost:
Employee remuneration
(1,030.1)
(918.4)
Overheads:
Depreciation of property, plant and equipment\u00b9
(128.7)
(106.6)
Depreciation of right-of-use assets
(236.1)
(194.5)
Amortisation of intangible assets
(8.6)
(9.7)
Non-underlying overheads (see note 6)
(40.7)
(38.0)
Derecognition of leases under IFRS 16
2.3
5.2
Rentals payable under leases
(463.8)
(396.8)
Other overheads
(384.6)
(347.5)
(3,227.3)
(2,842.9)
1 Capped to the life of the related unit lease where relevant. \u00a312.0m of employee remuneration was capitalised in the year as intangible assets. The Group\u2019s rentals payable consist of \ufb01xed and variable elements depending on the nature of the contract and the levels of revenue earned from the respective sites. \u00a3452.0m (2023: \u00a3386.0m) of the expense relates to variable elements, and the remaining \u00a311.8m (2023: \u00a310.8m) is rent from short-term leases. These payments are not capitalised under IFRS 16. Non-underlying items within operating costs are detailed in note 6 . Auditor\u2018s remuneration:
2024 2023
\u00a3m \u00a3m
Audit of these \ufb01nancial statements
1.4
0.8
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1.8
1.8
Audit-related services
0.2
0.1
Other assurance services
0.1
0.1
3.5
2.8
Amounts paid to the Company\u2018s auditor and its associates in respect of services to the Company, other than the audit of the Company\u2018s \ufb01nancial statements, have not been disclosed as the information is required to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-457": { "value": "5. Operating costs
2024 2023
Cost of food and materials: \u00a3m \u00a3m
Cost of inventories consumed in the period
(937.0)
(836.6)
Labour cost:
Employee remuneration
(1,030.1)
(918.4)
Overheads:
Depreciation of property, plant and equipment\u00b9
(128.7)
(106.6)
Depreciation of right-of-use assets
(236.1)
(194.5)
Amortisation of intangible assets
(8.6)
(9.7)
Non-underlying overheads (see note 6)
(40.7)
(38.0)
Derecognition of leases under IFRS 16
2.3
5.2
Rentals payable under leases
(463.8)
(396.8)
Other overheads
(384.6)
(347.5)
(3,227.3)
(2,842.9)
1 Capped to the life of the related unit lease where relevant. \u00a312.0m of employee remuneration was capitalised in the year as intangible assets. The Group\u2019s rentals payable consist of \ufb01xed and variable elements depending on the nature of the contract and the levels of revenue earned from the respective sites. \u00a3452.0m (2023: \u00a3386.0m) of the expense relates to variable elements, and the remaining \u00a311.8m (2023: \u00a310.8m) is rent from short-term leases. These payments are not capitalised under IFRS 16. Non-underlying items within operating costs are detailed in note 6 . Auditor\u2018s remuneration:
2024 2023
\u00a3m \u00a3m
Audit of these \ufb01nancial statements
1.4
0.8
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1.8
1.8
Audit-related services
0.2
0.1
Other assurance services
0.1
0.1
3.5
2.8
Amounts paid to the Company\u2018s auditor and its associates in respect of services to the Company, other than the audit of the Company\u2018s \ufb01nancial statements, have not been disclosed as the information is required to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-493": { "value": "Auditor\u2018s remuneration:
2024 2023
\u00a3m \u00a3m
Audit of these \ufb01nancial statements
1.4
0.8
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1.8
1.8
Audit-related services
0.2
0.1
Other assurance services
0.1
0.1
3.5
2.8
Amounts paid to the Company\u2018s auditor and its associates in respect of services to the Company, other than the audit of the Company\u2018s \ufb01nancial statements, have not been disclosed as the information is required to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-411": { "value": "6. Non-underlying items Total Total non-underlying non-underlying items items 2024 2023 Operating costs \u00a3m \u00a3m Impairment of goodwill (9.6) (12.5) Impairment of property, plant and equipment (17.1) (2.4) Impairment of right-of-use assets (6.3) (3.2) Transaction costs (10.8) (2.2) Site exit costs (1.2) (8.6) Restructuring costs (6.7) \u2013 Litigation settlement 8.5 (4.7) Gain on lease derecognition 8.9 2.7 Other non-underlying costs (6.4) (7.1) Total non-underlying operating (loss)/pro\ufb01t (40.7) (38.0) Share of pro\ufb01t from associates Impairment of associate \u2013 (6.7) Finance expenses E\ufb00ective interest rate adjustments 2.8 5.1 Net (losses)/gains on re\ufb01nancing (0.5) 2.3 Non-underlying \ufb01nance income 2.3 7.4 Taxa ti on Tax credit/(charge) on non-underlying items 0.3 (2.9) Total non-underlying items (38.1) (40.2) Impairment of goodwill The Group tests annually for impairment, or more frequently if there are indicators that goodwill might be impaired. Following the test, a goodwill impairment of \u00a39.6m was identi\ufb01ed, comprising a \u00a39.0 write down in respect of the Swedish business and \u00a30.6m in respect of China. Further information is provided in note 12. Impairment of property, plant and equipment and right-of-use assets The Group has carried impairment reviews where indications of impairment have been identi\ufb01ed. These impairment reviews compared the value-in-use of individual sites, based on management\u2019s current assumptions regarding future trading performance to the carrying values of the associated assets. Following this review, a charge of \u00a317.1m has been recognised for property, plant and equipment and a net impairment of right-of-use assets of \u00a36.3m. Further detail is provided in note 11. Transaction cost The Group incurred transaction costs amounting to \u00a310.8m during the year covering the various acquisitions and other transactions completed and evaluated during the period (\u00a32.2m). Site exit costs The Group has recognised a charge of \u00a31.2m relating to site exits in Ireland and Brazil. Other non-underlying costs In the current year these items, primarily relating to integration costs, amounted to \u00a36.4m (2023: \u00a37.1m). Litigation settlement As a result of the successful resolution of a legal matter we have recognised \u00a36.5m in repaid legal fees in the year, as well as the release of a provision of \u00a32.0m relating to the case. Gain on lease derecognition The Group has recognised a credit relating to the renegotiation of a concession contract in the APAC and EEME region, such that the contract now falls outside the scope of IFRS 16. This has resulted in the derecognition of both the right of use asset and the lease liability, with the net impact on the income statement being a \u00a38.9m credit (2023: \u00a32.7m). Finance expenses In prior years the Group\u2019s re\ufb01nancing of its USPP debt was judged to be a non-substantial modi\ufb01cation under IFRS 9. As a result a one-o\ufb00 gain was recognised which is being unwound over the remaining life, resulting in \u00a32.8m credit for the year. Further details are provided in note 19.", "dimensions": { "concept": "sspgroupolc:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-412": { "value": "7. Sta\ufb00 numbers and costs The average number of persons employed by the Group (including Directors) during the year, analysed by category, was as follows:
2024 2023
Number of Number of
employees employees
Operations
38,052
33,822
Sales and marketing
546
420
Administration
3,075
2,701
41,673
36,943
The increase in the average number of employees year-on-year results from the acquisitions in the prior and current years, continued organic growth and entry into new markets. The aggregate payroll costs of the Group were as follows:
2024 2023
\u00a3m \u00a3m
Wages and salaries
(878.5)
(789.9)
Social security costs
(124.1)
(105.4)
Other pension costs
(21.5)
(17.0)
Share-based payments
(6.0)
(6.1)
(1,030.1)
(918.4)
The di\ufb00erence between the share-based payment entry in the statement of changes in equity relates to changes in the associated tax accruals. The Group capitalised \u00a312m of payroll costs in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-413": { "value": "
8. Finance income and expense
2024 2023
\u00a3m \u00a3m
Finance income:
Interest income
12.5
11.5
Other net foreign exchange gains
6.6
5.0
Other
\u2013
0.5
Total \ufb01nance income
19.1
17.0
Finance expense:
Total interest expense on \ufb01nancial liabilities measured at amortised cost
(52.2)
(49.8)
Lease interest expense
(62.1)
(53.1)
Debt re\ufb01nancing (loss)/gain
(0.5)
2.3
E\ufb00ective interest rate adjustments
2.8
5.1
Net change in fair value of cash \ufb02ow hedges utilised in the year
1.4
\u2013
Unwind of discount on provisions
(0.7)
(0.9)
Net interest (expense)/gain on de\ufb01ned bene\ufb01t pension obligations
(0.5)
0.2
Total \ufb01nance expense
(111.8)
(96.2)
Non-underlying items within \ufb01nance income and expense are detailed in note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-501": { "value": "8. Finance income and expense
2024 2023
\u00a3m \u00a3m
Finance income:
Interest income
12.5
11.5
Other net foreign exchange gains
6.6
5.0
Other
\u2013
0.5
Total \ufb01nance income
19.1
17.0
Finance expense:
Total interest expense on \ufb01nancial liabilities measured at amortised cost
(52.2)
(49.8)
Lease interest expense
(62.1)
(53.1)
Debt re\ufb01nancing (loss)/gain
(0.5)
2.3
E\ufb00ective interest rate adjustments
2.8
5.1
Net change in fair value of cash \ufb02ow hedges utilised in the year
1.4
\u2013
Unwind of discount on provisions
(0.7)
(0.9)
Net interest (expense)/gain on de\ufb01ned bene\ufb01t pension obligations
(0.5)
0.2
Total \ufb01nance expense
(111.8)
(96.2)
Non-underlying items within \ufb01nance income and expense are detailed in note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-499": { "value": "8. Finance income and expense
2024 2023
\u00a3m \u00a3m
Finance income:
Interest income
12.5
11.5
Other net foreign exchange gains
6.6
5.0
Other
\u2013
0.5
Total \ufb01nance income
19.1
17.0
Finance expense:
Total interest expense on \ufb01nancial liabilities measured at amortised cost
(52.2)
(49.8)
Lease interest expense
(62.1)
(53.1)
Debt re\ufb01nancing (loss)/gain
(0.5)
2.3
E\ufb00ective interest rate adjustments
2.8
5.1
Net change in fair value of cash \ufb02ow hedges utilised in the year
1.4
\u2013
Unwind of discount on provisions
(0.7)
(0.9)
Net interest (expense)/gain on de\ufb01ned bene\ufb01t pension obligations
(0.5)
0.2
Total \ufb01nance expense
(111.8)
(96.2)
Non-underlying items within \ufb01nance income and expense are detailed in note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-495": { "value": "8. Finance income and expense
2024 2023
\u00a3m \u00a3m
Finance income:
Interest income
12.5
11.5
Other net foreign exchange gains
6.6
5.0
Other
\u2013
0.5
Total \ufb01nance income
19.1
17.0
Finance expense:
Total interest expense on \ufb01nancial liabilities measured at amortised cost
(52.2)
(49.8)
Lease interest expense
(62.1)
(53.1)
Debt re\ufb01nancing (loss)/gain
(0.5)
2.3
E\ufb00ective interest rate adjustments
2.8
5.1
Net change in fair value of cash \ufb02ow hedges utilised in the year
1.4
\u2013
Unwind of discount on provisions
(0.7)
(0.9)
Net interest (expense)/gain on de\ufb01ned bene\ufb01t pension obligations
(0.5)
0.2
Total \ufb01nance expense
(111.8)
(96.2)
Non-underlying items within \ufb01nance income and expense are detailed in note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-483": { "value": "8. Finance income and expense
2024 2023
\u00a3m \u00a3m
Finance income:
Interest income
12.5
11.5
Other net foreign exchange gains
6.6
5.0
Other
\u2013
0.5
Total \ufb01nance income
19.1
17.0
Finance expense:
Total interest expense on \ufb01nancial liabilities measured at amortised cost
(52.2)
(49.8)
Lease interest expense
(62.1)
(53.1)
Debt re\ufb01nancing (loss)/gain
(0.5)
2.3
E\ufb00ective interest rate adjustments
2.8
5.1
Net change in fair value of cash \ufb02ow hedges utilised in the year
1.4
\u2013
Unwind of discount on provisions
(0.7)
(0.9)
Net interest (expense)/gain on de\ufb01ned bene\ufb01t pension obligations
(0.5)
0.2
Total \ufb01nance expense
(111.8)
(96.2)
Non-underlying items within \ufb01nance income and expense are detailed in note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-458": { "value": "8. Finance income and expense
2024 2023
\u00a3m \u00a3m
Finance income:
Interest income
12.5
11.5
Other net foreign exchange gains
6.6
5.0
Other
\u2013
0.5
Total \ufb01nance income
19.1
17.0
Finance expense:
Total interest expense on \ufb01nancial liabilities measured at amortised cost
(52.2)
(49.8)
Lease interest expense
(62.1)
(53.1)
Debt re\ufb01nancing (loss)/gain
(0.5)
2.3
E\ufb00ective interest rate adjustments
2.8
5.1
Net change in fair value of cash \ufb02ow hedges utilised in the year
1.4
\u2013
Unwind of discount on provisions
(0.7)
(0.9)
Net interest (expense)/gain on de\ufb01ned bene\ufb01t pension obligations
(0.5)
0.2
Total \ufb01nance expense
(111.8)
(96.2)
Non-underlying items within \ufb01nance income and expense are detailed in note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-414": { "value": "
9. Taxation
2024 2023
\u00a3m \u00a3m
Current tax (expense)/credit:
Current year
(20.4)
(22.0)
Adjustments for prior years
(2.0)
(1.1)
Deferred tax (expense)/credit:
(22.4)
(23.1)
Origination and reversal of temporary di\ufb00erences
(21.5)
(16.3)
Recognition of deferred tax assets not previously recognised,
net of amounts derecognised
9.7
5.9
Adjustments for prior years
1.1
1.5
(10.7)
(8.9)
Total tax expense
(33.1)
(32.0)
E\ufb00ective tax rate
27.9%
36.3%
Reconciliation of e\ufb00ective tax rate
The tax expense for the year is di\ufb00erent to the standard rate of corporation tax in the UK of 25.0%
(2023: 22.0%) applied to the pro\ufb01t before tax for the year. The di\ufb00erences are explained below:
2024 2023
\u00a3m \u00a3m
Pro\ufb01t before tax
118.6
88.1
Tax charge using the UK corporation tax rate of 25% (2023: 22.0%)
(29.6)
(19.4)
Losses on which no deferred tax was recognised
(7.7)
(9.1)
Impact of non-underlying costs on which no deferred tax was recognised
(6.3)
(3.9)
Secondary and irrecoverable taxes
(3.4)
(4.2)
Non-deductible goodwill impairment
(2.3)
(2.8)
Temporary di\ufb00erences on which no deferred tax was recognised
(1.5)
(1.2)
Adjustments for prior years
(0.9)
0.4
Change in tax rates
(0.1)
(3.2)
Non-taxable items
0.7
(1.4)
E\ufb00ect of tax rates in foreign jurisdictions
2.4
1.6
Tax impact of share of pro\ufb01ts of non-wholly owned subsidiaries\u00b9
5.9
5.3
Recognition of deferred tax assets not previously recognised,
net of amounts derecognised
9.7
5.9
Total tax expense
(33.1)
(32.0)
1 This relates to the fact that certain subsidiaries in the US are not wholly-owned and whose pro\ufb01ts or losses are taxed at the level of the
subsidiaries\u2019 shareholders. Therefore, the Group is not subject to tax on the pro\ufb01ts or losses attributable to its non-controlling interests.
The Group\u2018s tax rate is sensitive to the geographic mix of pro\ufb01ts and losses and re\ufb02ects a combination
of higher rates in certain jurisdictions, as well as the impact of losses in some countries for which no
deferred tax asset is recognised.
The tax charge in the year has bene\ufb01tted from a net deferred tax credit of \u00a39.7m (2023: \u00a35.9m).
This results from the recognition of part of the signi\ufb01cant historic deferred tax assets in relation to the
Group\u2019s US operations which have not previously been recognised (see note 15 for further detail), partially
o\ufb00set by deferred tax assets derecognised in Belgium, Canada and Finland where the use of these losses
is no longer considered probable in the near future. In the prior year, the net amount was driven by small
deferred tax assets both recognised and derecognised in a number of countries.
Factors that may a\ufb00ect future tax charges
The Group expects the tax rate in the future to continue to be a\ufb00ected by the geographical mix of pro\ufb01ts
and the di\ufb00erent tax rates that will apply to those pro\ufb01ts, as well as the Group\u2019s ability to recognise
deferred tax assets on losses in certain jurisdictions.
In June 2023, the UK substantively enacted the OECD\u2019s BEPS Pillar Two legislation, introducing a global
minimum tax rate of 15%, e\ufb00ective for the Group\u2019s \ufb01nancial year beginning 1 October 2024.
The Group has carried out a Pillar Two impact assessment on the most recent \ufb01nancial information
available for the constituent entities within the Group. Based on the assessment, the Pillar Two e\ufb00ective
tax rates in most of the jurisdictions in which the Group operates are above 15%. However, there are a
very limited number of jurisdictions where the transitional safe harbour relief is unlikely to apply, and the
Pillar Two e\ufb00ective tax rate is expected to be below 15%. The Group continues to monitor and evaluate
the domestic implementation of the Pillar Two rules in the jurisdictions in which it operates but does not
expect a material exposure based on legislation that is currently enacted or substantively enacted.
15. Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
0.4
0.8
(13.4)
(12.8)
Property, plant and equipment
1.6
9.7
(13.1)
\u2013
Provisions
4.8
6.1
\u2013
\u2013
Tax losses carried forward
59.8
44.6
\u2013
\u2013
Surplus interest expense carried forward
12.5
17.0
\u2013
\u2013
Pensions
\u2013
0.5
(0.8)
(1.2)
ROU assets and lease liabilities
12.7
11.4
(16.4)
(1.5)
Other
5.8
5.1
(9.4)
(8.5)
Deferred tax assets/(liabilities)
97.6
95.2
(53.1)
(24.0)
Set\u2013o\ufb00
(13.4)
(4.2)
13.4
4.2
Deferred tax assets/(liabilities)
84.2
91.0
(39.7)
(19.8)
Movement in net deferred tax during the year:
Recognised
30 September Recognised in income Recognised Currency 30 September
2023 in acquisitions statement in reserves adjustment 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(12.0)
\u2013
(1.0)
\u2013
\u2013
(13.0)
Property, plant
and equipment
9.7
\u2013
(21.8)
\u2013
0.5
(11.6)
Provisions
6.1
\u2013
(1.1)
0.1
(0.3)
4.8
Tax losses carried forward
44.6
\u2013
15.5
0.5
(0.8)
59.8
Surplus interest expense
carried forward
17.0
\u2013
(4.5)
\u2013
\u2013
12.5
Pensions
(0.7)
\u2013
\u2013
0.1
(0.1)
(0.7)
ROU assets and
lease liabilities
9.9
(15.5)
2.5
\u2013
(0.5)
(3.6)
Other
(3.4)
\u2013
(0.3)
\u2013
\u2013
(3.7)
71.2
(15.5)
(10.7)
0.7
(1.2)
44.5
Deferred tax assets are reviewed at each reporting date, taking into account the future expected pro\ufb01t
pro\ufb01le and business model of each relevant company or country, evidence of historic taxable pro\ufb01ts and
any potential legislative restrictions on use. In considering their recoverability, the Group assesses the
likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a minimum
of \ufb01ve years, and using the Group\u2019s medium-term plan, consistent with the basis used for the viability
assessment and for impairment testing.
During the period, additional deferred tax assets of \u00a318.2m have been recognised in respect of part of
the US business\u2019s signi\ufb01cant accumulated tax losses and other timing di\ufb00erences following convincing
evidence from increases in taxable pro\ufb01ts during the year and further growth forecast over the
medium-term, driven by strong net contract gains and the contributions made by recent acquisitions.
In assessing the appropriate amount of deferred tax asset to recognise, consideration was given to the
length of time remaining on existing contracts compared to the length of time it is expected it would
take for the US business to use all of its tax losses and other deductions.
The amount of the asset recognised represents the Group\u2019s best estimate of probable taxable pro\ufb01ts
arising over the average remaining length of contracts and carries with it a degree of uncertainty due
to the inherent challenges of calculating taxable pro\ufb01ts beyond the normal planning cycle. Sensitivities
have been run on the average remaining contract length assumption, with a 1 year change being
considered a reasonable possible change for the purposes of sensitivity analysis. A one-year reduction
in the average remaining contract length would reduce the recognised deferred tax asset by \u00a33.3m.
A one-year increase in the average remaining contract length would result in an increase in deferred
tax asset recognition of \u00a33.6m.
As at the end of the period, a potential deferred tax asset of approximately \u00a350m remains unrecognised.
This position, as well as the appropriateness of the recognition policy for deferred tax assets relating
to other countries, will continue to be reviewed at each balance sheet date.
Unrecognised deferred tax assets and liabilities
Unrecognised deferred tax assets and liabilities in these \ufb01nancial statements are attributable
to the following:
Gross value of
temporary di\ufb00erences
2024 2023
\u00a3m \u00a3m
Tax losses
594.5
696.1
Provisions and other temporary di\ufb00erences
100.2
91.0
Property, plant and equipment
6.3
8.6
701.0
795.7
Deferred tax assets on the above have not been recognised either because of uncertainty over the future
ability of the relevant companies to generate taxable pro\ufb01ts against which to o\ufb00set them, or because
the deferred tax assets relate to tax losses which are subject to restrictions on use or forfeiture due,
for example, to time restrictions or change in ownership rules. Of the total unrecognised tax losses
\u00a36.2m (2023: \u00a352.1m) will expire at various dates between 2025 and 2029.
The largest proportion relates to carried forward losses in overseas territories, principally France and
Germany, where the use of those losses is not considered probable in the near future, and the US where
the use of losses is only considered probable within the average remaining life of the US lease contracts.
There are unremitted earnings in overseas subsidiaries of \u00a346.1m (2023: \u00a335.0m) which would be
subject to additional tax of \u00a34.6m (2023: \u00a33.5m) if the Group chooses to remit those pro\ufb01ts back to
the UK. No deferred tax liability has been provided on these earnings because the Group is in a position
to control the reversal of the temporary di\ufb00erences and it is probable that such di\ufb00erences will not
reverse in the foreseeable future.
As stated at note 9. Taxation, the Group is continuing to evaluate the impact of the OECD\u2019s BEPS Pillar
Two rules. The Group has applied the mandatory exception introduced by the amendment made to IAS 12
Income Taxes in May 2023 under which a company is required not to recognise or disclose information
about deferred tax assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-415": { "value": "
10. Dividends
The following dividends were paid in the year per qualifying ordinary share:
2024 2023
Payment date \u00a3m \u00a3m
2.5p \ufb01nal dividend for 2023 (\ufb01nal dividend for 2022: nil)
29 February 2024
19.9
\u2013
1.2p interim dividend for 2024 (interim dividend for 2023: nil)
31 May 2024
9.6
\u2013
After the balance sheet date a \ufb01nal dividend of 2 .3 p per share per qualifying ordinary share (\u00a318.4m)
was proposed by the directors. The dividends have not been provided for.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-459": { "value": "0.023", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-460": { "value": "18400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-416": { "value": "
11. Property, plant and equipment
Land, buildings Equipment,
and leasehold \ufb01xtures and
improvements \ufb01ttings To ta l
\u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
379.2
1,001.3
1,380.5
Additions
37.9
182.0
219.9
Acquisitions
21.5
4.4
25.9
Disposals
(7.8)
(111.8)
(119.6)
Reclassi\ufb01cations\u00b9
11.6
(11.6)
\u2013
E\ufb00ects of movements in foreign exchange
(28.6)
(40.6)
(69.2)
Other movements\u00b2
\u2013
7.4
7.4
At 30 September 2023
413.8
1,031.1
1,444.9
Additions
62.4
208.7
271.1
Acquisitions\u00b3
\u2013
25.6
25.6
Disposals
(10.4)
(49.4)
(59.8)
Reclassi\ufb01cations\u00b9
10.5
(10.5)
\u2013
E\ufb00ects of movements in foreign exchange
(37.1)
(61.3)
(98.4)
Other movements\u00b2
(0.7)
10.6
9.9
At 30 September 2024
438.5
1,154.8
1,593.3
Depreciation
At 1 October 2022
(247.6)
(663.6)
(911.2)
Charge for the year
(32.9)
(73.7)
(106.6)
Impairments
\u2013
(2.4)
(2.4)
Disposals
8.2
111.2
119.4
E\ufb00ects of movement in foreign exchange
19.4
23.4
42.8
At 30 September 2023
(252.9)
(605.1)
(858.0)
Charge for the year
(41.1)
(87.6)
(128.7)
Impairments
(2.7)
(14.4)
(17.1)
Disposals
9.4
47.7
57.1
E\ufb00ects of movement in foreign exchange
21.0
28.4
49.4
Other movements\u00b2
0.7
0.1
0.8
At 30 September 2024
(265.6)
(630.9)
(896.5)
Net book value
At 30 September 2024
172.9
523.9
696.8
At 30 September 2023
160.9
426
586.9
1 Reclassi\ufb01cations arise from costs capitalised as work in progress assets that are initially allocated to equipment, \ufb01xtures and \ufb01ttings
and subsequently on completion of the assets are reallocated to the correct classi\ufb01cation.
2 Included in other movements is \u00a311.5m (2023: \u00a37.4m) in respect of increases to the restoration costs provision (see note 23).
3 The amount includes \u00a322.8m in relation to the \ufb01ve signi\ufb01cant acquisitions disclosed in note 31 and \u00a32.8m in relation to other acquisitions.
Impairment of property, plant and equipment and right-of-use assets
The Group tests assets for impairment when an impairment trigger is identi\ufb01ed. The Group\u2019s property,
plant and equipment is relatively short lived in nature and consequently management have not identi\ufb01ed
impairment triggers relating to climate risks. The assessments triggered by speci\ufb01c factors in each
country were undertaken at year end and as a result the cumulative net impairment charges of \u00a317.1m
(2023: \u00a32.4m) to property, plant and equipment and net \u00a36.3m (2023: \u00a33.2m) to right-of-use assets
were recorded during the year. The impairments primarily relate to units which the Group has made
the decision to exit.
The Group has identi\ufb01ed each operating site, such as an airport or rail station, as a cash-generating
unit (CGU) for the purpose of the impairment review, on the basis that within one site the units are
interdependent because the market dynamics (and thus cash in\ufb02ows and out\ufb02ows) in one unit could
impact other units.
The recoverable amount of a CGU is determined from value-in-use calculations. The key assumptions
for these calculations are discount rates and cash \ufb02ow forecasts. The cash \ufb02ow forecast period is
based on length of the remaining lease term of contracts held within a site. The values applied to the
key assumptions in the value-in-use calculations are derived from a combination of internal and external
factors, based on past experience together with management\u2018s future expectations about business
performance. The pre-tax discount rates used re\ufb02ect the time value of money and are based on the
Group\u2018s weighted average cost of capital, adjusted for speci\ufb01c risks relating to the country in which
the CGU operates. Inputs into the discount rate calculation include a country risk-free rate and in\ufb02ation
di\ufb00erential to the UK, country risk premium, market risk premium and company speci\ufb01c premium.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-461": { "value": "Impairment of property, plant and equipment and right-of-use assets The Group tests assets for impairment when an impairment trigger is identi\ufb01ed. The Group\u2019s property, plant and equipment is relatively short lived in nature and consequently management have not identi\ufb01ed impairment triggers relating to climate risks. The assessments triggered by speci\ufb01c factors in each country were undertaken at year end and as a result the cumulative net impairment charges of \u00a317.1m (2023: \u00a32.4m) to property, plant and equipment and net \u00a36.3m (2023: \u00a33.2m) to right-of-use assets were recorded during the year. The impairments primarily relate to units which the Group has made the decision to exit. The Group has identi\ufb01ed each operating site, such as an airport or rail station, as a cash-generating unit (CGU) for the purpose of the impairment review, on the basis that within one site the units are interdependent because the market dynamics (and thus cash in\ufb02ows and out\ufb02ows) in one unit could impact other units. The recoverable amount of a CGU is determined from value-in-use calculations. The key assumptions for these calculations are discount rates and cash \ufb02ow forecasts. The cash \ufb02ow forecast period is based on length of the remaining lease term of contracts held within a site. The values applied to the key assumptions in the value-in-use calculations are derived from a combination of internal and external factors, based on past experience together with management\u2018s future expectations about business performance. The pre-tax discount rates used re\ufb02ect the time value of money and are based on the Group\u2018s weighted average cost of capital, adjusted for speci\ufb01c risks relating to the country in which the CGU operates. Inputs into the discount rate calculation include a country risk-free rate and in\ufb02ation di\ufb00erential to the UK, country risk premium, market risk premium and company speci\ufb01c premium.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-417": { "value": "
12. Goodwill and intangible assets
Inde\ufb01nite life De\ufb01nite life
intangible intangible
Goodwill assets assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 September 2022
658.4
58.0
68.8
126.5
911.7
Additions
\u2013
\u2013
\u2013
22.6
22.6
B u s i n e s s a c q u i s i t i o n s
2 . 6
\u2013
\u2013
\u2013
2 . 6
Disposals
\u2013
\u2013
\u2013
(12.2)
(12.2)
E\ufb00ects of movement in foreign exchange
(26.5)
\u2013
(0.4)
1.7
(25.2)
At 30 September 2023
634.5
58.0
68.4
138.6
899.5
Additions
\u2013
\u2013
\u2013
36.9
36.9
Business acquisitions\u00b9
80.5
\u2013
0.8
\u2013
81.3
Disposals
\u2013
\u2013
\u2013
(0.4)
(0.4)
E\ufb00ect of movements in foreign exchange
(27.2)
\u2013
(0.5)
(3.4)
(31.1)
Other movements\u00b2
\u2013
\u2013
\u2013
2.0
2.0
At 30 September 2024
687.8
58.0
68.7
173.7
988.2
Amortisation
At 30 September 2022
(60.4)
\u2013
(64.6)
(85.0)
(210.0)
Charge for the year
\u2013
\u2013
(0.9)
(8.8)
(9.7)
Impairments
(12.5)
\u2013
\u2013
\u2013
(12.5)
Disposals
\u2013
\u2013
\u2013
11.4
11.4
E\ufb00ect of movements in foreign exchange
0.5
\u2013
0.2
1.7
2.4
At 30 September 2023
(72.4)
\u2013
(65.3)
(80.7)
(218.4)
Charge for the year
\u2013
\u2013
(0.7)
(7.9)
(8.6)
Impairments
(9.6)
\u2013
\u2013
\u2013
(9.6)
Disposals
\u2013
\u2013
\u2013
0.4
0.4
E\ufb00ect of movements in foreign exchange
0.9
\u2013
0.2
2.6
3.7
At 30 September 2024
(81.1)
\u2013
(65.8)
(85.6)
(232.5)
Net book value
At 30 September 2024
606.7
58.0
2.9
88.1
755.7
At 30 September 2023
562.1
58.0
3.1
57.9
681.1
1 The amount of goodwill from business acquisitions during the year includes goodwill of \u00a379.9m in relation to the \ufb01ve signi\ufb01cant acquisitions
disclosed in note 31 and \u00a30.6m in relation to other acquisitions.
2 The amount includes \u00a32.0m in relation to reclassi\ufb01cation from property, plant and equipment.
Inde\ufb01nite life intangibles comprises of SSP\u2019s brands, which are protected by trademarks and for which
there is no foreseeable limit to the period over which they are expected to generate net cash in\ufb02ows.
These are considered to have an inde\ufb01nite life, given the strength and durability of these brands and the
level of marketing support provided. The nature of the food and beverage industry is that obsolescence
is not a common issue, with our major brands being originally created over 20 years ago.
Software additions include capitalised payroll costs of \u00a312.0m (2023: \u00a37.7m).
Goodwill and inde\ufb01nite life intangible assets are allocated to groups of cash-generating units (CGUs).
Details of goodwill and inde\ufb01nite life intangible assets allocated to groups of CGUs are provided in the
table below:
Inde\ufb01nite life
Goodwill intangible assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
UK & Ireland
104.9
104.9
55.5
55.5
Rail Gourmet UK
13.1
13.1
\u2013
\u2013
North America
32.6
17.7
\u2013
\u2013
France
59.4
61.9
2.5
2.5
Belgium
8.3
8.8
\u2013
\u2013
Spain
44.2
46.1
\u2013
\u2013
Germany
30.9
32.2
\u2013
\u2013
Switzerland
26.6
26.9
\u2013
\u2013
Finland
20.3
21.2
\u2013
\u2013
Norway
64.5
69.8
\u2013
\u2013
Sweden
34.6
44.5
\u2013
\u2013
Denmark
23.3
24.3
\u2013
\u2013
Greece
4.6
4.7
\u2013
\u2013
Egypt
4.7
8.0
\u2013
\u2013
Hungary
0.9
1.0
\u2013
\u2013
Australia
71.5
9.7
\u2013
\u2013
Hong Kong
26.6
28.9
\u2013
\u2013
China
\u2013
0.6
\u2013
\u2013
Thailand
11.3
11.0
\u2013
\u2013
India
24.4
26.8
\u2013
\u2013
606.7
562.1
58.0
58.0
The Group tests annually for impairment, or more frequently if there are indicators that goodwill might
be impaired. Following the test, the goodwill impairment of \u00a39.0m (2023: \u00a3nil) was identi\ufb01ed in relation to
Sweden following the renewal of a number of contracts in the air channel on higher rents. The recoverable
amount of \u00a341.3m as at 30 September 2024 was based on value-in-use and was determined at the level
of the CGU. The pre-tax discount rate applied to cash \ufb02ow projections is 12.1% (2023: 14.0%).
Management have included considerations relating to climate risk in the cash\ufb02ows underpinning
the value-in-use model.
In the prior year following the test, the goodwill impairment of \u00a312.5m was identi\ufb01ed in relation
to Rail Gourmet UK within the UK segment due to a contract loss. The recoverable amount of \u00a313.1m
as at 30 September 2023 was based on value-in-use and was determined at the level of the CGU.
The pre-tax discount rate applied to cash \ufb02ow projections was 13.1%
The recoverable amounts of a group of CGUs (i.e. a country) have been determined based on value-in-use
calculations. These calculations require the use of estimates and assumptions over a forecast period
consistent with the most up-to-date budgets (the Group\u2018s Medium Term Plan) and plans that have been
formally approved by the Board.
The key assumptions for these calculations are shown below:
2024
2023
Terminal Discount Te r mi na l Discount
growth rate rate growth rate rate
North America
2.0%
14.3%
2.7%
11.7%
Continental Europe
0.7-2.1%
12.1-15.7%
2.1-2.3%
11.3-15.6%
UK & Ireland
2.0%
13.0%
2.1%
13.1%
Rest of the World
2.0-6.5% 12.7-37.5%
2.0-6.0%
11.5-33.9%
The values applied to the key assumptions in the value-in-use calculations are derived from a
combination of internal and external factors, based on past experience together with management\u2018s
future expectations about business performance. The terminal growth rates are based on published
economic statistical research for 2029. The discount rates (pre-tax) re\ufb02ect the time value of money
and are based on the Group\u2018s weighted average cost of capital, adjusted for speci\ufb01c risks relating to the
country which represents a group of CGUs. Inputs into the discount rate calculation include a country
risk-free rate and in\ufb02ation di\ufb00erential to the UK, country risk premium, market risk premium and
company speci\ufb01c premium.
Sensitivity analysis
Whilst management believes the assumptions are realistic, it is possible that additional impairments
would be identi\ufb01ed if any of the above sensitivities were changed signi\ufb01cantly. A sensitivity analysis has
been performed on each of these key assumptions with the other variables held constant. An increase
in the discount rate by 1% would result in additional impairments of \u00a35.0m in Sweden and \u00a30.6m in Hong
Kong; a reduction in the terminal growth rate by 1% would result in additional impairments of \u00a33.9m in
Sweden. The reduction in EBITDA on a pre-IFRS 16 basis of 10% in each forecast year would result in
additional impairments of \u00a35.5m in Sweden, \u00a30.7m in Hong Kong and \u00a30.6m Finland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-484": { "value": "12. Goodwill and intangible assets
Inde\ufb01nite life De\ufb01nite life
intangible intangible
Goodwill assets assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 September 2022
658.4
58.0
68.8
126.5
911.7
Additions
\u2013
\u2013
\u2013
22.6
22.6
B u s i n e s s a c q u i s i t i o n s
2 . 6
\u2013
\u2013
\u2013
2 . 6
Disposals
\u2013
\u2013
\u2013
(12.2)
(12.2)
E\ufb00ects of movement in foreign exchange
(26.5)
\u2013
(0.4)
1.7
(25.2)
At 30 September 2023
634.5
58.0
68.4
138.6
899.5
Additions
\u2013
\u2013
\u2013
36.9
36.9
Business acquisitions\u00b9
80.5
\u2013
0.8
\u2013
81.3
Disposals
\u2013
\u2013
\u2013
(0.4)
(0.4)
E\ufb00ect of movements in foreign exchange
(27.2)
\u2013
(0.5)
(3.4)
(31.1)
Other movements\u00b2
\u2013
\u2013
\u2013
2.0
2.0
At 30 September 2024
687.8
58.0
68.7
173.7
988.2
Amortisation
At 30 September 2022
(60.4)
\u2013
(64.6)
(85.0)
(210.0)
Charge for the year
\u2013
\u2013
(0.9)
(8.8)
(9.7)
Impairments
(12.5)
\u2013
\u2013
\u2013
(12.5)
Disposals
\u2013
\u2013
\u2013
11.4
11.4
E\ufb00ect of movements in foreign exchange
0.5
\u2013
0.2
1.7
2.4
At 30 September 2023
(72.4)
\u2013
(65.3)
(80.7)
(218.4)
Charge for the year
\u2013
\u2013
(0.7)
(7.9)
(8.6)
Impairments
(9.6)
\u2013
\u2013
\u2013
(9.6)
Disposals
\u2013
\u2013
\u2013
0.4
0.4
E\ufb00ect of movements in foreign exchange
0.9
\u2013
0.2
2.6
3.7
At 30 September 2024
(81.1)
\u2013
(65.8)
(85.6)
(232.5)
Net book value
At 30 September 2024
606.7
58.0
2.9
88.1
755.7
At 30 September 2023
562.1
58.0
3.1
57.9
681.1
1 The amount of goodwill from business acquisitions during the year includes goodwill of \u00a379.9m in relation to the \ufb01ve signi\ufb01cant acquisitions disclosed in note 31 and \u00a30.6m in relation to other acquisitions. 2 The amount includes \u00a32.0m in relation to reclassi\ufb01cation from property, plant and equipment. Inde\ufb01nite life intangibles comprises of SSP\u2019s brands, which are protected by trademarks and for which there is no foreseeable limit to the period over which they are expected to generate net cash in\ufb02ows. These are considered to have an inde\ufb01nite life, given the strength and durability of these brands and the level of marketing support provided. The nature of the food and beverage industry is that obsolescence is not a common issue, with our major brands being originally created over 20 years ago. Software additions include capitalised payroll costs of \u00a312.0m (2023: \u00a37.7m). Goodwill and inde\ufb01nite life intangible assets are allocated to groups of cash-generating units (CGUs). Details of goodwill and inde\ufb01nite life intangible assets allocated to groups of CGUs are provided in the table below:
Inde\ufb01nite life
Goodwill intangible assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
UK & Ireland
104.9
104.9
55.5
55.5
Rail Gourmet UK
13.1
13.1
\u2013
\u2013
North America
32.6
17.7
\u2013
\u2013
France
59.4
61.9
2.5
2.5
Belgium
8.3
8.8
\u2013
\u2013
Spain
44.2
46.1
\u2013
\u2013
Germany
30.9
32.2
\u2013
\u2013
Switzerland
26.6
26.9
\u2013
\u2013
Finland
20.3
21.2
\u2013
\u2013
Norway
64.5
69.8
\u2013
\u2013
Sweden
34.6
44.5
\u2013
\u2013
Denmark
23.3
24.3
\u2013
\u2013
Greece
4.6
4.7
\u2013
\u2013
Egypt
4.7
8.0
\u2013
\u2013
Hungary
0.9
1.0
\u2013
\u2013
Australia
71.5
9.7
\u2013
\u2013
Hong Kong
26.6
28.9
\u2013
\u2013
China
\u2013
0.6
\u2013
\u2013
Thailand
11.3
11.0
\u2013
\u2013
India
24.4
26.8
\u2013
\u2013
606.7
562.1
58.0
58.0
The Group tests annually for impairment, or more frequently if there are indicators that goodwill might be impaired. Following the test, the goodwill impairment of \u00a39.0m (2023: \u00a3nil) was identi\ufb01ed in relation to Sweden following the renewal of a number of contracts in the air channel on higher rents. The recoverable amount of \u00a341.3m as at 30 September 2024 was based on value-in-use and was determined at the level of the CGU. The pre-tax discount rate applied to cash \ufb02ow projections is 12.1% (2023: 14.0%). Management have included considerations relating to climate risk in the cash\ufb02ows underpinning the value-in-use model. In the prior year following the test, the goodwill impairment of \u00a312.5m was identi\ufb01ed in relation to Rail Gourmet UK within the UK segment due to a contract loss. The recoverable amount of \u00a313.1m as at 30 September 2023 was based on value-in-use and was determined at the level of the CGU. The pre-tax discount rate applied to cash \ufb02ow projections was 13.1% The recoverable amounts of a group of CGUs (i.e. a country) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions over a forecast period consistent with the most up-to-date budgets (the Group\u2018s Medium Term Plan) and plans that have been formally approved by the Board. The key assumptions for these calculations are shown below:
2024
2023
Terminal Discount Te r mi na l Discount
growth rate rate growth rate rate
North America
2.0%
14.3%
2.7%
11.7%
Continental Europe
0.7-2.1%
12.1-15.7%
2.1-2.3%
11.3-15.6%
UK & Ireland
2.0%
13.0%
2.1%
13.1%
Rest of the World
2.0-6.5% 12.7-37.5%
2.0-6.0%
11.5-33.9%
The values applied to the key assumptions in the value-in-use calculations are derived from a combination of internal and external factors, based on past experience together with management\u2018s future expectations about business performance. The terminal growth rates are based on published economic statistical research for 2029. The discount rates (pre-tax) re\ufb02ect the time value of money and are based on the Group\u2018s weighted average cost of capital, adjusted for speci\ufb01c risks relating to the country which represents a group of CGUs. Inputs into the discount rate calculation include a country risk-free rate and in\ufb02ation di\ufb00erential to the UK, country risk premium, market risk premium and company speci\ufb01c premium. Sensitivity analysis Whilst management believes the assumptions are realistic, it is possible that additional impairments would be identi\ufb01ed if any of the above sensitivities were changed signi\ufb01cantly. A sensitivity analysis has been performed on each of these key assumptions with the other variables held constant. An increase in the discount rate by 1% would result in additional impairments of \u00a35.0m in Sweden and \u00a30.6m in Hong Kong; a reduction in the terminal growth rate by 1% would result in additional impairments of \u00a33.9m in Sweden. The reduction in EBITDA on a pre-IFRS 16 basis of 10% in each forecast year would result in additional impairments of \u00a35.5m in Sweden, \u00a30.7m in Hong Kong and \u00a30.6m Finland. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-462": { "value": "12. Goodwill and intangible assets
Inde\ufb01nite life De\ufb01nite life
intangible intangible
Goodwill assets assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 September 2022
658.4
58.0
68.8
126.5
911.7
Additions
\u2013
\u2013
\u2013
22.6
22.6
B u s i n e s s a c q u i s i t i o n s
2 . 6
\u2013
\u2013
\u2013
2 . 6
Disposals
\u2013
\u2013
\u2013
(12.2)
(12.2)
E\ufb00ects of movement in foreign exchange
(26.5)
\u2013
(0.4)
1.7
(25.2)
At 30 September 2023
634.5
58.0
68.4
138.6
899.5
Additions
\u2013
\u2013
\u2013
36.9
36.9
Business acquisitions\u00b9
80.5
\u2013
0.8
\u2013
81.3
Disposals
\u2013
\u2013
\u2013
(0.4)
(0.4)
E\ufb00ect of movements in foreign exchange
(27.2)
\u2013
(0.5)
(3.4)
(31.1)
Other movements\u00b2
\u2013
\u2013
\u2013
2.0
2.0
At 30 September 2024
687.8
58.0
68.7
173.7
988.2
Amortisation
At 30 September 2022
(60.4)
\u2013
(64.6)
(85.0)
(210.0)
Charge for the year
\u2013
\u2013
(0.9)
(8.8)
(9.7)
Impairments
(12.5)
\u2013
\u2013
\u2013
(12.5)
Disposals
\u2013
\u2013
\u2013
11.4
11.4
E\ufb00ect of movements in foreign exchange
0.5
\u2013
0.2
1.7
2.4
At 30 September 2023
(72.4)
\u2013
(65.3)
(80.7)
(218.4)
Charge for the year
\u2013
\u2013
(0.7)
(7.9)
(8.6)
Impairments
(9.6)
\u2013
\u2013
\u2013
(9.6)
Disposals
\u2013
\u2013
\u2013
0.4
0.4
E\ufb00ect of movements in foreign exchange
0.9
\u2013
0.2
2.6
3.7
At 30 September 2024
(81.1)
\u2013
(65.8)
(85.6)
(232.5)
Net book value
At 30 September 2024
606.7
58.0
2.9
88.1
755.7
At 30 September 2023
562.1
58.0
3.1
57.9
681.1
1 The amount of goodwill from business acquisitions during the year includes goodwill of \u00a379.9m in relation to the \ufb01ve signi\ufb01cant acquisitions disclosed in note 31 and \u00a30.6m in relation to other acquisitions. 2 The amount includes \u00a32.0m in relation to reclassi\ufb01cation from property, plant and equipment. Inde\ufb01nite life intangibles comprises of SSP\u2019s brands, which are protected by trademarks and for which there is no foreseeable limit to the period over which they are expected to generate net cash in\ufb02ows. These are considered to have an inde\ufb01nite life, given the strength and durability of these brands and the level of marketing support provided. The nature of the food and beverage industry is that obsolescence is not a common issue, with our major brands being originally created over 20 years ago. Software additions include capitalised payroll costs of \u00a312.0m (2023: \u00a37.7m). Goodwill and inde\ufb01nite life intangible assets are allocated to groups of cash-generating units (CGUs). Details of goodwill and inde\ufb01nite life intangible assets allocated to groups of CGUs are provided in the table below:
Inde\ufb01nite life
Goodwill intangible assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
UK & Ireland
104.9
104.9
55.5
55.5
Rail Gourmet UK
13.1
13.1
\u2013
\u2013
North America
32.6
17.7
\u2013
\u2013
France
59.4
61.9
2.5
2.5
Belgium
8.3
8.8
\u2013
\u2013
Spain
44.2
46.1
\u2013
\u2013
Germany
30.9
32.2
\u2013
\u2013
Switzerland
26.6
26.9
\u2013
\u2013
Finland
20.3
21.2
\u2013
\u2013
Norway
64.5
69.8
\u2013
\u2013
Sweden
34.6
44.5
\u2013
\u2013
Denmark
23.3
24.3
\u2013
\u2013
Greece
4.6
4.7
\u2013
\u2013
Egypt
4.7
8.0
\u2013
\u2013
Hungary
0.9
1.0
\u2013
\u2013
Australia
71.5
9.7
\u2013
\u2013
Hong Kong
26.6
28.9
\u2013
\u2013
China
\u2013
0.6
\u2013
\u2013
Thailand
11.3
11.0
\u2013
\u2013
India
24.4
26.8
\u2013
\u2013
606.7
562.1
58.0
58.0
The Group tests annually for impairment, or more frequently if there are indicators that goodwill might be impaired. Following the test, the goodwill impairment of \u00a39.0m (2023: \u00a3nil) was identi\ufb01ed in relation to Sweden following the renewal of a number of contracts in the air channel on higher rents. The recoverable amount of \u00a341.3m as at 30 September 2024 was based on value-in-use and was determined at the level of the CGU. The pre-tax discount rate applied to cash \ufb02ow projections is 12.1% (2023: 14.0%). Management have included considerations relating to climate risk in the cash\ufb02ows underpinning the value-in-use model. In the prior year following the test, the goodwill impairment of \u00a312.5m was identi\ufb01ed in relation to Rail Gourmet UK within the UK segment due to a contract loss. The recoverable amount of \u00a313.1m as at 30 September 2023 was based on value-in-use and was determined at the level of the CGU. The pre-tax discount rate applied to cash \ufb02ow projections was 13.1% The recoverable amounts of a group of CGUs (i.e. a country) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions over a forecast period consistent with the most up-to-date budgets (the Group\u2018s Medium Term Plan) and plans that have been formally approved by the Board. The key assumptions for these calculations are shown below:
2024
2023
Terminal Discount Te r mi na l Discount
growth rate rate growth rate rate
North America
2.0%
14.3%
2.7%
11.7%
Continental Europe
0.7-2.1%
12.1-15.7%
2.1-2.3%
11.3-15.6%
UK & Ireland
2.0%
13.0%
2.1%
13.1%
Rest of the World
2.0-6.5% 12.7-37.5%
2.0-6.0%
11.5-33.9%
The values applied to the key assumptions in the value-in-use calculations are derived from a combination of internal and external factors, based on past experience together with management\u2018s future expectations about business performance. The terminal growth rates are based on published economic statistical research for 2029. The discount rates (pre-tax) re\ufb02ect the time value of money and are based on the Group\u2018s weighted average cost of capital, adjusted for speci\ufb01c risks relating to the country which represents a group of CGUs. Inputs into the discount rate calculation include a country risk-free rate and in\ufb02ation di\ufb00erential to the UK, country risk premium, market risk premium and company speci\ufb01c premium. Sensitivity analysis Whilst management believes the assumptions are realistic, it is possible that additional impairments would be identi\ufb01ed if any of the above sensitivities were changed signi\ufb01cantly. A sensitivity analysis has been performed on each of these key assumptions with the other variables held constant. An increase in the discount rate by 1% would result in additional impairments of \u00a35.0m in Sweden and \u00a30.6m in Hong Kong; a reduction in the terminal growth rate by 1% would result in additional impairments of \u00a33.9m in Sweden. The reduction in EBITDA on a pre-IFRS 16 basis of 10% in each forecast year would result in additional impairments of \u00a35.5m in Sweden, \u00a30.7m in Hong Kong and \u00a30.6m Finland. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-463": { "value": "
13. Right-of-use assets
Land,
buildings and Equipment,
Concessions leasehold \ufb01xtures
contracts improvements and \ufb01ttings Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 October 2022
709.4
26.7
0.2
736.3
Additions
403.5
4.1
2.8
410.4
Acquisition
34.5
\u2013
\u2013
34.5
Depreciation charge in the period
(185.2)
(7.7)
(1.6)
(194.5)
Remeasurement adjustments
(19.3)
1.8
\u2013
(17.5)
Impairments
(3.2)
\u2013
\u2013
(3.2)
Currency translation
(33.1)
(1.4)
\u2013
(34.5)
At 30 September 2023
906.6
23.5
1.4
931.5
Additions
279.4
5.1
0.3
284.8
Acquisition
110.5
\u2013
\u2013
110.5
Depreciation charge in the period
(228.5)
(6.8)
(0.8)
(236.1)
Remeasurement adjustments
(3.7)
1.7
\u2013
(2.0)
Impairments
(6.1)
(0.2)
\u2013
(6.3)
Currency translation
(49.0)
(1.4)
\u2013
(50.4)
At 30 September 2024
1,009.2
21.9
0.9
1,032.0
Impairment of right-of-use assets and sensitivity analysis
Details of the impairment methodology and sensitivity analysis for right-of-use assets are provided
in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-418": { "value": "13. Right-of-use assets
Land,
buildings and Equipment,
Concessions leasehold \ufb01xtures
contracts improvements and \ufb01ttings Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 October 2022
709.4
26.7
0.2
736.3
Additions
403.5
4.1
2.8
410.4
Acquisition
34.5
\u2013
\u2013
34.5
Depreciation charge in the period
(185.2)
(7.7)
(1.6)
(194.5)
Remeasurement adjustments
(19.3)
1.8
\u2013
(17.5)
Impairments
(3.2)
\u2013
\u2013
(3.2)
Currency translation
(33.1)
(1.4)
\u2013
(34.5)
At 30 September 2023
906.6
23.5
1.4
931.5
Additions
279.4
5.1
0.3
284.8
Acquisition
110.5
\u2013
\u2013
110.5
Depreciation charge in the period
(228.5)
(6.8)
(0.8)
(236.1)
Remeasurement adjustments
(3.7)
1.7
\u2013
(2.0)
Impairments
(6.1)
(0.2)
\u2013
(6.3)
Currency translation
(49.0)
(1.4)
\u2013
(50.4)
At 30 September 2024
1,009.2
21.9
0.9
1,032.0
Impairment of right-of-use assets and sensitivity analysis Details of the impairment methodology and sensitivity analysis for right-of-use assets are provided in note 11.
21. Lease liabilities
2024 2023
\u00a3m \u00a3m
Beginning of the year
(1,028.7)
(854.6)
Additions
(284.8)
(410.7)
Acquisitions
(47.7)
(23.3)
Interest charge in the year
(62.1)
(53.1)
Payment of lease liabilities
280.7
250.6
Remeasurement adjustments
10.7
26.4
Currency translation
42.8
36.0
At 30 September
(1,089.1)
(1,028.7)
Of which are:
Current lease liabilities
(298.7)
(252.3)
Non\u2013current lease liabilities
(790.4)
(776.4)
At 30 September
(1,089.1)
(1,028.7)
There have been no deferred \ufb01xed rent payments in the current year (2023: \u00a3nil).
Other information relating to leases
Note 28 presents a maturity analysis of the undiscounted payments due over the remaining lease term
for these liabilities.
The total cash out\ufb02ow for leases in the year was \u00a3735.8m (2023: \u00a3645.3m), with \u00a3280.7m
(2023: \u00a3250.6m) being the payment of lease liabilities. The remaining rent payments are not capitalised
under IFRS 16, with \u00a311.8m (2023: \u00a310.8m) relating to short-term leases and \u00a3452.0m (2023: \u00a3386.0m)
to variable leases. There was an immaterial cash out\ufb02ow for low-value leases.
The Group received an immaterial amount of income from subleasing right-of-use assets during the year.
The following table summarises the impact that a reasonable possible change in incremental borrowing
rate (\u2018IBR\u2019) would have had on the lease liability additions and modi\ufb01cations recognised during the year:
Increase/(decrease) in
lease liability recognised
\u00a3m
Increase in IBR of 1%
(24.5)
Decrease in IBR of 1%
22.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-419": { "value": "
14. Investments in associates
The Group uses the equity accounting method to account for its associates, the carrying value of which
was \u00a321.5m as at 30 September 2024 (2023: \u00a316.2m). The following table summarises the movement
in investments in associates during the year:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
16.2
17.0
Additions
11.2
8.0
Share of pro\ufb01ts for the year
5.4
7.2
Dividends received
(9.6)
(7.3)
Currency adjustment
(1.5)
(1.7)
Impairment
\u2013
(6.7)
Other\u00b9
(0.2)
(0.3)
At the end of the year
21.5
16.2
1 The carrying amount of Cyprus Airports (F&B) Limited (49.98%) as at 30 September 2024 is \u00a3nil (2023: \u00a3nil) due to historically unrecognised
accumulated losses. In 2024, Cyprus Airports (F&B) Limited generated pro\ufb01ts exceeding the accumulated losses brought forward and the Group
recognised its share amounting to \u00a33.2m. Cyprus Airports (F&B) Limited also paid out dividends in the amount of \u00a33.6m.
In August 2023, the Group invested \u00a37.7m in its French associate undertaking, Epigo SAS (\u2018Epigo\u2019).
However, as at the date of this investment there were unrecognised losses from Epigo SAS, and
therefore the impairment of \u00a36.7m was recorded as at 30 September 2023.
In October 2023, the Group acquired a non-controlling 50% interest in Extime Food & Beverage Paris
SAS (\u2018Extime\u2019) for the consideration of \u00a310.5m with a controlling interest held by Aeroports de Paris.
In September 2024 Extime and Epigo were legally merged.
During 2024 the Group also invested \u00a30.7m in GMR Hospitality Limited (India).
The \ufb01nancial information of the Group\u2018s associates included in their own \ufb01nancial statements required
by IFRS 12 \u2018Disclosure of Interests in Other Entities\u2018 has not been presented as all the Group\u2018s associates
are immaterial individually. Details of the Group\u2018s interests in associates are shown in note 42.
Associates Signi\ufb01cant transactions with associated undertakings during the year, other than those included in note 14, are included in the table below. Related party transactions
2024 2023
\u00a3m \u00a3m
Sales to related parties
0.8
0.9
Purchases from related parties
(7.8)
(6.7)
Management fee income
2.3
2.3
Other income
3.2
2.0
Other expenses\u00b9
(17.9)
15.9
Amounts owed by related parties at the end of the year
3.8
6.9
Amounts owed to related parties at the end of the year\u00b2
(24.6)
(27.0)
1 The majority of other expenses relates to \u00a313.1m rent from Midway Partnership LLC (2023: \u00a312.1m). 2 The majority of amounts relates to \u00a37.1m loans (and accumulated interest) received from non-controlling interest shareholders mainly in Saudi Arabia and the Philippines (2023: \u00a39.8m, mainly in Bahrain and Brazil), and the loan taken from Epigo/Extime associate \u00a37.7m (2023: \u00a38.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-485": { "value": "15. Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
0.4
0.8
(13.4)
(12.8)
Property, plant and equipment
1.6
9.7
(13.1)
\u2013
Provisions
4.8
6.1
\u2013
\u2013
Tax losses carried forward
59.8
44.6
\u2013
\u2013
Surplus interest expense carried forward
12.5
17.0
\u2013
\u2013
Pensions
\u2013
0.5
(0.8)
(1.2)
ROU assets and lease liabilities
12.7
11.4
(16.4)
(1.5)
Other
5.8
5.1
(9.4)
(8.5)
Deferred tax assets/(liabilities)
97.6
95.2
(53.1)
(24.0)
Set\u2013o\ufb00
(13.4)
(4.2)
13.4
4.2
Deferred tax assets/(liabilities)
84.2
91.0
(39.7)
(19.8)
Movement in net deferred tax during the year:
Recognised
30 September Recognised in income Recognised Currency 30 September
2023 in acquisitions statement in reserves adjustment 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(12.0)
\u2013
(1.0)
\u2013
\u2013
(13.0)
Property, plant
and equipment
9.7
\u2013
(21.8)
\u2013
0.5
(11.6)
Provisions
6.1
\u2013
(1.1)
0.1
(0.3)
4.8
Tax losses carried forward
44.6
\u2013
15.5
0.5
(0.8)
59.8
Surplus interest expense
carried forward
17.0
\u2013
(4.5)
\u2013
\u2013
12.5
Pensions
(0.7)
\u2013
\u2013
0.1
(0.1)
(0.7)
ROU assets and
lease liabilities
9.9
(15.5)
2.5
\u2013
(0.5)
(3.6)
Other
(3.4)
\u2013
(0.3)
\u2013
\u2013
(3.7)
71.2
(15.5)
(10.7)
0.7
(1.2)
44.5
Deferred tax assets are reviewed at each reporting date, taking into account the future expected pro\ufb01t pro\ufb01le and business model of each relevant company or country, evidence of historic taxable pro\ufb01ts and any potential legislative restrictions on use. In considering their recoverability, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a minimum of \ufb01ve years, and using the Group\u2019s medium-term plan, consistent with the basis used for the viability assessment and for impairment testing. During the period, additional deferred tax assets of \u00a318.2m have been recognised in respect of part of the US business\u2019s signi\ufb01cant accumulated tax losses and other timing di\ufb00erences following convincing evidence from increases in taxable pro\ufb01ts during the year and further growth forecast over the medium-term, driven by strong net contract gains and the contributions made by recent acquisitions. In assessing the appropriate amount of deferred tax asset to recognise, consideration was given to the length of time remaining on existing contracts compared to the length of time it is expected it would take for the US business to use all of its tax losses and other deductions. The amount of the asset recognised represents the Group\u2019s best estimate of probable taxable pro\ufb01ts arising over the average remaining length of contracts and carries with it a degree of uncertainty due to the inherent challenges of calculating taxable pro\ufb01ts beyond the normal planning cycle. Sensitivities have been run on the average remaining contract length assumption, with a 1 year change being considered a reasonable possible change for the purposes of sensitivity analysis. A one-year reduction in the average remaining contract length would reduce the recognised deferred tax asset by \u00a33.3m. A one-year increase in the average remaining contract length would result in an increase in deferred tax asset recognition of \u00a33.6m. As at the end of the period, a potential deferred tax asset of approximately \u00a350m remains unrecognised. This position, as well as the appropriateness of the recognition policy for deferred tax assets relating to other countries, will continue to be reviewed at each balance sheet date. Unrecognised deferred tax assets and liabilities Unrecognised deferred tax assets and liabilities in these \ufb01nancial statements are attributable to the following:
Gross value of
temporary di\ufb00erences
2024 2023
\u00a3m \u00a3m
Tax losses
594.5
696.1
Provisions and other temporary di\ufb00erences
100.2
91.0
Property, plant and equipment
6.3
8.6
701.0
795.7
Deferred tax assets on the above have not been recognised either because of uncertainty over the future ability of the relevant companies to generate taxable pro\ufb01ts against which to o\ufb00set them, or because the deferred tax assets relate to tax losses which are subject to restrictions on use or forfeiture due, for example, to time restrictions or change in ownership rules. Of the total unrecognised tax losses \u00a36.2m (2023: \u00a352.1m) will expire at various dates between 2025 and 2029. The largest proportion relates to carried forward losses in overseas territories, principally France and Germany, where the use of those losses is not considered probable in the near future, and the US where the use of losses is only considered probable within the average remaining life of the US lease contracts. There are unremitted earnings in overseas subsidiaries of \u00a346.1m (2023: \u00a335.0m) which would be subject to additional tax of \u00a34.6m (2023: \u00a33.5m) if the Group chooses to remit those pro\ufb01ts back to the UK. No deferred tax liability has been provided on these earnings because the Group is in a position to control the reversal of the temporary di\ufb00erences and it is probable that such di\ufb00erences will not reverse in the foreseeable future. As stated at note 9. Taxation, the Group is continuing to evaluate the impact of the OECD\u2019s BEPS Pillar Two rules. The Group has applied the mandatory exception introduced by the amendment made to IAS 12 Income Taxes in May 2023 under which a company is required not to recognise or disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-464": { "value": "15. Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
0.4
0.8
(13.4)
(12.8)
Property, plant and equipment
1.6
9.7
(13.1)
\u2013
Provisions
4.8
6.1
\u2013
\u2013
Tax losses carried forward
59.8
44.6
\u2013
\u2013
Surplus interest expense carried forward
12.5
17.0
\u2013
\u2013
Pensions
\u2013
0.5
(0.8)
(1.2)
ROU assets and lease liabilities
12.7
11.4
(16.4)
(1.5)
Other
5.8
5.1
(9.4)
(8.5)
Deferred tax assets/(liabilities)
97.6
95.2
(53.1)
(24.0)
Set\u2013o\ufb00
(13.4)
(4.2)
13.4
4.2
Deferred tax assets/(liabilities)
84.2
91.0
(39.7)
(19.8)
Movement in net deferred tax during the year:
Recognised
30 September Recognised in income Recognised Currency 30 September
2023 in acquisitions statement in reserves adjustment 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(12.0)
\u2013
(1.0)
\u2013
\u2013
(13.0)
Property, plant
and equipment
9.7
\u2013
(21.8)
\u2013
0.5
(11.6)
Provisions
6.1
\u2013
(1.1)
0.1
(0.3)
4.8
Tax losses carried forward
44.6
\u2013
15.5
0.5
(0.8)
59.8
Surplus interest expense
carried forward
17.0
\u2013
(4.5)
\u2013
\u2013
12.5
Pensions
(0.7)
\u2013
\u2013
0.1
(0.1)
(0.7)
ROU assets and
lease liabilities
9.9
(15.5)
2.5
\u2013
(0.5)
(3.6)
Other
(3.4)
\u2013
(0.3)
\u2013
\u2013
(3.7)
71.2
(15.5)
(10.7)
0.7
(1.2)
44.5
Deferred tax assets are reviewed at each reporting date, taking into account the future expected pro\ufb01t pro\ufb01le and business model of each relevant company or country, evidence of historic taxable pro\ufb01ts and any potential legislative restrictions on use. In considering their recoverability, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a minimum of \ufb01ve years, and using the Group\u2019s medium-term plan, consistent with the basis used for the viability assessment and for impairment testing. During the period, additional deferred tax assets of \u00a318.2m have been recognised in respect of part of the US business\u2019s signi\ufb01cant accumulated tax losses and other timing di\ufb00erences following convincing evidence from increases in taxable pro\ufb01ts during the year and further growth forecast over the medium-term, driven by strong net contract gains and the contributions made by recent acquisitions. In assessing the appropriate amount of deferred tax asset to recognise, consideration was given to the length of time remaining on existing contracts compared to the length of time it is expected it would take for the US business to use all of its tax losses and other deductions. The amount of the asset recognised represents the Group\u2019s best estimate of probable taxable pro\ufb01ts arising over the average remaining length of contracts and carries with it a degree of uncertainty due to the inherent challenges of calculating taxable pro\ufb01ts beyond the normal planning cycle. Sensitivities have been run on the average remaining contract length assumption, with a 1 year change being considered a reasonable possible change for the purposes of sensitivity analysis. A one-year reduction in the average remaining contract length would reduce the recognised deferred tax asset by \u00a33.3m. A one-year increase in the average remaining contract length would result in an increase in deferred tax asset recognition of \u00a33.6m. As at the end of the period, a potential deferred tax asset of approximately \u00a350m remains unrecognised. This position, as well as the appropriateness of the recognition policy for deferred tax assets relating to other countries, will continue to be reviewed at each balance sheet date. Unrecognised deferred tax assets and liabilities Unrecognised deferred tax assets and liabilities in these \ufb01nancial statements are attributable to the following:
Gross value of
temporary di\ufb00erences
2024 2023
\u00a3m \u00a3m
Tax losses
594.5
696.1
Provisions and other temporary di\ufb00erences
100.2
91.0
Property, plant and equipment
6.3
8.6
701.0
795.7
Deferred tax assets on the above have not been recognised either because of uncertainty over the future ability of the relevant companies to generate taxable pro\ufb01ts against which to o\ufb00set them, or because the deferred tax assets relate to tax losses which are subject to restrictions on use or forfeiture due, for example, to time restrictions or change in ownership rules. Of the total unrecognised tax losses \u00a36.2m (2023: \u00a352.1m) will expire at various dates between 2025 and 2029. The largest proportion relates to carried forward losses in overseas territories, principally France and Germany, where the use of those losses is not considered probable in the near future, and the US where the use of losses is only considered probable within the average remaining life of the US lease contracts. There are unremitted earnings in overseas subsidiaries of \u00a346.1m (2023: \u00a335.0m) which would be subject to additional tax of \u00a34.6m (2023: \u00a33.5m) if the Group chooses to remit those pro\ufb01ts back to the UK. No deferred tax liability has been provided on these earnings because the Group is in a position to control the reversal of the temporary di\ufb00erences and it is probable that such di\ufb00erences will not reverse in the foreseeable future. As stated at note 9. Taxation, the Group is continuing to evaluate the impact of the OECD\u2019s BEPS Pillar Two rules. The Group has applied the mandatory exception introduced by the amendment made to IAS 12 Income Taxes in May 2023 under which a company is required not to recognise or disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-420": { "value": "
16. Inventories
2024 2023
\u00a3m \u00a3m
Food and beverages
36.6
36.4
Other
8.9
6.0
45.5
42.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-465": { "value": "
17. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
31.0
45.0
Other receivables\u00b9
183.4
146.8
Prepayments
38.4
33.5
Accrued income
19.6
14.5
272.4
239.8
Of which:
Non\u2013current (other receivables)
105.7
81.2
Current
166.7
158.6
1 Other receivables include long-term security deposits of \u00a357.8m (2023: \u00a348.0m) relating to some of the Group\u2019s concession agreements,
sales tax receivable of \u00a319.6m (2023: \u00a316.4m), purchasing income of \u00a317.7m (2023: \u00a315.1m) and \u00a354.3m (2023: \u00a320.8m) due from non-controlling
interest equity shareholders in certain of the Group\u2019s US subsidiaries which relate to capital contributions owed in return for their equity stakes.
These contributions are used towards unit \ufb01xed asset buildouts and are received in accordance with the cash requirements of the subsidiary.
Capital contributions owed by the Group company which is the immediate parent of these subsidiaries are eliminated on consolidation.
The value of contract assets was not material at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-423": { "value": "17. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
31.0
45.0
Other receivables\u00b9
183.4
146.8
Prepayments
38.4
33.5
Accrued income
19.6
14.5
272.4
239.8
Of which:
Non\u2013current (other receivables)
105.7
81.2
Current
166.7
158.6
1 Other receivables include long-term security deposits of \u00a357.8m (2023: \u00a348.0m) relating to some of the Group\u2019s concession agreements, sales tax receivable of \u00a319.6m (2023: \u00a316.4m), purchasing income of \u00a317.7m (2023: \u00a315.1m) and \u00a354.3m (2023: \u00a320.8m) due from non-controlling interest equity shareholders in certain of the Group\u2019s US subsidiaries which relate to capital contributions owed in return for their equity stakes. These contributions are used towards unit \ufb01xed asset buildouts and are received in accordance with the cash requirements of the subsidiary. Capital contributions owed by the Group company which is the immediate parent of these subsidiaries are eliminated on consolidation. The value of contract assets was not material at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-421": { "value": "
18. Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
157.1
247.6
Cash equivalents
97.7
55.7
254.8
303.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-422": { "value": "
19. Short-term and long-term borrowings
2024 2023
Current liabilities \u00a3m \u00a3m
Bank loans
(12.2)
(12.6)
(12.2)
(12.6)
Non\u2013current liabilities
Bank loans
(314.1)
(334.4)
US Private Placement notes
(521.0)
(348.4)
(847.3)
(682.8)
US Private Placement (\u2018USPP\u2019) Notes
As at 30 September 2024 and following the new issuance of \u20ac240m in April 2024 (\u00a3205.4m), the Group
had USPP Notes totalling \u00a3521.0m.
USPP notes are shown net of unamortised arrangement fees totalling \u00a3nil as at 30 September 2024
(2023: \u00a30.2m).
In addition to the coupon detailed below, an additional credit rating fee of 0.50% continued to be applicable
until the Group regained its private investment grade rating in June 2024 (1.0% as at 30 September 2023).
The following notes were drawn as at 30 September 2024:
Drawn
Currency
Amount in
Coupon
Maturity
Oct 2018
USD
39,106,000
4.35%
Oct 2025
Oct 2018
GBP
21,000,000
2.85%
Oct 2025
Jul 2019
USD
64,652,400
4.06%
Jul 2026
Oct 2018
USD
38,986,800
4.50%
Oct 2028
Oct 2018
GBP
20,404,000
3.06%
Oct 2028
Oct 2018
USD
39,165,600
4.60%
Oct 2030
Jul 2019
EUR
56,741,800
2.11%
Jul 2031
Dec 2019
USD
65,129,200
4.25%
Dec 2027
Dec 2019
USD
64,652,400
4.35%
Dec 2029
Apr 2024
EUR
240,000,000
4.89%
Apr 2029
Bank loans held through the Group\u2019s UK subsidiary SSP Financing Limited
As at 30 September 2024, the Group had Term Loan borrowings of \u00a3296.2m which mature on 12 July 2027
and accrue cash-pay interest at the relevant benchmark rate plus a margin. For the GBP portion, the margin
was 2.50% from 1 October 2023 up to 20 December 2023, then it reduced to 2.00% up to 3 June 2024,
\ufb01nally rising to 2.25%. For the EUR portion, the margin stayed at 2.50% up until 3 June 2024 when it
reduced to 2.25%, back in line with the GBP margin.
As at 30 September 2024, the Group\u2019s \u00a3300m Revolving Credit Facility (\u2018RCF\u2019) remained undrawn.
The Group exercised its 1-year optional extension, as agreed by the parties, on its RCF, which is now
maturing on 12 July 2028. When drawn, this facility accrues cash-pay interest at the relevant benchmark
rate plus a margin, which was 2.00% per annum as at 30 September 2024. A commitment and utilisation
fee also applies to this facility.
Under its facilities agreements, the Group must comply with two key \ufb01nancial covenants on an
ongoing basis: Net Debt Cover less than 3.25:1, being the ratio of Net Debt to EBITDA; and Interest Cover
more than 4:1, being the ratio of EBITDA to Interest Expense, EBITDA being on an adjusted underlying
pre-IFRS 16 basis. These covenants are tested biannually.
Bank loans held through subsidiaries in France and India
A number of the Group\u2019s subsidiaries in France and India have local facilities. These are summarised
as follows:
France
As at 30 September 2024, a number of subsidiaries in France had total outstanding borrowings of
EUR26.5m (\u00a322.0m) (2023: EUR 40.2m or \u00a334.8m). A portion of this debt (EUR9.5m) has interest of
2.14% per annum and is subject to monthly repayments, with \ufb01nal maturity in March 2026. The remaining
portion (EUR17.0m) has interest at 2.18% per annum and is repaid quarterly, with \ufb01nal maturity in
December 2027.
India
As at 30 September 2024, the Group\u2019s Indian subsidiaries had borrowings of \u00a30.8m (2023: \u00a31.6m).
28. Financial instruments
(a) Fair values of \ufb01nancial assets and liabilities
All \ufb01nancial assets and \ufb01nancial liabilities are carried at amortised cost, except for derivatives which
are held at fair value through the income statement.
The fair values of all \ufb01nancial assets and \ufb01nancial liabilities by class, together with their carrying amounts
shown in the balance sheet, are as follows:
Carrying Fair Carrying Fair
amount value amount value
2024 2024 2023 2023
Financial assets measured at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
254.8
254.8
303.3
303.3
Trade and other receivables
214.3
214.3
191.8
191.8
Total \ufb01nancial assets measured at amortised cost
469.1
469.1
495.1
495.1
Non-derivative \ufb01nancial liabilities measured at
amortised cost
Bank loans
(326.3)
(326.3)
(347.0)
(347.0)
US Private Placement notes
(521.0)
(521.5)
(348.4)
(346.1)
Lease liabilities
(1,089.1)
(1,089.1)
(1,028.7)
(1,028.7)
Trade and other payables
(689.0)
(689.0)
(712.4)
(712.4)
Total \ufb01nancial liabilities measured at amortised cost
(2,625.4)
(2,625.9)
(2,436.5)
(2,434.2)
Derivative \ufb01nancial liabilities
Interest rate swaps
(0.7)
(0.7)
\u2013
\u2013
Total derivative \ufb01nancial liabilities
(0.7)
(0.7)
\u2013
\u2013
Bank loans
Fair value is calculated based on the present value of future principal and interest cash \ufb02ows, discounted
at the market rate of interest at the balance sheet date. Bank loans are categorised as level 2 \ufb01nancial
liabilities, whereby inputs which are used in the valuation of these \ufb01nancial liabilities and have a
signi\ufb01cant e\ufb00ect on the fair value are observable, either directly or indirectly.
Lease liabilities
Fair value is based on the present value of the future lease payments, discounted at the rate implicit
in the lease or, where this is not known, the incremental borrowing rate.
Finance lease liabilities
Fair value is based on the present value of the future lease payments, discounted at the rate implicit
in the lease or, where this is not known, the incremental borrowing rate.
Other non-derivative \ufb01nancial instruments (excluding bank loans)
Due to the short-term nature of non-derivative \ufb01nancial instruments (excluding bank loans), the fair value
is approximate to the carrying value.
(b) Credit risk
Concentrations of credit risk with respect to trade receivables are limited, due to the Group\u2019s customer
base being large and diverse, with two external debtors representing more than 10% of the total balance.
The Group has no other signi\ufb01cant concentration of debtors with no other debtor representing more
than 10%. The ageing of trade receivables at the balance sheet date was as follows:
2024 2023
\u00a3m \u00a3m
Total trade receivables
38.8
54.5
Less: loss allowance
(7.8)
(9.5)
31.0
45.0
Of which:
Not yet due
12.4
21.1
Overdue, between 0 and 6 months
22.3
25.9
Overdue, more than 6 months
4.1
7.5
Loss allowance
(7.8)
(9.5)
31.0
45.0
The movement in the loss allowance in respect of trade receivables during the year was as follows:
2024 2023
\u00a3m \u00a3m
At 1 October
(9.5)
(12.1)
Charged in the year
(0.6)
(0.6)
Reversed in the year
1.9
2.2
Utilised in the year
0.1
0.5
Currency adjustment
0.3
0.5
At 30 September
(7.8)
(9.5)
Expected credit losses
The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade
receivables. Loss allowances have been recognised for trade receivables that have been identi\ufb01ed
as credit impaired. The Group has assessed customer balances in relation to their operating sector
(such as air or rail), receivable ageing and other indicators of risk to recoverability.
(c) Credit quality of cash at bank and short-term deposits
The credit quality of cash at bank and short-term deposits has been assessed by reference to Moody\u2018s
external ratings as follows:
2024 2023
\u00a3m \u00a3m
High grade
66.5
141.4
Upper medium grade
49.5
41.1
Medium grade
14.6
15.6
Non-investment grade
16.3
31.6
Unrated
93.5
53.0
240.4
282.7
Cash in hand and in transit
14.4
20.6
254.8
303.3
(d) Financial risk management
The main \ufb01nancial risks of the Group relate to the availability of funds to meet business needs, the risk
of default by counterparties to \ufb01nancial transactions, and \ufb02uctuations in interest and foreign exchange
rates. In this regard, the treasury function is mandated by the Board to manage the \ufb01nancial risks that
arise in relation to underlying business needs. The function has clear policies and operating parameters,
and its activities are regularly reviewed by the Board to ensure compliance. The function does not
operate as a pro\ufb01t centre and speculative transactions are not permitted.
Financial instruments, including derivatives, are used on occasion to manage the main \ufb01nancial risks
arising during the course of business. These risks are liquidity risk and market risk and are discussed
further below.
Liquidity risk
The Group\u2018s objective in managing liquidity risk is to ensure that it can meet its \ufb01nancial obligations as
and when they fall due. In order to achieve this, the treasury department maintains an appropriate level
of funds and facilities to meet each year\u2018s planned funding requirement.
In April 2024 the Group raised \u20ac240m via the US Private Placement market, as mentioned above.
The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date.
2024
Carrying Contractual 1 year 1 to 2 to
amount cash \ufb02ows or less <2 years <5 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative
\ufb01nancial liabilities
Bank loans
(326.3)
(366.9)
(29.4)
(25.0)
(312.5)
\u2013
US Private
Placement notes
(521.0)
(618.1)
(22.3)
(119.7)
(346.2)
(129.9)
Lease liabilities
(1,089.1)
(1,555.0)
(285.5)
(284.4)
(630.0)
(355.1)
Trade and other payables
(689.0)
(689.0)
(687.5)
(0.5)
\u2013
(1.0)
(2,625.4)
(3,229.0)
(1,024.7)
(429.6)
(1,288.7)
(486.0)
2023
Carrying Contractual 1 year 1 to 2 to
amount cash \ufb02ows or less <2 years <5 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative
\ufb01nancial liabilities
Bank loans
(347.0)
(407.5)
(33.5)
(30.9)
(343.1)
\u2013
US Private
Placement notes
(348.4)
(412.6)
(15.5)
(13.7)
(188.3)
(195.1)
Lease liabilities
(1,028.7)
(1,253.2)
(271.4)
(236.8)
(482.9)
(262.1)
Trade and other payables
(712.4)
(712.4)
(711.1)
(0.5)
\u2013
(0.8)
(2,436.5)
(2,785.7)
(1,031.5)
(281.9)
(1,014.3)
(458.0)
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates,
will a\ufb00ect the Group\u2018s income or the value of its holdings of \ufb01nancial instruments. These are discussed
further below.
Currency risk
Although the functional currency of the Group is Sterling, the Group\u2018s operating cash \ufb02ows are
transacted in a number of di\ufb00erent currencies. The Group\u2018s policy in managing this \ufb01nancial currency
risk is to use foreign currency denominated borrowings to ensure that interest costs arise in currencies
that re\ufb02ect the operating cash \ufb02ows, thereby minimising net cash \ufb02ows in foreign currencies. As the mix
of foreign currency cash \ufb02ows generated by the business changes over time, there may be a requirement
to restructure borrowings (via \ufb01nancial instruments or other treasury products) to maintain this hedge.
The Board reviews \ufb01nancial currency risk at least once a year.
The Group uses currency denominated borrowings to hedge the exposure of a portion of its net
investment in overseas operations (with non-Sterling functional currency) against changes in value
due to changes in foreign exchange rates. An economic relationship has been identi\ufb01ed as both the
net investment in overseas operations, and the currency denominated borrowings used as the related
hedging instrument, are subject to currency risk, and changes in foreign exchange rates would cause
their values to move in opposite directions.
As at 30 September 2024, the fair value of bank loans and US Private Placement debt used as hedging
instruments was \u00a3626.3m (2023: \u00a3456.9m). Of this, \u00a3393.2m was in respect of Euro exposure and
\u00a3233.1m in respect of the US Dollar exposure.
There were no reclassi\ufb01cations from foreign currency translation reserve and external borrowings
in foreign currencies did not exceed the investments in respective countries.
No sensitivity analysis is provided in respect of currency risk as the Group\u2018s currency exposure mainly
relates to translation risk as discussed above.
The currency pro\ufb01le of the cash balances of the Group at 30 September 2024 was as follows:
2024 2023
Cash at bank and in hand \u00a3m \u00a3m
Sterling
32.8
100.0
Other currencies
222.0
203.3
254.8
303.3
Interest rate risk The interest rate and currency pro\ufb01le of the Group\u2018s bank loans at 30 September 2024 before adjustments for unamortised bank fees of \u00a3nil (2023: \u00a30.2m) was as follows:
Floating-rate liabilities
Fixed-rate liabilities
Total
2024 2023 2024 2023 2024 2023
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
(75.0)
(150.0)
(116.4)
(41.4)
(191.4)
(191.4)
Euro
(71.3)
(152.2)
(344.0)
(49.2)
(415.3)
(201.4)
US Dollar
\u2013
\u2013
(233.0)
(255.5)
(233.0)
(255.5)
Indian Rupee
(0.8)
(1.6)
\u2013
\u2013
(0.8)
(1.6)
(147.1)
(303.8)
(693.4)
(346.1)
(840.5)
(649.9)
Sensitivity analysis The e\ufb00ect of a 1% increase in interest rates prevailing at the balance sheet date on the Group\u2019s cash and cash equivalents and debt subject to variable rates of interest at the balance sheet date would be to decrease pro\ufb01t for the year (after tax) by an immaterial amount. A similar 1% decrease in interest rates would result in an equal and opposite e\ufb00ect over the course of a year. (e) Capital management The Group\u2018s policy is to maintain a strong capital base so as to maintain investor, creditor and market con\ufb01dence and to sustain future development. The Group\u2018s capital is represented by the share capital and reserves (as set out in note 24), retained earnings, and net debt. The funding requirements of the Group are met by a mix of long-term borrowings, medium-term borrowings, short-term borrowings (under its Revolving Credit Facility) and available cash.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-466": { "value": "19. Short-term and long-term borrowings
2024 2023
Current liabilities \u00a3m \u00a3m
Bank loans
(12.2)
(12.6)
(12.2)
(12.6)
Non\u2013current liabilities
Bank loans
(314.1)
(334.4)
US Private Placement notes
(521.0)
(348.4)
(847.3)
(682.8)
US Private Placement (\u2018USPP\u2019) Notes As at 30 September 2024 and following the new issuance of \u20ac240m in April 2024 (\u00a3205.4m), the Group had USPP Notes totalling \u00a3521.0m. USPP notes are shown net of unamortised arrangement fees totalling \u00a3nil as at 30 September 2024 (2023: \u00a30.2m). In addition to the coupon detailed below, an additional credit rating fee of 0.50% continued to be applicable until the Group regained its private investment grade rating in June 2024 (1.0% as at 30 September 2023). The following notes were drawn as at 30 September 2024:
Drawn
Currency
Amount in
Coupon
Maturity
Oct 2018
USD
39,106,000
4.35%
Oct 2025
Oct 2018
GBP
21,000,000
2.85%
Oct 2025
Jul 2019
USD
64,652,400
4.06%
Jul 2026
Oct 2018
USD
38,986,800
4.50%
Oct 2028
Oct 2018
GBP
20,404,000
3.06%
Oct 2028
Oct 2018
USD
39,165,600
4.60%
Oct 2030
Jul 2019
EUR
56,741,800
2.11%
Jul 2031
Dec 2019
USD
65,129,200
4.25%
Dec 2027
Dec 2019
USD
64,652,400
4.35%
Dec 2029
Apr 2024
EUR
240,000,000
4.89%
Apr 2029
Bank loans held through the Group\u2019s UK subsidiary SSP Financing Limited As at 30 September 2024, the Group had Term Loan borrowings of \u00a3296.2m which mature on 12 July 2027 and accrue cash-pay interest at the relevant benchmark rate plus a margin. For the GBP portion, the margin was 2.50% from 1 October 2023 up to 20 December 2023, then it reduced to 2.00% up to 3 June 2024, \ufb01nally rising to 2.25%. For the EUR portion, the margin stayed at 2.50% up until 3 June 2024 when it reduced to 2.25%, back in line with the GBP margin. As at 30 September 2024, the Group\u2019s \u00a3300m Revolving Credit Facility (\u2018RCF\u2019) remained undrawn. The Group exercised its 1-year optional extension, as agreed by the parties, on its RCF, which is now maturing on 12 July 2028. When drawn, this facility accrues cash-pay interest at the relevant benchmark rate plus a margin, which was 2.00% per annum as at 30 September 2024. A commitment and utilisation fee also applies to this facility. Under its facilities agreements, the Group must comply with two key \ufb01nancial covenants on an ongoing basis: Net Debt Cover less than 3.25:1, being the ratio of Net Debt to EBITDA; and Interest Cover more than 4:1, being the ratio of EBITDA to Interest Expense, EBITDA being on an adjusted underlying pre-IFRS 16 basis. These covenants are tested biannually. Bank loans held through subsidiaries in France and India A number of the Group\u2019s subsidiaries in France and India have local facilities. These are summarised as follows: France As at 30 September 2024, a number of subsidiaries in France had total outstanding borrowings of EUR26.5m (\u00a322.0m) (2023: EUR 40.2m or \u00a334.8m). A portion of this debt (EUR9.5m) has interest of 2.14% per annum and is subject to monthly repayments, with \ufb01nal maturity in March 2026. The remaining portion (EUR17.0m) has interest at 2.18% per annum and is repaid quarterly, with \ufb01nal maturity in December 2027. India As at 30 September 2024, the Group\u2019s Indian subsidiaries had borrowings of \u00a30.8m (2023: \u00a31.6m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-424": { "value": "
20. Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
(139.2)
(116.5)
Other payables\u00b9
(196.6)
(194.3)
Other taxation and social security
(29.5)
(30.0)
Accruals\u00b2
(350.8)
(398.2)
Deferred income
(2.4)
(3.4)
(718.5)
(742.4)
1 Including non-current payables amounting to \u00a3 1.5m (2023: \u00a31.3m).
2 Accruals mainly relate to rent and capital expenditure.
Other payables include capital creditors of \u00a314.7m (2023: \u00a311.8m), accrued holiday pay of \u00a3 29.8m
(2023: \u00a329.2m), employee related costs of \u00a393.2m (2023: \u00a394.8m) and sales tax of \u00a339.8m
(2023: \u00a328.6m).
The value of contract liabilities was not material at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-467": { "value": "20. Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
(139.2)
(116.5)
Other payables\u00b9
(196.6)
(194.3)
Other taxation and social security
(29.5)
(30.0)
Accruals\u00b2
(350.8)
(398.2)
Deferred income
(2.4)
(3.4)
(718.5)
(742.4)
1 Including non-current payables amounting to \u00a3 1.5m (2023: \u00a31.3m). 2 Accruals mainly relate to rent and capital expenditure. Other payables include capital creditors of \u00a314.7m (2023: \u00a311.8m), accrued holiday pay of \u00a3 29.8m (2023: \u00a329.2m), employee related costs of \u00a393.2m (2023: \u00a394.8m) and sales tax of \u00a339.8m (2023: \u00a328.6m). The value of contract liabilities was not material at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-486": { "value": "20. Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
(139.2)
(116.5)
Other payables\u00b9
(196.6)
(194.3)
Other taxation and social security
(29.5)
(30.0)
Accruals\u00b2
(350.8)
(398.2)
Deferred income
(2.4)
(3.4)
(718.5)
(742.4)
1 Including non-current payables amounting to \u00a3 1.5m (2023: \u00a31.3m). 2 Accruals mainly relate to rent and capital expenditure. Other payables include capital creditors of \u00a314.7m (2023: \u00a311.8m), accrued holiday pay of \u00a3 29.8m (2023: \u00a329.2m), employee related costs of \u00a393.2m (2023: \u00a394.8m) and sales tax of \u00a339.8m (2023: \u00a328.6m). The value of contract liabilities was not material at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-425": { "value": "
22. Post-employment bene\ufb01t obligations
Group
The Group operates a number of post-employment bene\ufb01t schemes including both de\ufb01ned contribution
and de\ufb01ned bene\ufb01t schemes. In respect of the de\ufb01ned contribution schemes, amounts paid during the
year were \u00a321.4m (2023: \u00a316.6m) across the Group. There are no contributions outstanding at the
balance sheet date. The principal de\ufb01ned contribution scheme is called the \u2018SSP Group Pension Scheme\u2019.
The Group operates a combination of funded and unfunded de\ufb01ned bene\ufb01t schemes across Europe,
the respective net plan liabilities of which are presented below:
2024 2023
\u00a3m \u00a3m
Funded schemes (see (a) below)
1.2
0.5
Unfunded schemes (see (b) below)
(10.0)
(9.7)
(8.8)
(9.2)
These de\ufb01ned bene\ufb01t plans expose the Group to actuarial risks, such as longevity risk, currency risk,
interest rate risk and market (investment) risk. The plans are administered by pension funds that are
legally separate from the Group and are required to act in the best interests of the plan participants.
The Group expects to pay \u00a31.3m in contributions to its de\ufb01ned bene\ufb01t plans in 2025. As at 30 September
2024, the weighted average duration of the de\ufb01ned bene\ufb01t obligation was 12 years (2023: 14.4 years).
Information disclosed below is aggregated by funded and unfunded schemes.
(a) Funded schemes
The Group operates funded schemes in the UK and Norway. In the UK, the Group participates in
the Railways Pension Scheme (RPS) via the Rail Gourmet UK Limited Shared Cost Section (RG section),
which is a \ufb01nal salary scheme and provides bene\ufb01ts linked to salary at retirement or earlier date of
leaving service. The RG section covers some permanent managerial, administrative and operational
sta\ufb00 of Rail Gourmet UK Limited and is closed to new entrants.
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension
Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack
of actuarial con\ufb01rmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought
by Virgin Media Limited against aspects of June 2023 decision. The conclusions reached by the court in
this case may have implications for other UK de\ufb01ned bene\ufb01t plans. The Company and pension trustees
are currently considering the implications of the case for the Rail Gourmet UK Limited Shared Cost
Section. The de\ufb01ned bene\ufb01t obligation has been calculated on the basis of the pension bene\ufb01ts currently
being administrated, and at this stage the directors do not consider it necessary to make any
adjustments as a result of the Virgin Media case.
The RG section was subject to its last full actuarial valuation by a quali\ufb01ed actuary as at 31 December
2022. These results have been used by a quali\ufb01ed independent actuary in the valuation of the scheme
as at 30 September 2024 for the purposes of IAS 19 \u2018Employee Bene\ufb01ts\u2019.
The actuarial valuation as at 31 December 2022 and a revised Schedule of Contributions has been agreed
between the Trustees and the Company.
The results of the triennial funding valuation of the RG section, as at 31 December 2022, showed a
funding level of 102.40%. The reduction in the funding level, compared to the 2019 valuation, was due
to some de-risking of the investment strategy by the Trustees.
Following the \ufb01nalisation of the 31 December 2022 valuation the agreed contribution rates were
as follows:
From 1 January 2023 to 31 December 2023 \u2013 Employee contribution rates were 12.2% and with e\ufb00ect
from 1 January 2024 would reduce to 11.16%.
From 1 January 2023 to 31 December 2023 \u2013 Employer contribution rates were 22.10% and with e\ufb00ect
from 1 January 2024 would reduce to 16.74%.
The contribution rates are applied to the greater of Section Pay and 50% of total Pensionable Pay
and any Pensionable Restructuring Premium.
Major assumptions used in the valuation of the funded schemes on a weighted average basis are set
out below:
2024
2023
Discount rate applied to scheme liabilities
4.8%
5.2%
Rate of increase in salaries
3.4%
3.6%
Rate of increase in pensions in payment
2.6%
2.7%
In\ufb02ation assumption
3.2%
3.3%
At the balance sheet date, scheme members were assumed to have the following life expectancies at age 65:
2024
2023
Male pensioner now aged 65
20.8
20.9
Female pensioner now aged 65
22.8
22.9
Male pensioner now aged 40
23.5
23.5
Female pensioner now aged 40
26.8
26.8
Sensitivity analysis
Changes at the reporting date to one of the relevant actuarial assumptions by 1.0%, holding other
assumptions constant, would have a\ufb00ected the de\ufb01ned bene\ufb01t obligation by the amounts shown below:
De\ufb01ned bene\ufb01t obligation
Increase Decrease
As at 30 September 2024 \u00a3m \u00a3m
Discount rate applied to scheme liabilities
3.3
(4.0)
Rate of increase in salaries
(1.1)
1.0
Rate of increase in pensions in payment
(0.5)
0.5
In\ufb02ation assumption
(1.3)
1.6
Mortality rates (change of 1 year)
(0.8)
0.8
Although the analysis does not take account of the full distribution of cash \ufb02ows expected under
the plans, it does provide an approximation of the sensitivity.
The major categories of assets in the funded schemes and their percentage of the total scheme assets were:
2024
2023
Equities, of which:
19.1%
25.9%
\u2013 actively traded
14.6%
15.1%
Property and infrastructure
22.4%
23.7%
Fixed interest investments
54.3%
49.3%
Cash
4.2%
1.1%
Total assets related to:
\u2013 RG scheme
85.4%
84.9%
\u2013 Norway
14.6%
15.1%
Property investments are held at fair value, which has been determined by an independent valuer.
Fixed interest investments are valued using observable market data.
The fair value of the scheme assets and the present value of the scheme liabilities of the funded
schemes were:
2024 2023
\u00a3m \u00a3m
Fair value of scheme assets
32.2
32.0
Present value of funded liabilities
(30.4)
(30.8)
Surplus
1.8
1.2
Withholding tax payable\u00b9
(0.6)
(0.7)
Net pension asset
1.2
0.5
1 The Group has recognised a pension surplus for the RG scheme on an accounting basis. This surplus is presented net of a withholding
tax adjustment of \u00a30.6m (2023: \u00a30.7m) which represents the tax that would be withheld on the surplus amount.
The following amounts have been recognised in balance sheet for each scheme:
2024 2023
\u00a3m \u00a3m
\u2013 RG scheme
Pension assets
26.9
26.4
Pension liabilities
(25.0)
(25.1)
Net de\ufb01ned bene\ufb01t assets recognised in balance sheet\u00b9
1.9
1.3
\u2013 Norway
Pension assets
4.7
4.8
Pension liabilities
(5.4)
(5.6)
Net de\ufb01ned bene\ufb01t liabilities recognised in balance sheet
(0.7)
(0.8)
Total net de\ufb01ned bene\ufb01t assets recognised in balance sheet
1.2
0.5
1 The balance is included within Other receivables as at 30 September 2024 and 30 September 2023.
2024 2023
\u00a3m \u00a3m
Current service cost (reported in employee remuneration)
(0.2)
(0.2)
Net interest on pension scheme assets and liabilities
(reported in \ufb01nance income and (expense))
(0.1)
0.4
Total amount (charged)/credited
(0.3)
0.2
Changes in the present value of the scheme liabilities are as follows:
2024 2023
\u00a3m \u00a3m
Scheme liabilities at the beginning of the year
(30.8)
(31.4)
Current service cost
(0.2)
(0.2)
Past service cost
\u2013
\u2013
Employee contributions
\u2013
\u2013
Interest on pension scheme liabilities
(1.7)
(1.5)
Remeasurements:
\u2013 arising from changes in demographic assumptions
\u2013
(0.7)
\u2013 arising from changes in \ufb01nancial assumptions
0.2
0.8
\u2013 arising from changes in experience adjustments
\u2013
(0.1)
Bene\ufb01ts paid
1.6
1.6
Curtailment
\u2013
0.3
Currency adjustment
0.5
0.4
Scheme liabilities at the end of the year
(30.4)
(30.8)
Changes in the fair value of the scheme assets are as follows:
2024 2023
\u00a3m \u00a3m
Scheme assets at the beginning of the year
32.0
38.1
Interest income
1.6
1.9
Employer contributions
0.2
0.4
Employee contributions
\u2013
\u2013
Remeasurement:
\u2013 arising from changes in \ufb01nancial assumptions
0.7
(5.9)
\u2013 arising from changes in experience adjustments
\u2013
(0.2)
Bene\ufb01ts paid
(1.6)
(1.6)
Curtailment
(0.2)
(0.3)
Currency adjustment
(0.5)
(0.4)
Scheme assets at the end of the year
32.2
32.0
The following amounts have been recognised directly in other comprehensive income:
2024 2023
\u00a3m \u00a3m
Remeasurements
1.0
(4.1)
(b) Unfunded schemes
The principal unfunded scheme of the Group operates in Germany. To be eligible for the general plan,
employees must complete \ufb01ve years of service and the normal retirement age for this plan is 65.
Employees in Germany are also provided with a long service (Jubilee) award, which provides a month\u2018s
gross salary after the employee has worked a certain number of years of service. All unfunded schemes
are valued in accordance with IAS 19 and have been updated for the year ended 30 September 2024
by a quali\ufb01ed independent actuary.
There have been no changes to scheme contributions to preserve equity in the year.
The major assumptions (on a weighted average basis) used in these valuations were:
2024
2023
Rate of increase in salaries
2.3%
2.3%
Rate of increase in pensions in payment and deferred pensions
1.1%
1.1%
Discount rate applied to scheme liabilities
3.4%
4.2%
In\ufb02ation assumption
2.1%
2.1%
At the balance sheet date, scheme members were assumed to have the following life expectancies
at age 65:
2024
2023
Pensioner now aged 65
23.3
23.1
Pensioner now aged 40
24.7
24.6
Sensitivity analysis
Changes at the reporting date to one of the relevant actuarial assumptions by 1.0%, holding other
assumptions constant, would have a\ufb00ected the de\ufb01ned bene\ufb01t obligation by the amounts shown below:
De\ufb01ned bene\ufb01t obligation
Increase Decrease
As at 30 September 2024 \u00a3m \u00a3m
Discount rate applied to scheme liabilities
0.5
(0.6)
Rate of increase in salaries
(0.3)
0.3
Rate of increase in pensions in payment
(0.3)
0.3
In\ufb02ation assumption
(0.6)
0.5
Mortality rates (change by 1 year)
(0.2)
0.2
Although the analysis does not take account of the full distribution of cash \ufb02ows expected under
the plans, it does provide an approximation of the sensitivity.
The present value of the scheme liabilities of the unfunded schemes was:
2024 2023
\u00a3m \u00a3m
Net pension liability
(10.0)
(9.7)
The movement in the liability during the year was as follows:
2024 2023
\u00a3m \u00a3m
De\ufb01cit in the schemes at the beginning of the year
(9.7)
(9.8)
Current service cost
(0.2)
(0.2)
Contributions
0.7
0.7
Interest on pension scheme liabilities
(0.3)
(0.2)
Remeasurements:
\u2013 arising from changes in \ufb01nancial assumptions
0.1
0.2
\u2013 arising from changes in demographic assumptions
\u2013
\u2013
\u2013 arising from changes in experience adjustments
1.0
(0.5)
Currency adjustment
0.4
0.1
De\ufb01cit in the schemes at the end of the year
(10.0)
(9.7)
The following amounts have been charged in arriving at pro\ufb01t for the year in respect of these schemes:
2024 2023
\u00a3m \u00a3m
Current service cost (reported in employee remuneration)
(0.2)
(0.2)
Interest on pension scheme liabilities (reported in \ufb01nance income and expense)
(0.2)
(0.2)
Total amount charged
(0.4)
(0.2)
The following amounts have been recognised directly to other comprehensive income:
2024 2023
\u00a3m \u00a3m
Remeasurements
(0.9)
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-468": { "value": "22. Post-employment bene\ufb01t obligations Group The Group operates a number of post-employment bene\ufb01t schemes including both de\ufb01ned contribution and de\ufb01ned bene\ufb01t schemes. In respect of the de\ufb01ned contribution schemes, amounts paid during the year were \u00a321.4m (2023: \u00a316.6m) across the Group. There are no contributions outstanding at the balance sheet date. The principal de\ufb01ned contribution scheme is called the \u2018SSP Group Pension Scheme\u2019. The Group operates a combination of funded and unfunded de\ufb01ned bene\ufb01t schemes across Europe, the respective net plan liabilities of which are presented below:
2024 2023
\u00a3m \u00a3m
Funded schemes (see (a) below)
1.2
0.5
Unfunded schemes (see (b) below)
(10.0)
(9.7)
(8.8)
(9.2)
These de\ufb01ned bene\ufb01t plans expose the Group to actuarial risks, such as longevity risk, currency risk, interest rate risk and market (investment) risk. The plans are administered by pension funds that are legally separate from the Group and are required to act in the best interests of the plan participants. The Group expects to pay \u00a31.3m in contributions to its de\ufb01ned bene\ufb01t plans in 2025. As at 30 September 2024, the weighted average duration of the de\ufb01ned bene\ufb01t obligation was 12 years (2023: 14.4 years). Information disclosed below is aggregated by funded and unfunded schemes. (a) Funded schemes The Group operates funded schemes in the UK and Norway. In the UK, the Group participates in the Railways Pension Scheme (RPS) via the Rail Gourmet UK Limited Shared Cost Section (RG section), which is a \ufb01nal salary scheme and provides bene\ufb01ts linked to salary at retirement or earlier date of leaving service. The RG section covers some permanent managerial, administrative and operational sta\ufb00 of Rail Gourmet UK Limited and is closed to new entrants. In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial con\ufb01rmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin Media Limited against aspects of June 2023 decision. The conclusions reached by the court in this case may have implications for other UK de\ufb01ned bene\ufb01t plans. The Company and pension trustees are currently considering the implications of the case for the Rail Gourmet UK Limited Shared Cost Section. The de\ufb01ned bene\ufb01t obligation has been calculated on the basis of the pension bene\ufb01ts currently being administrated, and at this stage the directors do not consider it necessary to make any adjustments as a result of the Virgin Media case. The RG section was subject to its last full actuarial valuation by a quali\ufb01ed actuary as at 31 December 2022. These results have been used by a quali\ufb01ed independent actuary in the valuation of the scheme as at 30 September 2024 for the purposes of IAS 19 \u2018Employee Bene\ufb01ts\u2019. The actuarial valuation as at 31 December 2022 and a revised Schedule of Contributions has been agreed between the Trustees and the Company. The results of the triennial funding valuation of the RG section, as at 31 December 2022, showed a funding level of 102.40%. The reduction in the funding level, compared to the 2019 valuation, was due to some de-risking of the investment strategy by the Trustees. Following the \ufb01nalisation of the 31 December 2022 valuation the agreed contribution rates were as follows: From 1 January 2023 to 31 December 2023 \u2013 Employee contribution rates were 12.2% and with e\ufb00ect from 1 January 2024 would reduce to 11.16%. From 1 January 2023 to 31 December 2023 \u2013 Employer contribution rates were 22.10% and with e\ufb00ect from 1 January 2024 would reduce to 16.74%. The contribution rates are applied to the greater of Section Pay and 50% of total Pensionable Pay and any Pensionable Restructuring Premium. Major assumptions used in the valuation of the funded schemes on a weighted average basis are set out below:
2024
2023
Discount rate applied to scheme liabilities
4.8%
5.2%
Rate of increase in salaries
3.4%
3.6%
Rate of increase in pensions in payment
2.6%
2.7%
In\ufb02ation assumption
3.2%
3.3%
At the balance sheet date, scheme members were assumed to have the following life expectancies at age 65:
2024
2023
Male pensioner now aged 65
20.8
20.9
Female pensioner now aged 65
22.8
22.9
Male pensioner now aged 40
23.5
23.5
Female pensioner now aged 40
26.8
26.8
Sensitivity analysis Changes at the reporting date to one of the relevant actuarial assumptions by 1.0%, holding other assumptions constant, would have a\ufb00ected the de\ufb01ned bene\ufb01t obligation by the amounts shown below:
De\ufb01ned bene\ufb01t obligation
Increase Decrease
As at 30 September 2024 \u00a3m \u00a3m
Discount rate applied to scheme liabilities
3.3
(4.0)
Rate of increase in salaries
(1.1)
1.0
Rate of increase in pensions in payment
(0.5)
0.5
In\ufb02ation assumption
(1.3)
1.6
Mortality rates (change of 1 year)
(0.8)
0.8
Although the analysis does not take account of the full distribution of cash \ufb02ows expected under the plans, it does provide an approximation of the sensitivity. The major categories of assets in the funded schemes and their percentage of the total scheme assets were:
2024
2023
Equities, of which:
19.1%
25.9%
\u2013 actively traded
14.6%
15.1%
Property and infrastructure
22.4%
23.7%
Fixed interest investments
54.3%
49.3%
Cash
4.2%
1.1%
Total assets related to:
\u2013 RG scheme
85.4%
84.9%
\u2013 Norway
14.6%
15.1%
Property investments are held at fair value, which has been determined by an independent valuer. Fixed interest investments are valued using observable market data. The fair value of the scheme assets and the present value of the scheme liabilities of the funded schemes were:
2024 2023
\u00a3m \u00a3m
Fair value of scheme assets
32.2
32.0
Present value of funded liabilities
(30.4)
(30.8)
Surplus
1.8
1.2
Withholding tax payable\u00b9
(0.6)
(0.7)
Net pension asset
1.2
0.5
1 The Group has recognised a pension surplus for the RG scheme on an accounting basis. This surplus is presented net of a withholding tax adjustment of \u00a30.6m (2023: \u00a30.7m) which represents the tax that would be withheld on the surplus amount. The following amounts have been recognised in balance sheet for each scheme:
2024 2023
\u00a3m \u00a3m
\u2013 RG scheme
Pension assets
26.9
26.4
Pension liabilities
(25.0)
(25.1)
Net de\ufb01ned bene\ufb01t assets recognised in balance sheet\u00b9
1.9
1.3
\u2013 Norway
Pension assets
4.7
4.8
Pension liabilities
(5.4)
(5.6)
Net de\ufb01ned bene\ufb01t liabilities recognised in balance sheet
(0.7)
(0.8)
Total net de\ufb01ned bene\ufb01t assets recognised in balance sheet
1.2
0.5
1 The balance is included within Other receivables as at 30 September 2024 and 30 September 2023.
2024 2023
\u00a3m \u00a3m
Current service cost (reported in employee remuneration)
(0.2)
(0.2)
Net interest on pension scheme assets and liabilities
(reported in \ufb01nance income and (expense))
(0.1)
0.4
Total amount (charged)/credited
(0.3)
0.2
Changes in the present value of the scheme liabilities are as follows:
2024 2023
\u00a3m \u00a3m
Scheme liabilities at the beginning of the year
(30.8)
(31.4)
Current service cost
(0.2)
(0.2)
Past service cost
\u2013
\u2013
Employee contributions
\u2013
\u2013
Interest on pension scheme liabilities
(1.7)
(1.5)
Remeasurements:
\u2013 arising from changes in demographic assumptions
\u2013
(0.7)
\u2013 arising from changes in \ufb01nancial assumptions
0.2
0.8
\u2013 arising from changes in experience adjustments
\u2013
(0.1)
Bene\ufb01ts paid
1.6
1.6
Curtailment
\u2013
0.3
Currency adjustment
0.5
0.4
Scheme liabilities at the end of the year
(30.4)
(30.8)
Changes in the fair value of the scheme assets are as follows:
2024 2023
\u00a3m \u00a3m
Scheme assets at the beginning of the year
32.0
38.1
Interest income
1.6
1.9
Employer contributions
0.2
0.4
Employee contributions
\u2013
\u2013
Remeasurement:
\u2013 arising from changes in \ufb01nancial assumptions
0.7
(5.9)
\u2013 arising from changes in experience adjustments
\u2013
(0.2)
Bene\ufb01ts paid
(1.6)
(1.6)
Curtailment
(0.2)
(0.3)
Currency adjustment
(0.5)
(0.4)
Scheme assets at the end of the year
32.2
32.0
The following amounts have been recognised directly in other comprehensive income:
2024 2023
\u00a3m \u00a3m
Remeasurements
1.0
(4.1)
(b) Unfunded schemes The principal unfunded scheme of the Group operates in Germany. To be eligible for the general plan, employees must complete \ufb01ve years of service and the normal retirement age for this plan is 65. Employees in Germany are also provided with a long service (Jubilee) award, which provides a month\u2018s gross salary after the employee has worked a certain number of years of service. All unfunded schemes are valued in accordance with IAS 19 and have been updated for the year ended 30 September 2024 by a quali\ufb01ed independent actuary. There have been no changes to scheme contributions to preserve equity in the year. The major assumptions (on a weighted average basis) used in these valuations were:
2024
2023
Rate of increase in salaries
2.3%
2.3%
Rate of increase in pensions in payment and deferred pensions
1.1%
1.1%
Discount rate applied to scheme liabilities
3.4%
4.2%
In\ufb02ation assumption
2.1%
2.1%
At the balance sheet date, scheme members were assumed to have the following life expectancies at age 65:
2024
2023
Pensioner now aged 65
23.3
23.1
Pensioner now aged 40
24.7
24.6
Sensitivity analysis Changes at the reporting date to one of the relevant actuarial assumptions by 1.0%, holding other assumptions constant, would have a\ufb00ected the de\ufb01ned bene\ufb01t obligation by the amounts shown below:
De\ufb01ned bene\ufb01t obligation
Increase Decrease
As at 30 September 2024 \u00a3m \u00a3m
Discount rate applied to scheme liabilities
0.5
(0.6)
Rate of increase in salaries
(0.3)
0.3
Rate of increase in pensions in payment
(0.3)
0.3
In\ufb02ation assumption
(0.6)
0.5
Mortality rates (change by 1 year)
(0.2)
0.2
Although the analysis does not take account of the full distribution of cash \ufb02ows expected under the plans, it does provide an approximation of the sensitivity. The present value of the scheme liabilities of the unfunded schemes was:
2024 2023
\u00a3m \u00a3m
Net pension liability
(10.0)
(9.7)
The movement in the liability during the year was as follows:
2024 2023
\u00a3m \u00a3m
De\ufb01cit in the schemes at the beginning of the year
(9.7)
(9.8)
Current service cost
(0.2)
(0.2)
Contributions
0.7
0.7
Interest on pension scheme liabilities
(0.3)
(0.2)
Remeasurements:
\u2013 arising from changes in \ufb01nancial assumptions
0.1
0.2
\u2013 arising from changes in demographic assumptions
\u2013
\u2013
\u2013 arising from changes in experience adjustments
1.0
(0.5)
Currency adjustment
0.4
0.1
De\ufb01cit in the schemes at the end of the year
(10.0)
(9.7)
The following amounts have been charged in arriving at pro\ufb01t for the year in respect of these schemes:
2024 2023
\u00a3m \u00a3m
Current service cost (reported in employee remuneration)
(0.2)
(0.2)
Interest on pension scheme liabilities (reported in \ufb01nance income and expense)
(0.2)
(0.2)
Total amount charged
(0.4)
(0.2)
The following amounts have been recognised directly to other comprehensive income:
2024 2023
\u00a3m \u00a3m
Remeasurements
(0.9)
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-426": { "value": "
23. Provisions
Restructuring
Restoration and site exit
costs costs Other To ta l
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 October 2023
(26.0)
(4.1)
(25.9)
(56.0)
Created in the year
(11.5)
(3.8)
(5.6)
(20.9)
Exchange di\ufb00erences
\u2013
0.6
1.0
1.6
Unwind of discount
(0.7)
\u2013
\u2013
(0.7)
Acquisitions
\u2013
\u2013
(3.2)
(3.2)
Unused amounts reversed
\u2013
1.6
4.0
5.6
Utilised
4.8
1.8
5.7
12.3
At 30 September 2024
(33.4)
(3.9)
(24.0)
(61.3)
Represented by:
Current
(3.6)
(3.9)
(18.6)
(26.1)
Non\u2013current
(29.8)
\u2013
(5.4)
(35.2)
(33.4)
(3.9)
(24.0)
(61.3)
Provision for restoration costs represents estimates of potential costs to be incurred in restoring
a site to its original condition when it is vacated at the end of the lease term in accordance with statutory
requirements. Where the lease terms give the company the option to extend the lease and its extension
is probable or in countries where these payments are not required, no provision is made. The utilisation
of this provision depends on commercial practices of the channel and geography of each site, and when
a contract is renewed is not incurred. The provisions will be utilised at the end of the lease terms, which
typically vary between one and ten years in length. The discount rate used as at 30 September 2024
was 2.9% (2023: 3.9%).
Within Other provisions, litigation provisions amounted to \u00a34.2m in aggregate at 30 September 2024
(2023: \u00a310.2m). The remaining amount represents probable expected costs in legal and related matters
and are not material individually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-427": { "value": "
24. Capital and reserves
Share capital and share premium
Share Share
Number of capital premium
shares \u00a3m \u00a3m
Issued, called up and fully paid:
Ordinary shares of \u00a30.01085 each
At 30 September 2023
796,529,196
8.6
472.7
Ordinary shares issued in relation
to the Group\u2019s share plans
1,966,000
\u2013
\u2013
At 30 September 2024
798,495,196
8.6
472.7
Ordinary shares
The ordinary shareholders are entitled to receive notice of, attend, and speak at and vote at general
meetings of the Company. Ordinary shareholders have one vote for each ordinary share held by them.
Employee bene\ufb01t trust
The SSP Group plc Share Incentive Plan was established in 2014, in connection with the Company\u2018s UK
Share Incentive Plan (UK Trust). The SSP Group plc Share Plans Trust was established in 2018, in connection
with the Company\u2018s share option plans (Share Plan Trust). Details of the Company\u2018s share plans are set
out in the Directors\u2018 Remuneration Report on page 138 as part of the Annual Report on Remuneration.
Reserves
Details of reserves (other than retained earnings) are set out below:
Capital Cash \ufb02ow
redemption Translation hedging Other
reserve reserve reserve reserve To ta l
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2022
1.2
(9.0)
\u2013
\u2013
(7.8)
Net gain on hedge of net investments
in foreign operations
\u2013
33.9
\u2013
\u2013
33.9
Other foreign exchange translation
di\ufb00erences
\u2013
(38.2)
\u2013
\u2013
(38.2)
Purchase of non\u2013controlling interest
in subsidiary
\u2013
\u2013
\u2013
(3.8)
(3.8)
Deferred tax charge on gains arising
on exchange translation di\ufb00erences
\u2013
(1.1)
\u2013
\u2013
(1.1)
At 30 September 2023
1.2
(14.4)
\u2013
(3.8)
(17.0)
Net gain on hedge of net investments
in foreign operations
\u2013
36.1
\u2013
\u2013
36.1
Other foreign exchange translation
di\ufb00erences
\u2013
(38.8)
\u2013
\u2013
(38.8)
E\ufb00ective portion of change in fair value
of Cash \ufb02ow hedge
\u2013
\u2013
(0.7)
\u2013
(0.7)
Purchase of non\u2013controlling interest
in subsidiary
\u2013
\u2013
\u2013
0.3
0.3
Deferred tax credit on losses arising
on exchange translation di\ufb00erences
\u2013
0.5
\u2013
\u2013
0.5
Deferred tax credit on cash \ufb02ow hedges
\u2013
\u2013
0.1
\u2013
0.1
At 30 September 2024
1.2
(16.6)
(0.6)
(3.5)
(19.5)
Capital redemption reserve
The capital redemption reserve relates to the cancellation of the deferred ordinary shares in 2015.
Translation reserve
The translation reserve comprises all foreign exchange di\ufb00erences arising since 1 October 2010, the
transition date to IFRS, from the translation of the \ufb01nancial statements of subsidiaries with non-Sterling
functional currencies, as well as from the translation of liabilities that hedge the Group\u2018s net investment
in foreign subsidiaries.
Cash \ufb02ow hedging reserve
The hedging reserve in the comparative year comprised the cumulative net change in the fair value
of the Group\u2018s interest rate swaps.
Other reserve
The Other reserve relates to the acquisition of additional 25% stake in SSP America SFO LLC
in 2023 when the Group acquired 25% of SSP America SFO LLC changing its ownership from 65%
to 90% for the total consideration of \u00a30.9m. As at the date of acquisition, the 25% of the accumulated
non-controlling interest amounted to \u00a31.1m (loss) with the receivable balance due from non-controlling
interest shareholders of \u00a31.7m being waived. Given the Group remained the ultimate controlling party,
the transaction did not meet the de\ufb01nition of a business combination in accordance with IFRS 3, thus
it quali\ufb01ed for a transaction between parties under common control. Therefore, the loss from this
transaction of \u00a33.8m was recorded in Other reserve.
Prior to 14 December 2023 the Group held a controlling 50% interest in SSP Brazil with the residual value
of accumulated non-controlling interest (losses) of \u00a36.7m. On 14 December 2023, the Group purchased
the remaining 50% interest in SSP Brazil, taking its ownership to 100%. The consideration paid for the
additional 50% interest in SSP Brazil was equivalent to \u00a30.6m. The gain from this transaction of \u00a30.3m
is recorded in Other reserve.
Non-controlling interests
2024 2023
\u00a3m \u00a3m
At 1 October
95.9
86.0
Share of pro\ufb01t for the year
58.1
48.0
Dividends paid to non\u2013controlling interests
(44.1)
(45.3)
Capital contribution from non\u2013controlling interests
41.1
7.8
Acquisitions\u00b9
10.0
9.5
Purchase of non\u2013controlling interest in subsidiary
6.7
1.1
Currency adjustment
(11.7)
(11.2)
At 30 September
156.0
95.9
1 The amount includes \u00a38.3m (2023: \u00a39.5m) in relation to the \ufb01ve signi\ufb01cant acquisitions disclosed in note 31 and \u00a31.7m (2023: \u00a3nil) in relation to
other acquisitions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-469": { "value": "Share capital and share premium
Share Share
Number of capital premium
shares \u00a3m \u00a3m
Issued, called up and fully paid:
Ordinary shares of \u00a30.01085 each
At 30 September 2023
796,529,196
8.6
472.7
Ordinary shares issued in relation
to the Group\u2019s share plans
1,966,000
\u2013
\u2013
At 30 September 2024
798,495,196
8.6
472.7
Ordinary shares The ordinary shareholders are entitled to receive notice of, attend, and speak at and vote at general meetings of the Company. Ordinary shareholders have one vote for each ordinary share held by them. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-470": { "value": "Reserves Details of reserves (other than retained earnings) are set out below:
Capital Cash \ufb02ow
redemption Translation hedging Other
reserve reserve reserve reserve To ta l
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2022
1.2
(9.0)
\u2013
\u2013
(7.8)
Net gain on hedge of net investments
in foreign operations
\u2013
33.9
\u2013
\u2013
33.9
Other foreign exchange translation
di\ufb00erences
\u2013
(38.2)
\u2013
\u2013
(38.2)
Purchase of non\u2013controlling interest
in subsidiary
\u2013
\u2013
\u2013
(3.8)
(3.8)
Deferred tax charge on gains arising
on exchange translation di\ufb00erences
\u2013
(1.1)
\u2013
\u2013
(1.1)
At 30 September 2023
1.2
(14.4)
\u2013
(3.8)
(17.0)
Net gain on hedge of net investments
in foreign operations
\u2013
36.1
\u2013
\u2013
36.1
Other foreign exchange translation
di\ufb00erences
\u2013
(38.8)
\u2013
\u2013
(38.8)
E\ufb00ective portion of change in fair value
of Cash \ufb02ow hedge
\u2013
\u2013
(0.7)
\u2013
(0.7)
Purchase of non\u2013controlling interest
in subsidiary
\u2013
\u2013
\u2013
0.3
0.3
Deferred tax credit on losses arising
on exchange translation di\ufb00erences
\u2013
0.5
\u2013
\u2013
0.5
Deferred tax credit on cash \ufb02ow hedges
\u2013
\u2013
0.1
\u2013
0.1
At 30 September 2024
1.2
(16.6)
(0.6)
(3.5)
(19.5)
Capital redemption reserve The capital redemption reserve relates to the cancellation of the deferred ordinary shares in 2015. Translation reserve The translation reserve comprises all foreign exchange di\ufb00erences arising since 1 October 2010, the transition date to IFRS, from the translation of the \ufb01nancial statements of subsidiaries with non-Sterling functional currencies, as well as from the translation of liabilities that hedge the Group\u2018s net investment in foreign subsidiaries. Cash \ufb02ow hedging reserve The hedging reserve in the comparative year comprised the cumulative net change in the fair value of the Group\u2018s interest rate swaps. Other reserve The Other reserve relates to the acquisition of additional 25% stake in SSP America SFO LLC in 2023 when the Group acquired 25% of SSP America SFO LLC changing its ownership from 65% to 90% for the total consideration of \u00a30.9m. As at the date of acquisition, the 25% of the accumulated non-controlling interest amounted to \u00a31.1m (loss) with the receivable balance due from non-controlling interest shareholders of \u00a31.7m being waived. Given the Group remained the ultimate controlling party, the transaction did not meet the de\ufb01nition of a business combination in accordance with IFRS 3, thus it quali\ufb01ed for a transaction between parties under common control. Therefore, the loss from this transaction of \u00a33.8m was recorded in Other reserve. Prior to 14 December 2023 the Group held a controlling 50% interest in SSP Brazil with the residual value of accumulated non-controlling interest (losses) of \u00a36.7m. On 14 December 2023, the Group purchased the remaining 50% interest in SSP Brazil, taking its ownership to 100%. The consideration paid for the additional 50% interest in SSP Brazil was equivalent to \u00a30.6m. The gain from this transaction of \u00a30.3m is recorded in Other reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-471": { "value": "Non-controlling interests
2024 2023
\u00a3m \u00a3m
At 1 October
95.9
86.0
Share of pro\ufb01t for the year
58.1
48.0
Dividends paid to non\u2013controlling interests
(44.1)
(45.3)
Capital contribution from non\u2013controlling interests
41.1
7.8
Acquisitions\u00b9
10.0
9.5
Purchase of non\u2013controlling interest in subsidiary
6.7
1.1
Currency adjustment
(11.7)
(11.2)
At 30 September
156.0
95.9
1 The amount includes \u00a38.3m (2023: \u00a39.5m) in relation to the \ufb01ve signi\ufb01cant acquisitions disclosed in note 31 and \u00a31.7m (2023: \u00a3nil) in relation to other acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-428": { "value": "
25. Share-based payments
The Group has granted equity-settled share awards to its employees under the former Performance
Share Plan (PSP), the Restricted Share Plan (RSP), the UK Share Incentive Plan (UK SIP) and the
International Share Incentive Plan (ISIP).
Details of the terms and conditions of each share-based payment plan and the Group\u2019s TSR comparator
group are provided on page 138 and page 134 respectively, as part of the Annual Report on Remuneration.
Restricted Share Plan
The RSP awards are subject to performance underpins. For Executive Directors and the GEC these
are outlined on page 138. Should any of the underpins not be met, the Remuneration Committee would
consider whether a discretionary reduction in the number of shares vesting was required.
Expense in the year
The Group incurred a charge of \u00a36.0m in 2024 (2023: \u00a36.3m) in respect of the PSP and RSP.
2024 2023
Number of Number of
shares shares
Outstanding at 1 October
9,202,763
7,114,454
Granted during the year
4,452,991
4,023,285
Exercised during the year
(1,267,285)
(377,844)
Lapsed during the year
(1,089,743)
(1,557,132)
Outstanding at 30 September
11,298,726
9,202,763
Exercisable at 30 September
1,464,601
243,223
Weighted average remaining contracted life (years)
5.4
7.6
Weighted average fair value of awards granted (\u00a3)
2.2
2.3
The exercise price for the PSP and RSP awards is \u00a3nil.
Details of awards granted in the year
The RSPs granted during the year have been valued with reference to the share price at the date
of the award. Equity-settled awards are measured at fair value at grant date. The fair value of awards
granted is expensed on a straight-line basis over the vesting year, based on the Company\u2019s estimate
of the number of shares that will actually vest.
No PSPs were granted during the year, or during the prior year.
UK Share Incentive Plan
The UK SIP is a share matching scheme which entitles participating employees to be given up to two free
ordinary shares (matching shares) for each SSP Group plc ordinary share purchased (partnership shares).
Both the partnership and matching shares are placed in trust for a three-year period. The UK SIP has been
in place since December 2014.
For each 12-month plan period from January 2016 to December 2021, the actual entitlement to matching
shares was \ufb01xed at one matching share for every two partnership shares purchased. For the period from
January 2015 to December 2015, the actual entitlement was \ufb01xed at one matching share for every one
partnership share purchased.
International Share Incentive Plan
The ISIP is a share matching scheme which entitles participating employees to be given up to two
free ordinary shares (matching shares) for each SSP Group plc ordinary share purchased (partnership
shares). The partnership shares are placed in trust for a three-year period. The ISIP has been in place since
September 2015.
For each 12-month plan period from November 2016 to October 2022, the actual entitlement to matching
shares was \ufb01xed at one matching share for every two partnership shares purchased. For the period from
November 2015 to October 2016, the entitlement was \ufb01xed at one matching share for every one
partnership share purchased.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-429": { "value": "
26. Cash \ufb02ow from operations
2024 2023
Note \u00a3m \u00a3m
Pro\ufb01t for the year
85.5
56.1
Adjustments for:
Depreciation of property, plant and equipment
11
128.7
106.6
Depreciation of right\u2013of\u2013use assets
13
236.1
194.5
Amortisation
12
8.6
9.7
Derecognition of leases under IFRS 16
(11.2)
(7.9)
Impairments
33.0
18.1
Share\u2013based payments
25
5.7
5.7
Finance income
8
(19.1)
(17.0)
Finance expense
8
111.8
96.2
Share of pro\ufb01t of associates (net of impairment)
14
(5.4)
(0.5)
Ta x at i o n
9
33.1
32.0
Other
4.2
(0.1)
611.0
493.4
Decrease/(increase) in trade and other receivables
5.5
(12.2)
Increase in inventories
(2.2)
(5.3)
(Decrease)/increase in trade and other payables (including provisions)
(21.8)
22.4
Cash \ufb02ow from operations
592.5
498.3
27. Reconciliation of net cash \ufb02ow to movement in net debt
Gross debt
Bank and US Private
Cash and cash other Placement Total gross
equivalents borrowings notes Leases debt Net debt
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2022
543.6
(455.2)
(384.7)
(854.6)
(1,694.5)
(1,150.9)
Net decrease in cash
and cash equivalents
(226.9)
\u2013
\u2013
\u2013
\u2013
(226.9)
Cash out\ufb02ow from
repayment of term loan
\u2013
31.5
9.1
\u2013
40.6
40.6
Cash out\ufb02ow from term
loans re\ufb01nancing
\u2013
36.8
\u2013
\u2013
36.8
36.8
Cash out\ufb02ow from other
changes in debt
\u2013
20.9
\u2013
\u2013
20.9
20.9
Cash in\ufb02ow from other
changes in debt
\u2013
(1.2)
\u2013
\u2013
(1.2)
(1.2)
Cash out\ufb02ow from
payment of lease liabilities
\u2013
\u2013
\u2013
250.6
250.6
250.6
Lease amendments\u00b2
\u2013
\u2013
\u2013
(460.5)
(460.5)
(460.5)
Currency translation
(losses)/gains
(13.4)
11.2
24.1
35.8
71.1
57.7
Other non\u2013cash
movements\u00b9
\u2013
8.9
3.1
\u2013
12.0
12.0
At 30 September 2023
303.3
(347.1)
(348.4)
(1,028.7)
(1,724.2)
(1,420.9)
Net decrease in cash
and cash equivalents
(34.4)
\u2013
\u2013
\u2013
\u2013
(34.4)
Cash in\ufb02ow from
USPP drawdown
\u2013
\u2013
(205.4)
\u2013
(205.4)
(205.4)
Cash out\ufb02ow from
other changes in debt
\u2013
14.4
\u2013
\u2013
14.4
14.4
Cash in\ufb02ow from other
changes in debt
\u2013
(7.1)
\u2013
\u2013
(7.1)
(7.1)
Cash out\ufb02ow from
payment of lease liabilities
\u2013
\u2013
\u2013
280.7
280.7
280.7
Lease amendments\u00b2
\u2013
\u2013
\u2013
(383.9)
(383.9)
(383.9)
Currency translation
(losses)/gains
(14.1)
7.9
30.0
42.8
80.7
66.6
Other non\u2013cash
movements\u00b9
\u2013
5.6
2.8
\u2013
8.4
8.4
At 30 September 2024
254.8
(326.3)
(521.0)
(1,089.1)
(1,936.4)
(1,681.6)
1 Other non-cash movements relate to debt modi\ufb01cation gain/(losses), revised estimated future cash \ufb02ows and e\ufb00ective interest rate of \u00a32.8m
(2023: \u00a312.0m) (see note 8), and \u00a35.6m from consolidating the loans of SSP Brazil following the acquisition of remaining 50% interest.
2 Lease amendments include lease acquisitions, additions, interest charge and modi\ufb01cations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-472": { "value": "27. Reconciliation of net cash \ufb02ow to movement in net debt
Gross debt
Bank and US Private
Cash and cash other Placement Total gross
equivalents borrowings notes Leases debt Net debt
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2022
543.6
(455.2)
(384.7)
(854.6)
(1,694.5)
(1,150.9)
Net decrease in cash
and cash equivalents
(226.9)
\u2013
\u2013
\u2013
\u2013
(226.9)
Cash out\ufb02ow from
repayment of term loan
\u2013
31.5
9.1
\u2013
40.6
40.6
Cash out\ufb02ow from term
loans re\ufb01nancing
\u2013
36.8
\u2013
\u2013
36.8
36.8
Cash out\ufb02ow from other
changes in debt
\u2013
20.9
\u2013
\u2013
20.9
20.9
Cash in\ufb02ow from other
changes in debt
\u2013
(1.2)
\u2013
\u2013
(1.2)
(1.2)
Cash out\ufb02ow from
payment of lease liabilities
\u2013
\u2013
\u2013
250.6
250.6
250.6
Lease amendments\u00b2
\u2013
\u2013
\u2013
(460.5)
(460.5)
(460.5)
Currency translation
(losses)/gains
(13.4)
11.2
24.1
35.8
71.1
57.7
Other non\u2013cash
movements\u00b9
\u2013
8.9
3.1
\u2013
12.0
12.0
At 30 September 2023
303.3
(347.1)
(348.4)
(1,028.7)
(1,724.2)
(1,420.9)
Net decrease in cash
and cash equivalents
(34.4)
\u2013
\u2013
\u2013
\u2013
(34.4)
Cash in\ufb02ow from
USPP drawdown
\u2013
\u2013
(205.4)
\u2013
(205.4)
(205.4)
Cash out\ufb02ow from
other changes in debt
\u2013
14.4
\u2013
\u2013
14.4
14.4
Cash in\ufb02ow from other
changes in debt
\u2013
(7.1)
\u2013
\u2013
(7.1)
(7.1)
Cash out\ufb02ow from
payment of lease liabilities
\u2013
\u2013
\u2013
280.7
280.7
280.7
Lease amendments\u00b2
\u2013
\u2013
\u2013
(383.9)
(383.9)
(383.9)
Currency translation
(losses)/gains
(14.1)
7.9
30.0
42.8
80.7
66.6
Other non\u2013cash
movements\u00b9
\u2013
5.6
2.8
\u2013
8.4
8.4
At 30 September 2024
254.8
(326.3)
(521.0)
(1,089.1)
(1,936.4)
(1,681.6)
1 Other non-cash movements relate to debt modi\ufb01cation gain/(losses), revised estimated future cash \ufb02ows and e\ufb00ective interest rate of \u00a32.8m (2023: \u00a312.0m) (see note 8), and \u00a35.6m from consolidating the loans of SSP Brazil following the acquisition of remaining 50% interest. 2 Lease amendments include lease acquisitions, additions, interest charge and modi\ufb01cations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-500": { "value": "(a) Fair values of \ufb01nancial assets and liabilities All \ufb01nancial assets and \ufb01nancial liabilities are carried at amortised cost, except for derivatives which are held at fair value through the income statement. The fair values of all \ufb01nancial assets and \ufb01nancial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying Fair Carrying Fair
amount value amount value
2024 2024 2023 2023
Financial assets measured at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
254.8
254.8
303.3
303.3
Trade and other receivables
214.3
214.3
191.8
191.8
Total \ufb01nancial assets measured at amortised cost
469.1
469.1
495.1
495.1
Non-derivative \ufb01nancial liabilities measured at
amortised cost
Bank loans
(326.3)
(326.3)
(347.0)
(347.0)
US Private Placement notes
(521.0)
(521.5)
(348.4)
(346.1)
Lease liabilities
(1,089.1)
(1,089.1)
(1,028.7)
(1,028.7)
Trade and other payables
(689.0)
(689.0)
(712.4)
(712.4)
Total \ufb01nancial liabilities measured at amortised cost
(2,625.4)
(2,625.9)
(2,436.5)
(2,434.2)
Derivative \ufb01nancial liabilities
Interest rate swaps
(0.7)
(0.7)
\u2013
\u2013
Total derivative \ufb01nancial liabilities
(0.7)
(0.7)
\u2013
\u2013
Bank loans Fair value is calculated based on the present value of future principal and interest cash \ufb02ows, discounted at the market rate of interest at the balance sheet date. Bank loans are categorised as level 2 \ufb01nancial liabilities, whereby inputs which are used in the valuation of these \ufb01nancial liabilities and have a signi\ufb01cant e\ufb00ect on the fair value are observable, either directly or indirectly. Lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Finance lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Other non-derivative \ufb01nancial instruments (excluding bank loans) Due to the short-term nature of non-derivative \ufb01nancial instruments (excluding bank loans), the fair value is approximate to the carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-496": { "value": "(a) Fair values of \ufb01nancial assets and liabilities All \ufb01nancial assets and \ufb01nancial liabilities are carried at amortised cost, except for derivatives which are held at fair value through the income statement. The fair values of all \ufb01nancial assets and \ufb01nancial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying Fair Carrying Fair
amount value amount value
2024 2024 2023 2023
Financial assets measured at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
254.8
254.8
303.3
303.3
Trade and other receivables
214.3
214.3
191.8
191.8
Total \ufb01nancial assets measured at amortised cost
469.1
469.1
495.1
495.1
Non-derivative \ufb01nancial liabilities measured at
amortised cost
Bank loans
(326.3)
(326.3)
(347.0)
(347.0)
US Private Placement notes
(521.0)
(521.5)
(348.4)
(346.1)
Lease liabilities
(1,089.1)
(1,089.1)
(1,028.7)
(1,028.7)
Trade and other payables
(689.0)
(689.0)
(712.4)
(712.4)
Total \ufb01nancial liabilities measured at amortised cost
(2,625.4)
(2,625.9)
(2,436.5)
(2,434.2)
Derivative \ufb01nancial liabilities
Interest rate swaps
(0.7)
(0.7)
\u2013
\u2013
Total derivative \ufb01nancial liabilities
(0.7)
(0.7)
\u2013
\u2013
Bank loans Fair value is calculated based on the present value of future principal and interest cash \ufb02ows, discounted at the market rate of interest at the balance sheet date. Bank loans are categorised as level 2 \ufb01nancial liabilities, whereby inputs which are used in the valuation of these \ufb01nancial liabilities and have a signi\ufb01cant e\ufb00ect on the fair value are observable, either directly or indirectly. Lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Finance lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Other non-derivative \ufb01nancial instruments (excluding bank loans) Due to the short-term nature of non-derivative \ufb01nancial instruments (excluding bank loans), the fair value is approximate to the carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-487": { "value": "(a) Fair values of \ufb01nancial assets and liabilities All \ufb01nancial assets and \ufb01nancial liabilities are carried at amortised cost, except for derivatives which are held at fair value through the income statement. The fair values of all \ufb01nancial assets and \ufb01nancial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying Fair Carrying Fair
amount value amount value
2024 2024 2023 2023
Financial assets measured at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
254.8
254.8
303.3
303.3
Trade and other receivables
214.3
214.3
191.8
191.8
Total \ufb01nancial assets measured at amortised cost
469.1
469.1
495.1
495.1
Non-derivative \ufb01nancial liabilities measured at
amortised cost
Bank loans
(326.3)
(326.3)
(347.0)
(347.0)
US Private Placement notes
(521.0)
(521.5)
(348.4)
(346.1)
Lease liabilities
(1,089.1)
(1,089.1)
(1,028.7)
(1,028.7)
Trade and other payables
(689.0)
(689.0)
(712.4)
(712.4)
Total \ufb01nancial liabilities measured at amortised cost
(2,625.4)
(2,625.9)
(2,436.5)
(2,434.2)
Derivative \ufb01nancial liabilities
Interest rate swaps
(0.7)
(0.7)
\u2013
\u2013
Total derivative \ufb01nancial liabilities
(0.7)
(0.7)
\u2013
\u2013
Bank loans Fair value is calculated based on the present value of future principal and interest cash \ufb02ows, discounted at the market rate of interest at the balance sheet date. Bank loans are categorised as level 2 \ufb01nancial liabilities, whereby inputs which are used in the valuation of these \ufb01nancial liabilities and have a signi\ufb01cant e\ufb00ect on the fair value are observable, either directly or indirectly. Lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Finance lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Other non-derivative \ufb01nancial instruments (excluding bank loans) Due to the short-term nature of non-derivative \ufb01nancial instruments (excluding bank loans), the fair value is approximate to the carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-473": { "value": "(a) Fair values of \ufb01nancial assets and liabilities All \ufb01nancial assets and \ufb01nancial liabilities are carried at amortised cost, except for derivatives which are held at fair value through the income statement. The fair values of all \ufb01nancial assets and \ufb01nancial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying Fair Carrying Fair
amount value amount value
2024 2024 2023 2023
Financial assets measured at amortised cost \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
254.8
254.8
303.3
303.3
Trade and other receivables
214.3
214.3
191.8
191.8
Total \ufb01nancial assets measured at amortised cost
469.1
469.1
495.1
495.1
Non-derivative \ufb01nancial liabilities measured at
amortised cost
Bank loans
(326.3)
(326.3)
(347.0)
(347.0)
US Private Placement notes
(521.0)
(521.5)
(348.4)
(346.1)
Lease liabilities
(1,089.1)
(1,089.1)
(1,028.7)
(1,028.7)
Trade and other payables
(689.0)
(689.0)
(712.4)
(712.4)
Total \ufb01nancial liabilities measured at amortised cost
(2,625.4)
(2,625.9)
(2,436.5)
(2,434.2)
Derivative \ufb01nancial liabilities
Interest rate swaps
(0.7)
(0.7)
\u2013
\u2013
Total derivative \ufb01nancial liabilities
(0.7)
(0.7)
\u2013
\u2013
Bank loans Fair value is calculated based on the present value of future principal and interest cash \ufb02ows, discounted at the market rate of interest at the balance sheet date. Bank loans are categorised as level 2 \ufb01nancial liabilities, whereby inputs which are used in the valuation of these \ufb01nancial liabilities and have a signi\ufb01cant e\ufb00ect on the fair value are observable, either directly or indirectly. Lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Finance lease liabilities Fair value is based on the present value of the future lease payments, discounted at the rate implicit in the lease or, where this is not known, the incremental borrowing rate. Other non-derivative \ufb01nancial instruments (excluding bank loans) Due to the short-term nature of non-derivative \ufb01nancial instruments (excluding bank loans), the fair value is approximate to the carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-488": { "value": "(b) Credit risk Concentrations of credit risk with respect to trade receivables are limited, due to the Group\u2019s customer base being large and diverse, with two external debtors representing more than 10% of the total balance. The Group has no other signi\ufb01cant concentration of debtors with no other debtor representing more than 10%. The ageing of trade receivables at the balance sheet date was as follows:
2024 2023
\u00a3m \u00a3m
Total trade receivables
38.8
54.5
Less: loss allowance
(7.8)
(9.5)
31.0
45.0
Of which:
Not yet due
12.4
21.1
Overdue, between 0 and 6 months
22.3
25.9
Overdue, more than 6 months
4.1
7.5
Loss allowance
(7.8)
(9.5)
31.0
45.0
The movement in the loss allowance in respect of trade receivables during the year was as follows:
2024 2023
\u00a3m \u00a3m
At 1 October
(9.5)
(12.1)
Charged in the year
(0.6)
(0.6)
Reversed in the year
1.9
2.2
Utilised in the year
0.1
0.5
Currency adjustment
0.3
0.5
At 30 September
(7.8)
(9.5)
Expected credit losses The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade receivables. Loss allowances have been recognised for trade receivables that have been identi\ufb01ed as credit impaired. The Group has assessed customer balances in relation to their operating sector (such as air or rail), receivable ageing and other indicators of risk to recoverability. (c) Credit quality of cash at bank and short-term deposits The credit quality of cash at bank and short-term deposits has been assessed by reference to Moody\u2018s external ratings as follows:
2024 2023
\u00a3m \u00a3m
High grade
66.5
141.4
Upper medium grade
49.5
41.1
Medium grade
14.6
15.6
Non-investment grade
16.3
31.6
Unrated
93.5
53.0
240.4
282.7
Cash in hand and in transit
14.4
20.6
254.8
303.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-474": { "value": "(b) Credit risk Concentrations of credit risk with respect to trade receivables are limited, due to the Group\u2019s customer base being large and diverse, with two external debtors representing more than 10% of the total balance. The Group has no other signi\ufb01cant concentration of debtors with no other debtor representing more than 10%. The ageing of trade receivables at the balance sheet date was as follows:
2024 2023
\u00a3m \u00a3m
Total trade receivables
38.8
54.5
Less: loss allowance
(7.8)
(9.5)
31.0
45.0
Of which:
Not yet due
12.4
21.1
Overdue, between 0 and 6 months
22.3
25.9
Overdue, more than 6 months
4.1
7.5
Loss allowance
(7.8)
(9.5)
31.0
45.0
The movement in the loss allowance in respect of trade receivables during the year was as follows:
2024 2023
\u00a3m \u00a3m
At 1 October
(9.5)
(12.1)
Charged in the year
(0.6)
(0.6)
Reversed in the year
1.9
2.2
Utilised in the year
0.1
0.5
Currency adjustment
0.3
0.5
At 30 September
(7.8)
(9.5)
Expected credit losses The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade receivables. Loss allowances have been recognised for trade receivables that have been identi\ufb01ed as credit impaired. The Group has assessed customer balances in relation to their operating sector (such as air or rail), receivable ageing and other indicators of risk to recoverability. (c) Credit quality of cash at bank and short-term deposits The credit quality of cash at bank and short-term deposits has been assessed by reference to Moody\u2018s external ratings as follows:
2024 2023
\u00a3m \u00a3m
High grade
66.5
141.4
Upper medium grade
49.5
41.1
Medium grade
14.6
15.6
Non-investment grade
16.3
31.6
Unrated
93.5
53.0
240.4
282.7
Cash in hand and in transit
14.4
20.6
254.8
303.3
(d) Financial risk management The main \ufb01nancial risks of the Group relate to the availability of funds to meet business needs, the risk of default by counterparties to \ufb01nancial transactions, and \ufb02uctuations in interest and foreign exchange rates. In this regard, the treasury function is mandated by the Board to manage the \ufb01nancial risks that arise in relation to underlying business needs. The function has clear policies and operating parameters, and its activities are regularly reviewed by the Board to ensure compliance. The function does not operate as a pro\ufb01t centre and speculative transactions are not permitted. Financial instruments, including derivatives, are used on occasion to manage the main \ufb01nancial risks arising during the course of business. These risks are liquidity risk and market risk and are discussed further below. Liquidity risk The Group\u2018s objective in managing liquidity risk is to ensure that it can meet its \ufb01nancial obligations as and when they fall due. In order to achieve this, the treasury department maintains an appropriate level of funds and facilities to meet each year\u2018s planned funding requirement. In April 2024 the Group raised \u20ac240m via the US Private Placement market, as mentioned above. The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date.
2024
Carrying Contractual 1 year 1 to 2 to
amount cash \ufb02ows or less <2 years <5 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative
\ufb01nancial liabilities
Bank loans
(326.3)
(366.9)
(29.4)
(25.0)
(312.5)
\u2013
US Private
Placement notes
(521.0)
(618.1)
(22.3)
(119.7)
(346.2)
(129.9)
Lease liabilities
(1,089.1)
(1,555.0)
(285.5)
(284.4)
(630.0)
(355.1)
Trade and other payables
(689.0)
(689.0)
(687.5)
(0.5)
\u2013
(1.0)
(2,625.4)
(3,229.0)
(1,024.7)
(429.6)
(1,288.7)
(486.0)
2023
Carrying Contractual 1 year 1 to 2 to
amount cash \ufb02ows or less <2 years <5 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative
\ufb01nancial liabilities
Bank loans
(347.0)
(407.5)
(33.5)
(30.9)
(343.1)
\u2013
US Private
Placement notes
(348.4)
(412.6)
(15.5)
(13.7)
(188.3)
(195.1)
Lease liabilities
(1,028.7)
(1,253.2)
(271.4)
(236.8)
(482.9)
(262.1)
Trade and other payables
(712.4)
(712.4)
(711.1)
(0.5)
\u2013
(0.8)
(2,436.5)
(2,785.7)
(1,031.5)
(281.9)
(1,014.3)
(458.0)
Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will a\ufb00ect the Group\u2018s income or the value of its holdings of \ufb01nancial instruments. These are discussed further below. Currency risk Although the functional currency of the Group is Sterling, the Group\u2018s operating cash \ufb02ows are transacted in a number of di\ufb00erent currencies. The Group\u2018s policy in managing this \ufb01nancial currency risk is to use foreign currency denominated borrowings to ensure that interest costs arise in currencies that re\ufb02ect the operating cash \ufb02ows, thereby minimising net cash \ufb02ows in foreign currencies. As the mix of foreign currency cash \ufb02ows generated by the business changes over time, there may be a requirement to restructure borrowings (via \ufb01nancial instruments or other treasury products) to maintain this hedge. The Board reviews \ufb01nancial currency risk at least once a year. The Group uses currency denominated borrowings to hedge the exposure of a portion of its net investment in overseas operations (with non-Sterling functional currency) against changes in value due to changes in foreign exchange rates. An economic relationship has been identi\ufb01ed as both the net investment in overseas operations, and the currency denominated borrowings used as the related hedging instrument, are subject to currency risk, and changes in foreign exchange rates would cause their values to move in opposite directions. As at 30 September 2024, the fair value of bank loans and US Private Placement debt used as hedging instruments was \u00a3626.3m (2023: \u00a3456.9m). Of this, \u00a3393.2m was in respect of Euro exposure and \u00a3233.1m in respect of the US Dollar exposure. There were no reclassi\ufb01cations from foreign currency translation reserve and external borrowings in foreign currencies did not exceed the investments in respective countries. No sensitivity analysis is provided in respect of currency risk as the Group\u2018s currency exposure mainly relates to translation risk as discussed above. The currency pro\ufb01le of the cash balances of the Group at 30 September 2024 was as follows:
2024 2023
Cash at bank and in hand \u00a3m \u00a3m
Sterling
32.8
100.0
Other currencies
222.0
203.3
254.8
303.3
Interest rate risk
The interest rate and currency pro\ufb01le of the Group\u2018s bank loans at 30 September 2024 before
adjustments for unamortised bank fees of \u00a3nil (2023: \u00a30.2m) was as follows:
Floating-rate liabilities
Fixed-rate liabilities
Total
2024 2023 2024 2023 2024 2023
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
(75.0)
(150.0)
(116.4)
(41.4)
(191.4)
(191.4)
Euro
(71.3)
(152.2)
(344.0)
(49.2)
(415.3)
(201.4)
US Dollar
\u2013
\u2013
(233.0)
(255.5)
(233.0)
(255.5)
Indian Rupee
(0.8)
(1.6)
\u2013
\u2013
(0.8)
(1.6)
(147.1)
(303.8)
(693.4)
(346.1)
(840.5)
(649.9)
Sensitivity analysis
The e\ufb00ect of a 1% increase in interest rates prevailing at the balance sheet date on the Group\u2019s cash
and cash equivalents and debt subject to variable rates of interest at the balance sheet date would be
to decrease pro\ufb01t for the year (after tax) by an immaterial amount. A similar 1% decrease in interest rates
would result in an equal and opposite e\ufb00ect over the course of a year.
(e) Capital management
The Group\u2018s policy is to maintain a strong capital base so as to maintain investor, creditor and market
con\ufb01dence and to sustain future development. The Group\u2018s capital is represented by the share capital
and reserves (as set out in note 24), retained earnings, and net debt. The funding requirements of the
Group are met by a mix of long-term borrowings, medium-term borrowings, short-term borrowings
(under its Revolving Credit Facility) and available cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-497": { "value": "Expected credit losses The Group applies the simpli\ufb01ed approach and records lifetime expected credit losses for trade receivables. Loss allowances have been recognised for trade receivables that have been identi\ufb01ed as credit impaired. The Group has assessed customer balances in relation to their operating sector (such as air or rail), receivable ageing and other indicators of risk to recoverability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-489": { "value": "Liquidity risk The Group\u2018s objective in managing liquidity risk is to ensure that it can meet its \ufb01nancial obligations as and when they fall due. In order to achieve this, the treasury department maintains an appropriate level of funds and facilities to meet each year\u2018s planned funding requirement. In April 2024 the Group raised \u20ac240m via the US Private Placement market, as mentioned above. The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date.
2024
Carrying Contractual 1 year 1 to 2 to
amount cash \ufb02ows or less <2 years <5 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative
\ufb01nancial liabilities
Bank loans
(326.3)
(366.9)
(29.4)
(25.0)
(312.5)
\u2013
US Private
Placement notes
(521.0)
(618.1)
(22.3)
(119.7)
(346.2)
(129.9)
Lease liabilities
(1,089.1)
(1,555.0)
(285.5)
(284.4)
(630.0)
(355.1)
Trade and other payables
(689.0)
(689.0)
(687.5)
(0.5)
\u2013
(1.0)
(2,625.4)
(3,229.0)
(1,024.7)
(429.6)
(1,288.7)
(486.0)
2023
Carrying Contractual 1 year 1 to 2 to
amount cash \ufb02ows or less <2 years <5 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative
\ufb01nancial liabilities
Bank loans
(347.0)
(407.5)
(33.5)
(30.9)
(343.1)
\u2013
US Private
Placement notes
(348.4)
(412.6)
(15.5)
(13.7)
(188.3)
(195.1)
Lease liabilities
(1,028.7)
(1,253.2)
(271.4)
(236.8)
(482.9)
(262.1)
Trade and other payables
(712.4)
(712.4)
(711.1)
(0.5)
\u2013
(0.8)
(2,436.5)
(2,785.7)
(1,031.5)
(281.9)
(1,014.3)
(458.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-490": { "value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will a\ufb00ect the Group\u2018s income or the value of its holdings of \ufb01nancial instruments. These are discussed further below. Currency risk Although the functional currency of the Group is Sterling, the Group\u2018s operating cash \ufb02ows are transacted in a number of di\ufb00erent currencies. The Group\u2018s policy in managing this \ufb01nancial currency risk is to use foreign currency denominated borrowings to ensure that interest costs arise in currencies that re\ufb02ect the operating cash \ufb02ows, thereby minimising net cash \ufb02ows in foreign currencies. As the mix of foreign currency cash \ufb02ows generated by the business changes over time, there may be a requirement to restructure borrowings (via \ufb01nancial instruments or other treasury products) to maintain this hedge. The Board reviews \ufb01nancial currency risk at least once a year. The Group uses currency denominated borrowings to hedge the exposure of a portion of its net investment in overseas operations (with non-Sterling functional currency) against changes in value due to changes in foreign exchange rates. An economic relationship has been identi\ufb01ed as both the net investment in overseas operations, and the currency denominated borrowings used as the related hedging instrument, are subject to currency risk, and changes in foreign exchange rates would cause their values to move in opposite directions. As at 30 September 2024, the fair value of bank loans and US Private Placement debt used as hedging instruments was \u00a3626.3m (2023: \u00a3456.9m). Of this, \u00a3393.2m was in respect of Euro exposure and \u00a3233.1m in respect of the US Dollar exposure. There were no reclassi\ufb01cations from foreign currency translation reserve and external borrowings in foreign currencies did not exceed the investments in respective countries. No sensitivity analysis is provided in respect of currency risk as the Group\u2018s currency exposure mainly relates to translation risk as discussed above. The currency pro\ufb01le of the cash balances of the Group at 30 September 2024 was as follows:
2024 2023
Cash at bank and in hand \u00a3m \u00a3m
Sterling
32.8
100.0
Other currencies
222.0
203.3
254.8
303.3
Interest rate risk The interest rate and currency pro\ufb01le of the Group\u2018s bank loans at 30 September 2024 before adjustments for unamortised bank fees of \u00a3nil (2023: \u00a30.2m) was as follows:
Floating-rate liabilities
Fixed-rate liabilities
Total
2024 2023 2024 2023 2024 2023
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
(75.0)
(150.0)
(116.4)
(41.4)
(191.4)
(191.4)
Euro
(71.3)
(152.2)
(344.0)
(49.2)
(415.3)
(201.4)
US Dollar
\u2013
\u2013
(233.0)
(255.5)
(233.0)
(255.5)
Indian Rupee
(0.8)
(1.6)
\u2013
\u2013
(0.8)
(1.6)
(147.1)
(303.8)
(693.4)
(346.1)
(840.5)
(649.9)
Sensitivity analysis The e\ufb00ect of a 1% increase in interest rates prevailing at the balance sheet date on the Group\u2019s cash and cash equivalents and debt subject to variable rates of interest at the balance sheet date would be to decrease pro\ufb01t for the year (after tax) by an immaterial amount. A similar 1% decrease in interest rates would result in an equal and opposite e\ufb00ect over the course of a year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-498": { "value": "Sensitivity analysis The e\ufb00ect of a 1% increase in interest rates prevailing at the balance sheet date on the Group\u2019s cash and cash equivalents and debt subject to variable rates of interest at the balance sheet date would be to decrease pro\ufb01t for the year (after tax) by an immaterial amount. A similar 1% decrease in interest rates would result in an equal and opposite e\ufb00ect over the course of a year. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-491": { "value": "(e) Capital management The Group\u2018s policy is to maintain a strong capital base so as to maintain investor, creditor and market con\ufb01dence and to sustain future development. The Group\u2018s capital is represented by the share capital and reserves (as set out in note 24), retained earnings, and net debt. The funding requirements of the Group are met by a mix of long-term borrowings, medium-term borrowings, short-term borrowings (under its Revolving Credit Facility) and available cash. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-430": { "value": "
29. Commitments
Capital commitments at the end of the \ufb01nancial year, for which no provision has been made,
are as follows:
2024 2023
\u00a3m \u00a3m
Contracted for but not provided
128.8
134.5
Capital commitments relate to where the Group has contractually committed to acquire and/or build
tangible assets that are not yet incurred as at 30 September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-492": { "value": "30. Related parties Related party relationships exist with the Group\u2018s subsidiaries, associates (note 14), key management personnel, pension schemes (note 22) and employee bene\ufb01t trust (note 24). Subsidiaries Transactions between the Company and its subsidiaries, and transactions between subsidiaries, have been eliminated on consolidation and are not disclosed in this note. Where the Group does not own 100% of its subsidiary, signi\ufb01cant transactions with the other investors in the non-wholly owned subsidiary (\u2018investor\u2019), other than those listed in note 24, are disclosed within this note (in the table below). Sales and purchases with related parties are made at normal market prices. Associates Signi\ufb01cant transactions with associated undertakings during the year, other than those included in note 14, are included in the table below. Related party transactions
2024 2023
\u00a3m \u00a3m
Sales to related parties
0.8
0.9
Purchases from related parties
(7.8)
(6.7)
Management fee income
2.3
2.3
Other income
3.2
2.0
Other expenses\u00b9
(17.9)
15.9
Amounts owed by related parties at the end of the year
3.8
6.9
Amounts owed to related parties at the end of the year\u00b2
(24.6)
(27.0)
1 The majority of other expenses relates to \u00a313.1m rent from Midway Partnership LLC (2023: \u00a312.1m). 2 The majority of amounts relates to \u00a37.1m loans (and accumulated interest) received from non-controlling interest shareholders mainly in Saudi Arabia and the Philippines (2023: \u00a39.8m, mainly in Bahrain and Brazil), and the loan taken from Epigo/Extime associate \u00a37.7m (2023: \u00a38.0m).
Bank guarantees
The Group has provided a number of guarantees to third parties and has given guarantees to partners of
consolidated non-wholly owned subsidiaries in respect of obligations of its non-wholly owned subsidiaries,
relating to, for example, concession agreements, franchise agreements and \ufb01nancing facilities. In addition,
certain subsidiaries bene\ufb01t from guarantees provided by the Group\u2018s non-controlling interest partners
to similar third parties (in respect of obligations of the subsidiaries). These guarantees are consistent
with those provided in the normal course of business in respect of the Group\u2018s wholly owned subsidiaries.
At 30 September 2024 the value of the guarantees given by the various Group companies in respect of
both wholly owned and other subsidiaries was \u00a3185m (2023: \u00a3145.7m). The Group does not expect these
guarantees to be called on and as such no liability has been recognised in the \ufb01nancial statements.
Remuneration of key management personnel
The remuneration of key management personnel of the Group is set out below in aggregate for each
of the categories speci\ufb01ed in IAS 24 \u2018Related Party Disclosures\u2018. The Group considers key management
personnel to be the Group CEO, Deputy Group CEO and CFO, Non-Executive Directors and the Group
Executive Committee.
2024 2023
\u00a3m \u00a3m
Short\u2013term employee bene\ufb01ts
(8.1)
(10.1)
Post\u2013employment bene\ufb01ts
(0.4)
(0.5)
Share\u2013based payments
(2.3)
(3.2)
(10.8)
(13.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-431": { "value": "Subsidiaries Transactions between the Company and its subsidiaries, and transactions between subsidiaries, have been eliminated on consolidation and are not disclosed in this note. Where the Group does not own 100% of its subsidiary, signi\ufb01cant transactions with the other investors in the non-wholly owned subsidiary (\u2018investor\u2019), other than those listed in note 24, are disclosed within this note (in the table below). Sales and purchases with related parties are made at normal market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-475": { "value": "
Associates
Signi\ufb01cant transactions with associated undertakings during the year, other than those included
in note 14, are included in the table below.
Related party transactions
2024 2023
\u00a3m \u00a3m
Sales to related parties
0.8
0.9
Purchases from related parties
(7.8)
(6.7)
Management fee income
2.3
2.3
Other income
3.2
2.0
Other expenses\u00b9
(17.9)
15.9
Amounts owed by related parties at the end of the year
3.8
6.9
Amounts owed to related parties at the end of the year\u00b2
(24.6)
(27.0)
1 The majority of other expenses relates to \u00a313.1m rent from Midway Partnership LLC (2023: \u00a312.1m).
2 The majority of amounts relates to \u00a37.1m loans (and accumulated interest) received from non-controlling interest shareholders mainly in Saudi
Arabia and the Philippines (2023: \u00a39.8m, mainly in Bahrain and Brazil), and the loan taken from Epigo/Extime associate \u00a37.7m (2023: \u00a38.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-476": { "value": "Remuneration of key management personnel The remuneration of key management personnel of the Group is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 \u2018Related Party Disclosures\u2018. The Group considers key management personnel to be the Group CEO, Deputy Group CEO and CFO, Non-Executive Directors and the Group Executive Committee.
2024 2023
\u00a3m \u00a3m
Short\u2013term employee bene\ufb01ts
(8.1)
(10.1)
Post\u2013employment bene\ufb01ts
(0.4)
(0.5)
Share\u2013based payments
(2.3)
(3.2)
(10.8)
(13.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-432": { "value": "
31. Business combinations and other acquisitions
Acquisitions in 2024
A summary of the details of the acquisitions completed in the year is shown in the table below:
Business/Company\ue025
Sector\ue025
Country\ue025
SSP Ownership\ue025
Acquisition date\ue025\ue025
Mid\ufb01eld Concession Enterprise Inc.
(Denver airport)
Air
USA
60%
16 November 2023
ECG Ventures Ltd
Air
Canada
100%
11 December 2023
Mack II
Air
USA
51%
1 February 2024
Airport Retail Enterprise
Air
Australia
100%
1 May 2024
Backwerk
Rail
Germany
100%
1 July 2024
Mid\ufb01eld Concession Enterprise Inc
On 16 November 2023, the Group took operational control of the Denver airport part of the acquisition
of the concessions business of Mid\ufb01eld Concession Enterprises, Inc. The total consideration for the
Denver airport concession after completion adjustments was \u00a315.1m.
ECG Ventures Ltd
On 11 December 2023 the Group acquired ECG Ventures Limited (ECG) based in Calgary, Canada. This
involves taking over the leases of three units at Calgary Airport and two additional units at Edmonton
Airport. The cash consideration for the acquisition was approximately \u00a330.6m (CAD52.0m).
Mack II
On 1 February 2024 the Group acquired the business of Mack II which consisted of eight units at Atlanta
airport. The cash consideration for the acquisition was approximately \u00a311.0m.
Airport Retail Enterprises Pty Ltd
On 13 February 2024, the Group signed an agreement to purchase Airport Retail Enterprises Pty Ltd
(\u2018ARE\u2019). This has expanded the Group\u2019s presence across Australia adding 63 outlets across seven airports
to its portfolio: Sydney, Melbourne, Brisbane, Gold Coast, Canberra, Townsville and Mount Isa. The cash
consideration for the acquisition was approximately \u00a382.9m (AUS$158m) (subject to completion
adjustments). The transaction completed on 1 May 2024.
Backwerk
On 31 May 2024, Station Food GmbH (Germany) signed a agreement to purchase two operating units
from Hannover HBF (\u2018BW\u2019). This has expanded Station Food GmbH presence by 2 outlets at a new
location (Hannover). The cash consideration for the acquisition was approximately \u00a36.6m (EUR 7.7m).
The transaction was completed on 1 July 2024.
Assets acquired and liabilities assumed (provisional)
The fair values of the identi\ufb01able assets and liabilities acquisitions (completed in the year) as at the date
of acquisition were provisionally determined as follows:
Fair value recognised on acquisition
Denver airport Mack II ECG Ventures ARE BW To ta l
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Property, plant and equipment
(Note 11)
9.7
1.2
4.0
7.4
0.5
22.8
Intangible assets
\u2013
\u2013
0.2
0.8
\u2013
1.0
Right\u2013of\u2013use assets (Note 13)
11.3
10.4
21.8
60.9
6.1
110.5
Inventory
\u2013
\u2013
0.2
0.9
\u2013
1.1
Other receivables
\u2013
\u2013
0.1
0.5
\u2013
0.6
Cash
\u2013
\u2013
\u2013
9.5
\u2013
9.5
Liabilities
Other liabilities
\u2013
(0.5)
(0.9)
(12.4)
\u2013
(13.8)
Lease liabilities (Note 21)
(8.4)
(5.3)
\u2013
(34.0)
\u2013
(47.7)
Deferred tax liability
\u2013
\u2013
(5.8)
(9.7)
\u2013
(15.5)
Provisions
\u2013
\u2013
\u2013
(3.2)
\u2013
(3.2)
Total identi\ufb01able net assets
at fair value
12.6
5.8
19.6
20.7
6.6
65.3
Non\u2013controlling interest
measured at fair value
(5.1)
(3.2)
\u2013
\u2013
\u2013
(8.3)
Increase in Other receivables
due from NCI
5.1
5.8
\u2013
\u2013
\u2013
10.9
Goodwill arising on acquisition
(Note 12)
2.5
2.6
12.6
62.2
\u2013
79.9
Total net assets acquired
15.1
11.0
32.2
82.9
6.6
147.8
Satis\ufb01ed by:
Purchase consideration
Cash paid
6.9
11.0
30.6
82.9
6.6
138.0
O\ufb00sets against NCI receivables
in other joint ventures from the
same joint venture partners
5.7
\u2013
\u2013
\u2013
\u2013
5.7
Deferred considerations
1.9
\u2013
1.6
\u2013
\u2013
3.5
Capital expenditure settlements
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Total purchase consideration
15.1
11.0
32.2
82.9
6.6
147.8
Concession rights
The Group measured the acquired lease liabilities using the present value of the remaining lease payments
at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease
liabilities and adjusted to re\ufb02ect the favourable terms of the lease relative to market. The right-of-use
assets include concession rights amounting to \u00a362.8m in total across the \ufb01ve acquisitions will be
amortised over the life of the contracts.
Goodwill
The provisional goodwill recognised on the \ufb01ve acquisitions in total amounted to \u00a379.9m. The goodwill
on these acquisitions represents the di\ufb00erence between the identi\ufb01ed assets and the purchase
consideration. The nature of the goodwill is similar and represents the value of potential renewable
options, the enhanced ability to access tenders in new airports and cost synergies.
From the date of the completion the \ufb01ve acquisitions contributed \u00a381.4m of revenue and \u00a37.9m of pro\ufb01t
before tax from operations of the Group. If the acquisitions had all taken place at the beginning of the
year they would have contributed c.\u00a3215m of additional revenue in 2024. It is not practically possible
to calculate pro\ufb01t before tax should the acquisition had taken place at the beginning of the year.
Other
During the year the Group also acquired 51% shares in SSP Arabia Limited (Saudi Arabia) with the total
cash consideration of \u00a31.5m with cash acquired of \u00a32.6m.
Purchase of non-controlling interest
Prior to 14 December 2023 the Group held a controlling 50% interest in SSP Brazil with the residual value
of accumulated non-controlling interest (losses) of \u00a36.4m. On 14 December 2023, the Group purchased
the remaining 50% interest in SSP Brazil, taking its ownership to 100%. The consideration paid for the
additional 50% interest in SSP Brazil was equivalent to \u00a30.6m.
Purchase of an associate
On 25 October 2023, the Group acquired a non-controlling 50% interest in Extime Food & Beverage
Paris SAS for the consideration of \u00a310.5m with a controlling interest held by Aeroports de Paris.
Acquisitions in 2023
Acquisition of the Mid\ufb01eld Concessions business
On 4 May 2023, the Group announced its expansion in North America by adding 40 new units at seven
airports, including four new locations, through the acquisition of the concessions business of Mid\ufb01eld
Concession Enterprise Inc. (\u2018MCE\u2019). This trade and assets deal has provided the Group with access to
Detroit Metropolitan Wayne County, Denver International, Philadelphia International, and Cleveland
Hopkins International, and it has also expanded SSP\u2019s existing presence at Minneapolis St. Paul
International, San Francisco International, and Newark Liberty International.
The total consideration under the agreement was \u00a354.1m ($67 million) paid in cash on the completion
date, with the deal structured in two parts: one covering the initially acquired six airports (\u00a337.5m ($46m))
and one covering Denver airport (remaining \u00a316.6m ($21m) consideration). The transaction in relation to
the six airports was completed on 6 June 2023. On 16 November 2023, the Group took operational
control of the Denver airport part of the acquisition.
Assets acquired and liabilities assumed
The fair values of the identi\ufb01able assets and liabilities of the six airports (completed in the year ending
30 September 2023) as at the date of acquisition were determined as follows:
Fair value
recognised on
acquisition
\u00a3m
Assets
Property, plant and equipment (Note 11)
25.9
Right\u2013of\u2013use assets (Note 13)
34.5
Inventory
0.3
Cash
0.1
Liabilities
Lease liabilities (Note 21)
(23.3)
Total identi\ufb01able net assets at fair value
37.5
Non\u2013controlling interest measured at fair value
(9.5)
Increase in Other receivables due from NCI
8.4
Goodwill arising on acquisition (Note 12)
1.1
Total net assets acquired
37.5
Satis\ufb01ed by:
Purchase consideration paid in cash
37.5
The transaction costs of relating to the acquisition amounted to \u00a31.2m.
The Group measured the acquired lease liabilities using the present value of the remaining lease payments
at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease
liabilities and adjusted to re\ufb02ect the favourable terms of the lease relative to market. The right-of-use
assets included concession rights amounting to \u00a311.2m to be amortised over the life of the contracts.
From the date of the completion of the \ufb01rst stage of acquisition, the six airports contributed \u00a314.7m
of revenue and \u00a30.5m of pro\ufb01t before tax from operations of the Group. It is not practically possible
to calculate revenue and pro\ufb01t before tax should the acquisition had taken place at the beginning
of the year.
Other
During the year the Group also made other acquisitions in the United Kingdom and USA with the total
considerations of \u00a33.7 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-433": { "value": "
32. Post balance sheet events
On 29 November 2024, the Group completed its agreement to create a new joint venture partnership
with PT Taurus Gemilang to operate 13 outlets, mostly in Bali, which we expect to provide a platform
for further growth in that market. The cash consideration for the acquisition was approximately \u00a310m
(subject to completion adjustments). Due to the timing of completion, the provisional fair values of all
acquired assets and liabilities are yet to be determined.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-6": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-5": { "value": "Jamestown Wharf 32 Jamestown Road London NW1 7HW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QGNIWTXFMENJ24", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } } } }