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General information
Inchcape plc is a public company limited by shares, domiciled and incorporated in the UK,
and registered in England and Wales. The address of the registered office is 22a St James\u2019s
Square, London, SW1Y 5LP. The nature of the Group\u2019s operations and principal activities are set
out in note 1 and on pages 2 to 61.
The Group consolidated financial statements have been prepared in accordance with UK-
adopted International Financial Reporting Standards (IFRS) and the Companies Act 2006
applicable to companies reporting under IFRS.
Accounting convention
The consolidated financial statements have been prepared under the historical cost
convention, except for financial assets at fair value through other comprehensive income, and
those financial assets and financial liabilities (including derivative instruments) held at fair value
through profit or loss, which are measured at fair value.
Going concern
Based on the Group\u2019s cash flow forecasts and projections, the Board is satisfied that the Group
will operate within the level of its committed facilities for the foreseeable future. For this reason,
the Board continues to adopt the going concern basis in preparing its financial statements. In
making this assessment, the Group has considered available liquidity in relation to net debt and
committed facilities, the Group\u2019s latest forecasts for 2025 and 2026 cash flows, together with
adjusted scenarios.
Committed bank facilities and Private Placement borrowings amount to \u00a31,040m, of which
\u00a3195m was drawn at 31 December 2024. In June 2023, the Group issued a \u00a3350m bond offering
with a coupon of 6.5%, due to mature in June 2028.
The Private Placement loan notes are subject to an interest cover covenant based on an
adjusted EBITA measure to interest on consolidated borrowings measured on a trailing 12-
month basis at June and December.
The latest Group forecasts for 2025 and 2026 indicate that the Group is expected to be
compliant with this covenant throughout the forecast period and have sufficient liquidity to
continue operating throughout that period.
A range of sensitivities has been applied to the forecasts to assess the Group\u2019s compliance with
its covenant requirements over the forecast period. These sensitivities included:
\u2022 a 12-month reduction in New and Used revenue from July 2025, resulting from decreasing
consumer demand in response to fiscal tightening and resulting economic downturns;
\u2022 a reduction in reported GBP earnings from July to December 2025 resulting from the
strengthening of the sterling relative to other currencies;
\u2022 a general liquidity reduction impacting working capital from January 2026;
\u2022 with no mitigating actions applied in relation to the sensitivities described above.
In a scenario where all of the above sensitivities occur at the same time, the Group has
modelled the possibility of the interest cover covenant being breached in 2025 and 2026. With
the interest cover covenant measured on a trailing 12-month basis, the sensitised forecasts
indicate that the Group is not expected to breach any covenants and would be compliant
with the interest cover requirements throughout the forecast period. Additionally, under these
circumstances, the Group expects to have sufficient funds to meet cash flow requirements.
A reverse stress test scenario analysis, concluded that a set of circumstances in which the
Group would breach its covenant or have insufficient funds to meet cash flow requirements
are considered to be remote, relative to the sensitivities referred to above.
Therefore, the board concluded that the Group will be able to operate within the level of its
committed facilities for the foreseeable future. The directors consider it appropriate to adopt
the going concern basis of accounting in preparing the financial statements for the year
ending 31 December 2024.
Newly adopted accounting standards
From 1 January 2024, the following standards become effective in the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 1 - Non-current liabilities with covenants
\u2022 Amendments to IAS 1 - Classification of liabilities as current or non-current
\u2022 Amendments to IFRS 16 - Leases on sale and leaseback
\u2022 Amendments to IAS 7 and IFRS 7 - Supplier finance
\u2022 Amendments due to Finance (No. 2) Act 2023 for Pillar Two income inclusion (IIR)
The adoption of the standards and interpretations listed above has not led to any material
impact on the financial position or performance of the Group.
The Group has applied the amendments to IAS7 and IFRS 7 for the first time in the current year.
The amendments add a disclosure objective to IAS 7 stating that an entity is required to
disclose information about its supplier finance arrangements that enables users of financial
statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows.
In addition, IFRS 7 is amended to add supplier finance arrangements as an example within the
requirements to disclose information about an entity\u2019s exposure to concentration of liquidity
risk. The Group has entered into vehicle funding arrangements to fund the purchase of vehicles
(see note 20).
The Group has not early adopted other standards, amendments to standards or interpretations
that have been issued but are not yet effective.
Standards not effective at the balance sheet date
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group, and will be applied for the
Group\u2019s financial years commencing on or after 1 January 2025:
\u2022 Amendments to IAS 21 - Lack of exchangeability;
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements; and
\u2022 IFRS 19 - Subsidiaries without public accountability.
Management are currently reviewing the new standards to assess the impact that they may
have on the Group\u2019s reported position and performance. Management do not expect that
the adoption of the standards listed above will have a material impact on the financial
statements of the Group.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the parent
company (Inchcape plc) and all of its subsidiary undertakings (defined as those where the
Group has control), together with the Group\u2019s share of the results of its joint ventures (defined
as those where the Group has joint control) and associates (defined as those where the Group
has significant influence but not control). The results of subsidiaries are consolidated and the
Group\u2019s share of results of its joint ventures and associates is equity accounted for as of the
same reporting date as the parent company, using consistent accounting policies.
The results of newly acquired subsidiaries are consolidated using the acquisition method of
accounting from the date on which control of the net assets and operations of the acquired
company are effectively transferred to the Group. Similarly, the results of subsidiaries disposed
of cease to be consolidated from the date on which control of the net assets and operations is
transferred out of the Group.
The Group treats transactions with non-controlling interests as transactions with equity owners of
the Group. For purchases from non-controlling interests, the difference between any
consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Investments in joint ventures and associates are accounted for using the equity method,
whereby the Group\u2019s share of post-acquisition profits or losses is recognised in the consolidated
income statement, and its share of post-acquisition movements in shareholders\u2019 equity is
recognised in shareholders\u2019 equity. If the Group\u2019s share of losses in a joint venture or associate
equals or exceeds its investment in the joint venture or associate, the Group does not recognise
further losses, unless it has contractual obligations or made payments on behalf of the joint
venture or associate.
Intercompany balances and transactions and any unrealised profits arising from intercompany
transactions are eliminated in preparing the consolidated financial statements.
Foreign currency translation
Transactions included in the results of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in sterling, which is the
functional currency of the parent company, Inchcape plc, and the presentation currency of
the Group.
In the individual entities, transactions in foreign currencies are translated into the functional
currency at the rates of exchange prevailing at the dates of the individual transactions.
Monetary assets and liabilities denominated in foreign currencies are subsequently retranslated
at the rate of exchange ruling at the end of the reporting period. All differences are taken to
the consolidated income statement, except those exchange differences arising on long-term
foreign currency borrowings that form part of a net investment in a foreign investment, which
on consolidation are taken directly to other comprehensive income.
The assets and liabilities of foreign operations are translated into sterling at the rate of
exchange ruling at the end of the reporting period. The income statements and cash flows of
foreign operations are translated into sterling at the average rates of exchange for the period,
except for subsidiaries in hyperinflationary economies that are translated at the closing rate of
exchange at the end of the period. Exchange differences arising from 1 January 2004 are
recognised as a separate component of shareholders\u2019 equity. On disposal of a foreign
operation, any cumulative exchange differences held in shareholders\u2019 equity are transferred to
the consolidated income statement.\u00a0
Presentation of comparative amounts
Comparative amounts presented in the consolidated income statement, the consolidated
statement of comprehensive income and relevant notes reflect the classification of the UK
Retail business as a discontinued operation in 2023. Additionally, prior year amounts have been
represented in notes 3(e) and 29 for consistency with the disclosure in the current year. Prior
year figures in note 3(e) have been represented to correct for previously omitted amounts.
There is no impact on prior year primary financial statements from these adjustments.
Designation of Ethiopia as a hyperinflationary economy
The Group financial statements include adjustments for hyperinflation, following the application
of IAS 29 Financial Reporting in Hyperinflationary Economies in relation to the Group\u2019s
operations with a functional currency of Ethiopian Birr.
The Group\u2019s consolidated financial statements include the results and financial position of its
Ethiopian operations restated to the purchasing power or inflationary measuring unit current at
the end of the year, leading to a hyperinflationary loss in respect of monetary items being
reported in finance costs, and treated as an adjusting item. The results of the Group\u2019s Ethiopian
operations have been translated at the closing exchange rate, as required by IAS 21 The
Effects of Changes in Foreign Exchange Rates for hyperinflationary foreign operations.
Whilst IAS 29 Financial Reporting in Hyperinflationary Economies is applied in individual financial
statements as though the relevant economy was always hyperinflationary, comparative
amounts are not restated in consolidated amounts already presented in a stable currency. The
resulting difference in the opening Ethiopian net assets has been presented as a translation
adjustment in other comprehensive income.
The inflationary factors used by the Group are the official price indices published by the
Central Statistical Agency of Ethiopia. Hyperinflationary adjustments have been calculated
using the price index prevailing at 31 December 2024, which was a CPI index of 495.4 (31
December 2023: CPI index 425.1). The adjusted results and financial position of Ethiopia were
translated at the year-end closing rate before being included in the Group\u2019s consolidated
financial statements.
Climate change
In preparing the Group\u2019s financial statements consideration has been given to the impact of
both physical and transition climate-related risks, as described in the Task Force on Climate-
related Financial Disclosures (TCFD) section on page 35. Based on the TCFD recommendations,
in 2022, the Group performed an assessment of the five most critical climate related risks and
opportunities that were considered to have a potential financial impact on the
financial\u00a0statements.
Climate scenario analysis was used as a tool to identify and assess a potential range of future
outcomes, by capturing different assumptions about policies and physical climate conditions.
Scenario analysis was applied to the five most material risks and opportunities, being the
transition risk of misalignment, increased carbon tax, aftersales revenues, margin pressure risk,
and physical risks (due to the direct impacts to property and inventories from extreme weather
conditions). There is inherent uncertainty over the assumptions used within these scenarios and
how they will impact the Group\u2019s operations, cash flows and profit projections.
The policy, technology, and market changes in response to climate change are still
developing, and consequently the financial statements cannot capture all possible future
outcomes as these are not yet known.
The climate-related estimates and assumptions were applied primarily to going concern,
impairment of non-financial assets, property, plant and equipment, indefinite life intangible
assets and provisions. Management has concluded there to be no material impact arising from
climate change on the judgements and estimates made in the financial statements.
Revenue and other income
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step
model to be applied to all sales contracts. It is based on the transfer of control of goods and
services to customers and requires the identification and assessment of the satisfaction of
delivery of each performance obligation in contracts in order to recognise revenue. Where
separate performance obligations are identified in a single contract, total revenue is allocated
on the basis of relative stand-alone selling prices to each performance obligation, or
management\u2019s best estimate of relative value where stand-alone selling prices do not exist.
Revenue is measured at the fair value of consideration receivable, net of any discounts,
rebates, trade allowances, incentives, or amounts collected on behalf of third parties. It is
recognised to the extent that the transfer of promised goods or services to a customer has
been satisfied and the revenue can be reliably measured. Revenue excludes sales-related
taxes and intra-group transactions. In practice this means that:
Revenue from sale of goods
Revenue from the sale of goods is recognised when the control, risks and rewards of ownership
of the goods have been transferred to the customer. The performance obligation to transfer
goods to the customer is considered to have been satisfied when the vehicles or parts are
invoiced and physically dispatched or collected. Revenue is also recognised in circumstances
where goods are available for delivery, but the customer has requested that delivery does not
take place, has confirmed ownership of the goods and assumed responsibility for the
associated risks. Consideration received in advance of transfer of goods is recognised as
deferred revenue on the balance sheet and is subsequently recognised as revenue when the
transfer of goods occurs.
Revenue from rendering of services
Revenue from the rendering of services to the customer is considered to have been satisfied
when the service has been performed.\u00a0
Group acts as an agent
Where the Group acts as an agent on behalf of a principal in relation to finance, insurance, and
similar products, the associated commission income is recognised within revenue in the period in
which the activity which generated the commission was performed.
Sales with a repurchase commitment
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is highly likely, as the customer has a
significant economic incentive to exercise the buyback, the transaction is recognised as a
lease transaction with the Group acting as a lessor. Consequently, such vehicles are
recognised within \u2018property, plant and equipment\u2019 in the consolidated statement of financial
position at cost and are depreciated to their residual value over the period of the repurchase
commitment. The difference between the\u00a0 initial amounts received from the customer and the
repurchase commitment is recognised as deferred income in the consolidated statement of
financial position and is released to the consolidated income statement on a straight-line basis
over the life of the arrangement. The repurchase commitment, which reflects the price at
which the vehicle will be bought back, is held within \u2018trade and other payables\u2019, according to
the date of the commitment.
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is not highly likely, revenue is recognised in full
when the vehicle is sold, less the expected value of the buyback payments to be made which
is recorded as a liability in the consolidated statement of financial position. Similarly, an
estimate of the value of the vehicles to be returned is deducted from cost of sales and
recognised as an asset in the consolidated statement of financial position
Sale of additional services
Where additional services are included in the sale of a vehicle to a customer as part of the
total vehicle package (e.g. extended warranty, free servicing, roadside assistance, fuel
coupons etc) and the Group is acting as a principal in the fulfilment of the service, the value of
the additional services is separately identified, deducted from consideration receivable,
recognised as deferred revenue on the balance sheet and subsequently recognised as
revenue when the service is provided, or recognised on an input basis with reference to the
amount of time elapsed under the contract to which the service relates. These balances are
considered to be contract liabilities. The consideration allocated to additional services is based
on the relative stand-alone selling price of the additional services within the contract. The value
assigned to the additional service is set equal to the value of the additional service being
provided, being the expected cost to the entity plus an appropriate profit margin.
Accrued income
Amounts relating to accrued income are balances primarily due from manufacturers in relation
to volume/ target related bonuses or commissions or warranty related where the work has
been completed prior to being invoiced. Any amount previously recognised as accrued
income is reclassified to trade receivables after invoicing.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Cost of sales
Cost of sales includes the expense relating to the estimated cost of self-insured product
warranties offered to customers. These warranties form part of the package of goods and
services provided to the customer when purchasing a vehicle and are not a separable
product.
The Group receives income in the form of various incentives which are determined by our
brand partners. The amount the Group receives is generally based on achieving specific
objectives, such as a specified sales volume, as well as other objectives including maintaining
brand partner standards which may include, but are not limited to, retail centre image and
design requirements, customer satisfaction survey results and training standards. Where
incentives are based on a specific sales volume or number of registrations, the related income
is recognised as a reduction in cost of sales when it is reasonably certain that the income has
been earned. This is generally the later of the date the related vehicles are sold or registered or
when it is reasonably certain that the related target will be met. Where incentives are linked to
retail centre image and design requirements, customer satisfaction survey results or training
standards, they are recognised as a reduction in cost of sales when it is reasonably certain that
the incentive will be received for the relevant period.
Share-based payments
The Group operates various share-based award schemes. The fair value at the date at which
the share-based awards are granted is recognised in the consolidated income statement
(together with a corresponding credit in shareholders\u2019 equity) on a straight-line basis over the
vesting period, based on an estimate of the number of shares that will eventually vest. At the
end of each reporting period, the Group revises its estimates of the number of awards that are
expected to vest. The impact of any revision is recognised in the consolidated income
statement with a corresponding adjustment to equity.
For equity-settled share-based awards, the services received from employees are measured by
reference to the fair value of the awards granted. With the exception of the Group Save As
You Earn scheme, the vesting of all share-based awards under all schemes is solely reliant upon
non-market conditions, therefore no expense is recognised for awards that do not ultimately
vest. Where an employee or the Company cancels an award, the charge for that award is
recognised as an expense immediately, even though the award does not vest.
Finance income
Finance income is recognised when it is probable that the economic benefits will flow to the
Group and the amount of income can be measured reliably. It is accrued on a time basis by
reference to the principal outstanding and at the effective interest rate applicable.
Finance costs
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
Income tax
The charge for current income tax is based on the results for the period as adjusted for items
which are not taxed or are disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.
The Group recognises provisions for uncertain tax positions in line with IFRIC 23 Uncertainty over
Income Tax Treatments when it is not probable that a tax authority will accept an uncertain tax
treatment used, or proposed to be used, in its income tax filings. Uncertain tax positions are
assessed and measured using management\u2019s estimate of the most likely outcome including an
assessment of whether uncertain tax positions should be considered separately or as a group.
Deferred income tax is accounted for using the liability method in respect of temporary
differences arising from differences between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference is due to the initial recognition of goodwill arising on
a business combination, or to an asset or liability, the initial recognition of which does not affect
either taxable or accounting income.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, joint ventures, and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled using rates enacted or substantively enacted at the end
of the reporting period. Deferred tax is charged or credited in the consolidated income
statement, except when it relates to items credited or charged directly to shareholders\u2019 equity,
in which case the deferred tax is also dealt with in shareholders\u2019 equity. Deferred tax assets and
liabilities are only offset where there is a legally enforceable right of offset of current tax assets
against current tax liabilities and if the deferred tax relates to income taxes levied by the same
tax authority.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
Adjusting items
The Group makes certain adjustments to the statutory profit measures in order to derive certain
alternative performance measures. Certain items which are material are presented as
adjusting items within their relevant consolidated income statement category. The separate
reporting of adjusting items helps provide additional useful information regarding the Group\u2019s
underlying financial performance and is used by management to facilitate internal
performance analysis.
Management applies an adjusting items policy that is regularly discussed and approved by the
Audit Committee. The policy applied in identifying adjusting items is balanced when assessing
gains and losses, clearly disclosed, and applied consistently from one year to the next.
Adjusting items are deemed to be those items that, in the judgement of the Group, need to be
disclosed separately by virtue of their nature, size or incidence. In determining the facts and
circumstances, management considers key factors such as:
\u2022 where the same category of items recurs each year and in similar amounts (for example,
restructuring costs), consideration is given as to whether such amounts should be included as
part of underlying profit;
\u2022 where significant items are likely to be finalised over more than one year, the effect of such
items is applied uniformly; and
\u2022 ensuring the treatment of favourable and unfavourable transactions are treated consistently.
Items that may be considered adjusting in nature could include gains or losses on the disposal
of businesses, restructuring of businesses, acquisition and integration costs, asset impairments,
recognition of monetary gains or losses on hyperinflation and the tax effects of these items. Any
reversal of an amount previously recognised as an adjusting item would also be recognised as
an adjusting item in a subsequent period.
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose of
impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating to
the business sold except for goodwill arising on business combinations on or before 31
December 1997 which has been deducted from shareholders\u2019 equity and remains indefinitely
in shareholders\u2019 equity.
Other intangible assets
Intangible assets, when acquired separately from a business (including computer software), are
carried at cost less accumulated amortisation and impairment losses. Cost comprises the
purchase price from third parties as well as internally generated development costs where
relevant. Amortisation is provided on a straight-line basis to allocate the cost of the asset over
its estimated useful life, which in the case of computer software is three to eight years.
Amortisation is recognised in the consolidated income statement within \u2018net operating
expenses\u2019. Software customisation and configuration costs relating to software not controlled
by the Group are expensed over the period such services are received.
Intangible assets acquired as part of a business combination are capitalised separately from
goodwill if the benefit of the intangible asset is obtained through contractual or other legal
rights and the fair value can be measured reliably on initial recognition. The principal intangible
assets are agreements with manufacturers for the distribution of new vehicles and parts, which
represent the estimated value of distribution rights acquired in business combinations. Such
agreements have varying terms and periods of renewal and have historically been renewed
without substantial cost. The Group therefore expects these agreements to be renewed on a
regular basis and accordingly no amortisation is charged on these assets. The Group assesses
these distribution rights for impairment on an annual basis.
Other intangible assets acquired in a business combination may include order banks and
customer contracts. These intangible assets are amortised on a straight-line basis over their
estimated useful life, which is between one and ten years.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and
impairment losses. Cost comprises the purchase price and directly attributable costs of the
asset and includes, where relevant, capitalised borrowing costs. Depreciation is based on cost
less estimated residual value and is included within \u2018net operating expenses\u2019 in the
consolidated income statement, with the exception of depreciation on \u2018leased vehicles, rental
machinery and equipment\u2019 which is charged to \u2018cost of sales\u2019. It is provided on a straight-line
basis over the estimated useful life of the asset, except for freehold land which is not
depreciated. For the following categories, the annual rates used are:
Freehold buildings and long leasehold
buildings
2.0%
Short leasehold buildings
shorter of lease term or useful life
Plant, machinery and equipment
5.0% \u2013 33.3%
Leased vehicles, rental machinery and
equipment
over the lease term
The residual values and useful lives of all assets are reviewed at least at the end of each
reporting period and adjusted if necessary.
Leases
The Group assesses whether a contract is, or contains a lease at inception of the contract. A
lease conveys the right to direct the use and obtain substantially all of the economic benefits
of an identified asset for a period of time in exchange for consideration.
The group as a lessee
Lease liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 variable lease payment that are based on an index or a rate, initially measured using the
index or rate as at the commencement date;
\u2022 amounts expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that
option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
Lease payments to be made under reasonably certain extension options are also included in
the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s
incremental borrowing rate is used, being the rate that the individual lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a
similar economic environment with similar terms, security, and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 uses a build-up approach that starts with a risk-free interest rate by market and currency;
\u2022 applies a credit risk, based on yields of comparable entities, to the determined risk-free
interest rate by market; and
\u2022 where applicable, makes adjustments specific to the lease, e.g. country, currency, security,
and term.
Lease liabilities are remeasured when there is a change in future lease payments as a result of
an index or rate change, or if there is a change in the estimate of the amount expected to be
payable under a residual value guarantee, or if there is a change in the assessment of whether
a purchase, lease-term extension or termination option will be exercised. When lease liabilities
are remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset or recorded in profit or loss if the carrying amount of the right-of-use asset has
been reduced to zero.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period to produce a constant periodic rate of interest
on the remaining balance of the liability for each period. Right-of-use assets are recognised at
the commencement date of the lease. Right-of-use assets comprising mainly land and
buildings are measured at cost less accumulated depreciation and impairment losses. The
costs include the amount of the initial measurement of the lease liability, any lease payments
made at or before the commencement date less lease incentives received, any direct costs
and an estimate of dismantling costs. The carrying amount is further adjusted for any
remeasurement of the lease liability. Depreciation is expensed to the income statement on a
straight-line basis over the lease term. The lease term includes the noncancellable period of
lease together with any extension or termination options that are reasonably certain to
be\u00a0exercised.
Payments associated with short-term leases and all leases of low-value assets (under \u00a35,000)
are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are
leases with a lease term of 12 months or less. Low-value assets comprise largely small items of
office equipment.
The group as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially all
the risk and rewards of ownership to the lessee. All other leases are classified as operating
leases. Where the Group is an intermediate lessor, the sublease classification is assessed with
reference to the head lease right-of-use asset. Amounts due from lessees under finance leases
are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance
lease income is allocated to accounting periods so as to reflect a constant periodic rate of
return on the Group\u2019s net investment in the lease. Rental income from operating leases is
recognised on a straight-line basis over the lease term.
Impairment of non-financial assets
Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever\u00a0events or circumstances indicate that the carrying amount may not be recoverable.
Any impairment losses are included within \u2018net operating expenses\u2019 in the consolidated
income statement.
In addition, goodwill is not subject to amortisation but is tested at least annually for impairment.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount, the latter being the higher of the asset\u2019s fair value less costs to sell and
value in use. Value in use calculations are performed using cash flow projections, discounted
at a pre-tax rate which reflects the asset specific risks and the time value of money. Impairment
losses are recognised on goodwill within the cash generating unit.
Non-financial assets, other than goodwill, which have previously been impaired, are reviewed
for possible reversal of the impairment at each reporting date. Impairment of inventories are
considered separately. Impairment losses are recognised against goodwill within the cash
generating units before non-financial assets are impaired.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure
incurred in bringing inventories to their present location and condition. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution. Used vehicles are carried at the lower of cost or
fair value less costs to sell, generally based on external market data available for used vehicles.
Parts inventory is valued at weighted average cost.
Vehicles held on consignment are included within inventories as the Group is considered to
have the risks and rewards of ownership. The corresponding liability is included within \u2018trade
and other payables\u2019.
Inventory can be held on deferred payment terms. All costs associated with this deferral are
expensed to finance costs over the period of the financing.
An inventory provision is recognised in situations where net realisable value is likely to be less
than cost (such as obsolescence, deterioration, fall in selling price). When calculating the
provision, management considers the nature and condition of the inventory, as well as
applying assumptions around anticipated saleability, determined on conditions that exist at the
end of the reporting period. With the exception of parts, generally net realisable value
adjustments are applied on an item-by-item basis.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the
ordinary course of business. These are recognised as current assets if collection is due in one
year or less. If collection is due in over a year, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for
impairment is established based on an expected credit loss model under IFRS 9 Financial
Instruments. The amount of the provision is the difference between the asset\u2019s carrying amount
and the expected value of the amounts to be received.
The provision for impairment of receivables is based on lifetime expected credit losses. Lifetime
expected credit losses are calculated by assessing historic credit loss experience, adjusted for
factors specific to the receivable and company. The amount of the loss is recognised in the
consolidated income statement within \u2018net operating expenses\u2019. When a trade receivable is
not collectible, it is written off against the allowance account for trade receivables.
Subsequent recoveries of amounts previously written off are credited against \u2018net operating
expenses\u2019 in the consolidated income statement.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business. These are classified as current liabilities if payment is due in one
year or less. If payment is due at a later date, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method.
Trade payables include the liability for vehicles held on consignment, with the corresponding
asset included within inventories. Included within trade and other payables are payments
received on account. These are deposits received from customers, in relation to orders taken
but not yet delivered, and represent an obligation to deliver a vehicle to a customer.
Pensions and other post-retirement benefits
The Group operates a number of retirement benefit schemes.
The major schemes are defined benefit pension funds with assets held separately from the
Group. The cost of providing benefits under the plans is determined separately for each plan
using the projected unit credit actuarial valuation method.
The current service cost and gains and losses on settlements and curtailments are included in
\u2018cost of sales\u2019 or \u2018net operating expenses\u2019 in the consolidated income statement. Past service
costs are similarly recognised in the consolidated income statement. Administrative scheme
expenses associated with the plans are recorded within \u2018net operating expenses\u2019 when
incurred, in line with IAS 19 Employee Benefits (revised). Net interest income or interest cost
relating to the funded defined benefit pension plans is included within \u2018finance income\u2019 or
\u2018finance costs\u2019, as relevant, in the consolidated income statement.
Changes in the retirement benefit obligation or asset due to experience and changes in
actuarial assumptions are included in the consolidated statement of comprehensive income,
as actuarial gains and losses, in full in the period in which they arise.
Where scheme assets exceed the defined benefit obligation, a net asset is only recognised to
the extent that an economic benefit is available to the Group, in accordance with the terms of
the scheme and, where relevant, statutory requirements.
The Group\u2019s contributions to defined contribution plans are charged to the consolidated
income statement in the period to which the contributions relate.
The Group also has a liability in respect of past employees under post-retirement healthcare
schemes which have been closed to new entrants. These schemes are accounted for on a
similar basis to that for defined benefit pension plans in accordance with the advice of
independent qualified actuaries.
Following the scheme merger which is now referred to as the \u2018Combined section\u2019, and sits
alongside the Group section, a change was made to the trustees deeds whereby it was
stipulated, in the event of a wind-up any pension surplus belonging to the Group section would
be returned to the Combined section in the first instance instead of being directly returned to
the principal employer. The Group takes the view that any surplus in the Combined section
ultimately belongs to the Principal employer, therefore judgement has been taken to recognise
the pension surplus for the scheme in full.
Provisions
Provisions are recognised when the Group has a present obligation in respect of a past event,
when it is more likely than not that an outflow of resources will be required to settle the
obligation and where the amount can be reliably estimated. Provisions are discounted when
the time value of money is considered to be material, using an appropriate risk-free rate on
government bonds.
Product warranty provision
A product warranty provision corresponds to warranties provided as part of the sale of a
vehicle and provide assurance to the customer that the product will work as sold. Provision is
made for the expected cost of labour and parts based on historical claims experience and
expected future trends.
Leasehold property provision\u00a0
A leasehold property provision is recognised when the Group is committed to certain leasehold
premises for which it no longer has a commercial use. It is made to the extent of the estimated
future net cost, excluding the lease liability already recognised under IFRS 16 Leases. A
leasehold property provision is also recognised when there is future obligation relating to the
maintenance of leasehold properties. The provision is based on management\u2019s best estimate
of the obligation which forms part of the Group\u2019s unavoidable cost of meeting its obligations
under the lease contracts.
Litigation provision\u00a0
A litigation provision is recognised when a litigation case is outstanding at the end of the
reporting period and there is a likelihood that the legal claim will be settled.
Restructuring provision\u00a0
A restructuring provision is recognised when a detailed formal plan for the restructuring has
been developed and a valid expectation has been raised in those affected that it will carry
out the restructuring by starting to implement the plan or announcing its main features to those
affected by it. The measurement of a restructuring provision includes only the direct
expenditures arising from the restructuring, which are those amounts that are both necessarily
entailed by the restructuring and not associated with ongoing activities of the Group.
Disposal group and assets held for sale
Where the Group is committed to a plan to sell and is actively marketing a business and
disposal is expected within one year of the date of classification as held for sale, the assets and
liabilities of the associated businesses are separately disclosed in the consolidated statement of
financial position as a disposal group. Assets and liabilities are classified as assets held for sale if
their carrying amount is to be recovered principally through a sale transaction rather than
through continuing use. Both disposal groups and assets and liabilities held for sale are stated
at the lower of their carrying amount and fair value less costs to sell.
Segmental reporting
Segment information is reported in accordance with IFRS 8 Operating Segments, which requires
segmental reporting to be presented on the same basis as the internal management reporting.
The Group\u2019s operating segments are groups of countries and the market channel, Distribution.
These operating segments are then aggregated into reporting segments to combine those
with similar characteristics. The accounting policies of the reportable segments are the same as
the Group\u2019s accounting policies described in this note. Comparative amounts have been
reclassified as explained in note 1.
Financial instruments
The Group classifies its financial assets in the following categories: measured at amortised cost;
measured at fair value through profit and loss; and measured at fair value through other
comprehensive income. Classification and subsequent remeasurement depends on the
Group\u2019s business model for managing the financial asset and its cash flow characteristics.
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost.
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or
determinable payments that are not quoted in an active market. Financial assets are included
in current assets, except where the maturity date is more than 12 months after the end of the
reporting period. They are initially recorded at fair value and subsequently recorded at
amortised cost. Financial liabilities are included in current liabilities, except where the maturity
date is more than 12 months after the end of the reporting period. Financial liabilities with a
maturity date that is more than 12 months after the end of the reporting period and subject to
a covenant are classified as non-current where the Group is compliant with that covenant at
the reporting date.
Measured at fair value through profit and loss includes derivative financial assets and liabilities,
which are further explained below. They are classified according to maturity date, within
current and non-current assets and liabilities respectively.
Measured at fair value through other comprehensive income includes certain financial assets
at fair value such as bonds and equity investments. These financial assets are included in
current assets, except where the maturity date is more than 12 months after the end of the
reporting period. Financial assets at fair value through other comprehensive income are
classified as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period and are held at fair value.
Cash and cash equivalents
Cash and cash equivalents in the consolidated statement of financial position comprise cash
at bank and in hand, short-term bank deposits and cash and cash equivalents included in
disposal groups held for sale. Short-term bank deposits have a maturity of less than three
months from the date at which the investment is acquired. In the consolidated statement of
cash flows, cash and cash equivalents comprise cash and cash equivalents, as defined above,
net of bank overdrafts.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income are primarily equity
instruments that are recognised initially at fair value (including costs to acquire) and re-
measured subsequently with gains and losses recognised directly in other comprehensive
income. Cumulative gains and losses are recycled to the Group income statement on disposal.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are
subsequently stated at amortised cost. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the consolidated income
statement over the period of the borrowings, using the effective interest method.
Offsetting
Netting in the consolidated statement of financial position only occurs to the extent that there
is the legal ability and intention to settle net. As such, bank overdrafts are presented in current
liabilities to the extent that there is no intention to offset with the cash balance.
Derivative financial instruments
An outline of the objectives, policies and strategies pursued by the Group in relation to its
financial instruments is set out in note 23 to the consolidated financial statements.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently re-measured at their fair value. The method of recognising the resulting
gain or loss depends on whether the derivative is designated as a hedging instrument, and if
so, the nature of the item being hedged. Derivative financial instruments are derecognised
when they are settled. The Group designates certain derivatives as:
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value
hedge); or
\u2022 hedges of a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction (cash flow hedge).
Fair value hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges
are recorded in the consolidated income statement, together with any changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk. The Group only
applies fair value hedge accounting for hedging fixed interest risk on borrowings and future
fixed amount currency liabilities (on its cross-currency interest rate swaps). The gain or loss
relating to the effective portion of interest rate swaps hedging fixed rate borrowings and
changes in the fair value of those borrowings is recognised in the consolidated income
statement within \u2018finance costs\u2019. The gain or loss relating to the ineffective portion is also
recognised in the consolidated income statement within \u2018finance costs\u2019.
Cash flow hedge
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that is determined to be an effective hedge is recognised
directly in other comprehensive income and the ineffective portion is recognised within \u2018net
operating expenses\u2019 in the consolidated income statement. When the hedged forecast
transaction results in the recognition of a non-financial asset or liability then, at the time the
asset or liability is recognised, the associated gains or losses that had previously been
recognised in other comprehensive income are included in the initial measurement of the
acquisition cost or other carrying amount of the asset or liability. For all other cash flow hedges,
the gains or losses that are recognised in other comprehensive income are transferred to the
consolidated income statement in the same period in which the hedged forecast transaction
affects the consolidated income statement.
Share capital
Ordinary shares are classified as equity. Where the Group purchases the Group\u2019s equity share
capital (treasury shares), the consideration paid is deducted from shareholders\u2019 equity until the
shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold or
reissued, any consideration received is included in shareholders\u2019 equity.
Dividends
Final dividends proposed by the Board of Directors and unpaid at the year-end are not
recognised in the consolidated financial statements until they have been approved by the
shareholders at the Annual General Meeting. Interim dividends are recognised when they
are\u00a0paid.
Critical accounting judgements and sources of estimation uncertainty
The preparation of financial statements in accordance with generally accepted accounting
principles requires the use of estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these estimates are based on
management\u2019s best knowledge, actual results may ultimately differ from those estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. The Directors have
made a number of estimates and assumptions regarding the future, and made some
significant judgements in applying the Group\u2019s accounting policies. These are discussed below:
Sources of estimation uncertainty\u00a0
The key assumptions about the future, and other key sources of estimation uncertainties at the
reporting period end that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next period are discussed below:
Impairment of goodwill and indefinite life intangible assets
Goodwill and other indefinite life intangible assets are tested at least annually for impairment.
When an impairment review is carried out, the recoverable value is determined based on
value in use calculations which require the use of estimates, including projected future cash
flows (see note 10).
The value in use calculations mainly use cash flow projections based on three-year financial
forecasts prepared by management. The key assumptions for these forecasts are those relating
to volumes, revenue, gross margins, the level of working capital required to support trading,
discount rates, long-term growth rate and capital expenditure. For all CGU groups, cash flows
after the three-year period are extrapolated for a further seven years using declining growth
rates which reduces the year three growth rate down to the long-term growth rate appropriate
for each CGU or CGU group, to better reflect the medium-term growth expectations for those
markets. A terminal value calculation is used to estimate the cash flows after year 10 using
these long-term growth rates.
The assumptions used in the value in use calculations are based on past experience, recent
trading, and forecasts of operational performance in the relevant markets. They also reflect
expectations about continuing relationships with key mobility partners and the impact climate
change may have on its operations. Whilst at this stage there is significant uncertainty
regarding what the long-term impact of climate change initiatives may be on the markets in
which we operate, the forecasts reflect our best estimate. Key assumptions and sensitivities are
disclosed in note 10.
Pensions and other post-retirement benefits \u2013 assumptions\u00a0
Pension and other post-retirement benefit liabilities are determined based on the actuarial
assumptions detailed in note 5. A number of these assumptions require estimates to be made,
including the rate of inflation and expected mortality rates. These assumptions are subject to a
review on an annual basis and are determined in conjunction with an external actuary. The use
of different assumptions could have a material effect on the value of the relevant liabilities and
could result in a material change to amounts recognised in the income statement over time.
Key assumptions and sensitivities for post-employment benefit obligations are disclosed in
note\u00a05.
Pensions \u2013 discount rate
The Group\u2019s defined benefit obligations are discounted at a rate set by reference to market
yields at the end of the reporting period on high quality corporate bonds. Significant
judgement is required when setting the criteria for bonds to be included in the population from
which the yield curve is derived. The most significant criteria considered for the selection of
bonds include the issue size of the corporate bonds, quality of the bonds and the identification
of outliers which are excluded. Key assumptions and sensitivities for post-employment benefit
obligations are disclosed in note 5.
Critical accounting judgements
Right-of-use assets and lease liabilities \u2013 extension and termination options
In determining the lease term, management considers all facts and circumstances that create
an economic incentive to exercise an extension option, or not exercise a termination option.
Extension options (or periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated).
The Group has several retail, distribution and office property lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is
reasonably certain whether or not to exercise the option to renew or terminate the lease. All
relevant factors are considered that create an economic incentive for it to exercise either the
renewal or termination, including: whether there are significant penalties to terminate (or not
extend); whether any leasehold improvements are expected to have a significant remaining
value; historical lease durations; the importance of the underlying asset to the Group\u2019s
operations; and the costs and business disruption required to replace the leased asset.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee. Refer to note 12
for additional disclosures relating to leases.
Adjusting items\u00a0
The Group believes that adjusted profit and earnings per share measures provide additional
useful information to shareholders on the performance of the business. These measures are
consistent with how business performance is measured internally by the Board and Executive
Committee. Alternative performance measures, such as the operating profit before adjusting
items and profit before tax and adjusting items, are not recognised profit measures under IFRS
and may not be directly comparable with such profit measures used by other companies. They
may also exclude significant recurring business transactions that impact financial performance
and cash flows. The classification of adjusting items requires significant management
judgement after considering the nature and intentions of a transaction. The Group\u2019s definitions
of adjusting items are outlined within the Group accounting policies and note 2 provides further
details on current year adjusting items and their adherence to Group policy.
Classification of vehicle funding arrangements
The Group finances the purchase of vehicles using vehicle funding facilities provided by various
lenders including the captive finance companies associated with mobility partners. In assessing
whether the liabilities arising under these arrangements should be classified within trade and
other payables rather than as an additional component of the Group\u2019s net debt within
borrowings, the Group considers a number of factors including whether the arrangement is a
requirement of the relationship with the mobility company partner, in relation to specific,
separately identifiable vehicles held as inventory and whether payment terms are consistent
with the normal working capital cycle or until the specific vehicle being funded is sold to the
end customer. Each agreement entered into has its own terms and conditions and determining
whether a new or renewed arrangement should be classified within trade and other payables
requires significant management judgement. See also note 20.
Assignment of an indefinite useful life to distribution agreements
The Group\u2019s principal intangible assets relate to relationships with manufacturers for the
distribution of new vehicles and parts. As at 31 December 2024, these distribution agreements
were assigned an indefinite useful life as although these agreements have limited terms, they
have historically been renewed by the Group without substantial cost and the Group\u2019s history
shows that mobility company partners have not terminated any material distribution
agreements. Following the announcement of the Accelerate+ strategy the Group is
considering what impact, if any, this may have on the judgement to assign an indefinite useful
life to distribution agreement assets for the financial year ended 31 December 2025. Should
any change arise, this will be made prospectively and be accounted for as a change in
accounting estimate. Refer to note 10 for details of indefinite-life distribution agreement
intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
General information
Inchcape plc is a public company limited by shares, domiciled and incorporated in the UK,
and registered in England and Wales. The address of the registered office is 22a St James\u2019s
Square, London, SW1Y 5LP. The nature of the Group\u2019s operations and principal activities are set
out in note 1 and on pages 2 to 61.
The Group consolidated financial statements have been prepared in accordance with UK-
adopted International Financial Reporting Standards (IFRS) and the Companies Act 2006
applicable to companies reporting under IFRS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "Inchcape plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "Inchcape plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "22a St James\u2019s Square, London, SW1Y 5LP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
The Group consolidated financial statements have been prepared in accordance with UK-
adopted International Financial Reporting Standards (IFRS) and the Companies Act 2006
applicable to companies reporting under IFRS.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "
Accounting convention
The consolidated financial statements have been prepared under the historical cost
convention, except for financial assets at fair value through other comprehensive income, and
those financial assets and financial liabilities (including derivative instruments) held at fair value
through profit or loss, which are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "
Going concern
Based on the Group\u2019s cash flow forecasts and projections, the Board is satisfied that the Group
will operate within the level of its committed facilities for the foreseeable future. For this reason,
the Board continues to adopt the going concern basis in preparing its financial statements. In
making this assessment, the Group has considered available liquidity in relation to net debt and
committed facilities, the Group\u2019s latest forecasts for 2025 and 2026 cash flows, together with
adjusted scenarios.
Committed bank facilities and Private Placement borrowings amount to \u00a31,040m, of which
\u00a3195m was drawn at 31 December 2024. In June 2023, the Group issued a \u00a3350m bond offering
with a coupon of 6.5%, due to mature in June 2028.
The Private Placement loan notes are subject to an interest cover covenant based on an
adjusted EBITA measure to interest on consolidated borrowings measured on a trailing 12-
month basis at June and December.
The latest Group forecasts for 2025 and 2026 indicate that the Group is expected to be
compliant with this covenant throughout the forecast period and have sufficient liquidity to
continue operating throughout that period.
A range of sensitivities has been applied to the forecasts to assess the Group\u2019s compliance with
its covenant requirements over the forecast period. These sensitivities included:
\u2022 a 12-month reduction in New and Used revenue from July 2025, resulting from decreasing
consumer demand in response to fiscal tightening and resulting economic downturns;
\u2022 a reduction in reported GBP earnings from July to December 2025 resulting from the
strengthening of the sterling relative to other currencies;
\u2022 a general liquidity reduction impacting working capital from January 2026;
\u2022 with no mitigating actions applied in relation to the sensitivities described above.
In a scenario where all of the above sensitivities occur at the same time, the Group has
modelled the possibility of the interest cover covenant being breached in 2025 and 2026. With
the interest cover covenant measured on a trailing 12-month basis, the sensitised forecasts
indicate that the Group is not expected to breach any covenants and would be compliant
with the interest cover requirements throughout the forecast period. Additionally, under these
circumstances, the Group expects to have sufficient funds to meet cash flow requirements.
A reverse stress test scenario analysis, concluded that a set of circumstances in which the
Group would breach its covenant or have insufficient funds to meet cash flow requirements
are considered to be remote, relative to the sensitivities referred to above.
Therefore, the board concluded that the Group will be able to operate within the level of its
committed facilities for the foreseeable future. The directors consider it appropriate to adopt
the going concern basis of accounting in preparing the financial statements for the year
ending 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-423": { "value": "
Newly adopted accounting standards
From 1 January 2024, the following standards become effective in the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 1 - Non-current liabilities with covenants
\u2022 Amendments to IAS 1 - Classification of liabilities as current or non-current
\u2022 Amendments to IFRS 16 - Leases on sale and leaseback
\u2022 Amendments to IAS 7 and IFRS 7 - Supplier finance
\u2022 Amendments due to Finance (No. 2) Act 2023 for Pillar Two income inclusion (IIR)
The adoption of the standards and interpretations listed above has not led to any material
impact on the financial position or performance of the Group.
The Group has applied the amendments to IAS7 and IFRS 7 for the first time in the current year.
The amendments add a disclosure objective to IAS 7 stating that an entity is required to
disclose information about its supplier finance arrangements that enables users of financial
statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows.
In addition, IFRS 7 is amended to add supplier finance arrangements as an example within the
requirements to disclose information about an entity\u2019s exposure to concentration of liquidity
risk. The Group has entered into vehicle funding arrangements to fund the purchase of vehicles
(see note 20).
The Group has not early adopted other standards, amendments to standards or interpretations
that have been issued but are not yet effective.
Standards not effective at the balance sheet date
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group, and will be applied for the
Group\u2019s financial years commencing on or after 1 January 2025:
\u2022 Amendments to IAS 21 - Lack of exchangeability;
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements; and
\u2022 IFRS 19 - Subsidiaries without public accountability.
Management are currently reviewing the new standards to assess the impact that they may
have on the Group\u2019s reported position and performance. Management do not expect that
the adoption of the standards listed above will have a material impact on the financial
statements of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "
Newly adopted accounting standards
From 1 January 2024, the following standards become effective in the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 1 - Non-current liabilities with covenants
\u2022 Amendments to IAS 1 - Classification of liabilities as current or non-current
\u2022 Amendments to IFRS 16 - Leases on sale and leaseback
\u2022 Amendments to IAS 7 and IFRS 7 - Supplier finance
\u2022 Amendments due to Finance (No. 2) Act 2023 for Pillar Two income inclusion (IIR)
The adoption of the standards and interpretations listed above has not led to any material
impact on the financial position or performance of the Group.
The Group has applied the amendments to IAS7 and IFRS 7 for the first time in the current year.
The amendments add a disclosure objective to IAS 7 stating that an entity is required to
disclose information about its supplier finance arrangements that enables users of financial
statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows.
In addition, IFRS 7 is amended to add supplier finance arrangements as an example within the
requirements to disclose information about an entity\u2019s exposure to concentration of liquidity
risk. The Group has entered into vehicle funding arrangements to fund the purchase of vehicles
(see note 20).
The Group has not early adopted other standards, amendments to standards or interpretations
that have been issued but are not yet effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-424": { "value": "
Standards not effective at the balance sheet date
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group, and will be applied for the
Group\u2019s financial years commencing on or after 1 January 2025:
\u2022 Amendments to IAS 21 - Lack of exchangeability;
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements; and
\u2022 IFRS 19 - Subsidiaries without public accountability.
Management are currently reviewing the new standards to assess the impact that they may
have on the Group\u2019s reported position and performance. Management do not expect that
the adoption of the standards listed above will have a material impact on the financial
statements of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
The consolidated financial statements comprise the financial statements of the parent
company (Inchcape plc) and all of its subsidiary undertakings (defined as those where the
Group has control), together with the Group\u2019s share of the results of its joint ventures (defined
as those where the Group has joint control) and associates (defined as those where the Group
has significant influence but not control). The results of subsidiaries are consolidated and the
Group\u2019s share of results of its joint ventures and associates is equity accounted for as of the
same reporting date as the parent company, using consistent accounting policies.
The results of newly acquired subsidiaries are consolidated using the acquisition method of
accounting from the date on which control of the net assets and operations of the acquired
company are effectively transferred to the Group. Similarly, the results of subsidiaries disposed
of cease to be consolidated from the date on which control of the net assets and operations is
transferred out of the Group.
The Group treats transactions with non-controlling interests as transactions with equity owners of
the Group. For purchases from non-controlling interests, the difference between any
consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Investments in joint ventures and associates are accounted for using the equity method,
whereby the Group\u2019s share of post-acquisition profits or losses is recognised in the consolidated
income statement, and its share of post-acquisition movements in shareholders\u2019 equity is
recognised in shareholders\u2019 equity. If the Group\u2019s share of losses in a joint venture or associate
equals or exceeds its investment in the joint venture or associate, the Group does not recognise
further losses, unless it has contractual obligations or made payments on behalf of the joint
venture or associate.
Intercompany balances and transactions and any unrealised profits arising from intercompany
transactions are eliminated in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "
Transactions included in the results of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in sterling, which is the
functional currency of the parent company, Inchcape plc, and the presentation currency of
the Group.
In the individual entities, transactions in foreign currencies are translated into the functional
currency at the rates of exchange prevailing at the dates of the individual transactions.
Monetary assets and liabilities denominated in foreign currencies are subsequently retranslated
at the rate of exchange ruling at the end of the reporting period. All differences are taken to
the consolidated income statement, except those exchange differences arising on long-term
foreign currency borrowings that form part of a net investment in a foreign investment, which
on consolidation are taken directly to other comprehensive income.
The assets and liabilities of foreign operations are translated into sterling at the rate of
exchange ruling at the end of the reporting period. The income statements and cash flows of
foreign operations are translated into sterling at the average rates of exchange for the period,
except for subsidiaries in hyperinflationary economies that are translated at the closing rate of
exchange at the end of the period. Exchange differences arising from 1 January 2004 are
recognised as a separate component of shareholders\u2019 equity. On disposal of a foreign
operation, any cumulative exchange differences held in shareholders\u2019 equity are transferred to
the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "
Transactions included in the results of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in sterling, which is the
functional currency of the parent company, Inchcape plc, and the presentation currency of
the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step
model to be applied to all sales contracts. It is based on the transfer of control of goods and
services to customers and requires the identification and assessment of the satisfaction of
delivery of each performance obligation in contracts in order to recognise revenue. Where
separate performance obligations are identified in a single contract, total revenue is allocated
on the basis of relative stand-alone selling prices to each performance obligation, or
management\u2019s best estimate of relative value where stand-alone selling prices do not exist.
Revenue is measured at the fair value of consideration receivable, net of any discounts,
rebates, trade allowances, incentives, or amounts collected on behalf of third parties. It is
recognised to the extent that the transfer of promised goods or services to a customer has
been satisfied and the revenue can be reliably measured. Revenue excludes sales-related
taxes and intra-group transactions. In practice this means that:
Revenue from sale of goods
Revenue from the sale of goods is recognised when the control, risks and rewards of ownership
of the goods have been transferred to the customer. The performance obligation to transfer
goods to the customer is considered to have been satisfied when the vehicles or parts are
invoiced and physically dispatched or collected. Revenue is also recognised in circumstances
where goods are available for delivery, but the customer has requested that delivery does not
take place, has confirmed ownership of the goods and assumed responsibility for the
associated risks. Consideration received in advance of transfer of goods is recognised as
deferred revenue on the balance sheet and is subsequently recognised as revenue when the
transfer of goods occurs.
Revenue from rendering of services
Revenue from the rendering of services to the customer is considered to have been satisfied
when the service has been performed.\u00a0
Group acts as an agent
Where the Group acts as an agent on behalf of a principal in relation to finance, insurance, and
similar products, the associated commission income is recognised within revenue in the period in
which the activity which generated the commission was performed.
Sales with a repurchase commitment
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is highly likely, as the customer has a
significant economic incentive to exercise the buyback, the transaction is recognised as a
lease transaction with the Group acting as a lessor. Consequently, such vehicles are
recognised within \u2018property, plant and equipment\u2019 in the consolidated statement of financial
position at cost and are depreciated to their residual value over the period of the repurchase
commitment. The difference between the\u00a0 initial amounts received from the customer and the
repurchase commitment is recognised as deferred income in the consolidated statement of
financial position and is released to the consolidated income statement on a straight-line basis
over the life of the arrangement. The repurchase commitment, which reflects the price at
which the vehicle will be bought back, is held within \u2018trade and other payables\u2019, according to
the date of the commitment.
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is not highly likely, revenue is recognised in full
when the vehicle is sold, less the expected value of the buyback payments to be made which
is recorded as a liability in the consolidated statement of financial position. Similarly, an
estimate of the value of the vehicles to be returned is deducted from cost of sales and
recognised as an asset in the consolidated statement of financial position
Sale of additional services
Where additional services are included in the sale of a vehicle to a customer as part of the
total vehicle package (e.g. extended warranty, free servicing, roadside assistance, fuel
coupons etc) and the Group is acting as a principal in the fulfilment of the service, the value of
the additional services is separately identified, deducted from consideration receivable,
recognised as deferred revenue on the balance sheet and subsequently recognised as
revenue when the service is provided, or recognised on an input basis with reference to the
amount of time elapsed under the contract to which the service relates. These balances are
considered to be contract liabilities. The consideration allocated to additional services is based
on the relative stand-alone selling price of the additional services within the contract. The value
assigned to the additional service is set equal to the value of the additional service being
provided, being the expected cost to the entity plus an appropriate profit margin.
Accrued income
Amounts relating to accrued income are balances primarily due from manufacturers in relation
to volume/ target related bonuses or commissions or warranty related where the work has
been completed prior to being invoiced. Any amount previously recognised as accrued
income is reclassified to trade receivables after invoicing.
Dividend income
Dividend income is recognised when the right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "
The Group operates various share-based award schemes. The fair value at the date at which
the share-based awards are granted is recognised in the consolidated income statement
(together with a corresponding credit in shareholders\u2019 equity) on a straight-line basis over the
vesting period, based on an estimate of the number of shares that will eventually vest. At the
end of each reporting period, the Group revises its estimates of the number of awards that are
expected to vest. The impact of any revision is recognised in the consolidated income
statement with a corresponding adjustment to equity.
For equity-settled share-based awards, the services received from employees are measured by
reference to the fair value of the awards granted. With the exception of the Group Save As
You Earn scheme, the vesting of all share-based awards under all schemes is solely reliant upon
non-market conditions, therefore no expense is recognised for awards that do not ultimately
vest. Where an employee or the Company cancels an award, the charge for that award is
recognised as an expense immediately, even though the award does not vest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "
Finance income is recognised when it is probable that the economic benefits will flow to the
Group and the amount of income can be measured reliably. It is accrued on a time basis by
reference to the principal outstanding and at the effective interest rate applicable.
Finance costs
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "
Finance income is recognised when it is probable that the economic benefits will flow to the
Group and the amount of income can be measured reliably. It is accrued on a time basis by
reference to the principal outstanding and at the effective interest rate applicable.
Finance costs
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-433": { "value": "
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-432": { "value": "
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "
The charge for current income tax is based on the results for the period as adjusted for items
which are not taxed or are disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.
The Group recognises provisions for uncertain tax positions in line with IFRIC 23 Uncertainty over
Income Tax Treatments when it is not probable that a tax authority will accept an uncertain tax
treatment used, or proposed to be used, in its income tax filings. Uncertain tax positions are
assessed and measured using management\u2019s estimate of the most likely outcome including an
assessment of whether uncertain tax positions should be considered separately or as a group.
Deferred income tax is accounted for using the liability method in respect of temporary
differences arising from differences between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference is due to the initial recognition of goodwill arising on
a business combination, or to an asset or liability, the initial recognition of which does not affect
either taxable or accounting income.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, joint ventures, and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled using rates enacted or substantively enacted at the end
of the reporting period. Deferred tax is charged or credited in the consolidated income
statement, except when it relates to items credited or charged directly to shareholders\u2019 equity,
in which case the deferred tax is also dealt with in shareholders\u2019 equity. Deferred tax assets and
liabilities are only offset where there is a legally enforceable right of offset of current tax assets
against current tax liabilities and if the deferred tax relates to income taxes levied by the same
tax authority.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-434": { "value": "
The charge for current income tax is based on the results for the period as adjusted for items
which are not taxed or are disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.
The Group recognises provisions for uncertain tax positions in line with IFRIC 23 Uncertainty over
Income Tax Treatments when it is not probable that a tax authority will accept an uncertain tax
treatment used, or proposed to be used, in its income tax filings. Uncertain tax positions are
assessed and measured using management\u2019s estimate of the most likely outcome including an
assessment of whether uncertain tax positions should be considered separately or as a group.
Deferred income tax is accounted for using the liability method in respect of temporary
differences arising from differences between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference is due to the initial recognition of goodwill arising on
a business combination, or to an asset or liability, the initial recognition of which does not affect
either taxable or accounting income.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, joint ventures, and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled using rates enacted or substantively enacted at the end
of the reporting period. Deferred tax is charged or credited in the consolidated income
statement, except when it relates to items credited or charged directly to shareholders\u2019 equity,
in which case the deferred tax is also dealt with in shareholders\u2019 equity. Deferred tax assets and
liabilities are only offset where there is a legally enforceable right of offset of current tax assets
against current tax liabilities and if the deferred tax relates to income taxes levied by the same
tax authority.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose of
impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating to
the business sold except for goodwill arising on business combinations on or before 31
December 1997 which has been deducted from shareholders\u2019 equity and remains indefinitely
in shareholders\u2019 equity.
Other intangible assets
Intangible assets, when acquired separately from a business (including computer software), are
carried at cost less accumulated amortisation and impairment losses. Cost comprises the
purchase price from third parties as well as internally generated development costs where
relevant. Amortisation is provided on a straight-line basis to allocate the cost of the asset over
its estimated useful life, which in the case of computer software is three to eight years.
Amortisation is recognised in the consolidated income statement within \u2018net operating
expenses\u2019. Software customisation and configuration costs relating to software not controlled
by the Group are expensed over the period such services are received.
Intangible assets acquired as part of a business combination are capitalised separately from
goodwill if the benefit of the intangible asset is obtained through contractual or other legal
rights and the fair value can be measured reliably on initial recognition. The principal intangible
assets are agreements with manufacturers for the distribution of new vehicles and parts, which
represent the estimated value of distribution rights acquired in business combinations. Such
agreements have varying terms and periods of renewal and have historically been renewed
without substantial cost. The Group therefore expects these agreements to be renewed on a
regular basis and accordingly no amortisation is charged on these assets. The Group assesses
these distribution rights for impairment on an annual basis.
Other intangible assets acquired in a business combination may include order banks and
customer contracts. These intangible assets are amortised on a straight-line basis over their
estimated useful life, which is between one and ten years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose of
impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating to
the business sold except for goodwill arising on business combinations on or before 31
December 1997 which has been deducted from shareholders\u2019 equity and remains indefinitely
in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose of
impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating to
the business sold except for goodwill arising on business combinations on or before 31
December 1997 which has been deducted from shareholders\u2019 equity and remains indefinitely
in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose of
impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating to
the business sold except for goodwill arising on business combinations on or before 31
December 1997 which has been deducted from shareholders\u2019 equity and remains indefinitely
in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
Intangible assets, when acquired separately from a business (including computer software), are
carried at cost less accumulated amortisation and impairment losses. Cost comprises the
purchase price from third parties as well as internally generated development costs where
relevant. Amortisation is provided on a straight-line basis to allocate the cost of the asset over
its estimated useful life, which in the case of computer software is three to eight years.
Amortisation is recognised in the consolidated income statement within \u2018net operating
expenses\u2019. Software customisation and configuration costs relating to software not controlled
by the Group are expensed over the period such services are received.
Intangible assets acquired as part of a business combination are capitalised separately from
goodwill if the benefit of the intangible asset is obtained through contractual or other legal
rights and the fair value can be measured reliably on initial recognition. The principal intangible
assets are agreements with manufacturers for the distribution of new vehicles and parts, which
represent the estimated value of distribution rights acquired in business combinations. Such
agreements have varying terms and periods of renewal and have historically been renewed
without substantial cost. The Group therefore expects these agreements to be renewed on a
regular basis and accordingly no amortisation is charged on these assets. The Group assesses
these distribution rights for impairment on an annual basis.
Other intangible assets acquired in a business combination may include order banks and
customer contracts. These intangible assets are amortised on a straight-line basis over their
estimated useful life, which is between one and ten years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
Property, plant and equipment is stated at cost less accumulated depreciation and
impairment losses. Cost comprises the purchase price and directly attributable costs of the
asset and includes, where relevant, capitalised borrowing costs. Depreciation is based on cost
less estimated residual value and is included within \u2018net operating expenses\u2019 in the
consolidated income statement, with the exception of depreciation on \u2018leased vehicles, rental
machinery and equipment\u2019 which is charged to \u2018cost of sales\u2019. It is provided on a straight-line
basis over the estimated useful life of the asset, except for freehold land which is not
depreciated. For the following categories, the annual rates used are:
Freehold buildings and long leasehold
buildings
2.0%
Short leasehold buildings
shorter of lease term or useful life
Plant, machinery and equipment
5.0% \u2013 33.3%
Leased vehicles, rental machinery and
equipment
over the lease term
The residual values and useful lives of all assets are reviewed at least at the end of each
reporting period and adjusted if necessary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "
The Group assesses whether a contract is, or contains a lease at inception of the contract. A
lease conveys the right to direct the use and obtain substantially all of the economic benefits
of an identified asset for a period of time in exchange for consideration.
The group as a lessee
Lease liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 variable lease payment that are based on an index or a rate, initially measured using the
index or rate as at the commencement date;
\u2022 amounts expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that
option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
Lease payments to be made under reasonably certain extension options are also included in
the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s
incremental borrowing rate is used, being the rate that the individual lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a
similar economic environment with similar terms, security, and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 uses a build-up approach that starts with a risk-free interest rate by market and currency;
\u2022 applies a credit risk, based on yields of comparable entities, to the determined risk-free
interest rate by market; and
\u2022 where applicable, makes adjustments specific to the lease, e.g. country, currency, security,
and term.
Lease liabilities are remeasured when there is a change in future lease payments as a result of
an index or rate change, or if there is a change in the estimate of the amount expected to be
payable under a residual value guarantee, or if there is a change in the assessment of whether
a purchase, lease-term extension or termination option will be exercised. When lease liabilities
are remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset or recorded in profit or loss if the carrying amount of the right-of-use asset has
been reduced to zero.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period to produce a constant periodic rate of interest
on the remaining balance of the liability for each period. Right-of-use assets are recognised at
the commencement date of the lease. Right-of-use assets comprising mainly land and
buildings are measured at cost less accumulated depreciation and impairment losses. The
costs include the amount of the initial measurement of the lease liability, any lease payments
made at or before the commencement date less lease incentives received, any direct costs
and an estimate of dismantling costs. The carrying amount is further adjusted for any
remeasurement of the lease liability. Depreciation is expensed to the income statement on a
straight-line basis over the lease term. The lease term includes the noncancellable period of
lease together with any extension or termination options that are reasonably certain to
be\u00a0exercised.
Payments associated with short-term leases and all leases of low-value assets (under \u00a35,000)
are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are
leases with a lease term of 12 months or less. Low-value assets comprise largely small items of
office equipment.
The group as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially all
the risk and rewards of ownership to the lessee. All other leases are classified as operating
leases. Where the Group is an intermediate lessor, the sublease classification is assessed with
reference to the head lease right-of-use asset. Amounts due from lessees under finance leases
are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance
lease income is allocated to accounting periods so as to reflect a constant periodic rate of
return on the Group\u2019s net investment in the lease. Rental income from operating leases is
recognised on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "
Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever\u00a0events or circumstances indicate that the carrying amount may not be recoverable.
Any impairment losses are included within \u2018net operating expenses\u2019 in the consolidated
income statement.
In addition, goodwill is not subject to amortisation but is tested at least annually for impairment.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount, the latter being the higher of the asset\u2019s fair value less costs to sell and
value in use. Value in use calculations are performed using cash flow projections, discounted
at a pre-tax rate which reflects the asset specific risks and the time value of money. Impairment
losses are recognised on goodwill within the cash generating unit.
Non-financial assets, other than goodwill, which have previously been impaired, are reviewed
for possible reversal of the impairment at each reporting date. Impairment of inventories are
considered separately. Impairment losses are recognised against goodwill within the cash
generating units before non-financial assets are impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "value": "
Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever\u00a0events or circumstances indicate that the carrying amount may not be recoverable.
Any impairment losses are included within \u2018net operating expenses\u2019 in the consolidated
income statement.
In addition, goodwill is not subject to amortisation but is tested at least annually for impairment.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount, the latter being the higher of the asset\u2019s fair value less costs to sell and
value in use. Value in use calculations are performed using cash flow projections, discounted
at a pre-tax rate which reflects the asset specific risks and the time value of money. Impairment
losses are recognised on goodwill within the cash generating unit.
Non-financial assets, other than goodwill, which have previously been impaired, are reviewed
for possible reversal of the impairment at each reporting date. Impairment of inventories are
considered separately. Impairment losses are recognised against goodwill within the cash
generating units before non-financial assets are impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure
incurred in bringing inventories to their present location and condition. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution. Used vehicles are carried at the lower of cost or
fair value less costs to sell, generally based on external market data available for used vehicles.
Parts inventory is valued at weighted average cost.
Vehicles held on consignment are included within inventories as the Group is considered to
have the risks and rewards of ownership. The corresponding liability is included within \u2018trade
and other payables\u2019.
Inventory can be held on deferred payment terms. All costs associated with this deferral are
expensed to finance costs over the period of the financing.
An inventory provision is recognised in situations where net realisable value is likely to be less
than cost (such as obsolescence, deterioration, fall in selling price). When calculating the
provision, management considers the nature and condition of the inventory, as well as
applying assumptions around anticipated saleability, determined on conditions that exist at the
end of the reporting period. With the exception of parts, generally net realisable value
adjustments are applied on an item-by-item basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "
Trade receivables are amounts due from customers for goods sold or services performed in the
ordinary course of business. These are recognised as current assets if collection is due in one
year or less. If collection is due in over a year, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for
impairment is established based on an expected credit loss model under IFRS 9 Financial
Instruments. The amount of the provision is the difference between the asset\u2019s carrying amount
and the expected value of the amounts to be received.
The provision for impairment of receivables is based on lifetime expected credit losses. Lifetime
expected credit losses are calculated by assessing historic credit loss experience, adjusted for
factors specific to the receivable and company. The amount of the loss is recognised in the
consolidated income statement within \u2018net operating expenses\u2019. When a trade receivable is
not collectible, it is written off against the allowance account for trade receivables.
Subsequent recoveries of amounts previously written off are credited against \u2018net operating
expenses\u2019 in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "value": "
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business. These are classified as current liabilities if payment is due in one
year or less. If payment is due at a later date, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method.
Trade payables include the liability for vehicles held on consignment, with the corresponding
asset included within inventories. Included within trade and other payables are payments
received on account. These are deposits received from customers, in relation to orders taken
but not yet delivered, and represent an obligation to deliver a vehicle to a customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "
The Group operates a number of retirement benefit schemes.
The major schemes are defined benefit pension funds with assets held separately from the
Group. The cost of providing benefits under the plans is determined separately for each plan
using the projected unit credit actuarial valuation method.
The current service cost and gains and losses on settlements and curtailments are included in
\u2018cost of sales\u2019 or \u2018net operating expenses\u2019 in the consolidated income statement. Past service
costs are similarly recognised in the consolidated income statement. Administrative scheme
expenses associated with the plans are recorded within \u2018net operating expenses\u2019 when
incurred, in line with IAS 19 Employee Benefits (revised). Net interest income or interest cost
relating to the funded defined benefit pension plans is included within \u2018finance income\u2019 or
\u2018finance costs\u2019, as relevant, in the consolidated income statement.
Changes in the retirement benefit obligation or asset due to experience and changes in
actuarial assumptions are included in the consolidated statement of comprehensive income,
as actuarial gains and losses, in full in the period in which they arise.
Where scheme assets exceed the defined benefit obligation, a net asset is only recognised to
the extent that an economic benefit is available to the Group, in accordance with the terms of
the scheme and, where relevant, statutory requirements.
The Group\u2019s contributions to defined contribution plans are charged to the consolidated
income statement in the period to which the contributions relate.
The Group also has a liability in respect of past employees under post-retirement healthcare
schemes which have been closed to new entrants. These schemes are accounted for on a
similar basis to that for defined benefit pension plans in accordance with the advice of
independent qualified actuaries.
Following the scheme merger which is now referred to as the \u2018Combined section\u2019, and sits
alongside the Group section, a change was made to the trustees deeds whereby it was
stipulated, in the event of a wind-up any pension surplus belonging to the Group section would
be returned to the Combined section in the first instance instead of being directly returned to
the principal employer. The Group takes the view that any surplus in the Combined section
ultimately belongs to the Principal employer, therefore judgement has been taken to recognise
the pension surplus for the scheme in full.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-449": { "value": "
Provisions
Provisions are recognised when the Group has a present obligation in respect of a past event,
when it is more likely than not that an outflow of resources will be required to settle the
obligation and where the amount can be reliably estimated. Provisions are discounted when
the time value of money is considered to be material, using an appropriate risk-free rate on
government bonds.
Product warranty provision
A product warranty provision corresponds to warranties provided as part of the sale of a
vehicle and provide assurance to the customer that the product will work as sold. Provision is
made for the expected cost of labour and parts based on historical claims experience and
expected future trends.
Leasehold property provision\u00a0
A leasehold property provision is recognised when the Group is committed to certain leasehold
premises for which it no longer has a commercial use. It is made to the extent of the estimated
future net cost, excluding the lease liability already recognised under IFRS 16 Leases. A
leasehold property provision is also recognised when there is future obligation relating to the
maintenance of leasehold properties. The provision is based on management\u2019s best estimate
of the obligation which forms part of the Group\u2019s unavoidable cost of meeting its obligations
under the lease contracts.
Litigation provision\u00a0
A litigation provision is recognised when a litigation case is outstanding at the end of the
reporting period and there is a likelihood that the legal claim will be settled.
Restructuring provision\u00a0
A restructuring provision is recognised when a detailed formal plan for the restructuring has
been developed and a valid expectation has been raised in those affected that it will carry
out the restructuring by starting to implement the plan or announcing its main features to those
affected by it. The measurement of a restructuring provision includes only the direct
expenditures arising from the restructuring, which are those amounts that are both necessarily
entailed by the restructuring and not associated with ongoing activities of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-451": { "value": "
Where the Group is committed to a plan to sell and is actively marketing a business and
disposal is expected within one year of the date of classification as held for sale, the assets and
liabilities of the associated businesses are separately disclosed in the consolidated statement of
financial position as a disposal group. Assets and liabilities are classified as assets held for sale if
their carrying amount is to be recovered principally through a sale transaction rather than
through continuing use. Both disposal groups and assets and liabilities held for sale are stated
at the lower of their carrying amount and fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "value": "
Where the Group is committed to a plan to sell and is actively marketing a business and
disposal is expected within one year of the date of classification as held for sale, the assets and
liabilities of the associated businesses are separately disclosed in the consolidated statement of
financial position as a disposal group. Assets and liabilities are classified as assets held for sale if
their carrying amount is to be recovered principally through a sale transaction rather than
through continuing use. Both disposal groups and assets and liabilities held for sale are stated
at the lower of their carrying amount and fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-452": { "value": "
Segment information is reported in accordance with IFRS 8 Operating Segments, which requires
segmental reporting to be presented on the same basis as the internal management reporting.
The Group\u2019s operating segments are groups of countries and the market channel, Distribution.
These operating segments are then aggregated into reporting segments to combine those
with similar characteristics. The accounting policies of the reportable segments are the same as
the Group\u2019s accounting policies described in this note. Comparative amounts have been
reclassified as explained in note 1.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-453": { "value": "
The Group classifies its financial assets in the following categories: measured at amortised cost;
measured at fair value through profit and loss; and measured at fair value through other
comprehensive income. Classification and subsequent remeasurement depends on the
Group\u2019s business model for managing the financial asset and its cash flow characteristics.
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost.
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or
determinable payments that are not quoted in an active market. Financial assets are included
in current assets, except where the maturity date is more than 12 months after the end of the
reporting period. They are initially recorded at fair value and subsequently recorded at
amortised cost. Financial liabilities are included in current liabilities, except where the maturity
date is more than 12 months after the end of the reporting period. Financial liabilities with a
maturity date that is more than 12 months after the end of the reporting period and subject to
a covenant are classified as non-current where the Group is compliant with that covenant at
the reporting date.
Measured at fair value through profit and loss includes derivative financial assets and liabilities,
which are further explained below. They are classified according to maturity date, within
current and non-current assets and liabilities respectively.
Measured at fair value through other comprehensive income includes certain financial assets
at fair value such as bonds and equity investments. These financial assets are included in
current assets, except where the maturity date is more than 12 months after the end of the
reporting period. Financial assets at fair value through other comprehensive income are
classified as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period and are held at fair value.
Offsetting
Netting in the consolidated statement of financial position only occurs to the extent that there
is the legal ability and intention to settle net. As such, bank overdrafts are presented in current
liabilities to the extent that there is no intention to offset with the cash balance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-454": { "value": "
The Group classifies its financial assets in the following categories: measured at amortised cost;
measured at fair value through profit and loss; and measured at fair value through other
comprehensive income. Classification and subsequent remeasurement depends on the
Group\u2019s business model for managing the financial asset and its cash flow characteristics.
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost.
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or
determinable payments that are not quoted in an active market. Financial assets are included
in current assets, except where the maturity date is more than 12 months after the end of the
reporting period. They are initially recorded at fair value and subsequently recorded at
amortised cost. Financial liabilities are included in current liabilities, except where the maturity
date is more than 12 months after the end of the reporting period. Financial liabilities with a
maturity date that is more than 12 months after the end of the reporting period and subject to
a covenant are classified as non-current where the Group is compliant with that covenant at
the reporting date.
Measured at fair value through profit and loss includes derivative financial assets and liabilities,
which are further explained below. They are classified according to maturity date, within
current and non-current assets and liabilities respectively.
Measured at fair value through other comprehensive income includes certain financial assets
at fair value such as bonds and equity investments. These financial assets are included in
current assets, except where the maturity date is more than 12 months after the end of the
reporting period. Financial assets at fair value through other comprehensive income are
classified as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period and are held at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-455": { "value": "
Cash and cash equivalents in the consolidated statement of financial position comprise cash
at bank and in hand, short-term bank deposits and cash and cash equivalents included in
disposal groups held for sale. Short-term bank deposits have a maturity of less than three
months from the date at which the investment is acquired. In the consolidated statement of
cash flows, cash and cash equivalents comprise cash and cash equivalents, as defined above,
net of bank overdrafts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-456": { "value": "
Offsetting
Netting in the consolidated statement of financial position only occurs to the extent that there
is the legal ability and intention to settle net. As such, bank overdrafts are presented in current
liabilities to the extent that there is no intention to offset with the cash balance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "value": "
An outline of the objectives, policies and strategies pursued by the Group in relation to its
financial instruments is set out in note 23 to the consolidated financial statements.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently re-measured at their fair value. The method of recognising the resulting
gain or loss depends on whether the derivative is designated as a hedging instrument, and if
so, the nature of the item being hedged. Derivative financial instruments are derecognised
when they are settled. The Group designates certain derivatives as:
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value
hedge); or
\u2022 hedges of a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction (cash flow hedge).
Fair value hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges
are recorded in the consolidated income statement, together with any changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk. The Group only
applies fair value hedge accounting for hedging fixed interest risk on borrowings and future
fixed amount currency liabilities (on its cross-currency interest rate swaps). The gain or loss
relating to the effective portion of interest rate swaps hedging fixed rate borrowings and
changes in the fair value of those borrowings is recognised in the consolidated income
statement within \u2018finance costs\u2019. The gain or loss relating to the ineffective portion is also
recognised in the consolidated income statement within \u2018finance costs\u2019.
Cash flow hedge
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that is determined to be an effective hedge is recognised
directly in other comprehensive income and the ineffective portion is recognised within \u2018net
operating expenses\u2019 in the consolidated income statement. When the hedged forecast
transaction results in the recognition of a non-financial asset or liability then, at the time the
asset or liability is recognised, the associated gains or losses that had previously been
recognised in other comprehensive income are included in the initial measurement of the
acquisition cost or other carrying amount of the asset or liability. For all other cash flow hedges,
the gains or losses that are recognised in other comprehensive income are transferred to the
consolidated income statement in the same period in which the hedged forecast transaction
affects the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "value": "
An outline of the objectives, policies and strategies pursued by the Group in relation to its
financial instruments is set out in note 23 to the consolidated financial statements.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently re-measured at their fair value. The method of recognising the resulting
gain or loss depends on whether the derivative is designated as a hedging instrument, and if
so, the nature of the item being hedged. Derivative financial instruments are derecognised
when they are settled. The Group designates certain derivatives as:
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value
hedge); or
\u2022 hedges of a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction (cash flow hedge).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "value": "
Changes in the fair value of derivatives that are designated and qualify as fair value hedges
are recorded in the consolidated income statement, together with any changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk. The Group only
applies fair value hedge accounting for hedging fixed interest risk on borrowings and future
fixed amount currency liabilities (on its cross-currency interest rate swaps). The gain or loss
relating to the effective portion of interest rate swaps hedging fixed rate borrowings and
changes in the fair value of those borrowings is recognised in the consolidated income
statement within \u2018finance costs\u2019. The gain or loss relating to the ineffective portion is also
recognised in the consolidated income statement within \u2018finance costs\u2019.
Cash flow hedge
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that is determined to be an effective hedge is recognised
directly in other comprehensive income and the ineffective portion is recognised within \u2018net
operating expenses\u2019 in the consolidated income statement. When the hedged forecast
transaction results in the recognition of a non-financial asset or liability then, at the time the
asset or liability is recognised, the associated gains or losses that had previously been
recognised in other comprehensive income are included in the initial measurement of the
acquisition cost or other carrying amount of the asset or liability. For all other cash flow hedges,
the gains or losses that are recognised in other comprehensive income are transferred to the
consolidated income statement in the same period in which the hedged forecast transaction
affects the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "value": "
Share capital
Ordinary shares are classified as equity. Where the Group purchases the Group\u2019s equity share
capital (treasury shares), the consideration paid is deducted from shareholders\u2019 equity until the
shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold or
reissued, any consideration received is included in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "value": "
Dividends
Final dividends proposed by the Board of Directors and unpaid at the year-end are not
recognised in the consolidated financial statements until they have been approved by the
shareholders at the Annual General Meeting. Interim dividends are recognised when they
are\u00a0paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "value": "
The preparation of financial statements in accordance with generally accepted accounting
principles requires the use of estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these estimates are based on
management\u2019s best knowledge, actual results may ultimately differ from those estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. The Directors have
made a number of estimates and assumptions regarding the future, and made some
significant judgements in applying the Group\u2019s accounting policies. These are discussed below:
Sources of estimation uncertainty\u00a0
The key assumptions about the future, and other key sources of estimation uncertainties at the
reporting period end that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next period are discussed below:
Impairment of goodwill and indefinite life intangible assets
Goodwill and other indefinite life intangible assets are tested at least annually for impairment.
When an impairment review is carried out, the recoverable value is determined based on
value in use calculations which require the use of estimates, including projected future cash
flows (see note 10).
The value in use calculations mainly use cash flow projections based on three-year financial
forecasts prepared by management. The key assumptions for these forecasts are those relating
to volumes, revenue, gross margins, the level of working capital required to support trading,
discount rates, long-term growth rate and capital expenditure. For all CGU groups, cash flows
after the three-year period are extrapolated for a further seven years using declining growth
rates which reduces the year three growth rate down to the long-term growth rate appropriate
for each CGU or CGU group, to better reflect the medium-term growth expectations for those
markets. A terminal value calculation is used to estimate the cash flows after year 10 using
these long-term growth rates.
The assumptions used in the value in use calculations are based on past experience, recent
trading, and forecasts of operational performance in the relevant markets. They also reflect
expectations about continuing relationships with key mobility partners and the impact climate
change may have on its operations. Whilst at this stage there is significant uncertainty
regarding what the long-term impact of climate change initiatives may be on the markets in
which we operate, the forecasts reflect our best estimate. Key assumptions and sensitivities are
disclosed in note 10.
Pensions and other post-retirement benefits \u2013 assumptions\u00a0
Pension and other post-retirement benefit liabilities are determined based on the actuarial
assumptions detailed in note 5. A number of these assumptions require estimates to be made,
including the rate of inflation and expected mortality rates. These assumptions are subject to a
review on an annual basis and are determined in conjunction with an external actuary. The use
of different assumptions could have a material effect on the value of the relevant liabilities and
could result in a material change to amounts recognised in the income statement over time.
Key assumptions and sensitivities for post-employment benefit obligations are disclosed in
note\u00a05.
Pensions \u2013 discount rate
The Group\u2019s defined benefit obligations are discounted at a rate set by reference to market
yields at the end of the reporting period on high quality corporate bonds. Significant
judgement is required when setting the criteria for bonds to be included in the population from
which the yield curve is derived. The most significant criteria considered for the selection of
bonds include the issue size of the corporate bonds, quality of the bonds and the identification
of outliers which are excluded. Key assumptions and sensitivities for post-employment benefit
obligations are disclosed in note 5.
Critical accounting judgements
Right-of-use assets and lease liabilities \u2013 extension and termination options
In determining the lease term, management considers all facts and circumstances that create
an economic incentive to exercise an extension option, or not exercise a termination option.
Extension options (or periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated).
The Group has several retail, distribution and office property lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is
reasonably certain whether or not to exercise the option to renew or terminate the lease. All
relevant factors are considered that create an economic incentive for it to exercise either the
renewal or termination, including: whether there are significant penalties to terminate (or not
extend); whether any leasehold improvements are expected to have a significant remaining
value; historical lease durations; the importance of the underlying asset to the Group\u2019s
operations; and the costs and business disruption required to replace the leased asset.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee. Refer to note 12
for additional disclosures relating to leases.
Adjusting items\u00a0
The Group believes that adjusted profit and earnings per share measures provide additional
useful information to shareholders on the performance of the business. These measures are
consistent with how business performance is measured internally by the Board and Executive
Committee. Alternative performance measures, such as the operating profit before adjusting
items and profit before tax and adjusting items, are not recognised profit measures under IFRS
and may not be directly comparable with such profit measures used by other companies. They
may also exclude significant recurring business transactions that impact financial performance
and cash flows. The classification of adjusting items requires significant management
judgement after considering the nature and intentions of a transaction. The Group\u2019s definitions
of adjusting items are outlined within the Group accounting policies and note 2 provides further
details on current year adjusting items and their adherence to Group policy.
Classification of vehicle funding arrangements
The Group finances the purchase of vehicles using vehicle funding facilities provided by various
lenders including the captive finance companies associated with mobility partners. In assessing
whether the liabilities arising under these arrangements should be classified within trade and
other payables rather than as an additional component of the Group\u2019s net debt within
borrowings, the Group considers a number of factors including whether the arrangement is a
requirement of the relationship with the mobility company partner, in relation to specific,
separately identifiable vehicles held as inventory and whether payment terms are consistent
with the normal working capital cycle or until the specific vehicle being funded is sold to the
end customer. Each agreement entered into has its own terms and conditions and determining
whether a new or renewed arrangement should be classified within trade and other payables
requires significant management judgement. See also note 20.
Assignment of an indefinite useful life to distribution agreements
The Group\u2019s principal intangible assets relate to relationships with manufacturers for the
distribution of new vehicles and parts. As at 31 December 2024, these distribution agreements
were assigned an indefinite useful life as although these agreements have limited terms, they
have historically been renewed by the Group without substantial cost and the Group\u2019s history
shows that mobility company partners have not terminated any material distribution
agreements. Following the announcement of the Accelerate+ strategy the Group is
considering what impact, if any, this may have on the judgement to assign an indefinite useful
life to distribution agreement assets for the financial year ended 31 December 2025. Should
any change arise, this will be made prospectively and be accounted for as a change in
accounting estimate. Refer to note 10 for details of indefinite-life distribution agreement
intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "value": "
Goodwill and other indefinite life intangible assets are tested at least annually for impairment.
When an impairment review is carried out, the recoverable value is determined based on
value in use calculations which require the use of estimates, including projected future cash
flows (see note 10).
The value in use calculations mainly use cash flow projections based on three-year financial
forecasts prepared by management. The key assumptions for these forecasts are those relating
to volumes, revenue, gross margins, the level of working capital required to support trading,
discount rates, long-term growth rate and capital expenditure. For all CGU groups, cash flows
after the three-year period are extrapolated for a further seven years using declining growth
rates which reduces the year three growth rate down to the long-term growth rate appropriate
for each CGU or CGU group, to better reflect the medium-term growth expectations for those
markets. A terminal value calculation is used to estimate the cash flows after year 10 using
these long-term growth rates.
The assumptions used in the value in use calculations are based on past experience, recent
trading, and forecasts of operational performance in the relevant markets. They also reflect
expectations about continuing relationships with key mobility partners and the impact climate
change may have on its operations. Whilst at this stage there is significant uncertainty
regarding what the long-term impact of climate change initiatives may be on the markets in
which we operate, the forecasts reflect our best estimate. Key assumptions and sensitivities are
disclosed in note 10.
Pensions and other post-retirement benefits \u2013 assumptions\u00a0
Pension and other post-retirement benefit liabilities are determined based on the actuarial
assumptions detailed in note 5. A number of these assumptions require estimates to be made,
including the rate of inflation and expected mortality rates. These assumptions are subject to a
review on an annual basis and are determined in conjunction with an external actuary. The use
of different assumptions could have a material effect on the value of the relevant liabilities and
could result in a material change to amounts recognised in the income statement over time.
Key assumptions and sensitivities for post-employment benefit obligations are disclosed in
note\u00a05.
Pensions \u2013 discount rate
The Group\u2019s defined benefit obligations are discounted at a rate set by reference to market
yields at the end of the reporting period on high quality corporate bonds. Significant
judgement is required when setting the criteria for bonds to be included in the population from
which the yield curve is derived. The most significant criteria considered for the selection of
bonds include the issue size of the corporate bonds, quality of the bonds and the identification
of outliers which are excluded. Key assumptions and sensitivities for post-employment benefit
obligations are disclosed in note 5.
Critical accounting judgements
Right-of-use assets and lease liabilities \u2013 extension and termination options
In determining the lease term, management considers all facts and circumstances that create
an economic incentive to exercise an extension option, or not exercise a termination option.
Extension options (or periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated).
The Group has several retail, distribution and office property lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is
reasonably certain whether or not to exercise the option to renew or terminate the lease. All
relevant factors are considered that create an economic incentive for it to exercise either the
renewal or termination, including: whether there are significant penalties to terminate (or not
extend); whether any leasehold improvements are expected to have a significant remaining
value; historical lease durations; the importance of the underlying asset to the Group\u2019s
operations; and the costs and business disruption required to replace the leased asset.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee. Refer to note 12
for additional disclosures relating to leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "value": "
The Group has three reportable segments which have been identified based on the operating
segments of the Group that are regularly reviewed by the chief operating decision-maker,
which has been determined to be the Group Executive Team, in order to assess performance
and allocate resources. Operating segments are then aggregated into reporting segments to
combine those with similar economic characteristics. Following the classification in the current
period of the Group's retail operations in the UK as a discontinued operation, the Group\u2019s
internal reporting has been updated to no longer distinguish between \u2018Distribution\u2019 and
\u2018Retail\u2019. As a result the Group\u2019s remaining retail operation in Europe has been combined with
the Europe & Africa distribution business to form a single reportable segment.
The Group reports the performance of its reporting segments after the allocation of central
costs. These represent costs of Group functions. Reporting segment performance for 2023 has
been restated for the re-allocation of central costs following the classification of the UK retail
operations as a discontinued operation.
The following summary describes the operations of each of the Group\u2019s reportable segments:
APAC
Europe & Africa
Americas
Exclusive distribution, sales and marketing activities of New Vehicles
and Parts.
Sale of New and Used Vehicles together with logistics services
where the Group may also be the exclusive distributor, alongside
associated Aftersales activities of service, body shop repairs and
parts sales.
APAC
Europe &
Africa
Americas
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Total revenue
2,995
3,003
3,265
9,263
Adjusted operating profit from continuing operations
235
142
207
584
Operating adjusting items
(22)
Operating profit from continuing operations
562
Share of profits after tax of joint ventures and
associates
2
Profit before finance and tax
564
Finance income
71
Finance costs
(221)
Profit before tax from continuing operations
414
Tax
(129)
Profit for the year from continuing operations
285
The Group\u2019s reported segments are based on the location of the Group\u2019s assets. Revenue
earned from sales is disclosed by origin and is not materially different from revenue by
destination. Chile and Australia are presented separately as these comprise more than 10% of
the Group\u2019s revenue. Revenue is further analysed as follows:
2024
\u00a3m
Revenue
Chile
1,532
Australia
1,142
Rest of the world
6,589
Group
9,263
1 Segmental analysis continued
The Group\u2019s non-current assets by location comprise intangible assets, property, plant and
equipment, right-of-use assets, investments in joint ventures and associates, and are analysed
below. Chile is presented separately as it comprises more than 10% of the Group\u2019s
non-current assets.
2024
\u00a3m
Non-current assets
Chile
590
Rest of the world
1,447
Group
2,037
APAC
Europe &
Africa
Americas
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment assets and liabilities
Segment assets
833
742
1,206
2,781
Segment liabilities
(1,014)
(761)
(855)
(2,630)
Other assets
2,856
Other liabilities
(1,533)
Total net assets
1,474
Segment assets and liabilities represent the Group\u2019s assets and liabilities that are regularly
reviewed by the chief operating decision maker. They comprise of inventory, receivables,
payables and derivative assets and liabilities that hedge trade payables.
APAC
Europe &
Africa
Americas
Total
2024 from continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other segment items
Capital expenditure:
\u2013 Property, plant and equipment
28
11
21
60
\u2013 Leased vehicles, rental machinery and equipment
23
3
12
38
\u2013 Right-of-use assets
17
12
10
39
\u2013 Intangible assets
1
1
1
3
Depreciation and impairment
\u2013 Property, plant and equipment
16
8
18
42
\u2013 Leased vehicles, rental machinery and equipment
6
\u2014
12
18
\u2013 Right-of-use assets
33
10
31
74
Amortisation of intangible assets
2
1
6
9
Derecognition of distribution agreements
\u2014
\u2014
5
5
Impairment reversal of distribution agreements
\u2014
\u2014
(19)
(19)
Impairment of right of use assets
1
\u2014
\u2014
1
Net provisions charged/(credited) to the
consolidated income statement
23
(6)
(4)
13
Net provisions include inventory, trade receivables impairment and other liability provisions.
1 Segmental analysis continued
APAC
Europe &
Africa
Americas
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Total revenue
2,827
2,809
3,746
9,382
Adjusted operating profit from continuing operations
229
135
256
620
Operating adjusting items
(50)
Operating profit from continuing operations
570
Share of losses after tax of joint ventures and
associates
1
Profit before finance and tax
571
Finance income
51
Finance costs
(244)
Profit before tax from continuing operations
378
Tax
(130)
Profit for the year from continuing operations
248
The Group\u2019s reported segments are based on the location of the Group\u2019s assets. Revenue
earned from sales is disclosed by origin and is not materially different from revenue by
destination. Chile and Australia are presented separately as these comprise more than 10% of
the Group\u2019s revenue. Revenue is further analysed as follows:
2023
\u00a3m
Revenue
Chile
1,773
Australia
1,310
Rest of the world
6,299
Group
9,382
The Group\u2019s non-current assets by location comprise intangible assets, property, plant and
equipment, right-of-use assets, joint ventures and associates, and are analysed as shown in the
table below.
2023
\u00a3m
Non-current assets
UK
297
Rest of the world
2,252
Group
2,549
APAC
Europe &
Africa
Americas
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment assets and liabilities
Segment assets
914
854
1,409
3,177
Segment liabilities
(1,171)
(805)
(766)
(2,742)
Other assets
3,210
Other liabilities
(2,249)
Net assets from continuing operations
1,396
Net assets from discontinued operations
224
Total net assets
1,620
Segment assets and liabilities represent the Group\u2019s assets and liabilities that are regularly
reviewed by the chief operating decision maker. They comprise of inventory, receivables,
payables and derivative assets and liabilities that hedge trade payables.
1 Segmental analysis continued
APAC
Europe &
Africa
Americas
Total
2023 from continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other segment items
Capital expenditure:
\u2013 Property, plant and equipment
27
13
27
67
\u2013 Leased vehicles, rental machinery and equipment
20
26
15
61
\u2013 Right-of-use assets
12
8
14
34
\u2013 Intangible assets
1
1
2
4
Depreciation and impairment
\u2013 Property, plant and equipment
11
7
20
38
\u2013 Leased vehicles, rental machinery and equipment
6
1
13
20
\u2013 Right-of-use assets
30
10
35
75
Amortisation of intangible assets
2
1
7
10
Net provisions charged to the consolidated income
statement
8
8
31
47
Net provisions include inventory, trade receivables, impairment and other liability provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "value": "
2 Adjusting items
2024
2023
From continuing operations
\u00a3m
\u00a3m
Acquisition and integration costs
(42)
(50)
Gain on disposal of business (see note 28)
6
\u2014
Impairment reversal of distribution agreements (see note 10)
19
\u2014
Derecognition of distribution agreements (see note 10)
(5)
\u2014
Total adjusting items in operating profit
(22)
(50)
Adjusting items in finance costs:
Net monetary loss on hyperinflation
(8)
(29)
Interest on dividend payments to former shareholders of Derco
\u2014
(10)
Total adjusting items before tax
(30)
(89)
Tax on adjusting items (see note 7)
10
10
Total adjusting items
(20)
(79)
During the year, operating costs of\u00a0 \u00a342m (2023: \u00a350m) were incurred in connection with the
acquisition and integration of businesses. These costs have been reported as adjusting items to
better reflect the underlying performance of the business. These primarily relate to the
acquisition and integration of the Derco group and the businesses acquired in Indonesia, the
Philippines and New Zealand. The integration of the Derco group is a multi-year programme
that is expected to complete in 2025.
Impairment reversal during the year of \u00a319m (2023: \u00a3nil) relates to the Central America - Suzuki
CGU and derecognition of intangibles of \u00a35m (2023: \u00a3nil) relates to a distribution agreement in
Bolivia (see note 10).
In December 2024, the Group sold its share in its non-genuine spare parts business in Chile. The
reported gain of \u00a36m (2023: \u00a3nil) includes disposal costs and a gain relating to the recycling of
cumulative exchange differences previously recognised in other comprehensive income
(see\u00a0note 28).\u00a0 \u00a0 \u00a0
The Group financial statements include adjustments for hyperinflation, following the application
of IAS 29 Financial Reporting in Hyperinflationary Economies in relation to the Group\u2019s
operations with a functional currency of Ethiopian Birr. The results and financial position of
Ethiopia for the year ended 31 December 2024 have been restated to include the effect of
indexation and the resulting \u00a38m net monetary loss on hyperinflation (2023: net monetary loss of
\u00a329m) has been recognised within net finance costs and reported as an adjusting item.
At 31 December 2022, a liability was acquired, as part of the Derco acquisition, for the
payment of a pre-completion dividend to former shareholders. The payment of this dividend
was agreed to be made in four tranches, throughout 2023,with interest accruing on the
outstanding amounts. At 30 June 2023, three of the tranches had been paid and interest of
\u00a310m had been recognised. This interest expense was recognised within finance costs and
reported as an adjusting item.
", "dimensions": { "concept": "inchcape:DisclosureOfAdjustingItemsTextBlock", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "value": "
The Group financial statements include adjustments for hyperinflation, following the application
of IAS 29 Financial Reporting in Hyperinflationary Economies in relation to the Group\u2019s
operations with a functional currency of Ethiopian Birr. The results and financial position of
Ethiopia for the year ended 31 December 2024 have been restated to include the effect of
indexation and the resulting \u00a38m net monetary loss on hyperinflation (2023: net monetary loss of
\u00a329m) has been recognised within net finance costs and reported as an adjusting item.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
The main exchange rates used for translation purposes are as follows:
Average rates
Year-end rates
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Australian dollar
1.94
1.88
2.02
1.87
Bolivian bolivar1
12.43
8.60
14.24
8.83
Chilean peso
1,209.30
1,044.70
1,252.30
1,130.41
Ethiopian birr2
157.95
71.84
157.95
71.84
Euro
1.18
1.15
1.21
1.15
Hong Kong dollar
9.99
9.75
9.75
9.98
Singapore dollar
1.71
1.67
1.71
1.68
US dollar
1.28
1.25
1.26
1.28
1. In 2024, a parallel rate has been used due to limitations in accessing currency at official rates of
exchange.
2. In 2024, the results for Ethiopia are translated at the closing rate as required by IAS 21 The Effects of
Changes in Foreign Exchange Rates for hyperinflationary foreign operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2024
2023
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,840
8,971
Provision of services
423
411
9,263
9,382
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b) Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2024
2024
2024
2023
2023
2023
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
516
\u2014
516
524
\u2014
524
Administrative expenses
511
42
553
538
50
588
Other operating (income)/
expenses
(5)
(20)
(25)
(22)
\u2014
(22)
1,022
22
1,044
1,040
50
1,090
c) Profit/(loss) before tax is stated after the following charges/(credits):
2024
2023
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
42
38
\u2013 Leased vehicles, rental machinery and equipment
18
20
\u2013 Right-of-use assets
74
75
Amortisation of intangible assets
9
10
Impairment of trade receivables
1
7
Profit on sale of property, plant and equipment and intangibles
(1)
(16)
Profit on the sale of property, plant and equipment in 2024 mainly relates to the sale of surplus
assets in APAC (2023: profit on sale of property, plant and equipment of surplus assets in APAC).
d) Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of
the parent company and the consolidated financial statements
2
3
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
5
4
Total fees payable to the Company\u2019s auditor
7
7
During the year, the Group incurred fees of \u00a30.3m (2023: \u00a30.4m) with the Group\u2019s auditor for
audit-related assurance services.
3 Revenue and expenses continued
e) Staff costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
(represented) 1
Wages and salaries
531
556
Social security costs
47
43
Other pension costs (see note 5)
9
10
Share-based payment charge (see note 4)
18
15
605
624
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).\u00a0
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which can
be found on pages 91 to 106 of this report. Information on compensation of key management
personnel is set out in note 31b.
f) Average monthly number of employees
Total
2024
2023
From continuing operations
Number
Number
APAC
4,492
3,815
Europe & Africa1
3,493
3,407
Americas
7,821
8,549
Total Distribution
15,806
15,771
Central & Digital
1,606
1,379
17,412
17,150
1. Includes employee numbers for the Group\u2019s remaining retail operation in Europe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2024
2023
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,840
8,971
Provision of services
423
411
9,263
9,382
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b) Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2024
2024
2024
2023
2023
2023
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
516
\u2014
516
524
\u2014
524
Administrative expenses
511
42
553
538
50
588
Other operating (income)/
expenses
(5)
(20)
(25)
(22)
\u2014
(22)
1,022
22
1,044
1,040
50
1,090
c) Profit/(loss) before tax is stated after the following charges/(credits):
2024
2023
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
42
38
\u2013 Leased vehicles, rental machinery and equipment
18
20
\u2013 Right-of-use assets
74
75
Amortisation of intangible assets
9
10
Impairment of trade receivables
1
7
Profit on sale of property, plant and equipment and intangibles
(1)
(16)
Profit on the sale of property, plant and equipment in 2024 mainly relates to the sale of surplus
assets in APAC (2023: profit on sale of property, plant and equipment of surplus assets in APAC).
d) Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of
the parent company and the consolidated financial statements
2
3
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
5
4
Total fees payable to the Company\u2019s auditor
7
7
During the year, the Group incurred fees of \u00a30.3m (2023: \u00a30.4m) with the Group\u2019s auditor for
audit-related assurance services.
3 Revenue and expenses continued
e) Staff costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
(represented) 1
Wages and salaries
531
556
Social security costs
47
43
Other pension costs (see note 5)
9
10
Share-based payment charge (see note 4)
18
15
605
624
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).\u00a0
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which can
be found on pages 91 to 106 of this report. Information on compensation of key management
personnel is set out in note 31b.
f) Average monthly number of employees
Total
2024
2023
From continuing operations
Number
Number
APAC
4,492
3,815
Europe & Africa1
3,493
3,407
Americas
7,821
8,549
Total Distribution
15,806
15,771
Central & Digital
1,606
1,379
17,412
17,150
1. Includes employee numbers for the Group\u2019s remaining retail operation in Europe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2024
2023
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,840
8,971
Provision of services
423
411
9,263
9,382
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b) Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2024
2024
2024
2023
2023
2023
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
516
\u2014
516
524
\u2014
524
Administrative expenses
511
42
553
538
50
588
Other operating (income)/
expenses
(5)
(20)
(25)
(22)
\u2014
(22)
1,022
22
1,044
1,040
50
1,090
c) Profit/(loss) before tax is stated after the following charges/(credits):
2024
2023
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
42
38
\u2013 Leased vehicles, rental machinery and equipment
18
20
\u2013 Right-of-use assets
74
75
Amortisation of intangible assets
9
10
Impairment of trade receivables
1
7
Profit on sale of property, plant and equipment and intangibles
(1)
(16)
Profit on the sale of property, plant and equipment in 2024 mainly relates to the sale of surplus
assets in APAC (2023: profit on sale of property, plant and equipment of surplus assets in APAC).
d) Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of
the parent company and the consolidated financial statements
2
3
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
5
4
Total fees payable to the Company\u2019s auditor
7
7
During the year, the Group incurred fees of \u00a30.3m (2023: \u00a30.4m) with the Group\u2019s auditor for
audit-related assurance services.
3 Revenue and expenses continued
e) Staff costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
(represented) 1
Wages and salaries
531
556
Social security costs
47
43
Other pension costs (see note 5)
9
10
Share-based payment charge (see note 4)
18
15
605
624
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).\u00a0
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which can
be found on pages 91 to 106 of this report. Information on compensation of key management
personnel is set out in note 31b.
f) Average monthly number of employees
Total
2024
2023
From continuing operations
Number
Number
APAC
4,492
3,815
Europe & Africa1
3,493
3,407
Americas
7,821
8,549
Total Distribution
15,806
15,771
Central & Digital
1,606
1,379
17,412
17,150
1. Includes employee numbers for the Group\u2019s remaining retail operation in Europe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2024
2023
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,840
8,971
Provision of services
423
411
9,263
9,382
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b) Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2024
2024
2024
2023
2023
2023
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
516
\u2014
516
524
\u2014
524
Administrative expenses
511
42
553
538
50
588
Other operating (income)/
expenses
(5)
(20)
(25)
(22)
\u2014
(22)
1,022
22
1,044
1,040
50
1,090
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-471": { "value": "Profit/(loss) before tax is stated after the following charges/(credits):
2024
2023
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
42
38
\u2013 Leased vehicles, rental machinery and equipment
18
20
\u2013 Right-of-use assets
74
75
Amortisation of intangible assets
9
10
Impairment of trade receivables
1
7
Profit on sale of property, plant and equipment and intangibles
(1)
(16)
Profit on the sale of property, plant and equipment in 2024 mainly relates to the sale of surplus
assets in APAC (2023: profit on sale of property, plant and equipment of surplus assets in APAC).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-472": { "value": "Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of
the parent company and the consolidated financial statements
2
3
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
5
4
Total fees payable to the Company\u2019s auditor
7
7
During the year, the Group incurred fees of \u00a30.3m (2023: \u00a30.4m) with the Group\u2019s auditor for
audit-related assurance services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "value": "Staff costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
(represented) 1
Wages and salaries
531
556
Social security costs
47
43
Other pension costs (see note 5)
9
10
Share-based payment charge (see note 4)
18
15
605
624
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).\u00a0
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which can
be found on pages 91 to 106 of this report. Information on compensation of key management
personnel is set out in note 31b.
f) Average monthly number of employees
Total
2024
2023
From continuing operations
Number
Number
APAC
4,492
3,815
Europe & Africa1
3,493
3,407
Americas
7,821
8,549
Total Distribution
15,806
15,771
Central & Digital
1,606
1,379
17,412
17,150
1. Includes employee numbers for the Group\u2019s remaining retail operation in Europe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "value": "
The terms and conditions of the Group\u2019s share-based payment plans are detailed in the
Directors\u2019 Report on Remuneration.
The charge arising from awards granted under share-based payment plans was \u00a318m
(2023:\u00a0\u00a315m), all of which was equity-settled.
The Other Share Plan\u2019s disclosures below include other share-based incentive plans for senior
executives and employees.
The following table sets out the movements in the number of share options and awards during
the year:
2024
Weighted
average
exercise price*
Performance
Share Plan
Save As You
Earn Plan
Other
Share Plans
Outstanding at 1 January
\u00a35.78
5,497,087
1,847,522
1,599,836
Granted
\u00a36.80
2,721,055
45,870
766,410
Exercised
\u00a35.15
(1,508,833)
(663,789)
(609,993)
Lapsed
\u00a36.11
(953,915)
(910,717)
(172,962)
Outstanding at 31 December
\u00a36.29
5,755,394
318,886
1,583,291
Exercisable at 31 December
\u00a36.27
609,811
199,952
62,033
2023
Weighted
average
exercise price*
Performance
Share Plan
Save As You
Earn Plan
Other
Share Plans
Outstanding at 1 January
\u00a34.92
5,107,941
2,056,778
1,370,709
Granted
\u00a36.11
2,237,809
923,833
705,070
Exercised
\u00a33.81
(979,410)
(786,587)
(353,282)
Lapsed
\u00a36.05
(869,253)
(346,502)
(122,661)
Outstanding at 31 December
\u00a35.78
5,497,087
1,847,522
1,599,836
Exercisable at 31 December
\u00a33.77
245,726
322,449
95,835
*The weighted average exercise price excludes nil cost awards made under the Performance Share Plan
and Other Share Plans.
\u00a0 \u00a0 The weighted average share price at the date of exercise of options exercised during the year ended\u00a0 \u00a0
31 December 2024 was \u00a38.12 (2023: \u00a37.76).
4 Share based payments continued
The weighted average remaining contractual life for the awards outstanding at 31 December
2024 is 1.2 years (2023: 1.4 years).
The range of exercise prices for options outstanding at the end of the year was \u00a36.00 to \u00a37.31
(2023: \u00a33.77 to \u00a37.31). See note 24 for further details.
The fair value of options granted under the Save As You Earn Plan and Other Share Plans is
estimated as at the date of grant using a Black-Scholes option pricing model, taking into
account the terms and conditions upon which the options were granted. The fair value of nil
cost awards granted under the Performance Share Plan and Other Share Plans is the market
value of the related shares at the time of grant. The following table lists the main inputs to the
model for awards granted during the years ended 31 December 2024 and 31 December 2023:
Performance Share Plan
Save As You Earn Plan
Other Share Plans
2024
2023
2024
2023
2024
2023
Weighted average share price at
grant date
\u00a37.25
\u00a37.53
\u00a38.49
\u00a37.64
\u00a37.30
\u00a37.54
Weighted average exercise price*
n/a
n/a
\u00a36.80
\u00a36.11
n/a
n/a
Vesting period
3.0
years
3.0
years
3.0
years
3.0
years
2.3
years
2.3
years
Expected volatility
n/a
n/a
29.2%
31.0%
n/a
n/a
Expected life of award
3.0
years
3.0
years
3.3
years
3.2
years
2.3
years
2.3
years
Weighted average risk-free rate
n/a
n/a
3.7%
4.5%
n/a
n/a
Expected dividend yield
n/a
n/a
4.2%
4.3%
n/a
n/a
Weighted average fair value per
option
\u00a37.25
\u00a37.53
\u00a31.95
\u00a32.06
\u00a37.30
\u00a37.54
*The weighted average exercise price excludes nil cost awards made under the Performance Share Plan
and Other Share Plans.
No options were granted under the Executive Share Option Plan in 2024 or 2023.
The expected life and volatility of the options are based upon historical data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "value": "
The Group operates a number of pension and post-retirement benefit schemes for its
employees in a number of its businesses, primarily in the UK.
a) UK schemes: benefits, governance, cash flow obligations and investments
The Inchcape Motors Pension Scheme (IMPS) in the UK is the Group\u2019s main defined benefit
pension scheme.
The Group also operates the Inchcape Overseas Pension Scheme which is non-UK registered.
Benefit structure
IMPS, which provides benefits linked to the final salary of members, is closed to new members
and closed to future benefit accrual. Final salary schemes provide benefits to members in the
form of a guaranteed level of pension payable for life. The level of benefits provided depends
on final salary at retirement (or leaving date, if earlier) and length of service. The Group bears
risks in relation to its final salary schemes, notably relating to investment performance, interest
rates, inflation, and members\u2019 life expectancies. There is potential for these risks to harm the
funding position of the schemes. If the schemes were to be in deficit, then additional
contributions may be required from the Group. A number of exercises have been undertaken
to mitigate these key funding risks.
IMPS also includes a defined benefit cash balance scheme. Cash balance schemes allow
members to accrue a percentage of their earnings each year which then grows to provide a
lump sum payment on retirement. Members accrued benefits under this scheme with effect
from 1 January 2013 up to 31 December 2020. The Group underwrites the investment and
interest rate risk to normal retirement age (65). Inflation and mortality risks associated with
benefits are borne solely by the members. Following a consultation process with relevant
employees this section closed to future benefit accrual on 31 December 2020.
From 1 January 2021, UK employees were offered membership of the Inchcape Retirement
Savings Plan, a defined contribution workplace personal pension scheme, which is designed to
comply with auto enrolment legislation. Defined contribution schemes like the Inchcape
Retirement Savings Plan, see members\u2019 individual accounts credited with employee and
employer contributions which are then invested to provide a pension pot on retirement. The
Group does not underwrite investment, or other risks for this plan.
5 Pension and other post retirement benefits continued
Governance
Our UK schemes are registered with HM Revenue and Customs (HMRC) and comply fully with
the regulatory framework published by the UK Pensions Regulator.
IMPS is established under trust law and has a trustee board that runs the scheme in
accordance with the Trust Deed and Rules and relevant legislation. The trustee board
comprises an independent sole trustee company appointed by the Group. As part of good
governance, the Group reviewed the provision of trustee services to IMPS and after a formal
tender process it was decided to move to a Sole Trustee model from June 2021. The Trustee is
required to act in the best interest of the members and have responsibility for the scheme\u2019s
governance. The Trustee consults with the Group over decisions relating to matters such as
funding and\u00a0investments.
The Inchcape Retirement Savings Plan has an external pension provider with its own
governance committee.
The Group also has some minor unfunded arrangements relating to post-retirement health and
medical plans in respect of past employees.
Scheme specific cash obligation and investment detail
Inchcape Motors Pension Scheme
The Group considers two measures of the pension deficit. The accounting position is shown on
the Group\u2019s balance sheet. The funding position, calculated at the triennial actuarial valuation,
is used to agree contributions made to IMPS. The last completed actuarial valuations for IMPS
was carried out as at 5 April 2022 on a market-related basis.
The value of accrued liabilities determined in accordance with the advice of the Scheme
Actuary was based on the defined accrued benefit method. The actuarial valuation
determined that the duration of the liabilities was approximately 14 years and that an
aggregate surplus of \u00a340m existed. As a consequence, the Group and the Trustee agreed that
contributions to IMPS would cease with effect from April 2022.
In November 2024, the Trustee of IMPS completed a buy-in transaction whereby the assets of
the scheme were used to acquire a bulk purchase annuity policy under which the benefits
payable to the members of the scheme are now fully insured. The insurance policy was
purchased using the existing assets of the scheme with no additional funding required from the
Group.\u00a0 As at 31 December 2024, the bulk purchase annuity policy has been accounted for as
an asset of the scheme and valued on the same basis as the liabilities that it matches as the
legal responsibility to pay benefits remains with the Trustee. As at 31 December 2024, IMPS had
an IAS 19 accounting surplus of \u00a336m.
The Group is aware of a case involving Virgin Media Limited and NTL Pension Trustees II Limited
relating to the validity of certain historical pension changes which could potentially lead to
additional liabilities for some pension schemes and sponsors although there is uncertainty as to
how the ruling would be applied in practice. The Group has undertaken an initial risk-based
assessment of any potential impact on IMPS and the Group. The assessment has, to date, not
identified any matters that may give rise to an additional liability. Management will continue to
monitor developments in this regard and the implications, if any, for IMPS.
Inchcape Overseas Pension Scheme (closed section)
This scheme is managed from Guernsey and is subject to regulations similar to the UK. It is
therefore reported under the United Kingdom in this note. The latest triennial actuarial valuation
for this scheme was carried out at 31 March 2021 and based on the defined accrued benefit
method. The actuarial valuation determined that the duration of the liabilities was
approximately 12 years and that the scheme was approximately 80% funded on a prudent
funding basis. To make good the funding deficit of \u00a313m, it was agreed that deficit
contributions of \u00a31.5m p.a. would be paid by means of an annual lump sum, ending with the
payment due in July 2028. The first payment at this new level was paid on 1 July 2020.
Additional contributions in respect of expenses of \u00a30.2m per annum are also made. In July
2024, in light of improvements to the funding position based on work undertaken at the end of
2023, it was agreed with the Trustee that the Group would pay \u00a31m of the agreed deficit
contributions in July 2024, with the remaining \u00a30.5m being deferred and contingent on the
results of the 31 March 2024 valuation.
b) Overseas schemes
There are a number of smaller defined benefit schemes overseas, the significant schemes
being the Inchcape Motors Limited Retirement Scheme in Hong Kong and the acquired
defined benefit scheme in Indonesia. In general, these schemes offer a lump sum on retirement
with no further obligation to the employee and assets are held in trust in separately
administered funds. These schemes are typically subject to triennial valuations. The overseas
defined contribution schemes are principally linked to local statutory arrangements.
c) Defined contribution plans
The total expense (from continuing operations) recognised in the consolidated income
statement is \u00a39m (2023: \u00a310m). There are no outstanding contributions at 31 December 2024
(2023: \u00a3nil).
d) Defined benefit plans
As the Group\u2019s principal defined benefit schemes are in the UK, these have been reported
separately from the overseas schemes. For the purposes of reporting, actuarial updates have
been obtained for the Group\u2019s material schemes and these updates are reflected in the
amounts reported in the following tables.
e) Recognition of Pension Surplus \u2018IFRIC 14\u2019
The Group is not required to recognise any additional liabilities in relation to funding plans, or
limit the recognition of any surpluses, as the Group retains an unconditional right to any future
economic benefits available by way of future refunds or reduction in contributions.
5 Pension and other post retirement benefits continued
The principal weighted average assumptions used by the actuaries were:
United Kingdom
Overseas
2024
2023
2024
2023
%
%
%
%
Rate of increase in salaries
n/a
n/a
4.0
3.4
Rate of increase in pensions
2.7
2.6
3.1
3.7
Discount rate
5.4
4.5
4.3
3.1
Rate of inflation:
\u2013 Retail price index
3.3
3.2
2.0
2.0
\u2013 Consumer price index
2.8
2.6
n/a
n/a
Assumptions regarding future mortality experience are set based on published statistics and
experience. For the UK schemes, the average life expectancy of a pensioner retiring at age 65
is 21.7 years (2023: 21.5 years) for current pensioners and 23.0 years (2023: 22.8 years) for current
non pensioners. Most of the overseas schemes only offer a lump sum on retirement and
therefore mortality assumptions are not applicable.
The asset/(liability) recognised in the consolidated statement of financial position is determined
as follows:
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded
obligations
(517)
(576)
(33)
(31)
(550)
(607)
Fair value of plan assets
550
655
30
30
580
685
Net surplus/(deficit) in funded
obligations
33
79
(3)
(1)
30
78
Present value of unfunded
obligations
\u2014
\u2014
(7)
(11)
(7)
(11)
33
79
(10)
(12)
23
67
The net pension asset is analysed
as follows:
Schemes in surplus
36
84
\u2014
\u2014
36
84
Schemes in deficit
(3)
(5)
(10)
(12)
(13)
(17)
33
79
(10)
(12)
23
67
The amounts recognised in the consolidated income statement are as follows:
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current service cost
\u2014
\u2014
(3)
(2)
(3)
(2)
Scheme expenses
(1)
(1)
\u2014
\u2014
(1)
(1)
Interest expense on plan liabilities
(25)
(27)
(1)
(1)
(26)
(28)
Interest income on plan assets
28
31
1
1
29
32
2
3
(3)
(2)
(1)
1
The amounts recognised in the consolidated statement of comprehensive income are as
follows:
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Actuarial (losses)/gains on
liabilities:
\u2013 Experience gains/(losses)
1
(6)
\u2014
1
1
(5)
\u2013 Changes in demographic
assumptions
(3)
22
\u2014
\u2014
(3)
22
\u2013 Changes in financial
assumptions
53
(23)
2
1
55
(22)
Actuarial (losses)/gains on assets:
\u2013 Experience (losses)/gains
(100)
(15)
1
\u2014
(99)
(15)
(49)
(22)
3
2
(46)
(20)
5 Pension and other post retirement benefits continued
Analysis of the movement in the net asset/(liability):
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
79
96
(12)
(3)
67
93
Business acquisitions (note 28(a))
\u2014
\u2014
\u2014
(11)
\u2014
(11)
Amount recognised in the
consolidated income statement
2
3
(3)
(2)
(1)
1
Contributions by employer
1
2
2
1
3
3
Actuarial (losses)/gains recognised
in the year
(49)
(22)
3
2
(46)
(20)
Effect of foreign exchange rates
\u2014
\u2014
\u2014
1
\u2014
1
At 31 December
33
79
(10)
(12)
23
67
Changes in the present value of the defined benefit obligation are as follows:
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(576)
(572)
(42)
(36)
(618)
(608)
Business acquisitions (note 28(a))
\u2014
\u2014
\u2014
(11)
\u2014
(11)
Current service cost
\u2014
\u2014
(3)
(2)
(3)
(2)
Interest expense on plan liabilities
(25)
(27)
(1)
(1)
(26)
(28)
Actuarial (losses)/gains:
\u2013 Experience (losses)/gains
1
(6)
\u2014
1
1
(5)
\u2013 Changes in demographic
assumptions
(3)
22
\u2014
\u2014
(3)
22
\u2013 Changes in financial
assumptions
53
(23)
2
1
55
(22)
Benefits paid
33
30
5
3
38
33
Effect of foreign exchange rate
changes
\u2014
\u2014
(1)
3
(1)
3
At 31 December
(517)
(576)
(40)
(42)
(557)
(618)
Changes in the fair value of the defined benefit asset are as follows:
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
655
668
30
33
685
701
Interest income on plan assets
28
31
1
1
29
32
Scheme expenses
(1)
(1)
\u2014
\u2014
(1)
(1)
Actuarial (losses)/gains:
\u2013 Experience (losses)/gains
(100)
(15)
1
\u2014
(99)
(15)
Contributions by employer
1
2
2
1
3
3
Benefits paid
(33)
(30)
(5)
(3)
(38)
(33)
Effect of foreign exchange rate
changes
\u2014
\u2014
1
(2)
1
(2)
At 31 December
550
655
30
30
580
685
At the end of the reporting period, the percentages of the plan assets by category were as
follows:
United Kingdom
Overseas
Total
2024
2023
2024
2023
2024
2023
Equities
\u2014
5.2%
53.4%
50.0%
2.8%
7.2%
Bonds
\u2014
32.1%
43.3%
43.3%
2.2%
32.6%
Liability driven investment
7.1%
55.6%
\u2014
\u2014
6.7%
53.1%
Bulk purchase annuity
85.4%
\u2014
\u2014
\u2014
81.0%
\u2014
Long lease property
\u2014
7.1%
\u2014
\u2014
\u2014
6.9%
Other
7.5%
\u2014
3.3%
6.7%
7.3%
0.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
5 Pension and other post retirement benefits continued
The majority of investments shown as equities and bonds are held through funds where the
underlying investments of the fund are quoted. Liability driven investment is a strategy
commonly used by defined benefit pension schemes to reduce interest rate and inflation risk. It
includes government bonds, derivative instruments, and cash. Virtually all the equities and
bonds held within the investment funds have prices in active markets. Derivatives, property,
and liability driven investment can be classified as level 2 instruments. The schemes had no
directly held employer related investment during the reporting period.
The schemes\u2019 investment managers may potentially hold a small investment in Inchcape plc
either through index weightings or stock selection (less than 0.5% of their respective
fund\u00a0values).
The following disclosures relate to the Group\u2019s defined benefit plans only.
f) Risk management
Asset volatility
Scheme liabilities are calculated on a discounted basis using a discount rate which is set with
reference to corporate bond yields. If scheme assets underperform this yield, then this will
create a deficit.\u00a0
Inflation risk
The majority of the Group\u2019s defined benefit obligations are linked to inflation. Higher inflation
will lead to higher liabilities, although in the majority of cases there are caps on the level of
inflationary increases to be applied to pension obligations.\u00a0
Life expectancy
Where relevant, the plans\u2019 obligations are to provide a pension for the life of the member, so
increases in life expectancy will result in an increase in the plans\u2019 benefit payments. Future
mortality rates cannot be predicted with certainty. All of the schemes conduct scheme-
specific mortality investigations annually, to ensure the Group has a clear understanding of any
potential increase in liability due to pensioners living for longer than assumed.
Risk mitigation
The investment by the IMPS Trustee in a bulk purchase annuity has removed investment,
inflation and mortality risks for approximately 85% of liabilities and 80% of assets. The remaining
risks are mitigated through liability driven investment strategies with investment in defensive and
inflation-linked assets (liability driven investment solutions, absolute return bonds, government
bonds, derivative instruments and cash).
g) Sensitivity analysis
The disclosures above are dependent on the assumptions used. The table below demonstrates
the sensitivity of the defined benefit obligation to changes in the assumptions used for the UK
schemes. Changes in assumptions have an immaterial effect on the overseas schemes.
Impact on the defined benefit obligation
United Kingdom
2024
2023
\u00a3m
\u00a3m
Discount rate -1%
+61
+75
Discount rate +1%
-50
-61
CPI Inflation -0.25%
-7
-9
CPI Inflation +0.25%
+7
+9
Life expectancy +1 year
+20
+23
The above analysis is based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be
correlated. The above variances have been used as they are believed to be reasonably
possible changes in assumptions by reference to recent trends and experiences.
h) Expected future cash flows
The Group paid approximately \u00a31m (2023: \u00a32m) to its UK defined benefit plans in 2024 under
the prevailing Schedules of Contributions (following the 5 April 2022 actuarial valuations for the
Inchcape Motors Pension Scheme and 31 March 2021 valuation for the Inchcape Overseas
Pension Scheme).
From 1 January 2021 (following the closure of the defined benefit cash balance scheme to
future benefit accrual on 31 December 2020) the Group pays ongoing employer pension
contributions into the Inchcape Retirement Savings Plan (a defined contribution plan).
The defined benefit obligations are based on the current value of expected benefit payment
cash flows to members over the next several decades. The average duration of the liabilities is
approximately 13 years for the UK schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "value": "Defined contribution plans
The total expense (from continuing operations) recognised in the consolidated income
statement is \u00a39m (2023: \u00a310m). There are no outstanding contributions at 31 December 2024
(2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-477": { "value": "Defined benefit plans
As the Group\u2019s principal defined benefit schemes are in the UK, these have been reported
separately from the overseas schemes. For the purposes of reporting, actuarial updates have
been obtained for the Group\u2019s material schemes and these updates are reflected in the
amounts reported in the following tables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "value": "
6 Net finance costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
122
124
Finance costs on lease liabilities (note 12(b))
19
19
Interest on inventory financing
56
38
Net monetary loss on hyperinflation (note 2)
8
29
Interest on deferred dividend payment
\u2014
10
Other finance costs
16
24
Finance costs
221
244
Bank and other interest receivable
(64)
(46)
Net interest income on post-retirement plan assets and liabilities
(3)
(4)
Other finance income
(4)
(1)
Finance income
(71)
(51)
Net finance costs
150
193
Analysed as:
Net finance costs excluding adjusting finance costs
142
154
Finance costs reported as adjusting items
8
39
Net finance costs
150
193
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "value": "
6 Net finance costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
122
124
Finance costs on lease liabilities (note 12(b))
19
19
Interest on inventory financing
56
38
Net monetary loss on hyperinflation (note 2)
8
29
Interest on deferred dividend payment
\u2014
10
Other finance costs
16
24
Finance costs
221
244
Bank and other interest receivable
(64)
(46)
Net interest income on post-retirement plan assets and liabilities
(3)
(4)
Other finance income
(4)
(1)
Finance income
(71)
(51)
Net finance costs
150
193
Analysed as:
Net finance costs excluding adjusting finance costs
142
154
Finance costs reported as adjusting items
8
39
Net finance costs
150
193
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "value": "
6 Net finance costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
122
124
Finance costs on lease liabilities (note 12(b))
19
19
Interest on inventory financing
56
38
Net monetary loss on hyperinflation (note 2)
8
29
Interest on deferred dividend payment
\u2014
10
Other finance costs
16
24
Finance costs
221
244
Bank and other interest receivable
(64)
(46)
Net interest income on post-retirement plan assets and liabilities
(3)
(4)
Other finance income
(4)
(1)
Finance income
(71)
(51)
Net finance costs
150
193
Analysed as:
Net finance costs excluding adjusting finance costs
142
154
Finance costs reported as adjusting items
8
39
Net finance costs
150
193
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "value": "
6 Net finance costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
122
124
Finance costs on lease liabilities (note 12(b))
19
19
Interest on inventory financing
56
38
Net monetary loss on hyperinflation (note 2)
8
29
Interest on deferred dividend payment
\u2014
10
Other finance costs
16
24
Finance costs
221
244
Bank and other interest receivable
(64)
(46)
Net interest income on post-retirement plan assets and liabilities
(3)
(4)
Other finance income
(4)
(1)
Finance income
(71)
(51)
Net finance costs
150
193
Analysed as:
Net finance costs excluding adjusting finance costs
142
154
Finance costs reported as adjusting items
8
39
Net finance costs
150
193
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "value": "
6 Net finance costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
122
124
Finance costs on lease liabilities (note 12(b))
19
19
Interest on inventory financing
56
38
Net monetary loss on hyperinflation (note 2)
8
29
Interest on deferred dividend payment
\u2014
10
Other finance costs
16
24
Finance costs
221
244
Bank and other interest receivable
(64)
(46)
Net interest income on post-retirement plan assets and liabilities
(3)
(4)
Other finance income
(4)
(1)
Finance income
(71)
(51)
Net finance costs
150
193
Analysed as:
Net finance costs excluding adjusting finance costs
142
154
Finance costs reported as adjusting items
8
39
Net finance costs
150
193
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-478": { "value": "
6 Net finance costs
2024
2023
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
122
124
Finance costs on lease liabilities (note 12(b))
19
19
Interest on inventory financing
56
38
Net monetary loss on hyperinflation (note 2)
8
29
Interest on deferred dividend payment
\u2014
10
Other finance costs
16
24
Finance costs
221
244
Bank and other interest receivable
(64)
(46)
Net interest income on post-retirement plan assets and liabilities
(3)
(4)
Other finance income
(4)
(1)
Finance income
(71)
(51)
Net finance costs
150
193
Analysed as:
Net finance costs excluding adjusting finance costs
142
154
Finance costs reported as adjusting items
8
39
Net finance costs
150
193
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period.
Therefore, finance costs include the loss on hyperinflation in respect of monetary items, which is
also treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-484": { "value": "
This note only provides information about corporate income taxes under IFRS . The Group has
subsidiaries in over 40 territories across the world. The Group pays and collects many different
taxes in addition to corporate income taxes including: payroll taxes, value added and sales
taxes, property taxes, product-specific taxes and environmental taxes. Such taxes borne by the
Group are included in profit before tax.
2024
2023
From continuing operations
\u00a3m
\u00a3m
Current tax
\u2013 United Kingdom tax
\u2014
\u2014
\u2013 Overseas tax
131
146
\u2013 Pillar 2 income taxes
2
\u2014
Adjustments to prior year liabilities
\u2013 United Kingdom tax
(3)
\u2014
\u2013 Overseas tax
(3)
(6)
Current tax
127
140
Deferred tax
2
(10)
Total tax charge
129
130
\u2013 Tax charge on profit before
adjusting items
139
140
\u2013 Tax credit on adjusting items
(10)
(10)
Total tax charge
129
130
Details of the adjusting items for the year can be found in note 2. Not all of the adjusting items
will be taxable or deductible for tax purposes. Therefore, the tax credit on adjusting items
represents the total of the current and deferred tax on only those elements that are assessed
as taxable or deductible. In the current year, the tax credit on adjusting items includes the
local tax effect of the disposal of the non-genuine spare parts business in Chile (see note 28a).
7 Tax continued
a) Factors affecting the tax expense for the year
The effective tax rate for the year is 31.2% (2023: 34.4%). The effective tax rate on adjusted
profit before tax is 31.3% (2023: 30.0%). The weighted average tax rate is 23.0% (2023: 22.4%).
The weighted average tax rate comprises the average statutory rates across the Group,
weighted in proportion to accounting profits and losses before tax.
The Group is within the scope of Pillar Two with effect from 1 January 2024 under UK legislation.\u00a0
Pillar Two legislation has also been enacted in other jurisdictions where Inchcape operate and
may affect computation of top-up taxes for those markets. Under the legislation, the Group is
liable to pay a top-up tax for the difference between its Pillar Two effective tax rate per
jurisdiction and the 15% minimum rate. Included within the current tax charge for the year is a
Pillar Two income tax charge of \u00a32m, payable by June 2026. The main jurisdictions in which
exposure to this tax exists include Bulgaria and Macao.
The Group applies the exception to recognising and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS
12 issued in May 2023.\u00a0
The table below explains the differences between the expected tax charge at the weighted
average tax rate and the Group\u2019s total tax charge.
2024
2023
From continuing operations
\u00a3m
\u00a3m
Profit before tax
414
378
Profit before tax multiplied by the weighted average tax rate of 23.0%
(2023: 22.4%)
95
85
\u2013 Permanent differences
8
4
\u2013 Non-taxable income
(4)
(4)
\u2013 Prior year items
2
(4)
\u2013 Derecognition/(recognition) of deferred tax assets
21
35
\u2013 Overseas tax audits and settlements
2
1
\u2013 Taxes on undistributed earnings
1
2
\u2013 Acquisition and integration costs
3
2
\u2013 Net monetary loss on hyperinflation
3
9
\u2013 Pillar Two income taxes
2
\u2014
\u2013 Disposal of businesses
(6)
\u2014
\u2013 Tax rate changes
2
\u2014
Total tax charge
129
130
b) Factors affecting the tax expense of future years
The Group\u2019s future tax charge, and effective tax rate, could be affected by several factors
including; the resolution of audits and disputes, changes in tax laws or tax rates, repatriation of
cash from overseas markets to the UK, the ability to utilise brought forward losses and business
acquisitions and disposals. In addition, a change in profit mix between low and high taxed
jurisdictions will impact the Group\u2019s future tax charge.
The utilisation of brought forward tax losses or the recognition of deferred tax assets associated
with such losses may also give rise to tax charges or credits. The recognition of deferred tax
assets, particularly in respect of tax losses, is based upon an assessment of whether it is
probable that there will be sufficient and suitable taxable profits in the relevant legal entity or
tax group against which to utilise the assets in the future. Judgement is required when
determining probable future taxable profits. In the event that actual taxable profits are
different to those forecast, the Group\u2019s future tax charge and effective tax rate could be
affected. Information about the Group\u2019s tax losses and deferred tax assets can be found in
note 16.
The Group has published its approach to tax on www.inchcape.com covering its tax strategy
and governance framework in accordance with Schedule 19 Finance Act 2016.
Pension
and other
post-retirement
benefits
Cash flow
hedges
Share-based
payments
Tax
losses
Accelerated
tax
depreciation
Provisions
and other
temporary
differences
Indefinite-life
intangible
assets
Leases
Total
Net deferred tax (liability)/asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(28)
(8)
6
20
(9)
53
(226)
17
(175)
Credited/(charged) to the consolidated income statement (continuing
operations)
\u2014
2
1
2
(7)
15
(1)
(2)
10
Credited/(charged) to equity and other comprehensive income
\u2014
18
\u2014
(1)
(5)
3
\u2014
\u2014
15
Businesses acquired
2
\u2014
\u2014
\u2014
(16)
14
(29)
\u2014
(29)
Acquisition adjustments (note 28b)
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
2
Effect of foreign exchange rate changes
\u2014
\u2014
\u2014
1
1
(3)
16
\u2014
15
At 1 January 2024
(26)
12
7
22
(36)
84
(240)
15
(162)
Opening balance reclassifications
8
\u2014
(2)
\u2014
1
(7)
\u2014
\u2014
\u2014
(Charged)/credited to the consolidated income statement (continuing
operations)
13
(2)
4
2
(2)
(12)
(7)
2
(2)
Credited/(charged) to the consolidated income statement (discontinued
operations)
\u2014
\u2014
\u2014
8
\u2014
\u2014
\u2014
\u2014
8
(Charged)/credited to equity and other comprehensive income
(1)
(12)
\u2014
(1)
(1)
1
\u2014
\u2014
(14)
Businesses sold (note 28a)
(3)
\u2014
(1)
\u2014
(6)
9
\u2014
(6)
(7)
Acquisition adjustments (note 28b)
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
2
Effect of foreign exchange rate changes
\u2014
(1)
\u2014
(1)
7
(8)
23
\u2014
20
At 31 December 2024
(9)
(3)
8
30
(37)
69
(224)
11
(155)
2024
2023
\u00a3m
\u00a3m
Deferred tax assets
91
105
Deferred tax liabilities
(246)
(267)
(155)
(162)
16 Deferred tax continued
Unrecognised deferred tax
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a3149m (2023: \u00a3132m) split as follows:
2024
2023
Gross
amount
Net amount
Gross
amount
Net
amount
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading losses
259
66
229
59
Capital losses
158
39
179
45
UK corporate interest restriction
144
36
92
23
Other deductible temporary differences
30
8
20
5
Total
591
149
520
132
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a366m (2023: \u00a359m) relating to tax relief on trading losses. The unrecognised asset represents
\u00a3259m (2023: \u00a3229m) of losses which exist within legal entities where forecast taxable profits are
not probable in the foreseeable future. Unrecognised deferred tax on trading losses includes
\u00a36m (2023: \u00a38m) which will expire within 5 years and \u00a35m (2023: \u00a34m) which will expire in more
than 5 years.
The unrecognised deferred tax assets relating to capital losses are primarily held in the UK.
The Group has unrecognised deferred tax assets in relation to disallowed interest under the UK
Corporate interest restriction regulations of \u00a336m (2023: \u00a323m).
The net deferred tax asset relating to the remaining UK group of companies, following the
disposal of the UK Retail operations (note 28), remains unrecognised as at 31 December 2024.
Therefore, on a continuing basis, no deferred tax charges or credits are recorded in the
consolidated income statement or consolidated statement of other comprehensive income in
relation to temporary differences arising in the period for these companies (2023: no deferred
tax charges or credits recorded in relation to temporary differences).
Recognised deferred tax
The deferred tax asset on tax trading losses of \u00a330m (2023: \u00a322m) relates to territories and
entities where future taxable profits are considered probable.
The net deferred tax asset on provisions and other temporary differences is principally made up
of trade related accounting provisions and other items in the Group\u2019s operating companies
\u00a369m (2023: \u00a391m), offset by a deferred tax liability on non-qualifying property \u00a3nil (2023: \u00a37m).
The deferred tax liability of \u00a3224m (2023: \u00a3240m) on indefinite life intangible assets, comprising
distribution agreements and acquired brands, has been recorded as a result of the business
acquisitions in prior periods.
Relevant tax laws largely exempt receipt of dividends from tax. A tax liability is more likely to
arise in respect of withholding taxes levied by overseas jurisdictions. No deferred tax liability has
been recognised in respect of \u00a3456m (2023: \u00a3304m) of post-acquisition unremitted earnings of
subsidiaries because the Group controls the timing of the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the next 12 months. Deferred
tax is provided when there is an intention to distribute earnings and a tax liability arises. It is not
practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these
unremitted earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-485": { "value": "
8 Earnings per share
2024
2023
\u00a3m
\u00a3m
Profit for the period
435
283
Non-controlling interests
(14)
(13)
Basic earnings
421
270
Profit for the year from discontinued operations
(150)
(35)
Basic earnings from continuing operations attributable to owners of the
parent
271
235
Adjusting items
20
79
Adjusted earnings from continuing operations attributable to owners of the
parent
291
314
Basic earnings per share
Basic earnings per share from continuing operations
66.4p
57.1p
Basic earnings per share from discontinued operations
36.7p
8.5p
Total basic earnings per share
103.1p
65.6p
Diluted earnings per share
Diluted earnings per share from continuing operations
65.6p
56.4p
Diluted earnings per share from discontinued operations
36.3p
8.4p
Total diluted earnings per share
101.9p
64.8p
Adjusted earnings per share from continuing operations
Basic Adjusted earnings per share from continuing operations
71.3p
76.3p
Diluted Adjusted earnings per share from continuing operations
70.4p
75.3p
2024
2023
number
number
Weighted average number of fully paid ordinary shares in issue
during the period
409,082,913
412,689,716
Weighted average number of fully paid ordinary shares in issue
during the period:
\u2013 Held by the Inchcape Employee Trust
(794,779)
(1,131,983)
Weighted average number of fully paid ordinary shares for the
purposes of basic EPS
408,288,134
411,557,733
Dilutive effect of potential ordinary shares
4,816,968
5,408,280
Adjusted weighted average number of fully paid ordinary shares in
issue during the period for the purposes of diluted EPS
413,105,102
416,966,013
Basic earnings/(loss) per share is calculated by dividing the Basic earnings/(loss) for the year by
the weighted average number of fully paid ordinary shares in issue during the year, less those
shares held by the Inchcape Employee Trust.
Diluted earnings/(loss) per share is calculated on the same basis as Basic earnings/(loss) per
share with a further adjustment to the weighted average number of fully paid ordinary shares
to reflect the effect of all dilutive potential ordinary shares. Dilutive potential ordinary shares
comprise share options and other share-based awards.
Basic Adjusted earnings (which excludes adjusting items) is adopted to assist the reader in
providing an additional performance measure of the Group. Basic Adjusted earnings per share
is calculated by dividing the Adjusted earnings for the year by the weighted average number
of fully paid ordinary shares in issue during the year, less those shares held by the Inchcape
Employee Trust.
Diluted Adjusted earnings per share is calculated on the same basis as the Basic Adjusted
earnings per share with a further adjustment to the weighted average number of fully paid
ordinary shares to reflect the effect of all dilutive potential ordinary shares. Information
presented for diluted and diluted adjusted earnings per ordinary share uses the weighted
average number of shares as adjusted for potentially dilutive ordinary shares as
the\u00a0denominator.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-486": { "value": "
9 Dividends
The following dividends were paid by the Group:
2024
2023
\u00a3m
\u00a3m
Final dividend for the year ended 31 December 2023 of 24.3p per share
(2022: 21.3p per share)
100
88
Interim dividend for the six months ended 30 June 2024 of 11.3p per share
(30 June 2023: 9.6p per share)
47
40
147
128
A final proposed dividend for the year ended 31 December 2024 of 17.2p per share is subject
to approval by shareholders at the Annual General Meeting and has not been included as a
liability as at 31 December 2024. The Group has sufficient distributable reserves to pay
dividends to its ultimate shareholders. Distributable reserves are calculated on an individual
legal entity basis and the ultimate parent company, Inchcape plc, currently has adequate
levels of realised profits within its retained earnings to support dividend payments.
At 31 December 2024, Inchcape plc\u2019s company-only distributable reserves were \u00a3513m. On an
annual basis, the distributable reserve levels of the Group\u2019s subsidiary undertakings are
reviewed and dividends paid up to Inchcape plc where it is appropriate to do so.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-487": { "value": "17.2", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-490": { "value": "
Goodwill
Indefinite-life
intangible
assets\u00b9
Computer
software &
Other\u00b2
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
648
878
132
1,658
Businesses acquired
39
113
\u2014
152
Acquisition adjustments
5
\u2014
\u2014
5
Additions
\u2014
\u2014
5
5
Effect of foreign exchange rate changes
(15)
(43)
(3)
(61)
At 1 January 2024
677
948
134
1,759
Acquisition adjustments (note 28b)
(1)
\u2014
\u2014
(1)
Businesses sold (note 28a)
(272)
\u2014
(36)
(308)
Additions
\u2014
\u2014
3
3
Disposals
\u2014
\u2014
(1)
(1)
Derecognition
\u2014
(5)
\u2014
(5)
Retirements
\u2014
\u2014
(12)
(12)
Effect of foreign exchange rate changes
(29)
(91)
\u2014
(120)
At 31 December 2024
375
852
88
1,315
Accumulated amortisation and impairment
At 31 December 2023
(378)
(20)
(86)
(484)
Amortisation charge for the year
\u2014
\u2014
(11)
(11)
Effect of foreign exchange rate changes
3
1
3
7
At 1 January 2024
(375)
(19)
(94)
(488)
Amortisation charge for the year (note 3)
\u2014
\u2014
(9)
(9)
Businesses sold (note 28a)
268
\u2014
34
302
Disposals
\u2014
\u2014
1
1
Retirements
\u2014
\u2014
12
12
Impairment (charge)/reversal for the year
\u2014
19
\u2014
19
Effect of foreign exchange rate changes
4
\u2014
\u2014
4
At 31 December 2024
(103)
\u2014
(56)
(159)
Net book value at 31 December 2024
272
852
32
1,156
Net book value at 31 December 2023
302
929
40
1,271
1. Indefinite-life intangible assets comprise distribution agreements and acquired brands for which there is no
foreseeable limit to the period over which they are expected to generate net cash inflows.
2. Included in computer software and other is acquired customer relationships.
10 Intangible assets continued
Impairment reversals during the year of \u00a319m (2023: \u00a3nil) relate to the reversal of previous
impairment charges against the distribution agreement intangible asset attributable to the
Central America - Suzuki CGU. The derecognition of \u00a35m is in respect of a distribution
agreement intangible asset acquired in Bolivia as part of the acquisition of the Derco group of
companies in 2022. At 31 December 2024, computer software under development was \u00a3nil
(2023: \u00a34m).
Goodwill and indefinite-life intangible assets
Goodwill acquired in a business combination has been allocated to the cash generating units
(CGUs) or group of CGUs (hereafter collectively referred to as \u2018CGU groups\u2019) that are
expected to benefit from the synergies associated with that business combination. The CGUs
for goodwill testing are aligned with the\u00a0 operating segments, Asia, Australasia, Europe, Africa,
and Americas, which represent the CGU groups that are expected to benefit from the
synergies of the business combination in which the goodwill arose and which represent the
lowest level at which information about goodwill is available and monitored for internal
management purposes.
Indefinite-life intangible assets, principally distribution agreements acquired in a business
combination, are also allocated to the CGU groups that are expected to benefit from the cash
flows associated with the relevant agreements.
The carrying amount of goodwill has been allocated to CGU groups representing the following
reporting segments:\u00a0
2024
2023
Goodwill
\u00a3m
\u00a3m
Americas
182
207
APAC
75
79
Other
15
16
272
302
The carrying amount of indefinite-life intangible assets has been allocated to CGU groups
within the following geographical areas:
2024
2023
Indefinite-life intangible assets
\u00a3m
\u00a3m
Europe & Africa
27
28
Americas \u2013 Derco
428
506
Americas \u2013 Subaru
79
86
Americas \u2013 Hino
37
41
Central Americas \u2013 Suzuki
90
70
Americas \u2013 Other
81
84
APAC
110
114
852
929
In accordance with the Group\u2019s accounting policies, goodwill and other indefinite-life
intangible assets are tested at least annually for impairment and whenever events or
circumstances indicate that the carrying amount may not be recoverable. Impairment tests
were performed for all CGU groups during the year ended 31 December 2024. The recoverable
amounts of all CGU groups were determined based on the higher of the fair value less costs to
sell and value in use calculations.
The recoverable amount is determined firstly through value in use calculations. Where this is
insufficient to cover the carrying value of the relevant asset being tested, fair value less costs to
sell is also determined.
Site-based assets (property, plant and equipment and right-of-use assets) are first tested for
impairment individually before being included in the aforementioned impairment tests as a
component of the carrying value of a CGU group. If the carrying amount of a CGU group
exceeds its recoverable amount, an impairment loss is recognised and allocated between the
assets of the CGU group to reduce the carrying amount. This allocation is initially applied to the
carrying amount of any goodwill allocated to the CGU group. If a further impairment charge
still remains, then this is allocated to other assets in the CGU group on a pro-rata basis.
The value in use calculations mainly use cash flow projections based on three-year financial
projections prepared by management. The key assumptions for these projections are those
relating to volumes, revenue, gross margins, overheads, the level of working capital required to
support trading and capital expenditure.
10 Intangible assets continued
Forecast revenue is based on past experience and expectations for near-term growth in the
relevant markets. Key assumptions used to determine revenue are expectations of market size,
represented by Total Industry Volume (TIV) and Units in Operation (UIO), estimates of product
availability from mobility partners and market share, based on external sources where
appropriate. Operating profits are forecast based on historical experience of gross and
operating margins, adjusted for the impact of changes to product mix and cost-saving
initiatives that had been implemented at the reporting date. Cash flows are forecast based on
operating profit adjusted for the level of working capital required to support trading and
capital expenditure. The assumptions used in the value in use calculations are based on past
experience, recent trading, and forecasts of operational performance in the relevant markets
including expectations about continuing relationships with key mobility partners.
The impact of climate risks and opportunities are considered during the strategic, operational
and financial planning processes.\u00a0 As part of this, management reviews the climate change
factors that could impact the business plan over the short, medium and long-term and the
scenarios relating to the impacts of climate change including the pace of transition to battery
electric vehicles and how this will impact future operations.\u00a0 Short-term financial forecasts used
for the purpose of testing intangible assets for impairment reflect, where appropriate, short-
term climate risks and opportunities.\u00a0 In the medium to long-term, such risks and opportunities
are factored into the growth rates used for modelling purposes where reasonably quantifiable.
For all CGU groups, cash flows after the three-year period are extrapolated for a further seven
years using declining growth rates which reduces the year three growth rate down to the long-
term growth rate appropriate for each CGU group, to better reflect the medium-term growth
expectations for those markets. A terminal value calculation is used to estimate the cash flows
after year 10 using these long-term growth rates.
Cash flows are discounted back to present value using a discount rate specific to each CGU
group. The discount rates used are calculated using the capital asset pricing model to derive a
cost of equity which is then weighted with an estimated cost of debt and lease liabilities based
on an optimal market gearing structure. The Group uses several inputs to calculate a range for
each discount rate from which an absolute measure is determined for use in the value in use
calculations. Key inputs include benchmark risk-free rates, inflation differentials, equity risk
premium, country risk premium and a risk adjustment (beta) calculated by reference to
comparable companies with similar retail and distribution operations. The Group applies post-
tax discount rates to post-tax cash flows as the valuation calculated using this method closely
approximates to applying pre-tax discount rates to pre-tax cash flows, therefore the equivalent
pre-tax discount rate assumptions have been presented below.
Key assumptions used
Pre-tax discount rates and long-term discount rates used in the value in use calculations for
each of the Group\u2019s significant CGU groups and significant indefinite-life intangible assets are
shown below:
Goodwill:
2024
Americas
Asia
Pre-tax discount rate (%)
11.1
8.8
Long-term growth rate (%)
3.0
2.4
2023
Americas
Asia
Pre-tax discount rate (%)
12.6
9.3
Long-term growth rate (%)
2.8
2.2
Indefinite-life intangible assets:
2024
Americas \u2013
Hino
Central
America \u2013
Suzuki
Derco
Pre-tax discount rate (%)
12.3
11.7
11.0
Long-term growth rate (%)
3.1
3.3
3.0
2023
Americas \u2013
Hino
Central
America \u2013
Suzuki
Derco
Pre-tax discount rate (%)
14.3
12.6
12.5
Long-term growth rate (%)
2.7
2.9
2.9
10 Intangible assets continued
Central America \u2013 Suzuki
At 31 December 2024, the value in use for the Central America \u2013 Suzuki CGU group had a
recoverable amount in excess of the carrying value as the forecast assumptions indicated that
the business would continue to improve its profitability and associated cash flows. The Central
America - Suzuki distribution agreement asset had previously been impaired and therefore an
impairment reversal of\u00a0 \u00a319m has been recognised in the year and disclosed as an adjusting
item, consistent with the disclosure of the original impairment charge.
The recoverable value of the Central America - Suzuki CGU group was \u00a3167m and, after the
recognition of the impairment reversal, exceeded the carrying value of the CGU group by
\u00a313m (8%). The recoverable value of the CGU group was determined based on value in use
calculations, consistent with the approach used as at 31 December 2023. Cash flows were
discounted back to present value using a pre-tax discount rate of 11.7% (2023: 12.6%).
The cash flows used within the impairment models are based on assumptions which are sources
of estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Central America \u2013 Suzuki using reasonably
possible changes in these key assumptions. The sensitivities have been selected based on the
inherent business volatility and the metrics that closely align to the consequences of climate
change risks and opportunities detailed on pages 35 to 50.
Increase/
(decrease) in
assumption
Decrease in
value in use
\u00a3m
Impact on
carrying value
\u00a3m
Revenue CAGR (%)
(1.0)%
(21)
(8)
Average gross margin (%)
(0.5)%
(11)
\u2014
Pre-tax discount rate (%)1
1.0%
(25)
(12)
Long-term growth rate (%)
(0.5)%
(8)
\u2014
1. The recoverable amount would equal the carrying value if the discount rate was increased by 0.5%
throughout the forecasting period.
Americas - Derco
Following the non-renewal of a distribution agreement acquired as part of the acquisition of
the Derco group of companies in 2022, a distribution agreement asset in Bolivia of \u00a35m has
been derecognised in the current year and disclosed as an adjusting item.
Americas - Hino
The Americas \u2013 Hino CGU group includes the Group\u2019s Hino businesses in Chile and Colombia.\u00a0
The business in Colombia has been affected by the availability of new vehicles to meet local
emissions regulations. As at 31 December 2024, the Americas \u2013 Hino CGU group had a carrying
value of \u00a357m (2023: \u00a341m) and the value in use calculations indicated that there was limited
headroom. The cash flows for the Americas \u2013 Hino CGU group are sensitive to any change in
assumption, with the timing of resumption of supply being of particular significance to the cash
flow forecasts. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Americas - Hino using reasonably possible
changes in key assumptions.
Increase/
(decrease) in
assumption
Decrease in
value in use
\u00a3m
Impact on
carrying value
\u00a3m
Supply constraint
1 year
(6)
(5)
Average gross margin (%)
(0.5)%
(4)
(3)
Pre-tax discount rate (%)
1.0%
(8)
(7)
Long-term growth rate (%)
(0.5)%
(2)
(1)
Other CGUs
The Group\u2019s value in use calculations are sensitive to changes in the key assumptions used.
However, a reasonably possible change, based on historical experience, in a key assumption
would not cause a material impairment of indefinite-life intangible assets for any other
CGU\u00a0group.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-489": { "value": "
Goodwill
Indefinite-life
intangible
assets\u00b9
Computer
software &
Other\u00b2
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
648
878
132
1,658
Businesses acquired
39
113
\u2014
152
Acquisition adjustments
5
\u2014
\u2014
5
Additions
\u2014
\u2014
5
5
Effect of foreign exchange rate changes
(15)
(43)
(3)
(61)
At 1 January 2024
677
948
134
1,759
Acquisition adjustments (note 28b)
(1)
\u2014
\u2014
(1)
Businesses sold (note 28a)
(272)
\u2014
(36)
(308)
Additions
\u2014
\u2014
3
3
Disposals
\u2014
\u2014
(1)
(1)
Derecognition
\u2014
(5)
\u2014
(5)
Retirements
\u2014
\u2014
(12)
(12)
Effect of foreign exchange rate changes
(29)
(91)
\u2014
(120)
At 31 December 2024
375
852
88
1,315
Accumulated amortisation and impairment
At 31 December 2023
(378)
(20)
(86)
(484)
Amortisation charge for the year
\u2014
\u2014
(11)
(11)
Effect of foreign exchange rate changes
3
1
3
7
At 1 January 2024
(375)
(19)
(94)
(488)
Amortisation charge for the year (note 3)
\u2014
\u2014
(9)
(9)
Businesses sold (note 28a)
268
\u2014
34
302
Disposals
\u2014
\u2014
1
1
Retirements
\u2014
\u2014
12
12
Impairment (charge)/reversal for the year
\u2014
19
\u2014
19
Effect of foreign exchange rate changes
4
\u2014
\u2014
4
At 31 December 2024
(103)
\u2014
(56)
(159)
Net book value at 31 December 2024
272
852
32
1,156
Net book value at 31 December 2023
302
929
40
1,271
1. Indefinite-life intangible assets comprise distribution agreements and acquired brands for which there is no
foreseeable limit to the period over which they are expected to generate net cash inflows.
2. Included in computer software and other is acquired customer relationships.
10 Intangible assets continued
Impairment reversals during the year of \u00a319m (2023: \u00a3nil) relate to the reversal of previous
impairment charges against the distribution agreement intangible asset attributable to the
Central America - Suzuki CGU. The derecognition of \u00a35m is in respect of a distribution
agreement intangible asset acquired in Bolivia as part of the acquisition of the Derco group of
companies in 2022. At 31 December 2024, computer software under development was \u00a3nil
(2023: \u00a34m).
Goodwill and indefinite-life intangible assets
Goodwill acquired in a business combination has been allocated to the cash generating units
(CGUs) or group of CGUs (hereafter collectively referred to as \u2018CGU groups\u2019) that are
expected to benefit from the synergies associated with that business combination. The CGUs
for goodwill testing are aligned with the\u00a0 operating segments, Asia, Australasia, Europe, Africa,
and Americas, which represent the CGU groups that are expected to benefit from the
synergies of the business combination in which the goodwill arose and which represent the
lowest level at which information about goodwill is available and monitored for internal
management purposes.
Indefinite-life intangible assets, principally distribution agreements acquired in a business
combination, are also allocated to the CGU groups that are expected to benefit from the cash
flows associated with the relevant agreements.
The carrying amount of goodwill has been allocated to CGU groups representing the following
reporting segments:\u00a0
2024
2023
Goodwill
\u00a3m
\u00a3m
Americas
182
207
APAC
75
79
Other
15
16
272
302
The carrying amount of indefinite-life intangible assets has been allocated to CGU groups
within the following geographical areas:
2024
2023
Indefinite-life intangible assets
\u00a3m
\u00a3m
Europe & Africa
27
28
Americas \u2013 Derco
428
506
Americas \u2013 Subaru
79
86
Americas \u2013 Hino
37
41
Central Americas \u2013 Suzuki
90
70
Americas \u2013 Other
81
84
APAC
110
114
852
929
In accordance with the Group\u2019s accounting policies, goodwill and other indefinite-life
intangible assets are tested at least annually for impairment and whenever events or
circumstances indicate that the carrying amount may not be recoverable. Impairment tests
were performed for all CGU groups during the year ended 31 December 2024. The recoverable
amounts of all CGU groups were determined based on the higher of the fair value less costs to
sell and value in use calculations.
The recoverable amount is determined firstly through value in use calculations. Where this is
insufficient to cover the carrying value of the relevant asset being tested, fair value less costs to
sell is also determined.
Site-based assets (property, plant and equipment and right-of-use assets) are first tested for
impairment individually before being included in the aforementioned impairment tests as a
component of the carrying value of a CGU group. If the carrying amount of a CGU group
exceeds its recoverable amount, an impairment loss is recognised and allocated between the
assets of the CGU group to reduce the carrying amount. This allocation is initially applied to the
carrying amount of any goodwill allocated to the CGU group. If a further impairment charge
still remains, then this is allocated to other assets in the CGU group on a pro-rata basis.
The value in use calculations mainly use cash flow projections based on three-year financial
projections prepared by management. The key assumptions for these projections are those
relating to volumes, revenue, gross margins, overheads, the level of working capital required to
support trading and capital expenditure.
10 Intangible assets continued
Forecast revenue is based on past experience and expectations for near-term growth in the
relevant markets. Key assumptions used to determine revenue are expectations of market size,
represented by Total Industry Volume (TIV) and Units in Operation (UIO), estimates of product
availability from mobility partners and market share, based on external sources where
appropriate. Operating profits are forecast based on historical experience of gross and
operating margins, adjusted for the impact of changes to product mix and cost-saving
initiatives that had been implemented at the reporting date. Cash flows are forecast based on
operating profit adjusted for the level of working capital required to support trading and
capital expenditure. The assumptions used in the value in use calculations are based on past
experience, recent trading, and forecasts of operational performance in the relevant markets
including expectations about continuing relationships with key mobility partners.
The impact of climate risks and opportunities are considered during the strategic, operational
and financial planning processes.\u00a0 As part of this, management reviews the climate change
factors that could impact the business plan over the short, medium and long-term and the
scenarios relating to the impacts of climate change including the pace of transition to battery
electric vehicles and how this will impact future operations.\u00a0 Short-term financial forecasts used
for the purpose of testing intangible assets for impairment reflect, where appropriate, short-
term climate risks and opportunities.\u00a0 In the medium to long-term, such risks and opportunities
are factored into the growth rates used for modelling purposes where reasonably quantifiable.
For all CGU groups, cash flows after the three-year period are extrapolated for a further seven
years using declining growth rates which reduces the year three growth rate down to the long-
term growth rate appropriate for each CGU group, to better reflect the medium-term growth
expectations for those markets. A terminal value calculation is used to estimate the cash flows
after year 10 using these long-term growth rates.
Cash flows are discounted back to present value using a discount rate specific to each CGU
group. The discount rates used are calculated using the capital asset pricing model to derive a
cost of equity which is then weighted with an estimated cost of debt and lease liabilities based
on an optimal market gearing structure. The Group uses several inputs to calculate a range for
each discount rate from which an absolute measure is determined for use in the value in use
calculations. Key inputs include benchmark risk-free rates, inflation differentials, equity risk
premium, country risk premium and a risk adjustment (beta) calculated by reference to
comparable companies with similar retail and distribution operations. The Group applies post-
tax discount rates to post-tax cash flows as the valuation calculated using this method closely
approximates to applying pre-tax discount rates to pre-tax cash flows, therefore the equivalent
pre-tax discount rate assumptions have been presented below.
Key assumptions used
Pre-tax discount rates and long-term discount rates used in the value in use calculations for
each of the Group\u2019s significant CGU groups and significant indefinite-life intangible assets are
shown below:
Goodwill:
2024
Americas
Asia
Pre-tax discount rate (%)
11.1
8.8
Long-term growth rate (%)
3.0
2.4
2023
Americas
Asia
Pre-tax discount rate (%)
12.6
9.3
Long-term growth rate (%)
2.8
2.2
Indefinite-life intangible assets:
2024
Americas \u2013
Hino
Central
America \u2013
Suzuki
Derco
Pre-tax discount rate (%)
12.3
11.7
11.0
Long-term growth rate (%)
3.1
3.3
3.0
2023
Americas \u2013
Hino
Central
America \u2013
Suzuki
Derco
Pre-tax discount rate (%)
14.3
12.6
12.5
Long-term growth rate (%)
2.7
2.9
2.9
10 Intangible assets continued
Central America \u2013 Suzuki
At 31 December 2024, the value in use for the Central America \u2013 Suzuki CGU group had a
recoverable amount in excess of the carrying value as the forecast assumptions indicated that
the business would continue to improve its profitability and associated cash flows. The Central
America - Suzuki distribution agreement asset had previously been impaired and therefore an
impairment reversal of\u00a0 \u00a319m has been recognised in the year and disclosed as an adjusting
item, consistent with the disclosure of the original impairment charge.
The recoverable value of the Central America - Suzuki CGU group was \u00a3167m and, after the
recognition of the impairment reversal, exceeded the carrying value of the CGU group by
\u00a313m (8%). The recoverable value of the CGU group was determined based on value in use
calculations, consistent with the approach used as at 31 December 2023. Cash flows were
discounted back to present value using a pre-tax discount rate of 11.7% (2023: 12.6%).
The cash flows used within the impairment models are based on assumptions which are sources
of estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Central America \u2013 Suzuki using reasonably
possible changes in these key assumptions. The sensitivities have been selected based on the
inherent business volatility and the metrics that closely align to the consequences of climate
change risks and opportunities detailed on pages 35 to 50.
Increase/
(decrease) in
assumption
Decrease in
value in use
\u00a3m
Impact on
carrying value
\u00a3m
Revenue CAGR (%)
(1.0)%
(21)
(8)
Average gross margin (%)
(0.5)%
(11)
\u2014
Pre-tax discount rate (%)1
1.0%
(25)
(12)
Long-term growth rate (%)
(0.5)%
(8)
\u2014
1. The recoverable amount would equal the carrying value if the discount rate was increased by 0.5%
throughout the forecasting period.
Americas - Derco
Following the non-renewal of a distribution agreement acquired as part of the acquisition of
the Derco group of companies in 2022, a distribution agreement asset in Bolivia of \u00a35m has
been derecognised in the current year and disclosed as an adjusting item.
Americas - Hino
The Americas \u2013 Hino CGU group includes the Group\u2019s Hino businesses in Chile and Colombia.\u00a0
The business in Colombia has been affected by the availability of new vehicles to meet local
emissions regulations. As at 31 December 2024, the Americas \u2013 Hino CGU group had a carrying
value of \u00a357m (2023: \u00a341m) and the value in use calculations indicated that there was limited
headroom. The cash flows for the Americas \u2013 Hino CGU group are sensitive to any change in
assumption, with the timing of resumption of supply being of particular significance to the cash
flow forecasts. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Americas - Hino using reasonably possible
changes in key assumptions.
Increase/
(decrease) in
assumption
Decrease in
value in use
\u00a3m
Impact on
carrying value
\u00a3m
Supply constraint
1 year
(6)
(5)
Average gross margin (%)
(0.5)%
(4)
(3)
Pre-tax discount rate (%)
1.0%
(8)
(7)
Long-term growth rate (%)
(0.5)%
(2)
(1)
Other CGUs
The Group\u2019s value in use calculations are sensitive to changes in the key assumptions used.
However, a reasonably possible change, based on historical experience, in a key assumption
would not cause a material impairment of indefinite-life intangible assets for any other
CGU\u00a0group.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-488": { "value": "
Goodwill
Indefinite-life
intangible
assets\u00b9
Computer
software &
Other\u00b2
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
648
878
132
1,658
Businesses acquired
39
113
\u2014
152
Acquisition adjustments
5
\u2014
\u2014
5
Additions
\u2014
\u2014
5
5
Effect of foreign exchange rate changes
(15)
(43)
(3)
(61)
At 1 January 2024
677
948
134
1,759
Acquisition adjustments (note 28b)
(1)
\u2014
\u2014
(1)
Businesses sold (note 28a)
(272)
\u2014
(36)
(308)
Additions
\u2014
\u2014
3
3
Disposals
\u2014
\u2014
(1)
(1)
Derecognition
\u2014
(5)
\u2014
(5)
Retirements
\u2014
\u2014
(12)
(12)
Effect of foreign exchange rate changes
(29)
(91)
\u2014
(120)
At 31 December 2024
375
852
88
1,315
Accumulated amortisation and impairment
At 31 December 2023
(378)
(20)
(86)
(484)
Amortisation charge for the year
\u2014
\u2014
(11)
(11)
Effect of foreign exchange rate changes
3
1
3
7
At 1 January 2024
(375)
(19)
(94)
(488)
Amortisation charge for the year (note 3)
\u2014
\u2014
(9)
(9)
Businesses sold (note 28a)
268
\u2014
34
302
Disposals
\u2014
\u2014
1
1
Retirements
\u2014
\u2014
12
12
Impairment (charge)/reversal for the year
\u2014
19
\u2014
19
Effect of foreign exchange rate changes
4
\u2014
\u2014
4
At 31 December 2024
(103)
\u2014
(56)
(159)
Net book value at 31 December 2024
272
852
32
1,156
Net book value at 31 December 2023
302
929
40
1,271
1. Indefinite-life intangible assets comprise distribution agreements and acquired brands for which there is no
foreseeable limit to the period over which they are expected to generate net cash inflows.
2. Included in computer software and other is acquired customer relationships.
10 Intangible assets continued
Impairment reversals during the year of \u00a319m (2023: \u00a3nil) relate to the reversal of previous
impairment charges against the distribution agreement intangible asset attributable to the
Central America - Suzuki CGU. The derecognition of \u00a35m is in respect of a distribution
agreement intangible asset acquired in Bolivia as part of the acquisition of the Derco group of
companies in 2022. At 31 December 2024, computer software under development was \u00a3nil
(2023: \u00a34m).
Goodwill and indefinite-life intangible assets
Goodwill acquired in a business combination has been allocated to the cash generating units
(CGUs) or group of CGUs (hereafter collectively referred to as \u2018CGU groups\u2019) that are
expected to benefit from the synergies associated with that business combination. The CGUs
for goodwill testing are aligned with the\u00a0 operating segments, Asia, Australasia, Europe, Africa,
and Americas, which represent the CGU groups that are expected to benefit from the
synergies of the business combination in which the goodwill arose and which represent the
lowest level at which information about goodwill is available and monitored for internal
management purposes.
Indefinite-life intangible assets, principally distribution agreements acquired in a business
combination, are also allocated to the CGU groups that are expected to benefit from the cash
flows associated with the relevant agreements.
The carrying amount of goodwill has been allocated to CGU groups representing the following
reporting segments:\u00a0
2024
2023
Goodwill
\u00a3m
\u00a3m
Americas
182
207
APAC
75
79
Other
15
16
272
302
The carrying amount of indefinite-life intangible assets has been allocated to CGU groups
within the following geographical areas:
2024
2023
Indefinite-life intangible assets
\u00a3m
\u00a3m
Europe & Africa
27
28
Americas \u2013 Derco
428
506
Americas \u2013 Subaru
79
86
Americas \u2013 Hino
37
41
Central Americas \u2013 Suzuki
90
70
Americas \u2013 Other
81
84
APAC
110
114
852
929
In accordance with the Group\u2019s accounting policies, goodwill and other indefinite-life
intangible assets are tested at least annually for impairment and whenever events or
circumstances indicate that the carrying amount may not be recoverable. Impairment tests
were performed for all CGU groups during the year ended 31 December 2024. The recoverable
amounts of all CGU groups were determined based on the higher of the fair value less costs to
sell and value in use calculations.
The recoverable amount is determined firstly through value in use calculations. Where this is
insufficient to cover the carrying value of the relevant asset being tested, fair value less costs to
sell is also determined.
Site-based assets (property, plant and equipment and right-of-use assets) are first tested for
impairment individually before being included in the aforementioned impairment tests as a
component of the carrying value of a CGU group. If the carrying amount of a CGU group
exceeds its recoverable amount, an impairment loss is recognised and allocated between the
assets of the CGU group to reduce the carrying amount. This allocation is initially applied to the
carrying amount of any goodwill allocated to the CGU group. If a further impairment charge
still remains, then this is allocated to other assets in the CGU group on a pro-rata basis.
The value in use calculations mainly use cash flow projections based on three-year financial
projections prepared by management. The key assumptions for these projections are those
relating to volumes, revenue, gross margins, overheads, the level of working capital required to
support trading and capital expenditure.
10 Intangible assets continued
Forecast revenue is based on past experience and expectations for near-term growth in the
relevant markets. Key assumptions used to determine revenue are expectations of market size,
represented by Total Industry Volume (TIV) and Units in Operation (UIO), estimates of product
availability from mobility partners and market share, based on external sources where
appropriate. Operating profits are forecast based on historical experience of gross and
operating margins, adjusted for the impact of changes to product mix and cost-saving
initiatives that had been implemented at the reporting date. Cash flows are forecast based on
operating profit adjusted for the level of working capital required to support trading and
capital expenditure. The assumptions used in the value in use calculations are based on past
experience, recent trading, and forecasts of operational performance in the relevant markets
including expectations about continuing relationships with key mobility partners.
The impact of climate risks and opportunities are considered during the strategic, operational
and financial planning processes.\u00a0 As part of this, management reviews the climate change
factors that could impact the business plan over the short, medium and long-term and the
scenarios relating to the impacts of climate change including the pace of transition to battery
electric vehicles and how this will impact future operations.\u00a0 Short-term financial forecasts used
for the purpose of testing intangible assets for impairment reflect, where appropriate, short-
term climate risks and opportunities.\u00a0 In the medium to long-term, such risks and opportunities
are factored into the growth rates used for modelling purposes where reasonably quantifiable.
For all CGU groups, cash flows after the three-year period are extrapolated for a further seven
years using declining growth rates which reduces the year three growth rate down to the long-
term growth rate appropriate for each CGU group, to better reflect the medium-term growth
expectations for those markets. A terminal value calculation is used to estimate the cash flows
after year 10 using these long-term growth rates.
Cash flows are discounted back to present value using a discount rate specific to each CGU
group. The discount rates used are calculated using the capital asset pricing model to derive a
cost of equity which is then weighted with an estimated cost of debt and lease liabilities based
on an optimal market gearing structure. The Group uses several inputs to calculate a range for
each discount rate from which an absolute measure is determined for use in the value in use
calculations. Key inputs include benchmark risk-free rates, inflation differentials, equity risk
premium, country risk premium and a risk adjustment (beta) calculated by reference to
comparable companies with similar retail and distribution operations. The Group applies post-
tax discount rates to post-tax cash flows as the valuation calculated using this method closely
approximates to applying pre-tax discount rates to pre-tax cash flows, therefore the equivalent
pre-tax discount rate assumptions have been presented below.
Key assumptions used
Pre-tax discount rates and long-term discount rates used in the value in use calculations for
each of the Group\u2019s significant CGU groups and significant indefinite-life intangible assets are
shown below:
Goodwill:
2024
Americas
Asia
Pre-tax discount rate (%)
11.1
8.8
Long-term growth rate (%)
3.0
2.4
2023
Americas
Asia
Pre-tax discount rate (%)
12.6
9.3
Long-term growth rate (%)
2.8
2.2
Indefinite-life intangible assets:
2024
Americas \u2013
Hino
Central
America \u2013
Suzuki
Derco
Pre-tax discount rate (%)
12.3
11.7
11.0
Long-term growth rate (%)
3.1
3.3
3.0
2023
Americas \u2013
Hino
Central
America \u2013
Suzuki
Derco
Pre-tax discount rate (%)
14.3
12.6
12.5
Long-term growth rate (%)
2.7
2.9
2.9
10 Intangible assets continued
Central America \u2013 Suzuki
At 31 December 2024, the value in use for the Central America \u2013 Suzuki CGU group had a
recoverable amount in excess of the carrying value as the forecast assumptions indicated that
the business would continue to improve its profitability and associated cash flows. The Central
America - Suzuki distribution agreement asset had previously been impaired and therefore an
impairment reversal of\u00a0 \u00a319m has been recognised in the year and disclosed as an adjusting
item, consistent with the disclosure of the original impairment charge.
The recoverable value of the Central America - Suzuki CGU group was \u00a3167m and, after the
recognition of the impairment reversal, exceeded the carrying value of the CGU group by
\u00a313m (8%). The recoverable value of the CGU group was determined based on value in use
calculations, consistent with the approach used as at 31 December 2023. Cash flows were
discounted back to present value using a pre-tax discount rate of 11.7% (2023: 12.6%).
The cash flows used within the impairment models are based on assumptions which are sources
of estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Central America \u2013 Suzuki using reasonably
possible changes in these key assumptions. The sensitivities have been selected based on the
inherent business volatility and the metrics that closely align to the consequences of climate
change risks and opportunities detailed on pages 35 to 50.
Increase/
(decrease) in
assumption
Decrease in
value in use
\u00a3m
Impact on
carrying value
\u00a3m
Revenue CAGR (%)
(1.0)%
(21)
(8)
Average gross margin (%)
(0.5)%
(11)
\u2014
Pre-tax discount rate (%)1
1.0%
(25)
(12)
Long-term growth rate (%)
(0.5)%
(8)
\u2014
1. The recoverable amount would equal the carrying value if the discount rate was increased by 0.5%
throughout the forecasting period.
Americas - Derco
Following the non-renewal of a distribution agreement acquired as part of the acquisition of
the Derco group of companies in 2022, a distribution agreement asset in Bolivia of \u00a35m has
been derecognised in the current year and disclosed as an adjusting item.
Americas - Hino
The Americas \u2013 Hino CGU group includes the Group\u2019s Hino businesses in Chile and Colombia.\u00a0
The business in Colombia has been affected by the availability of new vehicles to meet local
emissions regulations. As at 31 December 2024, the Americas \u2013 Hino CGU group had a carrying
value of \u00a357m (2023: \u00a341m) and the value in use calculations indicated that there was limited
headroom. The cash flows for the Americas \u2013 Hino CGU group are sensitive to any change in
assumption, with the timing of resumption of supply being of particular significance to the cash
flow forecasts. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Americas - Hino using reasonably possible
changes in key assumptions.
Increase/
(decrease) in
assumption
Decrease in
value in use
\u00a3m
Impact on
carrying value
\u00a3m
Supply constraint
1 year
(6)
(5)
Average gross margin (%)
(0.5)%
(4)
(3)
Pre-tax discount rate (%)
1.0%
(8)
(7)
Long-term growth rate (%)
(0.5)%
(2)
(1)
Other CGUs
The Group\u2019s value in use calculations are sensitive to changes in the key assumptions used.
However, a reasonably possible change, based on historical experience, in a key assumption
would not cause a material impairment of indefinite-life intangible assets for any other
CGU\u00a0group.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-491": { "value": "
Land and
buildings
Plant,
machinery
and
equipment
Subtotal
Leased
vehicles,
rental
machinery
and
equipment
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
745
299
1,044
88
1,132
Opening balance hyperinflation
adjustment
9
9
18
\u2014
18
Businesses acquired
79
16
95
3
98
Additions
45
43
88
84
172
Disposals
(10)
(8)
(18)
\u2014
(18)
Transferred from/(to) inventory
\u2014
(1)
(1)
(21)
(22)
Other\u00b9
4
(1)
3
1
4
Transferred from/(to) assets held for sale
(6)
(1)
(7)
\u2014
(7)
Effect of foreign exchange rate changes
(24)
(12)
(36)
(4)
(40)
At 1 January 2024
842
344
1,186
151
1,337
Opening balance hyperinflation
adjustment
4
8
12
\u2014
12
Acquisition adjustments (note 28b)
\u2014
(1)
(1)
\u2014
(1)
Businesses sold (note 28a)
(294)
(71)
(365)
(24)
(389)
Additions
49
26
75
38
113
Disposals
(13)
(15)
(28)
\u2014
(28)
Transferred from/(to) inventory
\u2014
3
3
(36)
(33)
Retirement of fully depreciated assets
\u2014
(1)
(1)
\u2014
(1)
Effect of foreign exchange rate changes
(51)
(32)
(83)
(5)
(88)
At 31 December 2024
537
261
798
124
922
Land and
buildings
Plant,
machinery
and
equipment
Subtotal
Leased
vehicles,
rental
machinery
and
equipment
Total
Accumulated depreciation and
impairment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(191)
(191)
(382)
(13)
(395)
Opening balance hyperinflation
adjustment
(1)
(4)
(5)
\u2014
(5)
Depreciation charge for the year
(22)
(28)
(50)
(20)
(70)
Impairment charge for the year
(9)
(2)
(11)
\u2014
(11)
Disposals
6
6
12
\u2014
12
Transferred to/(from) inventory
\u2014
1
1
10
11
Other\u00b9
(4)
1
(3)
(1)
(4)
Transferred to/(from) assets held for sale
2
1
3
\u2014
3
Effect of foreign exchange rate changes
5
9
14
1
15
At 1 January 2024
(214)
(207)
(421)
(23)
(444)
Opening balance hyperinflation
adjustment
(1)
(3)
(4)
\u2014
(4)
Businesses sold (note 28a)
71
55
126
\u2014
126
Depreciation charge for the year
(17)
(27)
(44)
(18)
(62)
Disposals
6
14
20
\u2014
20
Transferred to/(from) inventory
\u2014
\u2014
\u2014
9
9
Retirement of fully depreciated assets
\u2014
1
1
\u2014
1
Effect of foreign exchange rate changes
11
9
20
1
21
At 31 December 2024
(144)
(158)
(302)
(31)
(333)
Net book value at 31 December 2024
393
103
496
93
589
Net book value at 31 December 2023
628
137
765
128
893
1. This represents a correction of a historic adjustment to cost and accumulated depreciation on acquired
property, plant, machinery and equipment. It has no net impact on net book value at any balance sheet
date presented.
11 Property, Plant and Equipment continued
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is highly likely, the transaction is recognised as
a lease transaction with the Group acting as a lessor. Consequently, such vehicles are included
in \u2018leased vehicles, rental machinery and equipment\u2019 in the table above.
The book value of land and buildings is analysed between:
2024
2023
\u00a3m
\u00a3m
Freehold
309
469
Leasehold with over fifty years unexpired
19
58
Short leasehold
54
87
Assets under construction
11
14
393
628
At 31 December 2024, land and buildings include properties with a net book value of \u00a3nil
(2023:\u00a0\u00a34m) that are let to third parties on a short-term basis.
Property, plant, machinery & equipment includes assets under construction with a net book
value of \u00a311m (2023: \u00a314m).
Impairment of computer software, property, plant and equipment and right-of-use assets
Computer software, property, plant and equipment and right-of-use assets are reviewed for
impairment if events or circumstances indicate that the carrying value may not be
recoverable. When an impairment review is carried out, the recoverable value is determined
based on the higher of value in use calculations, which require estimates to be made of future
cash flows, or fair value less costs of disposal. Impairment triggers were identified in a limited
number of markets and tests for impairment were carried out, where appropriate. As part of
the assessment, the Group also assessed whether there was any indication that previously
recognised impairment losses for an asset no longer exist or may have decreased which would
result in an impairment reversal being recognised.
The approach to test computer software, property, plant and equipment and right-of-use
assets for impairment was consistent with the approach used to test goodwill and other
indefinite-life intangible assets. The value in use calculations use cash flow projections based on
three-year financial forecasts prepared by management. The key assumptions for these
forecasts are those relating to volumes, revenue, gross margins, overheads, the level of working
capital required to support trading and capital expenditure. Where the value in use
calculations did not support the carrying value of an asset, an estimate for fair value less costs
of disposal was determined by obtaining property valuations for the relevant locations.
The results of the testing indicated that there were no net impairment charges in the year
\u00a0(2023: \u00a311m net impairment charges in the UK).
2024
2023
\u00a3m
\u00a3m
Property, plant and equipment
\u2014
11
Right-of-use assets
\u2014
\u2014
At 31 December
\u2014
11
The presence of potential physical risks arising from climate change to the Group\u2019s key
operational sites in the short to medium term has been reviewed and no assets have been
impaired as a result of this exercise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-493": { "value": "
The Group leases various retail dealerships, distribution, and office properties, primarily in
Australia, Hong Kong, and South America. Rental contracts are typically made for fixed periods
of 2 to 25 years and may have extension options as described in the accounting policies note.
Lease terms are negotiated on an individual basis and contain a wide range of different terms
and conditions.
a) Amounts recognised on the consolidated statement of financial position
Land and
buildings
Other
Total
Cost
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
800
3
803
Opening balance hyperinflation adjustment
1
\u2014
1
Businesses acquired
11
\u2014
11
Acquisition adjustments
(7)
\u2014
(7)
Additions
35
1
36
Derecognition
(38)
(1)
(39)
Remeasurement
7
\u2014
7
Reclassified to assets held for sale
(2)
\u2014
(2)
Effect of foreign exchange rate changes
(32)
\u2014
(32)
At 1 January 2024
775
3
778
Businesses sold (note 28a)
(138)
\u2014
(138)
Additions
42
\u2014
42
Derecognition
(49)
(2)
(51)
Remeasurement
35
\u2014
35
Effect of foreign exchange rate changes
(31)
1
(30)
At 31 December 2024
634
2
636
Land and
buildings
Other
Total
Accumulated depreciation and impairment
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(383)
(1)
(384)
Depreciation charge for the year
(80)
(1)
(81)
Derecognition
33
1
34
Remeasurement
3
\u2014
3
Effect of foreign exchange rate changes
14
\u2014
14
At 1 January 2024
(413)
(1)
(414)
Businesses sold (note 28a)
64
\u2014
64
Depreciation charge for the year
(75)
\u2014
(75)
Impairment losses recognised
(1)
\u2014
(1)
Derecognition
49
\u2014
49
Effect of foreign exchange rate changes
13
(1)
12
At 31 December 2024
(363)
(2)
(365)
Net book value at 31 December 2024
271
\u2014
271
Net book value at 31 December 2023
362
2
364
Asset impairment charges amount to \u00a31m (2023: impairment charge of \u00a3nil).
Remeasurements of \u00a335m were made to leases during the year, due to either a change in the
lease term or a change in an index or rate applicable to the underlying lease (2023: \u00a310m,
primarily in the UK, South America and APAC). Lease liabilities are also remeasured if there is a
change in the assessment of whether a purchase, lease term extension or termination option
will be exercised, exposure to potential variable lease payments during the life of the lease
together with any additional liability being present as a result of entering new lease
commitments which have not commenced as at the balance sheet date.
2024
2023
\u00a3m
\u00a3m
Lease liabilities
Current
(66)
(81)
Non-current
(236)
(359)
At 31 December
(302)
(440)
12 Right-of-use assets and lease liabilities continued
b) Amounts recognised in the consolidated income statement
2024
2023
\u00a3m
\u00a3m
Depreciation of right-of-use assets
74
75
Impairment charge for right-of-use assets
1
\u2014
Finance costs on lease liabilities (included in finance costs)
19
19
Lease rentals \u2013 short-term leases
5
7
Lease rentals \u2013 variable lease payments
1
1
Sub-lease income from right-of-use assets
\u2014
(1)
c) Amounts recognised in the consolidated statement of cash flows
2024
2023
\u00a3m
\u00a3m
Lease interest paid
19
21
Payment of capital element of lease liabilities
81
87
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-492": { "value": "
The Group leases various retail dealerships, distribution, and office properties, primarily in
Australia, Hong Kong, and South America. Rental contracts are typically made for fixed periods
of 2 to 25 years and may have extension options as described in the accounting policies note.
Lease terms are negotiated on an individual basis and contain a wide range of different terms
and conditions.
a) Amounts recognised on the consolidated statement of financial position
Land and
buildings
Other
Total
Cost
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
800
3
803
Opening balance hyperinflation adjustment
1
\u2014
1
Businesses acquired
11
\u2014
11
Acquisition adjustments
(7)
\u2014
(7)
Additions
35
1
36
Derecognition
(38)
(1)
(39)
Remeasurement
7
\u2014
7
Reclassified to assets held for sale
(2)
\u2014
(2)
Effect of foreign exchange rate changes
(32)
\u2014
(32)
At 1 January 2024
775
3
778
Businesses sold (note 28a)
(138)
\u2014
(138)
Additions
42
\u2014
42
Derecognition
(49)
(2)
(51)
Remeasurement
35
\u2014
35
Effect of foreign exchange rate changes
(31)
1
(30)
At 31 December 2024
634
2
636
Land and
buildings
Other
Total
Accumulated depreciation and impairment
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(383)
(1)
(384)
Depreciation charge for the year
(80)
(1)
(81)
Derecognition
33
1
34
Remeasurement
3
\u2014
3
Effect of foreign exchange rate changes
14
\u2014
14
At 1 January 2024
(413)
(1)
(414)
Businesses sold (note 28a)
64
\u2014
64
Depreciation charge for the year
(75)
\u2014
(75)
Impairment losses recognised
(1)
\u2014
(1)
Derecognition
49
\u2014
49
Effect of foreign exchange rate changes
13
(1)
12
At 31 December 2024
(363)
(2)
(365)
Net book value at 31 December 2024
271
\u2014
271
Net book value at 31 December 2023
362
2
364
Asset impairment charges amount to \u00a31m (2023: impairment charge of \u00a3nil).
Remeasurements of \u00a335m were made to leases during the year, due to either a change in the
lease term or a change in an index or rate applicable to the underlying lease (2023: \u00a310m,
primarily in the UK, South America and APAC). Lease liabilities are also remeasured if there is a
change in the assessment of whether a purchase, lease term extension or termination option
will be exercised, exposure to potential variable lease payments during the life of the lease
together with any additional liability being present as a result of entering new lease
commitments which have not commenced as at the balance sheet date.
2024
2023
\u00a3m
\u00a3m
Lease liabilities
Current
(66)
(81)
Non-current
(236)
(359)
At 31 December
(302)
(440)
12 Right-of-use assets and lease liabilities continued
b) Amounts recognised in the consolidated income statement
2024
2023
\u00a3m
\u00a3m
Depreciation of right-of-use assets
74
75
Impairment charge for right-of-use assets
1
\u2014
Finance costs on lease liabilities (included in finance costs)
19
19
Lease rentals \u2013 short-term leases
5
7
Lease rentals \u2013 variable lease payments
1
1
Sub-lease income from right-of-use assets
\u2014
(1)
c) Amounts recognised in the consolidated statement of cash flows
2024
2023
\u00a3m
\u00a3m
Lease interest paid
19
21
Payment of capital element of lease liabilities
81
87
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-497": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
12 to the Inchcape plc Company financial statements on pages 204 to 210.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
21
22
Additions
\u2014
3
Share of profit after tax of joint ventures and associates
2
1
Return of investment following liquidation of joint venture
\u2014
(2)
Dividends received
\u2014
(1)
Effect of foreign exchange rate changes
(2)
(2)
At 31 December
21
21
Net assets of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents
10
14
Other current assets
61
41
Non-current assets
247
222
Total assets
318
277
Current financial liabilities
(60)
(46)
Other current liabilities
(2)
(5)
Non-current financial liabilities
(214)
(184)
Total liabilities
(276)
(235)
Net assets
42
42
13 Investments in joint ventures and associates continued
Results of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Revenue
71
61
Depreciation and amortisation
(1)
(1)
Other expenses
(65)
(57)
Profit before tax
5
3
Tax
(1)
(1)
Profit after tax of joint ventures and associates
4
2
Summarised financial information of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Opening net assets at 1 January
42
44
Profit for the year
4
2
Additions
\u2014
5
Return of investment following liquidation of joint venture
\u2014
(4)
Other comprehensive expense for the year
\u2014
(1)
Effect of foreign exchange rates
(4)
(4)
Closing net assets at 31 December
42
42
Carrying value of interest in joint ventures and associates
21
21
As at 31 December 2024, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-496": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
12 to the Inchcape plc Company financial statements on pages 204 to 210.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
21
22
Additions
\u2014
3
Share of profit after tax of joint ventures and associates
2
1
Return of investment following liquidation of joint venture
\u2014
(2)
Dividends received
\u2014
(1)
Effect of foreign exchange rate changes
(2)
(2)
At 31 December
21
21
Net assets of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents
10
14
Other current assets
61
41
Non-current assets
247
222
Total assets
318
277
Current financial liabilities
(60)
(46)
Other current liabilities
(2)
(5)
Non-current financial liabilities
(214)
(184)
Total liabilities
(276)
(235)
Net assets
42
42
13 Investments in joint ventures and associates continued
Results of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Revenue
71
61
Depreciation and amortisation
(1)
(1)
Other expenses
(65)
(57)
Profit before tax
5
3
Tax
(1)
(1)
Profit after tax of joint ventures and associates
4
2
Summarised financial information of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Opening net assets at 1 January
42
44
Profit for the year
4
2
Additions
\u2014
5
Return of investment following liquidation of joint venture
\u2014
(4)
Other comprehensive expense for the year
\u2014
(1)
Effect of foreign exchange rates
(4)
(4)
Closing net assets at 31 December
42
42
Carrying value of interest in joint ventures and associates
21
21
As at 31 December 2024, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-495": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
12 to the Inchcape plc Company financial statements on pages 204 to 210.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
21
22
Additions
\u2014
3
Share of profit after tax of joint ventures and associates
2
1
Return of investment following liquidation of joint venture
\u2014
(2)
Dividends received
\u2014
(1)
Effect of foreign exchange rate changes
(2)
(2)
At 31 December
21
21
Net assets of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents
10
14
Other current assets
61
41
Non-current assets
247
222
Total assets
318
277
Current financial liabilities
(60)
(46)
Other current liabilities
(2)
(5)
Non-current financial liabilities
(214)
(184)
Total liabilities
(276)
(235)
Net assets
42
42
13 Investments in joint ventures and associates continued
Results of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Revenue
71
61
Depreciation and amortisation
(1)
(1)
Other expenses
(65)
(57)
Profit before tax
5
3
Tax
(1)
(1)
Profit after tax of joint ventures and associates
4
2
Summarised financial information of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Opening net assets at 1 January
42
44
Profit for the year
4
2
Additions
\u2014
5
Return of investment following liquidation of joint venture
\u2014
(4)
Other comprehensive expense for the year
\u2014
(1)
Effect of foreign exchange rates
(4)
(4)
Closing net assets at 31 December
42
42
Carrying value of interest in joint ventures and associates
21
21
As at 31 December 2024, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-494": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
12 to the Inchcape plc Company financial statements on pages 204 to 210.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
21
22
Additions
\u2014
3
Share of profit after tax of joint ventures and associates
2
1
Return of investment following liquidation of joint venture
\u2014
(2)
Dividends received
\u2014
(1)
Effect of foreign exchange rate changes
(2)
(2)
At 31 December
21
21
Net assets of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents
10
14
Other current assets
61
41
Non-current assets
247
222
Total assets
318
277
Current financial liabilities
(60)
(46)
Other current liabilities
(2)
(5)
Non-current financial liabilities
(214)
(184)
Total liabilities
(276)
(235)
Net assets
42
42
13 Investments in joint ventures and associates continued
Results of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Revenue
71
61
Depreciation and amortisation
(1)
(1)
Other expenses
(65)
(57)
Profit before tax
5
3
Tax
(1)
(1)
Profit after tax of joint ventures and associates
4
2
Summarised financial information of joint ventures and associates:
2024
2023
\u00a3m
\u00a3m
Opening net assets at 1 January
42
44
Profit for the year
4
2
Additions
\u2014
5
Return of investment following liquidation of joint venture
\u2014
(4)
Other comprehensive expense for the year
\u2014
(1)
Effect of foreign exchange rates
(4)
(4)
Closing net assets at 31 December
42
42
Carrying value of interest in joint ventures and associates
21
21
As at 31 December 2024, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-498": { "value": "
14 Financial assets at fair value through other comprehensive income
2024
2023
\u00a3m
\u00a3m
At 1 January
1
3
Net fair value gains/(losses) recognised in other comprehensive income
3
(2)
At 31 December
4
1
Analysed as:
2024
2023
\u00a3m
\u00a3m
Current
\u2014
\u2014
Non-current
4
1
4
1
Assets held are analysed as follows:
2024
2023
\u00a3m
\u00a3m
Equity securities
4
1
4
1
Financial assets held at fair value through other comprehensive income relate to a 15% equity
interest in Hino Motors Manufacturing Company SAS.
The Group\u2019s financial liabilities, other than derivatives, comprise borrowings, trade and other
payables and lease liabilities. The main purpose of these instruments is to raise finance for the
Group\u2019s operations.
The Group also has various financial assets such as trade and other receivables, cash and
short-term deposits which arise from its trading operations. The Group\u2019s primary derivative
transactions include forward and swap currency contracts. The purpose is to manage the
currency and interest rate risks arising from the Group\u2019s trading operations and its sources of
finance. Group policy is that there is no trading or speculation in derivatives. Cash flow hedge
ineffectiveness can arise from changes to the timing and amounts of forecasted cash flows of
hedged items. Fair value hedge ineffectiveness can arise from different yield curves linked to
the hedged item and hedging instrument as well as changes to the counterparties credit risk.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, currency risk,
credit risk and liquidity risk.
The Group does not hedge for inflation risk and has not hedged for cross-currency interest rates
risk in recent years.
a) Classification of financial instruments
Measured
at
amortised
cost
Measured
at fair value
through other
comprehensive
income
Measured
at fair value
through
profit
or loss
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
4
\u2014
4
Trade and other receivables
556
\u2014
\u2014
556
Derivative financial instruments
\u2014
7
41
48
Cash and cash equivalents
549
\u2014
\u2014
549
Total financial assets
1,105
11
41
1,157
Financial liabilities
Trade and other payables
(2,192)
\u2014
\u2014
(2,192)
Derivative financial instruments
\u2014
(6)
(41)
(47)
Lease liabilities
(302)
\u2014
\u2014
(302)
Borrowings
(739)
\u2014
\u2014
(739)
Total financial liabilities
(3,233)
(6)
(41)
(3,280)
(2,128)
5
\u2014
(2,123)
23 Financial instruments continued
Measured
at
amortised
cost
Measured
at fair value
through other
comprehensive
income
Measured
at fair value
through
profit
or loss
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
1
\u2014
1
Trade and other receivables
613
\u2014
\u2014
613
Derivative financial instruments
\u2014
4
35
39
Cash and cash equivalents
689
\u2014
\u2014
689
Total financial assets
1,302
5
35
1,342
Financial liabilities
Trade and other payables
(2,754)
\u2014
\u2014
(2,754)
Derivative financial instruments
\u2014
(58)
(39)
(97)
Lease liabilities
(440)
\u2014
\u2014
(440)
Borrowings
(1,290)
\u2014
\u2014
(1,290)
Total financial liabilities
(4,484)
(58)
(39)
(4,581)
(3,182)
(53)
(4)
(3,239)
b)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": "
2024
2023
\u00a3m
\u00a3m
At 1 January
1
3
Net fair value gains/(losses) recognised in other comprehensive income
3
(2)
At 31 December
4
1
Analysed as:
2024
2023
\u00a3m
\u00a3m
Current
\u2014
\u2014
Non-current
4
1
4
1
Assets held are analysed as follows:
2024
2023
\u00a3m
\u00a3m
Equity securities
4
1
4
1
Financial assets held at fair value through other comprehensive income relate to a 15% equity
interest in Hino Motors Manufacturing Company SAS.
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2024
Total
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
183
5.3%
\u2014
\u2014%
183
183
Bank loans
2
4.4%
10
5.5%
12
12
Private Placement
\u2014
\u2014%
\u2014
\u2014%
\u2014
\u2014
185
5.3%
10
5.5%
195
195
Non-current
Bank loans
55
5.6%
349
6.5%
404
404
Private Placement
\u2014
\u2014%
140
3.1%
140
140
55
5.6%
489
5.5%
544
544
Total borrowings
240
5.4%
499
5.5%
739
739
Bank overdrafts include \u00a3177m (2023: \u00a3245m) held in cash pooling arrangements which have
not been offset in the consolidated statement of financial position (see note 23(b)).
22 Borrowings continued
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2023
Total
2023
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
249
5.9%
\u2014
\u2014%
249
249
Bank loans
298
6.2%
35
7.8%
333
333
Private Placement
\u2014
\u2014%
70
3.0%
70
70
547
6.1%
105
4.6%
652
652
Non-current
Bank loans
150
5.5%
348
6.5%
498
498
Private Placement
\u2014
\u2014%
140
3.0%
140
140
150
5.5%
488
5.5%
638
638
Total borrowings
697
5.9%
593
5.4%
1,290
1,290
Interest payments on floating rate financial liabilities are determined by reference to short-term
benchmark rates applicable to the relevant currency or market (primarily SONIA or the local
equivalent).
As at 31 December 2024, the funding structure of the Group was comprised of a committed
syndicated revolving credit facility of \u00a3900m (2023: \u00a3900m), sterling Private Placement Loan
Notes totalling \u00a3140m (2023: \u00a3210m) and a five-year bond of \u00a3350m, at a fixed coupon of 6.5%.
(2023: \u00a3350m). During the year, the term facility of \u00a3250m was repaid, following the disposal of
the UK Retail business, together with the debt acquired from acquisitions in 2022 and 2023.
As\u00a0at 31 December 2024, \u00a355m of the syndicated revolving credit facility was drawn
(2023:\u00a0\u00a3150m).
The \u00a3350m public bond is held at amortised cost and had a fair value of \u00a3358m as at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024 based on quoted prices, which is a level 1 valuation technique.
In December 2023, the Group\u2019s syndicated revolving credit facility was amended, increasing
the facility to \u00a3900m and extending the maturity to December 2028. In November 2024, the
maturity of the facility was extended to December 2029 with a reduction in the facility to
\u00a3818m with effect from 1 December 2028.
The Group\u2019s bank loans are not secured by any term deposits placed under a standby letter of
credit and related facility arrangements (2023: \u00a3nil secured). The Group\u2019s bank overdrafts are
secured by related offsetting cash balances held under pooling arrangements. The Group\u2019s
remaining borrowings are unsecured.
In December 2016, the Group concluded a Private Placement transaction raising \u00a3210m to
refinance existing US dollar Private Placement borrowings which matured in May 2017. In May
2024, \u00a370m of Private Placement borrowings were repaid.
Maturity date
May 2027
May 2027
May 2029
Amount drawn
\u00a330m
\u00a370m
\u00a340m
Fixed rate coupon
3.02%
3.12%
3.10%
The \u00a3140m sterling Private Placement loan notes are held at amortised cost. They have a fair
value of \u00a3135m (calculated from discounted cash flow techniques obtained using discount
rates from observable market data, which is a level 2 valuation technique. The fair values of the
Group\u2019s other borrowings, other than the \u00a3350m public bond, are not considered to be
materially different from their book value.
The table below sets out the maturity profile of the Group\u2019s existing borrowings that are
exposed to interest rate risk.
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
10
\u2014
\u2014
349
\u2014
\u2014
359
Private Placement
\u2014
\u2014
100
\u2014
40
\u2014
140
10
\u2014
100
349
40
\u2014
499
Floating rate
Bank overdrafts
183
\u2014
\u2014
\u2014
\u2014
\u2014
183
Bank loans
2
\u2014
\u2014
\u2014
55
\u2014
57
185
\u2014
\u2014
\u2014
55
\u2014
240
22 Borrowings continued
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2023
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
35
\u2014
\u2014
\u2014
348
\u2014
383
Private Placement
70
\u2014
\u2014
100
\u2014
40
210
105
\u2014
\u2014
100
348
40
593
Floating rate
Bank overdrafts
249
\u2014
\u2014
\u2014
\u2014
\u2014
249
Bank loans
298
\u2014
\u2014
\u2014
150
\u2014
448
547
\u2014
\u2014
\u2014
150
\u2014
697
The Group\u2019s financial liabilities, other than derivatives, comprise borrowings, trade and other
payables and lease liabilities. The main purpose of these instruments is to raise finance for the
Group\u2019s operations.
The Group also has various financial assets such as trade and other receivables, cash and
short-term deposits which arise from its trading operations. The Group\u2019s primary derivative
transactions include forward and swap currency contracts. The purpose is to manage the
currency and interest rate risks arising from the Group\u2019s trading operations and its sources of
finance. Group policy is that there is no trading or speculation in derivatives. Cash flow hedge
ineffectiveness can arise from changes to the timing and amounts of forecasted cash flows of
hedged items. Fair value hedge ineffectiveness can arise from different yield curves linked to
the hedged item and hedging instrument as well as changes to the counterparties credit risk.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, currency risk,
credit risk and liquidity risk.
The Group does not hedge for inflation risk and has not hedged for cross-currency interest rates
risk in recent years.
a) Classification of financial instruments
Measured
at
amortised
cost
Measured
at fair value
through other
comprehensive
income
Measured
at fair value
through
profit
or loss
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
4
\u2014
4
Trade and other receivables
556
\u2014
\u2014
556
Derivative financial instruments
\u2014
7
41
48
Cash and cash equivalents
549
\u2014
\u2014
549
Total financial assets
1,105
11
41
1,157
Financial liabilities
Trade and other payables
(2,192)
\u2014
\u2014
(2,192)
Derivative financial instruments
\u2014
(6)
(41)
(47)
Lease liabilities
(302)
\u2014
\u2014
(302)
Borrowings
(739)
\u2014
\u2014
(739)
Total financial liabilities
(3,233)
(6)
(41)
(3,280)
(2,128)
5
\u2014
(2,123)
23 Financial instruments continued
Measured
at
amortised
cost
Measured
at fair value
through other
comprehensive
income
Measured
at fair value
through
profit
or loss
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
1
\u2014
1
Trade and other receivables
613
\u2014
\u2014
613
Derivative financial instruments
\u2014
4
35
39
Cash and cash equivalents
689
\u2014
\u2014
689
Total financial assets
1,302
5
35
1,342
Financial liabilities
Trade and other payables
(2,754)
\u2014
\u2014
(2,754)
Derivative financial instruments
\u2014
(58)
(39)
(97)
Lease liabilities
(440)
\u2014
\u2014
(440)
Borrowings
(1,290)
\u2014
\u2014
(1,290)
Total financial liabilities
(4,484)
(58)
(39)
(4,581)
(3,182)
(53)
(4)
(3,239)
b) Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable netting arrangements and
similar agreements:
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2024
Derivative financial assets
48
\u2014
48
(19)
\u2014
29
Cash and cash equivalents
549
\u2014
549
(177)
\u2014
372
597
\u2014
597
(196)
\u2014
401
As at 31 December 2023
Derivative financial assets
39
\u2014
39
(24)
\u2014
15
Cash and cash equivalents
689
\u2014
689
(245)
\u2014
444
728
\u2014
728
(269)
\u2014
459
23 Financial instruments continued
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2024
Derivative financial liabilities
(47)
\u2014
(47)
19
\u2014
(28)
Bank overdrafts
(183)
\u2014
(183)
177
\u2014
(6)
(230)
\u2014
(230)
196
\u2014
(34)
As at 31 December 2023
Derivative financial liabilities
(97)
\u2014
(97)
24
\u2014
(73)
Bank overdrafts
(249)
\u2014
(249)
245
\u2014
(4)
(346)
\u2014
(346)
269
\u2014
(77)
For the financial assets and liabilities subject to enforceable netting arrangements or similar
agreements above, each agreement between the Group and the counterparty allows for net
settlement of the relevant financial assets and liabilities. If the parties subject to the agreement
do not elect to settle on a net basis, financial assets and liabilities will be settled on a gross
basis. However, each party to the netting agreement will have the option to settle all such
amounts on a net basis in the event of a default of the other party.
c) Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only affect
the consolidated income statement.
d) Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings,
supplier-related finance and cash balances as at 31 December 2024, with all other variables
held constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
2023
Sterling
100
11
100
(11)
Euro
100
2
100
(2)
Chilean peso
250
2
250
(2)
Australian dollar
100
(1)
100
1
US dollar
100
3
100
(3)
23 Financial instruments continued
e) Foreign currency risk
The Group publishes its consolidated financial statements in sterling and faces currency risk on
the translation of its earnings and net assets, a significant proportion of which are in currencies
other than sterling.
Transaction exposure hedging
The Group has transactional currency exposures, where sales or purchases by an operating unit
are in currencies other than in that unit\u2019s reporting currency. For a significant proportion of the
Group these exposures are removed as trading is denominated in the relevant local currency.
In particular, local billing arrangements are in place for many of our businesses with our brand
partners. The principal exception is for our business in Australia which purchases vehicles in
Japanese yen and our South and Central American businesses which purchase vehicles in
Japanese yen and US dollars.
In this instance, the Group seeks to hedge forecast transactional foreign exchange rate risk
using forward foreign currency exchange contracts. The effective portion of the gain or loss on
the hedge is initially recognised in the consolidated statement of comprehensive income to
the extent it is effective. When the hedged forecast transaction results in the recognition of a
non-financial asset or liability then, at the time the asset or liability is recognised, the associated
gains or losses that had previously been recognised in other comprehensive income are
included in the initial measurement of the acquisition cost or other carrying amount of the asset
or liability.
For all other cash flow hedges, the gains or losses that are recognised in other comprehensive
income are transferred to the consolidated income statement in the same period in which the
hedged forecast transaction affects the consolidated income statement. Under IFRS 9
Financial Instruments, hedges are documented and tested for the hedge effectiveness on an
ongoing basis.
Foreign currency risk table
The following table shows the Group sensitivity to a reasonably possible change in foreign
exchange rates on its Japanese yen financial instruments. In this table, financial instruments are
only considered sensitive to foreign exchange rates when they are not in the functional
currency of the entity that holds them.
Increase/
(decrease) in
exchange
rate
Effect on
equity
%
\u00a3m
2024
Yen
+10%
3
Yen
-10%
(3)
2023
Yen
+10%
3
Yen
-10%
(3)
f) Credit risk
The amount due from counterparties arising from cash deposits and the use of financial
instruments creates credit risk. The Group monitors its credit exposure to its counterparties via
their credit ratings (where applicable) and through its policy of limiting its exposure to any one
party to ensure that they are within Board approved limits and that there are no significant
concentrations of credit risk.
Group policy is to deposit cash and use financial instruments with counterparties with a long-
term credit rating of A or better, where available. The notional amounts of financial instruments
used in interest rate and foreign exchange management do not represent the credit risk arising
through the use of these instruments. The immediate credit risk of these instruments is generally
estimated by the fair value of contracts with a positive value. Credit limits are
reviewed\u00a0regularly.
23 Financial instruments continued
The table below analyses the Group\u2019s derivative assets, cash at bank and short-term deposits
by credit exposure:
2024
2023
Derivative
assets
Cash
at bank
Short-term
deposits
Derivative
assets
Cash
at bank
Short-term
deposits
Credit rating of counterparty
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2014
1
\u2014
\u2014
\u2014
\u2014
AA-
4
181
1
1
198
\u2014
A+
11
1
\u2014
8
33
\u2014
A
4
4
\u2014
7
170
\u2014
A-
21
29
17
9
21
\u2014
BBB+
5
42
2
8
35
\u2014
BBB
\u2014
13
8
2
6
\u2014
BBB-
\u2014
29
4
\u2014
5
1
BB+
\u2014
10
\u2014
\u2014
3
\u2014
BB
\u2014
58
\u2014
\u2014
\u2014
\u2014
BB-
\u2014
\u2014
\u2014
\u2014
14
\u2014
No rating*
3
90
59
4
125
78
48
458
91
39
610
79
Counterparties in certain markets in which the Group operates do not have a credit rating.
For those counterparties which do not have a credit rating, where possible the Group works
with partner banks with a local presence to provide additional assurance. Additionally, the
Group proactively repatriates cash through cash-pooling arrangements, loans between Group
companies and dividends as well as regularly monitoring the spread of counterparties in-
country, notably in Ethiopia.
No credit limits were exceeded during the reporting period and management does not expect
any losses from non-performance by these counterparties.
The maximum exposure to credit risk for cash at bank, receivables and other financial assets is
represented by their carrying amount.
Total cash at bank of \u00a3458m (2023: \u00a3610m) includes cash in the Group\u2019s regional pooling
arrangements which are offset against borrowings for interest purposes. Netting of cash and
overdraft balances in the consolidated statement of financial position only occurs to the extent
that there is the legal ability and intention to settle net. As such, overdrafts are presented in
current liabilities to the extent that there is no intention to offset with the cash balance.
Trade receivables include amounts due from a number of finance houses in respect of vehicles
sold to customers on finance arranged through the Group. An independent credit rating
agency is used to assess the credit standing of each finance house. Limits for the maximum
outstanding with each finance house are set accordingly.
g) Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping
committed credit lines available.
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities at
31 December 2024 based on contractual expected undiscounted cash flows:
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
549
\u2014
\u2014
\u2014
549
Trade and other receivables
415
120
21
\u2014
556
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
3
1
4
Derivative financial instruments
2,501
1,227
7
\u2014
3,735
3,465
1,347
31
1
4,844
Financial liabilities
Interest bearing loans and borrowings
(255)
(22)
(554)
\u2014
(831)
Lease liabilities
(25)
(67)
(239)
(202)
(533)
Trade and other payables
(1,587)
(597)
(8)
\u2014
(2,192)
Derivative financial instruments
(2,517)
(1,237)
(7)
\u2014
(3,761)
(4,384)
(1,923)
(808)
(202)
(7,317)
Net outflows
(919)
(576)
(777)
(201)
(2,473)
23 Financial instruments continued
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
689
\u2014
\u2014
\u2014
689
Trade and other receivables
428
156
25
4
613
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
1
1
Derivative financial instruments
2,720
1,288
264
\u2014
4,272
3,837
1,444
289
5
5,575
Financial liabilities
Interest bearing loans and borrowings
(444)
(398)
(545)
(41)
(1,428)
Lease liabilities
(27)
(74)
(253)
(205)
(559)
Trade and other payables
(2,178)
(565)
(10)
(2)
(2,755)
Derivative financial instruments
(2,739)
(1,347)
(285)
\u2014
(4,371)
(5,388)
(2,384)
(1,093)
(248)
(9,113)
Net outflows
(1,551)
(940)
(804)
(243)
(3,538)
h) Fair value measurement
In accordance with IFRS 13 Fair Value Measurement, disclosure is required for financial
instruments that are measured in the consolidated statement of financial position at fair value.
This requires disclosure of fair value measurements by level for the following fair value
measurement hierarchy:
\u2022 quoted prices in active markets (level 1);
\u2022 inputs other than quoted prices that are observable for the asset or liability, either directly or
indirectly (level 2); or
\u2022 inputs for the asset or liability that are not based on observable market data (level 3).
23 Financial instruments continued
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
2024
2023
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivatives used for hedging
\u2014
48
\u2014
48
\u2014
39
\u2014
39
Financial assets at fair value through other comprehensive income
\u2014
\u2014
4
4
\u2014
\u2014
1
1
\u2014
48
4
52
\u2014
39
1
40
Liabilities
\u2014
(97)
\u2014
(97)
Derivatives used for hedging
\u2014
(47)
\u2014
(47)
\u2014
(97)
\u2014
(97)
Level 1 represents the fair value of financial instruments that are traded in active markets and is
based on quoted markets prices at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market (level 2) is
determined by using valuation techniques which include the present value of estimated future
cash flows. These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on entity specific estimates.
Level 3 primarily represents the Group\u2019s equity interest in Hino Motors Manufacturing Company
SAS (see note 14). Fair value is based on discounted free cash flows, using the projection of
annual income and expenses mainly based on historical financial figures.
Derivative financial instruments are carried at their fair values. The fair value of forward foreign
exchange contracts and foreign exchange swaps represents the difference between the
value of the outstanding contracts at their contracted rates and a valuation calculated using
the spot rates of exchange prevailing at 31 December 2024.
The Group\u2019s derivative financial instruments comprise the following:
Assets
Liabilities
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
48
39
(47)
(97)
48
39
(47)
(97)
The ineffective portion recognised in the consolidated income statement that arises from fair
value hedges amounts to \u00a3nil (2023: \u00a3nil). The ineffective portion recognised in the
consolidated income statement that arises from cash flow hedges amounts to \u00a3nil (2023: \u00a3nil).
Derivative financial instruments
The Group principally uses forward foreign exchange contracts to hedge purchases in a non-
functional currency against movements in exchange rates. The cash flows relating to these
contracts are generally expected to occur within 12 months (2023: 12 months) of the end of
the reporting period.
Net fair value gains and losses recognised in the hedging reserve in shareholders\u2019 equity (see
note 25) on forward foreign exchange contracts as at 31 December 2024 are expected to be
released to the consolidated income statement within 12 months of the end of the reporting
period (2023: 12 months).
The below table illustrates the effects of hedge accounting on the consolidated statement of
financial position and consolidated income statement through detailing separately by risk
category and each type of hedge the details of the associated hedging instrument and
hedged item.
23 Financial instruments continued
2024
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,285
1,443
7
Carrying amount net liabilities (\u00a3m)
6
(5)
\u2014
Maturity date
to Dec 2025
to Dec 2025
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
45
5
9
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
(45)
(5)
(9)
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
94
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
9
\u2014
\u2014
2023
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,422
1,585
264
Carrying amount net liabilities (\u00a3m)
(39)
(10)
(9)
Maturity date
to Dec 2024
to Dec 2024
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
(22)
(26)
(25)
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
22
26
25
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
89
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
34
\u2014
\u2014
1. Includes hedging derivatives for both actual and highly probable forecasted purchases. The movement
presented in other comprehensive income only covers hedging derivatives relating to highly probable
forecasted purchases.
2. Outstanding deals predominantly relate to our business in Australia which purchases vehicles in
Japanese\u00a0yen.
As at 31 December 2024, the accumulated balance of the cash flow hedge reserve was a loss
of \u00a39m (2023: loss of \u00a334m). The above changes in fair value of hedging instruments will include
hedge positions taken up for future foreign currency exposures and will also include amounts
that would have been reclassified from the hedge reserve to the balance sheet as at
31\u00a0December 2024.
23 Financial instruments continued
i) Capital management
The Group\u2019s capital structure consists of equity and debt. Equity represents funds raised from
shareholders and debt represents funds raised from banks and other financial institutions. The
primary objective of the Group\u2019s management of debt and equity is to ensure that it maintains
a strong credit rating and healthy capital ratios in order to finance the Group\u2019s activities, both
now and in the future, and to maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The
Directors consider the Group\u2019s capital structure and dividend policy at least twice a year prior
to the announcement of results, taking into account the Group\u2019s ability to continue as a going
concern and the requirements of its business plan.
The Group uses return on capital employed (ROCE) as a measure of its ability to drive better
returns on the capital invested in the Group\u2019s operations. See alternative performance
measures on page 190.
2024
2023
\u00a3m
\u00a3m
Return on capital employed
27%
27%
The committed bank facilities and Private Placement borrowings are subject to the same
interest cover covenant based on an adjusted EBITA measure to interest on consolidated
borrowings. The Group is required to maintain a ratio of not less than three to one and was
compliant with this covenant throughout the year.
The Group monitors Group leverage by reference to two tests: adjusted EBITA interest cover
and the ratio of adjusted net debt to EBITDA. The leverage tests are measured excluding the
impact of IFRS 16 Leases.
Threshold
2024
2023
\u00a3m
\u00a3m
Adjusted EBITA interest cover (times)*
> 3
8.8
7.9
Adjusted net debt to EBITDA (times)**
< 1
0.3
0.8
*Calculated as Adjusted EBITA/interest on consolidated borrowings.
** Calculated as adjusted net debt/adjusted earnings before interest, tax, depreciation, and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-502": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
440
455
18
17
Less: allowance for expected credit losses
(13)
(17)
\u2014
\u2014
Net trade receivables
427
438
18
17
Prepayments
174
148
3
10
Accrued income
35
36
2
1
Other taxation and social security
93
84
\u2014
\u2014
Other receivables
100
129
11
21
829
835
34
49
Other receivables include buyback and indemnity assets, interest, sublease and sundry
receivables, which include amounts receivable in respect of insurance claims, and rental and
utilities deposits. The breakdown of other receivables is as follows:
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Buyback Assets
2
2
3
7
Indemnity Assets
16
16
\u2014
\u2014
Interest Receivable
7
2
\u2014
\u2014
Sublease receivables
2
3
1
7
Other
73
106
7
7
100
129
11
21
Trade receivables representing amounts due from customers, including finance houses,
mobility company partners, third-party dealers, and insurance companies are split by reporting
segment as follows:
2024
2023
\u00a3m
\u00a3m1
APAC
148
117
Europe & Africa
100
114
Americas
210
211
Discontinued operations
\u2014
30
458
472
Less: allowance for expected credit losses
(13)
(17)
445
455
1. Prior year figures have been updated to align with the current year regional allocation.
At 31 December, the analysis of trade receivables is as follows:
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
458
234
116
64
44
Expected credit loss allowance
(13)
(2)
\u2014
\u2014
(11)
Net carrying amount
445
231
116
64
33
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
472
250
105
66
51
Expected credit loss allowance
(17)
(4)
\u2014
\u2014
(13)
Net carrying amount
455
246
105
66
38
15 Trade and other receivables continued
Movements in the allowance for expected credit losses were as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
(15)
(17)
Charge for the year
(1)
(9)
Amounts written off
\u2014
3
Business sold
\u2014
\u2014
Unused amounts reversed
2
6
Effect of foreign exchange rate changes
1
\u2014
At 31 December
(13)
(17)
The expected credit loss for accrued income and other receivables is not significant.
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Trade receivables are only written off where there is no reasonable expectation of recovery.
The concentration of credit risk with respect to trade receivables is limited due to the Group\u2019s
broad customer base across a number of geographic regions and the default loss percentage
incurred by the Group has customarily been low even if there have been significant changes in
economic conditions experienced in markets in which the Group operates. Trade receivables
include amounts due from a number of finance houses in respect of vehicles sold to customers
on finance.
As a consequence, the risk associated with trade receivable balances past due but not
impaired is not expected to be significant and as such does not contribute to a significant
allowance for expected credit losses of receivables being recognised.
The allowance for expected credit losses for trade receivables and accrued income is based
on an expected credit loss model that calculates the expected loss applicable to the
receivable balance over its lifetime. For the Group, the simplified approach under IFRS 9
Financial Instruments is applied to all trade receivables and accrued income. Under this
approach, the provision required against receivables is calculated by considering the cash
shortfall that would be incurred in various default scenarios for prescribed future periods.
Default rates are calculated initially by considering historical loss experience and applied to
trade receivables within a provision matrix. The matrix approach allows application of different
default rates to different groups of customers with similar characteristics. These groups will be
determined by a number of factors including: the nature of the customer, the payment
method selected and, where relevant, the sector in which they operate. The characteristics
used to determine the groupings of receivables are the factors that have the greatest impact
on the likelihood of default. The rate of default increases once the balance is 30 days past due
and subsequently in 30-day increments.
Management considers the carrying amount of trade and other receivables to approximate to
their fair value. Long-term receivables have been discounted where the time value of money is
considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-501": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
440
455
18
17
Less: allowance for expected credit losses
(13)
(17)
\u2014
\u2014
Net trade receivables
427
438
18
17
Prepayments
174
148
3
10
Accrued income
35
36
2
1
Other taxation and social security
93
84
\u2014
\u2014
Other receivables
100
129
11
21
829
835
34
49
Other receivables include buyback and indemnity assets, interest, sublease and sundry
receivables, which include amounts receivable in respect of insurance claims, and rental and
utilities deposits. The breakdown of other receivables is as follows:
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Buyback Assets
2
2
3
7
Indemnity Assets
16
16
\u2014
\u2014
Interest Receivable
7
2
\u2014
\u2014
Sublease receivables
2
3
1
7
Other
73
106
7
7
100
129
11
21
Trade receivables representing amounts due from customers, including finance houses,
mobility company partners, third-party dealers, and insurance companies are split by reporting
segment as follows:
2024
2023
\u00a3m
\u00a3m1
APAC
148
117
Europe & Africa
100
114
Americas
210
211
Discontinued operations
\u2014
30
458
472
Less: allowance for expected credit losses
(13)
(17)
445
455
1. Prior year figures have been updated to align with the current year regional allocation.
At 31 December, the analysis of trade receivables is as follows:
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
458
234
116
64
44
Expected credit loss allowance
(13)
(2)
\u2014
\u2014
(11)
Net carrying amount
445
231
116
64
33
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
472
250
105
66
51
Expected credit loss allowance
(17)
(4)
\u2014
\u2014
(13)
Net carrying amount
455
246
105
66
38
15 Trade and other receivables continued
Movements in the allowance for expected credit losses were as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
(15)
(17)
Charge for the year
(1)
(9)
Amounts written off
\u2014
3
Business sold
\u2014
\u2014
Unused amounts reversed
2
6
Effect of foreign exchange rate changes
1
\u2014
At 31 December
(13)
(17)
The expected credit loss for accrued income and other receivables is not significant.
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Trade receivables are only written off where there is no reasonable expectation of recovery.
The concentration of credit risk with respect to trade receivables is limited due to the Group\u2019s
broad customer base across a number of geographic regions and the default loss percentage
incurred by the Group has customarily been low even if there have been significant changes in
economic conditions experienced in markets in which the Group operates. Trade receivables
include amounts due from a number of finance houses in respect of vehicles sold to customers
on finance.
As a consequence, the risk associated with trade receivable balances past due but not
impaired is not expected to be significant and as such does not contribute to a significant
allowance for expected credit losses of receivables being recognised.
The allowance for expected credit losses for trade receivables and accrued income is based
on an expected credit loss model that calculates the expected loss applicable to the
receivable balance over its lifetime. For the Group, the simplified approach under IFRS 9
Financial Instruments is applied to all trade receivables and accrued income. Under this
approach, the provision required against receivables is calculated by considering the cash
shortfall that would be incurred in various default scenarios for prescribed future periods.
Default rates are calculated initially by considering historical loss experience and applied to
trade receivables within a provision matrix. The matrix approach allows application of different
default rates to different groups of customers with similar characteristics. These groups will be
determined by a number of factors including: the nature of the customer, the payment
method selected and, where relevant, the sector in which they operate. The characteristics
used to determine the groupings of receivables are the factors that have the greatest impact
on the likelihood of default. The rate of default increases once the balance is 30 days past due
and subsequently in 30-day increments.
Management considers the carrying amount of trade and other receivables to approximate to
their fair value. Long-term receivables have been discounted where the time value of money is
considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
440
455
18
17
Less: allowance for expected credit losses
(13)
(17)
\u2014
\u2014
Net trade receivables
427
438
18
17
Prepayments
174
148
3
10
Accrued income
35
36
2
1
Other taxation and social security
93
84
\u2014
\u2014
Other receivables
100
129
11
21
829
835
34
49
Other receivables include buyback and indemnity assets, interest, sublease and sundry
receivables, which include amounts receivable in respect of insurance claims, and rental and
utilities deposits. The breakdown of other receivables is as follows:
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Buyback Assets
2
2
3
7
Indemnity Assets
16
16
\u2014
\u2014
Interest Receivable
7
2
\u2014
\u2014
Sublease receivables
2
3
1
7
Other
73
106
7
7
100
129
11
21
Trade receivables representing amounts due from customers, including finance houses,
mobility company partners, third-party dealers, and insurance companies are split by reporting
segment as follows:
2024
2023
\u00a3m
\u00a3m1
APAC
148
117
Europe & Africa
100
114
Americas
210
211
Discontinued operations
\u2014
30
458
472
Less: allowance for expected credit losses
(13)
(17)
445
455
1. Prior year figures have been updated to align with the current year regional allocation.
At 31 December, the analysis of trade receivables is as follows:
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
458
234
116
64
44
Expected credit loss allowance
(13)
(2)
\u2014
\u2014
(11)
Net carrying amount
445
231
116
64
33
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
472
250
105
66
51
Expected credit loss allowance
(17)
(4)
\u2014
\u2014
(13)
Net carrying amount
455
246
105
66
38
15 Trade and other receivables continued
Movements in the allowance for expected credit losses were as follows:
2024
2023
\u00a3m
\u00a3m
At 1 January
(15)
(17)
Charge for the year
(1)
(9)
Amounts written off
\u2014
3
Business sold
\u2014
\u2014
Unused amounts reversed
2
6
Effect of foreign exchange rate changes
1
\u2014
At 31 December
(13)
(17)
The expected credit loss for accrued income and other receivables is not significant.
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Trade receivables are only written off where there is no reasonable expectation of recovery.
The concentration of credit risk with respect to trade receivables is limited due to the Group\u2019s
broad customer base across a number of geographic regions and the default loss percentage
incurred by the Group has customarily been low even if there have been significant changes in
economic conditions experienced in markets in which the Group operates. Trade receivables
include amounts due from a number of finance houses in respect of vehicles sold to customers
on finance.
As a consequence, the risk associated with trade receivable balances past due but not
impaired is not expected to be significant and as such does not contribute to a significant
allowance for expected credit losses of receivables being recognised.
The allowance for expected credit losses for trade receivables and accrued income is based
on an expected credit loss model that calculates the expected loss applicable to the
receivable balance over its lifetime. For the Group, the simplified approach under IFRS 9
Financial Instruments is applied to all trade receivables and accrued income. Under this
approach, the provision required against receivables is calculated by considering the cash
shortfall that would be incurred in various default scenarios for prescribed future periods.
Default rates are calculated initially by considering historical loss experience and applied to
trade receivables within a provision matrix. The matrix approach allows application of different
default rates to different groups of customers with similar characteristics. These groups will be
determined by a number of factors including: the nature of the customer, the payment
method selected and, where relevant, the sector in which they operate. The characteristics
used to determine the groupings of receivables are the factors that have the greatest impact
on the likelihood of default. The rate of default increases once the balance is 30 days past due
and subsequently in 30-day increments.
Management considers the carrying amount of trade and other receivables to approximate to
their fair value. Long-term receivables have been discounted where the time value of money is
considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-503": { "value": "
Pension
and other
post-retirement
benefits
Cash flow
hedges
Share-based
payments
Tax
losses
Accelerated
tax
depreciation
Provisions
and other
temporary
differences
Indefinite-life
intangible
assets
Leases
Total
Net deferred tax (liability)/asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(28)
(8)
6
20
(9)
53
(226)
17
(175)
Credited/(charged) to the consolidated income statement (continuing
operations)
\u2014
2
1
2
(7)
15
(1)
(2)
10
Credited/(charged) to equity and other comprehensive income
\u2014
18
\u2014
(1)
(5)
3
\u2014
\u2014
15
Businesses acquired
2
\u2014
\u2014
\u2014
(16)
14
(29)
\u2014
(29)
Acquisition adjustments (note 28b)
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
2
Effect of foreign exchange rate changes
\u2014
\u2014
\u2014
1
1
(3)
16
\u2014
15
At 1 January 2024
(26)
12
7
22
(36)
84
(240)
15
(162)
Opening balance reclassifications
8
\u2014
(2)
\u2014
1
(7)
\u2014
\u2014
\u2014
(Charged)/credited to the consolidated income statement (continuing
operations)
13
(2)
4
2
(2)
(12)
(7)
2
(2)
Credited/(charged) to the consolidated income statement (discontinued
operations)
\u2014
\u2014
\u2014
8
\u2014
\u2014
\u2014
\u2014
8
(Charged)/credited to equity and other comprehensive income
(1)
(12)
\u2014
(1)
(1)
1
\u2014
\u2014
(14)
Businesses sold (note 28a)
(3)
\u2014
(1)
\u2014
(6)
9
\u2014
(6)
(7)
Acquisition adjustments (note 28b)
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
2
Effect of foreign exchange rate changes
\u2014
(1)
\u2014
(1)
7
(8)
23
\u2014
20
At 31 December 2024
(9)
(3)
8
30
(37)
69
(224)
11
(155)
2024
2023
\u00a3m
\u00a3m
Deferred tax assets
91
105
Deferred tax liabilities
(246)
(267)
(155)
(162)
16 Deferred tax continued
Unrecognised deferred tax
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a3149m (2023: \u00a3132m) split as follows:
2024
2023
Gross
amount
Net amount
Gross
amount
Net
amount
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading losses
259
66
229
59
Capital losses
158
39
179
45
UK corporate interest restriction
144
36
92
23
Other deductible temporary differences
30
8
20
5
Total
591
149
520
132
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a366m (2023: \u00a359m) relating to tax relief on trading losses. The unrecognised asset represents
\u00a3259m (2023: \u00a3229m) of losses which exist within legal entities where forecast taxable profits are
not probable in the foreseeable future. Unrecognised deferred tax on trading losses includes
\u00a36m (2023: \u00a38m) which will expire within 5 years and \u00a35m (2023: \u00a34m) which will expire in more
than 5 years.
The unrecognised deferred tax assets relating to capital losses are primarily held in the UK.
The Group has unrecognised deferred tax assets in relation to disallowed interest under the UK
Corporate interest restriction regulations of \u00a336m (2023: \u00a323m).
The net deferred tax asset relating to the remaining UK group of companies, following the
disposal of the UK Retail operations (note 28), remains unrecognised as at 31 December 2024.
Therefore, on a continuing basis, no deferred tax charges or credits are recorded in the
consolidated income statement or consolidated statement of other comprehensive income in
relation to temporary differences arising in the period for these companies (2023: no deferred
tax charges or credits recorded in relation to temporary differences).
Recognised deferred tax
The deferred tax asset on tax trading losses of \u00a330m (2023: \u00a322m) relates to territories and
entities where future taxable profits are considered probable.
The net deferred tax asset on provisions and other temporary differences is principally made up
of trade related accounting provisions and other items in the Group\u2019s operating companies
\u00a369m (2023: \u00a391m), offset by a deferred tax liability on non-qualifying property \u00a3nil (2023: \u00a37m).
The deferred tax liability of \u00a3224m (2023: \u00a3240m) on indefinite life intangible assets, comprising
distribution agreements and acquired brands, has been recorded as a result of the business
acquisitions in prior periods.
Relevant tax laws largely exempt receipt of dividends from tax. A tax liability is more likely to
arise in respect of withholding taxes levied by overseas jurisdictions. No deferred tax liability has
been recognised in respect of \u00a3456m (2023: \u00a3304m) of post-acquisition unremitted earnings of
subsidiaries because the Group controls the timing of the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the next 12 months. Deferred
tax is provided when there is an intention to distribute earnings and a tax liability arises. It is not
practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these
unremitted earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-504": { "value": "
17 Inventories
2024
2023
\u00a3m
\u00a3m
Raw materials and work in progress
160
124
Finished goods and merchandise
1,775
2,594
1,935
2,718
Vehicles held on consignment which are in substance assets of the Group amount to \u00a33m
(2023: \u00a365m), with the year-on-year reduction due to the disposal of the UK Retail business.
These have been included in \u2018finished goods and merchandise\u2019 with the corresponding liability
included within \u2018trade and other payables\u2019. Payment becomes due when title passes to the
Group, which is generally the earlier of a period of up to six months from delivery or the date
of\u00a0sale.
An amount of \u00a385m (2023: \u00a399m) has been provided against the gross cost of inventory at the
year end. The cost of inventories recognised as an expense in the year is \u00a37,517m (2023:
\u00a37,494m). The net write-down of inventory to net realisable value recognised as an expense
during the year was \u00a33m (2023: expense of \u00a328m). All of these items have been included within
\u2018cost of sales\u2019 in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-505": { "value": "
18 Cash and cash equivalents
2024
2023
\u00a3m
\u00a3m
Cash at bank
458
610
Short-term deposits
91
79
549
689
Cash and cash equivalents are generally subject to floating interest rates determined by
reference to short-term benchmark rates applicable to the relevant currency or market
(primarily SONIA or the local equivalent). At 31 December 2024, the weighted average floating
rate was 3.9% (2023: 3.6%).
\u00a337m (2023: \u00a395m) of cash and cash equivalents is held in Ethiopia where currency may not be
available locally to effect such transfers.
At 31 December 2024, short-term deposits have a weighted average period to maturity of 6
days (2023: 24 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-507": { "value": "
19 Assets held for sale
2024
2023
\u00a3m
\u00a3m
Assets classified as held for sale
20
14
As at 31 December 2024 assets held for sale relate to retail sites in Australia which are actively
marketed with a view to sale within 12 months of the balance sheet date.
2024 Disposals and discontinued operations
On 1 August 2024 the Group completed the sale of its UK Retail operations to Group 1
Automotive UK Limited, a wholly-owned subsidiary of Group 1 Automotive, Inc. for a cash
consideration of \u00a3345m.
The UK Retail operation is reported in the current period as a discontinued operation. Financial
information relating to the discontinued operation for the period to the date of disposal is set
out below.
Financial performance and cash flow information
The financial performance and cash flow information presented below is for the seven months
ended 31 July 2024.
2024
2023
\u00a3m
\u00a3m
Revenue
1,199
2,065
Expenses
(1,193)
(2,016)
Operating profit
6
49
Finance costs
(9)
(14)
Profit before tax
(3)
35
Tax
7
\u2014
Profit after tax of discontinued operations
4
35
Gain on disposal
146
\u2014
Profit from discontinued operation
150
35
2024
2023
\u00a3m
\u00a3m
Net cash inflow from operating activities
6
30
Net cash outflow from investing activities
(10)
(15)
Net cash outflow from financing activities
(3)
(7)
Net (decrease)/increase from cash generated from discontinued
operations
(7)
8
2024
\u00a3m
Disposal proceeds
345
Settlement of intercompany facility
63
Disposal costs
(12)
Net assets disposed of
(250)
Gain on disposal
146
2024
\u00a3m
Total consideration, net of disposal costs paid
396
Consideration outstanding
(4)
Cash & cash equivalents disposed of
(20)
Net cash inflow on disposal of business
372
28 Acquisitions and disposals continued
In December 2024, the Group completed the sale of its non-genuine parts business in Chile for
\u00a330m, resulting in a \u00a36m gain on disposal. The net gain, which has been classified as an
adjusting item (see note 2), includes disposal costs and a gain relating to the recycling of
cumulative exchange differences previously recognised in other comprehensive income.
b)", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-506": { "value": "
19 Assets held for sale
2024
2023
\u00a3m
\u00a3m
Assets classified as held for sale
20
14
As at 31 December 2024 assets held for sale relate to retail sites in Australia which are actively
marketed with a view to sale within 12 months of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-511": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
260
358
\u2014
\u2014
Payments received on account
110
120
\u2014
8
Vehicle funding agreements
1,582
1,877
\u2014
\u2014
Other taxation and social security payable
90
97
\u2014
\u2014
Accruals
374
467
1
1
Deferred income
87
144
101
53
Other payables
62
87
4
7
2,565
3,150
106
69
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with brand partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date, depending
on the facility. Some arrangements may also provide the lender with a security interest in the
inventory until the amount drawn under the arrangement has been repaid. Related cash flows
are reported within cash flows from operating activities within the consolidated statement of
cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under these
arrangements is included within finance costs and classified as interest on inventory financing
(see note 6). At 31 December 2024, amounts outstanding under vehicle funding facilities and
on which interest was payable were subject to a weighted average interest rate of 5.1% (2023:
4.7%). Management considers the carrying amount of trade and other payables to
approximate to their fair value. Long-term payables have been discounted where the time
value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
363
1,219
1,582
559
1,318
1,877
-of which suppliers have
received payment
\u2014
1,219
1,219
\u2014
1,318
1,318
Range of weighted average
payment due dates
Vehicle funding arrangements
80-100
days
60-120
days
50-70
days
60-110
days
Trade payables
20-50
days
20-50
days
Included within deferred income are the following balances:
2024
2023
\u00a3m
\u00a3m
Extended warranties
59
42
Service packages
88
78
Other services
41
77
188
197
Revenue recognised in 2024 that was included in deferred income at the beginning of the year
was \u00a3115m (2023: \u00a3124m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance sheet.
It is subsequently recognised as revenue when the service is provided or the package expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-510": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
260
358
\u2014
\u2014
Payments received on account
110
120
\u2014
8
Vehicle funding agreements
1,582
1,877
\u2014
\u2014
Other taxation and social security payable
90
97
\u2014
\u2014
Accruals
374
467
1
1
Deferred income
87
144
101
53
Other payables
62
87
4
7
2,565
3,150
106
69
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with brand partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date, depending
on the facility. Some arrangements may also provide the lender with a security interest in the
inventory until the amount drawn under the arrangement has been repaid. Related cash flows
are reported within cash flows from operating activities within the consolidated statement of
cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under these
arrangements is included within finance costs and classified as interest on inventory financing
(see note 6). At 31 December 2024, amounts outstanding under vehicle funding facilities and
on which interest was payable were subject to a weighted average interest rate of 5.1% (2023:
4.7%). Management considers the carrying amount of trade and other payables to
approximate to their fair value. Long-term payables have been discounted where the time
value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
363
1,219
1,582
559
1,318
1,877
-of which suppliers have
received payment
\u2014
1,219
1,219
\u2014
1,318
1,318
Range of weighted average
payment due dates
Vehicle funding arrangements
80-100
days
60-120
days
50-70
days
60-110
days
Trade payables
20-50
days
20-50
days
Included within deferred income are the following balances:
2024
2023
\u00a3m
\u00a3m
Extended warranties
59
42
Service packages
88
78
Other services
41
77
188
197
Revenue recognised in 2024 that was included in deferred income at the beginning of the year
was \u00a3115m (2023: \u00a3124m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance sheet.
It is subsequently recognised as revenue when the service is provided or the package expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-509": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
260
358
\u2014
\u2014
Payments received on account
110
120
\u2014
8
Vehicle funding agreements
1,582
1,877
\u2014
\u2014
Other taxation and social security payable
90
97
\u2014
\u2014
Accruals
374
467
1
1
Deferred income
87
144
101
53
Other payables
62
87
4
7
2,565
3,150
106
69
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with brand partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date, depending
on the facility. Some arrangements may also provide the lender with a security interest in the
inventory until the amount drawn under the arrangement has been repaid. Related cash flows
are reported within cash flows from operating activities within the consolidated statement of
cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under these
arrangements is included within finance costs and classified as interest on inventory financing
(see note 6). At 31 December 2024, amounts outstanding under vehicle funding facilities and
on which interest was payable were subject to a weighted average interest rate of 5.1% (2023:
4.7%). Management considers the carrying amount of trade and other payables to
approximate to their fair value. Long-term payables have been discounted where the time
value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
363
1,219
1,582
559
1,318
1,877
-of which suppliers have
received payment
\u2014
1,219
1,219
\u2014
1,318
1,318
Range of weighted average
payment due dates
Vehicle funding arrangements
80-100
days
60-120
days
50-70
days
60-110
days
Trade payables
20-50
days
20-50
days
Included within deferred income are the following balances:
2024
2023
\u00a3m
\u00a3m
Extended warranties
59
42
Service packages
88
78
Other services
41
77
188
197
Revenue recognised in 2024 that was included in deferred income at the beginning of the year
was \u00a3115m (2023: \u00a3124m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance sheet.
It is subsequently recognised as revenue when the service is provided or the package expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-508": { "value": "
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
260
358
\u2014
\u2014
Payments received on account
110
120
\u2014
8
Vehicle funding agreements
1,582
1,877
\u2014
\u2014
Other taxation and social security payable
90
97
\u2014
\u2014
Accruals
374
467
1
1
Deferred income
87
144
101
53
Other payables
62
87
4
7
2,565
3,150
106
69
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with brand partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date, depending
on the facility. Some arrangements may also provide the lender with a security interest in the
inventory until the amount drawn under the arrangement has been repaid. Related cash flows
are reported within cash flows from operating activities within the consolidated statement of
cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under these
arrangements is included within finance costs and classified as interest on inventory financing
(see note 6). At 31 December 2024, amounts outstanding under vehicle funding facilities and
on which interest was payable were subject to a weighted average interest rate of 5.1% (2023:
4.7%). Management considers the carrying amount of trade and other payables to
approximate to their fair value. Long-term payables have been discounted where the time
value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
363
1,219
1,582
559
1,318
1,877
-of which suppliers have
received payment
\u2014
1,219
1,219
\u2014
1,318
1,318
Range of weighted average
payment due dates
Vehicle funding arrangements
80-100
days
60-120
days
50-70
days
60-110
days
Trade payables
20-50
days
20-50
days
Included within deferred income are the following balances:
2024
2023
\u00a3m
\u00a3m
Extended warranties
59
42
Service packages
88
78
Other services
41
77
188
197
Revenue recognised in 2024 that was included in deferred income at the beginning of the year
was \u00a3115m (2023: \u00a3124m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance sheet.
It is subsequently recognised as revenue when the service is provided or the package expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-513": { "value": "
Product
warranty
Leasehold
Litigation
Other
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
50
8
3
47
108
Acquisition adjustment (note 28b)
5
\u2014
\u2014
\u2014
5
Businesses sold (note 28a)
\u2014
(1)
\u2014
(1)
(2)
Charged to the consolidated income
statement
20
4
1
9
34
Released to the consolidated income
statement
(7)
(1)
(1)
(12)
(21)
Utilised during the year
(27)
(2)
\u2014
(4)
(33)
Effect of foreign exchange rate changes
(3)
\u2014
(1)
(11)
(15)
At 31 December 2024
38
8
2
28
76
Inflation and expected future movements in prices have been considered in calculating
provisions where relevant.
Analysed as:
2024
2023
\u00a3m
\u00a3m
Current
50
69
Non-current
26
39
76
108
21 Provisions continued
Product warranty
Certain Group companies provide assurance warranties as part of the sale of a vehicle. These
are not separable products. The warranty periods covered are up to five years and/or specific
mileage limits. Provision is made for the expected cost of labour and parts based on historical
claims experience and expected future trends. These assumptions are reviewed regularly.
Leasehold
The Group is committed to certain leasehold premises for which it no longer has a commercial
use. These are principally located in Australia and Hong Kong. Provision has been made to the
extent of the estimated future net cost, excluding the lease liability recognised under IFRS 16
Leases. This includes taking into account existing subtenant arrangements. The category also
includes the future obligation relating to dilapidations of certain premises. The expected
utilisation period of these provisions is generally over the next 10 years.
Litigation
This includes a number of litigation provisions in respect of claims that have been brought
against various Group companies. The claims are generally expected to be concluded within
the next three years.
Other
This category principally includes provisions relating to uncertain non-income taxes. It also
includes provisions relating to restructuring activities of \u00a32m (2023:\u00a32m). Acquisition and
disposal related provisions amount to \u00a310m (2023(represented): \u00a310m), of which there is an
offsetting indemnity asset recognised in trade and other receivables. Other provisions also
includes long-service provisions of \u00a35m (2023: \u00a38m). These provisions are expected to be utilised
within three years except for those relating to long-service provisions.
Climate change
The Group has reviewed its provisions and concluded that no adjustments need to be
made\u00a0for climate change risks, nor that any new provisions need to be recognised for
climate-related matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-512": { "value": "
Product
warranty
Leasehold
Litigation
Other
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
50
8
3
47
108
Acquisition adjustment (note 28b)
5
\u2014
\u2014
\u2014
5
Businesses sold (note 28a)
\u2014
(1)
\u2014
(1)
(2)
Charged to the consolidated income
statement
20
4
1
9
34
Released to the consolidated income
statement
(7)
(1)
(1)
(12)
(21)
Utilised during the year
(27)
(2)
\u2014
(4)
(33)
Effect of foreign exchange rate changes
(3)
\u2014
(1)
(11)
(15)
At 31 December 2024
38
8
2
28
76
Inflation and expected future movements in prices have been considered in calculating
provisions where relevant.
Analysed as:
2024
2023
\u00a3m
\u00a3m
Current
50
69
Non-current
26
39
76
108
21 Provisions continued
Product warranty
Certain Group companies provide assurance warranties as part of the sale of a vehicle. These
are not separable products. The warranty periods covered are up to five years and/or specific
mileage limits. Provision is made for the expected cost of labour and parts based on historical
claims experience and expected future trends. These assumptions are reviewed regularly.
Leasehold
The Group is committed to certain leasehold premises for which it no longer has a commercial
use. These are principally located in Australia and Hong Kong. Provision has been made to the
extent of the estimated future net cost, excluding the lease liability recognised under IFRS 16
Leases. This includes taking into account existing subtenant arrangements. The category also
includes the future obligation relating to dilapidations of certain premises. The expected
utilisation period of these provisions is generally over the next 10 years.
Litigation
This includes a number of litigation provisions in respect of claims that have been brought
against various Group companies. The claims are generally expected to be concluded within
the next three years.
Other
This category principally includes provisions relating to uncertain non-income taxes. It also
includes provisions relating to restructuring activities of \u00a32m (2023:\u00a32m). Acquisition and
disposal related provisions amount to \u00a310m (2023(represented): \u00a310m), of which there is an
offsetting indemnity asset recognised in trade and other receivables. Other provisions also
includes long-service provisions of \u00a35m (2023: \u00a38m). These provisions are expected to be utilised
within three years except for those relating to long-service provisions.
Climate change
The Group has reviewed its provisions and concluded that no adjustments need to be
made\u00a0for climate change risks, nor that any new provisions need to be recognised for
climate-related matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-515": { "value": "
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2024
Total
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
183
5.3%
\u2014
\u2014%
183
183
Bank loans
2
4.4%
10
5.5%
12
12
Private Placement
\u2014
\u2014%
\u2014
\u2014%
\u2014
\u2014
185
5.3%
10
5.5%
195
195
Non-current
Bank loans
55
5.6%
349
6.5%
404
404
Private Placement
\u2014
\u2014%
140
3.1%
140
140
55
5.6%
489
5.5%
544
544
Total borrowings
240
5.4%
499
5.5%
739
739
Bank overdrafts include \u00a3177m (2023: \u00a3245m) held in cash pooling arrangements which have
not been offset in the consolidated statement of financial position (see note 23(b)).
22 Borrowings continued
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2023
Total
2023
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
249
5.9%
\u2014
\u2014%
249
249
Bank loans
298
6.2%
35
7.8%
333
333
Private Placement
\u2014
\u2014%
70
3.0%
70
70
547
6.1%
105
4.6%
652
652
Non-current
Bank loans
150
5.5%
348
6.5%
498
498
Private Placement
\u2014
\u2014%
140
3.0%
140
140
150
5.5%
488
5.5%
638
638
Total borrowings
697
5.9%
593
5.4%
1,290
1,290
Interest payments on floating rate financial liabilities are determined by reference to short-term
benchmark rates applicable to the relevant currency or market (primarily SONIA or the local
equivalent).
As at 31 December 2024, the funding structure of the Group was comprised of a committed
syndicated revolving credit facility of \u00a3900m (2023: \u00a3900m), sterling Private Placement Loan
Notes totalling \u00a3140m (2023: \u00a3210m) and a five-year bond of \u00a3350m, at a fixed coupon of 6.5%.
(2023: \u00a3350m). During the year, the term facility of \u00a3250m was repaid, following the disposal of
the UK Retail business, together with the debt acquired from acquisitions in 2022 and 2023.
As\u00a0at 31 December 2024, \u00a355m of the syndicated revolving credit facility was drawn
(2023:\u00a0\u00a3150m).
The \u00a3350m public bond is held at amortised cost and had a fair value of \u00a3358m as at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024 based on quoted prices, which is a level 1 valuation technique.
In December 2023, the Group\u2019s syndicated revolving credit facility was amended, increasing
the facility to \u00a3900m and extending the maturity to December 2028. In November 2024, the
maturity of the facility was extended to December 2029 with a reduction in the facility to
\u00a3818m with effect from 1 December 2028.
The Group\u2019s bank loans are not secured by any term deposits placed under a standby letter of
credit and related facility arrangements (2023: \u00a3nil secured). The Group\u2019s bank overdrafts are
secured by related offsetting cash balances held under pooling arrangements. The Group\u2019s
remaining borrowings are unsecured.
In December 2016, the Group concluded a Private Placement transaction raising \u00a3210m to
refinance existing US dollar Private Placement borrowings which matured in May 2017. In May
2024, \u00a370m of Private Placement borrowings were repaid.
Maturity date
May 2027
May 2027
May 2029
Amount drawn
\u00a330m
\u00a370m
\u00a340m
Fixed rate coupon
3.02%
3.12%
3.10%
The \u00a3140m sterling Private Placement loan notes are held at amortised cost. They have a fair
value of \u00a3135m (calculated from discounted cash flow techniques obtained using discount
rates from observable market data, which is a level 2 valuation technique. The fair values of the
Group\u2019s other borrowings, other than the \u00a3350m public bond, are not considered to be
materially different from their book value.
The table below sets out the maturity profile of the Group\u2019s existing borrowings that are
exposed to interest rate risk.
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
10
\u2014
\u2014
349
\u2014
\u2014
359
Private Placement
\u2014
\u2014
100
\u2014
40
\u2014
140
10
\u2014
100
349
40
\u2014
499
Floating rate
Bank overdrafts
183
\u2014
\u2014
\u2014
\u2014
\u2014
183
Bank loans
2
\u2014
\u2014
\u2014
55
\u2014
57
185
\u2014
\u2014
\u2014
55
\u2014
240
22 Borrowings continued
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2023
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
35
\u2014
\u2014
\u2014
348
\u2014
383
Private Placement
70
\u2014
\u2014
100
\u2014
40
210
105
\u2014
\u2014
100
348
40
593
Floating rate
Bank overdrafts
249
\u2014
\u2014
\u2014
\u2014
\u2014
249
Bank loans
298
\u2014
\u2014
\u2014
150
\u2014
448
547
\u2014
\u2014
\u2014
150
\u2014
697
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-514": { "value": "
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2024
Total
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
183
5.3%
\u2014
\u2014%
183
183
Bank loans
2
4.4%
10
5.5%
12
12
Private Placement
\u2014
\u2014%
\u2014
\u2014%
\u2014
\u2014
185
5.3%
10
5.5%
195
195
Non-current
Bank loans
55
5.6%
349
6.5%
404
404
Private Placement
\u2014
\u2014%
140
3.1%
140
140
55
5.6%
489
5.5%
544
544
Total borrowings
240
5.4%
499
5.5%
739
739
Bank overdrafts include \u00a3177m (2023: \u00a3245m) held in cash pooling arrangements which have
not been offset in the consolidated statement of financial position (see note 23(b)).
22 Borrowings continued
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2023
Total
2023
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
249
5.9%
\u2014
\u2014%
249
249
Bank loans
298
6.2%
35
7.8%
333
333
Private Placement
\u2014
\u2014%
70
3.0%
70
70
547
6.1%
105
4.6%
652
652
Non-current
Bank loans
150
5.5%
348
6.5%
498
498
Private Placement
\u2014
\u2014%
140
3.0%
140
140
150
5.5%
488
5.5%
638
638
Total borrowings
697
5.9%
593
5.4%
1,290
1,290
Interest payments on floating rate financial liabilities are determined by reference to short-term
benchmark rates applicable to the relevant currency or market (primarily SONIA or the local
equivalent).
As at 31 December 2024, the funding structure of the Group was comprised of a committed
syndicated revolving credit facility of \u00a3900m (2023: \u00a3900m), sterling Private Placement Loan
Notes totalling \u00a3140m (2023: \u00a3210m) and a five-year bond of \u00a3350m, at a fixed coupon of 6.5%.
(2023: \u00a3350m). During the year, the term facility of \u00a3250m was repaid, following the disposal of
the UK Retail business, together with the debt acquired from acquisitions in 2022 and 2023.
As\u00a0at 31 December 2024, \u00a355m of the syndicated revolving credit facility was drawn
(2023:\u00a0\u00a3150m).
The \u00a3350m public bond is held at amortised cost and had a fair value of \u00a3358m as at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024 based on quoted prices, which is a level 1 valuation technique.
In December 2023, the Group\u2019s syndicated revolving credit facility was amended, increasing
the facility to \u00a3900m and extending the maturity to December 2028. In November 2024, the
maturity of the facility was extended to December 2029 with a reduction in the facility to
\u00a3818m with effect from 1 December 2028.
The Group\u2019s bank loans are not secured by any term deposits placed under a standby letter of
credit and related facility arrangements (2023: \u00a3nil secured). The Group\u2019s bank overdrafts are
secured by related offsetting cash balances held under pooling arrangements. The Group\u2019s
remaining borrowings are unsecured.
In December 2016, the Group concluded a Private Placement transaction raising \u00a3210m to
refinance existing US dollar Private Placement borrowings which matured in May 2017. In May
2024, \u00a370m of Private Placement borrowings were repaid.
Maturity date
May 2027
May 2027
May 2029
Amount drawn
\u00a330m
\u00a370m
\u00a340m
Fixed rate coupon
3.02%
3.12%
3.10%
The \u00a3140m sterling Private Placement loan notes are held at amortised cost. They have a fair
value of \u00a3135m (calculated from discounted cash flow techniques obtained using discount
rates from observable market data, which is a level 2 valuation technique. The fair values of the
Group\u2019s other borrowings, other than the \u00a3350m public bond, are not considered to be
materially different from their book value.
The table below sets out the maturity profile of the Group\u2019s existing borrowings that are
exposed to interest rate risk.
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
10
\u2014
\u2014
349
\u2014
\u2014
359
Private Placement
\u2014
\u2014
100
\u2014
40
\u2014
140
10
\u2014
100
349
40
\u2014
499
Floating rate
Bank overdrafts
183
\u2014
\u2014
\u2014
\u2014
\u2014
183
Bank loans
2
\u2014
\u2014
\u2014
55
\u2014
57
185
\u2014
\u2014
\u2014
55
\u2014
240
22 Borrowings continued
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2023
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
35
\u2014
\u2014
\u2014
348
\u2014
383
Private Placement
70
\u2014
\u2014
100
\u2014
40
210
105
\u2014
\u2014
100
348
40
593
Floating rate
Bank overdrafts
249
\u2014
\u2014
\u2014
\u2014
\u2014
249
Bank loans
298
\u2014
\u2014
\u2014
150
\u2014
448
547
\u2014
\u2014
\u2014
150
\u2014
697
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-517": { "value": "Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable netting arrangements and
similar agreements:
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2024
Derivative financial assets
48
\u2014
48
(19)
\u2014
29
Cash and cash equivalents
549
\u2014
549
(177)
\u2014
372
597
\u2014
597
(196)
\u2014
401
As at 31 December 2023
Derivative financial assets
39
\u2014
39
(24)
\u2014
15
Cash and cash equivalents
689
\u2014
689
(245)
\u2014
444
728
\u2014
728
(269)
\u2014
459
23 Financial instruments continued
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2024
Derivative financial liabilities
(47)
\u2014
(47)
19
\u2014
(28)
Bank overdrafts
(183)
\u2014
(183)
177
\u2014
(6)
(230)
\u2014
(230)
196
\u2014
(34)
As at 31 December 2023
Derivative financial liabilities
(97)
\u2014
(97)
24
\u2014
(73)
Bank overdrafts
(249)
\u2014
(249)
245
\u2014
(4)
(346)
\u2014
(346)
269
\u2014
(77)
For the financial assets and liabilities subject to enforceable netting arrangements or similar
agreements above, each agreement between the Group and the counterparty allows for net
settlement of the relevant financial assets and liabilities. If the parties subject to the agreement
do not elect to settle on a net basis, financial assets and liabilities will be settled on a gross
basis. However, each party to the netting agreement will have the option to settle all such
amounts on a net basis in the event of a default of the other party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-516": { "value": "Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable netting arrangements and
similar agreements:
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2024
Derivative financial assets
48
\u2014
48
(19)
\u2014
29
Cash and cash equivalents
549
\u2014
549
(177)
\u2014
372
597
\u2014
597
(196)
\u2014
401
As at 31 December 2023
Derivative financial assets
39
\u2014
39
(24)
\u2014
15
Cash and cash equivalents
689
\u2014
689
(245)
\u2014
444
728
\u2014
728
(269)
\u2014
459
23 Financial instruments continued
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2024
Derivative financial liabilities
(47)
\u2014
(47)
19
\u2014
(28)
Bank overdrafts
(183)
\u2014
(183)
177
\u2014
(6)
(230)
\u2014
(230)
196
\u2014
(34)
As at 31 December 2023
Derivative financial liabilities
(97)
\u2014
(97)
24
\u2014
(73)
Bank overdrafts
(249)
\u2014
(249)
245
\u2014
(4)
(346)
\u2014
(346)
269
\u2014
(77)
For the financial assets and liabilities subject to enforceable netting arrangements or similar
agreements above, each agreement between the Group and the counterparty allows for net
settlement of the relevant financial assets and liabilities. If the parties subject to the agreement
do not elect to settle on a net basis, financial assets and liabilities will be settled on a gross
basis. However, each party to the netting agreement will have the option to settle all such
amounts on a net basis in the event of a default of the other party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-520": { "value": "Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only affect
the consolidated income statement.
d) Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings,
supplier-related finance and cash balances as at 31 December 2024, with all other variables
held constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
2023
Sterling
100
11
100
(11)
Euro
100
2
100
(2)
Chilean peso
250
2
250
(2)
Australian dollar
100
(1)
100
1
US dollar
100
3
100
(3)
23 Financial instruments continued
e) Foreign currency risk
The Group publishes its consolidated financial statements in sterling and faces currency risk on
the translation of its earnings and net assets, a significant proportion of which are in currencies
other than sterling.
Transaction exposure hedging
The Group has transactional currency exposures, where sales or purchases by an operating unit
are in currencies other than in that unit\u2019s reporting currency. For a significant proportion of the
Group these exposures are removed as trading is denominated in the relevant local currency.
In particular, local billing arrangements are in place for many of our businesses with our brand
partners. The principal exception is for our business in Australia which purchases vehicles in
Japanese yen and our South and Central American businesses which purchase vehicles in
Japanese yen and US dollars.
In this instance, the Group seeks to hedge forecast transactional foreign exchange rate risk
using forward foreign currency exchange contracts. The effective portion of the gain or loss on
the hedge is initially recognised in the consolidated statement of comprehensive income to
the extent it is effective. When the hedged forecast transaction results in the recognition of a
non-financial asset or liability then, at the time the asset or liability is recognised, the associated
gains or losses that had previously been recognised in other comprehensive income are
included in the initial measurement of the acquisition cost or other carrying amount of the asset
or liability.
For all other cash flow hedges, the gains or losses that are recognised in other comprehensive
income are transferred to the consolidated income statement in the same period in which the
hedged forecast transaction affects the consolidated income statement. Under IFRS 9
Financial Instruments, hedges are documented and tested for the hedge effectiveness on an
ongoing basis.
Foreign currency risk table
The following table shows the Group sensitivity to a reasonably possible change in foreign
exchange rates on its Japanese yen financial instruments. In this table, financial instruments are
only considered sensitive to foreign exchange rates when they are not in the functional
currency of the entity that holds them.
Increase/
(decrease) in
exchange
rate
Effect on
equity
%
\u00a3m
2024
Yen
+10%
3
Yen
-10%
(3)
2023
Yen
+10%
3
Yen
-10%
(3)
f) Credit risk
The amount due from counterparties arising from cash deposits and the use of financial
instruments creates credit risk. The Group monitors its credit exposure to its counterparties via
their credit ratings (where applicable) and through its policy of limiting its exposure to any one
party to ensure that they are within Board approved limits and that there are no significant
concentrations of credit risk.
Group policy is to deposit cash and use financial instruments with counterparties with a long-
term credit rating of A or better, where available. The notional amounts of financial instruments
used in interest rate and foreign exchange management do not represent the credit risk arising
through the use of these instruments. The immediate credit risk of these instruments is generally
estimated by the fair value of contracts with a positive value. Credit limits are
reviewed\u00a0regularly.
23 Financial instruments continued
The table below analyses the Group\u2019s derivative assets, cash at bank and short-term deposits
by credit exposure:
2024
2023
Derivative
assets
Cash
at bank
Short-term
deposits
Derivative
assets
Cash
at bank
Short-term
deposits
Credit rating of counterparty
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2014
1
\u2014
\u2014
\u2014
\u2014
AA-
4
181
1
1
198
\u2014
A+
11
1
\u2014
8
33
\u2014
A
4
4
\u2014
7
170
\u2014
A-
21
29
17
9
21
\u2014
BBB+
5
42
2
8
35
\u2014
BBB
\u2014
13
8
2
6
\u2014
BBB-
\u2014
29
4
\u2014
5
1
BB+
\u2014
10
\u2014
\u2014
3
\u2014
BB
\u2014
58
\u2014
\u2014
\u2014
\u2014
BB-
\u2014
\u2014
\u2014
\u2014
14
\u2014
No rating*
3
90
59
4
125
78
48
458
91
39
610
79
Counterparties in certain markets in which the Group operates do not have a credit rating.
For those counterparties which do not have a credit rating, where possible the Group works
with partner banks with a local presence to provide additional assurance. Additionally, the
Group proactively repatriates cash through cash-pooling arrangements, loans between Group
companies and dividends as well as regularly monitoring the spread of counterparties in-
country, notably in Ethiopia.
No credit limits were exceeded during the reporting period and management does not expect
any losses from non-performance by these counterparties.
The maximum exposure to credit risk for cash at bank, receivables and other financial assets is
represented by their carrying amount.
Total cash at bank of \u00a3458m (2023: \u00a3610m) includes cash in the Group\u2019s regional pooling
arrangements which are offset against borrowings for interest purposes. Netting of cash and
overdraft balances in the consolidated statement of financial position only occurs to the extent
that there is the legal ability and intention to settle net. As such, overdrafts are presented in
current liabilities to the extent that there is no intention to offset with the cash balance.
Trade receivables include amounts due from a number of finance houses in respect of vehicles
sold to customers on finance arranged through the Group. An independent credit rating
agency is used to assess the credit standing of each finance house. Limits for the maximum
outstanding with each finance house are set accordingly.
g) Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping
committed credit lines available.
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities at
31 December 2024 based on contractual expected undiscounted cash flows:
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
549
\u2014
\u2014
\u2014
549
Trade and other receivables
415
120
21
\u2014
556
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
3
1
4
Derivative financial instruments
2,501
1,227
7
\u2014
3,735
3,465
1,347
31
1
4,844
Financial liabilities
Interest bearing loans and borrowings
(255)
(22)
(554)
\u2014
(831)
Lease liabilities
(25)
(67)
(239)
(202)
(533)
Trade and other payables
(1,587)
(597)
(8)
\u2014
(2,192)
Derivative financial instruments
(2,517)
(1,237)
(7)
\u2014
(3,761)
(4,384)
(1,923)
(808)
(202)
(7,317)
Net outflows
(919)
(576)
(777)
(201)
(2,473)
23 Financial instruments continued
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
689
\u2014
\u2014
\u2014
689
Trade and other receivables
428
156
25
4
613
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
1
1
Derivative financial instruments
2,720
1,288
264
\u2014
4,272
3,837
1,444
289
5
5,575
Financial liabilities
Interest bearing loans and borrowings
(444)
(398)
(545)
(41)
(1,428)
Lease liabilities
(27)
(74)
(253)
(205)
(559)
Trade and other payables
(2,178)
(565)
(10)
(2)
(2,755)
Derivative financial instruments
(2,739)
(1,347)
(285)
\u2014
(4,371)
(5,388)
(2,384)
(1,093)
(248)
(9,113)
Net outflows
(1,551)
(940)
(804)
(243)
(3,538)
Capital management
The Group\u2019s capital structure consists of equity and debt. Equity represents funds raised from
shareholders and debt represents funds raised from banks and other financial institutions. The
primary objective of the Group\u2019s management of debt and equity is to ensure that it maintains
a strong credit rating and healthy capital ratios in order to finance the Group\u2019s activities, both
now and in the future, and to maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The
Directors consider the Group\u2019s capital structure and dividend policy at least twice a year prior
to the announcement of results, taking into account the Group\u2019s ability to continue as a going
concern and the requirements of its business plan.
The Group uses return on capital employed (ROCE) as a measure of its ability to drive better
returns on the capital invested in the Group\u2019s operations. See alternative performance
measures on page 190.
2024
2023
\u00a3m
\u00a3m
Return on capital employed
27%
27%
The committed bank facilities and Private Placement borrowings are subject to the same
interest cover covenant based on an adjusted EBITA measure to interest on consolidated
borrowings. The Group is required to maintain a ratio of not less than three to one and was
compliant with this covenant throughout the year.
The Group monitors Group leverage by reference to two tests: adjusted EBITA interest cover
and the ratio of adjusted net debt to EBITDA. The leverage tests are measured excluding the
impact of IFRS 16 Leases.
Threshold
2024
2023
\u00a3m
\u00a3m
Adjusted EBITA interest cover (times)*
> 3
8.8
7.9
Adjusted net debt to EBITDA (times)**
< 1
0.3
0.8
*Calculated as Adjusted EBITA/interest on consolidated borrowings.
** Calculated as adjusted net debt/adjusted earnings before interest, tax, depreciation, and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-519": { "value": "Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only affect
the consolidated income statement.
d) Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings,
supplier-related finance and cash balances as at 31 December 2024, with all other variables
held constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
2023
Sterling
100
11
100
(11)
Euro
100
2
100
(2)
Chilean peso
250
2
250
(2)
Australian dollar
100
(1)
100
1
US dollar
100
3
100
(3)
23 Financial instruments continued
e) Foreign currency risk
The Group publishes its consolidated financial statements in sterling and faces currency risk on
the translation of its earnings and net assets, a significant proportion of which are in currencies
other than sterling.
Transaction exposure hedging
The Group has transactional currency exposures, where sales or purchases by an operating unit
are in currencies other than in that unit\u2019s reporting currency. For a significant proportion of the
Group these exposures are removed as trading is denominated in the relevant local currency.
In particular, local billing arrangements are in place for many of our businesses with our brand
partners. The principal exception is for our business in Australia which purchases vehicles in
Japanese yen and our South and Central American businesses which purchase vehicles in
Japanese yen and US dollars.
In this instance, the Group seeks to hedge forecast transactional foreign exchange rate risk
using forward foreign currency exchange contracts. The effective portion of the gain or loss on
the hedge is initially recognised in the consolidated statement of comprehensive income to
the extent it is effective. When the hedged forecast transaction results in the recognition of a
non-financial asset or liability then, at the time the asset or liability is recognised, the associated
gains or losses that had previously been recognised in other comprehensive income are
included in the initial measurement of the acquisition cost or other carrying amount of the asset
or liability.
For all other cash flow hedges, the gains or losses that are recognised in other comprehensive
income are transferred to the consolidated income statement in the same period in which the
hedged forecast transaction affects the consolidated income statement. Under IFRS 9
Financial Instruments, hedges are documented and tested for the hedge effectiveness on an
ongoing basis.
Foreign currency risk table
The following table shows the Group sensitivity to a reasonably possible change in foreign
exchange rates on its Japanese yen financial instruments. In this table, financial instruments are
only considered sensitive to foreign exchange rates when they are not in the functional
currency of the entity that holds them.
Increase/
(decrease) in
exchange
rate
Effect on
equity
%
\u00a3m
2024
Yen
+10%
3
Yen
-10%
(3)
2023
Yen
+10%
3
Yen
-10%
(3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-518": { "value": "Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only affect
the consolidated income statement.
d) Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings,
supplier-related finance and cash balances as at 31 December 2024, with all other variables
held constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
2023
Sterling
100
11
100
(11)
Euro
100
2
100
(2)
Chilean peso
250
2
250
(2)
Australian dollar
100
(1)
100
1
US dollar
100
3
100
(3)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-521": { "value": "Credit risk
The amount due from counterparties arising from cash deposits and the use of financial
instruments creates credit risk. The Group monitors its credit exposure to its counterparties via
their credit ratings (where applicable) and through its policy of limiting its exposure to any one
party to ensure that they are within Board approved limits and that there are no significant
concentrations of credit risk.
Group policy is to deposit cash and use financial instruments with counterparties with a long-
term credit rating of A or better, where available. The notional amounts of financial instruments
used in interest rate and foreign exchange management do not represent the credit risk arising
through the use of these instruments. The immediate credit risk of these instruments is generally
estimated by the fair value of contracts with a positive value. Credit limits are
reviewed\u00a0regularly.
23 Financial instruments continued
The table below analyses the Group\u2019s derivative assets, cash at bank and short-term deposits
by credit exposure:
2024
2023
Derivative
assets
Cash
at bank
Short-term
deposits
Derivative
assets
Cash
at bank
Short-term
deposits
Credit rating of counterparty
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2014
1
\u2014
\u2014
\u2014
\u2014
AA-
4
181
1
1
198
\u2014
A+
11
1
\u2014
8
33
\u2014
A
4
4
\u2014
7
170
\u2014
A-
21
29
17
9
21
\u2014
BBB+
5
42
2
8
35
\u2014
BBB
\u2014
13
8
2
6
\u2014
BBB-
\u2014
29
4
\u2014
5
1
BB+
\u2014
10
\u2014
\u2014
3
\u2014
BB
\u2014
58
\u2014
\u2014
\u2014
\u2014
BB-
\u2014
\u2014
\u2014
\u2014
14
\u2014
No rating*
3
90
59
4
125
78
48
458
91
39
610
79
Counterparties in certain markets in which the Group operates do not have a credit rating.
For those counterparties which do not have a credit rating, where possible the Group works
with partner banks with a local presence to provide additional assurance. Additionally, the
Group proactively repatriates cash through cash-pooling arrangements, loans between Group
companies and dividends as well as regularly monitoring the spread of counterparties in-
country, notably in Ethiopia.
No credit limits were exceeded during the reporting period and management does not expect
any losses from non-performance by these counterparties.
The maximum exposure to credit risk for cash at bank, receivables and other financial assets is
represented by their carrying amount.
Total cash at bank of \u00a3458m (2023: \u00a3610m) includes cash in the Group\u2019s regional pooling
arrangements which are offset against borrowings for interest purposes. Netting of cash and
overdraft balances in the consolidated statement of financial position only occurs to the extent
that there is the legal ability and intention to settle net. As such, overdrafts are presented in
current liabilities to the extent that there is no intention to offset with the cash balance.
Trade receivables include amounts due from a number of finance houses in respect of vehicles
sold to customers on finance arranged through the Group. An independent credit rating
agency is used to assess the credit standing of each finance house. Limits for the maximum
outstanding with each finance house are set accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-522": { "value": "Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping
committed credit lines available.
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities at
31 December 2024 based on contractual expected undiscounted cash flows:
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
549
\u2014
\u2014
\u2014
549
Trade and other receivables
415
120
21
\u2014
556
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
3
1
4
Derivative financial instruments
2,501
1,227
7
\u2014
3,735
3,465
1,347
31
1
4,844
Financial liabilities
Interest bearing loans and borrowings
(255)
(22)
(554)
\u2014
(831)
Lease liabilities
(25)
(67)
(239)
(202)
(533)
Trade and other payables
(1,587)
(597)
(8)
\u2014
(2,192)
Derivative financial instruments
(2,517)
(1,237)
(7)
\u2014
(3,761)
(4,384)
(1,923)
(808)
(202)
(7,317)
Net outflows
(919)
(576)
(777)
(201)
(2,473)
23 Financial instruments continued
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
689
\u2014
\u2014
\u2014
689
Trade and other receivables
428
156
25
4
613
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
1
1
Derivative financial instruments
2,720
1,288
264
\u2014
4,272
3,837
1,444
289
5
5,575
Financial liabilities
Interest bearing loans and borrowings
(444)
(398)
(545)
(41)
(1,428)
Lease liabilities
(27)
(74)
(253)
(205)
(559)
Trade and other payables
(2,178)
(565)
(10)
(2)
(2,755)
Derivative financial instruments
(2,739)
(1,347)
(285)
\u2014
(4,371)
(5,388)
(2,384)
(1,093)
(248)
(9,113)
Net outflows
(1,551)
(940)
(804)
(243)
(3,538)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-524": { "value": "Fair value measurement
In accordance with IFRS 13 Fair Value Measurement, disclosure is required for financial
instruments that are measured in the consolidated statement of financial position at fair value.
This requires disclosure of fair value measurements by level for the following fair value
measurement hierarchy:
\u2022 quoted prices in active markets (level 1);
\u2022 inputs other than quoted prices that are observable for the asset or liability, either directly or
indirectly (level 2); or
\u2022 inputs for the asset or liability that are not based on observable market data (level 3).
23 Financial instruments continued
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
2024
2023
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivatives used for hedging
\u2014
48
\u2014
48
\u2014
39
\u2014
39
Financial assets at fair value through other comprehensive income
\u2014
\u2014
4
4
\u2014
\u2014
1
1
\u2014
48
4
52
\u2014
39
1
40
Liabilities
\u2014
(97)
\u2014
(97)
Derivatives used for hedging
\u2014
(47)
\u2014
(47)
\u2014
(97)
\u2014
(97)
Level 1 represents the fair value of financial instruments that are traded in active markets and is
based on quoted markets prices at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market (level 2) is
determined by using valuation techniques which include the present value of estimated future
cash flows. These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on entity specific estimates.
Level 3 primarily represents the Group\u2019s equity interest in Hino Motors Manufacturing Company
SAS (see note 14). Fair value is based on discounted free cash flows, using the projection of
annual income and expenses mainly based on historical financial figures.
Derivative financial instruments are carried at their fair values. The fair value of forward foreign
exchange contracts and foreign exchange swaps represents the difference between the
value of the outstanding contracts at their contracted rates and a valuation calculated using
the spot rates of exchange prevailing at 31 December 2024.
The Group\u2019s derivative financial instruments comprise the following:
Assets
Liabilities
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
48
39
(47)
(97)
48
39
(47)
(97)
The ineffective portion recognised in the consolidated income statement that arises from fair
value hedges amounts to \u00a3nil (2023: \u00a3nil). The ineffective portion recognised in the
consolidated income statement that arises from cash flow hedges amounts to \u00a3nil (2023: \u00a3nil).
Derivative financial instruments
The Group principally uses forward foreign exchange contracts to hedge purchases in a non-
functional currency against movements in exchange rates. The cash flows relating to these
contracts are generally expected to occur within 12 months (2023: 12 months) of the end of
the reporting period.
Net fair value gains and losses recognised in the hedging reserve in shareholders\u2019 equity (see
note 25) on forward foreign exchange contracts as at 31 December 2024 are expected to be
released to the consolidated income statement within 12 months of the end of the reporting
period (2023: 12 months).
The below table illustrates the effects of hedge accounting on the consolidated statement of
financial position and consolidated income statement through detailing separately by risk
category and each type of hedge the details of the associated hedging instrument and
hedged item.
23 Financial instruments continued
2024
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,285
1,443
7
Carrying amount net liabilities (\u00a3m)
6
(5)
\u2014
Maturity date
to Dec 2025
to Dec 2025
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
45
5
9
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
(45)
(5)
(9)
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
94
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
9
\u2014
\u2014
2023
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,422
1,585
264
Carrying amount net liabilities (\u00a3m)
(39)
(10)
(9)
Maturity date
to Dec 2024
to Dec 2024
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
(22)
(26)
(25)
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
22
26
25
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
89
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
34
\u2014
\u2014
1. Includes hedging derivatives for both actual and highly probable forecasted purchases. The movement
presented in other comprehensive income only covers hedging derivatives relating to highly probable
forecasted purchases.
2. Outstanding deals predominantly relate to our business in Australia which purchases vehicles in
Japanese\u00a0yen.
As at 31 December 2024, the accumulated balance of the cash flow hedge reserve was a loss
of \u00a39m (2023: loss of \u00a334m). The above changes in fair value of hedging instruments will include
hedge positions taken up for future foreign currency exposures and will also include amounts
that would have been reclassified from the hedge reserve to the balance sheet as at
31\u00a0December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-523": { "value": "Fair value measurement
In accordance with IFRS 13 Fair Value Measurement, disclosure is required for financial
instruments that are measured in the consolidated statement of financial position at fair value.
This requires disclosure of fair value measurements by level for the following fair value
measurement hierarchy:
\u2022 quoted prices in active markets (level 1);
\u2022 inputs other than quoted prices that are observable for the asset or liability, either directly or
indirectly (level 2); or
\u2022 inputs for the asset or liability that are not based on observable market data (level 3).
23 Financial instruments continued
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
2024
2023
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivatives used for hedging
\u2014
48
\u2014
48
\u2014
39
\u2014
39
Financial assets at fair value through other comprehensive income
\u2014
\u2014
4
4
\u2014
\u2014
1
1
\u2014
48
4
52
\u2014
39
1
40
Liabilities
\u2014
(97)
\u2014
(97)
Derivatives used for hedging
\u2014
(47)
\u2014
(47)
\u2014
(97)
\u2014
(97)
Level 1 represents the fair value of financial instruments that are traded in active markets and is
based on quoted markets prices at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market (level 2) is
determined by using valuation techniques which include the present value of estimated future
cash flows. These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on entity specific estimates.
Level 3 primarily represents the Group\u2019s equity interest in Hino Motors Manufacturing Company
SAS (see note 14). Fair value is based on discounted free cash flows, using the projection of
annual income and expenses mainly based on historical financial figures.
Derivative financial instruments are carried at their fair values. The fair value of forward foreign
exchange contracts and foreign exchange swaps represents the difference between the
value of the outstanding contracts at their contracted rates and a valuation calculated using
the spot rates of exchange prevailing at 31 December 2024.
The Group\u2019s derivative financial instruments comprise the following:
Assets
Liabilities
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
48
39
(47)
(97)
48
39
(47)
(97)
The ineffective portion recognised in the consolidated income statement that arises from fair
value hedges amounts to \u00a3nil (2023: \u00a3nil). The ineffective portion recognised in the
consolidated income statement that arises from cash flow hedges amounts to \u00a3nil (2023: \u00a3nil).
Derivative financial instruments
The Group principally uses forward foreign exchange contracts to hedge purchases in a non-
functional currency against movements in exchange rates. The cash flows relating to these
contracts are generally expected to occur within 12 months (2023: 12 months) of the end of
the reporting period.
Net fair value gains and losses recognised in the hedging reserve in shareholders\u2019 equity (see
note 25) on forward foreign exchange contracts as at 31 December 2024 are expected to be
released to the consolidated income statement within 12 months of the end of the reporting
period (2023: 12 months).
The below table illustrates the effects of hedge accounting on the consolidated statement of
financial position and consolidated income statement through detailing separately by risk
category and each type of hedge the details of the associated hedging instrument and
hedged item.
23 Financial instruments continued
2024
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,285
1,443
7
Carrying amount net liabilities (\u00a3m)
6
(5)
\u2014
Maturity date
to Dec 2025
to Dec 2025
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
45
5
9
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
(45)
(5)
(9)
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
94
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
9
\u2014
\u2014
2023
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,422
1,585
264
Carrying amount net liabilities (\u00a3m)
(39)
(10)
(9)
Maturity date
to Dec 2024
to Dec 2024
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
(22)
(26)
(25)
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
22
26
25
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
89
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
34
\u2014
\u2014
1. Includes hedging derivatives for both actual and highly probable forecasted purchases. The movement
presented in other comprehensive income only covers hedging derivatives relating to highly probable
forecasted purchases.
2. Outstanding deals predominantly relate to our business in Australia which purchases vehicles in
Japanese\u00a0yen.
As at 31 December 2024, the accumulated balance of the cash flow hedge reserve was a loss
of \u00a39m (2023: loss of \u00a334m). The above changes in fair value of hedging instruments will include
hedge positions taken up for future foreign currency exposures and will also include amounts
that would have been reclassified from the hedge reserve to the balance sheet as at
31\u00a0December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-525": { "value": "Capital management
The Group\u2019s capital structure consists of equity and debt. Equity represents funds raised from
shareholders and debt represents funds raised from banks and other financial institutions. The
primary objective of the Group\u2019s management of debt and equity is to ensure that it maintains
a strong credit rating and healthy capital ratios in order to finance the Group\u2019s activities, both
now and in the future, and to maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The
Directors consider the Group\u2019s capital structure and dividend policy at least twice a year prior
to the announcement of results, taking into account the Group\u2019s ability to continue as a going
concern and the requirements of its business plan.
The Group uses return on capital employed (ROCE) as a measure of its ability to drive better
returns on the capital invested in the Group\u2019s operations. See alternative performance
measures on page 190.
2024
2023
\u00a3m
\u00a3m
Return on capital employed
27%
27%
The committed bank facilities and Private Placement borrowings are subject to the same
interest cover covenant based on an adjusted EBITA measure to interest on consolidated
borrowings. The Group is required to maintain a ratio of not less than three to one and was
compliant with this covenant throughout the year.
The Group monitors Group leverage by reference to two tests: adjusted EBITA interest cover
and the ratio of adjusted net debt to EBITDA. The leverage tests are measured excluding the
impact of IFRS 16 Leases.
Threshold
2024
2023
\u00a3m
\u00a3m
Adjusted EBITA interest cover (times)*
> 3
8.8
7.9
Adjusted net debt to EBITDA (times)**
< 1
0.3
0.8
*Calculated as Adjusted EBITA/interest on consolidated borrowings.
** Calculated as adjusted net debt/adjusted earnings before interest, tax, depreciation, and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-527": { "value": "
Allotted, and fully paid share capital
2024
2023
2024
2023
Number
Number
\u00a3m
\u00a3m
Issued and fully paid ordinary shares
(nominal value of 10.0p each)
At 1 January
413,007,132
374,494,030
42
38
Shares issued
\u2014
38,513,102
\u2014
4
Cancelled under share buyback
(18,673,960)
\u2014
(2)
\u2014
At 31 December
394,333,172
413,007,132
40
42
The Company\u2019s ordinary shares are fully paid and no further contribution of capital may be
required by the Company from the shareholders.
a) Share buyback programme
In 2024, 18,673,960 shares were repurchased under the Company's share buyback programme
at a cost of \u00a3147m, including costs of \u00a31m associated with the transfer to the Company of the
repurchased shares and their subsequent cancellation. The cost of the share buyback has
been charged to retained earnings. An amount of \u00a32m, equivalent to the nominal value of the
cancelled shares, was transferred to the capital redemption reserve. In 2023, no shares were
repurchased under the Company\u2019s share buyback programme.
The Group had a contract in place with a broker to purchase its own shares for cash in
connection with the \u00a3150m buyback announced on 30 July 2024. The non-cancellable
component of the contract gives rise to an additional financial liability as at 31 December 2024
of \u00a34m (2023: \u00a3nil) which has been charged to retained earnings.
b) Substantial shareholdings
Details of substantial interests in the Company\u2019s issued ordinary share capital received by the
Company at 3 March 2025 under the provisions of the Companies Act 2006 have been
disclosed in the significant shareholdings section of the Corporate Governance Report.
24 Share capital continued
c) Share options
At 31 December 2024, options to acquire ordinary shares of 10.0p each in the Company up to
the following numbers under the schemes below were outstanding as follows:
Number of ordinary shares of 10.0p each
Exercisable until
Option price
(\u00a3)
The Inchcape SAYE Share Option Scheme - approved
32,884
1 May 2025
7.31
120,187
1 May 2026
6.00
119,945
1 May 2027
6.11
45,870
1 May 2028
6.80
Included within the retained earnings reserve are 322,859 ordinary shares (2023: 1,008,058
ordinary shares) in the Company held by the Inchcape Employee Trust, a general discretionary
trust whose beneficiaries include current and former employees of the Group and their
dependants.
The book value of these shares at 31 December 2024 was \u00a33m (2023: \u00a37m).
The market value of these shares at 31 December 2024 and 3 March 2025 was \u00a32m and \u00a32m
respectively (31 December 2023 and 4 March 2024: \u00a37m).
d) Issue of Derco shares
On 4 January 2023, 38,513,102 ordinary shares of 10p each in the capital of the Company were
issued in connection with the acquisition of the Derco group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-526": { "value": "
Allotted, and fully paid share capital
2024
2023
2024
2023
Number
Number
\u00a3m
\u00a3m
Issued and fully paid ordinary shares
(nominal value of 10.0p each)
At 1 January
413,007,132
374,494,030
42
38
Shares issued
\u2014
38,513,102
\u2014
4
Cancelled under share buyback
(18,673,960)
\u2014
(2)
\u2014
At 31 December
394,333,172
413,007,132
40
42
The Company\u2019s ordinary shares are fully paid and no further contribution of capital may be
required by the Company from the shareholders.
a) Share buyback programme
In 2024, 18,673,960 shares were repurchased under the Company's share buyback programme
at a cost of \u00a3147m, including costs of \u00a31m associated with the transfer to the Company of the
repurchased shares and their subsequent cancellation. The cost of the share buyback has
been charged to retained earnings. An amount of \u00a32m, equivalent to the nominal value of the
cancelled shares, was transferred to the capital redemption reserve. In 2023, no shares were
repurchased under the Company\u2019s share buyback programme.
The Group had a contract in place with a broker to purchase its own shares for cash in
connection with the \u00a3150m buyback announced on 30 July 2024. The non-cancellable
component of the contract gives rise to an additional financial liability as at 31 December 2024
of \u00a34m (2023: \u00a3nil) which has been charged to retained earnings.
b) Substantial shareholdings
Details of substantial interests in the Company\u2019s issued ordinary share capital received by the
Company at 3 March 2025 under the provisions of the Companies Act 2006 have been
disclosed in the significant shareholdings section of the Corporate Governance Report.
24 Share capital continued
c) Share options
At 31 December 2024, options to acquire ordinary shares of 10.0p each in the Company up to
the following numbers under the schemes below were outstanding as follows:
Number of ordinary shares of 10.0p each
Exercisable until
Option price
(\u00a3)
The Inchcape SAYE Share Option Scheme - approved
32,884
1 May 2025
7.31
120,187
1 May 2026
6.00
119,945
1 May 2027
6.11
45,870
1 May 2028
6.80
Included within the retained earnings reserve are 322,859 ordinary shares (2023: 1,008,058
ordinary shares) in the Company held by the Inchcape Employee Trust, a general discretionary
trust whose beneficiaries include current and former employees of the Group and their
dependants.
The book value of these shares at 31 December 2024 was \u00a33m (2023: \u00a37m).
The market value of these shares at 31 December 2024 and 3 March 2025 was \u00a32m and \u00a32m
respectively (31 December 2023 and 4 March 2024: \u00a37m).
d) Issue of Derco shares
On 4 January 2023, 38,513,102 ordinary shares of 10p each in the capital of the Company were
issued in connection with the acquisition of the Derco group.
Merger
reserve
Fair value
through OCI
reserve
Translation
reserve
Hedging
reserve
Total other
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
316
(2)
74
(3)
385
Comprehensive income/(loss)
Cash flow hedges:
\u2013 net fair value losses
\u2014
\u2014
\u2014
(45)
(45)
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
17
17
Investments held at fair value:
\u2013 net fair value losses
\u2014
(3)
\u2014
\u2014
(3)
Deferred tax on taxation losses
\u2014
\u2014
\u2014
(1)
(1)
Exchange differences on translation of
foreign operations
\u2014
\u2014
(131)
\u2014
(131)
Recycling of foreign currency reserve
\u2014
\u2014
(1)
\u2014
(1)
Adjustments in respect of hyperinflation
\u2014
\u2014
34
\u2014
34
Other changes in equity
Shares issued
(4)
\u2014
\u2014
\u2014
(4)
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
(2)
(2)
At 1 January 2024
312
(5)
(24)
(34)
249
Comprehensive income/(loss)
\u2014
Cash flow hedges:
\u2013 net fair value gains
\u2014
\u2014
\u2014
20
20
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
(14)
(14)
Investments held at fair value:
\u2013 net fair value gains
\u2014
3
\u2014
\u2014
3
Deferred tax on taxation losses
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences on translation of foreign operations
\u2014
\u2014
(242)
\u2014
(242)
Recycling of foreign currency reserve
\u2014
\u2014
(4)
\u2014
(4)
Adjustments for hyperinflation (including tax)
\u2014
\u2014
(4)
\u2014
(4)
Other changes in equity
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
19
19
At 31 December 2024
312
(2)
(274)
(9)
27
25 Other reserves continued
Fair value through OCI reserve
For investments in equity instruments that are measured at fair value through other
comprehensive income, changes in fair value are recognised through other comprehensive
income. Fair value movements are never recycled to the income statement, even if the
underlying asset is sold, impaired or otherwise derecognised.
Translation reserve
The translation reserve is used to record foreign exchange rate changes relating to the
translation of the results of foreign subsidiaries arising after 1 January 2004. It is also used to
record foreign exchange differences arising on long-term foreign currency borrowings used to
finance or hedge foreign currency investments. The effect of foreign exchange rate changes
includes a gain of \u00a34m (2023: \u00a31m) on the sale and liquidation of overseas subsidiaries that has
been reclassified to the consolidated income statement in accordance with IAS 21 The Effects
of Changes in Foreign Exchange Rates. The adjustments in respect of hyperinflation relate to
the application of IAS 29 Financial Reporting in Hyperinflationary Economies to the Group\u2019s
operations in Ethiopia. The indexation and translational impact (net of tax) to opening share
capital and retained earnings of \u00a34m (2023: \u00a334m) has been included in translation
reserves\u00a0above.
Hedging reserve
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that are determined to be an effective hedge are
recognised directly in other comprehensive income. When the hedged firm commitment
results in the recognition of a non-financial asset or liability then, at the time the asset or liability
is recognised, the associated gains or losses that had previously been recognised in
shareholders\u2019 equity are included in the initial measurement of the acquisition cost or other
carrying amount of the asset or liability.
Merger reserve
As part of the acquisition of the Derco group of companies in 2022, Inchcape plc issued
38,513,102 shares in exchange for a greater than 90% equity holding in another company and
merger relief was therefore applicable. Consequently, the excess of the fair value of the shares
issued over their nominal value was recognised in a merger reserve within equity
26 Retained earnings
2024
2023
\u00a3m
\u00a3m
At 1 January
940
820
Comprehensive income/(loss)
\u2013 Profit for the year
421
270
\u2013 Actuarial losses on defined pension benefits (including tax) (see note 5)
(47)
(20)
Total comprehensive income attributable to owners of the parent
374
250
Other changes in equity
Written put option
\u2014
(1)
Acquisition of non-controlling interests
\u2014
3
Share-based payments, net of tax
18
15
Share buyback programme
(151)
\u2014
Purchase of own shares by Inchcape Employee Trust
(14)
(19)
Dividends paid (see note 9)
(147)
(128)
At 31 December
1,020
940
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-528": { "value": "
Merger
reserve
Fair value
through OCI
reserve
Translation
reserve
Hedging
reserve
Total other
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
316
(2)
74
(3)
385
Comprehensive income/(loss)
Cash flow hedges:
\u2013 net fair value losses
\u2014
\u2014
\u2014
(45)
(45)
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
17
17
Investments held at fair value:
\u2013 net fair value losses
\u2014
(3)
\u2014
\u2014
(3)
Deferred tax on taxation losses
\u2014
\u2014
\u2014
(1)
(1)
Exchange differences on translation of
foreign operations
\u2014
\u2014
(131)
\u2014
(131)
Recycling of foreign currency reserve
\u2014
\u2014
(1)
\u2014
(1)
Adjustments in respect of hyperinflation
\u2014
\u2014
34
\u2014
34
Other changes in equity
Shares issued
(4)
\u2014
\u2014
\u2014
(4)
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
(2)
(2)
At 1 January 2024
312
(5)
(24)
(34)
249
Comprehensive income/(loss)
\u2014
Cash flow hedges:
\u2013 net fair value gains
\u2014
\u2014
\u2014
20
20
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
(14)
(14)
Investments held at fair value:
\u2013 net fair value gains
\u2014
3
\u2014
\u2014
3
Deferred tax on taxation losses
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences on translation of foreign operations
\u2014
\u2014
(242)
\u2014
(242)
Recycling of foreign currency reserve
\u2014
\u2014
(4)
\u2014
(4)
Adjustments for hyperinflation (including tax)
\u2014
\u2014
(4)
\u2014
(4)
Other changes in equity
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
19
19
At 31 December 2024
312
(2)
(274)
(9)
27
25 Other reserves continued
Fair value through OCI reserve
For investments in equity instruments that are measured at fair value through other
comprehensive income, changes in fair value are recognised through other comprehensive
income. Fair value movements are never recycled to the income statement, even if the
underlying asset is sold, impaired or otherwise derecognised.
Translation reserve
The translation reserve is used to record foreign exchange rate changes relating to the
translation of the results of foreign subsidiaries arising after 1 January 2004. It is also used to
record foreign exchange differences arising on long-term foreign currency borrowings used to
finance or hedge foreign currency investments. The effect of foreign exchange rate changes
includes a gain of \u00a34m (2023: \u00a31m) on the sale and liquidation of overseas subsidiaries that has
been reclassified to the consolidated income statement in accordance with IAS 21 The Effects
of Changes in Foreign Exchange Rates. The adjustments in respect of hyperinflation relate to
the application of IAS 29 Financial Reporting in Hyperinflationary Economies to the Group\u2019s
operations in Ethiopia. The indexation and translational impact (net of tax) to opening share
capital and retained earnings of \u00a34m (2023: \u00a334m) has been included in translation
reserves\u00a0above.
Hedging reserve
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that are determined to be an effective hedge are
recognised directly in other comprehensive income. When the hedged firm commitment
results in the recognition of a non-financial asset or liability then, at the time the asset or liability
is recognised, the associated gains or losses that had previously been recognised in
shareholders\u2019 equity are included in the initial measurement of the acquisition cost or other
carrying amount of the asset or liability.
Merger reserve
As part of the acquisition of the Derco group of companies in 2022, Inchcape plc issued
38,513,102 shares in exchange for a greater than 90% equity holding in another company and
merger relief was therefore applicable. Consequently, the excess of the fair value of the shares
issued over their nominal value was recognised in a merger reserve within equity.
26 Retained earnings
2024
2023
\u00a3m
\u00a3m
At 1 January
940
820
Comprehensive income/(loss)
\u2013 Profit for the year
421
270
\u2013 Actuarial losses on defined pension benefits (including tax) (see note 5)
(47)
(20)
Total comprehensive income attributable to owners of the parent
374
250
Other changes in equity
Written put option
\u2014
(1)
Acquisition of non-controlling interests
\u2014
3
Share-based payments, net of tax
18
15
Share buyback programme
(151)
\u2014
Purchase of own shares by Inchcape Employee Trust
(14)
(19)
Dividends paid (see note 9)
(147)
(128)
At 31 December
1,020
940
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "Reconciliation of cash generated from operations
2024
2023
\u00a3m
\u00a3m
Cash flows from operating activities
Operating profit \u2013 continuing operations
562
570
Operating profit \u2013 discontinued operations
6
49
Adjusting items
22
50
Amortisation including non-adjusting impairment charges
9
11
Depreciation of property, plant and equipment including non-adjusting
impairment charges
44
61
Depreciation of right-of-use assets
76
81
Profit on disposal of property, plant and equipment and intangible assets
(1)
(16)
Gain on changes in right-of-use assets
(3)
\u2014
Share-based payments charge
18
15
Decrease/(increase) in inventories
311
(251)
Increase in trade and other receivables
(121)
(9)
Increase in trade and other payables
13
415
Decrease in provisions
(20)
(1)
Pension contributions more than pension charge for the period
\u2014
(1)
Increase in interest in leased vehicles
(8)
(18)
Payments in respect of operating adjusting items
(36)
(57)
Other non-cash items
1
1
Cash generated from operations
873
900
b) Net debt reconciliation
Liabilities from financing activities
Assets
Borrowings
Leases
Sub-total
Cash/bank
overdrafts
Total
net debt
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt at 1 January 2023
(1,428)
(499)
(1,927)
1,050
(877)
Cash flows
412
87
499
(400)
99
Acquisitions
(23)
(11)
(34)
(146)
(180)
Period adjustments
(7)
(1)
(8)
9
1
Disposals
\u2014
\u2014
\u2014
1
1
New lease liabilities
\u2014
(37)
(37)
\u2014
(37)
Other non-cash movements
(6)
\u2014
(6)
\u2014
(6)
Foreign exchange adjustments
11
21
32
(74)
(42)
Net debt at 1 January 2024
(1,041)
(440)
(1,481)
440
(1,041)
Cash flows
484
81
565
(372)
193
Acquisitions
\u2014
\u2014
\u2014
5
5
Disposals
\u2014
98
98
391
489
New lease liabilities
\u2014
(62)
(62)
\u2014
(62)
Other non-cash movements
(4)
(1)
(5)
\u2014
(5)
Foreign exchange adjustments
5
22
27
(98)
(71)
Net debt at 31 December 2024
(556)
(302)
(858)
366
(492)
27 Notes to the consolidated statement of cash flows continued
Net debt is analysed as follows:
2024
2023
\u00a3m
\u00a3m
Cash at bank and short term deposits as per the statement of financial
position
549
689
Cash and cash equivalents included in disposal groups held for sale
\u2014
Borrowings \u2013 disclosed as current liabilities
(195)
(652)
Add back: amounts treated as debt financing (see below)
12
403
Cash and cash equivalents as per the statement of cash flows
366
440
Debt financing
Borrowings \u2013 disclosed as current liabilities and treated as debt financing
(see above)
(12)
(403)
Borrowings \u2013 disclosed as non-current liabilities
(544)
(638)
Lease liabilities
(302)
(440)
Debt financing
(858)
(1,481)
Net debt
(492)
(1,041)
Add back: lease liabilities
302
440
Adjusted net debt
(190)
(601)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "2024 Disposals and discontinued operations
On 1 August 2024 the Group completed the sale of its UK Retail operations to Group 1
Automotive UK Limited, a wholly-owned subsidiary of Group 1 Automotive, Inc. for a cash
consideration of \u00a3345m.
The UK Retail operation is reported in the current period as a discontinued operation. Financial
information relating to the discontinued operation for the period to the date of disposal is set
out below.
Financial performance and cash flow information
The financial performance and cash flow information presented below is for the seven months
ended 31 July 2024.
2024
2023
\u00a3m
\u00a3m
Revenue
1,199
2,065
Expenses
(1,193)
(2,016)
Operating profit
6
49
Finance costs
(9)
(14)
Profit before tax
(3)
35
Tax
7
\u2014
Profit after tax of discontinued operations
4
35
Gain on disposal
146
\u2014
Profit from discontinued operation
150
35
2024
2023
\u00a3m
\u00a3m
Net cash inflow from operating activities
6
30
Net cash outflow from investing activities
(10)
(15)
Net cash outflow from financing activities
(3)
(7)
Net (decrease)/increase from cash generated from discontinued
operations
(7)
8
2024
\u00a3m
Disposal proceeds
345
Settlement of intercompany facility
63
Disposal costs
(12)
Net assets disposed of
(250)
Gain on disposal
146
2024
\u00a3m
Total consideration, net of disposal costs paid
396
Consideration outstanding
(4)
Cash & cash equivalents disposed of
(20)
Net cash inflow on disposal of business
372
28 Acquisitions and disposals continued
In December 2024, the Group completed the sale of its non-genuine parts business in Chile for
\u00a330m, resulting in a \u00a36m gain on disposal. The net gain, which has been classified as an
adjusting item (see note 2), includes disposal costs and a gain relating to the recycling of
cumulative exchange differences previously recognised in other comprehensive income.
b) 2023 Acquisitions
During the year, net cash inflows of \u00a35m were received as purchase price adjustments were
finalised in relation to acquisitions which completed in the second half of 2023. The accounting
standards allow a period of up to a year to finalise the accounting for an acquisition. During
2024, acquisition adjustments were made, in relation to businesses acquired in 2023, which,
combined with purchase price adjustments, had the net effect of decreasing goodwill by \u00a31m.
As the acquisition adjustments were not material, the prior year statement of financial position
has not been restated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "2024 Disposals and discontinued operations
On 1 August 2024 the Group completed the sale of its UK Retail operations to Group 1
Automotive UK Limited, a wholly-owned subsidiary of Group 1 Automotive, Inc. for a cash
consideration of \u00a3345m.
The UK Retail operation is reported in the current period as a discontinued operation. Financial
information relating to the discontinued operation for the period to the date of disposal is set
out below.
Financial performance and cash flow information
The financial performance and cash flow information presented below is for the seven months
ended 31 July 2024.
2024
2023
\u00a3m
\u00a3m
Revenue
1,199
2,065
Expenses
(1,193)
(2,016)
Operating profit
6
49
Finance costs
(9)
(14)
Profit before tax
(3)
35
Tax
7
\u2014
Profit after tax of discontinued operations
4
35
Gain on disposal
146
\u2014
Profit from discontinued operation
150
35
2024
2023
\u00a3m
\u00a3m
Net cash inflow from operating activities
6
30
Net cash outflow from investing activities
(10)
(15)
Net cash outflow from financing activities
(3)
(7)
Net (decrease)/increase from cash generated from discontinued
operations
(7)
8
2024
\u00a3m
Disposal proceeds
345
Settlement of intercompany facility
63
Disposal costs
(12)
Net assets disposed of
(250)
Gain on disposal
146
2024
\u00a3m
Total consideration, net of disposal costs paid
396
Consideration outstanding
(4)
Cash & cash equivalents disposed of
(20)
Net cash inflow on disposal of business
372
28 Acquisitions and disposals continued
In December 2024, the Group completed the sale of its non-genuine parts business in Chile for
\u00a330m, resulting in a \u00a36m gain on disposal. The net gain, which has been classified as an
adjusting item (see note 2), includes disposal costs and a gain relating to the recycling of
cumulative exchange differences previously recognised in other comprehensive income.
b)", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-532": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-534": { "value": "
2024
2023
\u00a3m
\u00a3m
(represented) 1
Guarantees
7
16
Letters of credit
19
24
26
40
1. Prior year amounts have been represented for consistency with the current year disclosure and exclude
amounts already recognised on the statement of financial position.
Guarantees relate to performance guarantees provided in the ordinary course of business.
Letters of credit act as a guarantee, from one of the Group\u2019s banking relationships to another
bank, for payments made by the Group to a specified third party. The Group also has, in the
ordinary course of business, commitments under foreign exchange instruments relating to the
hedging of transactional exposures (see note 23).
Franked Investment Income Group Litigation Order
The Group is a participant in an action in the United Kingdom against HMRC in the Franked
Investment Income Group Litigation Order (\u201cFII GLO\u201d). As at 31 December 2024, there were 15
corporate groups in the FII GLO. As previously reported, the High Court held in February 2024
that for claims for a refund of the unlawfully paid tax to cover the entire period of claims they
must have been submitted before 6 June 2006. The Group submitted a claim on 25 November
2003 and the High Court\u2019s judgment means that the Group\u2019s claim is within time to cover the
entire period of its claim. However, the Court of Appeal has granted HMRC leave to appeal
the High Court\u2019s decision and this hearing has been scheduled for May 2025.
In view of the significant uncertainty about the eventual outcome of the appeals process, the
Group has not recognised a contingent asset in respect of this litigation.
FCA review of Motor Finance commission
In January 2024, the FCA announced a review into historical motor finance commission
arrangements. This investigation is ongoing. In the meantime, there have also been a number
of relevant court decisions with the Supreme Court expected to deliver a definitive statement
of the law following a hearing listed for April 2025. We look forward to the outcome of the
review, and of the Supreme Court hearing, and the clarity that this will bring for customers,
lenders and dealers. Following the Group\u2019s disposal of its UK business, the Group\u2019s potential
exposure to this matter arises from, and is limited to, the terms of the indemnity that it has given
to the buyer of that business. It remains possible, though highly uncertain, that the Group may
become liable to make certain payments under the terms of that indemnity. However, it is not
currently practicable to estimate the quantum or timing of any such outflow given the inherent
uncertainties associated with the court process and the s166 review.
Other contingencies
There are also a number of other contingent liabilities that arise in the normal course of
business, which if realised, are not expected to result in a material liability to the Group.
30 Commitments
a) Capital commitments
Contracts placed for future capital expenditure at the balance sheet date but not yet incurred
are as follows:
2024
2023
\u00a3m
\u00a3m
Property, plant and equipment
1
19
b) Lease commitments
Short-term lease commitments \u2013 Group as lessee
Future minimum lease payments for short-term leases under non-cancellable operating leases
are as follows:
2024
2023
\u00a3m
\u00a3m
Within one year
1
3
Operating leases \u2013 Group as lessor
The Group has entered into non-cancellable operating leases on a number of its vehicles and
certain properties. These leases have varying terms, escalation clauses and renewal rights and
are not individually significant to the Group.
30 Commitments continued
Future minimum lease payments receivable under non-cancellable operating leases are as
follows:
2024
2023
\u00a3m
\u00a3m
Within one year
5
4
Between one and five years
5
5
Total
10
9
Sub-lease receivables \u2013 Group as lessor
The Group has entered into sub-leases for a number of properties and other assets. As the lease
term represents a major proportion of the underlying asset\u2019s useful life, the associated right-of-
use asset has been derecognised and replaced with a sub-lease receivable. Future minimum
lease payments receivable under sub-leases, together with the present value of the net
minimum lease payments receivable (included within trade and other receivables), are as
follows:
2024
2023
\u00a3m
\u00a3m
Minimum lease payments receivable:
\u2013 Within one year
2
3
\u2013 Between one and five years
1
5
\u2013 After five years
\u2014
2
Total minimum lease payments receivable
3
10
Less: Unearned finance income
\u2014
\u2014
Present value of sub-lease receivables
3
10
c) Repurchase commitments
The Group has entered into agreements with certain customers to repurchase vehicles for a
specified value at a predetermined date as follows:
2024
2023
\u00a3m
\u00a3m
Vehicles subject to repurchase commitments
112
151
Repurchase commitments represent the total repurchase liability on all vehicles where the
Group has a repurchase commitment. These commitments are largely expected to be settled
over the next three years. \u00a317m (2023: \u00a342m) of the above repurchase commitments are
included within \u2018trade and other payables\u2019 in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-533": { "value": "
2024
2023
\u00a3m
\u00a3m
(represented) 1
Guarantees
7
16
Letters of credit
19
24
26
40
1. Prior year amounts have been represented for consistency with the current year disclosure and exclude
amounts already recognised on the statement of financial position.
Guarantees relate to performance guarantees provided in the ordinary course of business.
Letters of credit act as a guarantee, from one of the Group\u2019s banking relationships to another
bank, for payments made by the Group to a specified third party. The Group also has, in the
ordinary course of business, commitments under foreign exchange instruments relating to the
hedging of transactional exposures (see note 23).
Franked Investment Income Group Litigation Order
The Group is a participant in an action in the United Kingdom against HMRC in the Franked
Investment Income Group Litigation Order (\u201cFII GLO\u201d). As at 31 December 2024, there were 15
corporate groups in the FII GLO. As previously reported, the High Court held in February 2024
that for claims for a refund of the unlawfully paid tax to cover the entire period of claims they
must have been submitted before 6 June 2006. The Group submitted a claim on 25 November
2003 and the High Court\u2019s judgment means that the Group\u2019s claim is within time to cover the
entire period of its claim. However, the Court of Appeal has granted HMRC leave to appeal
the High Court\u2019s decision and this hearing has been scheduled for May 2025.
In view of the significant uncertainty about the eventual outcome of the appeals process, the
Group has not recognised a contingent asset in respect of this litigation.
FCA review of Motor Finance commission
In January 2024, the FCA announced a review into historical motor finance commission
arrangements. This investigation is ongoing. In the meantime, there have also been a number
of relevant court decisions with the Supreme Court expected to deliver a definitive statement
of the law following a hearing listed for April 2025. We look forward to the outcome of the
review, and of the Supreme Court hearing, and the clarity that this will bring for customers,
lenders and dealers. Following the Group\u2019s disposal of its UK business, the Group\u2019s potential
exposure to this matter arises from, and is limited to, the terms of the indemnity that it has given
to the buyer of that business. It remains possible, though highly uncertain, that the Group may
become liable to make certain payments under the terms of that indemnity. However, it is not
currently practicable to estimate the quantum or timing of any such outflow given the inherent
uncertainties associated with the court process and the s166 review.
Other contingencies
There are also a number of other contingent liabilities that arise in the normal course of
business, which if realised, are not expected to result in a material liability to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "value": "
30 Commitments
a) Capital commitments
Contracts placed for future capital expenditure at the balance sheet date but not yet incurred
are as follows:
2024
2023
\u00a3m
\u00a3m
Property, plant and equipment
1
19
b) Lease commitments
Short-term lease commitments \u2013 Group as lessee
Future minimum lease payments for short-term leases under non-cancellable operating leases
are as follows:
2024
2023
\u00a3m
\u00a3m
Within one year
1
3
Operating leases \u2013 Group as lessor
The Group has entered into non-cancellable operating leases on a number of its vehicles and
certain properties. These leases have varying terms, escalation clauses and renewal rights and
are not individually significant to the Group.
30 Commitments continued
Future minimum lease payments receivable under non-cancellable operating leases are as
follows:
2024
2023
\u00a3m
\u00a3m
Within one year
5
4
Between one and five years
5
5
Total
10
9
Sub-lease receivables \u2013 Group as lessor
The Group has entered into sub-leases for a number of properties and other assets. As the lease
term represents a major proportion of the underlying asset\u2019s useful life, the associated right-of-
use asset has been derecognised and replaced with a sub-lease receivable. Future minimum
lease payments receivable under sub-leases, together with the present value of the net
minimum lease payments receivable (included within trade and other receivables), are as
follows:
2024
2023
\u00a3m
\u00a3m
Minimum lease payments receivable:
\u2013 Within one year
2
3
\u2013 Between one and five years
1
5
\u2013 After five years
\u2014
2
Total minimum lease payments receivable
3
10
Less: Unearned finance income
\u2014
\u2014
Present value of sub-lease receivables
3
10
c) Repurchase commitments
The Group has entered into agreements with certain customers to repurchase vehicles for a
specified value at a predetermined date as follows:
2024
2023
\u00a3m
\u00a3m
Vehicles subject to repurchase commitments
112
151
Repurchase commitments represent the total repurchase liability on all vehicles where the
Group has a repurchase commitment. These commitments are largely expected to be settled
over the next three years. \u00a317m (2023: \u00a342m) of the above repurchase commitments are
included within \u2018trade and other payables\u2019 in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "
31 Related party disclosures
a) Trading transactions
Intra-group transactions have been eliminated on consolidation and are not disclosed in this
note. Details of transactions between the Group and other related parties are disclosed below:
Transactions
Amounts outstanding
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other income paid to related parties
1
1
\u2014
\u2014
Sales to related parties1
4
\u2014
1
\u2014
Lease payments made to related parties1,2
(7)
(7)
(41)
(46)
Other income received from joint ventures
21
18
5
2
1. These transactions are with entities connected to Non-Executive Directors.
2. Amounts outstanding in respect of lease payments to related parties include all undiscounted future
payment commitments.
All of the transactions arise in the ordinary course of business and are on an arm\u2019s length basis.
The amounts outstanding are unsecured and will be settled in cash. There have been no
guarantees provided or received for any related party receivables. The Group has not raised
any provision for doubtful debts relating to amounts owed by related parties (2023: \u00a3nil).
b) Compensation of key management personnel
The remuneration of the Board of Directors and the Executive Committee was as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries1
9
9
Share-based payments
8
6
17
15
1. Other pension costs included in wages and salaries amount to \u00a30.3m (2023: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market trends.
Further details of emoluments paid to the Directors are included in the Directors\u2019 Report
on\u00a0Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "
31 Related party disclosures
a) Trading transactions
Intra-group transactions have been eliminated on consolidation and are not disclosed in this
note. Details of transactions between the Group and other related parties are disclosed below:
Transactions
Amounts outstanding
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other income paid to related parties
1
1
\u2014
\u2014
Sales to related parties1
4
\u2014
1
\u2014
Lease payments made to related parties1,2
(7)
(7)
(41)
(46)
Other income received from joint ventures
21
18
5
2
1. These transactions are with entities connected to Non-Executive Directors.
2. Amounts outstanding in respect of lease payments to related parties include all undiscounted future
payment commitments.
All of the transactions arise in the ordinary course of business and are on an arm\u2019s length basis.
The amounts outstanding are unsecured and will be settled in cash. There have been no
guarantees provided or received for any related party receivables. The Group has not raised
any provision for doubtful debts relating to amounts owed by related parties (2023: \u00a3nil).
b) Compensation of key management personnel
The remuneration of the Board of Directors and the Executive Committee was as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries1
9
9
Share-based payments
8
6
17
15
1. Other pension costs included in wages and salaries amount to \u00a30.3m (2023: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market trends.
Further details of emoluments paid to the Directors are included in the Directors\u2019 Report
on\u00a0Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-536": { "value": "
31 Related party disclosures
a) Trading transactions
Intra-group transactions have been eliminated on consolidation and are not disclosed in this
note. Details of transactions between the Group and other related parties are disclosed below:
Transactions
Amounts outstanding
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other income paid to related parties
1
1
\u2014
\u2014
Sales to related parties1
4
\u2014
1
\u2014
Lease payments made to related parties1,2
(7)
(7)
(41)
(46)
Other income received from joint ventures
21
18
5
2
1. These transactions are with entities connected to Non-Executive Directors.
2. Amounts outstanding in respect of lease payments to related parties include all undiscounted future
payment commitments.
All of the transactions arise in the ordinary course of business and are on an arm\u2019s length basis.
The amounts outstanding are unsecured and will be settled in cash. There have been no
guarantees provided or received for any related party receivables. The Group has not raised
any provision for doubtful debts relating to amounts owed by related parties (2023: \u00a3nil).
b) Compensation of key management personnel
The remuneration of the Board of Directors and the Executive Committee was as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries1
9
9
Share-based payments
8
6
17
15
1. Other pension costs included in wages and salaries amount to \u00a30.3m (2023: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market trends.
Further details of emoluments paid to the Directors are included in the Directors\u2019 Report
on\u00a0Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "Compensation of key management personnel
The remuneration of the Board of Directors and the Executive Committee was as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries1
9
9
Share-based payments
8
6
17
15
1. Other pension costs included in wages and salaries amount to \u00a30.3m (2023: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market trends.
Further details of emoluments paid to the Directors are included in the Directors\u2019 Report
on\u00a0Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "
The main exchange rates used for translation purposes are as follows:
Average rates
Year-end rates
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Australian dollar
1.94
1.88
2.02
1.87
Bolivian bolivar1
12.43
8.60
14.24
8.83
Chilean peso
1,209.30
1,044.70
1,252.30
1,130.41
Ethiopian birr2
157.95
71.84
157.95
71.84
Euro
1.18
1.15
1.21
1.15
Hong Kong dollar
9.99
9.75
9.75
9.98
Singapore dollar
1.71
1.67
1.71
1.68
US dollar
1.28
1.25
1.26
1.28
1. In 2024, a parallel rate has been used due to limitations in accessing currency at official rates of
exchange.
2. In 2024, the results for Ethiopia are translated at the closing rate as required by IAS 21 The Effects of
Changes in Foreign Exchange Rates for hyperinflationary foreign operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "value": "
33 Events after the reporting period
On 4 March 2025, the Board approved a \u00a3250m share buyback programme which will
commence on 4 March 2025 and is expected to conclude within the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "Inchcape Group", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }