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Matthew Gregory
Peter Dilnot
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Chief Financial Officer
Chief Executive Officer
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Corporate information
Melrose Industries PLC (\u201cthe Company\u201d) is a public company limited by shares. The Company is incorporated in the United Kingdom under
the Companies Act 2006 and registered in England and Wales. The address of the registered office is given on the back cover. The nature
of the Company and its subsidiaries\u2019 (together \u201cthe Group\u201d) principal activities by operating segment are set out in note 5 and in the Divisional
reviews on pages 16 to 23. The Consolidated Financial Statements of the Group for the year ended 31 December 2024 were authorised in
accordance with a resolution of the Directors of Melrose Industries PLC on 6 March 2025.
These Financial Statements are presented in pounds Sterling which is the currency of the primary economic environment in which the Company
is based. Foreign operations are included in accordance with the policies set out in note 2.
Corporate structure
Capital structure
On 2 October 2023, the Group commenced a \u00a3500 million share buyback programme which completed in September 2024. During the year
ended 31 December 2024, 70,967,661 shares (2023: 18,761,840 shares) were purchased at an average price of 571 pence (2023: 494 pence)
per share with cash spent of \u00a3411 million (2023: \u00a393 million), inclusive of costs of \u00a35 million (2023: \u00a31 million). These are held as treasury shares
and the total costs of the purchase have been recognised in retained earnings.
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme which is expected to complete by the end of March 2026.
During the year ended 31 December 2024, 4,173,411 shares were purchased at an average price of 484 pence per share for total consideration
of \u00a320 million, inclusive of costs of \u00a3nil. These are held as treasury shares and the total costs of the purchase have been recognised in retained
earnings. A liability of \u00a318 million has also been recognised in respect of the shares expected to be purchased under the share buyback
programme during the close period, as there was an irrevocable instruction to contracted financial institutions to complete purchases at
31 December 2024.
On 3 June 2024, the Melrose Employee Share Plan (\u201cMESP\u201d) crystallised. Of the 54,346,536 shares awarded, 25,498,465 were withheld by
the Company in exchange for a cash payment sufficient to allow holders to meet their income tax and employee national insurance liabilities
in respect of the MESP. In accordance with IFRS 2: Share-based Payment, \u00a3157 million has been recognised in retained earnings.
Following approval from shareholders on 2 May 2024, the Group undertook a capital reduction on 11 July 2024. This reduced share capital by
\u00a3308 million, the share premium account by \u00a32,271 million and the capital redemption reserve by \u00a3753 million.
Disposals and discontinued operations
On 1 March 2024, the Group disposed of its Fuel Systems business, the assets and liabilities of which were classified as held for sale at
31 December 2023. On 25 April 2024, the Group disposed of its St. Louis operation. On 28 June 2024, the Group disposed of its Orangeburg
operation. All disposals represented non-core parts of the Structures segment.
On 20 April 2023, the Group completed the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses through
the flotation of Dowlais Group plc (\u201cDowlais\u201d) on the London Stock Exchange. The results of the Dowlais businesses were classified within
discontinued operations for the year ended 31 December 2023.
See note 13 for further detail.
Prior year restatement of inventories, trade and other receivables and trade and other payables
During the year, the Group has changed its presentation of inventories, trade and other receivables and trade and other payables within the
Balance Sheet. The change related to contract balances for certain programmes. The Group was previously netting certain amounts under
these arrangements, however, it was determined that the appropriate current and prior year presentation should be on a gross basis in line
with the requirements of IFRS 15: Revenue from Contracts with Customers. Prior year comparatives have been restated accordingly. The
impact of this change on the Balance Sheet at 31 December 2023 was to increase inventories by \u00a33 million, non-current other receivables by
\u00a370 million, current trade and other receivables by \u00a3102 million, current trade and other payables by \u00a3107 million and non-current other payables
by \u00a368 million. The impact of this change on the Balance Sheet at 31 December 2022 was to increase inventories by \u00a33 million, non-current
other receivables by \u00a375 million, current trade and other receivables by \u00a3114 million, current trade and other payables by \u00a3116 million and
non-current other payables by \u00a376 million.
1.1 New Standards, Amendments and Interpretations affecting amounts, presentation or disclosure reported in the current year
In the current financial year, the Group has adopted the following new and revised Standards, Amendments and Interpretations. Their adoption
has not had a significant impact on the amounts reported in these Financial Statements:
\u2022
Amendments to IAS 1: Classification of liabilities as current or non-current and non-current liabilities with covenants
\u2022
Amendments to IFRS 16: Lease liability in sale and leaseback
\u2022
Amendments to IAS 7 and IFRS 7: Supplier finance arrangements
1.2 New Standards, Amendments and Interpretations in issue but not yet effective
At 31 December 2024, the following Standards, Amendments and Interpretations were in issue but not yet effective:
\u2022
Amendments to IAS 21: Lack of exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Amendments to the classification and measurement of financial instruments
\u2022
IFRS 18: Presentation and disclosure in financial statements
\u2022
IFRS 19: Subsidiaries without public accountability \u2013 disclosures
The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the
Financial Statements of the Group in future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "Melrose Industries PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": { "value": "public company limited ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00159": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "On 2 October 2023, the Group commenced a \u00a3500 million share buyback programme which completed in September 2024. During the year
ended 31 December 2024, 70,967,661 shares (2023: 18,761,840 shares) were purchased at an average price of 571 pence (2023: 494 pence)
per share with cash spent of \u00a3411 million (2023: \u00a393 million), inclusive of costs of \u00a35 million (2023: \u00a31 million). These are held as treasury shares
and the total costs of the purchase have been recognised in retained earnings.
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme which is expected to complete by the end of March 2026.
During the year ended 31 December 2024, 4,173,411 shares were purchased at an average price of 484 pence per share for total consideration
of \u00a320 million, inclusive of costs of \u00a3nil. These are held as treasury shares and the total costs of the purchase have been recognised in retained
earnings. A liability of \u00a318 million has also been recognised in respect of the shares expected to be purchased under the share buyback
programme during the close period, as there was an irrevocable instruction to contracted financial institutions to complete purchases at
31 December 2024.
On 3 June 2024, the Melrose Employee Share Plan (\u201cMESP\u201d) crystallised. Of the 54,346,536 shares awarded, 25,498,465 were withheld by
the Company in exchange for a cash payment sufficient to allow holders to meet their income tax and employee national insurance liabilities
in respect of the MESP. In accordance with IFRS 2: Share-based Payment, \u00a3157 million has been recognised in retained earnings.
Following approval from shareholders on 2 May 2024, the Group undertook a capital reduction on 11 July 2024. This reduced share capital by
\u00a3308 million, the share premium account by \u00a32,271 million and the capital redemption reserve by \u00a3753 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "Disposals and discontinued operations
On 1 March 2024, the Group disposed of its Fuel Systems business, the assets and liabilities of which were classified as held for sale at
31 December 2023. On 25 April 2024, the Group disposed of its St. Louis operation. On 28 June 2024, the Group disposed of its Orangeburg
operation. All disposals represented non-core parts of the Structures segment.
On 20 April 2023, the Group completed the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses through
the flotation of Dowlais Group plc (\u201cDowlais\u201d) on the London Stock Exchange. The results of the Dowlais businesses were classified within
discontinued operations for the year ended 31 December 2023.
See note 13 for further detail.13. Disposals and discontinued operations
On 1 March 2024, the Group completed the disposal of its Fuel Systems business, which was previously classified as held for sale, for
consideration of \u00a350 million. The costs charged to the Income Statement associated with the disposal were \u00a34 million and were recognised
during the prior year, but paid during the year. Net assets disposed were \u00a311 million and the profit on disposal in the year was \u00a339 million after
the recycling of cumulative translational gains of \u00a3nil.
On 25 April 2024, the Group completed the disposal of its St. Louis operation with total consideration payable of \u00a358 million, of which \u00a339 million
remains outstanding at 31 December 2024. The costs charged to the Income Statement associated with the disposal were \u00a31 million and an
additional net liability of \u00a325 million was crystallised relating to the withdrawal from a multi-employer post-retirement pension scheme. Net assets
disposed were \u00a39 million and the loss on disposal was \u00a390 million after the recycling of cumulative translational gains of \u00a33 million.
On 28 June 2024, the Group completed the disposal of its Orangeburg operation for consideration of \u00a334 million. The costs charged to the
Income Statement associated with the disposal were \u00a3nil. Net assets disposed were \u00a329 million and the profit on disposal was \u00a38 million after
the recycling of cumulative translational gains of \u00a33 million.
The results of the three non-core businesses disposed during the year are not classified within discontinued operations as they do not meet the
criteria of being a major separate line of business.
On 30 March 2023, shareholders approved the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses
through the flotation of Dowlais Group plc (\u201cDowlais\u201d) on the London Stock Exchange. On 20 April 2023, the Group completed the demerger
of Dowlais and its results were classified within discontinued operations. A demerger distribution of \u00a31,973 million was measured at fair value.
Total demerger costs were \u00a364 million.
Classes of assets and liabilities disposed of during the year were as follows:
\u00a0
\u00a3m
Property, plant and equipment
32
Inventories
56
Trade and other receivables
5
A
ssets classified as held for sale
21
Total assets
114
Trade and other payables
22
Current and deferred tax
13
Provisions
20
Liabilities associated with assets held for sale
10
Total liabilities
65
Net assets
49
Consideration, net of costs
(1)
25
Liabilities crystallised on disposal
(25)
Cumulative translation difference recycled on disposal
6
Loss on disposal of businesses
(43)
Net cash inflow arising on disposal
\u00a0
Consideration received in cash and cash equivalents, net of costs
(2)
60
Less: cash and cash equivalents disposed
(3)
(5)
\u00a0
55
\n
(1) Consideration of \u00a326 million net of \u00a31 million of disposal costs. Included within consideration is a deferred amount payable of \u00a339 million accrued at 31 December 2024,
with the cash outflow expected in two equal instalments in the years ending 31 December 2025 and 31 December 2026 respectively.
(2) Cash consideration of \u00a365 million net of \u00a35 million of disposal costs paid in the year, of which \u00a34 million were accrued at 31 December 2023.
(3) Included within assets classified as held for sale.
Financial performance of discontinued operations:
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Revenue
\u2013
1,582
Operating costs
\u2013
(1,550)
Operating profit
\u2013
32
Net finance costs
\u2013
(7)
Profit before tax
\u2013
25
Tax
\u2013
(28)
Loss after tax
\u2013
(3)
Loss on disposal of net assets of discontinued operations, net of recycled cumulative translation differences but before
\u00a0\u00a0
transaction costs
\u2013
(978)
Demerger transaction costs
(1)
\u2013
(39)
Loss for the year from discontinued operatio
ns attributable to owners of the parent
\u2013
(1,020)
\n
(1) Demerger transaction costs of \u00a339 million comprised total cash costs incurred of \u00a358 million, offset by a non-cash contribution from Dowlais of \u00a319 million.
Cash flow information relating to discontinued operations is shown in note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "1.1 New Standards, Amendments and Interpretations affecting amounts, presentation or disclosure reported in the current year
In the current financial year, the Group has adopted the following new and revised Standards, Amendments and Interpretations. Their adoption
has not had a significant impact on the amounts reported in these Financial Statements:
\u2022
Amendments to IAS 1: Classification of liabilities as current or non-current and non-current liabilities with covenants
\u2022
Amendments to IFRS 16: Lease liability in sale and leaseback
\u2022
Amendments to IAS 7 and IFRS 7: Supplier finance arrangements
1.2 New Standards, Amendments and Interpretations in issue but not yet effective
At 31 December 2024, the following Standards, Amendments and Interpretations were in issue but not yet effective:
\u2022
Amendments to IAS 21: Lack of exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Amendments to the classification and measurement of financial instruments
\u2022
IFRS 18: Presentation and disclosure in financial statements
\u2022
IFRS 19: Subsidiaries without public accountability \u2013 disclosures
The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the
Financial Statements of the Group in future periods.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "2.
Summary of material accounting policies
Basis of accounting
The Consolidated Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006 and UK adopted
International Financial Reporting Standards (\u201cIFRSs\u201d) as issued by the IASB. The Consolidated Financial Statements have been prepared on an
historical cost basis, except for the revaluation of certain financial instruments and investments which are recognised at fair value at the end of
each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
Alternative Performance Measures
The Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to the statutory results of the Group. These are presented in
accordance with the Guidelines on APMs issued by the European Securities and Markets Authority (\u201cESMA\u201d).
APMs used by the Group are set out in the glossary to these Financial Statements and the reconciling items between statutory and adjusted
results are listed below and described in more detail in note 6.
Adjusted profit measures exclude items which are significant in size or volatility or by nature are non-trading or non-recurring or any net change
in fair value items booked on an acquisition.
On this basis, the following are the principal items included within adjusting items impacting operating profit:
\u2022
Amortisation of intangible assets that are acquired in a business combination, excluding computer software and development costs;
\u2022
Significant restructuring project costs and other associated costs, including losses incurred following the announcement of closure for
identified businesses, arising from significant strategy changes that are not considered by the Group to be part of the normal operating costs
of the business;
\u2022
Acquisition and disposal related gains and losses;
\u2022
Impairment charges that are considered to be significant in nature and/or value to the trading performance of the business;
\u2022
Movement in derivative financial instruments not designated in hedging relationships, including revaluation of associated financial assets and
liabilities;
\u2022
The charge for the previous Melrose equity-settled compensation scheme, including its associated employer\u2019s tax charge; and
\u2022
The net change in fair value items booked on acquisitions.
Further to the adjusting items above, adjusting items impacting profit before tax include:
\u2022
Acceleration of unamortised debt issue costs written off as a consequence of Group refinancing;
\u2022
Significant settlement gains and losses associated with debt instruments including interest rate swaps following acquisition or disposal
related activity or non-trading transactions, which are not considered by the Group to be part of normal financing costs; and
\u2022
Finance costs in respect of the Group\u2019s net debt strategically allocated to a demerger group of businesses and subsequently settled on
demerger.
In addition to the items above, adjusting items impacting profit after tax include:
\u2022
The net effect on tax of significant restructuring from strategy changes that are not considered by the Group to be part of the normal
operating costs of the business;
\u2022
The net effect of significant new tax legislation; and
\u2022
The tax effects of adjustments to profit before tax, described above.
The Board considers the adjusted results to be an important measure used to monitor how the businesses are performing, as this provides a
meaningful reflection of how the businesses are managed and measured on a day-to-day basis and achieves consistency and comparability
between reporting periods, when all businesses are held for a complete reporting period.
The adjusted measures are used to partly determine the variable element of remuneration of senior management throughout the Group and are
also in alignment with performance measures used by certain external stakeholders.
Adjusted profit is not a defined term under IFRS and may not be comparable with similarly titled profit measures reported by other companies.
It is not intended to be a substitute for, or superior to, GAAP measures. All APMs relate to the current year results and comparative periods
where provided.
Basis of consolidation
The Group\u2019s Financial Statements include the results of the parent undertaking and all of its subsidiary undertakings. In addition, the Group\u2019s
share of the results and equity of joint ventures and associated undertakings (together \u201cequity accounted investments\u201d) is included. The results
of businesses acquired during the period are included from the effective date of acquisition and, for those sold during the period, to the effective
date of disposal. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used into
line with those used by the Group.
All intra-Group balances and transactions, including unrealised profits arising from intra-Group transactions, have been eliminated in full.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interest of non-controlling shareholders is
initially measured at the non-controlling interests\u2019 proportion of the share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019
share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the
non-controlling interests having a deficit balance.
Going concern
The Consolidated Financial Statements have been prepared on a going concern basis as the Directors consider that adequate resources exist
for the Company to continue in operational existence for the foreseeable future, being 12 months from the date of this report (the relevant period).
The Group\u2019s liquidity and funding arrangements are described in the Chief Financial Officer\u2019s Review. There is significant liquidity headroom
of \u00a30.5 billion at 31 December 2024 and sufficient headroom throughout the going concern forecast period. Forecast covenant compliance
is considered further below.
Covenants
The Group\u2019s banking facility has two financial covenants being a net debt to adjusted EBITDA covenant and an interest cover covenant, both of
which are tested half yearly in June and December. Covenant calculations are detailed in the glossary to these Consolidated Financial Statements.
The financial covenants during the period of assessment for going concern are as follows:
\u00a0
31 December
30 June
31 December
\u00a0
2024
2025
2025
Net debt to adjusted EBITDA (banking covenant leverage)
3.5x
3.5x
3.5x
Interest cover
4.0x
4.0x
4.0x
\n
Testing
The Group has modelled two scenarios in its assessment of going concern. A base case and a severe but plausible downside case.
The base case takes into account end markets and operational factors, including supply chain challenges, throughout the going concern period
and has been monitored against the actual results and cash generation in the period since 1 January 2025. Climate scenario analysis was used
to model the impact of climate change on the Group\u2019s cash flow position. Climate change is deemed to not have a material impact over the
period of 12 months for the assessment of going concern or 36 months for the assessment of viability of the Group.
The severe but plausible downside case models more conservative revenue assumptions for 2025 and the first half of 2026. The sensitised
assumptions are specific to each business taking into account their markets, but on average represent a c.10% reduction to the Group\u2019s forecast
revenue in 2025, and a c.5% reduction in the first half of 2026. The sensitised revenues have had a consequential impact on profit and cash flow,
along with a further downside sensitivity applied to increase working capital by approximately 2% of revenue. Given that there is liquidity headroom
of \u00a30.5 billion and the Group\u2019s banking covenant leverage was 2.1x, comfortably below the covenant test at 31 December 2024, no further sensitivity
detail is provided.
Under the severe but plausible downside case, even with significant reductions, no covenant is breached at the forecast testing dates
being 30 June 2025 and 31 December 2025. Testing at 30 June 2026 is also favourable, assuming arrangements similar in nature with
existing agreements.
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of acquisition is measured at the fair value of assets
transferred, the liabilities incurred or assumed at the date of exchange of control and equity instruments issued by the Group in exchange for
control of the acquiree. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity
so as to obtain benefits from its activities. Costs directly attributable to business combinations are recognised as an expense in the Income Statement
as incurred.
The acquired identifiable assets and liabilities are measured at their fair value at the date of acquisition except those where specific guidance
is provided by IFRSs. Non-current assets and directly attributable liabilities that are classified as held for sale in accordance with IFRS 5:
Non-current assets held for sale and discontinued operations, are recognised and measured at fair value less costs to sell. Also, deferred tax
assets and liabilities are recognised and measured in accordance with IAS 12: Income taxes, liabilities and assets related to employee benefit
arrangements are recognised and measured in accordance with IAS 19 (revised): Employee benefits and liabilities or equity instruments related
to the replacement by the Group of an acquiree\u2019s share-based payments awards are measured in accordance with IFRS 2: Share-based
payment. Any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
reports provisional amounts where appropriate. Those provisional amounts are adjusted during the measurement period, or additional assets
or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised at that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and
circumstances that existed as of the acquisition date and is subject to a maximum period of one year.
Goodwill on acquisition is initially measured at cost, being the excess of the sum of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the acquirer\u2019s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less any accumulated
impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the
acquiree, the excess is recognised immediately in profit or loss as a bargain purchase gain.
As at the acquisition date, any goodwill acquired is allocated to the cash-generating units acquired. Impairment is determined by assessing
the recoverable amount of the cash-generating unit to which goodwill relates. Where the recoverable amount of the cash-generating unit is less
than the carrying amount, an impairment loss is recognised in the Income Statement and is not subsequently reversed. When there is a disposal
of a cash-generating unit, goodwill relating to the operation disposed of is taken into account in determining the gain or loss on disposal of that
operation. The amount of goodwill allocated to a partial disposal is measured on the basis of the relative values of the operation disposed of and
the operation retained.
Equity accounted investments
A joint venture is an entity which is not a subsidiary undertaking but where the interest of the Group is that of a partner in a business over which
the Group exercises joint control with its partners over the financial and operating policies. In all cases voting rights are 50% or lower.
Associated undertakings are entities that are neither a subsidiary nor a joint venture, but where the Group has a significant influence. The results,
assets and liabilities of equity accounted investments are accounted for using the equity method of accounting. The Group\u2019s share of equity
includes goodwill arising on acquisition.
When a Group entity transacts with an equity accounted investment of the Group, profits and losses resulting from the transactions with the
equity accounted investments are recognised in the Group\u2019s Consolidated Financial Statements only to the extent of interests in equity
accounted investments that are not related to the Group.
Revenue
Revenues are recognised either at the point of transfer of control of goods and services, or recognised over time on an activity basis using
the costs incurred as the measure of the activity. Costs are recognised as they are incurred.
The nature of agreements into which the Group enters means that certain of the Group\u2019s arrangements with its customers have multiple
elements that can include any combination of:
\u2022
Sale of products and services;
\u2022
Risk and revenue sharing partnerships (\u201cRRSPs\u201d);
\u2022
Design and build; and
\u2022
Construction contracts.
Contracts are reviewed to identify each performance obligation relating to a distinct good or service and the associated consideration. The Group
allocates revenue to multiple element arrangements based on the identified performance obligations within the contracts in line with the policies
below. A performance obligation is identified if the customer can benefit from the good or service on its own or together with other readily
available resources, and it can be separately identified within the contract. This review is performed by reference to the specific contract terms.
Sale of products and services
\n
This revenue stream relates to a high proportion of Group revenue.
\n
Invoices for goods are raised and revenue is recognised when control of the goods is transferred to the customer. Dependent upon contractual
\n
terms this may be at the point of despatch, acceptance by the customer or certification by the customer. The revenue recognised is the
\n
transaction price as it is the observable selling price per product.
\n
Cash discounts, volume rebates and other customer incentive programmes are based on certain percentages agreed with the Group\u2019s customers,
\n
which are typically earned by the customer over an annual period. These are allocated to performance obligations and are recorded as a reduction
\n
in revenue at the point of sale based on the estimated future outcome. Due to the nature of these arrangements an estimate is made based on
\n
historical results to date, estimated future results across the contract period and the contractual provisions of the customer agreement.
\n
Risk and revenue sharing partnerships (\u201cRRSPs\u201d)
\n
This revenue stream, whilst material, affects a small number of businesses and is exclusively in the Engines segment. Revenue is recognised
\n
under RRSPs for both the sale of product as detailed above and sales of services, which are recognised by reference to the stage of completion
\n
based on the performance obligations in the contract. In most RRSP contracts, there are two separate phases where the Group earns revenue;
\n
sale of products principally to engine manufacturers and aftermarket support. Further information on the revenue recognised from RRSPs is
\n
shown in note 4.
\n
The assessment of the stage of completion is dependent on the nature of the contract and the performance obligations within it.
\n
The value of revenue is based on the standalone selling price for each element of the contract.
\n
Revenue is recognised at the point control passes to the customer. For products and services, this has been identified as the point of
\n
acceptance or certification by the customer. Where the amount of revenue recognised is not yet due for collection under the terms of the
\n
contract, it will be recognised as variable consideration within the unbilled work done contract asset (\u201cunbilled work done\u201d) detailed in note 17.
\n
Revenue is not recognised where recovery is not highly probable due to potential significant reversals in the future. This can be affected by
\n
assessment of future volumes including aftermarket expectations which are impacted by technology development, fuel price and competition.
\n
Participation fees are payments made to engine manufacturers and original equipment manufacturers relating to RRSPs and long-term
\n
agreements and are detailed in note 17. They are recognised as contract assets to the extent they can be recovered from future sales.
\n
Where participation fees have been paid under the RRSP, the amortisation is recognised as a revenue reduction under IFRS 15, as
\n
performance obligations are satisfied.
\n
Generally, during the design and development phase of a typical RRSP contract, the Group performs contractually agreed-upon tasks for a
\n
customer. It is usual for the Intellectual Property Rights (\u201cIPRs\u201d) that underpin technology advancement or know-how to remain with the Group
\n
such that the customer cannot benefit from the IPRs either on their own or together with other resources that are readily available to the
\n
customer. Where IPRs are transferred to the customer, the Group has generally determined this is not separately identifiable from other promises
\n
in the contract due to an exclusivity clause for the supply of product. Accordingly, it has been determined that generally the Group\u2019s promise to
\n
transfer goods to its customer is a performance obligation that is separately identifiable and this uses development and know-how as an input.
\n
Design and build
\n
Generally, revenue is only recognised on the sale of product as detailed above, however, on occasions cash is received in advance of work
\n
performed to compensate the Group for costs incurred in design and development activities. The Group performs an assessment of its
\n
performance obligations to understand multiple elements. Where it is determined there is only one type of performance obligation, being the
\n
delivery of product, any cash advance is factored into the revenue allocated across the deliveries required under the contract.
\n
Where the performance obligation has not been satisfied amounts received are recognised as a contract liability. If there is more than one
\n
performance obligation, revenue is allocated to each one based on a standalone selling price for each element of the contract.
\n
Due to the nature of design and build contracts, there can be significant \u2018learning curves\u2019 while the Group optimises its production processes.
\n
During the early phase of these contracts, all costs including any start-up losses are taken directly to the Income Statement, as they do not meet
\n
the criteria for fulfilment costs.
\n
Construction contracts
\n
Where multiple performance obligations are identified, revenue is recognised as each performance obligation is met. This requires an assessment
\n
of total revenue to identify the allocation across the performance obligations, based on the standalone selling price for each obligation.
\n
In cases where one of the following criteria is met, revenue is recognised over time:
\n
\u2022
The customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance;
\n
\u2022
The Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
\n
\u2022
The Group\u2019s performance does not create an asset with an alternative use to the Group and it has an enforceable right to payment for
\n
performance completed to date.
Due to the nature of the criteria above, only certain contracts in the Group qualify for over time recognition. On this basis revenue is recognised
using the input method, which uses costs incurred and the assessed margin across the contract. The input method is used to measure progress
as it best depicts the transfer of control to the customer. The margin and associated revenue are calculated based on the estimated transaction
price and expected total costs, with considerations made for the associated contract risks.
If any of the above criteria are not met, revenue is recognised at a point in time when control transfers to the customer which, in line with the sale
of goods and services above, is the point of delivery or customer acceptance dependent on the terms of the contract.
Unbilled work done addresses contract matters, such as price or scope amendments, which are included based on the expected value or most likely
amount. A constraint is included unless it is highly probable that the revenue will not significantly reverse in the future. This constraint is calculated
based on a cautious expectation of the life of certain RRSPs. Variations in contract work, claims and incentive payments are included in revenue from
construction contracts based on an estimate of the expected value the Group expects to receive. Variations are included when the customer has
agreed to the variation or acknowledged liability for the variation in principle. Claims are included when negotiations with the customer have reached
an advanced stage such that it is virtually certain that the customer will accept the claim.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bring the asset into operation, and
any material borrowing costs on qualifying assets. Qualifying assets are defined as an asset or programme where the period of capitalisation is
more than 12 months. Purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to
acquire the asset.
Where assets are in the course of construction at the balance sheet date, they are classified as capital work in progress. Transfers are made to
other asset categories when they are available for use, at which point depreciation commences.
Right-of-use assets arise under IFRS 16 and are depreciated over the shorter of the estimated life of the asset and the lease term.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
Freehold land
nil
Freehold buildings and long leasehold property
over expected economic life not exceeding 50 years
Short leasehold property
over the term of the lease
Plant and equipment
3-15 years
\n
The estimated useful lives of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives are
accounted for prospectively.
The carrying values of property, plant and equipment are reviewed annually for indicators of impairment, or more frequently if events or changes
in circumstances indicate that the carrying value may not be recoverable. If such indication exists an impairment test is performed and, where the
carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount
of property, plant and equipment is the greater of net selling price and value in use. In assessing value in use, estimated future cash flows,
considering the implications of climate change (see note 11 for further detail), are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate
largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds or costs and the carrying amount of the item) is included in the Income Statement in the period that the item is derecognised.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.
On acquisition of businesses, separately identifiable intangible assets are initially recorded at their fair value at the acquisition date.
Access to the use of brands and intellectual property are valued using a \u2018relief from royalty\u2019 method which determines the net present value of
future additional cash flows arising from the use of the intangible asset.
Customer relationships and contracts are valued on the basis of the net present value of the future additional cash flows arising from customer
relationships with appropriate allowance for attrition of customers.
Technology assets are valued using a replacement cost approach, or a \u2018relief from royalty\u2019 method.
Amortisation of intangible assets is recorded in operating expenses in the Income Statement and is calculated on a straight-line basis over the
estimated useful lives of the asset as follows:
Customer relationships and contracts
20 years or less
Brands and intellectual property
20 years or less
Technology
20 years or less
Computer software
5 years or less
Development costs
20 years or less
\n
Where computer software is not integral to an item of property, plant or equipment, its costs are capitalised and categorised as intangible assets.
Computer software is initially recorded at cost. Where these assets have been acquired through a business combination, this will be the fair value
allocated in the acquisition accounting. Where these have been acquired other than through a business combination, the initial cost is the
aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Intangible assets (other than computer software and development costs) are tested for impairment annually or more frequently whenever events or
changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses are measured on a similar basis to property,
plant and equipment. Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis.
Research and development costs
Research costs are expensed as incurred.
Costs relating to clearly defined and identifiable development projects are capitalised when there is a technical degree of exploitation, adequacy
of resources and a potential market or development possibility in the undertaking that are recognisable; and where it is the intention to produce,
market or execute the project. A correlation must also exist between the costs incurred and future benefits and those costs can be measured
reliably. Capitalised costs are expensed on a straight-line basis over their useful lives of 20 years or less. Costs not meeting such criteria are
expensed as incurred.
Inventories
Inventories are valued at the lower of cost and net realisable value and are measured using a first in, first out or weighted average cost basis.
Cost includes all direct expenditure and appropriate production overhead expenditure incurred in bringing goods to their current state under
normal operating conditions. Net realisable value is based on estimated selling price less costs expected to be incurred to completion and
disposal. Provisions are made for obsolescence or other expected losses where necessary.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, balances with banks and similar institutions, and short-term deposits which are readily
convertible to cash and are subject to insignificant risks of changes in value.
For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.
Interest-bearing loans and borrowings
All loans and borrowings are initially recognised at fair value of the consideration received net of issue costs associated with the borrowings.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate
method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement.
Gains and losses are recognised in the Income Statement when the liabilities are derecognised or impaired, as well as through the
amortisation process.
Government refundable advances
Government refundable advances are reported in trade and other payables in the Balance Sheet. Refundable advances include amounts
advanced by a government, accrued interest and directly attributable costs. Refundable advances are provided to the Group to part-finance
expenditures on specific development programmes. The advances are provided on a risk sharing basis, i.e. repayment levels are determined
subject to the success of the related programme. Balances are held at amortised cost and interest is calculated using the effective interest
rate method.
Leases
Where a lease arrangement is identified, a liability to the lessor is included in the Balance Sheet as a lease obligation calculated at the present
value of minimum lease payments. A corresponding right-of-use asset is recorded in property, plant and equipment. The discount rate used to
calculate the lease liability is the Group\u2019s incremental borrowing rate, unless there is a rate implicit in the lease. The incremental borrowing rate is
used for the majority of leases. Incremental borrowing rates are based on the term, currency, country and start date of the lease and reflect the
rate the Group would pay for a loan with similar terms and security.
Following initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. Where there is a change in
future lease payments due to a rent review, change in index or rate, or a change in the Group\u2019s assessment of whether it is reasonably certain
to exercise a purchase, extension or break option, the lease obligation is remeasured. A corresponding adjustment is made to the associated
right-of-use asset.
Right-of-use assets are depreciated over the shorter of the estimated useful life of the asset and the lease term.
Lease payments are apportioned between finance costs and a reduction in the lease obligation so as to reflect the interest on the remaining
balance of the obligation. Finance charges are recorded in the Income Statement within finance costs.
Leases with a term of 12 months or less and leases for low value are not recorded on the Balance Sheet and lease payments are recognised as an
expense in the Income Statement on a straight-line basis over the lease term. Expenses relating to variable lease payments which are not included in
the lease liability, due to being based on a variable other than an index or rate, are recognised as an expense in the Income Statement.
Financial instruments \u2013 assets
Classification and measurement
All financial assets are classified as either those which are measured at fair value, through profit or loss or other comprehensive income,
and those measured at amortised cost.
Financial assets are initially recognised at fair value. For those which are not subsequently measured at fair value through profit or loss,
this includes directly attributable transaction costs. Trade and other receivables, contract assets and amounts due from equity accounted
investments are subsequently measured at amortised cost.
Recognition and derecognition of financial assets
Financial assets are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the
financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
Impairment of financial assets
For trade receivables and contract assets, the simplified approach permitted under IFRS 9 is applied. The simplified approach requires that at
the point of initial recognition the expected credit loss across the life of the receivable must be recognised. As these balances do not contain a
significant financing element, the simplified approach relating to expected lifetime losses is applicable under IFRS 9. Cash and cash equivalents
and other receivables are also subject to impairment requirements.
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. Finance income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the Income Statement in the period in which
they are incurred.
Investments
The Group has investments in listed shares and unlisted shares, that are not traded in an active market, which are classified as financial assets,
measured at fair value. Fair value for listed shares is calculated by reference to quoted market price. Fair value for unlisted shares is determined
by assessment of expected future dividends discounted to net present value. Any changes in fair value are recognised in other comprehensive
income and accumulated in retained earnings. Dividends from investments are recognised in the Income Statement when the Group\u2019s right to
receive the dividend is established.
Trade and other receivables
Trade and other receivables are measured and carried at amortised cost using the effective interest method, less any impairment. For trade
receivables, the carrying amount is reduced by an allowance for expected lifetime losses. Subsequent recoveries of amounts previously
written off are credited against the allowance account and changes in the carrying amount of the allowance account are recognised in the
Income Statement.
Trade receivables that are assessed not to be impaired individually are also assessed for impairment on a collective basis. In measuring the
expected credit losses, the Group considers all reasonable and supportable information such as the Group\u2019s past experience at collecting
receipts, any increase in the number of delayed receipts in the portfolio past the average credit period, and forward-looking information such
as forecasts of future economic decisions.
Other receivables are also considered for impairment and if required the carrying amount is reduced by any loss arising which is recorded in the
Income Statement, although for the Group this is not material.
Financial instruments \u2013 liabilities
Recognition and derecognition of financial liabilities
Financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instruments
and are initially measured at fair value, net of transaction costs. The Group derecognises financial liabilities when the Group\u2019s obligations are
discharged, significantly modified, cancelled or they expire.
Classification and measurement
Non-derivative financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense
recognised on an effective interest rate basis. The effective interest method is a method of calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant periods. The effective interest rate is the rate that discounts estimated future cash payments
throughout the expected life of the financial liability, or, where appropriate, a shorter period to the gross carrying amount of the financial liability.
Derivative financial instruments and hedging
The Group uses derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity risks, arising from
operating and financing activities. The Group does not hold or issue derivative financial instruments for speculative trading purposes. Details of
derivative financial instruments are disclosed in note 25 of the Financial Statements.
Derivative financial instruments are recognised and stated at fair value in the Group\u2019s Balance Sheet. Their fair value is recalculated at each
reporting date. The accounting treatment for the resulting gain or loss will depend on whether the derivative meets the criteria to qualify for
hedge accounting and is designated as such.
Where derivatives do not meet the criteria to qualify for hedge accounting, any gains or losses on the revaluation to fair value at the period end
are recognised immediately in the Income Statement. Where derivatives do meet the criteria to qualify for hedge accounting, recognition of any
resulting gain or loss on revaluation depends on the nature of the hedge relationship and the item being hedged.
Derivative financial instruments with maturity dates of less than one year from the period end date are classified as current in the Balance Sheet.
Derivatives embedded in non-derivative host contracts are recognised at their fair value in the Group\u2019s Balance Sheet when the nature,
characteristics and risks of the derivative are not closely related to the host contract. Gains and losses arising on the remeasurement of these
embedded derivatives at each balance sheet date are recognised in the Income Statement.
Hedge accounting
Hedge accounting is performed in accordance with IFRS 9: Financial Instruments. In order to qualify for hedge accounting, the Group is required
to document from inception the relationship between the item being hedged and the hedging instrument, along with its risk management
objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
the Group documents that the hedge will be highly effective, which is when the hedging relationships meet all of the following hedge
effectiveness requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after
rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation
is accounted for prospectively.
The Group designates certain hedging instruments as either cash flow hedges or hedges of net investments in foreign operations.
Cash flow hedge
Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to the variability in cash flows that are
either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted cash flow.
The Group designates the full change in the fair value of a foreign exchange forward contract (i.e. including the forward elements) as the hedging
instrument for all of its hedging relationships involving foreign exchange forward contracts.
The effective portion of any gain or loss from revaluing the derivative financial instrument is recognised in the Statement of Comprehensive
Income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement.
Amounts previously recognised in the Statement of Comprehensive Income and accumulated in equity are recycled to the Income Statement
in the periods when the hedged item is recognised in the Income Statement or when the forecast transaction is no longer expected to occur.
However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and
losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
non-financial liability.
Hedges of net investments in foreign operations
Derivative financial instruments and certain loan instruments are classified as net investment hedges when they hedge the Group\u2019s net investment
in foreign operations. The effective element of any foreign exchange gain or loss from revaluing the hedging instruments at a reporting period end
is recognised in the Statement of Comprehensive Income. Any ineffective element is recognised immediately in the Income Statement.
Gains and losses accumulated in equity are recognised immediately in the Income Statement when the foreign operation is disposed.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a rate
that reflects the current market assessment of the time value of money and, where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
Contingent liabilities acquired in a business combination
Contingent liabilities acquired in a business combination are initially measured at fair value at the acquisition date. At the end of subsequent
reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognised in accordance with IAS 37:
Provisions, contingent liabilities and contingent assets and the amount initially recognised less cumulative amount of revenue recognised in
accordance with the principles of IFRS 15: Revenue from contracts with customers.
Pensions and other retirement benefits
The Group operates defined benefit pension plans and defined contribution plans, some of which require contributions to be made to
administered funds separate from the Group.
For the defined benefit pension and retirement benefit plans, plan assets are measured at fair value and plan liabilities are measured on
an actuarial basis and discounted at an interest rate equivalent to the current rate of return on a high quality corporate bond of equivalent
currency and term to the plan liabilities. Any assets resulting from this calculation are limited to past service cost plus the present value of
available refunds and reductions in future contributions to the plan. The present value of the defined benefit obligation, and the related current
service cost and past service cost, are measured using the projected unit credit method.
The service cost of providing pension and other retirement benefits to employees for the period is charged to the Income Statement.
Net interest expense on net defined benefit obligations is determined by applying discount rates used to measure defined benefit obligations
at the beginning of the year to net defined benefit obligations at the beginning of the year. The net interest expense is recognised within
finance costs.
Remeasurement gains and losses comprise actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on plan assets
(excluding interest). Remeasurement gains and losses, and taxation thereon, are recognised in full in the Statement of Comprehensive Income
in the period in which they occur and are not subsequently recycled.
Actuarial gains and losses may result from differences between the actuarial assumptions underlying the plan obligations and actual experience
during the period or changes in the actuarial assumptions used in the valuation of the plan obligations.
For defined contribution plans, contributions payable are charged to the Income Statement as an operating expense when employees have
rendered services entitling them to the contributions.
Foreign currencies
The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it
operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each Group
company are expressed in pounds Sterling, which is the functional currency of the Company, and the presentation currency for the Consolidated
Financial Statements.
In preparing the Financial Statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency
(foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the
fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the Income Statement
for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in the Income Statement for
the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in
equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.
For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are translated at
exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period,
unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used.
Exchange differences arising, if any, are recognised in the Statement of Comprehensive Income and accumulated in equity (attributed to
non-controlling interests as appropriate). Such translation differences are recognised as income or as expenses in the period in which the related
operation is disposed of. Any exchange differences that have previously been attributed to non-controlling interests are derecognised but they
are not reclassified to the Income Statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and
translated at the rate prevailing at the balance sheet date.
Taxation
The tax expense is based on the taxable profits for the year and represents the sum of the tax paid or currently payable and deferred tax.
Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using
tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.
A tax provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future
outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.
The assessment is based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities
and in certain cases based on specialist independent advice.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences except where:
\u2022
the deferred tax liability arises on the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which a) is
not a business combination, b) at the time of the transaction affects neither the accounting profit nor taxable profit or loss, and c) at the time
of the transaction, does not give rise to equal taxable and deductible temporary differences; and
\u2022
the timing of the reversal of the temporary differences associated with investments in subsidiaries and interests in equity accounted
investments can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and at the time of
the transaction, does not give rise to equal and opposite temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, and carry-forward of unused tax
assets and unused tax losses can be utilised except where:
\u2022
the deferred tax asset arises from the initial recognition of an asset or liability in a transaction which a) is not a business combination, b) at the
time of the transaction affects neither the accounting profit nor taxable profit or loss, and c) at the time of the transaction, does not give rise
to equal taxable and deductible temporary differences; and
\u2022
in respect of deductible temporary differences associated with investments in subsidiaries and interests in equity accounted investments,
deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary differences can be utilised; and at the time of transaction, does not give rise
to equal and opposite temporary differences.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the relevant balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against liabilities and when they
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Tax relating to items recognised directly in other comprehensive income is recognised in the Statement of Comprehensive Income and not in the
Income Statement. Tax relating to items recognised directly in equity is recognised in the Statement of Changes in Equity.
Revenues, expenses and assets are recognised net of the amount of sales tax except:
\u2022
where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax
is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
\u2022
where receivables and payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Balance Sheet.
Share-based payments
The Group has applied the requirements of IFRS 2: Share-based Payment. The Group issues equity-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at fair value of the equity instrument excluding the effect of non-market based
vesting conditions at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest and is reviewed at the end of each
reporting period with the charge being adjusted to reflect actual and estimated levels of vesting.
Fair value is measured by use of option pricing models. The expected life used in the model has been adjusted, based on the Directors\u2019 best
estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Non-current assets and disposal groups
Non-current assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Non-current assets and businesses are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use. This condition is regarded as having been met only when the sale is highly probable and the asset or
business is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification.
Government grants
Government grants are not recognised in the Income Statement until there is reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received. Government grants are recognised in the Income Statement on a systematic
basis over the periods in which the Group recognises the related costs for which the grants are intended to compensate.
Specifically, government grants where the primary condition is that the Group should purchase, construct or otherwise acquire non-current
assets (including property, plant and equipment) are recognised as deferred government grants in the Balance Sheet and transferred to the
Income Statement on a systematic and rational basis over the useful lives of the related assets.
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial
support to the Group with no future related costs are recognised in the Income Statement in the period in which they become receivable.
Climate change
In preparing the Consolidated Financial Statements, the Directors have considered the impact of climate change with specific regard to the risks
identified in the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d) report on page 65 as well as the Group\u2019s Transition Plan including
emission targets.
The Directors have considered the impact of climate change in respect to the following areas and have determined that there is no material
impact on the financial reporting judgements and estimates:
\u2022
Group\u2019s going concern assessment (note 2);
\u2022
Estimated future cash flows used in impairment assessments, where applicable, of the carrying value of non-current assets (such as
goodwill) (note 11);
\u2022
Inventory valuation with respect to climate-related shift in demand (note 16);
\u2022
Recoverability of trade receivables and contract assets related to unbilled work done on risk and revenue sharing partnerships, which
consider the future expectations of airframe and engine manufacturers as well as airline customer behaviours (note 17); and
\u2022
Forecasts of future profitability to assess the recoverability of deferred tax assets in the UK, the Netherlands and the US (note 22).
The Group\u2019s Transition Plan sets out the actions the Directors intend to take in the transition to a net zero economy, how they plan to execute
on the interim and long-term emissions reduction targets, and how they plan to achieve Net Zero by 2050. The Transition Plan also sets out how
climate considerations are integrated into strategic thinking and future planning, such as major capital expenditure, acquisitions, and disposals.
The main short-term and medium-term objectives to meet this target are:
\u2022
Reduce absolute Scope 1 and 2 emissions 50% by 2030 from a 2020 baseline. This will be met by sourcing at least 50% of the Group\u2019s
electricity from renewable sources by 2025 (where renewable energy is commercially and reasonably available in the relevant jurisdiction)
through either continued investment in onsite renewable energy as well as procurement of power purchase agreements and renewable energy
certificates. The Group will also continue to invest in energy efficiency measures to reduce overall energy consumption. The estimated investment
needed to meet these scope 1 and 2 emission improvements are incorporated into current financial planning and forecasting.
\u2022
The Group is uniquely positioned at the early stages of an aircraft life cycle to play a role in eradicating emissions for the entire sector
and ultimately unlocking its potential to positively contribute to a low carbon economy. The targets to achieve 80% of total Research and
Development (\u201cR&D\u201d) expenditure on climate-related R&D per year to contribute to aerospace decarbonisation by 2025 and achieve 100% of
new products which contribute to aerospace decarbonisation by the end of 2025 demonstrate the emphasis Melrose places on developing
innovative and breakthrough technologies such as battery electric and hydrogen propulsion. During the year, \u00a355 million was spent on
climate-related R&D. Future investments required to meet these targets are incorporated into our forecasts.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Basis of accounting
The Consolidated Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006 and UK adopted
International Financial Reporting Standards (\u201cIFRSs\u201d) as issued by the IASB. The Consolidated Financial Statements have been prepared on an
historical cost basis, except for the revaluation of certain financial instruments and investments which are recognised at fair value at the end of
each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Basis of consolidation
The Group\u2019s Financial Statements include the results of the parent undertaking and all of its subsidiary undertakings. In addition, the Group\u2019s
share of the results and equity of joint ventures and associated undertakings (together \u201cequity accounted investments\u201d) is included. The results
of businesses acquired during the period are included from the effective date of acquisition and, for those sold during the period, to the effective
date of disposal. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used into
line with those used by the Group.
All intra-Group balances and transactions, including unrealised profits arising from intra-Group transactions, have been eliminated in full.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interest of non-controlling shareholders is
initially measured at the non-controlling interests\u2019 proportion of the share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019
share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the
non-controlling interests having a deficit balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Going concern
The Consolidated Financial Statements have been prepared on a going concern basis as the Directors consider that adequate resources exist
for the Company to continue in operational existence for the foreseeable future, being 12 months from the date of this report (the relevant period).
The Group\u2019s liquidity and funding arrangements are described in the Chief Financial Officer\u2019s Review. There is significant liquidity headroom
of \u00a30.5 billion at 31 December 2024 and sufficient headroom throughout the going concern forecast period. Forecast covenant compliance
is considered further below.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of acquisition is measured at the fair value of assets
transferred, the liabilities incurred or assumed at the date of exchange of control and equity instruments issued by the Group in exchange for
control of the acquiree. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity
so as to obtain benefits from its activities. Costs directly attributable to business combinations are recognised as an expense in the Income Statement
as incurred.
The acquired identifiable assets and liabilities are measured at their fair value at the date of acquisition except those where specific guidance
is provided by IFRSs. Non-current assets and directly attributable liabilities that are classified as held for sale in accordance with IFRS 5:
Non-current assets held for sale and discontinued operations, are recognised and measured at fair value less costs to sell. Also, deferred tax
assets and liabilities are recognised and measured in accordance with IAS 12: Income taxes, liabilities and assets related to employee benefit
arrangements are recognised and measured in accordance with IAS 19 (revised): Employee benefits and liabilities or equity instruments related
to the replacement by the Group of an acquiree\u2019s share-based payments awards are measured in accordance with IFRS 2: Share-based
payment. Any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
reports provisional amounts where appropriate. Those provisional amounts are adjusted during the measurement period, or additional assets
or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised at that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and
circumstances that existed as of the acquisition date and is subject to a maximum period of one year.
Goodwill on acquisition is initially measured at cost, being the excess of the sum of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the acquirer\u2019s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less any accumulated
impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the
acquiree, the excess is recognised immediately in profit or loss as a bargain purchase gain.
As at the acquisition date, any goodwill acquired is allocated to the cash-generating units acquired. Impairment is determined by assessing
the recoverable amount of the cash-generating unit to which goodwill relates. Where the recoverable amount of the cash-generating unit is less
than the carrying amount, an impairment loss is recognised in the Income Statement and is not subsequently reversed. When there is a disposal
of a cash-generating unit, goodwill relating to the operation disposed of is taken into account in determining the gain or loss on disposal of that
operation. The amount of goodwill allocated to a partial disposal is measured on the basis of the relative values of the operation disposed of and
the operation retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of acquisition is measured at the fair value of assets
transferred, the liabilities incurred or assumed at the date of exchange of control and equity instruments issued by the Group in exchange for
control of the acquiree. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity
so as to obtain benefits from its activities. Costs directly attributable to business combinations are recognised as an expense in the Income Statement
as incurred.
The acquired identifiable assets and liabilities are measured at their fair value at the date of acquisition except those where specific guidance
is provided by IFRSs. Non-current assets and directly attributable liabilities that are classified as held for sale in accordance with IFRS 5:
Non-current assets held for sale and discontinued operations, are recognised and measured at fair value less costs to sell. Also, deferred tax
assets and liabilities are recognised and measured in accordance with IAS 12: Income taxes, liabilities and assets related to employee benefit
arrangements are recognised and measured in accordance with IAS 19 (revised): Employee benefits and liabilities or equity instruments related
to the replacement by the Group of an acquiree\u2019s share-based payments awards are measured in accordance with IFRS 2: Share-based
payment. Any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
reports provisional amounts where appropriate. Those provisional amounts are adjusted during the measurement period, or additional assets
or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised at that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and
circumstances that existed as of the acquisition date and is subject to a maximum period of one year.
Goodwill on acquisition is initially measured at cost, being the excess of the sum of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the acquirer\u2019s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less any accumulated
impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the
acquiree, the excess is recognised immediately in profit or loss as a bargain purchase gain.
As at the acquisition date, any goodwill acquired is allocated to the cash-generating units acquired. Impairment is determined by assessing
the recoverable amount of the cash-generating unit to which goodwill relates. Where the recoverable amount of the cash-generating unit is less
than the carrying amount, an impairment loss is recognised in the Income Statement and is not subsequently reversed. When there is a disposal
of a cash-generating unit, goodwill relating to the operation disposed of is taken into account in determining the gain or loss on disposal of that
operation. The amount of goodwill allocated to a partial disposal is measured on the basis of the relative values of the operation disposed of and
the operation retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of acquisition is measured at the fair value of assets
transferred, the liabilities incurred or assumed at the date of exchange of control and equity instruments issued by the Group in exchange for
control of the acquiree. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity
so as to obtain benefits from its activities. Costs directly attributable to business combinations are recognised as an expense in the Income Statement
as incurred.
The acquired identifiable assets and liabilities are measured at their fair value at the date of acquisition except those where specific guidance
is provided by IFRSs. Non-current assets and directly attributable liabilities that are classified as held for sale in accordance with IFRS 5:
Non-current assets held for sale and discontinued operations, are recognised and measured at fair value less costs to sell. Also, deferred tax
assets and liabilities are recognised and measured in accordance with IAS 12: Income taxes, liabilities and assets related to employee benefit
arrangements are recognised and measured in accordance with IAS 19 (revised): Employee benefits and liabilities or equity instruments related
to the replacement by the Group of an acquiree\u2019s share-based payments awards are measured in accordance with IFRS 2: Share-based
payment. Any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
reports provisional amounts where appropriate. Those provisional amounts are adjusted during the measurement period, or additional assets
or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised at that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and
circumstances that existed as of the acquisition date and is subject to a maximum period of one year.
Goodwill on acquisition is initially measured at cost, being the excess of the sum of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the acquirer\u2019s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less any accumulated
impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the
acquiree, the excess is recognised immediately in profit or loss as a bargain purchase gain.
As at the acquisition date, any goodwill acquired is allocated to the cash-generating units acquired. Impairment is determined by assessing
the recoverable amount of the cash-generating unit to which goodwill relates. Where the recoverable amount of the cash-generating unit is less
than the carrying amount, an impairment loss is recognised in the Income Statement and is not subsequently reversed. When there is a disposal
of a cash-generating unit, goodwill relating to the operation disposed of is taken into account in determining the gain or loss on disposal of that
operation. The amount of goodwill allocated to a partial disposal is measured on the basis of the relative values of the operation disposed of and
the operation retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Equity accounted investments
A joint venture is an entity which is not a subsidiary undertaking but where the interest of the Group is that of a partner in a business over which
the Group exercises joint control with its partners over the financial and operating policies. In all cases voting rights are 50% or lower.
Associated undertakings are entities that are neither a subsidiary nor a joint venture, but where the Group has a significant influence. The results,
assets and liabilities of equity accounted investments are accounted for using the equity method of accounting. The Group\u2019s share of equity
includes goodwill arising on acquisition.
When a Group entity transacts with an equity accounted investment of the Group, profits and losses resulting from the transactions with the
equity accounted investments are recognised in the Group\u2019s Consolidated Financial Statements only to the extent of interests in equity
accounted investments that are not related to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Equity accounted investments
A joint venture is an entity which is not a subsidiary undertaking but where the interest of the Group is that of a partner in a business over which
the Group exercises joint control with its partners over the financial and operating policies. In all cases voting rights are 50% or lower.
Associated undertakings are entities that are neither a subsidiary nor a joint venture, but where the Group has a significant influence. The results,
assets and liabilities of equity accounted investments are accounted for using the equity method of accounting. The Group\u2019s share of equity
includes goodwill arising on acquisition.
When a Group entity transacts with an equity accounted investment of the Group, profits and losses resulting from the transactions with the
equity accounted investments are recognised in the Group\u2019s Consolidated Financial Statements only to the extent of interests in equity
accounted investments that are not related to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Revenue
Revenues are recognised either at the point of transfer of control of goods and services, or recognised over time on an activity basis using
the costs incurred as the measure of the activity. Costs are recognised as they are incurred.
The nature of agreements into which the Group enters means that certain of the Group\u2019s arrangements with its customers have multiple
elements that can include any combination of:
\u2022
Sale of products and services;
\u2022
Risk and revenue sharing partnerships (\u201cRRSPs\u201d);
\u2022
Design and build; and
\u2022
Construction contracts.
Contracts are reviewed to identify each performance obligation relating to a distinct good or service and the associated consideration. The Group
allocates revenue to multiple element arrangements based on the identified performance obligations within the contracts in line with the policies
below. A performance obligation is identified if the customer can benefit from the good or service on its own or together with other readily
available resources, and it can be separately identified within the contract. This review is performed by reference to the specific contract terms.
\n\n\n\n
Sale of products and services
\n
This revenue stream relates to a high proportion of Group revenue.
\n
Invoices for goods are raised and revenue is recognised when control of the goods is transferred to the customer. Dependent upon contractual
\n
terms this may be at the point of despatch, acceptance by the customer or certification by the customer. The revenue recognised is the
\n
transaction price as it is the observable selling price per product.
\n
Cash discounts, volume rebates and other customer incentive programmes are based on certain percentages agreed with the Group\u2019s customers,
\n
which are typically earned by the customer over an annual period. These are allocated to performance obligations and are recorded as a reduction
\n
in revenue at the point of sale based on the estimated future outcome. Due to the nature of these arrangements an estimate is made based on
\n
historical results to date, estimated future results across the contract period and the contractual provisions of the customer agreement.
\n
Risk and revenue sharing partnerships (\u201cRRSPs\u201d)
\n
This revenue stream, whilst material, affects a small number of businesses and is exclusively in the Engines segment. Revenue is recognised
\n
under RRSPs for both the sale of product as detailed above and sales of services, which are recognised by reference to the stage of completion
\n
based on the performance obligations in the contract. In most RRSP contracts, there are two separate phases where the Group earns revenue;
\n
sale of products principally to engine manufacturers and aftermarket support. Further information on the revenue recognised from RRSPs is
\n
shown in note 4.
\n
The assessment of the stage of completion is dependent on the nature of the contract and the performance obligations within it.
\n
The value of revenue is based on the standalone selling price for each element of the contract.
\n
Revenue is recognised at the point control passes to the customer. For products and services, this has been identified as the point of
\n
acceptance or certification by the customer. Where the amount of revenue recognised is not yet due for collection under the terms of the
\n
contract, it will be recognised as variable consideration within the unbilled work done contract asset (\u201cunbilled work done\u201d) detailed in note 17.
\n
Revenue is not recognised where recovery is not highly probable due to potential significant reversals in the future. This can be affected by
\n
assessment of future volumes including aftermarket expectations which are impacted by technology development, fuel price and competition.
\n
Participation fees are payments made to engine manufacturers and original equipment manufacturers relating to RRSPs and long-term
\n
agreements and are detailed in note 17. They are recognised as contract assets to the extent they can be recovered from future sales.
\n
Where participation fees have been paid under the RRSP, the amortisation is recognised as a revenue reduction under IFRS 15, as
\n
performance obligations are satisfied.
\n
Generally, during the design and development phase of a typical RRSP contract, the Group performs contractually agreed-upon tasks for a
\n
customer. It is usual for the Intellectual Property Rights (\u201cIPRs\u201d) that underpin technology advancement or know-how to remain with the Group
\n
such that the customer cannot benefit from the IPRs either on their own or together with other resources that are readily available to the
\n
customer. Where IPRs are transferred to the customer, the Group has generally determined this is not separately identifiable from other promises
\n
in the contract due to an exclusivity clause for the supply of product. Accordingly, it has been determined that generally the Group\u2019s promise to
\n
transfer goods to its customer is a performance obligation that is separately identifiable and this uses development and know-how as an input.
\n
Design and build
\n
Generally, revenue is only recognised on the sale of product as detailed above, however, on occasions cash is received in advance of work
\n
performed to compensate the Group for costs incurred in design and development activities. The Group performs an assessment of its
\n
performance obligations to understand multiple elements. Where it is determined there is only one type of performance obligation, being the
\n
delivery of product, any cash advance is factored into the revenue allocated across the deliveries required under the contract.
\n
Where the performance obligation has not been satisfied amounts received are recognised as a contract liability. If there is more than one
\n
performance obligation, revenue is allocated to each one based on a standalone selling price for each element of the contract.
\n
Due to the nature of design and build contracts, there can be significant \u2018learning curves\u2019 while the Group optimises its production processes.
\n
During the early phase of these contracts, all costs including any start-up losses are taken directly to the Income Statement, as they do not meet
\n
the criteria for fulfilment costs.
\n
Construction contracts
\n
Where multiple performance obligations are identified, revenue is recognised as each performance obligation is met. This requires an assessment
\n
of total revenue to identify the allocation across the performance obligations, based on the standalone selling price for each obligation.
\n
In cases where one of the following criteria is met, revenue is recognised over time:
\n
\u2022
The customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance;
\n
\u2022
The Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
\n
\u2022
The Group\u2019s performance does not create an asset with an alternative use to the Group and it has an enforceable right to payment for
\n
performance completed to date.
Due to the nature of the criteria above, only certain contracts in the Group qualify for over time recognition. On this basis revenue is recognised
using the input method, which uses costs incurred and the assessed margin across the contract. The input method is used to measure progress
as it best depicts the transfer of control to the customer. The margin and associated revenue are calculated based on the estimated transaction
price and expected total costs, with considerations made for the associated contract risks.
If any of the above criteria are not met, revenue is recognised at a point in time when control transfers to the customer which, in line with the sale
of goods and services above, is the point of delivery or customer acceptance dependent on the terms of the contract.
Unbilled work done addresses contract matters, such as price or scope amendments, which are included based on the expected value or most likely
amount. A constraint is included unless it is highly probable that the revenue will not significantly reverse in the future. This constraint is calculated
based on a cautious expectation of the life of certain RRSPs. Variations in contract work, claims and incentive payments are included in revenue from
construction contracts based on an estimate of the expected value the Group expects to receive. Variations are included when the customer has
agreed to the variation or acknowledged liability for the variation in principle. Claims are included when negotiations with the customer have reached
an advanced stage such that it is virtually certain that the customer will accept the claim.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bring the asset into operation, and
any material borrowing costs on qualifying assets. Qualifying assets are defined as an asset or programme where the period of capitalisation is
more than 12 months. Purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to
acquire the asset.
Where assets are in the course of construction at the balance sheet date, they are classified as capital work in progress. Transfers are made to
other asset categories when they are available for use, at which point depreciation commences.
Right-of-use assets arise under IFRS 16 and are depreciated over the shorter of the estimated life of the asset and the lease term.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
Freehold land
nil
Freehold buildings and long leasehold property
over expected economic life not exceeding 50 years
Short leasehold property
over the term of the lease
Plant and equipment
3-15 years
\n
The estimated useful lives of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives are
accounted for prospectively.
The carrying values of property, plant and equipment are reviewed annually for indicators of impairment, or more frequently if events or changes
in circumstances indicate that the carrying value may not be recoverable. If such indication exists an impairment test is performed and, where the
carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount
of property, plant and equipment is the greater of net selling price and value in use. In assessing value in use, estimated future cash flows,
considering the implications of climate change (see note 11 for further detail), are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate
largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds or costs and the carrying amount of the item) is included in the Income Statement in the period that the item is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
Freehold land
nil
Freehold buildings and long leasehold property
over expected economic life not exceeding 50 years
Short leasehold property
over the term of the lease
Plant and equipment
3-15 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.
On acquisition of businesses, separately identifiable intangible assets are initially recorded at their fair value at the acquisition date.
Access to the use of brands and intellectual property are valued using a \u2018relief from royalty\u2019 method which determines the net present value of
future additional cash flows arising from the use of the intangible asset.
Customer relationships and contracts are valued on the basis of the net present value of the future additional cash flows arising from customer
relationships with appropriate allowance for attrition of customers.
Technology assets are valued using a replacement cost approach, or a \u2018relief from royalty\u2019 method.
Amortisation of intangible assets is recorded in operating expenses in the Income Statement and is calculated on a straight-line basis over the
estimated useful lives of the asset as follows:
Customer relationships and contracts
20 years or less
Brands and intellectual property
20 years or less
Technology
20 years or less
Computer software
5 years or less
Development costs
20 years or less
\n
Where computer software is not integral to an item of property, plant or equipment, its costs are capitalised and categorised as intangible assets.
Computer software is initially recorded at cost. Where these assets have been acquired through a business combination, this will be the fair value
allocated in the acquisition accounting. Where these have been acquired other than through a business combination, the initial cost is the
aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Intangible assets (other than computer software and development costs) are tested for impairment annually or more frequently whenever events or
changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses are measured on a similar basis to property,
plant and equipment. Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Research and development costs
Research costs are expensed as incurred.
Costs relating to clearly defined and identifiable development projects are capitalised when there is a technical degree of exploitation, adequacy
of resources and a potential market or development possibility in the undertaking that are recognisable; and where it is the intention to produce,
market or execute the project. A correlation must also exist between the costs incurred and future benefits and those costs can be measured
reliably. Capitalised costs are expensed on a straight-line basis over their useful lives of 20 years or less. Costs not meeting such criteria are
expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Inventories
Inventories are valued at the lower of cost and net realisable value and are measured using a first in, first out or weighted average cost basis.
Cost includes all direct expenditure and appropriate production overhead expenditure incurred in bringing goods to their current state under
normal operating conditions. Net realisable value is based on estimated selling price less costs expected to be incurred to completion and
disposal. Provisions are made for obsolescence or other expected losses where necessary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, balances with banks and similar institutions, and short-term deposits which are readily
convertible to cash and are subject to insignificant risks of changes in value.
For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Interest-bearing loans and borrowings
All loans and borrowings are initially recognised at fair value of the consideration received net of issue costs associated with the borrowings.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate
method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement.
Gains and losses are recognised in the Income Statement when the liabilities are derecognised or impaired, as well as through the
amortisation process.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Interest-bearing loans and borrowings
All loans and borrowings are initially recognised at fair value of the consideration received net of issue costs associated with the borrowings.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate
method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement.
Gains and losses are recognised in the Income Statement when the liabilities are derecognised or impaired, as well as through the
amortisation process.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Government refundable advances
Government refundable advances are reported in trade and other payables in the Balance Sheet. Refundable advances include amounts
advanced by a government, accrued interest and directly attributable costs. Refundable advances are provided to the Group to part-finance
expenditures on specific development programmes. The advances are provided on a risk sharing basis, i.e. repayment levels are determined
subject to the success of the related programme. Balances are held at amortised cost and interest is calculated using the effective interest
rate method.Government grants
Government grants are not recognised in the Income Statement until there is reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received. Government grants are recognised in the Income Statement on a systematic
basis over the periods in which the Group recognises the related costs for which the grants are intended to compensate.
Specifically, government grants where the primary condition is that the Group should purchase, construct or otherwise acquire non-current
assets (including property, plant and equipment) are recognised as deferred government grants in the Balance Sheet and transferred to the
Income Statement on a systematic and rational basis over the useful lives of the related assets.
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial
support to the Group with no future related costs are recognised in the Income Statement in the period in which they become receivable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Leases
Where a lease arrangement is identified, a liability to the lessor is included in the Balance Sheet as a lease obligation calculated at the present
value of minimum lease payments. A corresponding right-of-use asset is recorded in property, plant and equipment. The discount rate used to
calculate the lease liability is the Group\u2019s incremental borrowing rate, unless there is a rate implicit in the lease. The incremental borrowing rate is
used for the majority of leases. Incremental borrowing rates are based on the term, currency, country and start date of the lease and reflect the
rate the Group would pay for a loan with similar terms and security.
Following initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. Where there is a change in
future lease payments due to a rent review, change in index or rate, or a change in the Group\u2019s assessment of whether it is reasonably certain
to exercise a purchase, extension or break option, the lease obligation is remeasured. A corresponding adjustment is made to the associated
right-of-use asset.
Right-of-use assets are depreciated over the shorter of the estimated useful life of the asset and the lease term.
Lease payments are apportioned between finance costs and a reduction in the lease obligation so as to reflect the interest on the remaining
balance of the obligation. Finance charges are recorded in the Income Statement within finance costs.
Leases with a term of 12 months or less and leases for low value are not recorded on the Balance Sheet and lease payments are recognised as an
expense in the Income Statement on a straight-line basis over the lease term. Expenses relating to variable lease payments which are not included in
the lease liability, due to being based on a variable other than an index or rate, are recognised as an expense in the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Financial instruments \u2013 assets
Classification and measurement
All financial assets are classified as either those which are measured at fair value, through profit or loss or other comprehensive income,
and those measured at amortised cost.
Financial assets are initially recognised at fair value. For those which are not subsequently measured at fair value through profit or loss,
this includes directly attributable transaction costs. Trade and other receivables, contract assets and amounts due from equity accounted
investments are subsequently measured at amortised cost.
Recognition and derecognition of financial assets
Financial assets are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the
financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
Impairment of financial assets
For trade receivables and contract assets, the simplified approach permitted under IFRS 9 is applied. The simplified approach requires that at
the point of initial recognition the expected credit loss across the life of the receivable must be recognised. As these balances do not contain a
significant financing element, the simplified approach relating to expected lifetime losses is applicable under IFRS 9. Cash and cash equivalents
and other receivables are also subject to impairment requirements.
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. Finance income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the Income Statement in the period in which
they are incurred.
Investments
The Group has investments in listed shares and unlisted shares, that are not traded in an active market, which are classified as financial assets,
measured at fair value. Fair value for listed shares is calculated by reference to quoted market price. Fair value for unlisted shares is determined
by assessment of expected future dividends discounted to net present value. Any changes in fair value are recognised in other comprehensive
income and accumulated in retained earnings. Dividends from investments are recognised in the Income Statement when the Group\u2019s right to
receive the dividend is established.
Trade and other receivables
Trade and other receivables are measured and carried at amortised cost using the effective interest method, less any impairment. For trade
receivables, the carrying amount is reduced by an allowance for expected lifetime losses. Subsequent recoveries of amounts previously
written off are credited against the allowance account and changes in the carrying amount of the allowance account are recognised in the
Income Statement.
Trade receivables that are assessed not to be impaired individually are also assessed for impairment on a collective basis. In measuring the
expected credit losses, the Group considers all reasonable and supportable information such as the Group\u2019s past experience at collecting
receipts, any increase in the number of delayed receipts in the portfolio past the average credit period, and forward-looking information such
as forecasts of future economic decisions.
Other receivables are also considered for impairment and if required the carrying amount is reduced by any loss arising which is recorded in the
Income Statement, although for the Group this is not material.
Financial instruments \u2013 liabilities
Recognition and derecognition of financial liabilities
Financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instruments
and are initially measured at fair value, net of transaction costs. The Group derecognises financial liabilities when the Group\u2019s obligations are
discharged, significantly modified, cancelled or they expire.
Classification and measurement
Non-derivative financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense
recognised on an effective interest rate basis. The effective interest method is a method of calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant periods. The effective interest rate is the rate that discounts estimated future cash payments
throughout the expected life of the financial liability, or, where appropriate, a shorter period to the gross carrying amount of the financial liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "Financial instruments \u2013 assets
Classification and measurement
All financial assets are classified as either those which are measured at fair value, through profit or loss or other comprehensive income,
and those measured at amortised cost.
Financial assets are initially recognised at fair value. For those which are not subsequently measured at fair value through profit or loss,
this includes directly attributable transaction costs. Trade and other receivables, contract assets and amounts due from equity accounted
investments are subsequently measured at amortised cost.
Recognition and derecognition of financial assets
Financial assets are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the
financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
Impairment of financial assets
For trade receivables and contract assets, the simplified approach permitted under IFRS 9 is applied. The simplified approach requires that at
the point of initial recognition the expected credit loss across the life of the receivable must be recognised. As these balances do not contain a
significant financing element, the simplified approach relating to expected lifetime losses is applicable under IFRS 9. Cash and cash equivalents
and other receivables are also subject to impairment requirements.
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. Finance income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the Income Statement in the period in which
they are incurred.
Investments
The Group has investments in listed shares and unlisted shares, that are not traded in an active market, which are classified as financial assets,
measured at fair value. Fair value for listed shares is calculated by reference to quoted market price. Fair value for unlisted shares is determined
by assessment of expected future dividends discounted to net present value. Any changes in fair value are recognised in other comprehensive
income and accumulated in retained earnings. Dividends from investments are recognised in the Income Statement when the Group\u2019s right to
receive the dividend is established.
Trade and other receivables
Trade and other receivables are measured and carried at amortised cost using the effective interest method, less any impairment. For trade
receivables, the carrying amount is reduced by an allowance for expected lifetime losses. Subsequent recoveries of amounts previously
written off are credited against the allowance account and changes in the carrying amount of the allowance account are recognised in the
Income Statement.
Trade receivables that are assessed not to be impaired individually are also assessed for impairment on a collective basis. In measuring the
expected credit losses, the Group considers all reasonable and supportable information such as the Group\u2019s past experience at collecting
receipts, any increase in the number of delayed receipts in the portfolio past the average credit period, and forward-looking information such
as forecasts of future economic decisions.
Other receivables are also considered for impairment and if required the carrying amount is reduced by any loss arising which is recorded in the
Income Statement, although for the Group this is not material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Recognition and derecognition of financial assets
Financial assets are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the
financial asset and substantially all the risks and rewards of ownership of the asset to another entity.Recognition and derecognition of financial liabilities
Financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instruments
and are initially measured at fair value, net of transaction costs. The Group derecognises financial liabilities when the Group\u2019s obligations are
discharged, significantly modified, cancelled or they expire.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Impairment of financial assets
For trade receivables and contract assets, the simplified approach permitted under IFRS 9 is applied. The simplified approach requires that at
the point of initial recognition the expected credit loss across the life of the receivable must be recognised. As these balances do not contain a
significant financing element, the simplified approach relating to expected lifetime losses is applicable under IFRS 9. Cash and cash equivalents
and other receivables are also subject to impairment requirements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "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. Finance income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the Income Statement in the period in which
they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Investments
The Group has investments in listed shares and unlisted shares, that are not traded in an active market, which are classified as financial assets,
measured at fair value. Fair value for listed shares is calculated by reference to quoted market price. Fair value for unlisted shares is determined
by assessment of expected future dividends discounted to net present value. Any changes in fair value are recognised in other comprehensive
income and accumulated in retained earnings. Dividends from investments are recognised in the Income Statement when the Group\u2019s right to
receive the dividend is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Trade and other receivables
Trade and other receivables are measured and carried at amortised cost using the effective interest method, less any impairment. For trade
receivables, the carrying amount is reduced by an allowance for expected lifetime losses. Subsequent recoveries of amounts previously
written off are credited against the allowance account and changes in the carrying amount of the allowance account are recognised in the
Income Statement.
Trade receivables that are assessed not to be impaired individually are also assessed for impairment on a collective basis. In measuring the
expected credit losses, the Group considers all reasonable and supportable information such as the Group\u2019s past experience at collecting
receipts, any increase in the number of delayed receipts in the portfolio past the average credit period, and forward-looking information such
as forecasts of future economic decisions.
Other receivables are also considered for impairment and if required the carrying amount is reduced by any loss arising which is recorded in the
Income Statement, although for the Group this is not material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Financial instruments \u2013 liabilities
Recognition and derecognition of financial liabilities
Financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions of the instruments
and are initially measured at fair value, net of transaction costs. The Group derecognises financial liabilities when the Group\u2019s obligations are
discharged, significantly modified, cancelled or they expire.
Classification and measurement
Non-derivative financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense
recognised on an effective interest rate basis. The effective interest method is a method of calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant periods. The effective interest rate is the rate that discounts estimated future cash payments
throughout the expected life of the financial liability, or, where appropriate, a shorter period to the gross carrying amount of the financial liability.
Derivative financial instruments and hedging
The Group uses derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity risks, arising from
operating and financing activities. The Group does not hold or issue derivative financial instruments for speculative trading purposes. Details of
derivative financial instruments are disclosed in note 25 of the Financial Statements.
Derivative financial instruments are recognised and stated at fair value in the Group\u2019s Balance Sheet. Their fair value is recalculated at each
reporting date. The accounting treatment for the resulting gain or loss will depend on whether the derivative meets the criteria to qualify for
hedge accounting and is designated as such.
Where derivatives do not meet the criteria to qualify for hedge accounting, any gains or losses on the revaluation to fair value at the period end
are recognised immediately in the Income Statement. Where derivatives do meet the criteria to qualify for hedge accounting, recognition of any
resulting gain or loss on revaluation depends on the nature of the hedge relationship and the item being hedged.
Derivative financial instruments with maturity dates of less than one year from the period end date are classified as current in the Balance Sheet.
Derivatives embedded in non-derivative host contracts are recognised at their fair value in the Group\u2019s Balance Sheet when the nature,
characteristics and risks of the derivative are not closely related to the host contract. Gains and losses arising on the remeasurement of these
embedded derivatives at each balance sheet date are recognised in the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Derivative financial instruments and hedging
The Group uses derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity risks, arising from
operating and financing activities. The Group does not hold or issue derivative financial instruments for speculative trading purposes. Details of
derivative financial instruments are disclosed in note 25 of the Financial Statements.
Derivative financial instruments are recognised and stated at fair value in the Group\u2019s Balance Sheet. Their fair value is recalculated at each
reporting date. The accounting treatment for the resulting gain or loss will depend on whether the derivative meets the criteria to qualify for
hedge accounting and is designated as such.
Where derivatives do not meet the criteria to qualify for hedge accounting, any gains or losses on the revaluation to fair value at the period end
are recognised immediately in the Income Statement. Where derivatives do meet the criteria to qualify for hedge accounting, recognition of any
resulting gain or loss on revaluation depends on the nature of the hedge relationship and the item being hedged.
Derivative financial instruments with maturity dates of less than one year from the period end date are classified as current in the Balance Sheet.
Derivatives embedded in non-derivative host contracts are recognised at their fair value in the Group\u2019s Balance Sheet when the nature,
characteristics and risks of the derivative are not closely related to the host contract. Gains and losses arising on the remeasurement of these
embedded derivatives at each balance sheet date are recognised in the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Derivative financial instruments and hedging
The Group uses derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity risks, arising from
operating and financing activities. The Group does not hold or issue derivative financial instruments for speculative trading purposes. Details of
derivative financial instruments are disclosed in note 25 of the Financial Statements.
Derivative financial instruments are recognised and stated at fair value in the Group\u2019s Balance Sheet. Their fair value is recalculated at each
reporting date. The accounting treatment for the resulting gain or loss will depend on whether the derivative meets the criteria to qualify for
hedge accounting and is designated as such.
Where derivatives do not meet the criteria to qualify for hedge accounting, any gains or losses on the revaluation to fair value at the period end
are recognised immediately in the Income Statement. Where derivatives do meet the criteria to qualify for hedge accounting, recognition of any
resulting gain or loss on revaluation depends on the nature of the hedge relationship and the item being hedged.
Derivative financial instruments with maturity dates of less than one year from the period end date are classified as current in the Balance Sheet.
Derivatives embedded in non-derivative host contracts are recognised at their fair value in the Group\u2019s Balance Sheet when the nature,
characteristics and risks of the derivative are not closely related to the host contract. Gains and losses arising on the remeasurement of these
embedded derivatives at each balance sheet date are recognised in the Income Statement.
Hedge accounting
Hedge accounting is performed in accordance with IFRS 9: Financial Instruments. In order to qualify for hedge accounting, the Group is required
to document from inception the relationship between the item being hedged and the hedging instrument, along with its risk management
objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
the Group documents that the hedge will be highly effective, which is when the hedging relationships meet all of the following hedge
effectiveness requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after
rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation
is accounted for prospectively.
The Group designates certain hedging instruments as either cash flow hedges or hedges of net investments in foreign operations.
Cash flow hedge
Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to the variability in cash flows that are
either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted cash flow.
The Group designates the full change in the fair value of a foreign exchange forward contract (i.e. including the forward elements) as the hedging
instrument for all of its hedging relationships involving foreign exchange forward contracts.
The effective portion of any gain or loss from revaluing the derivative financial instrument is recognised in the Statement of Comprehensive
Income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement.
Amounts previously recognised in the Statement of Comprehensive Income and accumulated in equity are recycled to the Income Statement
in the periods when the hedged item is recognised in the Income Statement or when the forecast transaction is no longer expected to occur.
However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and
losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
non-financial liability.
Hedges of net investments in foreign operations
Derivative financial instruments and certain loan instruments are classified as net investment hedges when they hedge the Group\u2019s net investment
in foreign operations. The effective element of any foreign exchange gain or loss from revaluing the hedging instruments at a reporting period end
is recognised in the Statement of Comprehensive Income. Any ineffective element is recognised immediately in the Income Statement.
Gains and losses accumulated in equity are recognised immediately in the Income Statement when the foreign operation is disposed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "Derivative financial instruments and hedging
The Group uses derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity risks, arising from
operating and financing activities. The Group does not hold or issue derivative financial instruments for speculative trading purposes. Details of
derivative financial instruments are disclosed in note 25 of the Financial Statements.
Derivative financial instruments are recognised and stated at fair value in the Group\u2019s Balance Sheet. Their fair value is recalculated at each
reporting date. The accounting treatment for the resulting gain or loss will depend on whether the derivative meets the criteria to qualify for
hedge accounting and is designated as such.
Where derivatives do not meet the criteria to qualify for hedge accounting, any gains or losses on the revaluation to fair value at the period end
are recognised immediately in the Income Statement. Where derivatives do meet the criteria to qualify for hedge accounting, recognition of any
resulting gain or loss on revaluation depends on the nature of the hedge relationship and the item being hedged.
Derivative financial instruments with maturity dates of less than one year from the period end date are classified as current in the Balance Sheet.
Derivatives embedded in non-derivative host contracts are recognised at their fair value in the Group\u2019s Balance Sheet when the nature,
characteristics and risks of the derivative are not closely related to the host contract. Gains and losses arising on the remeasurement of these
embedded derivatives at each balance sheet date are recognised in the Income Statement.
Hedge accounting
Hedge accounting is performed in accordance with IFRS 9: Financial Instruments. In order to qualify for hedge accounting, the Group is required
to document from inception the relationship between the item being hedged and the hedging instrument, along with its risk management
objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
the Group documents that the hedge will be highly effective, which is when the hedging relationships meet all of the following hedge
effectiveness requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after
rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation
is accounted for prospectively.
The Group designates certain hedging instruments as either cash flow hedges or hedges of net investments in foreign operations.
Cash flow hedge
Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to the variability in cash flows that are
either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted cash flow.
The Group designates the full change in the fair value of a foreign exchange forward contract (i.e. including the forward elements) as the hedging
instrument for all of its hedging relationships involving foreign exchange forward contracts.
The effective portion of any gain or loss from revaluing the derivative financial instrument is recognised in the Statement of Comprehensive
Income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement.
Amounts previously recognised in the Statement of Comprehensive Income and accumulated in equity are recycled to the Income Statement
in the periods when the hedged item is recognised in the Income Statement or when the forecast transaction is no longer expected to occur.
However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and
losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
non-financial liability.
Hedges of net investments in foreign operations
Derivative financial instruments and certain loan instruments are classified as net investment hedges when they hedge the Group\u2019s net investment
in foreign operations. The effective element of any foreign exchange gain or loss from revaluing the hedging instruments at a reporting period end
is recognised in the Statement of Comprehensive Income. Any ineffective element is recognised immediately in the Income Statement.
Gains and losses accumulated in equity are recognised immediately in the Income Statement when the foreign operation is disposed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "Cash flow hedge
Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to the variability in cash flows that are
either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted cash flow.
The Group designates the full change in the fair value of a foreign exchange forward contract (i.e. including the forward elements) as the hedging
instrument for all of its hedging relationships involving foreign exchange forward contracts.
The effective portion of any gain or loss from revaluing the derivative financial instrument is recognised in the Statement of Comprehensive
Income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement.
Amounts previously recognised in the Statement of Comprehensive Income and accumulated in equity are recycled to the Income Statement
in the periods when the hedged item is recognised in the Income Statement or when the forecast transaction is no longer expected to occur.
However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and
losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
non-financial liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a rate
that reflects the current market assessment of the time value of money and, where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Contingent liabilities acquired in a business combination
Contingent liabilities acquired in a business combination are initially measured at fair value at the acquisition date. At the end of subsequent
reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognised in accordance with IAS 37:
Provisions, contingent liabilities and contingent assets and the amount initially recognised less cumulative amount of revenue recognised in
accordance with the principles of IFRS 15: Revenue from contracts with customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "Pensions and other retirement benefits
The Group operates defined benefit pension plans and defined contribution plans, some of which require contributions to be made to
administered funds separate from the Group.
For the defined benefit pension and retirement benefit plans, plan assets are measured at fair value and plan liabilities are measured on
an actuarial basis and discounted at an interest rate equivalent to the current rate of return on a high quality corporate bond of equivalent
currency and term to the plan liabilities. Any assets resulting from this calculation are limited to past service cost plus the present value of
available refunds and reductions in future contributions to the plan. The present value of the defined benefit obligation, and the related current
service cost and past service cost, are measured using the projected unit credit method.
The service cost of providing pension and other retirement benefits to employees for the period is charged to the Income Statement.
Net interest expense on net defined benefit obligations is determined by applying discount rates used to measure defined benefit obligations
at the beginning of the year to net defined benefit obligations at the beginning of the year. The net interest expense is recognised within
finance costs.
Remeasurement gains and losses comprise actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on plan assets
(excluding interest). Remeasurement gains and losses, and taxation thereon, are recognised in full in the Statement of Comprehensive Income
in the period in which they occur and are not subsequently recycled.
Actuarial gains and losses may result from differences between the actuarial assumptions underlying the plan obligations and actual experience
during the period or changes in the actuarial assumptions used in the valuation of the plan obligations.
For defined contribution plans, contributions payable are charged to the Income Statement as an operating expense when employees have
rendered services entitling them to the contributions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Foreign currencies
The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it
operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each Group
company are expressed in pounds Sterling, which is the functional currency of the Company, and the presentation currency for the Consolidated
Financial Statements.
In preparing the Financial Statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency
(foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the
fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the Income Statement
for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in the Income Statement for
the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in
equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.
For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are translated at
exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period,
unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used.
Exchange differences arising, if any, are recognised in the Statement of Comprehensive Income and accumulated in equity (attributed to
non-controlling interests as appropriate). Such translation differences are recognised as income or as expenses in the period in which the related
operation is disposed of. Any exchange differences that have previously been attributed to non-controlling interests are derecognised but they
are not reclassified to the Income Statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and
translated at the rate prevailing at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Taxation
The tax expense is based on the taxable profits for the year and represents the sum of the tax paid or currently payable and deferred tax.
Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using
tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.
A tax provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future
outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.
The assessment is based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities
and in certain cases based on specialist independent advice.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences except where:
\u2022
the deferred tax liability arises on the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which a) is
not a business combination, b) at the time of the transaction affects neither the accounting profit nor taxable profit or loss, and c) at the time
of the transaction, does not give rise to equal taxable and deductible temporary differences; and
\u2022
the timing of the reversal of the temporary differences associated with investments in subsidiaries and interests in equity accounted
investments can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and at the time of
the transaction, does not give rise to equal and opposite temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, and carry-forward of unused tax
assets and unused tax losses can be utilised except where:
\u2022
the deferred tax asset arises from the initial recognition of an asset or liability in a transaction which a) is not a business combination, b) at the
time of the transaction affects neither the accounting profit nor taxable profit or loss, and c) at the time of the transaction, does not give rise
to equal taxable and deductible temporary differences; and
\u2022
in respect of deductible temporary differences associated with investments in subsidiaries and interests in equity accounted investments,
deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary differences can be utilised; and at the time of transaction, does not give rise
to equal and opposite temporary differences.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the relevant balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against liabilities and when they
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Tax relating to items recognised directly in other comprehensive income is recognised in the Statement of Comprehensive Income and not in the
Income Statement. Tax relating to items recognised directly in equity is recognised in the Statement of Changes in Equity.
Revenues, expenses and assets are recognised net of the amount of sales tax except:
\u2022
where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax
is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
\u2022
where receivables and payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Balance Sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences except where:
\u2022
the deferred tax liability arises on the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which a) is
not a business combination, b) at the time of the transaction affects neither the accounting profit nor taxable profit or loss, and c) at the time
of the transaction, does not give rise to equal taxable and deductible temporary differences; and
\u2022
the timing of the reversal of the temporary differences associated with investments in subsidiaries and interests in equity accounted
investments can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and at the time of
the transaction, does not give rise to equal and opposite temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, and carry-forward of unused tax
assets and unused tax losses can be utilised except where:
\u2022
the deferred tax asset arises from the initial recognition of an asset or liability in a transaction which a) is not a business combination, b) at the
time of the transaction affects neither the accounting profit nor taxable profit or loss, and c) at the time of the transaction, does not give rise
to equal taxable and deductible temporary differences; and
\u2022
in respect of deductible temporary differences associated with investments in subsidiaries and interests in equity accounted investments,
deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary differences can be utilised; and at the time of transaction, does not give rise
to equal and opposite temporary differences.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the relevant balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against liabilities and when they
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Tax relating to items recognised directly in other comprehensive income is recognised in the Statement of Comprehensive Income and not in the
Income Statement. Tax relating to items recognised directly in equity is recognised in the Statement of Changes in Equity.
Revenues, expenses and assets are recognised net of the amount of sales tax except:
\u2022
where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax
is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
\u2022
where receivables and payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Balance Sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "Share-based payments
The Group has applied the requirements of IFRS 2: Share-based Payment. The Group issues equity-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at fair value of the equity instrument excluding the effect of non-market based
vesting conditions at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest and is reviewed at the end of each
reporting period with the charge being adjusted to reflect actual and estimated levels of vesting.
Fair value is measured by use of option pricing models. The expected life used in the model has been adjusted, based on the Directors\u2019 best
estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "Non-current assets and disposal groups
Non-current assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Non-current assets and businesses are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use. This condition is regarded as having been met only when the sale is highly probable and the asset or
business is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "Non-current assets and disposal groups
Non-current assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Non-current assets and businesses are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use. This condition is regarded as having been met only when the sale is highly probable and the asset or
business is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "3.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, which are described in note 2, the Directors are required to make judgements and estimates
about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year
in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current
and future years.
Critical judgements
In the course of preparing the Financial Statements, critical judgements within the scope of paragraph 122 of IAS 1: Presentation of Financial
Statements have been made during the process of applying the Group\u2019s accounting policies.
a) Adjusting items
Judgements are required as to whether items are disclosed as adjusting, with consideration given to both quantitative and qualitative factors.
Further information about the determination of adjusting items in the year ended 31 December 2024 is included in note 2.
There are no other critical judgements, other than those involving estimates, that have had a significant effect on the amounts recognised in the
Financial Statements. Those involving estimates are set out below.
Key sources of estimation uncertainty
Assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that may have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
b)
Assumptions used to determine the carrying amount of the Group\u2019s net retirement benefit obligations
The Group\u2019s pension plans are significant in size. The defined benefit obligations in respect of the plans are discounted at rates set by reference
to market yields on high quality corporate bonds. Significant estimation 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 to include are the issue size of
the corporate bonds, quality of the bonds and the identification of outliers which are excluded. In addition, assumptions are made in determining
mortality and inflation rates to be used when valuing the plan\u2019s defined benefit obligations. At 31 December 2024, the retirement benefit
obligation was a net deficit of \u00a359 million (31 December 2023: \u00a399 million).
Further details of the assumptions applied and a sensitivity analysis on the principal assumptions used to determine the defined benefit liabilities
of the Group\u2019s obligations are shown in note 24. Whilst actual movements might be different to sensitivities shown, these are a reasonably
possible change that could occur.
c)
Estimates of future revenues and costs of long-term contractual arrangements
The Group has certain large, complex contracts where significant judgements and estimates are required in order to allocate total associated
consideration.
A key judgement is the measurement of unbilled work done, in particular relating to certain risk and revenue sharing partnerships (\u201cRRSPs\u201d).
A detailed review of the Group\u2019s RRSP contracts determined where terms and conditions result in unbilled work done and this is further set out in
note 17. Distinguishing between a contractual right and the economic compulsion of partners with regard to the sale of original equipment (\u201cOE\u201d)
components and aftermarket activities relies on an interpretation of complex legal agreements. This specific point governs whether unbilled work
done is recognised on the sale of OE components and this can significantly impact the level of profitability from one period to the next. Further
disclosure is set out in note 4.
The forecast revenues and costs in respect of RRSP contracts are inherently imprecise and significant estimates are required to assess
the pattern of future maintenance activity, the costs to be incurred and escalation of revenue and costs. The estimates take account of
the uncertainties, constraining the expected level of revenue as appropriate. Measurement of unbilled work done is driven by forecasting
aftermarket revenue per delivered engine which is in turn contingent on overall programme success, levels of discounting that might be offered
by the engine manufacturers (the Group\u2019s customers), engineering requirements needed for optimal performance of the engine and the allocation
of revenue to individual units. In addition, where programmes are at an early stage the wider implications of any competing engines as well as
complications outside of the Group can be difficult to assess. Any of these inputs could change in the next year as programmes evolve and due
to the size and scale of these contracts, almost any modification could result in material changes in future periods.
The unbilled work done contract asset calculated is the best estimate of revenue allocated to completed performance obligations using input
assumptions and constraints as detailed further in note 17. As the impacted RRSP contracts mature, there are reasonably possible changes
to assumptions acknowledging the wide range of programme risks, which include the length of an engine\u2019s life, potential programme cost
pressures, and the cost of any additional development work. Any changes could lead to the unbilled work done contract asset on the Balance
Sheet of \u00a3922 million (31 December 2023: \u00a3595 million) increasing to between \u00a3982 million and \u00a31,022 million which would lead to recognition
of additional revenue and profit in the next year of between \u00a360 million and \u00a3100 million.
d)
Measurement of deferred tax assets in the UK
The Group has significant deferred tax assets, arising mainly from tax losses and other deductible temporary differences, in the UK. Significant
judgements and estimates are required to assess whether it is probable that sufficient taxable profits will arise in the UK to utilise the deferred tax
assets recognised.
In evaluating the ability to recover deferred tax assets in the UK, the Group considers both positive and negative evidence, including scheduled
reversals of deferred tax liabilities, projected future taxable income and results of recent operations. Sensitivity analysis is undertaken to assess
the impact of factors such as a reduction in long-term growth rate or operating profit on the forecast future taxable profit.
In projecting future taxable income, the Group uses projections prepared for internal forecasting to estimate future forecast UK taxable profits.
The assumptions about future taxable income require the use of estimates and are consistent with the plans the Group uses to manage the
underlying businesses, and to test for impairment of goodwill as discussed in note 11.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "4. Revenue
An analysis of the Group\u2019s revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
Revenue recognised at a point in time
2,452
2,388
Revenue recognised over time
1,016
962
Revenue
3,468
3,350
\n
As set out in the accounting policies in note 2, the Group has four primary revenue streams. There is little judgement or estimation in the revenue
recognition of three of these areas; (i) sale of products and services, (ii) design and build and (iii) construction contracts. However, in the fourth
area, as disclosed in note 3c, there is estimation involved in accounting for certain RRSP contracts. RRSP contracts generally include the sale
of products and services as well as certain aspects of design and build arrangements. Further details are set out below.
The Group has three customers, which each contribute more than 10% of Group revenue, with revenue of \u00a3683 million and \u00a3414 million in the
Structures segment and \u00a3659 million in the Engines segment.
Risk and revenue sharing partnerships
The Group has approximately \u00a320 billion (31 December 2023: \u00a316 billion) in respect of contractual transaction prices including a constrained
estimate of unbilled work done, on five engine programmes, out of a wider population of such programmes, which has been allocated to
contracted performance obligations not satisfied at 31 December 2024. These performance obligations will be satisfied and revenue will be
recognised over a period of up to 30 years (2023: 30 years).
The amount of revenue recognised from RRSP contracts during the year was \u00a3859 million (2023: \u00a3680 million), which included an increase
in the unbilled work done contract asset of \u00a3274 million (2023: \u00a3173 million). Within this, there is revenue from the delivery of product which
is recognised at a point in time of \u00a3802 million (2023: \u00a3629 million) and revenue from provision of service which is recognised over time of
\u00a357 million (2023: \u00a351 million). Due to the nature of certain of these RRSP arrangements, there is an associated unbilled work done contract
asset including movements during the year which is disclosed in note 17.
The nature of products and services delivered in RRSP contracts varies depending on the individual terms. Typically, they include a design
and development phase (which has been determined not to be a distinct performance obligation and so no revenue is recognised) and two other
phases where the Group does have performance obligations and earns revenue:
i)
Sale of structural OE engine components, such as turbine cases, principally to engine manufacturers, where revenue is recognised at a point
in time; and
ii)
Aftermarket support which can include: sale of spare parts where revenue is recognised at a point in time and stand ready services for life
of engine obligations to maintain permanent technical, and other programme related, support functions where revenue is recognised over
time. Obligations can occur at any time during the engine life and include: engineering and technical support for engine configuration
changes and provision of aftermarket inventory support solutions.
RRSP revenue recognised over time
The nature of these RRSP contracts on long-term engine programmes means that, as a partner, the Engines segment can share revenue
earned from maintenance, repair and overhaul services which are provided by the engine manufacturers (the Group\u2019s customers) or their
sub-contractors, but not by the Group itself. The Group has a stand ready obligation to contribute to certain of the partnerships which typically
results in the provision of services such as technical and other programme support activities over the whole life of the engine. These services
occur over the life of the engine and due to the nature of compensation from customer arrangements, which is often flight hour based, as well
as costs which are less predictable, revenue is recognised over time using the engine manufacturer\u2019s actual overhaul costs as an input method.
This method is considered appropriate as it best reflects the customers\u2019 receipt and consumption of benefit from the Group\u2019s stand ready
performance obligation.
The total contract revenue includes amounts from: expected sales of OE engine components, expected sales of spare parts and aftermarket
revenue per delivered engine for stand ready services for the life of engine obligations. The total contract revenue is allocated to all of the
performance obligations.
During the year, \u00a350 million (2023: \u00a330 million) of revenue has been recognised relating to performance obligations satisfied by the Group in previous
years as risks have reduced and the constraint reassessed. There has been a further \u00a341 million (2023: \u00a327 million) of revenue recognised from
changes in assumptions which will also impact the revenue allocation between future years. Assumption changes were made following operational
progress by engine manufacturers with their customers, providing more certainty over future costs and volumes for the RRSP partners.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "5. Segment information
Segment information is presented in accordance with IFRS 8: Operating Segments, which requires operating segments to be identified on the
basis of internal reports about components of the Group that are regularly reported to the Group\u2019s Chief Operating Decision Maker (\u201cCODM\u201d),
which has been deemed to be the Group\u2019s Board, in order to allocate resources to the segments and assess their performance.
The operating segments are as follows:
Engines
\u2013 An industry leading global tier one supplier to the aerospace engines market, including structural engineered components; parts
repair; commercial and aftermarket contracts.
Structures
\u2013 A multi-technology global tier one supplier of both civil and defence air frames, including lightweight composite and metallic
structures; electrical distribution systems and components.
In addition, there is a corporate cost centre which is also reported to the Board. The corporate cost centre contains the Melrose Group head
office costs and charges related to certain of the Group\u2019s senior management long-term incentive plans.
Reportable segment results include items directly attributable to a segment as well as those which can be allocated on a reasonable basis.
Inter-segment pricing is determined on an arm\u2019s length basis in a manner similar to transactions with third parties.
The Group\u2019s geographical segments are determined by the location of the Group\u2019s non-current assets and, for revenue, the location of external
customers. Inter-segment sales are not material and have not been disclosed.
The following tables present the results and certain asset and liability information regarding the Group\u2019s operating segments and corporate cost
centre for the year ended 31 December 2024.
a) Segment revenues
The Group derives its revenue from the transfer of goods and services over time and at a point in time. The Group has assessed that the
disaggregation of revenue recognised from contracts with customers by operating segment is appropriate as this is the information regularly
reviewed by the CODM in evaluating financial performance. The Group also believes that presenting this disaggregation of revenue based on
the timing of transfer of goods or services provides useful information as to the nature and timing of revenue from contracts with customers.
\n \n
Y
ea
r
ended 31 December 2024
Engines
Structures
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
Timing of revenue recognition
A
t a point in time
1,136
1,316
2,452
Over time
323
693
1,016
Revenue
1,459
2,009
3,468
\n\n \n
Year ended 31 December 2023
Engines
Structures
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
Timing of revenue recognition
A
t a point in time
931
1,457
2,388
Over time
262
700
962
Revenue
1,193
2,157
3,350
\n
b)
Segment operating profit
\n\n \n
Y
ea
r
ended 31 December 2024
Engines
Structures
Corporate
(1)
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
djusted operating profit/(loss)
422
144
(26)
540
Items not included in adjusted operating profit
(2)
:
A
mortisation of intangible assets acquired in business combinations
(131)
(124)
\u2013
(255)
Movement in derivatives and associated financial assets and liabilities
7
\u2013
(119)
(112)
Restructuring costs
(15)
(75)
(21)
(111)
A
cquisition and disposal related gains and losses
\u2013
(43)
(1)
(44)
Melrose equity-settled compensation scheme charges
\u2013
\u2013
(14)
(14)
Net changes in fair value items
\u2013
(8)
\u2013
(8)
Operating profit/(loss)
283
(106)
(181)
(4)
Finance costs
(105)
Finance income
3
Loss before tax
(106)
Tax
57
Loss after tax for the year fr
om continuing operations
(49)
\n\n \n
Year ended 31 December 2023
Engines
Structures
Corporate
(1)
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
djusted operating profit/(loss)
310
110
(30)
390
Items not included in adjusted operating profit
(2)
:
A
mortisation of intangible assets acquired in business combinations
(135)
(125)
\u2013
(260)
Restructuring costs
(26)
(111)
(12)
(149)
Melrose equity-settled compensation scheme charges
\u2013
\u2013
(38)
(38)
A
cquisition and disposal related gains and losses
\u2013
\u2013
(3)
(3)
Movement in derivatives and associated financial assets and liabilities
(3)
(6)
123
114
Net changes in fair value items
1
2
\u2013
3
Operating profit/(loss)
147
(130)
40
57
Finance costs
(79)
Finance income
14
Loss before tax
(8)
Tax
9
Profit after tax for the year from continuing operations
1
\n
(1)
Corporate adjusted operating loss of \u00a326 million (2023: \u00a330 million), includes a charge of \u00a31 million (2023: \u00a3nil) in respect of a new Performance Share Plan for
\n
certain senior managers in the Group.
\n
(2)
Further details on adjusting items are discussed in note 6.
c)
Segment total assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total assets
Total liabilities
\u00a0 \u00a0
Restated
(1)
\u00a0
Restated
(1)
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Engines
4,595
4,082
1,757
1,521
Structures
2,284
2,438
1,134
1,149
Corporate
557
584
1,701
867
Total
7,436
7,104
4,592
3,537
\n
(1) Inventories, trade and other receivables and trade and other payables have been restated (see note 1).
d)
Segment capital expenditure and depreciation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Depreciation of
\u00a0
Depreciation of
\u00a0
\u00a0
Capital expenditure
(1)
\u00a0
owned assets
(1)
\u00a0
leased assets
\u00a0
\u00a0
Year ended
Year ended
Year ended
Year ended
Year ended
Year ended
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Engines
63
55
43
43
7
7
Structures
54
63
74
74
17
17
Corporate
1
\u2013
\u2013
\u2013
1
1
Continuing operations
118
118
117
117
25
25
Discontinued operations
\u2013
51
\u2013
43
\u2013
6
Total
118
169
117
160
25
31
\n
(1) Including computer software and development costs. Capital expenditure excludes lease additions.
e) Geographical information
The Group operates in various geographical areas around the world. The parent company\u2019s country of domicile is the UK and the Group\u2019s
revenues and non-current assets in the rest of Europe and North America are also considered to be material.
The Group\u2019s revenue from external customers and information about its segment assets (non-current assets excluding deferred tax assets,
non-current derivative financial assets and non-current other receivables) by geographical location are detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Revenue
(1)
from
external customers
Segment assets
\u00a0
Year ended
Year ended
\u00a0 \u00a0
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK
569
579
739
882
Rest of Europe
567
540
2,061
2,166
North America
2,232
2,138
1,145
1,179
Other
100
93
47
22
Continuing operations
3,468
3,350
3,992
4,249
Discontinued operations
\u2013
1,582
\u2013
\u2013
Total
3,468
4,932
3,992
4,249
\n
(1)
Revenue is presented by destination.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "Engines \u2013 An industry leading global tier one supplier to the aerospace engines market, including structural engineered components; parts repair; commercial and aftermarket contracts. Structures \u2013 A multi-technology global tier one supplier of both civil and defence air frames, including lightweight composite and metallic structures; electrical distribution systems and components.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "6.
Reconciliation of adjusted profit measures
As described in note 2, adjusted profit measures are an alternative performance measure used by the Board to monitor the operating
performance of the Group.
a) Operating profit
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended
Year ended
\u00a0\u00a0
31 December
31 December
\u00a0\u00a0
2024
2023
Continuing operations
Notes
\u00a3m
\u00a3m
Operating (loss)/profit
\u00a0
(4)
57
A
mortisation of intangible assets acquired in business combinations
a
255
260
Movement in derivatives and associated financial assets and liabilities
b
112
(114)
Restructuring costs
c
111
149
A
cquisition and disposal related gains and losses
d
44
3
Melrose equity-settled compensation scheme charges
e
14
38
Net changes in fair value items
f
8
(3)
Total adjustments to operating (loss)/profit
\u00a0
544
333
A
djusted operating profit
\u00a0
540
390
\n
a.
The amortisation charge on intangible assets acquired in business combinations of \u00a3255 million (2023: \u00a3260 million) is excluded from
adjusted results due to its non-trading nature and to enable comparison with companies that grow organically. However, where intangible
assets are trading in nature, such as computer software and development costs, the amortisation is not excluded from adjusted results.
b.
Movements in the fair value of derivative financial instruments (primarily forward foreign currency exchange contracts where hedge
accounting is not applied) entered into to mitigate the potential volatility of future cash flows, on long-term foreign currency customer
and supplier contracts, including foreign exchange movements on the associated financial assets and liabilities are shown as an adjusting
item because of volatility and size. This totalled a charge of \u00a3112 million (2023: credit of \u00a3114 million) in the year.
c.
Restructuring and other associated costs in the year totalled \u00a3111 million (2023: \u00a3149 million), including \u00a31 million (2023: \u00a359 million) of
losses incurred in closing businesses within the Group. These are shown as adjusting items due to their size and non-trading nature and
during the year ended 31 December 2024 these included:
\u2022
A charge of \u00a390 million (2023: \u00a3137 million) primarily relating to the continuation, and finalisation in many cases, of significant restructuring
projects across sites in the Engines and Structures divisions.
This included three significant ongoing multi-year restructuring programmes, covering European footprint consolidations which commenced in
2021, and a significant restructuring programme in North America which commenced in 2020. These programmes incurred a combined charge of
\u00a364 million in the year (2023: \u00a362 million). Since commencement, the cumulative charge on these three restructuring programmes to 31 December
2024 has been \u00a3281 million (31 December 2023: \u00a3217 million). As at 31 December 2024, \u00a312 million is included in restructuring provisions in
relation to the multi-year programmes which will be substantially settled in cash in 2025.
The North American multi-site restructuring was accelerated by the disposal of two businesses during the first half of the year
and is substantially complete, with costs expected to continue at a much reduced level into 2025. The European programmes
have continued to progress with one of the two programmes now complete. The other European multi-site restructuring programme
completed the closure of all intended sites by the end of 2023, with integration expected to conclude in 2025.
\u2022
A charge of \u00a321 million (2023: \u00a312 million) within the Corporate cost centre in relation to actions taken to merge the Melrose corporate
function with the previously separate Aerospace division head office team. These restructuring actions reshape the Corporate cost centre to
serve as an ongoing pureplay aerospace business.
d.
Acquisition and disposal related net losses of \u00a344 million (2023: \u00a33 million) are inclusive of a loss of \u00a343 million on the disposal of three
non-core businesses in the Structures segment (see note 13). The loss of \u00a343 million includes a net liability of \u00a325 million that crystallised
on disposal relating to the withdrawal from a multi-employer post-retirement pension scheme. Consideration is \u00a325 million which is net of
a deferred payable of \u00a339 million and costs of \u00a31 million. The net loss is recorded as an adjusting item due to its non-trading nature.
One of the three businesses divested was loss-making and was purchased by a customer. The resulting amount payable for the sale reflects
the fair value of assets and programmes transferred including the resolution of all contractual matters.
e.
The Melrose equity-settled Employee Share Plan matured during the year. The charge of \u00a314 million (2023: \u00a338 million), which includes a
charge for employer\u2019s tax payable of \u00a314 million (2023: \u00a328 million), is excluded from adjusted results due to its size and volatility.
f.
The net changes in fair value items in the year totalled a charge of \u00a38 million (2023: credit of \u00a33 million) and are shown as an adjusting item
due to their size and volatility.
b)
Profit before tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended
Year ended
\u00a0\u00a0
31 December
31 December
\u00a0\u00a0
2024
2023
Continuing operations
Notes
\u00a3m
\u00a3m
Loss before tax
\u00a0
(106)
(8)
A
djustments to operating (loss)/profit as above
\u00a0
544
333
Finance costs on demerger settled net debt
g
\u2013
17
A
ccelerated unamortised debt issue costs
h
\u2013
2
Bond redemption gains
i
\u2013
(13)
Total adjustments to loss before tax
\u00a0
544
339
A
djusted profit before tax
\u00a0
438
331
\n
g.
Finance costs in respect of the proportion of the Group\u2019s net debt strategically allocated to the demerger group of businesses at the start of
the previous year and subsequently settled on demerger were excluded from adjusted results to ensure the finance costs of the continuing
Group were appropriately shown alongside the trading performance of the continuing business.
h.
In the previous year, following the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses, the existing
bank facilities at that time were repaid and all unamortised bank fees were written off. This was shown as an adjusting item due to its
non-trading nature.
i.
The Group repurchased \u00a310 million (2023: \u00a3120 million) of the 2032 \u00a3300 million bond, on which a gain of \u00a3nil (2023: \u00a313 million) was
realised. This is shown as an adjusting item due to its non-trading nature.
c)
Profit after tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended
Year ended
\u00a0 \u00a0
31 December
31 December
\u00a0 \u00a0
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
(Loss)/profit after tax
\u00a0
(49)
1
A
djustments to loss before tax as above
\u00a0
544
339
Tax effect of adjustments to loss before tax
8
(128)
(77)
Tax effect of significant restructuring
8
(17)
\u2013
Total adjustments to (loss)/profit after tax
\u00a0
399
262
A
djusted profit after tax
\u00a0
350
263
\n", "dimensions": { "concept": "mplc:DisclosureOfReconciliationOfAdjustedProfitMeasuresExplanatoryTextBlock", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "a) Operating profit \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended
Year ended
\u00a0\u00a0
31 December
31 December
\u00a0\u00a0
2024
2023
Continuing operations
Notes
\u00a3m
\u00a3m
Operating (loss)/profit
\u00a0
(4)
57
A
mortisation of intangible assets acquired in business combinations
a
255
260
Movement in derivatives and associated financial assets and liabilities
b
112
(114)
Restructuring costs
c
111
149
A
cquisition and disposal related gains and losses
d
44
3
Melrose equity-settled compensation scheme charges
e
14
38
Net changes in fair value items
f
8
(3)
Total adjustments to operating (loss)/profit
\u00a0
544
333
A
djusted operating profit
\u00a0
540
390
\n
a.
The amortisation charge on intangible assets acquired in business combinations of \u00a3255 million (2023: \u00a3260 million) is excluded from
adjusted results due to its non-trading nature and to enable comparison with companies that grow organically. However, where intangible
assets are trading in nature, such as computer software and development costs, the amortisation is not excluded from adjusted results.
b.
Movements in the fair value of derivative financial instruments (primarily forward foreign currency exchange contracts where hedge
accounting is not applied) entered into to mitigate the potential volatility of future cash flows, on long-term foreign currency customer
and supplier contracts, including foreign exchange movements on the associated financial assets and liabilities are shown as an adjusting
item because of volatility and size. This totalled a charge of \u00a3112 million (2023: credit of \u00a3114 million) in the year.
c.
Restructuring and other associated costs in the year totalled \u00a3111 million (2023: \u00a3149 million), including \u00a31 million (2023: \u00a359 million) of
losses incurred in closing businesses within the Group. These are shown as adjusting items due to their size and non-trading nature and
during the year ended 31 December 2024 these included:
\u2022
A charge of \u00a390 million (2023: \u00a3137 million) primarily relating to the continuation, and finalisation in many cases, of significant restructuring
projects across sites in the Engines and Structures divisions.
This included three significant ongoing multi-year restructuring programmes, covering European footprint consolidations which commenced in
2021, and a significant restructuring programme in North America which commenced in 2020. These programmes incurred a combined charge of
\u00a364 million in the year (2023: \u00a362 million). Since commencement, the cumulative charge on these three restructuring programmes to 31 December
2024 has been \u00a3281 million (31 December 2023: \u00a3217 million). As at 31 December 2024, \u00a312 million is included in restructuring provisions in
relation to the multi-year programmes which will be substantially settled in cash in 2025.
The North American multi-site restructuring was accelerated by the disposal of two businesses during the first half of the year
and is substantially complete, with costs expected to continue at a much reduced level into 2025. The European programmes
have continued to progress with one of the two programmes now complete. The other European multi-site restructuring programme
completed the closure of all intended sites by the end of 2023, with integration expected to conclude in 2025.
\u2022
A charge of \u00a321 million (2023: \u00a312 million) within the Corporate cost centre in relation to actions taken to merge the Melrose corporate
function with the previously separate Aerospace division head office team. These restructuring actions reshape the Corporate cost centre to
serve as an ongoing pureplay aerospace business.
d.
Acquisition and disposal related net losses of \u00a344 million (2023: \u00a33 million) are inclusive of a loss of \u00a343 million on the disposal of three
non-core businesses in the Structures segment (see note 13). The loss of \u00a343 million includes a net liability of \u00a325 million that crystallised
on disposal relating to the withdrawal from a multi-employer post-retirement pension scheme. Consideration is \u00a325 million which is net of
a deferred payable of \u00a339 million and costs of \u00a31 million. The net loss is recorded as an adjusting item due to its non-trading nature.
One of the three businesses divested was loss-making and was purchased by a customer. The resulting amount payable for the sale reflects
the fair value of assets and programmes transferred including the resolution of all contractual matters.
e.
The Melrose equity-settled Employee Share Plan matured during the year. The charge of \u00a314 million (2023: \u00a338 million), which includes a
charge for employer\u2019s tax payable of \u00a314 million (2023: \u00a328 million), is excluded from adjusted results due to its size and volatility.
f.
The net changes in fair value items in the year totalled a charge of \u00a38 million (2023: credit of \u00a33 million) and are shown as an adjusting item
due to their size and volatility.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "7. Expenses \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
Operating (loss)/profit is stat
ed after charging/(crediting):
\u00a0\u00a0
Cost of inventories
2,646
2,696
A
mortisation of intangible assets acquired in business combinations
255
260
Depreciation and impairment of property, plant and equipment
104
101
A
mortisation of computer software and development costs
41
42
Lease expense
(1)
1
1
Staff costs
965
1,095
Research and development costs
(2)
69
60
Loss on disposal of property, plant and equipment
4
\u2013
Expense of writing down inventory to net realisable value
58
53
Reversals of previous write-downs of inventory
(46)
(44)
Impairment recognised on trade receivables
1
8
Impairment reversed on trade receivables
(2)
(2)
\n
(1) Represents low value leases of \u00a31 million (2023: \u00a31 million).
(2) Shown net of government and customer funding and includes staff costs totalling \u00a333 million (2023: \u00a327 million).
The analysis of auditor\u2019s remuneration is as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
5.1
4.6
Fees payable to the Company\u2019s auditor and their associates for other audit services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries
0.2
0.2
Non-statutory audit of certain of the Company\u2019s businesses
\u2013
0.9
Total audit fees
5.3
5.7
A
udit-related assurance services:
\u00a0 \u00a0
Review of the half year interim statement
0.5
0.4
Other assuranc
e services
\u2013
0.3
Total audit-related assurance services
0.5
0.7
Total audit and audit-related assurance services
5.8
6.4
Reporting accountant services
\u2013
0.2
Total audit and non-audit fees
5.8
6.6
\n
Details of the Company\u2019s policy on the use of the auditors for non-audit services and how auditor\u2019s independence and objectivity were safeguarded
are set out in the Audit Committee report on pages 124 to 131. No services were provided pursuant to contingent fee arrangements.
An analysis of staff costs and employee numbers is as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
Staff costs during the year (i
ncluding executive Directors)
\u00a0 \u00a0
Wages and salaries
(1)
788
891
Social security costs
(2)
116
136
Pension costs (note 24)
\u00a0 \u00a0
\u2013 defined contribution plans
60
58
Share-based compensation expense
(3)
1
10
Total staff costs
965
1,095
\n
(1) In the prior year, wages and salaries for discontinued operations were \u00a3251 million in the period prior to disposal.
(2) Includes an employer\u2019s tax charge of \u00a314 million (2023: \u00a328 million) on the change in value of the employee share plans, shown as an adjusting item (see note 6).
(3) In the year ended 31 December 2023, this was shown as an adjusting item (see note 6).
\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
Number
Number
A
verage monthly number of persons empl
oyed (including executive Directors)
\u00a0 \u00a0
Engines
4,228
3,960
Structures
9,668
10,733
Corporate
26
48
Continuing operations
13,922
14,741
Discontinued operations
\u2013
23,880
Total average number of persons employed
13,922
38,621
\n
An analysis of finance costs and income is as follows:
\n \n
Year ended
Year ended
31 December
31 December
2024
2023
Continuing operations
\u00a3m
\u00a3m
Finance costs
Interest on bank loans and overdrafts
(91)
(49)
A
mortisation of costs of raising finance
(4)
(4)
Net interest cost on pensions
(4)
(1)
Lease interest
(6)
(5)
Unwind of discount on provisions
\u2013
(1)
Finance costs on demerger settled net debt
(1)
\u2013
(17)
A
ccelerated unamortised debt issue costs
(1)
\u2013
(2)
Total finance costs
(105)
(79)
Finance income
Interest receivable
3
1
Bond redemption gains
(1)
\u2013
13
Total finance income
3
14
Total net finance costs
(102)
(65)
\n(1) Shown as adjusting items (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "7. Expenses \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
Operating (loss)/profit is stat
ed after charging/(crediting):
\u00a0\u00a0
Cost of inventories
2,646
2,696
A
mortisation of intangible assets acquired in business combinations
255
260
Depreciation and impairment of property, plant and equipment
104
101
A
mortisation of computer software and development costs
41
42
Lease expense
(1)
1
1
Staff costs
965
1,095
Research and development costs
(2)
69
60
Loss on disposal of property, plant and equipment
4
\u2013
Expense of writing down inventory to net realisable value
58
53
Reversals of previous write-downs of inventory
(46)
(44)
Impairment recognised on trade receivables
1
8
Impairment reversed on trade receivables
(2)
(2)
\n
(1) Represents low value leases of \u00a31 million (2023: \u00a31 million).
(2) Shown net of government and customer funding and includes staff costs totalling \u00a333 million (2023: \u00a327 million).
The analysis of auditor\u2019s remuneration is as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
5.1
4.6
Fees payable to the Company\u2019s auditor and their associates for other audit services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries
0.2
0.2
Non-statutory audit of certain of the Company\u2019s businesses
\u2013
0.9
Total audit fees
5.3
5.7
A
udit-related assurance services:
\u00a0 \u00a0
Review of the half year interim statement
0.5
0.4
Other assuranc
e services
\u2013
0.3
Total audit-related assurance services
0.5
0.7
Total audit and audit-related assurance services
5.8
6.4
Reporting accountant services
\u2013
0.2
Total audit and non-audit fees
5.8
6.6
\n
Details of the Company\u2019s policy on the use of the auditors for non-audit services and how auditor\u2019s independence and objectivity were safeguarded
are set out in the Audit Committee report on pages 124 to 131. No services were provided pursuant to contingent fee arrangements.
An analysis of staff costs and employee numbers is as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
Staff costs during the year (i
ncluding executive Directors)
\u00a0 \u00a0
Wages and salaries
(1)
788
891
Social security costs
(2)
116
136
Pension costs (note 24)
\u00a0 \u00a0
\u2013 defined contribution plans
60
58
Share-based compensation expense
(3)
1
10
Total staff costs
965
1,095
\n
(1) In the prior year, wages and salaries for discontinued operations were \u00a3251 million in the period prior to disposal.
(2) Includes an employer\u2019s tax charge of \u00a314 million (2023: \u00a328 million) on the change in value of the employee share plans, shown as an adjusting item (see note 6).
(3) In the year ended 31 December 2023, this was shown as an adjusting item (see note 6).
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
Number
Number
A
verage monthly number of persons empl
oyed (including executive Directors)
\u00a0 \u00a0
Engines
4,228
3,960
Structures
9,668
10,733
Corporate
26
48
Continuing operations
13,922
14,741
Discontinued operations
\u2013
23,880
Total average number of persons employed
13,922
38,621
\n
An analysis of finance costs and income is as follows:
\n \n
Year ended
Year ended
31 December
31 December
2024
2023
Continuing operations
\u00a3m
\u00a3m
Finance costs
Interest on bank loans and overdrafts
(91)
(49)
A
mortisation of costs of raising finance
(4)
(4)
Net interest cost on pensions
(4)
(1)
Lease interest
(6)
(5)
Unwind of discount on provisions
\u2013
(1)
Finance costs on demerger settled net debt
(1)
\u2013
(17)
A
ccelerated unamortised debt issue costs
(1)
\u2013
(2)
Total finance costs
(105)
(79)
Finance income
Interest receivable
3
1
Bond redemption gains
(1)
\u2013
13
Total finance income
3
14
Total net finance costs
(102)
(65)
\n(1) Shown as adjusting items (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "The analysis of auditor\u2019s remuneration is as follows: \n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
5.1
4.6
Fees payable to the Company\u2019s auditor and their associates for other audit services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries
0.2
0.2
Non-statutory audit of certain of the Company\u2019s businesses
\u2013
0.9
Total audit fees
5.3
5.7
A
udit-related assurance services:
\u00a0 \u00a0
Review of the half year interim statement
0.5
0.4
Other assuranc
e services
\u2013
0.3
Total audit-related assurance services
0.5
0.7
Total audit and audit-related assurance services
5.8
6.4
Reporting accountant services
\u2013
0.2
Total audit and non-audit fees
5.8
6.6
\n
Details of the Company\u2019s policy on the use of the auditors for non-audit services and how auditor\u2019s independence and objectivity were safeguarded
are set out in the Audit Committee report on pages 124 to 131. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "An analysis of staff costs and employee numbers is as follows: \n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
Staff costs during the year (i
ncluding executive Directors)
\u00a0 \u00a0
Wages and salaries
(1)
788
891
Social security costs
(2)
116
136
Pension costs (note 24)
\u00a0 \u00a0
\u2013 defined contribution plans
60
58
Share-based compensation expense
(3)
1
10
Total staff costs
965
1,095
\n
(1) In the prior year, wages and salaries for discontinued operations were \u00a3251 million in the period prior to disposal.
(2) Includes an employer\u2019s tax charge of \u00a314 million (2023: \u00a328 million) on the change in value of the employee share plans, shown as an adjusting item (see note 6).
(3) In the year ended 31 December 2023, this was shown as an adjusting item (see note 6).
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
Number
Number
A
verage monthly number of persons empl
oyed (including executive Directors)
\u00a0 \u00a0
Engines
4,228
3,960
Structures
9,668
10,733
Corporate
26
48
Continuing operations
13,922
14,741
Discontinued operations
\u2013
23,880
Total average number of persons employed
13,922
38,621
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "\n \n
Year ended
Year ended
31 December
31 December
2024
2023
Continuing operations
\u00a3m
\u00a3m
Finance costs
Interest on bank loans and overdrafts
(91)
(49)
A
mortisation of costs of raising finance
(4)
(4)
Net interest cost on pensions
(4)
(1)
Lease interest
(6)
(5)
Unwind of discount on provisions
\u2013
(1)
Finance costs on demerger settled net debt
(1)
\u2013
(17)
A
ccelerated unamortised debt issue costs
(1)
\u2013
(2)
Total finance costs
(105)
(79)
Finance income
Interest receivable
3
1
Bond redemption gains
(1)
\u2013
13
Total finance income
3
14
Total net finance costs
(102)
(65)
\n(1) Shown as adjusting items (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "\n \n
Year ended
Year ended
31 December
31 December
2024
2023
Continuing operations
\u00a3m
\u00a3m
Finance costs
Interest on bank loans and overdrafts
(91)
(49)
A
mortisation of costs of raising finance
(4)
(4)
Net interest cost on pensions
(4)
(1)
Lease interest
(6)
(5)
Unwind of discount on provisions
\u2013
(1)
Finance costs on demerger settled net debt
(1)
\u2013
(17)
A
ccelerated unamortised debt issue costs
(1)
\u2013
(2)
Total finance costs
(105)
(79)
Finance income
Interest receivable
3
1
Bond redemption gains
(1)
\u2013
13
Total finance income
3
14
Total net finance costs
(102)
(65)
\n(1) Shown as adjusting items (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "\n \n
Year ended
Year ended
31 December
31 December
2024
2023
Continuing operations
\u00a3m
\u00a3m
Finance costs
Interest on bank loans and overdrafts
(91)
(49)
A
mortisation of costs of raising finance
(4)
(4)
Net interest cost on pensions
(4)
(1)
Lease interest
(6)
(5)
Unwind of discount on provisions
\u2013
(1)
Finance costs on demerger settled net debt
(1)
\u2013
(17)
A
ccelerated unamortised debt issue costs
(1)
\u2013
(2)
Total finance costs
(105)
(79)
Finance income
Interest receivable
3
1
Bond redemption gains
(1)
\u2013
13
Total finance income
3
14
Total net finance costs
(102)
(65)
\n(1) Shown as adjusting items (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "8. Tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
A
nalysis of tax (credit)/charge in the year:
\u00a0\u00a0
Current tax
\u00a0\u00a0
Current year tax charge
15
19
A
djustments in respect of prior years
\u2013
4
Total current tax charge
15
23
Deferred tax
\u00a0\u00a0
Origination and reversal of temporary differences
(32)
(61)
A
djustments in respect of prior years
(9)
(3)
Tax on the change in value of derivative financial instruments
(30)
29
A
djustments to deferred tax attributable to changes in tax rates
\u2013
(1)
Non-recognition of deferred tax
2
4
Recognition of previously unrecognised deferred tax
(3)
\u2013
Total deferred tax credit
(72)
(32)
Tax credit on continuing operations
(57)
(9)
Tax charge on discontinued operations
\u2013
28
Total tax (credit)/charge for the year
(57)
19
A
nalysis of tax credit on continuing operations in the year:
\u00a3m
\u00a3m
Tax charge in respect of adjusted profit before tax
88
68
Tax credit recognised as an adjusting item
(145)
(77)
Tax credit on continuing operations
(57)
(9)
\n
The tax charge of \u00a388 million (2023: \u00a368 million) arising on adjusted profit before tax of \u00a3438 million (2023: \u00a3331 million) results in an effective tax
rate of 20.1% (2023: 20.5%).
The \u00a3145 million (2023: \u00a377 million) tax credit recognised as an adjusting item includes a credit of \u00a3128 million (2023: \u00a377 million) in respect of
adjustments to loss before tax of \u00a3544 million (2023: \u00a3339 million) and a credit of \u00a317 million (2023: \u00a3nil) in respect of internal Group restructuring.
The tax (credit)/charge for the year for continuing and discontinued operations can be reconciled to the (loss)/profit before tax per the Income
Statement as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
(Loss)/profit before tax:
\u00a0\u00a0
Continuing operations
(106)
(8)
Discontinued operations (note 13)
\u2013
25
\u00a0
(106)
17
Tax (credit)/charge on (loss)/profit before tax at 25.0% (2023: 23.5%)
(27)
4
Tax effect of:
\u00a0\u00a0
Disallowable expenses and other permanent differences within adjusted profit
8
(9)
Disallowable items included within adjusting items
8
8
Temporary differences not recognised in deferred tax
2
5
Recognition of previously unrecognised deferred tax
(3)
\u2013
Tax credits and withholding taxes
2
3
A
djustments in respect of prior years
(9)
13
Tax charge classified within adjusting items
(20)
\u2013
Effect of changes in tax rates
\u2013
(2)
Effect of rate differences between UK and overseas rates
(18)
(3)
Total tax (credit)/charge for the year
(57)
19
The reconciliation has been performed at a tax rate of 25.0% (2023: 23.5%). The reconciliation rate usually represents the weighted average of
the tax rates applying to profits and losses in the jurisdictions in which those results arose in the year. However, for 2023 and 2024 this rate was
not representative due to offsetting profits and losses in the relevant jurisdictions and as such the UK corporation tax rate was used.
Tax charges/(credits) included in other comprehensive income are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Deferred tax movements on retirement benefit obligations
4
(29)
Deferred tax movements on hedg
e relationship gains and losses
1
8
Total charge/(credit) for the year
5
(21)
\n
There is also a tax credit of \u00a314 million (2023: \u00a322 million) recognised directly in the Statement of Changes in Equity in respect of deferred tax on
equity-settled share-based payments.
Global Minimum Tax rules and Franked Investment Income \u2013 litigation
The Group is within the scope of the OECD Global Minimum Tax (\u201cPillar 2\u201d) rules which came into effect from 1 January 2024. The current
tax charge includes an immaterial (less than \u00a31 million) amount of tax arising from the introduction of the Pillar 2 rules. For the years ending
31 December 2024 and 31 December 2023, the Group has applied the mandatory exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar 2 taxes.
Since 2003, certain entities in the Group have been involved in litigation with HMRC in respect of various advance corporate tax payments and
corporate tax paid on certain foreign dividends which, in the Group\u2019s view, were levied by HMRC in breach of the Group\u2019s EU community law rights.
During 2024, the High Court handed down several decisions considering time limits for valid claims and computational issues. The decisions are
broadly positive for the Group, however they have been appealed. The continuing complexity of the case and uncertainty over the issues raised
means that it is not possible to predict the final outcome of the litigation with any reasonable degree of certainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "8. Tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Continuing operations
\u00a3m
\u00a3m
A
nalysis of tax (credit)/charge in the year:
\u00a0\u00a0
Current tax
\u00a0\u00a0
Current year tax charge
15
19
A
djustments in respect of prior years
\u2013
4
Total current tax charge
15
23
Deferred tax
\u00a0\u00a0
Origination and reversal of temporary differences
(32)
(61)
A
djustments in respect of prior years
(9)
(3)
Tax on the change in value of derivative financial instruments
(30)
29
A
djustments to deferred tax attributable to changes in tax rates
\u2013
(1)
Non-recognition of deferred tax
2
4
Recognition of previously unrecognised deferred tax
(3)
\u2013
Total deferred tax credit
(72)
(32)
Tax credit on continuing operations
(57)
(9)
Tax charge on discontinued operations
\u2013
28
Total tax (credit)/charge for the year
(57)
19
A
nalysis of tax credit on continuing operations in the year:
\u00a3m
\u00a3m
Tax charge in respect of adjusted profit before tax
88
68
Tax credit recognised as an adjusting item
(145)
(77)
Tax credit on continuing operations
(57)
(9)
\n
The tax charge of \u00a388 million (2023: \u00a368 million) arising on adjusted profit before tax of \u00a3438 million (2023: \u00a3331 million) results in an effective tax
rate of 20.1% (2023: 20.5%).
The \u00a3145 million (2023: \u00a377 million) tax credit recognised as an adjusting item includes a credit of \u00a3128 million (2023: \u00a377 million) in respect of
adjustments to loss before tax of \u00a3544 million (2023: \u00a3339 million) and a credit of \u00a317 million (2023: \u00a3nil) in respect of internal Group restructuring.
The tax (credit)/charge for the year for continuing and discontinued operations can be reconciled to the (loss)/profit before tax per the Income
Statement as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
(Loss)/profit before tax:
\u00a0\u00a0
Continuing operations
(106)
(8)
Discontinued operations (note 13)
\u2013
25
\u00a0
(106)
17
Tax (credit)/charge on (loss)/profit before tax at 25.0% (2023: 23.5%)
(27)
4
Tax effect of:
\u00a0\u00a0
Disallowable expenses and other permanent differences within adjusted profit
8
(9)
Disallowable items included within adjusting items
8
8
Temporary differences not recognised in deferred tax
2
5
Recognition of previously unrecognised deferred tax
(3)
\u2013
Tax credits and withholding taxes
2
3
A
djustments in respect of prior years
(9)
13
Tax charge classified within adjusting items
(20)
\u2013
Effect of changes in tax rates
\u2013
(2)
Effect of rate differences between UK and overseas rates
(18)
(3)
Total tax (credit)/charge for the year
(57)
19
The reconciliation has been performed at a tax rate of 25.0% (2023: 23.5%). The reconciliation rate usually represents the weighted average of
the tax rates applying to profits and losses in the jurisdictions in which those results arose in the year. However, for 2023 and 2024 this rate was
not representative due to offsetting profits and losses in the relevant jurisdictions and as such the UK corporation tax rate was used.
Tax charges/(credits) included in other comprehensive income are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Deferred tax movements on retirement benefit obligations
4
(29)
Deferred tax movements on hedg
e relationship gains and losses
1
8
Total charge/(credit) for the year
5
(21)
\n
There is also a tax credit of \u00a314 million (2023: \u00a322 million) recognised directly in the Statement of Changes in Equity in respect of deferred tax on
equity-settled share-based payments.
Global Minimum Tax rules and Franked Investment Income \u2013 litigation
The Group is within the scope of the OECD Global Minimum Tax (\u201cPillar 2\u201d) rules which came into effect from 1 January 2024. The current
tax charge includes an immaterial (less than \u00a31 million) amount of tax arising from the introduction of the Pillar 2 rules. For the years ending
31 December 2024 and 31 December 2023, the Group has applied the mandatory exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar 2 taxes.
Since 2003, certain entities in the Group have been involved in litigation with HMRC in respect of various advance corporate tax payments and
corporate tax paid on certain foreign dividends which, in the Group\u2019s view, were levied by HMRC in breach of the Group\u2019s EU community law rights.
During 2024, the High Court handed down several decisions considering time limits for valid claims and computational issues. The decisions are
broadly positive for the Group, however they have been appealed. The continuing complexity of the case and uncertainty over the issues raised
means that it is not possible to predict the final outcome of the litigation with any reasonable degree of certainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "9. Dividends \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Interim dividend for the year ended 31 December 2024 of 2.0p
26
\u2013
Final dividend for the year ended 31 December 2023 of 3.5p
46
\u2013
Interim dividend for the year ended 31 December 2023 of 1.5p
\u2013
20
Second interim dividend for the year ended 31 December 2022 of 1.5p (4.5p)
(1)
\u2013
61
\u00a0
72
81
\n
(1) Adjusted to include the effects of the one for three share consolidation that took place on 19 April 2023.
A final dividend for the year ended 31 December 2024 of 4.0p per share totalling an expected \u00a351 million is declared by the Board. The final
dividend of 4.0p per share was declared by the Board on 6 March 2025 and in accordance with IAS 10: Events after the reporting period, has
not been included as a liability in the Consolidated Financial Statements.
During the year, the Group completed a \u00a3500 million share buyback programme, which commenced on 2 October 2023, with \u00a3411 million of
cash spent, inclusive of costs of \u00a35 million (see note 1). In the prior year, the Group spent cash of \u00a393 million, inclusive of costs of \u00a31 million on
this programme.
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme, with \u00a320 million of cash spent, inclusive of costs of \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "0.04", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "51000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "0.04", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2025-03-06T00:00:00/2025-03-07T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "10. Earnings per share \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Earnings attributable to owners of the parent
\u00a3m
\u00a3m
Earnings for basis of earnings per share
(49)
(1,019)
Less: loss from discontinued operations (note 13)
\u2013
1,020
Earnings for basis of earnings per share from continuing operations
(49)
1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
Number
Number
Weighted average number of ordinary shares for the purposes of basic earnings per share (million)
1,307
1,349
Further shares for the purposes of diluted earnings per share (million)
17
56
Weighted average number of ordinary shares for th
e purposes of diluted earnings per share (million)
1,324
1,405
\n
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme, with 4,173,411 shares repurchased by 31 December 2024.
These are held as treasury shares and are excluded from the number of shares for the purposes of calculating earnings per share.
On 2 October 2023, the Group commenced a \u00a3500 million share buyback programme, with 70,967,661 shares repurchased during the year ended
31 December 2024 (2023: 18,761,840 shares).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Earnings per share
pence
pence
Basic earnings per share
\u00a0 \u00a0
From continuing and discontinued operations
(3.7)
(75.5)
From continuing operations
(3.7)
0.1
From discontinued operations
\u2013
(75.6)
Diluted earnings per share
\u00a0 \u00a0
From continuing and discontinued operations
(3.7)
(75.5)
From continuing operations
(3.7)
0.1
From discontinued operations
\u2013
(75.6)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
A
djusted earnings from continued operations
\u00a3m
\u00a3m
A
djusted earnings for the basis of adjusted earnings per share
350
263
\n
Adjusted earnings per share from continuing operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
pence
pence
A
djusted basic earnings per share
26.8
19.5
A
djusted diluted earnings per share
26.4
18.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "11.
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
relationships
Brands and
\u00a0
Computer
Development
\u00a0
\u00a0
Goodwill
and contracts
intellectual property
Other
(1)
software
costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 1 January 2023
2,585
4,670
393
1,047
56
570
9,321
A
dditions
\u2013
\u2013
\u2013
\u2013
3
13
16
Disposals
\u2013
\u2013
\u2013
\u2013
(1)
(3)
(4)
Transfer to held for sale
(2)
\u2013
\u2013
\u2013
\u2013
(1)
(1)
(2)
Disposal of businesses
(3)
(1,575)
(1,749)
(184)
(401)
(33)
(100)
(4,042)
Exchange adjustments
(49)
(154)
(2)
(15)
(1)
(15)
(236)
A
t 31 December 2023
961
2,767
207
631
23
464
5,053
A
dditions
\u2013
\u2013
\u2013
\u2013
2
13
15
Reclassification from property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and equipment
(4)
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(10)
(10)
Disposal of businesses
(3)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Exchange adjustments
9
32
(4)
(2)
\u2013
(1)
34
A
t 31 December 2024
970
2,799
203
629
24
468
5,093
A
ccumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 1 January 2023
\u2013
(1,598)
(93)
(496)
(36)
(252)
(2,475)
Charge for the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted operating profit
\u2013
\u2013
\u2013
\u2013
(3)
(39)
(42)
Adjusting items
\u2013
(228)
(12)
(69)
\u2013
\u2013
(309)
Disposals
\u2013
\u2013
\u2013
\u2013
1
3
4
Transfer to held for sale
(2)
\u2013
\u2013
\u2013
\u2013
1
1
2
Disposal of businesses
(3)
\u2013
694
46
237
17
59
1,053
Exchange adjustments
\u2013
53
\u2013
6
1
5
65
A
t 31 December 2023
\u2013
(1,079)
(59)
(322)
(19)
(223)
(1,702)
Charge for the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted operating profit
\u2013
\u2013
\u2013
\u2013
(3)
(38)
(41)
Adjusting items
\u2013
(188)
(10)
(57)
\u2013
\u2013
(255)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
5
5
Disposal of businesses
(3)
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
Exchange adjustments
\u2013
(11)
1
2
\u2013
1
(7)
A
t 31 December 2024
\u2013
(1,278)
(68)
(377)
(21)
(255)
(1,999)
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 31 December 2024
970
1,521
135
252
3
213
3,094
A
t 31 December 2023
961
1,688
148
309
4
241
3,351
\n
(1) Other includes technology and order backlog intangible assets recognised on acquisitions.
(2) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(3) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger
of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(4) Reclassification from property, plant and equipment for depreciation capitalised as development costs (see note 14).
The goodwill generated as a result of major acquisitions represents the premium paid in excess of the fair value of all net assets, including
intangible assets, identified at the point of acquisition. The carrying value of goodwill includes a premium, paid in order to secure shareholder
agreement to the business combination, that is less than the value that the Directors believed could be added to the acquired businesses.
The goodwill arising on bolt-on acquisitions is attributable to the anticipated profitability and cash flows arising from the businesses acquired,
synergies as a result of the complementary nature of the business with existing Melrose businesses, the assembled workforce, technical
expertise, knowhow, market share and geographical advantages afforded to the Group.
The future improvements applied to the acquired businesses, achieved through a combination of revised strategic direction, operational
improvements and investment, are expected to result in improved profitability. The combined value achieved from these improvements is
expected to be in excess of the value of goodwill acquired.
\n \n
31 December
31 December
2024
2023
Goodwill
\u00a3m
\u00a3m
Engines
620
608
Structures
350
353
Total
970
961
\n
Impairment testing
\n
The Group tests goodwill annually or more frequently if there are indications that goodwill might be impaired. The effective date of the annual
\n
impairment test is 31 October, aligned with internal forecasting and review processes. In accordance with IAS 36: Impairment of assets, the
\n
Group assesses goodwill based on the recoverable amount, being the higher of the value in use basis and the fair value less costs to sell basis.
\n
The value in use methodology has been used to determine recoverable amount in both the current and prior years.
\n
Value in use calculations have been used to determine the recoverable amount of goodwill and other relevant net assets allocated to the Engines
\n
and Structures groups of CGUs for the year ended 31 December 2024. The calculation uses the latest approved forecasts extrapolated into
\n
perpetuity with growth rates shown below, which do not exceed the long-term growth rate for the relevant market.
\n
Based on the impairment testing completed, no impairment was identified in respect of either of the groups of CGUs. No sensitivity analysis has
\n
been provided as there is no reasonably possible change in key assumptions that could result in an impairment in either the Engines or
\n
Structures groups of CGUs.
\n
The basis of impairment tests and the key assumptions are set out in the tables below:
\n\n \n
31 December 2024
Pre-tax
Long-term
Groups of CGUs \u2013 value in use
discount rates
growth rates
Years in forecast
Engines
10.25%
3.3%
5
Structures
10.50%
3.3%
5
\n\n \n
31 December 2023
Pre-tax
Long-term
Groups of CGUs \u2013 value in use
discount rates
growth rates
Years in forecast
Engines
12.25%
3.4%
5
Structures
12.50%
3.4%
5
\n
Risk adjusted discount rates
\n
Cash flows within the Engines and Structures groups of CGUs are discounted using a pre-tax discount rate specific to each group of CGUs.
\n
Discount rates reflect the current market assessments of the time value of money and the territories in which the group of CGUs operates.
\n
In determining the cost of equity, the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. Under CAPM, the cost of equity is determined
\n
by adding a risk premium, based on an industry adjustment (\u201cBeta\u201d), to the expected return of the equity market above the risk-free return.
\n
The relative risk adjustment reflects the risk inherent in each group of CGUs relative to all other sectors and geographies on average.
\n
The cost of debt is determined using a risk-free rate based on the cost of government bonds, and an interest rate premium equivalent to
\n
a corporate bond with a similar credit rating to the Group.
\n
Assumptions applied in financial forecasts
\n
The Group prepares cash flow forecasts derived from financial budgets and medium-term forecasts. Each forecast has been prepared using a
\n
five-year cash flow period. The key assumptions used in forecasting cash flows relate to future budgeted revenue and operating margins likely
\n
to be achieved and the expected rates of long-term growth by sector. Underlying factors in determining the values assigned to each key
\n
assumption are shown below.
\n
Impairment testing has considered the impact of climate scenarios used by the Group to assess climate-related risks and opportunities. Demand
\n
for the Group\u2019s products may be impacted by the different scenarios over the medium to long-term. Whilst recognising these scenarios contain
\n
major assumptions, the modelling indicates no material impact on existing revenue assumptions, with any potential reduction in Melrose\u2019s
\n
existing products being offset by the Group\u2019s transition plan into lower-carbon products under existing financial planning. The potential of
\n
transition risks such as the transitioning of carbon intensive machinery to more carbon efficient or electric models also did not indicate a material
\n
impact on the existing financial cost in the short to medium-term forecasting. The impairment testing also considers the potential costs from
\n
climate-related risks under physical scenarios RCP 2.6 and 8.5. Risks such as flooding and storm events were predicted to not have a material
\n
impact on cost within the financial forecasting horizon.
Revenue growth and operating margins:
Revenue growth assumptions in the forecast period are based on financial budgets and five-year term forecasts by management, taking into
account industry growth rates and management\u2019s historical experience in the context of wider industry and economic conditions. Projected
revenue is built up with reference to markets and product categories. They incorporate past performance, historical growth rates, projections
of developments in key markets, secured orders and orders forecast to be achieved in the short to medium-term given trends in the relevant
market sector. Revenue assumptions are made using external market data, where available.
Operating margins have been forecast based on historical levels achieved considering the likely impact of changing economic environments and
competitive landscapes on volumes and revenues and the impact of management actions on costs. Forecasts for operating costs are based on
inflation forecasts and supply and demand factors, which take account of climate change implications for affected markets. Impairment testing
includes short to medium-term planning (five years) for both of the groups of CGUs, which will address known risks from climate change and
other environmental factors impacting forecast costs as well as the opportunities in associated markets as they prepare for changes which
impact revenues.
The key drivers for growth in revenue and operating margins are global demand for commercial and military aircraft. Consumer spending,
passenger load factors, raw material input costs, market expectations for aircraft production requirements, technological advancements,
and other macro-economic factors influence demand for these products.
Long-term growth rates:
Long-term growth rates are determined using long-term growth rate forecasts that take into account the international presence and the markets
in which each business operates.
Allocation of significant intangible assets
The allocation of significant customer relationships and contracts, brands, intellectual property and other is as follows:
\u00a0
Customer relationships and contracts
Brands, intellectual property and other
\u00a0
Remaining
\u00a0
Remaining
\u00a0
\u00a0
amortisation period
Net book value
amortisation period
Net book value
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
\u00a0
years
years
\u00a3m
\u00a3m
years
years
\u00a3m
\u00a3m
Engines
14
15
1,259
1,355
14
15
138
149
Structures
4
5
262
333
14
15
249
308
Total
\u00a0 \u00a0
1,521
1,688
\u00a0 \u00a0
387
457
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "11.
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
relationships
Brands and
\u00a0
Computer
Development
\u00a0
\u00a0
Goodwill
and contracts
intellectual property
Other
(1)
software
costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 1 January 2023
2,585
4,670
393
1,047
56
570
9,321
A
dditions
\u2013
\u2013
\u2013
\u2013
3
13
16
Disposals
\u2013
\u2013
\u2013
\u2013
(1)
(3)
(4)
Transfer to held for sale
(2)
\u2013
\u2013
\u2013
\u2013
(1)
(1)
(2)
Disposal of businesses
(3)
(1,575)
(1,749)
(184)
(401)
(33)
(100)
(4,042)
Exchange adjustments
(49)
(154)
(2)
(15)
(1)
(15)
(236)
A
t 31 December 2023
961
2,767
207
631
23
464
5,053
A
dditions
\u2013
\u2013
\u2013
\u2013
2
13
15
Reclassification from property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and equipment
(4)
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(10)
(10)
Disposal of businesses
(3)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Exchange adjustments
9
32
(4)
(2)
\u2013
(1)
34
A
t 31 December 2024
970
2,799
203
629
24
468
5,093
A
ccumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 1 January 2023
\u2013
(1,598)
(93)
(496)
(36)
(252)
(2,475)
Charge for the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted operating profit
\u2013
\u2013
\u2013
\u2013
(3)
(39)
(42)
Adjusting items
\u2013
(228)
(12)
(69)
\u2013
\u2013
(309)
Disposals
\u2013
\u2013
\u2013
\u2013
1
3
4
Transfer to held for sale
(2)
\u2013
\u2013
\u2013
\u2013
1
1
2
Disposal of businesses
(3)
\u2013
694
46
237
17
59
1,053
Exchange adjustments
\u2013
53
\u2013
6
1
5
65
A
t 31 December 2023
\u2013
(1,079)
(59)
(322)
(19)
(223)
(1,702)
Charge for the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted operating profit
\u2013
\u2013
\u2013
\u2013
(3)
(38)
(41)
Adjusting items
\u2013
(188)
(10)
(57)
\u2013
\u2013
(255)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
5
5
Disposal of businesses
(3)
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
Exchange adjustments
\u2013
(11)
1
2
\u2013
1
(7)
A
t 31 December 2024
\u2013
(1,278)
(68)
(377)
(21)
(255)
(1,999)
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 31 December 2024
970
1,521
135
252
3
213
3,094
A
t 31 December 2023
961
1,688
148
309
4
241
3,351
\n
(1) Other includes technology and order backlog intangible assets recognised on acquisitions.
(2) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(3) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger
of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(4) Reclassification from property, plant and equipment for depreciation capitalised as development costs (see note 14).
The goodwill generated as a result of major acquisitions represents the premium paid in excess of the fair value of all net assets, including
intangible assets, identified at the point of acquisition. The carrying value of goodwill includes a premium, paid in order to secure shareholder
agreement to the business combination, that is less than the value that the Directors believed could be added to the acquired businesses.
The goodwill arising on bolt-on acquisitions is attributable to the anticipated profitability and cash flows arising from the businesses acquired,
synergies as a result of the complementary nature of the business with existing Melrose businesses, the assembled workforce, technical
expertise, knowhow, market share and geographical advantages afforded to the Group.
The future improvements applied to the acquired businesses, achieved through a combination of revised strategic direction, operational
improvements and investment, are expected to result in improved profitability. The combined value achieved from these improvements is
expected to be in excess of the value of goodwill acquired.
\n\n\n\n\n \n
31 December
31 December
2024
2023
Goodwill
\u00a3m
\u00a3m
Engines
620
608
Structures
350
353
Total
970
961
\n
Impairment testing
\n
The Group tests goodwill annually or more frequently if there are indications that goodwill might be impaired. The effective date of the annual
\n
impairment test is 31 October, aligned with internal forecasting and review processes. In accordance with IAS 36: Impairment of assets, the
\n
Group assesses goodwill based on the recoverable amount, being the higher of the value in use basis and the fair value less costs to sell basis.
\n
The value in use methodology has been used to determine recoverable amount in both the current and prior years.
\n
Value in use calculations have been used to determine the recoverable amount of goodwill and other relevant net assets allocated to the Engines
\n
and Structures groups of CGUs for the year ended 31 December 2024. The calculation uses the latest approved forecasts extrapolated into
\n
perpetuity with growth rates shown below, which do not exceed the long-term growth rate for the relevant market.
\n
Based on the impairment testing completed, no impairment was identified in respect of either of the groups of CGUs. No sensitivity analysis has
\n
been provided as there is no reasonably possible change in key assumptions that could result in an impairment in either the Engines or
\n
Structures groups of CGUs.
\n
The basis of impairment tests and the key assumptions are set out in the tables below:
\n\n \n
31 December 2024
Pre-tax
Long-term
Groups of CGUs \u2013 value in use
discount rates
growth rates
Years in forecast
Engines
10.25%
3.3%
5
Structures
10.50%
3.3%
5
\n\n \n
31 December 2023
Pre-tax
Long-term
Groups of CGUs \u2013 value in use
discount rates
growth rates
Years in forecast
Engines
12.25%
3.4%
5
Structures
12.50%
3.4%
5
\n
Risk adjusted discount rates
\n
Cash flows within the Engines and Structures groups of CGUs are discounted using a pre-tax discount rate specific to each group of CGUs.
\n
Discount rates reflect the current market assessments of the time value of money and the territories in which the group of CGUs operates.
\n
In determining the cost of equity, the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. Under CAPM, the cost of equity is determined
\n
by adding a risk premium, based on an industry adjustment (\u201cBeta\u201d), to the expected return of the equity market above the risk-free return.
\n
The relative risk adjustment reflects the risk inherent in each group of CGUs relative to all other sectors and geographies on average.
\n
The cost of debt is determined using a risk-free rate based on the cost of government bonds, and an interest rate premium equivalent to
\n
a corporate bond with a similar credit rating to the Group.
\n
Assumptions applied in financial forecasts
\n
The Group prepares cash flow forecasts derived from financial budgets and medium-term forecasts. Each forecast has been prepared using a
\n
five-year cash flow period. The key assumptions used in forecasting cash flows relate to future budgeted revenue and operating margins likely
\n
to be achieved and the expected rates of long-term growth by sector. Underlying factors in determining the values assigned to each key
\n
assumption are shown below.
\n
Impairment testing has considered the impact of climate scenarios used by the Group to assess climate-related risks and opportunities. Demand
\n
for the Group\u2019s products may be impacted by the different scenarios over the medium to long-term. Whilst recognising these scenarios contain
\n
major assumptions, the modelling indicates no material impact on existing revenue assumptions, with any potential reduction in Melrose\u2019s
\n
existing products being offset by the Group\u2019s transition plan into lower-carbon products under existing financial planning. The potential of
\n
transition risks such as the transitioning of carbon intensive machinery to more carbon efficient or electric models also did not indicate a material
\n
impact on the existing financial cost in the short to medium-term forecasting. The impairment testing also considers the potential costs from
\n
climate-related risks under physical scenarios RCP 2.6 and 8.5. Risks such as flooding and storm events were predicted to not have a material
\n
impact on cost within the financial forecasting horizon.
Revenue growth and operating margins:
Revenue growth assumptions in the forecast period are based on financial budgets and five-year term forecasts by management, taking into
account industry growth rates and management\u2019s historical experience in the context of wider industry and economic conditions. Projected
revenue is built up with reference to markets and product categories. They incorporate past performance, historical growth rates, projections
of developments in key markets, secured orders and orders forecast to be achieved in the short to medium-term given trends in the relevant
market sector. Revenue assumptions are made using external market data, where available.
Operating margins have been forecast based on historical levels achieved considering the likely impact of changing economic environments and
competitive landscapes on volumes and revenues and the impact of management actions on costs. Forecasts for operating costs are based on
inflation forecasts and supply and demand factors, which take account of climate change implications for affected markets. Impairment testing
includes short to medium-term planning (five years) for both of the groups of CGUs, which will address known risks from climate change and
other environmental factors impacting forecast costs as well as the opportunities in associated markets as they prepare for changes which
impact revenues.
The key drivers for growth in revenue and operating margins are global demand for commercial and military aircraft. Consumer spending,
passenger load factors, raw material input costs, market expectations for aircraft production requirements, technological advancements,
and other macro-economic factors influence demand for these products.
Long-term growth rates:
Long-term growth rates are determined using long-term growth rate forecasts that take into account the international presence and the markets
in which each business operates.
Allocation of significant intangible assets
The allocation of significant customer relationships and contracts, brands, intellectual property and other is as follows:
\u00a0
Customer relationships and contracts
Brands, intellectual property and other
\u00a0
Remaining
\u00a0
Remaining
\u00a0
\u00a0
amortisation period
Net book value
amortisation period
Net book value
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
\u00a0
years
years
\u00a3m
\u00a3m
years
years
\u00a3m
\u00a3m
Engines
14
15
1,259
1,355
14
15
138
149
Structures
4
5
262
333
14
15
249
308
Total
\u00a0 \u00a0
1,521
1,688
\u00a0 \u00a0
387
457
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "11.
Goodwill and other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
relationships
Brands and
\u00a0
Computer
Development
\u00a0
\u00a0
Goodwill
and contracts
intellectual property
Other
(1)
software
costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 1 January 2023
2,585
4,670
393
1,047
56
570
9,321
A
dditions
\u2013
\u2013
\u2013
\u2013
3
13
16
Disposals
\u2013
\u2013
\u2013
\u2013
(1)
(3)
(4)
Transfer to held for sale
(2)
\u2013
\u2013
\u2013
\u2013
(1)
(1)
(2)
Disposal of businesses
(3)
(1,575)
(1,749)
(184)
(401)
(33)
(100)
(4,042)
Exchange adjustments
(49)
(154)
(2)
(15)
(1)
(15)
(236)
A
t 31 December 2023
961
2,767
207
631
23
464
5,053
A
dditions
\u2013
\u2013
\u2013
\u2013
2
13
15
Reclassification from property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and equipment
(4)
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(10)
(10)
Disposal of businesses
(3)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Exchange adjustments
9
32
(4)
(2)
\u2013
(1)
34
A
t 31 December 2024
970
2,799
203
629
24
468
5,093
A
ccumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 1 January 2023
\u2013
(1,598)
(93)
(496)
(36)
(252)
(2,475)
Charge for the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted operating profit
\u2013
\u2013
\u2013
\u2013
(3)
(39)
(42)
Adjusting items
\u2013
(228)
(12)
(69)
\u2013
\u2013
(309)
Disposals
\u2013
\u2013
\u2013
\u2013
1
3
4
Transfer to held for sale
(2)
\u2013
\u2013
\u2013
\u2013
1
1
2
Disposal of businesses
(3)
\u2013
694
46
237
17
59
1,053
Exchange adjustments
\u2013
53
\u2013
6
1
5
65
A
t 31 December 2023
\u2013
(1,079)
(59)
(322)
(19)
(223)
(1,702)
Charge for the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted operating profit
\u2013
\u2013
\u2013
\u2013
(3)
(38)
(41)
Adjusting items
\u2013
(188)
(10)
(57)
\u2013
\u2013
(255)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
5
5
Disposal of businesses
(3)
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
Exchange adjustments
\u2013
(11)
1
2
\u2013
1
(7)
A
t 31 December 2024
\u2013
(1,278)
(68)
(377)
(21)
(255)
(1,999)
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A
t 31 December 2024
970
1,521
135
252
3
213
3,094
A
t 31 December 2023
961
1,688
148
309
4
241
3,351
\n
(1) Other includes technology and order backlog intangible assets recognised on acquisitions.
(2) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(3) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger
of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(4) Reclassification from property, plant and equipment for depreciation capitalised as development costs (see note 14).
The goodwill generated as a result of major acquisitions represents the premium paid in excess of the fair value of all net assets, including
intangible assets, identified at the point of acquisition. The carrying value of goodwill includes a premium, paid in order to secure shareholder
agreement to the business combination, that is less than the value that the Directors believed could be added to the acquired businesses.
The goodwill arising on bolt-on acquisitions is attributable to the anticipated profitability and cash flows arising from the businesses acquired,
synergies as a result of the complementary nature of the business with existing Melrose businesses, the assembled workforce, technical
expertise, knowhow, market share and geographical advantages afforded to the Group.
The future improvements applied to the acquired businesses, achieved through a combination of revised strategic direction, operational
improvements and investment, are expected to result in improved profitability. The combined value achieved from these improvements is
expected to be in excess of the value of goodwill acquired.
\n\n\n\n\n \n
31 December
31 December
2024
2023
Goodwill
\u00a3m
\u00a3m
Engines
620
608
Structures
350
353
Total
970
961
\n
Impairment testing
\n
The Group tests goodwill annually or more frequently if there are indications that goodwill might be impaired. The effective date of the annual
\n
impairment test is 31 October, aligned with internal forecasting and review processes. In accordance with IAS 36: Impairment of assets, the
\n
Group assesses goodwill based on the recoverable amount, being the higher of the value in use basis and the fair value less costs to sell basis.
\n
The value in use methodology has been used to determine recoverable amount in both the current and prior years.
\n
Value in use calculations have been used to determine the recoverable amount of goodwill and other relevant net assets allocated to the Engines
\n
and Structures groups of CGUs for the year ended 31 December 2024. The calculation uses the latest approved forecasts extrapolated into
\n
perpetuity with growth rates shown below, which do not exceed the long-term growth rate for the relevant market.
\n
Based on the impairment testing completed, no impairment was identified in respect of either of the groups of CGUs. No sensitivity analysis has
\n
been provided as there is no reasonably possible change in key assumptions that could result in an impairment in either the Engines or
\n
Structures groups of CGUs.
\n
The basis of impairment tests and the key assumptions are set out in the tables below:
\n\n \n
31 December 2024
Pre-tax
Long-term
Groups of CGUs \u2013 value in use
discount rates
growth rates
Years in forecast
Engines
10.25%
3.3%
5
Structures
10.50%
3.3%
5
\n\n \n
31 December 2023
Pre-tax
Long-term
Groups of CGUs \u2013 value in use
discount rates
growth rates
Years in forecast
Engines
12.25%
3.4%
5
Structures
12.50%
3.4%
5
\n
Risk adjusted discount rates
\n
Cash flows within the Engines and Structures groups of CGUs are discounted using a pre-tax discount rate specific to each group of CGUs.
\n
Discount rates reflect the current market assessments of the time value of money and the territories in which the group of CGUs operates.
\n
In determining the cost of equity, the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. Under CAPM, the cost of equity is determined
\n
by adding a risk premium, based on an industry adjustment (\u201cBeta\u201d), to the expected return of the equity market above the risk-free return.
\n
The relative risk adjustment reflects the risk inherent in each group of CGUs relative to all other sectors and geographies on average.
\n
The cost of debt is determined using a risk-free rate based on the cost of government bonds, and an interest rate premium equivalent to
\n
a corporate bond with a similar credit rating to the Group.
\n
Assumptions applied in financial forecasts
\n
The Group prepares cash flow forecasts derived from financial budgets and medium-term forecasts. Each forecast has been prepared using a
\n
five-year cash flow period. The key assumptions used in forecasting cash flows relate to future budgeted revenue and operating margins likely
\n
to be achieved and the expected rates of long-term growth by sector. Underlying factors in determining the values assigned to each key
\n
assumption are shown below.
\n
Impairment testing has considered the impact of climate scenarios used by the Group to assess climate-related risks and opportunities. Demand
\n
for the Group\u2019s products may be impacted by the different scenarios over the medium to long-term. Whilst recognising these scenarios contain
\n
major assumptions, the modelling indicates no material impact on existing revenue assumptions, with any potential reduction in Melrose\u2019s
\n
existing products being offset by the Group\u2019s transition plan into lower-carbon products under existing financial planning. The potential of
\n
transition risks such as the transitioning of carbon intensive machinery to more carbon efficient or electric models also did not indicate a material
\n
impact on the existing financial cost in the short to medium-term forecasting. The impairment testing also considers the potential costs from
\n
climate-related risks under physical scenarios RCP 2.6 and 8.5. Risks such as flooding and storm events were predicted to not have a material
\n
impact on cost within the financial forecasting horizon.
Revenue growth and operating margins:
Revenue growth assumptions in the forecast period are based on financial budgets and five-year term forecasts by management, taking into
account industry growth rates and management\u2019s historical experience in the context of wider industry and economic conditions. Projected
revenue is built up with reference to markets and product categories. They incorporate past performance, historical growth rates, projections
of developments in key markets, secured orders and orders forecast to be achieved in the short to medium-term given trends in the relevant
market sector. Revenue assumptions are made using external market data, where available.
Operating margins have been forecast based on historical levels achieved considering the likely impact of changing economic environments and
competitive landscapes on volumes and revenues and the impact of management actions on costs. Forecasts for operating costs are based on
inflation forecasts and supply and demand factors, which take account of climate change implications for affected markets. Impairment testing
includes short to medium-term planning (five years) for both of the groups of CGUs, which will address known risks from climate change and
other environmental factors impacting forecast costs as well as the opportunities in associated markets as they prepare for changes which
impact revenues.
The key drivers for growth in revenue and operating margins are global demand for commercial and military aircraft. Consumer spending,
passenger load factors, raw material input costs, market expectations for aircraft production requirements, technological advancements,
and other macro-economic factors influence demand for these products.
Long-term growth rates:
Long-term growth rates are determined using long-term growth rate forecasts that take into account the international presence and the markets
in which each business operates.
Allocation of significant intangible assets
The allocation of significant customer relationships and contracts, brands, intellectual property and other is as follows:
\u00a0
Customer relationships and contracts
Brands, intellectual property and other
\u00a0
Remaining
\u00a0
Remaining
\u00a0
\u00a0
amortisation period
Net book value
amortisation period
Net book value
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
2024
2023
\u00a0
years
years
\u00a3m
\u00a3m
years
years
\u00a3m
\u00a3m
Engines
14
15
1,259
1,355
14
15
138
149
Structures
4
5
262
333
14
15
249
308
Total
\u00a0 \u00a0
1,521
1,688
\u00a0 \u00a0
387
457
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "12.
Investments
\u00a0
31 December
31 December
\u00a0
2024
2023
Investments, carried at fair value
\u00a3m
\u00a3m
Shares
69
114
\n
The Group holds a 10% equity share in HiiROC Limited, a hydrogen technology company, a 3% investment in PW1100G-JM Engine Leasing
LLC, an engine leasing business, and a 1% investment in Dowlais Group plc which was retained following the demerger in 2023.
There was a loss on remeasurement to fair value of \u00a347 million (2023: gain of \u00a335 million) and a foreign exchange translation gain of \u00a32 million
(2023: loss of \u00a33 million). A dividend of \u00a35 million (2023: \u00a35 million) was received during the year which was recorded within operating profit.
Certain of the investments are measured as a level 3 fair value under the IFRS 13 fair value hierarchy. To calculate the value at 31 December 2024,
the expected dividend flow was discounted to net present value using a discount rate of 10.5%. If the discount rate changed from 10.5% to 9.5%
the fair value would increase by \u00a37 million.15.
Equity accounted investments
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
A
ggregated amounts relating to equity accounted investments:
\u00a0 \u00a0
Share of current assets
4
4
Share of non-current assets
11
9
Share of current liabilities
(5)
(6)
Share of non-current liabilities
(2)
\u2013
Interests in equity accounted investments
8
7
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Group share of equity accounted investments
\u00a3m
\u00a3m
A
t 1 January
7
435
Share of results of equity accounted investments
(2)
4
A
dditions
3
\u2013
Disposals
\u2013
(3)
Disposal of businesses
(1)
\u2013
(417)
Exchange adjustments
\u2013
(12)
A
t 31 Decembe
r
8
7
\n(1) Disposal of businesses in 2023 related to the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "14.
Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
A
t 1 January 2023
1,169
3,128
4,297
A
dditions
34
150
184
Right-of-use asset reassessments
2
\u2013
2
Disposals
(3)
(37)
(40)
Disposal of businesses
(1)
(641)
(2,102)
(2,743)
Transfer to held for sale
(2)
(8)
(12)
(20)
Exchange adjustments
(30)
(100)
(130)
A
t 31 December 2023
523
1,027
1,550
A
dditions
83
90
173
Right-of-use asset reassessments
8
\u2013
8
Disposals
(3)
(35)
(38)
Disposal of businesses
(1)
(36)
(54)
(90)
Exchange adjustments
3
8
11
A
t 31 December 2024
578
1,036
1,614
A
ccumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
A
t 1 January 2023
(330)
(1,368)
(1,698)
Charge for the year
(38)
(111)
(149)
Disposals
2
34
36
Disposal of businesses
(1)
120
834
954
Transfer to held for sale
(2)
7
9
16
Impairments
(1)
\u2013
(1)
Exchange adjustments
10
59
69
A
t 31 December 2023
(230)
(543)
(773)
Charge for the year
(33)
(68)
(101)
Disposals
3
31
34
Disposal of businesses
(1)
17
41
58
Reclassification to intangible assets
(3)
\u2013
(2)
(2)
Impairments
(4)
(3)
\u2013
(3)
Exchange adjustments
(1)
(5)
(6)
A
t 31 December 2024
(247)
(546)
(793)
Net book value
\u00a0 \u00a0 \u00a0
A
t 31 December 2024
331
490
821
A
t 31 December 2023
293
484
777
\n
(1) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger of
the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(2) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(3) Depreciation charge reclassified to development costs within intangible assets (see note 11).
(4) Impairments in 2024 are shown as an adjusting item as they relate to a significant restructuring project (see note 6).
Assets under the course of construction at 31 December 2024 totalled \u00a3145 million (31 December 2023: \u00a3126 million).
Property, plant and equipment includes the net book value of right-of-use assets as follows:
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
Right-of-use asset
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
265
46
311
A
dditions
21
10
31
Right-of-use asset reassessments
2
\u2013
2
Depreciation
(23)
(8)
(31)
Transfer to held for sale
(1)
(1)
\u2013
(1)
Disposal of businesses
(2)
(117)
(28)
(145)
Impairments
(1)
\u2013
(1)
Exchange adjustments
(6)
(1)
(7)
A
t 31 December 2023
140
19
159
A
dditions
65
5
70
Right-of-use asset reassessments
8
\u2013
8
Depreciation
(20)
(5)
(25)
Disposal of businesses
(2)
(1)
\u2013
(1)
Impairments
(3)
(3)
\u2013
(3)
Exchange adjustments
(1)
\u2013
(1)
A
t 31 December 2024
188
19
207
\n
(1) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(2) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger of
the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(3) Impairments in 2024 are shown as an adjusting item as they relate to a significant restructuring project (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "14.
Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
A
t 1 January 2023
1,169
3,128
4,297
A
dditions
34
150
184
Right-of-use asset reassessments
2
\u2013
2
Disposals
(3)
(37)
(40)
Disposal of businesses
(1)
(641)
(2,102)
(2,743)
Transfer to held for sale
(2)
(8)
(12)
(20)
Exchange adjustments
(30)
(100)
(130)
A
t 31 December 2023
523
1,027
1,550
A
dditions
83
90
173
Right-of-use asset reassessments
8
\u2013
8
Disposals
(3)
(35)
(38)
Disposal of businesses
(1)
(36)
(54)
(90)
Exchange adjustments
3
8
11
A
t 31 December 2024
578
1,036
1,614
A
ccumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
A
t 1 January 2023
(330)
(1,368)
(1,698)
Charge for the year
(38)
(111)
(149)
Disposals
2
34
36
Disposal of businesses
(1)
120
834
954
Transfer to held for sale
(2)
7
9
16
Impairments
(1)
\u2013
(1)
Exchange adjustments
10
59
69
A
t 31 December 2023
(230)
(543)
(773)
Charge for the year
(33)
(68)
(101)
Disposals
3
31
34
Disposal of businesses
(1)
17
41
58
Reclassification to intangible assets
(3)
\u2013
(2)
(2)
Impairments
(4)
(3)
\u2013
(3)
Exchange adjustments
(1)
(5)
(6)
A
t 31 December 2024
(247)
(546)
(793)
Net book value
\u00a0 \u00a0 \u00a0
A
t 31 December 2024
331
490
821
A
t 31 December 2023
293
484
777
\n
(1) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger of
the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(2) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(3) Depreciation charge reclassified to development costs within intangible assets (see note 11).
(4) Impairments in 2024 are shown as an adjusting item as they relate to a significant restructuring project (see note 6).
Assets under the course of construction at 31 December 2024 totalled \u00a3145 million (31 December 2023: \u00a3126 million).
Property, plant and equipment includes the net book value of right-of-use assets as follows:
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
Right-of-use asset
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
265
46
311
A
dditions
21
10
31
Right-of-use asset reassessments
2
\u2013
2
Depreciation
(23)
(8)
(31)
Transfer to held for sale
(1)
(1)
\u2013
(1)
Disposal of businesses
(2)
(117)
(28)
(145)
Impairments
(1)
\u2013
(1)
Exchange adjustments
(6)
(1)
(7)
A
t 31 December 2023
140
19
159
A
dditions
65
5
70
Right-of-use asset reassessments
8
\u2013
8
Depreciation
(20)
(5)
(25)
Disposal of businesses
(2)
(1)
\u2013
(1)
Impairments
(3)
(3)
\u2013
(3)
Exchange adjustments
(1)
\u2013
(1)
A
t 31 December 2024
188
19
207
\n
(1) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment (see note 1).
(2) Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment. Disposal of businesses in 2023 related to the demerger of
the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(3) Impairments in 2024 are shown as an adjusting item as they relate to a significant restructuring project (see note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "16.
Inventories
\u00a0 \u00a0
Restated
(1)
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Raw materials
249
235
Work in progress
209
198
Finished goods
70
80
\u00a0
528
513
\n
(1) Work in progress has been restated (see note 1).
In 2024, the write down of inventories in continuing businesses to net realisable value amounted to \u00a358 million (2023: \u00a353 million). The reversal
of write downs in continuing businesses amounted to \u00a346 million (2023: \u00a344 million). Write downs and reversals in both years relate to ongoing
assessments of inventory obsolescence, excess inventory holding and inventory resale values across all of the Group\u2019s businesses.
Climate change may impact the demand from customers for certain products, however given the speed of inventory turnover the Directors
consider that there is no material impact and inventory is appropriately valued.
The Directors consider that there is no material difference between the net book value of inventories and their replacement cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "17.
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Restated
(1)
\u00a0
31 December
31 December
\u00a0
2024
2023
Current
\u00a3m
\u00a3m
Trade receivables
407
430
A
llowance for expected credit loss
(7)
(10)
Other receivables
255
162
Prepayments
33
33
Contract assets
261
200
\u00a0
949
815
\n
(1) Contract assets have been restated (see note 1).
Trade receivables are non interest-bearing. Credit terms offered to customers vary upon the country of operation but are generally between
30 and 90 days.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Restated
(1)
\u00a0
31 December
31 December
\u00a0
2024
2023
Non-current
\u00a3m
\u00a3m
Other receivables
8
21
Contract assets
1,193
838
\u00a0
1,201
859
\n
(1) Contract assets have been restated (see note 1).
As described in note 25, certain businesses participate in receivables working capital programmes and have the ability to choose whether to
receive payment earlier than the normal due date, for specific customers on a non-recourse basis. As at 31 December 2024, eligible receivables
under these programmes have been factored and derecognised in line with the derecognition criteria of IFRS 9: Financial Instruments.
All receivables are solely payments of principal and interest and are held to collect.
An allowance has been made for expected lifetime credit losses with reference to past default experience and management\u2019s assessment
of credit worthiness over trade receivables, an analysis of which is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Discontinued
\u00a0
\u00a0
Engines
Structures
operations
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
4
3
13
20
Income Statement charge
1
5
1
7
Utilised
(2)
(1)
\u2013
(3)
Disposal of businesses
(1)
\u2013
\u2013
(13)
(13)
Exchange adjustments
\u2013
\u2013
(1)
(1)
A
t 31 December 2023
3
7
\u2013
10
Income Statement charge/(credit)
2
(3)
\u2013
(1)
Utilised
(2)
\u2013
\u2013
(2)
Exchange adjustments
\u2013
\u2013
\u2013
\u2013
A
t 31 December 2024
3
4
\u2013
7
\n
(1) Disposal of businesses in 2023 related to the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
The concentration of credit risk is limited due to the large number of unrelated customers. Credit control procedures are implemented to ensure
that sales are only made to organisations that are willing and able to pay for them. Such procedures include the establishment and review of
customer credit limits and terms. The Group does not hold any collateral or any other credit enhancements over any of its trade receivables
nor does it have a legal right of offset against any amounts owed by the Group to the counterparty.
The ageing of impaired trade receivables past due is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
0 \u2013 30 days
\u2013
\u2013
31 \u2013 60 days
2
\u2013
60+ days
5
10
\u00a0
7
10
\n
Included in the Group\u2019s trade receivables balance are overdue trade receivables with a gross carrying amount of \u00a317 million (31 December 2023:
\u00a319 million) against which a provision of \u00a37 million (31 December 2023: \u00a310 million) is held.
There are no amounts provided against balances that are not overdue as these are deemed recoverable, following an assessment for impairment
in accordance with policies described in note 2.
The ageing of the balance deemed recoverable of \u00a310 million (31 December 2023: \u00a39 million) is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
0 \u2013 30 days
10
9
31 \u2013 60 days
\u2013
\u2013
60+ days
\u2013
\u2013
\u00a0
10
9
\n
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
The Group\u2019s contract assets comprise the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Participation fees
Unbilled receivables
Unbilled work done
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023 (restated)
(1)
204
232
450
85
971
A
dditions
8
962
193
\u2013
1,163
Utilised
(17)
(983)
(20)
(12)
(1,032)
Disposal of businesses
(2)
(9)
\u2013
\u2013
(10)
(19)
Transfer to held for sale
(3)
\u2013
(1)
\u2013
\u2013
(1)
Exchange adjustments
(10)
(4)
(28)
(2)
(44)
A
t 31 December 2023 (restated)
(1)
176
206
595
61
1,038
A
dditions
8
1,016
298
5
1,327
Utilised
(11)
(935)
(24)
(1)
(971)
Settlements
(4)
\u2013
\u2013
35
\u2013
35
Exchange adjustments
3
4
18
\u2013
25
A
t 31 December 2024
176
291
922
65
1,454
\n
(1) Unbilled receivables and other contract assets have been restated (see note 1).
(2) Disposal of businesses in 2023 related to the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(3) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment.
(4) Settlements principally relate to utilisation of provision balances held, as commercial matters are resolved.
An assessment for impairment of contract assets has been performed in accordance with policies described in note 2. No such impairment has
been recorded.
Climate change and the effect on customers\u2019 ability to pay is considered in the allowance for expected credit losses. Climate-related considerations
have been taken into account in the forecasting of revenues and costs in respect of RRSP contracts in a similar manner to those described in the
impairment testing section (note 11). The Directors have concluded that climate change related impacts are not material in the recoverability of trade
receivables and contract assets related to unbilled work done on risk and revenue sharing partnerships.
Participation fees
Participation fees are described in the accounting policies (note 2) and are considered to be a reduction in revenue for the related customer
contract. Amounts are capitalised and \u2018amortised\u2019 to match to the related performance obligation.
Unbilled receivables for over time recognition
Unbilled receivables for over time recognition represent work completed with associated margins where contracts contain a legal right to
compensation for work completed, including a margin, and there is no alternative use for the customer\u2019s asset.
Unbilled work done
Unbilled work done only has a material impact on one entity in the Group, exclusively relating to certain RRSP arrangements in the Engines
segment. During the year ended 31 December 2024, the net impact of additions and amounts utilised of \u00a3274 million (2023: \u00a3173 million)
was recorded in revenue.
Where the Group has a contractual right to aftermarket revenue, IFRS 15 requires that the total contract revenue is allocated to the performance
obligations. The principal contractual term that determines the existence of unbilled work done is the absence of a termination clause that the
customer can unilaterally exercise and which results in future purchases being considered optional. Where there is such a termination clause and the
Group commercially relies on economic compulsion of the contracting parties, the two phases of activity are treated as distinct and no unbilled work
done contract asset is recognised. In the absence of such a term, there is a contractual link between the sale of OE components and aftermarket,
which results in unbilled work done, and the total contract revenue is allocated to the distinct performance obligations.
Unbilled work done is measured using a weighted average unit method, taking account of an estimate of stand-alone selling price for individual
performance obligations and is recognised when control of the OE component passes to the customer (the engine manufacturer). Due to the
long-term nature of agreements, calculation of the total programme revenues is inherently imprecise and as set out in note 3c requires significant
estimates, including an assessment of the aftermarket revenue per engine which reflects the pattern of future maintenance activity and
associated costs to be incurred. In order to address the future uncertainties, risk adjustments as well as constraints have been applied to the
expected level of revenue as appropriate and these are reviewed annually. This approach best represents the value of goods and services
supplied taking account of the performance obligations, risk and overall contract revenues.
As a consequence of allocating additional revenue to the sale of OE components, an unbilled work done contract asset has been recognised
which will be satisfied through cash receipt during the aftermarket phase. The constraints applied to unbilled work done are reassessed at each
period end, and will unwind as risks reduce and when uncertainties are resolved. This is expected to lead to additional revenue recognition in
future periods in relation to items sold in the current and preceding periods. Further information is provided in note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "18.
Cash and cash equivalents
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
88
58
\n
Cash and cash equivalents comprises cash at bank and in hand which earns interest at floating rates based on daily bank deposit rates and short-
term deposits which are made for varying periods of between one day and one month. The carrying amount of these assets is considered to be
equal to their fair value.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Reconciliation of cash and cash equivalents, net of bank overdrafts
\u00a3m
\u00a3m
Cash and cash equivalents per Balance Sheet
88
58
Bank overdrafts included within current interest-bearing loans and borrowings (note 20)
(8)
(1)
Cash and cash equivalents, net of bank overdrafts per Statement of Cash Flows
80
57
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "19.
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Restated
(1)
\u00a0
31 December
31 December
\u00a0
2024
2023
Current
\u00a3m
\u00a3m
Trade payables
580
501
Other payables
81
110
Customer advances and contract liabilities
509
353
Other taxes and social security
51
56
Government refundable advances
6
5
Funded development costs
80
64
A
ccruals
190
183
Deferred government grants
13
14
\u00a0
1,510
1,286
\n
(1) Customer advances and contract liabilities have been restated (see note 1).
As at 31 December 2024, and as described in note 25, included within trade payables were drawings on supplier finance facilities of \u00a380 million
\n
(31 December 2023: \u00a386 million). Trade payables are non-interest-bearing. Normal settlement terms vary by country and the average credit
\n
period taken for trade and other payables is 73 days (31 December 2023: 91 days).
\n\n \n
Restated
(1)
31 December
31 December
2024
2023
Non-current
\u00a3m
\u00a3m
Other payables
51
\u2013
Customer advances and contract liabilities
316
293
Other taxes and social security
2
1
Government refundable advances
45
44
Funded development costs
17
49
A
ccruals
18
16
Deferred government grants
20
23
469
426
\n
(1)
Customer advances and contract liabilities have been restated (see note 1).
\n
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
\n
Non-current amounts; other payables, other taxes and social security and accruals fall due for payment within one to two years; government
\n
refundable advances are forecast to fall due for repayment between 2025 and 2055 and the deferred government grants will be utilised over
\n
the next five years.
\n
Funded development costs
\n
When the Group is awarded design and development work as part of a related serial production of components contract, management assesses
\n
whether the two phases of work are distinct under IFRS 15: Revenue from contracts with customers.
\n
Where it is considered there is only one performance obligation under the contract, being the delivery of manufactured product, any cash
\n
received from customers which contributes to \u2018funding\u2019 the up-front design and development expenditure incurred, is deferred on the
\n
Balance Sheet as an obligation and released to revenue in the Income Statement based on satisfaction of performance obligations, being the
\n
delivery of product.
\n
Customer advances and contract liabilities include cash receipts from customers in advance of the Group completing its performance obligations
\n
and are generally utilised as product is delivered. Non-current amounts in respect of customer advances and contract liabilities will be utilised
\n
as follows: one to two years \u00a3101 million, two to five years \u00a3122 million and over five years \u00a394 million (31 December 2023: one to two years
\n
\u00a3118 million, two to five years \u00a322 million and over five years \u00a385 million).
\n
The Group\u2019s Customer advances and contract liabilities comprise the following:
\n\n \n
Restated
(1)
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Customer cash advances
211
132
Material rights given
23
30
RRSP related obligations
591
484
825
646
\n
(1) Customer cash advances and RRSP related obligations have been restated (see note 1).
\n
Customer cash advances
\n
There are a discrete number of contracts with customers, where commercial terms lead to customer advances relating to serial production of
\n
components. Where cash is received in advance of performance, this usually addresses non-standard commercial impacts on the Group such
\n
as long lead times on inventory.
\n
Customer cash advances, received before the Group delivers product, are deferred on the Balance Sheet as an obligation and released to
\n
revenue based on satisfaction of performance obligations.
\n
Material rights given
\n
Where the Group has agreed contracts with customers that contain any unusual pricing features, these are assessed to determine if material
\n
rights have been transferred to the customer. A material right could occur when there is a material step down in price or if contracts are modified
\n
with lump sum cash receipts offset by a reduction in future pricing.
\n
If a material right has transferred to the customer, any cash received in advance of the Group performing its obligations under a contract is
\n
deferred on the Balance Sheet and released to revenue in the Income Statement based on the terms of the contract.
RRSP related obligations
\n
As detailed in the accounting policies (note 2), significant estimates disclosure (note 3), revenue disclosures (note 4) and contract asset disclosure
\n
(note 17), the Group has certain RRSP arrangements, with more complex revenue recognition considerations. Whilst the Group has an unbilled
\n
work done contract asset of \u00a3922 million (31 December 2023: \u00a3595 million), detailed in note 17, which represents the Group having completed
\n
certain of its performance obligations in advance of cash receipt, it also has contract liabilities.
\n
These include:
\n
\u2022
Cash received for a \u2018stand ready\u2019 obligation (described in note 4) of \u00a3158 million (31 December 2023 \u2013 restated: \u00a3134 million) to contribute to
\n
aftermarket activities of certain RRSPs, which typically results in the provision of services such as technical and other programme support
\n
activities over the whole life of the engine. This will be recognised over time in line with the engine manufacturer\u2019s actual maintenance, repair and
\n
overhaul costs.
\n
\u2022
A pricing rebate provision for estimated discounts provided by engine manufacturers on the sale of OE of \u00a372 million (31 December 2023:
\n
\u00a368 million).
\n
\u2022
Cash received to compensate where the production cost incurred on an RRSP contract is in excess of the Group\u2019s share of the programme,
\n
totalling \u00a329 million (31 December 2023 \u2013 restated: \u00a329 million). This will be released to the Income Statement when the Group has satisfied
\n
its performance obligations.
\n
\u2022
Cash received in respect of RRSP contract amendments of \u00a394 million (31 December 2023: \u00a359 million). This will be released over the life of
\n
the contract in accordance with the original terms of the contract.
\n
\u2022
A provision for engineering and warranty commitments in respect of RRSP contracts of \u00a335 million (31 December 2023: \u00a330 million). This is
\n
expected to be utilised over the warranty terms of the contracts.
\n
\u2022
Other contract liabilities of \u00a3203 million (31 December 2023 \u2013 restated: \u00a3164 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "20.
Interest-bearing loans and borrowings
\n
This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. Details of the Group\u2019s exposure
\n
to credit, liquidity, interest rate and foreign currency risk are included in note 25.
Current
Non-current
Total
31 December
31 December
31 December
31 December
31 December
31 December
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Floating rate obligations
Bank borrowings \u2013 US dollar loan
\u2013
\u2013
1,131
467
1,131
467
Bank borrowings \u2013 Sterling loan
\u2013
\u2013
16
1
16
1
Bank borrowings \u2013 Euro loan
\u2013
\u2013
261
106
261
106
Other loans
\u2013
53
\u2013
\u2013
\u2013
53
Bank overdrafts
8
1
\u2013
\u2013
8
1
Fixed rate obligations
2032 bond
\u2013
\u2013
\u2013
10
\u2013
10
8
54
1,408
584
1,416
638
Unamortised finance costs
\u2013
\u2013
(7)
(8)
(7)
(8)
Total interest-bearing loans and borrowings
8
54
1,401
576
1,409
630
\n
At 31 December 2023, the Group had committed multi-currency term loans and revolving credit facilities of US$1,240 million, \u20ac400 million and
\n
\u00a3300 million. During the year, the US$ facilities increased by US$399 million and all facilities were set to mature in April 2026, with the potential to
\n
be extended for two additional one-year periods at the Group\u2019s option. As at 31 December 2024, the Group has committed multi-currency term
\n
loans and revolving credit facilities totalling US$1,639 million, \u20ac400 million and \u00a3300 million.
\n
Subsequent to 31 December 2024, the Group has arranged additional committed bank facilities of \u20ac355 million maturing in January 2027 and
\n
facilities totalling US$70 million and \u00a350 million maturing in January 2026.
\n
At 31 December 2024, drawings under the facilities were US$1,416 million, \u20ac316 million and \u00a316 million. Applying the exchange rates at
\n
31 December 2024, the headroom equated to \u00a3532 million. There are also a number of uncommitted overdraft, guarantee and borrowing
\n
facilities made available to the Group.
\n
Costs of refinancing of \u00a33 million (2023: \u00a311 million) were capitalised during the year and \u00a34 million (2023: \u00a36 million) of amortisation of finance
\n
costs were charged to the Income Statement.
\n
Throughout the year, the Group remained compliant with all covenants under the facilities disclosed above. A number of Group companies are
\n
guarantors under the bank facilities. Further details on covenant compliance for the year ended 31 December 2024 are contained in note 25.
The bank margins on the bank facility depend on the Group leverage and were as follows:
31 December 2024
31 December 2023
Margin
Range
Margin
Range
Facility:
Term loan
1.40%
1.0% \u2013 2.3%
1.30%
0.9% \u2013 2.2%
Revolving credit facilities
1.40% \u2013 1.55%
1.0% \u2013 2.4%
1.30% \u2013 1.55%
0.9% \u2013 2.4%
\n
At the start of the year the Group held capital market borrowings with an outstanding nominal value of \u00a310 million from an original \u00a3300 million bond,
\n
issued in May 2017 and due to mature in May 2032. During the year, an agreement was reached with remaining bondholders that resulted in the
\n
outstanding nominal value being bought back and cancelled for a total cost of \u00a310 million.
\n
Maturity of financial liabilities (excluding currency contracts and lease obligations)
\n
The table below shows the maturity profile of anticipated future cash flows, including interest, on an undiscounted basis in relation to the Group\u2019s
\n
financial liabilities (other than those associated with currency risk, which are shown in note 25, and lease obligations which are shown in note 28).
\n
The amounts shown therefore differ from the carrying value and fair value of the Group\u2019s financial liabilities.
Interest-bearing
Interest rate
loans and
derivative financial
Other financial
Total financial
borrowings
liabilities
liabilities
liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
82
1
857
940
In one to two years
1,432
1
44
1,477
In two to five years
\u2013
\u2013
12
12
A
fte
r
five years
\u2013
\u2013
76
76
Effect of financing rates
(105)
\u2013
(18)
(123)
31 December 2024
1,409
2
971
2,382
Within one year
88
\u2013
799
887
In one to two years
45
\u2013
21
66
In two to five years
565
\u2013
7
572
A
fte
r
five years
11
\u2013
32
43
Effect of financing rates
(79)
\u2013
\u2013
(79)
31 December 2023
630
\u2013
859
1,489
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "20.
Interest-bearing loans and borrowings
\n
This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. Details of the Group\u2019s exposure
\n
to credit, liquidity, interest rate and foreign currency risk are included in note 25.
Current
Non-current
Total
31 December
31 December
31 December
31 December
31 December
31 December
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Floating rate obligations
Bank borrowings \u2013 US dollar loan
\u2013
\u2013
1,131
467
1,131
467
Bank borrowings \u2013 Sterling loan
\u2013
\u2013
16
1
16
1
Bank borrowings \u2013 Euro loan
\u2013
\u2013
261
106
261
106
Other loans
\u2013
53
\u2013
\u2013
\u2013
53
Bank overdrafts
8
1
\u2013
\u2013
8
1
Fixed rate obligations
2032 bond
\u2013
\u2013
\u2013
10
\u2013
10
8
54
1,408
584
1,416
638
Unamortised finance costs
\u2013
\u2013
(7)
(8)
(7)
(8)
Total interest-bearing loans and borrowings
8
54
1,401
576
1,409
630
\n
At 31 December 2023, the Group had committed multi-currency term loans and revolving credit facilities of US$1,240 million, \u20ac400 million and
\n
\u00a3300 million. During the year, the US$ facilities increased by US$399 million and all facilities were set to mature in April 2026, with the potential to
\n
be extended for two additional one-year periods at the Group\u2019s option. As at 31 December 2024, the Group has committed multi-currency term
\n
loans and revolving credit facilities totalling US$1,639 million, \u20ac400 million and \u00a3300 million.
\n
Subsequent to 31 December 2024, the Group has arranged additional committed bank facilities of \u20ac355 million maturing in January 2027 and
\n
facilities totalling US$70 million and \u00a350 million maturing in January 2026.
\n
At 31 December 2024, drawings under the facilities were US$1,416 million, \u20ac316 million and \u00a316 million. Applying the exchange rates at
\n
31 December 2024, the headroom equated to \u00a3532 million. There are also a number of uncommitted overdraft, guarantee and borrowing
\n
facilities made available to the Group.
\n
Costs of refinancing of \u00a33 million (2023: \u00a311 million) were capitalised during the year and \u00a34 million (2023: \u00a36 million) of amortisation of finance
\n
costs were charged to the Income Statement.
\n
Throughout the year, the Group remained compliant with all covenants under the facilities disclosed above. A number of Group companies are
\n
guarantors under the bank facilities. Further details on covenant compliance for the year ended 31 December 2024 are contained in note 25.
\n\n\n\n
The bank margins on the bank facility depend on the Group leverage and were as follows:
31 December 2024
31 December 2023
Margin
Range
Margin
Range
Facility:
Term loan
1.40%
1.0% \u2013 2.3%
1.30%
0.9% \u2013 2.2%
Revolving credit facilities
1.40% \u2013 1.55%
1.0% \u2013 2.4%
1.30% \u2013 1.55%
0.9% \u2013 2.4%
\n
At the start of the year the Group held capital market borrowings with an outstanding nominal value of \u00a310 million from an original \u00a3300 million bond,
\n
issued in May 2017 and due to mature in May 2032. During the year, an agreement was reached with remaining bondholders that resulted in the
\n
outstanding nominal value being bought back and cancelled for a total cost of \u00a310 million.
\n
Maturity of financial liabilities (excluding currency contracts and lease obligations)
\n
The table below shows the maturity profile of anticipated future cash flows, including interest, on an undiscounted basis in relation to the Group\u2019s
\n
financial liabilities (other than those associated with currency risk, which are shown in note 25, and lease obligations which are shown in note 28).
\n
The amounts shown therefore differ from the carrying value and fair value of the Group\u2019s financial liabilities.
Interest-bearing
Interest rate
loans and
derivative financial
Other financial
Total financial
borrowings
liabilities
liabilities
liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
82
1
857
940
In one to two years
1,432
1
44
1,477
In two to five years
\u2013
\u2013
12
12
A
fte
r
five years
\u2013
\u2013
76
76
Effect of financing rates
(105)
\u2013
(18)
(123)
31 December 2024
1,409
2
971
2,382
Within one year
88
\u2013
799
887
In one to two years
45
\u2013
21
66
In two to five years
565
\u2013
7
572
A
fte
r
five years
11
\u2013
32
43
Effect of financing rates
(79)
\u2013
\u2013
(79)
31 December 2023
630
\u2013
859
1,489
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "21.
Provisions
Loss-making
Property
Environmental and
Warranty
contracts
related costs
litigation
related costs
Restructuring
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2024
58
23
54
27
59
65
286
Utilised
(23)
\u2013
(10)
(4)
(118)
(11)
(166)
Charge to operating profit
(1)
12
3
18
3
86
8
130
Release to operating profit
(2)
\u2013
(1)
(10)
(1)
(1)
(1)
(14)
Disposal of businesses
(3)
(18)
\u2013
(2)
\u2013
\u2013
\u2013
(20)
Transfers
(4)
\u2013
\u2013
\u2013
\u2013
\u2013
(31)
(31)
Exchange adjustments
(1)
\u2013
\u2013
(1)
1
\u2013
(1)
A
t 31 December 2024
28
25
50
24
27
30
184
Current
15
9
25
11
25
23
108
Non-current
13
16
25
13
2
7
76
28
25
50
24
27
30
184
\n
(1) Includes \u00a396 million of adjusting items and \u00a334 million recognised in adjusted operating profit.
\n
(2) Includes \u00a33 million of adjusting items and \u00a311 million recognised in adjusted operating profit.
\n
(3) Disposal of businesses relates to the sale of non-core businesses in the Structures segment (see note 1).
\n
(4) Transfer to accruals following certainty of the timing and value of employer tax on equity-settled compensation schemes.
Loss-making contracts
Provisions for loss-making contracts are considered to exist where the Group has a contract under which the unavoidable costs of meeting
the obligations exceed the economic benefits expected to be received under it. This obligation has been discounted and will be utilised over
the period of the respective contracts, which is up to 15 years.
Calculation of loss-making contract provisions is based on contract documentation and delivery expectations, along with an estimate of directly
attributable costs and represents management\u2019s best estimate of the unavoidable costs of fulfilling the contract.
Utilisation in continuing operations during the year of \u00a323 million has benefitted adjusted operating profit. In addition, \u00a312 million has been
charged (2023: \u00a321 million) on a net basis, of which \u00a310 million (2023: \u00a321 million) is shown as an adjusting item (see note 6).
Property related costs
The provision for property related costs represents dilapidation costs for ongoing leases and is expected to result in cash expenditure over the
next eight years. Calculation of dilapidation obligations are based on lease agreements with landlords and external quotes, or in the absence
of specific documentation, management\u2019s best estimate of the costs required to fulfil obligations.
Environmental and litigation
There are environmental provisions amounting to \u00a38 million (31 December 2023: \u00a37 million) relating to the estimated remediation costs
of pollution, soil and groundwater contamination at certain sites and estimated future costs and settlements in relation to legal claims and
associated insurance obligations amounting to \u00a342 million (31 December 2023: \u00a347 million). Liabilities for environmental costs are recognised
when environmental assessments are probable and the associated costs can be reasonably estimated.
The Group has on occasion been required to take legal or other actions to defend itself against proceedings brought by other parties. Provisions
are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, considering
professional advice received. This represents management\u2019s best estimate of the likely outcome. The timing of utilisation of these provisions is
frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and negotiations. Contractual and other
provisions represent management\u2019s best estimate of the cost of settling future obligations and reflect management\u2019s assessment of the likely
settlement method, which may change over time. However, no provision is made for proceedings which have been, or might be, brought by
other parties against Group companies unless management, considering professional advice received, assess that it is more likely than not that
such proceedings may be successful.
Warranty related costs
Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant
products and subsequently updated for changes in estimates as necessary. The provision for warranty related costs represents the best
estimate of the expenditure required to settle the Group\u2019s obligations, based on past experience, recent claims and current estimates of costs
relating to specific claims. Warranty terms are, on average, between one and five years.
Restructuring
Restructuring provisions relate to committed costs in respect of restructuring programmes, as described in note 6, usually resulting in cash
spend within one to two years. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring
and has raised a valid expectation in those affected that it will carry out the restructuring by either starting to implement the plan or by
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 necessarily entailed by the restructuring programmes.
Other
Other provisions include indemnities and the employer tax on equity-settled incentive schemes which are expected to result in cash expenditure
during the next two years.
Where appropriate, provisions have been discounted using discount rates between 0% and 5% (31 December 2023: 0% and 7%) depending on
the territory in which the provision resides and the length of its expected utilisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "22.
Deferred tax
The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the current and prior year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Deferred tax assets
Deferred tax liabilities
\u00a0
\u00a0\u00a0
Deferred tax in
\u00a0\u00a0\u00a0
\u00a0\u00a0
relation to revenue
\u00a0\u00a0\u00a0
\u00a0
Tax losses and other
recognition and
Deferred tax on
Total deferred
Total net
\u00a0
assets
other liabilities
(1)
intangible assets
tax liabilities
deferred tax
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
373
(150)
(469)
(619)
(246)
Income Statement credit/(charge)
55
(85)
73
(12)
43
Credit to equity
(2)
43
\u2013
\u2013
\u2013
43
Disposal of businesses
(3)
(189)
31
347
378
189
Transfer to held for sale
(4)
(1)
\u2013
\u2013
\u2013
(1)
Exchange adjustments
(18)
10
25
35
17
Movement in set off of assets and liabilities
(5)
264
(18)
(246)
(264)
\u2013
A
t 31 December 2023
527
(212)
(270)
(482)
45
Income Statement credit/(charge)
95
(82)
59
(23)
72
Credit to equity
(2)
9
\u2013
\u2013
\u2013
9
Disposal of businesses
(3)
21
\u2013
\u2013
\u2013
21
Exchange adjustments
(3)
(7)
(3)
(10)
(13)
Movement in set off of assets and liabilities
(5)
2
39
(41)
(2)
\u2013
A
t 31 December 2024
651
(262)
(255)
(517)
134
\n
(1) Includes accelerated capital allowances.
(2) Includes a tax credit of \u00a314 million (2023: \u00a322 million) recognised directly in equity in respect of equity-settled share-based payments and a charge of \u00a35 million
(2023: credit of \u00a321 million) recognised within other comprehensive income.
(3)
Disposal of businesses in 2024 relates to the sale of non-core businesses in the Structures segment, and includes deferred tax of \u00a38 million in respect of liabilities
crystallised on disposal. Disposal of businesses in 2023 related to the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses
(see note 1).
(4) Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment.
(5)
Set off of deferred tax assets and liabilities in accordance with IAS 12 within territories with a right of set off.
As at 31 December 2024, the Group had gross unused corporate income tax losses of \u00a32,327 million (31 December 2023: \u00a32,039 million)
available for offset against future profits. A deferred tax asset of \u00a3522 million (31 December 2023: \u00a3446 million) has been recognised in respect
of \u00a32,160 million (31 December 2023: \u00a31,799 million) of these gross losses. The movement in deferred tax assets relating to tax losses arises
primarily through the Income Statement. There is also a credit of \u00a33 million (2023: \u00a3nil) included within other comprehensive income. No asset
has been recognised in respect of the remaining losses due to the divisional and geographic split of anticipated future profit streams. Most of
these losses may be carried forward indefinitely subject to certain continuity of business requirements. Where losses are subject to time expiry,
a deferred tax asset is recognised to the extent that sufficient future profits are anticipated to utilise these losses. The Group continues to
recognise deferred tax assets as it is confident that it will have future taxable profits against which the deferred tax assets will be realised.
In addition to the corporate income tax losses included above, a deferred tax asset of \u00a338 million (31 December 2023: \u00a333 million) has been
recognised on tax credits (primarily US) and US state tax losses.
Deferred tax assets have also been recognised on Group retirement benefit obligations at \u00a33 million (31 December 2023: \u00a37 million) and on other
temporary differences at \u00a3305 million (31 December 2023: \u00a3261 million). The gross deferred tax assets therefore amount to \u00a3868 million
(31 December 2023: \u00a3747 million).
Deferred tax liabilities have been recognised on intangible assets at \u00a3423 million (31 December 2023: \u00a3479 million) and in relation to revenue
recognition and other temporary differences at \u00a3311 million (31 December 2023: \u00a3223 million). The gross deferred tax liabilities therefore amount
to \u00a3734 million (31 December 2023: \u00a3702 million).
Of the total net deferred tax asset of \u00a3134 million (31 December 2023: \u00a345 million), after offset of deferred tax liabilities in relation to other
intangible assets, \u00a3277 million (31 December 2023: \u00a3237 million) relates to the UK. This is made up primarily of tax losses and fixed asset
temporary differences. Deferred tax assets are recognised only to the extent it is probable that future taxable profits will be available against
which the assets can be utilised. A recoverability assessment has been undertaken using the Group\u2019s latest profit forecasts to assess the level of
future taxable profits. These profit forecasts reflect industry growth rates and supply and demand factors, which take account of climate change
implications for affected markets, as discussed in note 11.
The assessment takes both positive and negative evidence into account, and sensitivity analysis has been undertaken assessing the impact
of lower growth rates and levels of operating profit. The assessment reflects the fact that, under UK tax law, the amount of both UK capital
allowances (tax depreciation) that can be claimed, and brought forward tax losses that can be utilised are restricted; use of tax losses is
restricted to broadly 50% of current year taxable profits. It is noted that there are UK tax losses pre-dating 1 April 2017 that are not recognised
as the utilisation of these is further limited under UK tax law.
Based on work performed, positive evidence outweighs the negative evidence and so continued recognition is supported as it is probable that
the UK business will generate taxable income and tax liabilities in the future against which these losses and other tax assets can be utilised. The
business is long-term in nature, with typical Structures programme life-cycles of 25 to 35 years, and the period over which the deferred tax asset
will be utilised is consistent with this.
Any future changes in tax law or the structure of the Group could impact the use of losses and other deductible temporary differences, including
the period over which they can be used. In view of this, and the significant estimation involved, management continually monitors the position
(see note 3).
Other significant deferred tax assets, after offset of deferred tax liabilities in relation to other intangible assets, relate to the Netherlands, \u00a3158 million
(31 December 2023: \u00a3110 million), and the US, \u00a3193 million (31 December 2023: \u00a3150 million). These assets also arise primarily from tax losses,
and similar assessments have been undertaken in relation to future forecast profits being generated in these territories. Using similar forecasting
considerations to those discussed in note 11, climate change is deemed not to have a material impact on the future taxable profits of the Group
and its ability to utilise unused tax losses and deductible temporary differences.
There are no material unrecognised deferred tax assets at either 31 December 2024 or 31 December 2023, other than the losses referred to
above. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries except where the distribution of such profits is planned.
If these earnings were remitted in full, tax of \u00a31 million (31 December 2023: \u00a32 million) would be payable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "23. Share-based payments
The Melrose 2020 Employee Share Plan (\u201cthe MESP\u201d)
On 3 June 2024, the MESP crystallised as expected resulting in 54,346,536 shares being awarded to plan participants. Prior to crystallisation,
the Remuneration Committee determined that 25,498,465 shares would be withheld by the Company in exchange for an equivalently valued
\u00a3157 million cash payment, being sufficient to allow the holders to meet their income tax and employee national insurance liabilities in respect
of the MESP. The remaining 28,848,071 shares were converted into Ordinary shares and issued to participants. A further 3,875,954 nil cost
options, held by an Executive Director, remain outstanding as at 31 December 2024 and are exercisable in 2025 and 2026.
During the year, the Group recognised a charge of \u00a314 million (2023: \u00a335 million) in respect of the MESP, inclusive of a \u00a314 million charge in
respect of related national insurance (2023: \u00a328 million), recognised in adjusting items (note 6). Further details in respect of the MESP are set
out in the Directors\u2019 Remuneration Report on page 142.
Melrose Performance Share Plan
(\u201cthe PSP\u201d)
On 2 May 2024, at the Annual General Meeting, shareholders approved the creation of the PSP. On 11 June 2024, 798,965 options were
granted to eligible participants under the terms of the PSP. The options will vest on 11 June 2027, subject to the achievement of a number
of vesting conditions, with each vested option converting into one Ordinary share of the Company. Further details are set out in the Directors\u2019
Remuneration Report on page 141.
During the year, the Group recognised a charge of \u00a31 million in respect of the PSP, inclusive of a \u00a3nil charge in respect of related national
insurance which is recognised within adjusted operating profit. A summary of the movements of the Group\u2019s PSP share-based payment plans
during the year is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of options
Outstanding at 1 January 2024
\u2013
Granted during the year
798,965
Forfeited during the year
\u2013
Exercised during the year
\u2013
Outstanding at 31 December 2024
798,965
\nAll outstanding options have an exercise price of nil pence and have an exercise date of 11 June 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "24.
Retirement benefit obligations
Defined contribution plans
The Group operates defined contribution plans for qualifying employees across several jurisdictions. The assets of the plans are held separately
from those of the Group in funds under the control of Trustees.
The total costs charged in relation to the continuing businesses during the year of \u00a360 million (2023: \u00a358 million) represent contributions payable
to these plans by the Group at rates specified in the rules of the plans.
Defined benefit plans
The Group sponsors defined benefit plans for qualifying employees of certain subsidiaries. The funded defined benefit plans are administered
by separate funds that are legally separated from the Group. The Trustees of the funds are required by law to act in the interest of the fund
and of all relevant stakeholders in the plans. The Trustees of the pension funds are responsible for the investment policy with regard to the
assets of the fund.
During the prior year, \u00a3439 million of net retirement benefit obligations were disposed with the demerger of the GKN Automotive, GKN Powder
Metallurgy and GKN Hydrogen businesses (note 1).
Also during 2023, a buy-in policy was purchased for \u00a345 million which fully insured pensioner members who were in the GKN Group Pension
Scheme Number 4. The present value of funded defined benefit obligations for GKN Group Pension Scheme Number 4 was actuarially calculated
and the plan asset was set equal.
The most significant defined benefit pension plans in the Group at 31 December 2024 were:
GKN Group Pension Schemes (Numbers 1 and 4)
The GKN Group Pension Schemes (Numbers 1 and 4) are funded plans closed to new members and were closed to future accrual in 2017.
The valuation of the plans was based on a full actuarial valuation as of 5 April 2022, updated to 31 December 2024 by independent actuaries.
In June 2023, the UK High Court ruled that certain historical amendments for contracted-out defined benefit pension schemes were invalid if they
were not accompanied by the correct actuarial confirmation. The ruling was subject to appeal with a judgment upheld on 25 July 2024. The
Group is in the process of evaluating the impact with the Trustees and is monitoring developments in relation to this matter.
GKN US Consolidated Pension Plan
The GKN US Consolidated Pension Plan is a funded plan, closed to new members and closed to future accrual. The US Pension Plan valuation
was based on a full actuarial valuation as of 1 January 2024, updated to 31 December 2024 by independent actuaries.
The cost of the Group\u2019s defined benefit plans is determined in accordance with IAS 19 (revised): Employee benefits using the advice of
independent professionally qualified actuaries on the basis of formal actuarial valuations and using the projected unit credit method. In line with
normal practice, these valuations are undertaken triennially in the UK and annually in the US.
Contributions
The Group contributed \u00a320 million (2023: \u00a372 million) to defined benefit pension plans and post-employment plans in the year ended 31 December 2024.
The Group expects to contribute approximately \u00a327 million in 2025.
Actuarial assumptions
The major assumptions used by the actuaries in calculating the Group\u2019s pension liabilities are as set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Rate of increase
\u00a0
Price inflation
\u00a0
of pensions in payment
Discount rate
(RPI/CPI)
\u00a0
% per annum
%
%
31 December 2024
\u00a0 \u00a0 \u00a0
GKN Group Pension Schemes (Numbers 1 and 4)
2.7
5.5
3.0/2.6
GKN US plans
n/a
5.5
n/a
31 December 2023
\u00a0 \u00a0 \u00a0
GKN Group Pension Schemes (Numbers 1 and 4)
2.6
4.5
2.9/2.5
GKN US plans
n/a
4.8
n/a
\n
Mortality
GKN Group Pension Schemes (Numbers 1 and 4)
The GKN Group Pension Schemes (Numbers 1 and 4) use the SAPS \u2018S3PA\u2019 base tables with scheme-specific adjustments. The base table
mortality assumption for each of the UK plans reflects best estimate results from the most recent mortality experience analyses for each scheme.
Scaling factors vary by scheme.
Future improvements for all UK plans are in line with the 2023 Continuous Mortality Investigation (\u201cCMI\u201d) core projection model (Sk = 7.0, A = 0%,
w2022 = w2023 = 15%) with a long-term rate of improvement of 1.25% p.a. for both males and females.
GKN US Consolidated Pension Plan
GKN US Pension and Medical Plans use base mortality tables in line with PRI \u2013 2012 tables. Future improvements for all US plans are in line
with MP2021.
The following table shows the future life expectancy of individuals age 65 at the year end and the future life expectancy of individuals aged 65
\n
in 20 years\u2019 time.
\n\n \n
GKN Group
GKN US
Pension Schemes
Consolidated
(Numbers 1 and 4)
Pension Plan
years
years
Male today
21.5
19.7
Female today
23.7
21.7
Male in 20 years\u2019 time
22.7
21.2
Female in 20 years\u2019 time
25.1
23.1
\n
Balance Sheet disclosures
\n
The amounts recognised in the Consolidated Balance Sheet in respect of defined benefit plans were as follows:
\n\n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Present value of funded defined benefit obligations
(1,022)
(1,193)
Fair value of plan assets
986
1,118
Funded status
(36)
(75)
Present value of unfunded defined benefit obligations
(23)
(24)
Net liabilities
(59)
(99)
\n
The plan assets and liabilities at 31 December 2024 were as follows:
\n\n \n
UK
US
Other
Plans
(1)
Plans
Plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plan assets
955
31
\u2013
986
Plan liabilities
(983)
(54)
(8)
(1,045)
Net liabilities
(28)
(23)
(8)
(59)
\n
(1) Includes a liability in respect of the GKN post-employment medical plans of \u00a36 million and a net deficit in respect of the GKN Group Pension Scheme
\n
(Numbers 1 and 4) of \u00a322 million.
\n
The major categories and fair values of plan assets at the end of the year for each category were as follows:
\n\n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Government bonds
276
363
Corporate bonds
59
60
Property
5
9
Insurance contracts
378
439
Multi-strategy/Diversified growth funds
202
130
Private equity
13
24
Other
(1)
53
93
Total
986
1,118
\n
(1) Primarily consists of cash collateral and liability driven investments.
\n
Excluding the insurance contracts purchased in respect of GKN Group Pension Scheme Number 4, the assets were well diversified and the
\n
majority of plan assets had quoted prices in active markets. All government bonds were issued by reputable governments and were generally
\n
AA-rated or higher. Interest rate and inflation rate swaps were also employed to complement the role of fixed and index-linked bond holdings
\n
for liability risk management.
\n
The Trustees continually review whether the chosen investment strategy is appropriate with a view to providing the pension benefits and to
\n
ensure appropriate matching of risk and return profiles. The main strategic policies included maintaining an appropriate asset mix, managing
\n
interest rate sensitivity and maintaining an appropriate equity buffer. Investment results are regularly reviewed.
Movements in the present value of defined benefit obligations during the year:
\n\n \n
Year ended
Year ended
31 December
31 December
2024
2023
\u00a3m
\u00a3m
A
t 1 January
1,217
2,429
Current service cost
\u2013
2
Interest cost on obligations
53
71
Remeasurement gains \u2013 demographic
(12)
\u2013
Remeasurement (gains)/losses \u2013 financial
(132)
3
Remeasurement losses \u2013 experience
2
23
Benefits paid out of plan assets
(70)
(79)
Benefits paid out of Group assets for unfunded plans
(3)
(7)
Settlements
(12)
\u2013
Disposal of businesses
(1)
\u2013
(1,214)
Exchange adjustments
2
(11)
A
t 31 December
1,045
1,217
\n
(1) Disposal of businesses in 2023 related to the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
\n
The defined benefit plan liabilities were 11% (31 December 2023: 13%) in respect of active plan participants, 26% (31 December 2023: 27%)
\n
in respect of deferred plan participants and 63% (31 December 2023: 60%) in respect of pensioners.
\n
The weighted average duration of the defined benefit plan liabilities at 31 December 2024 was 12.4 years (31 December 2023: 12.7 years).
\n
Movements in the fair value of plan assets during the year:
\n\n \n
Year ended
Year ended
31 December
31 December
2024
2023
\u00a3m
\u00a3m
A
t 1 January
1,118
1,941
Interest income on plan assets
49
66
Return on plan assets, excluding interest income
(115)
(93)
Contributions
17
65
Benefits paid out of plan assets
(70)
(79)
Plan administrative costs
(2)
(4)
Settlements
(13)
\u2013
Disposal of businesses
(1)
\u2013
(775)
Exchange adjustments
2
(3)
A
t 31 December
986
1,118
\n
(1) Disposal of businesses in 2023 related to the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
\n
The actual return on plan assets was a loss of \u00a366 million (2023: \u00a327 million).
\n
Income Statement disclosures
\n
Amounts recognised in the Consolidated Income Statement in respect of these defined benefit plans were as follows:
\n\n \n
Year ended
Year ended
31 December
31 December
2024
2023
Continuing operations
\u00a3m
\u00a3m
Included within operating (loss)/profit:
\u2013 plan administrative costs
2
4
\u2013 settlement loss
1
\u2013
Included within net finance costs:
\u2013 interest cost on defined benefit obligations
53
56
\u2013 interest income
on plan assets
(49)
(55)
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Discontinued operations
\u00a3m
\u00a3m
Included within operating profit:
\u00a0 \u00a0
\u2013 current service cost
\u2013
2
Included within net finance costs:
\u00a0 \u00a0
\u2013 interest cost on defined benefit obligations
\u2013
15
\u2013 interest income
on plan assets
\u2013
(11)
\n
Statement of Comprehensive Income disclosures
Amounts recognised in the Consolidated Statement of Comprehensive Income in respect of these defined benefit plans were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Return on plan assets, excluding interest income
(115)
(93)
Remeasurement gains arising from changes in demographic assumptions
12
\u2013
Remeasurement gains/(losses) arising from changes in financial assumptions
132
(3)
Remeasurement losses arising from experience adjustments
(2)
(23)
Net remeasurement gain/(loss) on retirement benefit obligations
27
(119)
\n
Risks and sensitivities
The defined benefit plans expose the Group to actuarial risks, such as longevity risk, inflation risk, interest rate risk and market (investment) risk.
The Group is not exposed to any unusual, entity specific or plan specific risks.
A sensitivity analysis on the principal assumptions used to measure the plan liabilities at the year end was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Decrease/(increase)
Increase/(decrease)
\u00a0\u00a0
to plan liabilities
to profit before tax
\u00a0
Change in assumption
\u00a3m
\u00a3m
Discount rate
Increase by 0.5 ppts
58
(2)
\u00a0
Decrease by 0.5 ppts
(63)
2
Inflation assumption
(1)
Increase by 0.5 ppts
(34)
n/a
\u00a0
Decrease by 0.5 ppts
37
n/a
A
ssumed life expectancy at age 65 (rate of mortality)
Increase by 1 year
(38)
n/a
\u00a0
Decrease by 1 year
39
n/a
\n
(1) The inflation sensitivity encompasses the impact on pension increases, where applicable.
The sensitivity analysis above was determined based on reasonably possible changes to the respective assumptions, while holding all other
assumptions constant. There has been no change in the methods or assumptions used in preparing the sensitivity analysis from prior years.
Sensitivities are based on the relevant assumptions and membership profile as at 31 December 2024 and are applied to obligations at the
end of the reporting period. Whilst the analysis does not take account of the full distribution of cash flows expected, it does provide an
approximation to the sensitivity of assumptions shown. Extrapolation of these results beyond the sensitivity figures shown may not be appropriate
and the sensitivity analysis presented may not be representative of the actual change in the defined benefit obligation as it is unlikely that the
change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "25.
Financial instruments and risk management
The table below sets out the Group\u2019s accounting classification of each category of financial assets and liabilities and their carrying values at
31 December 2024 and 31 December 2023:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Engines
Structures
Corporate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2024
\u00a0\u00a0\u00a0\u00a0
Financial assets
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
\u2013
\u2013
88
88
Net trade receivables
205
195
\u2013
400
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Investments
59
\u2013
10
69
Derivative financial assets
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
8
8
Interest rate derivatives
\u2013
\u2013
8
8
Embedded derivatives
(1)
\u2013
6
\u2013
6
Financial liabilities
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
\u2013
\u2013
(1,409)
(1,409)
Government refundable advances
(48)
(3)
\u2013
(51)
Lease obligations
(79)
(150)
(8)
(237)
Other financial liabilities
(380)
(477)
(63)
(920)
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Derivative financial liabilities
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
(182)
(182)
Interest rate derivatives
\u2013
\u2013
(2)
(2)
Embedded derivatives
(1)
\u2013
(3)
\u2013
(3)
31 December 2023
\u00a0\u00a0\u00a0\u00a0
Financial assets
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
\u2013
\u2013
58
58
Net trade receivables
168
252
\u2013
420
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Investments
57
\u2013
57
114
Derivative financial assets
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
47
47
Interest rate derivatives
\u2013
\u2013
3
3
Embedded derivatives
(1)
\u2013
9
\u2013
9
Financial liabilities
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
\u2013
\u2013
(630)
(630)
Government refundable advances
(43)
(6)
\u2013
(49)
Lease obligations
(35)
(150)
(7)
(192)
Other financial liabilities
(345)
(419)
(46)
(810)
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Derivative financial liabilities
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
(102)
(102)
Embedded derivatives
(1)
\u2013
(4)
\u2013
(4)
\n
(1)
The embedded derivative is measured as a level 3 fair value under the IFRS 13 fair value hierarchy.
Reconciliation of liabilities arising from financing activities
As at 31 December 2023, liabilities arising from financing activities, as defined by IAS 7, totalled \u00a3821 million comprising: external debt of \u00a3629 million
(excluding \u00a31 million of bank overdrafts) and lease obligations of \u00a3192 million. During the year a cash outflow in those liabilities totalled \u00a3725 million as
follows: net drawdown of external debt of \u00a3757 million (note 27) and repayment of principal on lease obligations of \u00a332 million (note 28). There is also
an increase to liabilities arising from financing activities relating to non-cash items totalling \u00a392 million comprising: an increase in external debt of
\u00a315 million due to changes in foreign exchange rates and other non-cash movements and an increase in respect of lease obligations of \u00a377 million.
As at 31 December 2024, liabilities arising from financing activities, as defined by IAS 7, totalled \u00a31,638 million comprising: external debt of
\u00a31,401 million (excluding \u00a38 million of bank overdrafts), and lease obligations of \u00a3237 million.
Liabilities arising from financing activities, as defined by IAS 7, totalled \u00a31,799 million at 31 December 2022 comprising: external debt of
\u00a31,433 million (excluding \u00a363 million of bank overdrafts) and lease obligations of \u00a3366 million. During the year ended 31 December 2023 a
cash outflow in those liabilities totalled \u00a3781 million as follows: net drawdown of external debt of \u00a3462 million, net repayment of external debt
of \u00a31,205 million following the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses and repayment of
principal on lease obligations of \u00a338 million (note 28). There is also a decrease to liabilities arising from financing activities relating to non-cash
items totalling \u00a3197 million comprising: a decrease in external debt of \u00a361 million due to changes in foreign exchange rates and other non-cash
movements (including costs of \u00a311 million (note 20) of raising debt finance) and a decrease in respect of lease obligations of \u00a3136 million. As at
31 December 2023, liabilities arising from financing activities, as defined by IAS 7, totalled \u00a3821 million comprising: external debt of \u00a3629 million
(excluding \u00a31 million of bank overdrafts) and lease obligations of \u00a3192 million.
Fair values
As at 31 December 2024, there were no bonds outstanding. At 31 December 2023, the bond maturing in 2032 had a carrying value of \u00a310 million
and a fair value of \u00a39 million.
The Directors consider that the carrying amount of other financial assets and liabilities approximate to their fair values.
Credit risk
The Group\u2019s principal financial assets were cash and cash equivalents, trade receivables and derivative financial assets which represented the
Group\u2019s maximum exposure to credit risk in relation to financial assets.
The Group\u2019s credit risk on cash and cash equivalents and derivative financial assets was limited because the counterparties were banks with
strong credit ratings assigned by international credit rating agencies (investment grade). Exposure is managed on the basis of risk rating and
counterparty limits. The value of credit risk in derivative assets has been modelled using publicly available inputs as part of their fair value.
The Group\u2019s credit risk was therefore primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet
were net of allowance for expected credit loss, estimated by the Group\u2019s management based on prior experience and their assessment of the
current economic environment. Note 17 provides further details regarding the recoverability of trade receivables.
The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Net amounts of
\u00a0 \u00a0
\u00a0 \u00a0
Gross amounts of
financial
Related amounts of
\u00a0
\u00a0
Gross amounts of
recognised financial
assets/(liabilities)
financial instruments
\u00a0
\u00a0
recognised financial
assets/(liabilities) set off
presented in the
not set off in the
\u00a0
\u00a0
assets/(liabilities)
in the Balance Sheet
Balance Sheet
Balance Sheet
Net amount
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
88
\u2013
88
(35)
53
Derivative financial assets
22
\u2013
22
(16)
6
Financial assets subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
110
\u2013
110
(51)
59
Interest-bearing loans and borrowings
(1,409)
\u2013
(1,409)
(133)
(1,542)
Derivative financial liabilities
(187)
\u2013
(187)
184
(3)
Financial liabilities subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
(1,596)
\u2013
(1,596)
51
(1,545)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Gross amounts of
Net amounts of financial
Related amounts of
\u00a0
\u00a0
Gross amounts of
recognised financial
assets/(liabilities)
financial instruments
\u00a0
\u00a0
recognised financial
assets/(liabilities) set off in
presented in the Balance
not set off in the
\u00a0
\u00a0
assets/(liabilities)
the Balance Sheet
Sheet
Balance Sheet
Net amount
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
58
\u2013
58
(12)
46
Derivative financial assets
59
\u2013
59
(50)
9
Financial assets subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
117
\u2013
117
(62)
55
Interest-bearing loans and borrowings
(630)
\u2013
(630)
(40)
(670)
Derivative financial liabilities
(106)
\u2013
(106)
102
(4)
Financial liabilities subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
(736)
\u2013
(736)
62
(674)
\n
Capital risk
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern.
The capital structure of the Group as at 31 December 2024 consists of net debt, as disclosed in note 27, and equity attributable to the owners
of the parent, comprising issued share capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity.
Liquidity risk management
Overview of banking facilities
The Group\u2019s facilities consist of multi-currency term loans and revolving credit facilities, as detailed in note 20.
In addition to the headroom on the multi-currency committed revolving credit facility, cash, deposits and marketable securities, net of overdrafts,
in the Group amounted to \u00a380 million at 31 December 2024 (31 December 2023: \u00a357 million) and are offset to arrive at the Group net debt
position of \u00a31,321 million (31 December 2023: \u00a3572 million). The combination of this cash, the headroom on the revolving credit facility, and the
additional facilities taken out subsequent to 31 December 2024, allows the Directors to consider that the Group has sufficient access to liquidity
for its current needs. The Board takes careful consideration of counterparty risk with banks when deciding where to place cash on deposit.
Covenants
The committed bank funding has two financial covenants, being a net debt to adjusted EBITDA covenant and an interest cover covenant,
both of which are tested half-yearly in June and December. The net debt to adjusted EBITDA covenant test level is 3.5x and the interest cover
covenant is set at 4.0x.
At 31 December 2024, the Group net debt to adjusted EBITDA covenant was 2.1x and interest cover was 7.4x.
Working capital
The Group has a small number of uncommitted working capital programmes that provide favourable financing terms on eligible customer
receipts and competitive financing terms to suppliers on eligible supplier payments.
Businesses which participate in these customer related finance programmes have the ability to choose whether to receive payment earlier
than the normal due date, for specific customers on a non-recourse basis. As at 31 December 2024, the drawings on these facilities amounted
to \u00a3338 million (31 December 2023: \u00a3268 million). No new schemes were added during the year and the increase in the amount factored
represents year-over-year revenue growth and the reversion of terms to pre-COVID levels for one key customer.
In addition, some suppliers have access to utilise the Group\u2019s supplier finance programmes to accelerate the payment of their invoices.
The programmes are provided by a small number of the Group\u2019s banks, with any financing cost incurred for early payment borne by the supplier.
The Group continues to pay the invoice on its original due date and no security is provided under the terms of these programmes. The range of
payment due dates for those liabilities that are part of these arrangements is 90 to 180 days after the invoice date, with the range of payment due
dates for comparable trade payables that are not part of these arrangements being 0 to 180 days. If the Group exited these arrangements there
could be a potential impact of up to \u00a343 million (31 December 2023: \u00a342 million) on the Group\u2019s cash flow. The amounts owed to the banks
are presented in trade payables on the Balance Sheet and the cash flows are presented in cash flows from operating activities. As at
31 December 2024, total facilities were \u00a3173 million (31 December 2023: \u00a3143 million) with drawings of \u00a380 million (31 December 2023:
\u00a386 million). The arrangements do not change the timing of the Group\u2019s cash outflows.
Hedge of net investments in foreign entities using loans and derivatives
Interest-bearing loans and borrowings are designated as hedges of net investments in most of the Group\u2019s subsidiaries in the US and Europe to
reduce the exposure to the related foreign exchange risks.
The value of these were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Local borrowing currency:
\u00a0 \u00a0
US dollar
1,131
467
Euro
261
106
The foreign exchange movement on the local currency borrowings, which is recorded in currency translation on net investments within other
comprehensive income, was a loss of \u00a314 million (2023: gain of \u00a343 million). As at 31 December 2024, the cumulative loss in the foreign
currency translation reserve for continuing hedges on net investments using borrowings was \u00a339 million (31 December 2023: \u00a325 million).
Finance cost risk management
The bank margin on the bank facility depends on the Group leverage, see note 20 for details.
The Group uses interest rate derivatives to fix a proportion of the floating rate exposures of the Group\u2019s borrowings.
The interest rate derivatives are designated as cash flow hedges and were highly effective throughout 2024. The fair value of the contracts as at
31 December 2024 was a net asset of \u00a36 million (31 December 2023: \u00a33 million). The movement of \u00a33 million for the year ended 31 December 2024
(2023: \u00a36 million) comprised a credit of \u00a33 million (2023: \u00a32 million) booked to derivatives gains on hedge relationships within other comprehensive
income, and a \u00a3nil (2023: \u00a34 million) reduction in the interest accrual.
Interest rate sensitivity analysis
Assuming the net debt, inclusive of interest rate derivatives, held as at the balance sheet date was outstanding for the whole year, a one
percentage point rise in market interest rates for all currencies would decrease profit before tax by the following amounts:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Sterling
\u2013
\u2013
US dollar
(3)
(1)
Euro
\u2013
(1)
\n
On the basis of the floating-to-fixed interest rate derivatives in place at the balance sheet date, a one percentage point fall in market interest rates
for all currencies would decrease Group equity by \u00a326 million at 31 December 2024 (31 December 2023: \u00a39 million).
Exchange rate risk management
The Group trades in various countries around the world and is exposed to movements in a number of foreign currencies.
The Group therefore carries exchange rate risk that can be categorised into two types: transaction and translation risk, as described in the
paragraphs below. The Group\u2019s policy is designed to protect against the majority of the cash risks but not the non-cash risks.
The most common exchange rate risk is the transaction risk the Group takes when it invoices a customer or purchases from suppliers in a
different currency to the underlying functional currency of the relevant business. The Group\u2019s policy is to review transactional foreign exchange
exposures, and place necessary hedging contracts, quarterly on a rolling basis. To the extent the cash flows associated with a transactional
foreign exchange risk are committed, the Group will hedge 100% at the time the cash flow becomes committed. For forecast and variable cash
flows, the Group hedges a proportion of the expected cash flows, with the percentage being hedged lowering as the time horizon lengthens.
The Group hedges on a sliding scale, typically hedging around 90% of foreign exchange exposures expected over the next twelve months,
with the percentage decreasing by approximately 10 percentage points for each subsequent year. This policy does not eliminate the cash risk
but does bring some certainty to it.
The translation rate risk is the effect on the Group results in the period due to the movement of exchange rates used to translate foreign
results into Sterling from one period to the next. No specific exchange instruments are used to protect against the translation risk because
it is a non-cash risk to the Group, until foreign currency is subsequently converted to Sterling. However, the Group utilises its multi-currency
banking facilities, where relevant, to maintain an appropriate mix of debt in each currency. The hedge of having debt drawn in these currencies
funding the trading units with US dollars or Euro functional currencies protects against some of the Balance Sheet and banking covenant
translation risk.
As at 31 December 2024, the Group held foreign exchange forward contracts to mitigate expected exchange rate fluctuations on future cash
flows from sales to customers and purchases from suppliers. The fair value of all foreign exchange forward contracts across the Group was a net
liability at 31 December 2024 of \u00a3174 million (31 December 2023: \u00a355 million). There were no foreign exchange contracts where hedge
accounting was applied as at 31 December 2024 (31 December 2023: no contracts where hedge accounting was applied).
The following table shows the maturity profile of undiscounted contracted gross cash outflows of derivative financial liabilities used to manage currency
risk, being foreign exchange forward contracts used to manage transaction exchange rate risk:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
0\u20131 year
1\u20132 years
2\u20135 years
5+ years
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Y
ea
r
ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange forward contracts
912
618
1,287
138
2,955
Y
ear ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange forward contracts
549
370
464
58
1,441
\n
Foreign currency sensitivity analysis
Currency risks are defined by IFRS 7: Financial instruments: Disclosures as the risk that the fair value or future cash flows of a financial asset
or liability will fluctuate because of changes in foreign exchange rates.
The following table details the transactional impact of hypothetical changes in foreign exchange rates on financial assets and liabilities at the
balance sheet date, illustrating the (decrease)/increase in Group operating profit caused by a 10% strengthening of the US dollar and Euro
against Sterling compared to the year-end spot rate. The analysis assumes that all other variables, in particular other foreign currency exchange
rates, remain constant. The Group operates in a range of different currencies, and those with a notable impact are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Impact on operating profit
\u00a3m
\u00a3m
US dollar
(20)
2
Euro
2
(5)
\n
The following table details the impact of hypothetical changes in foreign exchange rates on financial assets and liabilities at the balance
sheet date, illustrating the increase/(decrease) in Group equity caused by a 10% strengthening of the US dollar and Euro against Sterling.
The analysis assumes that all other variables, in particular other foreign currency exchange rates, remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Impact on Group equity
\u00a3m
\u00a3m
US dollar
(5)
\u2013
Euro
(2)
(1)
\n
In addition, the change in equity due to a 10% strengthening of the US dollar against Sterling for the translation of net investment hedging
instruments would be a decrease of \u00a3113 million (2023: \u00a347 million) and for the Euro, a decrease of \u00a325 million (2023: \u00a311 million). However,
there would be no overall effect on equity because there would be an offset in the currency translation of the foreign operation.
Fair value measurements recognised in the Balance Sheet
Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates
matching the maturities of the contracts.
Interest rate swap contracts are measured using yield curves derived from quoted interest and foreign exchange rates.
Hedge accounted derivatives
The following table sets out details of the Group\u2019s material hedging instruments where hedge accounting is applied at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Average fixed rate
Notional principal
Fair value of net assets
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
Hedging instruments
%
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pay fixed, receive floating interest rate derivatives
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within one year
3.51%
3.49%
1,062
414
\u2013
\u2013
In one to two years
3.55%
3.49%
820
414
2
\u2013
In two to five years
3.51%
3.49%
438
414
4
3
Total
\u00a0 \u00a0 \u00a0 \u00a0
6
3
\n
During the year, the Group entered into pay fixed, receive floating interest rate derivatives totalling US$625 million and \u20ac175 million, which were
outstanding as at 31 December 2024. Pay fixed, receive floating derivatives, which totalled US$440 million and \u20ac80 million, that were outstanding
at 31 December 2023 were still outstanding as at 31 December 2024.
Derivative and financial assets and liabilities are presented within the Balance Sheet as:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Non-current assets
12
46
Current assets
10
13
Current liabilities
(72)
(42)
Non-current liabilities
(115)
(64)
\n
All hedging instruments are booked in the Balance Sheet as derivative financial assets or derivative financial liabilities.
The fair value of derivative financial instruments is derived from inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) and they are therefore categorised within level 2 of the fair value hierarchy set out in
IFRS 13: Fair value measurement. The Group\u2019s policy is to recognise transfers into and out of the different fair value hierarchy levels at the date
the event or change in circumstances that caused the transfer to occur. There have been no transfers between levels in the year.
The following table sets out details of the Group\u2019s material hedged items at the balance sheet date where hedge accounting is applied:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Balance in translation
Balance in translation
\u00a0
Change in fair value for
and hedging reserve
and hedging reserve
\u00a0
\u00a0
calculating ineffectiveness
for continuing hedges
for discontinued hedges
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Hedged items
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Floating rate borrowings \u2013 interest risk
(3)
(2)
(5)
(2)
\u2013
\u2013
\nThere is no balance held in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "25.
Financial instruments and risk management
The table below sets out the Group\u2019s accounting classification of each category of financial assets and liabilities and their carrying values at
31 December 2024 and 31 December 2023:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Engines
Structures
Corporate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2024
\u00a0\u00a0\u00a0\u00a0
Financial assets
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
\u2013
\u2013
88
88
Net trade receivables
205
195
\u2013
400
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Investments
59
\u2013
10
69
Derivative financial assets
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
8
8
Interest rate derivatives
\u2013
\u2013
8
8
Embedded derivatives
(1)
\u2013
6
\u2013
6
Financial liabilities
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
\u2013
\u2013
(1,409)
(1,409)
Government refundable advances
(48)
(3)
\u2013
(51)
Lease obligations
(79)
(150)
(8)
(237)
Other financial liabilities
(380)
(477)
(63)
(920)
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Derivative financial liabilities
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
(182)
(182)
Interest rate derivatives
\u2013
\u2013
(2)
(2)
Embedded derivatives
(1)
\u2013
(3)
\u2013
(3)
31 December 2023
\u00a0\u00a0\u00a0\u00a0
Financial assets
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
\u2013
\u2013
58
58
Net trade receivables
168
252
\u2013
420
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Investments
57
\u2013
57
114
Derivative financial assets
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
47
47
Interest rate derivatives
\u2013
\u2013
3
3
Embedded derivatives
(1)
\u2013
9
\u2013
9
Financial liabilities
\u00a0\u00a0\u00a0\u00a0
Classified as amortised cost:
\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
\u2013
\u2013
(630)
(630)
Government refundable advances
(43)
(6)
\u2013
(49)
Lease obligations
(35)
(150)
(7)
(192)
Other financial liabilities
(345)
(419)
(46)
(810)
Classified as fair value:
\u00a0\u00a0\u00a0\u00a0
Derivative financial liabilities
\u00a0\u00a0\u00a0\u00a0
Foreign currency forward contracts
\u2013
\u2013
(102)
(102)
Embedded derivatives
(1)
\u2013
(4)
\u2013
(4)
\n
(1)
The embedded derivative is measured as a level 3 fair value under the IFRS 13 fair value hierarchy.
Reconciliation of liabilities arising from financing activities
As at 31 December 2023, liabilities arising from financing activities, as defined by IAS 7, totalled \u00a3821 million comprising: external debt of \u00a3629 million
(excluding \u00a31 million of bank overdrafts) and lease obligations of \u00a3192 million. During the year a cash outflow in those liabilities totalled \u00a3725 million as
follows: net drawdown of external debt of \u00a3757 million (note 27) and repayment of principal on lease obligations of \u00a332 million (note 28). There is also
an increase to liabilities arising from financing activities relating to non-cash items totalling \u00a392 million comprising: an increase in external debt of
\u00a315 million due to changes in foreign exchange rates and other non-cash movements and an increase in respect of lease obligations of \u00a377 million.
As at 31 December 2024, liabilities arising from financing activities, as defined by IAS 7, totalled \u00a31,638 million comprising: external debt of
\u00a31,401 million (excluding \u00a38 million of bank overdrafts), and lease obligations of \u00a3237 million.
Liabilities arising from financing activities, as defined by IAS 7, totalled \u00a31,799 million at 31 December 2022 comprising: external debt of
\u00a31,433 million (excluding \u00a363 million of bank overdrafts) and lease obligations of \u00a3366 million. During the year ended 31 December 2023 a
cash outflow in those liabilities totalled \u00a3781 million as follows: net drawdown of external debt of \u00a3462 million, net repayment of external debt
of \u00a31,205 million following the demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses and repayment of
principal on lease obligations of \u00a338 million (note 28). There is also a decrease to liabilities arising from financing activities relating to non-cash
items totalling \u00a3197 million comprising: a decrease in external debt of \u00a361 million due to changes in foreign exchange rates and other non-cash
movements (including costs of \u00a311 million (note 20) of raising debt finance) and a decrease in respect of lease obligations of \u00a3136 million. As at
31 December 2023, liabilities arising from financing activities, as defined by IAS 7, totalled \u00a3821 million comprising: external debt of \u00a3629 million
(excluding \u00a31 million of bank overdrafts) and lease obligations of \u00a3192 million.
Fair values
As at 31 December 2024, there were no bonds outstanding. At 31 December 2023, the bond maturing in 2032 had a carrying value of \u00a310 million
and a fair value of \u00a39 million.
The Directors consider that the carrying amount of other financial assets and liabilities approximate to their fair values.
Credit risk
The Group\u2019s principal financial assets were cash and cash equivalents, trade receivables and derivative financial assets which represented the
Group\u2019s maximum exposure to credit risk in relation to financial assets.
The Group\u2019s credit risk on cash and cash equivalents and derivative financial assets was limited because the counterparties were banks with
strong credit ratings assigned by international credit rating agencies (investment grade). Exposure is managed on the basis of risk rating and
counterparty limits. The value of credit risk in derivative assets has been modelled using publicly available inputs as part of their fair value.
The Group\u2019s credit risk was therefore primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet
were net of allowance for expected credit loss, estimated by the Group\u2019s management based on prior experience and their assessment of the
current economic environment. Note 17 provides further details regarding the recoverability of trade receivables.
The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Net amounts of
\u00a0 \u00a0
\u00a0 \u00a0
Gross amounts of
financial
Related amounts of
\u00a0
\u00a0
Gross amounts of
recognised financial
assets/(liabilities)
financial instruments
\u00a0
\u00a0
recognised financial
assets/(liabilities) set off
presented in the
not set off in the
\u00a0
\u00a0
assets/(liabilities)
in the Balance Sheet
Balance Sheet
Balance Sheet
Net amount
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
88
\u2013
88
(35)
53
Derivative financial assets
22
\u2013
22
(16)
6
Financial assets subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
110
\u2013
110
(51)
59
Interest-bearing loans and borrowings
(1,409)
\u2013
(1,409)
(133)
(1,542)
Derivative financial liabilities
(187)
\u2013
(187)
184
(3)
Financial liabilities subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
(1,596)
\u2013
(1,596)
51
(1,545)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Gross amounts of
Net amounts of financial
Related amounts of
\u00a0
\u00a0
Gross amounts of
recognised financial
assets/(liabilities)
financial instruments
\u00a0
\u00a0
recognised financial
assets/(liabilities) set off in
presented in the Balance
not set off in the
\u00a0
\u00a0
assets/(liabilities)
the Balance Sheet
Sheet
Balance Sheet
Net amount
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
58
\u2013
58
(12)
46
Derivative financial assets
59
\u2013
59
(50)
9
Financial assets subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
117
\u2013
117
(62)
55
Interest-bearing loans and borrowings
(630)
\u2013
(630)
(40)
(670)
Derivative financial liabilities
(106)
\u2013
(106)
102
(4)
Financial liabilities subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
(736)
\u2013
(736)
62
(674)
\n
Capital risk
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern.
The capital structure of the Group as at 31 December 2024 consists of net debt, as disclosed in note 27, and equity attributable to the owners
of the parent, comprising issued share capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity.
Liquidity risk management
Overview of banking facilities
The Group\u2019s facilities consist of multi-currency term loans and revolving credit facilities, as detailed in note 20.
In addition to the headroom on the multi-currency committed revolving credit facility, cash, deposits and marketable securities, net of overdrafts,
in the Group amounted to \u00a380 million at 31 December 2024 (31 December 2023: \u00a357 million) and are offset to arrive at the Group net debt
position of \u00a31,321 million (31 December 2023: \u00a3572 million). The combination of this cash, the headroom on the revolving credit facility, and the
additional facilities taken out subsequent to 31 December 2024, allows the Directors to consider that the Group has sufficient access to liquidity
for its current needs. The Board takes careful consideration of counterparty risk with banks when deciding where to place cash on deposit.
Covenants
The committed bank funding has two financial covenants, being a net debt to adjusted EBITDA covenant and an interest cover covenant,
both of which are tested half-yearly in June and December. The net debt to adjusted EBITDA covenant test level is 3.5x and the interest cover
covenant is set at 4.0x.
At 31 December 2024, the Group net debt to adjusted EBITDA covenant was 2.1x and interest cover was 7.4x.
Working capital
The Group has a small number of uncommitted working capital programmes that provide favourable financing terms on eligible customer
receipts and competitive financing terms to suppliers on eligible supplier payments.
Businesses which participate in these customer related finance programmes have the ability to choose whether to receive payment earlier
than the normal due date, for specific customers on a non-recourse basis. As at 31 December 2024, the drawings on these facilities amounted
to \u00a3338 million (31 December 2023: \u00a3268 million). No new schemes were added during the year and the increase in the amount factored
represents year-over-year revenue growth and the reversion of terms to pre-COVID levels for one key customer.
In addition, some suppliers have access to utilise the Group\u2019s supplier finance programmes to accelerate the payment of their invoices.
The programmes are provided by a small number of the Group\u2019s banks, with any financing cost incurred for early payment borne by the supplier.
The Group continues to pay the invoice on its original due date and no security is provided under the terms of these programmes. The range of
payment due dates for those liabilities that are part of these arrangements is 90 to 180 days after the invoice date, with the range of payment due
dates for comparable trade payables that are not part of these arrangements being 0 to 180 days. If the Group exited these arrangements there
could be a potential impact of up to \u00a343 million (31 December 2023: \u00a342 million) on the Group\u2019s cash flow. The amounts owed to the banks
are presented in trade payables on the Balance Sheet and the cash flows are presented in cash flows from operating activities. As at
31 December 2024, total facilities were \u00a3173 million (31 December 2023: \u00a3143 million) with drawings of \u00a380 million (31 December 2023:
\u00a386 million). The arrangements do not change the timing of the Group\u2019s cash outflows.
Hedge of net investments in foreign entities using loans and derivatives
Interest-bearing loans and borrowings are designated as hedges of net investments in most of the Group\u2019s subsidiaries in the US and Europe to
reduce the exposure to the related foreign exchange risks.
The value of these were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Local borrowing currency:
\u00a0 \u00a0
US dollar
1,131
467
Euro
261
106
The foreign exchange movement on the local currency borrowings, which is recorded in currency translation on net investments within other
comprehensive income, was a loss of \u00a314 million (2023: gain of \u00a343 million). As at 31 December 2024, the cumulative loss in the foreign
currency translation reserve for continuing hedges on net investments using borrowings was \u00a339 million (31 December 2023: \u00a325 million).
Finance cost risk management
The bank margin on the bank facility depends on the Group leverage, see note 20 for details.
The Group uses interest rate derivatives to fix a proportion of the floating rate exposures of the Group\u2019s borrowings.
The interest rate derivatives are designated as cash flow hedges and were highly effective throughout 2024. The fair value of the contracts as at
31 December 2024 was a net asset of \u00a36 million (31 December 2023: \u00a33 million). The movement of \u00a33 million for the year ended 31 December 2024
(2023: \u00a36 million) comprised a credit of \u00a33 million (2023: \u00a32 million) booked to derivatives gains on hedge relationships within other comprehensive
income, and a \u00a3nil (2023: \u00a34 million) reduction in the interest accrual.
Interest rate sensitivity analysis
Assuming the net debt, inclusive of interest rate derivatives, held as at the balance sheet date was outstanding for the whole year, a one
percentage point rise in market interest rates for all currencies would decrease profit before tax by the following amounts:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Sterling
\u2013
\u2013
US dollar
(3)
(1)
Euro
\u2013
(1)
\n
On the basis of the floating-to-fixed interest rate derivatives in place at the balance sheet date, a one percentage point fall in market interest rates
for all currencies would decrease Group equity by \u00a326 million at 31 December 2024 (31 December 2023: \u00a39 million).
Exchange rate risk management
The Group trades in various countries around the world and is exposed to movements in a number of foreign currencies.
The Group therefore carries exchange rate risk that can be categorised into two types: transaction and translation risk, as described in the
paragraphs below. The Group\u2019s policy is designed to protect against the majority of the cash risks but not the non-cash risks.
The most common exchange rate risk is the transaction risk the Group takes when it invoices a customer or purchases from suppliers in a
different currency to the underlying functional currency of the relevant business. The Group\u2019s policy is to review transactional foreign exchange
exposures, and place necessary hedging contracts, quarterly on a rolling basis. To the extent the cash flows associated with a transactional
foreign exchange risk are committed, the Group will hedge 100% at the time the cash flow becomes committed. For forecast and variable cash
flows, the Group hedges a proportion of the expected cash flows, with the percentage being hedged lowering as the time horizon lengthens.
The Group hedges on a sliding scale, typically hedging around 90% of foreign exchange exposures expected over the next twelve months,
with the percentage decreasing by approximately 10 percentage points for each subsequent year. This policy does not eliminate the cash risk
but does bring some certainty to it.
The translation rate risk is the effect on the Group results in the period due to the movement of exchange rates used to translate foreign
results into Sterling from one period to the next. No specific exchange instruments are used to protect against the translation risk because
it is a non-cash risk to the Group, until foreign currency is subsequently converted to Sterling. However, the Group utilises its multi-currency
banking facilities, where relevant, to maintain an appropriate mix of debt in each currency. The hedge of having debt drawn in these currencies
funding the trading units with US dollars or Euro functional currencies protects against some of the Balance Sheet and banking covenant
translation risk.
As at 31 December 2024, the Group held foreign exchange forward contracts to mitigate expected exchange rate fluctuations on future cash
flows from sales to customers and purchases from suppliers. The fair value of all foreign exchange forward contracts across the Group was a net
liability at 31 December 2024 of \u00a3174 million (31 December 2023: \u00a355 million). There were no foreign exchange contracts where hedge
accounting was applied as at 31 December 2024 (31 December 2023: no contracts where hedge accounting was applied).
The following table shows the maturity profile of undiscounted contracted gross cash outflows of derivative financial liabilities used to manage currency
risk, being foreign exchange forward contracts used to manage transaction exchange rate risk:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
0\u20131 year
1\u20132 years
2\u20135 years
5+ years
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Y
ea
r
ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange forward contracts
912
618
1,287
138
2,955
Y
ear ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange forward contracts
549
370
464
58
1,441
\n
Foreign currency sensitivity analysis
Currency risks are defined by IFRS 7: Financial instruments: Disclosures as the risk that the fair value or future cash flows of a financial asset
or liability will fluctuate because of changes in foreign exchange rates.
The following table details the transactional impact of hypothetical changes in foreign exchange rates on financial assets and liabilities at the
balance sheet date, illustrating the (decrease)/increase in Group operating profit caused by a 10% strengthening of the US dollar and Euro
against Sterling compared to the year-end spot rate. The analysis assumes that all other variables, in particular other foreign currency exchange
rates, remain constant. The Group operates in a range of different currencies, and those with a notable impact are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Impact on operating profit
\u00a3m
\u00a3m
US dollar
(20)
2
Euro
2
(5)
\n
The following table details the impact of hypothetical changes in foreign exchange rates on financial assets and liabilities at the balance
sheet date, illustrating the increase/(decrease) in Group equity caused by a 10% strengthening of the US dollar and Euro against Sterling.
The analysis assumes that all other variables, in particular other foreign currency exchange rates, remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Impact on Group equity
\u00a3m
\u00a3m
US dollar
(5)
\u2013
Euro
(2)
(1)
\n
In addition, the change in equity due to a 10% strengthening of the US dollar against Sterling for the translation of net investment hedging
instruments would be a decrease of \u00a3113 million (2023: \u00a347 million) and for the Euro, a decrease of \u00a325 million (2023: \u00a311 million). However,
there would be no overall effect on equity because there would be an offset in the currency translation of the foreign operation.
Fair value measurements recognised in the Balance Sheet
Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates
matching the maturities of the contracts.
Interest rate swap contracts are measured using yield curves derived from quoted interest and foreign exchange rates.
Hedge accounted derivatives
The following table sets out details of the Group\u2019s material hedging instruments where hedge accounting is applied at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Average fixed rate
Notional principal
Fair value of net assets
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
Hedging instruments
%
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pay fixed, receive floating interest rate derivatives
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within one year
3.51%
3.49%
1,062
414
\u2013
\u2013
In one to two years
3.55%
3.49%
820
414
2
\u2013
In two to five years
3.51%
3.49%
438
414
4
3
Total
\u00a0 \u00a0 \u00a0 \u00a0
6
3
\n
During the year, the Group entered into pay fixed, receive floating interest rate derivatives totalling US$625 million and \u20ac175 million, which were
outstanding as at 31 December 2024. Pay fixed, receive floating derivatives, which totalled US$440 million and \u20ac80 million, that were outstanding
at 31 December 2023 were still outstanding as at 31 December 2024.
Derivative and financial assets and liabilities are presented within the Balance Sheet as:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Non-current assets
12
46
Current assets
10
13
Current liabilities
(72)
(42)
Non-current liabilities
(115)
(64)
\n
All hedging instruments are booked in the Balance Sheet as derivative financial assets or derivative financial liabilities.
The fair value of derivative financial instruments is derived from inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) and they are therefore categorised within level 2 of the fair value hierarchy set out in
IFRS 13: Fair value measurement. The Group\u2019s policy is to recognise transfers into and out of the different fair value hierarchy levels at the date
the event or change in circumstances that caused the transfer to occur. There have been no transfers between levels in the year.
The following table sets out details of the Group\u2019s material hedged items at the balance sheet date where hedge accounting is applied:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Balance in translation
Balance in translation
\u00a0
Change in fair value for
and hedging reserve
and hedging reserve
\u00a0
\u00a0
calculating ineffectiveness
for continuing hedges
for discontinued hedges
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Hedged items
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Floating rate borrowings \u2013 interest risk
(3)
(2)
(5)
(2)
\u2013
\u2013
\nThere is no balance held in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Fair values
As at 31 December 2024, there were no bonds outstanding. At 31 December 2023, the bond maturing in 2032 had a carrying value of \u00a310 million
and a fair value of \u00a39 million.
The Directors consider that the carrying amount of other financial assets and liabilities approximate to their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Credit risk
The Group\u2019s principal financial assets were cash and cash equivalents, trade receivables and derivative financial assets which represented the
Group\u2019s maximum exposure to credit risk in relation to financial assets.
The Group\u2019s credit risk on cash and cash equivalents and derivative financial assets was limited because the counterparties were banks with
strong credit ratings assigned by international credit rating agencies (investment grade). Exposure is managed on the basis of risk rating and
counterparty limits. The value of credit risk in derivative assets has been modelled using publicly available inputs as part of their fair value.
The Group\u2019s credit risk was therefore primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet
were net of allowance for expected credit loss, estimated by the Group\u2019s management based on prior experience and their assessment of the
current economic environment. Note 17 provides further details regarding the recoverability of trade receivables.
The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Net amounts of
\u00a0 \u00a0
\u00a0 \u00a0
Gross amounts of
financial
Related amounts of
\u00a0
\u00a0
Gross amounts of
recognised financial
assets/(liabilities)
financial instruments
\u00a0
\u00a0
recognised financial
assets/(liabilities) set off
presented in the
not set off in the
\u00a0
\u00a0
assets/(liabilities)
in the Balance Sheet
Balance Sheet
Balance Sheet
Net amount
31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
88
\u2013
88
(35)
53
Derivative financial assets
22
\u2013
22
(16)
6
Financial assets subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
110
\u2013
110
(51)
59
Interest-bearing loans and borrowings
(1,409)
\u2013
(1,409)
(133)
(1,542)
Derivative financial liabilities
(187)
\u2013
(187)
184
(3)
Financial liabilities subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
(1,596)
\u2013
(1,596)
51
(1,545)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Gross amounts of
Net amounts of financial
Related amounts of
\u00a0
\u00a0
Gross amounts of
recognised financial
assets/(liabilities)
financial instruments
\u00a0
\u00a0
recognised financial
assets/(liabilities) set off in
presented in the Balance
not set off in the
\u00a0
\u00a0
assets/(liabilities)
the Balance Sheet
Sheet
Balance Sheet
Net amount
31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
58
\u2013
58
(12)
46
Derivative financial assets
59
\u2013
59
(50)
9
Financial assets subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
117
\u2013
117
(62)
55
Interest-bearing loans and borrowings
(630)
\u2013
(630)
(40)
(670)
Derivative financial liabilities
(106)
\u2013
(106)
102
(4)
Financial liabilities subject to master
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
netting arrangements
(736)
\u2013
(736)
62
(674)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Capital risk
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern.
The capital structure of the Group as at 31 December 2024 consists of net debt, as disclosed in note 27, and equity attributable to the owners
of the parent, comprising issued share capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Liquidity risk management
Overview of banking facilities
The Group\u2019s facilities consist of multi-currency term loans and revolving credit facilities, as detailed in note 20.
In addition to the headroom on the multi-currency committed revolving credit facility, cash, deposits and marketable securities, net of overdrafts,
in the Group amounted to \u00a380 million at 31 December 2024 (31 December 2023: \u00a357 million) and are offset to arrive at the Group net debt
position of \u00a31,321 million (31 December 2023: \u00a3572 million). The combination of this cash, the headroom on the revolving credit facility, and the
additional facilities taken out subsequent to 31 December 2024, allows the Directors to consider that the Group has sufficient access to liquidity
for its current needs. The Board takes careful consideration of counterparty risk with banks when deciding where to place cash on deposit.
Covenants
The committed bank funding has two financial covenants, being a net debt to adjusted EBITDA covenant and an interest cover covenant,
both of which are tested half-yearly in June and December. The net debt to adjusted EBITDA covenant test level is 3.5x and the interest cover
covenant is set at 4.0x.
At 31 December 2024, the Group net debt to adjusted EBITDA covenant was 2.1x and interest cover was 7.4x.
Working capital
The Group has a small number of uncommitted working capital programmes that provide favourable financing terms on eligible customer
receipts and competitive financing terms to suppliers on eligible supplier payments.
Businesses which participate in these customer related finance programmes have the ability to choose whether to receive payment earlier
than the normal due date, for specific customers on a non-recourse basis. As at 31 December 2024, the drawings on these facilities amounted
to \u00a3338 million (31 December 2023: \u00a3268 million). No new schemes were added during the year and the increase in the amount factored
represents year-over-year revenue growth and the reversion of terms to pre-COVID levels for one key customer.
In addition, some suppliers have access to utilise the Group\u2019s supplier finance programmes to accelerate the payment of their invoices.
The programmes are provided by a small number of the Group\u2019s banks, with any financing cost incurred for early payment borne by the supplier.
The Group continues to pay the invoice on its original due date and no security is provided under the terms of these programmes. The range of
payment due dates for those liabilities that are part of these arrangements is 90 to 180 days after the invoice date, with the range of payment due
dates for comparable trade payables that are not part of these arrangements being 0 to 180 days. If the Group exited these arrangements there
could be a potential impact of up to \u00a343 million (31 December 2023: \u00a342 million) on the Group\u2019s cash flow. The amounts owed to the banks
are presented in trade payables on the Balance Sheet and the cash flows are presented in cash flows from operating activities. As at
31 December 2024, total facilities were \u00a3173 million (31 December 2023: \u00a3143 million) with drawings of \u00a380 million (31 December 2023:
\u00a386 million). The arrangements do not change the timing of the Group\u2019s cash outflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Hedge of net investments in foreign entities using loans and derivatives
Interest-bearing loans and borrowings are designated as hedges of net investments in most of the Group\u2019s subsidiaries in the US and Europe to
reduce the exposure to the related foreign exchange risks.
The value of these were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Local borrowing currency:
\u00a0 \u00a0
US dollar
1,131
467
Euro
261
106
The foreign exchange movement on the local currency borrowings, which is recorded in currency translation on net investments within other
comprehensive income, was a loss of \u00a314 million (2023: gain of \u00a343 million). As at 31 December 2024, the cumulative loss in the foreign
currency translation reserve for continuing hedges on net investments using borrowings was \u00a339 million (31 December 2023: \u00a325 million).Hedge accounted derivatives
The following table sets out details of the Group\u2019s material hedging instruments where hedge accounting is applied at the balance sheet date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Average fixed rate
Notional principal
Fair value of net assets
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
Hedging instruments
%
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pay fixed, receive floating interest rate derivatives
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within one year
3.51%
3.49%
1,062
414
\u2013
\u2013
In one to two years
3.55%
3.49%
820
414
2
\u2013
In two to five years
3.51%
3.49%
438
414
4
3
Total
\u00a0 \u00a0 \u00a0 \u00a0
6
3
\n
During the year, the Group entered into pay fixed, receive floating interest rate derivatives totalling US$625 million and \u20ac175 million, which were
outstanding as at 31 December 2024. Pay fixed, receive floating derivatives, which totalled US$440 million and \u20ac80 million, that were outstanding
at 31 December 2023 were still outstanding as at 31 December 2024.
Derivative and financial assets and liabilities are presented within the Balance Sheet as:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Non-current assets
12
46
Current assets
10
13
Current liabilities
(72)
(42)
Non-current liabilities
(115)
(64)
\n
All hedging instruments are booked in the Balance Sheet as derivative financial assets or derivative financial liabilities.
The fair value of derivative financial instruments is derived from inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) and they are therefore categorised within level 2 of the fair value hierarchy set out in
IFRS 13: Fair value measurement. The Group\u2019s policy is to recognise transfers into and out of the different fair value hierarchy levels at the date
the event or change in circumstances that caused the transfer to occur. There have been no transfers between levels in the year.
The following table sets out details of the Group\u2019s material hedged items at the balance sheet date where hedge accounting is applied:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Balance in translation
Balance in translation
\u00a0
Change in fair value for
and hedging reserve
and hedging reserve
\u00a0
\u00a0
calculating ineffectiveness
for continuing hedges
for discontinued hedges
\u00a0
31 December
31 December
31 December
31 December
31 December
31 December
\u00a0
2024
2023
2024
2023
2024
2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Hedged items
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Floating rate borrowings \u2013 interest risk
(3)
(2)
(5)
(2)
\u2013
\u2013
There is no balance held in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Exchange rate risk management
The Group trades in various countries around the world and is exposed to movements in a number of foreign currencies.
The Group therefore carries exchange rate risk that can be categorised into two types: transaction and translation risk, as described in the
paragraphs below. The Group\u2019s policy is designed to protect against the majority of the cash risks but not the non-cash risks.
The most common exchange rate risk is the transaction risk the Group takes when it invoices a customer or purchases from suppliers in a
different currency to the underlying functional currency of the relevant business. The Group\u2019s policy is to review transactional foreign exchange
exposures, and place necessary hedging contracts, quarterly on a rolling basis. To the extent the cash flows associated with a transactional
foreign exchange risk are committed, the Group will hedge 100% at the time the cash flow becomes committed. For forecast and variable cash
flows, the Group hedges a proportion of the expected cash flows, with the percentage being hedged lowering as the time horizon lengthens.
The Group hedges on a sliding scale, typically hedging around 90% of foreign exchange exposures expected over the next twelve months,
with the percentage decreasing by approximately 10 percentage points for each subsequent year. This policy does not eliminate the cash risk
but does bring some certainty to it.
The translation rate risk is the effect on the Group results in the period due to the movement of exchange rates used to translate foreign
results into Sterling from one period to the next. No specific exchange instruments are used to protect against the translation risk because
it is a non-cash risk to the Group, until foreign currency is subsequently converted to Sterling. However, the Group utilises its multi-currency
banking facilities, where relevant, to maintain an appropriate mix of debt in each currency. The hedge of having debt drawn in these currencies
funding the trading units with US dollars or Euro functional currencies protects against some of the Balance Sheet and banking covenant
translation risk.
As at 31 December 2024, the Group held foreign exchange forward contracts to mitigate expected exchange rate fluctuations on future cash
flows from sales to customers and purchases from suppliers. The fair value of all foreign exchange forward contracts across the Group was a net
liability at 31 December 2024 of \u00a3174 million (31 December 2023: \u00a355 million). There were no foreign exchange contracts where hedge
accounting was applied as at 31 December 2024 (31 December 2023: no contracts where hedge accounting was applied).
The following table shows the maturity profile of undiscounted contracted gross cash outflows of derivative financial liabilities used to manage currency
risk, being foreign exchange forward contracts used to manage transaction exchange rate risk:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
0\u20131 year
1\u20132 years
2\u20135 years
5+ years
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Y
ea
r
ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange forward contracts
912
618
1,287
138
2,955
Y
ear ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange forward contracts
549
370
464
58
1,441
\n
Foreign currency sensitivity analysis
Currency risks are defined by IFRS 7: Financial instruments: Disclosures as the risk that the fair value or future cash flows of a financial asset
or liability will fluctuate because of changes in foreign exchange rates.
The following table details the transactional impact of hypothetical changes in foreign exchange rates on financial assets and liabilities at the
balance sheet date, illustrating the (decrease)/increase in Group operating profit caused by a 10% strengthening of the US dollar and Euro
against Sterling compared to the year-end spot rate. The analysis assumes that all other variables, in particular other foreign currency exchange
rates, remain constant. The Group operates in a range of different currencies, and those with a notable impact are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Impact on operating profit
\u00a3m
\u00a3m
US dollar
(20)
2
Euro
2
(5)
\n
The following table details the impact of hypothetical changes in foreign exchange rates on financial assets and liabilities at the balance
sheet date, illustrating the increase/(decrease) in Group equity caused by a 10% strengthening of the US dollar and Euro against Sterling.
The analysis assumes that all other variables, in particular other foreign currency exchange rates, remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Impact on Group equity
\u00a3m
\u00a3m
US dollar
(5)
\u2013
Euro
(2)
(1)
\n
In addition, the change in equity due to a 10% strengthening of the US dollar against Sterling for the translation of net investment hedging
instruments would be a decrease of \u00a3113 million (2023: \u00a347 million) and for the Euro, a decrease of \u00a325 million (2023: \u00a311 million). However,
there would be no overall effect on equity because there would be an offset in the currency translation of the foreign operation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Fair value measurements recognised in the Balance Sheet
Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates
matching the maturities of the contracts.
Interest rate swap contracts are measured using yield curves derived from quoted interest and foreign exchange rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "26.
Issued share capital and reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Share capital
\u00a3m
\u00a3m
A
llotted, called-up and fully paid
\u00a0 \u00a0
1,351,475,321 (31 December 2023: 1,351,475,321) Ordinary Shares of 0.1 pence (31 December 2023: 160/7 pence) each
1
309
\u00a0
1
309
\n
On 19 April 2023, a share consolidation took place whereby shareholders received one new share in the Company for every three existing
shares held.
On 2 October 2023, the Group commenced a \u00a3500 million share buyback programme which completed in September 2024. During the year
ended 31 December 2024, 70,967,661 shares (2023: 18,761,840 shares) were purchased. These are held as treasury shares and the total costs
of the purchase have been recognised in retained earnings.
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme which is expected to complete by the end of March 2026.
During the year, 4,173,411 shares were purchased. These are held as treasury shares and the total costs of the purchase have been recognised
in retained earnings. A liability of \u00a318 million has also been recognised in respect of the share buyback programme to reflect an element that was
irrevocable, during the Group\u2019s close period, as at 31 December 2024.
On 3 June 2024, the Melrose Employee Share Plan (\u201cMESP\u201d) crystallised. Of the 54,346,536 shares awarded, 25,498,465 were withheld by
the Company in exchange for a cash payment sufficient to allow holders to meet their income tax and employee national insurance liabilities
in respect of the MESP. The 28,848,071 shares issued to participants were issued from treasury shares.
The total number of shares held in treasury at 31 December 2024 is 65,054,841 (31 December 2023: 18,761,840).
Following approval from shareholders on 2 May 2024, the Group undertook a capital reduction on 11 July 2024. This reduced share capital by
\u00a3308 million (by reducing the nominal value of a share from 160/7 pence to 0.1 pence), the share premium account by \u00a32,271 million and the
capital redemption reserve by \u00a3753 million. Retained earnings increased by a corresponding \u00a33,332 million.
The rights associated with each class of share are described in the Directors\u2019 Report.
Merger reserve and Other reserves
The Merger reserve represents the excess of fair value over nominal value of shares issued in consideration for the acquisition of subsidiaries.
Other reserves comprise accumulated adjustments in respect of Group reconstructions.
Translation and hedging reserve
In order to provide useful information about the Group\u2019s hedging arrangements, the translation reserve and hedging reserve are combined.
Including the different components of hedging in one place enables a clearer explanation of the two components of hedging. These components
are disaggregated with movements within other comprehensive income/(expense) during the year shown below and further explanation provided
in note 25.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Translation
\u00a0
Cash flow hedge
Foreign currency
and hedging
\u00a0
reserve
translation reserve
reserve
\u00a0
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
\u2013
638
638
Movements within other comprehensive expense:
\u00a0 \u00a0 \u00a0
Retranslation of net assets
\u2013
(250)
(250)
A
ssociated deferred ta
x
\u2013
(7)
(7)
Foreign exchange differences on borrowings hedging net assets
\u2013
43
43
A
ssociated deferred tax
\u2013
\u2013
\u2013
Change in fair value of derivatives designated in cash flow hedges
2
\u2013
2
A
ssociated deferred tax
(1)
\u2013
(1)
A
mounts reclassified to the Income Statement
\u2013
(152)
(152)
A
t 31 December 2023
1
272
273
Movements within other comprehensive income:
\u00a0 \u00a0 \u00a0
Retranslation of net assets
\u2013
31
31
A
ssociated deferred ta
x
\u2013
\u2013
\u2013
Foreign exchange differences on borrowings hedging net assets
\u2013
(14)
(14)
A
ssociated deferred tax
\u2013
\u2013
\u2013
Change in fair value of derivatives designated in cash flow hedges
3
\u2013
3
A
ssociated deferred tax
(1)
\u2013
(1)
A
mounts reclassified to the Income Statement
\u2013
(6)
(6)
A
t 31 December 2024
3
283
286
\n
The cash flow hedge reserve represents the cumulative fair value gains and losses on derivatives for which cash flow hedge accounting
has been applied. Movements and balances on derivatives designated in net investment hedges are shown as part of the foreign currency
translation reserve.
The foreign currency translation reserve contains exchange differences on the translation of subsidiaries with a functional currency other than
Sterling, together with gains and losses on the translation of liabilities and cumulative fair value gains and losses on derivatives that hedge the
Company\u2019s net investment in foreign subsidiaries.
Amounts reclassified to the Income Statement during the year includes a credit of \u00a36 million (2023: \u00a3152 million) following the disposal
of businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "26.
Issued share capital and reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Share capital
\u00a3m
\u00a3m
A
llotted, called-up and fully paid
\u00a0 \u00a0
1,351,475,321 (31 December 2023: 1,351,475,321) Ordinary Shares of 0.1 pence (31 December 2023: 160/7 pence) each
1
309
\u00a0
1
309
\n
On 19 April 2023, a share consolidation took place whereby shareholders received one new share in the Company for every three existing
shares held.
On 2 October 2023, the Group commenced a \u00a3500 million share buyback programme which completed in September 2024. During the year
ended 31 December 2024, 70,967,661 shares (2023: 18,761,840 shares) were purchased. These are held as treasury shares and the total costs
of the purchase have been recognised in retained earnings.
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme which is expected to complete by the end of March 2026.
During the year, 4,173,411 shares were purchased. These are held as treasury shares and the total costs of the purchase have been recognised
in retained earnings. A liability of \u00a318 million has also been recognised in respect of the share buyback programme to reflect an element that was
irrevocable, during the Group\u2019s close period, as at 31 December 2024.
On 3 June 2024, the Melrose Employee Share Plan (\u201cMESP\u201d) crystallised. Of the 54,346,536 shares awarded, 25,498,465 were withheld by
the Company in exchange for a cash payment sufficient to allow holders to meet their income tax and employee national insurance liabilities
in respect of the MESP. The 28,848,071 shares issued to participants were issued from treasury shares.
The total number of shares held in treasury at 31 December 2024 is 65,054,841 (31 December 2023: 18,761,840).
Following approval from shareholders on 2 May 2024, the Group undertook a capital reduction on 11 July 2024. This reduced share capital by
\u00a3308 million (by reducing the nominal value of a share from 160/7 pence to 0.1 pence), the share premium account by \u00a32,271 million and the
capital redemption reserve by \u00a3753 million. Retained earnings increased by a corresponding \u00a33,332 million.
The rights associated with each class of share are described in the Directors\u2019 Report.
Merger reserve and Other reserves
The Merger reserve represents the excess of fair value over nominal value of shares issued in consideration for the acquisition of subsidiaries.
Other reserves comprise accumulated adjustments in respect of Group reconstructions.
Translation and hedging reserve
In order to provide useful information about the Group\u2019s hedging arrangements, the translation reserve and hedging reserve are combined.
Including the different components of hedging in one place enables a clearer explanation of the two components of hedging. These components
are disaggregated with movements within other comprehensive income/(expense) during the year shown below and further explanation provided
in note 25.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Translation
\u00a0
Cash flow hedge
Foreign currency
and hedging
\u00a0
reserve
translation reserve
reserve
\u00a0
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
\u2013
638
638
Movements within other comprehensive expense:
\u00a0 \u00a0 \u00a0
Retranslation of net assets
\u2013
(250)
(250)
A
ssociated deferred ta
x
\u2013
(7)
(7)
Foreign exchange differences on borrowings hedging net assets
\u2013
43
43
A
ssociated deferred tax
\u2013
\u2013
\u2013
Change in fair value of derivatives designated in cash flow hedges
2
\u2013
2
A
ssociated deferred tax
(1)
\u2013
(1)
A
mounts reclassified to the Income Statement
\u2013
(152)
(152)
A
t 31 December 2023
1
272
273
Movements within other comprehensive income:
\u00a0 \u00a0 \u00a0
Retranslation of net assets
\u2013
31
31
A
ssociated deferred ta
x
\u2013
\u2013
\u2013
Foreign exchange differences on borrowings hedging net assets
\u2013
(14)
(14)
A
ssociated deferred tax
\u2013
\u2013
\u2013
Change in fair value of derivatives designated in cash flow hedges
3
\u2013
3
A
ssociated deferred tax
(1)
\u2013
(1)
A
mounts reclassified to the Income Statement
\u2013
(6)
(6)
A
t 31 December 2024
3
283
286
\n
The cash flow hedge reserve represents the cumulative fair value gains and losses on derivatives for which cash flow hedge accounting
has been applied. Movements and balances on derivatives designated in net investment hedges are shown as part of the foreign currency
translation reserve.
The foreign currency translation reserve contains exchange differences on the translation of subsidiaries with a functional currency other than
Sterling, together with gains and losses on the translation of liabilities and cumulative fair value gains and losses on derivatives that hedge the
Company\u2019s net investment in foreign subsidiaries.
Amounts reclassified to the Income Statement during the year includes a credit of \u00a36 million (2023: \u00a3152 million) following the disposal
of businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "26.
Issued share capital and reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Share capital
\u00a3m
\u00a3m
A
llotted, called-up and fully paid
\u00a0 \u00a0
1,351,475,321 (31 December 2023: 1,351,475,321) Ordinary Shares of 0.1 pence (31 December 2023: 160/7 pence) each
1
309
\u00a0
1
309
\n
On 19 April 2023, a share consolidation took place whereby shareholders received one new share in the Company for every three existing
shares held.
On 2 October 2023, the Group commenced a \u00a3500 million share buyback programme which completed in September 2024. During the year
ended 31 December 2024, 70,967,661 shares (2023: 18,761,840 shares) were purchased. These are held as treasury shares and the total costs
of the purchase have been recognised in retained earnings.
On 1 October 2024, the Group commenced a \u00a3250 million share buyback programme which is expected to complete by the end of March 2026.
During the year, 4,173,411 shares were purchased. These are held as treasury shares and the total costs of the purchase have been recognised
in retained earnings. A liability of \u00a318 million has also been recognised in respect of the share buyback programme to reflect an element that was
irrevocable, during the Group\u2019s close period, as at 31 December 2024.
On 3 June 2024, the Melrose Employee Share Plan (\u201cMESP\u201d) crystallised. Of the 54,346,536 shares awarded, 25,498,465 were withheld by
the Company in exchange for a cash payment sufficient to allow holders to meet their income tax and employee national insurance liabilities
in respect of the MESP. The 28,848,071 shares issued to participants were issued from treasury shares.
The total number of shares held in treasury at 31 December 2024 is 65,054,841 (31 December 2023: 18,761,840).
Following approval from shareholders on 2 May 2024, the Group undertook a capital reduction on 11 July 2024. This reduced share capital by
\u00a3308 million (by reducing the nominal value of a share from 160/7 pence to 0.1 pence), the share premium account by \u00a32,271 million and the
capital redemption reserve by \u00a3753 million. Retained earnings increased by a corresponding \u00a33,332 million.
The rights associated with each class of share are described in the Directors\u2019 Report.
Merger reserve and Other reserves
The Merger reserve represents the excess of fair value over nominal value of shares issued in consideration for the acquisition of subsidiaries.
Other reserves comprise accumulated adjustments in respect of Group reconstructions.
Translation and hedging reserve
In order to provide useful information about the Group\u2019s hedging arrangements, the translation reserve and hedging reserve are combined.
Including the different components of hedging in one place enables a clearer explanation of the two components of hedging. These components
are disaggregated with movements within other comprehensive income/(expense) during the year shown below and further explanation provided
in note 25.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Translation
\u00a0
Cash flow hedge
Foreign currency
and hedging
\u00a0
reserve
translation reserve
reserve
\u00a0
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
\u2013
638
638
Movements within other comprehensive expense:
\u00a0 \u00a0 \u00a0
Retranslation of net assets
\u2013
(250)
(250)
A
ssociated deferred ta
x
\u2013
(7)
(7)
Foreign exchange differences on borrowings hedging net assets
\u2013
43
43
A
ssociated deferred tax
\u2013
\u2013
\u2013
Change in fair value of derivatives designated in cash flow hedges
2
\u2013
2
A
ssociated deferred tax
(1)
\u2013
(1)
A
mounts reclassified to the Income Statement
\u2013
(152)
(152)
A
t 31 December 2023
1
272
273
Movements within other comprehensive income:
\u00a0 \u00a0 \u00a0
Retranslation of net assets
\u2013
31
31
A
ssociated deferred ta
x
\u2013
\u2013
\u2013
Foreign exchange differences on borrowings hedging net assets
\u2013
(14)
(14)
A
ssociated deferred tax
\u2013
\u2013
\u2013
Change in fair value of derivatives designated in cash flow hedges
3
\u2013
3
A
ssociated deferred tax
(1)
\u2013
(1)
A
mounts reclassified to the Income Statement
\u2013
(6)
(6)
A
t 31 December 2024
3
283
286
\n
The cash flow hedge reserve represents the cumulative fair value gains and losses on derivatives for which cash flow hedge accounting
has been applied. Movements and balances on derivatives designated in net investment hedges are shown as part of the foreign currency
translation reserve.
The foreign currency translation reserve contains exchange differences on the translation of subsidiaries with a functional currency other than
Sterling, together with gains and losses on the translation of liabilities and cumulative fair value gains and losses on derivatives that hedge the
Company\u2019s net investment in foreign subsidiaries.
Amounts reclassified to the Income Statement during the year includes a credit of \u00a36 million (2023: \u00a3152 million) following the disposal
of businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "27.
Cash flow statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
(1)
\u00a0 \u00a0
Year ended
Year ended
\u00a0 \u00a0
31 December
31 December
\u00a0 \u00a0
2024
2023
\u00a0
Notes
\u00a3m
\u00a3m
Reconciliation of operating (loss)/profit to net cash used in operating activities generated
\u00a0 \u00a0 \u00a0
by continuing operations
\u00a0 \u00a0 \u00a0
Operating (loss)/profit
\u00a0
(4)
57
A
djusting items
6
544
333
A
djusted operating profit
6
540
390
A
djustments for:
\u00a0 \u00a0 \u00a0
Depreciation of property, plant and equipment
\u00a0
101
100
A
mortisation of computer software and development costs
\u00a0
41
42
Restructuring costs paid and movements in provisions
\u00a0
(135)
(160)
Defined benefit pension contributions paid
(2)
\u00a0
(20)
(67)
Change in inventories
\u00a0
(71)
(10)
Change in receivables
(3)
\u00a0
(449)
(123)
Change in payables
\u00a0
191
(13)
Tax paid
\u00a0
(10)
(17)
Interest paid on loans and borrowings
(4)
\u00a0
(84)
(79)
Interest paid on lease obligations
\u00a0
(6)
(5)
A
cquisition and disposal costs
\u00a0
(1)
(65)
Divisional management incentive scheme related payments
\u00a0
(20)
\u2013
Melrose equity-settled compensation scheme related payments
\u00a0
(198)
\u2013
Net cash used in operating activities
\u00a0
(121)
(7)
\n
(1)
Inventories, trade and other receivables and trade and other payables have been restated (see note 1).
(2)
The year ended 31 December 2023 included \u00a345 million for the purchase of a buy-in policy for GKN Group Pension Scheme Number 4 (see note 24).
(3)
Change in receivables includes increases to unbilled work done contract assets of \u00a3309 million (2023: \u00a3173 million).
(4)
The year ended 31 December 2023 included \u00a317 million of finance costs on the proportion of the Group\u2019s net debt strategically allocated to demerged businesses
and settled on demerger (see note 6).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Reconciliation of cash and cash equivalents, net of bank overdrafts
\u00a3m
\u00a3m
Cash and cash equivalents per Balance Sheet
88
58
Bank overdrafts included within current interest-bearing loans and borrowings (note 20)
(8)
(1)
Cash and cash equivalents, net of bank overdrafts per Statement of Cash Flows
80
57
\n
Cash flow information relating to discontinued operations is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
Cash flow from discontinued operations
\u00a3m
\u00a3m
Net cash from discontinued operations
\u2013
54
Defined benefit pension contributions paid
\u2013
(5)
Tax paid
\u2013
(8)
Interest paid on lease obligations
\u2013
(3)
Interest paid on loans and borrowings
\u2013
(2)
Net cash from operating activities from discontinued operations
\u2013
36
Purchase of property, plant and equipment
\u2013
(62)
Purchase of computer software and capitalised development costs
\u2013
(5)
Net cash used in investing activities from discontinued operations
\u2013
(67)
Repayment of principal under lease obligations
\u2013
(6)
Net cash used in financing activitie
s from discontinued operations
\u2013
(6)
\n
Net debt reconciliation
Net debt consists of interest-bearing loans and borrowings and cash and cash equivalents.
Net debt is considered to be an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is
the aggregate of interest-bearing loans and borrowings (current and non-current) and cash and cash equivalents. A reconciliation from the most
directly comparable IFRS measure to net debt, used as a basis for banking covenant calculations, is given below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Interest-bearing loans and borrowings \u2013 due within one year
(8)
(54)
Interest-bearing loans and borrowings \u2013 due after one year
(1,401)
(576)
External debt
(1,409)
(630)
Less:
\u00a0 \u00a0
Cash and cash equivalents
88
58
Net debt
(1,321)
(572)
\n
The table below shows the key components of the movement in net debt:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At
\u00a0 \u00a0 \u00a0 \u00a0
At
\u00a0
1 January
\u00a0
Acquisitions
Other non-cash
Effect of foreign
31 December
\u00a0
2024
Cash flow
and disposals
movements
exchange
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
External debt (excluding bank overdrafts)
(629)
(757)
\u2013
(1)
(14)
(1,401)
Cash and cash equivalents, net of bank overdrafts
57
(21)
51
\u2013
(7)
80
Net debt
(572)
(778)
51
(1)
(21)
(1,321)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "28.
Commitments
Amounts payable under lease obligations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Minimum lease payments
\u00a3m
\u00a3m
A
mounts payable:
\u00a0 \u00a0
Within one year
39
45
A
fte
r
one year but within five years
120
102
Over five years
146
75
Less: future fi
nance charges
(68)
(30)
Present value of lease obligations
237
192
A
nalysed as:
\u00a0 \u00a0
A
mount due for settlement within one year
33
40
A
mount due for settlement after one year
204
152
Present value of lease obligations
237
192
\n
It is the Group\u2019s policy to lease certain of its property, plant and equipment. The average lease term is 13 years. Interest rates are fixed at
the contract date. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The Group\u2019s obligations under lease arrangements are secured by the lessors\u2019 rights over the leased assets.
Certain leases within the Group contain extension or termination options to allow for flexibility within these lease agreements. Where these
options are not reasonably certain to be exercised, they are not included in the lease obligation. The value of these associated undiscounted
cash flows is \u00a343 million (31 December 2023: \u00a3179 million).
The table below shows the key components in the movement in lease obligations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
A
t 1 January
192
366
A
dditions
70
31
Interest charge
6
8
Reassessment of lease obligation
8
2
Payment of principal
(32)
(38)
Payment of interest
(6)
(8)
Disposal of businesses
(1)
\u2013
(158)
Transfer to held for sale
(2)
\u2013
(1)
Exchange adjustments
(1)
(10)
A
t 31 December
237
192
\n
(1)
Disposal of businesses in 2024 relates to the sale of non-core businesses within the Structures segment. Disposal of businesses in 2023 related to the demerger
of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(2)
Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment.
Capital commitments
At 31 December 2024, there were commitments of \u00a374 million (31 December 2023: \u00a3115 million) relating to the acquisition of new property,
plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "28.
Commitments
Amounts payable under lease obligations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2024
2023
Minimum lease payments
\u00a3m
\u00a3m
A
mounts payable:
\u00a0 \u00a0
Within one year
39
45
A
fte
r
one year but within five years
120
102
Over five years
146
75
Less: future fi
nance charges
(68)
(30)
Present value of lease obligations
237
192
A
nalysed as:
\u00a0 \u00a0
A
mount due for settlement within one year
33
40
A
mount due for settlement after one year
204
152
Present value of lease obligations
237
192
\n
It is the Group\u2019s policy to lease certain of its property, plant and equipment. The average lease term is 13 years. Interest rates are fixed at
the contract date. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The Group\u2019s obligations under lease arrangements are secured by the lessors\u2019 rights over the leased assets.
Certain leases within the Group contain extension or termination options to allow for flexibility within these lease agreements. Where these
options are not reasonably certain to be exercised, they are not included in the lease obligation. The value of these associated undiscounted
cash flows is \u00a343 million (31 December 2023: \u00a3179 million).
The table below shows the key components in the movement in lease obligations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
A
t 1 January
192
366
A
dditions
70
31
Interest charge
6
8
Reassessment of lease obligation
8
2
Payment of principal
(32)
(38)
Payment of interest
(6)
(8)
Disposal of businesses
(1)
\u2013
(158)
Transfer to held for sale
(2)
\u2013
(1)
Exchange adjustments
(1)
(10)
A
t 31 December
237
192
\n
(1)
Disposal of businesses in 2024 relates to the sale of non-core businesses within the Structures segment. Disposal of businesses in 2023 related to the demerger
of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses (see note 1).
(2)
Transfer to held for sale in 2023 related to the contractually agreed sale of a non-core business in the Structures segment.
Capital commitments
At 31 December 2024, there were commitments of \u00a374 million (31 December 2023: \u00a3115 million) relating to the acquisition of new property,
plant and equipment. 30.
Contingent liabilities
As a result of acquisitions made by the Group, certain contingent legal and warranty liabilities were identified as part of the fair value review of
these acquisition balance sheets. Whilst it is difficult to reasonably estimate the timing and ultimate outcome of these claims, the Directors\u2019 best
estimate has been included in the Balance Sheet where they existed at the time of acquisition and hence were recognised in accordance with
IFRS 3: Business combinations. Where a provision has been recognised, information regarding the different categories of such liabilities and the
amount and timing of outflows is included within note 21.
Given the nature of the Group\u2019s business many of the Group\u2019s products have a large installed base, and any reworks related to such
products could be particularly costly. The costs of product reworks are not always covered by insurance. Reworks may have a material adverse
effect on the Group\u2019s financial condition, results of operations and cash flows.
The Group has contingent liabilities representing guarantees and contract bonds given in the ordinary course of business on behalf of
trading subsidiaries. No losses are anticipated to arise on these contingent liabilities. The Group does not have any other significant
contingent liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "29.
Related parties
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed
in this note. Sales to and purchases from Group companies are priced on an arm\u2019s length basis and generally are settled on 30 day terms.
During the year ended 31 December 2023, \u00a3417 million of equity accounted investments were disposed with the demerger of the GKN
Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses into Dowlais, who became a related party upon demerger.
During the year ended 31 December 2023, the Group entered into a Transitional Services Agreement with Dowlais to provide services and
support to ensure continuity immediately following the demerger. As a result, income of \u00a31 million was recognised in the Income Statement
for continuing operations during the year ended 31 December 2023.
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories
specified in IAS 24: Related party disclosures. Further information about the remuneration of individual Directors is provided in the audited part of
the Directors\u2019 Remuneration Report on pages 139 and 151.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Short-term employee benefits
5
5
Share-based payments
1
5
Termination benefits
2
\u2013
\u00a0
8
10
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed
in this note. Sales to and purchases from Group companies are priced on an arm\u2019s length basis and generally are settled on 30 day terms.
During the year ended 31 December 2023, \u00a3417 million of equity accounted investments were disposed with the demerger of the GKN
Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses into Dowlais, who became a related party upon demerger.
During the year ended 31 December 2023, the Group entered into a Transitional Services Agreement with Dowlais to provide services and
support to ensure continuity immediately following the demerger. As a result, income of \u00a31 million was recognised in the Income Statement
for continuing operations during the year ended 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories
specified in IAS 24: Related party disclosures. Further information about the remuneration of individual Directors is provided in the audited part of
the Directors\u2019 Remuneration Report on pages 139 and 151.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Short-term employee benefits
5
5
Share-based payments
1
5
Termination benefits
2
\u2013
\u00a0
8
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "30.
Contingent liabilities
As a result of acquisitions made by the Group, certain contingent legal and warranty liabilities were identified as part of the fair value review of
these acquisition balance sheets. Whilst it is difficult to reasonably estimate the timing and ultimate outcome of these claims, the Directors\u2019 best
estimate has been included in the Balance Sheet where they existed at the time of acquisition and hence were recognised in accordance with
IFRS 3: Business combinations. Where a provision has been recognised, information regarding the different categories of such liabilities and the
amount and timing of outflows is included within note 21.
Given the nature of the Group\u2019s business many of the Group\u2019s products have a large installed base, and any reworks related to such
products could be particularly costly. The costs of product reworks are not always covered by insurance. Reworks may have a material adverse
effect on the Group\u2019s financial condition, results of operations and cash flows.
The Group has contingent liabilities representing guarantees and contract bonds given in the ordinary course of business on behalf of
trading subsidiaries. No losses are anticipated to arise on these contingent liabilities. The Group does not have any other significant
contingent liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Company Balance Sheet for Melrose Industries PLC \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
31 December
31 December
\u00a0 \u00a0
2024
2023
\u00a0
Notes
\u00a3m
\u00a3m
Fixed assets
\u00a0 \u00a0 \u00a0
Investments
3
10,602
10,608
Debtors:
\u00a0 \u00a0 \u00a0
Amounts falling due after one year
4
569
549
Creditors:
\u00a0 \u00a0 \u00a0
Amounts falling due within one year
5
(5,840)
(4,893)
Net current liabilities
\u00a0
(5,271)
(4,344)
Total assets less current liabilities
\u00a0
5,331
6,264
Provisions
6
(4)
(22)
Net assets
\u00a0
5,327
6,242
Capital and reserves
\u00a0 \u00a0 \u00a0
Issued share capital
7
1
309
Share premium account
\u00a0
1,000
3,271
Merger reserve
\u00a0
109
109
Capital redemption reserve
\u00a0
\u2013
753
Retained earnings
\u00a0
4,217
1,800
Shareholders\u2019 funds
\u00a0
5,327
6,242
\n
The Company reported a loss for the financial year ended 31 December 2024 of \u00a3246 million (2023: profit of \u00a3737 million).
The financial statements were approved by the Board of Directors on 6 March 2025 and were signed on its behalf by:
Matthew Gregory
Peter Dilnot
Chief Financial Officer
Chief Executive Officer
6 March 2025
6 March 2025
Registered number: 09800044
Company Statement of Changes in Equity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Issued
Share premium
Merger
Capital redemption
Retained
Shareholders\u2019
\u00a0
share capital
account
reserve
reserve
earnings
funds
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A
t 1 January 2023
309
3,271
109
753
3,191
7,633
Profit for the year (note 2)
\u2013
\u2013
\u2013
\u2013
737
737
Other comprehensive expense
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Total comprehensive income
\u2013
\u2013
\u2013
\u2013
732
732
Purchase of own shares
(1)
\u2013
\u2013
\u2013
\u2013
(93)
(93)
Dividends paid
\u2013
\u2013
\u2013
\u2013
(81)
(81)
Demerger distribution
\u2013
\u2013
\u2013
\u2013
(1,973)
(1,973)
Equity-settled share-based payments
\u2013
\u2013
\u2013
\u2013
2
2
Deferred tax on equity-settled share-based payments
\u2013
\u2013
\u2013
\u2013
22
22
A
t 31 December 2023
309
3,271
109
753
1,800
6,242
Loss for the year (note 2)
\u2013
\u2013
\u2013
\u2013
(246)
(246)
Other comprehensive expense
\u2013
\u2013
\u2013
\u2013
(6)
(6)
Total comprehensive expense
\u2013
\u2013
\u2013
\u2013
(252)
(252)
Capital reduction
(1)
(308)
(2,271)
\u2013
(753)
3,332
\u2013
Purchase of own shares
(1)
\u2013
\u2013
\u2013
\u2013
(449)
(449)
Dividends paid
\u2013
\u2013
\u2013
\u2013
(72)
(72)
Equity-settled incentive scheme related
(1)
\u2013
\u2013
\u2013
\u2013
(157)
(157)
Equity-settled share-based payments
\u2013
\u2013
\u2013
\u2013
1
1
Deferred tax on equity-settled share-based payments
\u2013
\u2013
\u2013
\u2013
14
14
A
t 31 December 2024
1
1,000
109
\u2013
4,217
5,327
\n
(1)
Further information is set out in note 1.
Refer to the Section 172 statement in the Strategic Report on pages 45 to 50 for further details on the Company\u2019s Distribution Policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00158": { "value": "United Kingdom 11th Floor, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800RGNXXZY2M7TR85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }