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"value": "Notes to the financial statements 1. Basis of preparation and significant accounting policies Going concern After making enquiries, the Directors, at the time of approving the financial statements, have a reasonable expectation that the Company and the Group have adequate financial resources to continue in operational existence for the foreseeable future. As such, the consolidated financial statements have been prepared on a going concern basis \u2013 further detail on the key factors impacting the going concern assessment are set out in the Directors\u2019 report on page 104. The Board considered the period from 21 July 2023 to 30 September 2024 in its assessment of going concern. Basis of preparation The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards, which has not differed from the previously EU-adopted International Financial Reporting Standards (IFRS), and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated and domiciled in England, UK. New and amended standards adopted by the Group The Group applied the following standards and amendments for the first time for the year beginning on 1 April 2022: The following standards and amendments to IFRS became effective for the annual reporting period beginning on 1 April 2022 and did not have a material impact on the consolidated financial statements: \u2022 The Group has adopted the amendments to IAS 37, \u2018Provisions, contingent liabilities and contingent assets\u2019. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. \u2022 The Group has adopted the amendments to IAS 16, \u2018Property, plant and equipment\u2019. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use and clarifies the meaning of \u2018testing whether an asset is functioning properly\u2019. \u2022 The Group has adopted the amendments to IFRS 3, \u2018Business Combinations\u2019. The amendment relates to the identification of liabilities assumed and contingent assets acquired in a business combination. \u2022 The Group has adopted the annual improvements to IFRS 2018 \u2013 2020 cycle. New IFRS accounting standards, amendments and interpretations not yet adopted The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that these standards and amendments will be adopted on the applicable effective date. The following new or amended IFRS accounting standards, amendments and interpretations not yet adopted are not expected to have a significant impact on the Group: \u2022 IFRS 17, \u2018Insurance Contracts\u2019. New standard effective from 1 January 2023. \u2022 IAS 1, \u2018Presentation of Financial Statements\u2019. Amendment effective from 1 January 2023. \u2022 IFRS 3, \u2018Business Combinations\u2019. Amendment effective from 1 January 2023. \u2022 IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. Amendment effective from 1 January 2023. \u2022 IAS 12, \u2018Income Taxes\u2019. Amendment effective from 1 January 2023. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings together with its share of joint ventures\u2019 and associates\u2019 results. Intra-Group transactions, balances, income and expenses are eliminated on consolidation. (a) Subsidiaries A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to impact those returns through its power over the entity. In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity such as contractual commitments and potential voting rights held by the Group if they are substantive. Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as continuing or discontinued operations. (b) Joint ventures and associates
Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial
and operating policy decisions of the entity but it does not have the power to control or jointly control the entity.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
arrangement, rather than rights to its assets and obligations for its liabilities.
The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at
cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on
acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an
impairment in value has occurred as a result of one or more events during the period, the investment is impaired.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement,
and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are
adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its
investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so.
Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the
Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment.
Materiality
Various disclosures make reference to items considered as material or immaterial to the financial statements. The Group considers
information to be material if omitting it or misstating it could influence decisions that users make on the basis of the financial
information provided. Materiality is considered from both a quantitative and qualitative factor perspective. In addition to subsequent
specific references to materiality, and in compliance with IFRS, certain disclosures have not been provided where the information
resulting from that disclosure is not material.
Critical accounting estimates and judgements
In the course of preparation of the financial statements, judgements and estimates have been made in applying the Group\u2019s accounting
policies that have had a material effect on the amounts recognised in the financial statements. The application of the Group\u2019s
accounting policies requires the use of estimates and the inherent uncertainty in certain forward-looking estimates may result in a
material adjustment to the carrying amounts of assets and liabilities in the next financial year. Critical accounting estimates are subject
to continuing evaluation and are based on historical experience and other factors, including expectations of future events that are
believed to be reasonable in light of known circumstances. Critical accounting estimates and judgements in relation to these financial
statements are considered below:
(a) Critical accounting judgements
Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated financial
statements are discussed below. Detail of the Group\u2019s key judgements involving estimates are included in the Key sources of estimation
uncertainty section.
(i) Acting as principal or agent
A number of the Group\u2019s contracts include promises in relation to procurement activity undertaken on behalf of customers at low or nil
margin, sub-contractor arrangements, and other pass-through costs. Management is required to exercise judgement on these revenue
streams in considering whether the Group is acting as principal or agent. This is based on an assessment as to whether the Group
controls the relevant goods or services under the performance obligations prior to transfer to customers. Factors that influence this
judgement include the level of responsibility the Group has under the contract for the provision of the goods or services, the extent to
which the Group is incentivised to fulfil orders on time and within budget, either through gain share arrangements or KPI deductions in
relation to the other performance obligations within the contract, and the extent to which the Group exercises responsibility in
determining the selling price of the goods and services. Taking all factors into consideration, the Group then comes to a judgement as
to whether it acts as principal or agent on a performance obligation-by-performance obligation basis. Note that any changes in this
judgement would not have a material impact on profit, although there may be a material impact to revenue and operating costs.
(ii) Determining the Group\u2019s cash generating units
Management exercises judgement in determining the Group\u2019s cash generating units for the goodwill impairment assessment. This
determination is generally straightforward and factual, however in some cases judgement is required, for example it was determined
that Africa is a separate cash generating unit, whilst operations of the Group in other territories do not represent separate cash
generating units. Over time management reviews the cash generating units to ensure they remain appropriate as businesses are
acquired and divested and reporting structures change, including how information is reported to the Chief Operating Decision Maker.
If there was a change in this judgement this could result in a material adjustment to goodwill. Further detail is included in notes 3 and 10.
(b) Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting period end that may result in significant risk of material adjustment to the
carrying amount of assets and liabilities within the next financial year are set out below:
(i) Revenue and profit recognition
The following represent the notable assumptions impacting upon revenue and profit recognition as a result of the Group\u2019s contracts
with customers:
\u2022
Stage of completion & costs to complete \u2013 The Group\u2019s revenue recognition policies require management to make an estimate
of the cost to complete for long-term contracts. Management estimates outturn costs on a contract-by-contract basis and
estimates are carried out by suitably qualified and experienced personnel. Estimates of cost to complete include assessment of
contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract
outturns are subject to review and challenge, and judgements and estimates are reviewed regularly throughout the contract life
based on latest available information with adjustments made where necessary. As contracts near completion, often less judgement
is required to determine the expected outturn. The most significant estimate of contract outturn relates to the Type 31 programme
as outlined below.
\u2022
Variable consideration \u2013 the Group\u2019s contracts are often subject to variable consideration including performance-based penalties
and incentives, gain/pain share arrangements and other items. Variable consideration is added to the transaction price only to the
extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once
the underlying uncertainty is resolved.
\u2022
Inflation \u2013 The level to which the Group\u2019s revenue and cost for each contract will be impacted by inflation is a key accounting
estimate, as this could cause the revenue and cost of contract delivery to be greater than was expected at the time of contracting.
The Group\u2019s contracts are exposed to inflation due to rising employment costs, as well as increased costs of raw materials. The
Group endeavours to include cost recovery mechanisms or index-linked pricing within its contracts with customers in order to
mitigate any inflation risk arising from increasing employment and raw material costs. In the most significant contract where there
is no mechanism to recover an increase in costs due to inflation, revenue and profit in the year would be impacted by \u00a33-4 million
for each 1% change in personnel costs.
Type 31 Programme estimates
During the year significant increases in forecast costs on the Type 31 programme were identified, which were not foreseen at contract
inception. A dispute resolution process has commenced with the customer over responsibility for these incremental costs. We have
reassessed the contract outturn on the basis that none of these are recovered, given the uncertainty at the early stage of the process.
This has resulted in the recording of a \u00a3100m loss in the year, representing a \u00a343m reversal of revenue, \u00a32m asset impairment and the
recognition of a \u00a355m onerous contract provision. Determining the contract outturn, and therefore revenue and onerous contract
provision recognised, requires assumptions and complex judgements to be made about future performance of the contract. The level of
uncertainty in the estimates made in assessing the outturn is linked to the complexity of the underlying contract.
The key sources of estimates in assessing the outturn are:
\u2022
The results of the dispute resolution process, and any reimbursements agreed with the customer;
\u2022
The build costs over the production schedule and estimate of efficiencies arising from the \u2018learner\u2019 effect through performing work
over multiple ships;
\u2022
The ability to maintain or improve operational performance through process efficiencies and improvements over the five ships;
\u2022
The impact of inflation on the build cost; and
\u2022
The achievement of the build schedule to completion and final acceptance.
These estimates are inter-related. The range of possible future outcomes in respect of assumptions made to determine the contract
outturn could result in a material increase or decrease in revenue and the value of the onerous contract provision, and hence on the
Group\u2019s profitability, in the next financial year. With c\u00a31bn of estimated costs to go over the life of the contract, if actual recoveries or
costs were to differ from those assumed by 5-10%, the potential impact on the contract outturn could be \u00a350-\u00a3100m.
To mitigate this, comparisons of actual contract performance and previous forecasts used to assess the contract outturn are performed
regularly, with consideration given to whether any revisions to assumptions are required. In the next financial year, design activities will
be finalised and the construction of the first ship will be substantially complete. This will reduce the uncertainty over the contract
outturn but a significant element will remain due to the substantial activity which extends over a further 4 years. In a major ship build
programme of this nature, it is inherently possible that there may be changes in circumstances which cannot reasonably be foreseen at
the present time.
(ii) Defined benefit pension schemes obligations
The Group\u2019s defined benefit pension schemes are assessed annually in accordance with IAS 19 and the valuation of the defined benefit
pension obligations is sensitive to the inflation, discount rate, actuarial and life expectancy assumptions used. There is a range of
possible values for the assumptions and small changes to the assumptions may have a significant impact on the valuation of the defined
benefit pension obligations. In addition to the inflation, discount rate and life expectancy estimates, management is required to make
an accounting judgement relating to the expected availability of future accounting surpluses under IFRIC 14. Further information on the
key assumptions and sensitivities is included in note 26.
(iii) The carrying value of goodwill
Goodwill is tested annually for impairment, in accordance with IAS 36, Impairment of Assets (\u2018IAS 36\u2019). The impairment assessment is
based on assumptions in relation to future cash flows expected to be generated by cash generating units, together with appropriate
discounting of the cash flows. The assessment of the recoverable amount of goodwill in the Aviation CGU is included as a critical
accounting estimate given the significance of the remaining carrying value of goodwill and the inherent level of estimation uncertainty
required to undertake impairment testing. The assessment of the recoverable value of goodwill in other CGUs is not considered a critical
accounting estimate as a result of the headroom within these CGUs. The key assumptions in estimating the carrying value of goodwill
are discount rate, long-term growth rate and growth rate in the short-term cash flows.
Inflation rates are incorporated into the impairment assessment through their inclusion within the growth rates in cash inflows and
outflows and through the methodology by which discount rates are determined. Were inflation to impact upon all cash flows equally,
an impairment assessment should be neutral to the impact of inflation. The Group has a number of protections and exposures to the
impact of inflation across its portfolio of revenue arrangements and supply chain agreements resulting in an indirect impact of inflation
on the impairment outturn.
The impact of climate change, including the risks as outlined in the TCFD disclosures on pages 67 to 73, have been considered in the
determination of the cash flows and growth rates where applicable.
Further information on key assumptions and sensitivity analyses are included in note 10.
Significant accounting policies
The significant accounting policies adopted by the Group are set out below. They have been applied consistently throughout the year
and the comparative year except as specified below.
(a) Revenue
Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the ordinary
course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with Customers. IFRS 15
requires the identification of performance obligations in contracts, determination of contract price, allocation of the contract price to
the performance obligations and recognition of revenue as performance obligations are satisfied.
(i) Performance obligations
Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or services that
are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can
benefit from them either on their own or together with other resources readily available to the customer and they are separately
identifiable in the contract.
In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent to which
the goods or services within a contract are interrelated and whether they modify other goods or services within a contract. The Group
also considers whether the goods and/or services are integrated and represent a combined output for which the customer has
contracted. The integrated output nature of many of the services provided by the Group results in some contracts only having one
performance obligation.
(ii) Determination of contract price
The contract price represents the amount of consideration which the Group expects to be entitled in exchange for delivering the
promised goods or services to the customer. Contracts can include both fixed and variable consideration.
Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be received
through unpriced contract variations and claims (see section (v) below for further details) and variable elements of existing contracts,
such as performance-based penalties and incentives, and gain/pain share arrangements where cost under/over spends are shared with
the customer. Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any
required adjustment is made against the contract price in the period in which the adjustment occurs.
Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction price only
to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once
the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel based on the contract
terms, status of negotiations with customers and historical experience with customers and with similar contracts. As part of this
judgement, variable consideration may be constrained until the uncertainty is resolved. In the case of unpriced variations these will
be constrained to the extent that such variable consideration is not considered highly probable.
Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific
time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance
related deductions.
(iii) Allocation of contract price to performance obligations
Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally not observable
and, in these circumstances, the Group allocates the contract price to performance obligations based on cost plus margin. This amount
would be the standalone selling price of each performance obligation if contracted with a customer separately.
(iv) Revenue and profit recognition
Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer.
Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether
it is satisfied over time or at a point in time.
Revenue recognised over time
Performance obligations are satisfied over time if any of the following criteria are satisfied:
\u2022
the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or
\u2022
the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right
to payment for work done; or
\u2022
the Group\u2019s performance creates or enhances an asset controlled by the customer.
Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such as
maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s
performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also recognised
over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable
right to payment for performance completed to date, being recovery of costs incurred in satisfying the performance obligation plus a
reasonable profit margin.
Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction of each
performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the Group\u2019s contracts,
this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable performance obligations.
Costs are included in the measurement of progress towards satisfying the performance obligation to the extent that there is a direct
relationship between the input and satisfaction of the performance obligation. For contracts where costs incurred is not deemed to be
the most appropriate measure, the Group uses time elapsed to measure satisfaction of the performance obligation.
Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once milestones have
been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the amount of cash received
from the customer then the difference will be held on the statement of financial position. This will typically be comprised of a mixture of
contract assets and trade receivables. If the amount of cash collected together with amounts due under the contract but uncollected
exceeds the amount of revenue recognised then the difference is also held on the statement of financial position as a contract liability.
See section (viii) for further details on how contract assets and liabilities are recognised.
Revenue recognised at a point in time
If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time that
control is transferred to the customer.
Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal title to
the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the Group. As can
be seen from note 3, sale of goods at a point in time represents approximately 8% of Group revenues (2022: 6%). These revenues are
delivered predominantly by the Aviation and Land sectors and include sales of equipment to commercial customers and procurement of
consumables on behalf of the Ministry of Defence (MOD).
Assessment of contract profitability
Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments are carried
out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and experienced personnel
and the assessments of all significant contracts are subject to review and challenge.
Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn incentives,
as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable not to significantly
reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the Group analyses various
factors including the contractual terms, status of negotiations with the customer and historical experience with that customer and with
similar contracts. Estimates of costs include assessment of contract contingencies arising out of technical, commercial, operational
and other risks. The assessments of all significant contract outturns are subject to review and challenge and estimation uncertainty is
resolved on a contract-by-contract basis as contracts near the end of the project lifecycle.
If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is included in
the Provisions accounting policy.
(v) Contract modifications
Claims and variations
The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to changes in
both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract variations. Such
variations may arise as a result of customer requests or instructions or from requests from the Group in response to matters arising
during the delivery of contracts. For example, some contracts include the requirement to conduct surveys and to report on or to
recommend additional work as required. Some contracts may require the Group to proceed with variations and to agree pricing
subsequently. See further detail on accounting for contract modifications below.
Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view or dispute in
relation to interpretation of contracts.
These contract claims and variations are considered to be modifications as referred to in paragraph 18 of IFRS 15.
Accounting for contract modifications
The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract modification:
1. Prospectively, as an additional, separate contract;
2. Prospectively, as a termination of the existing contract and creation of a new contract; or
3. As part of the original contract using a cumulative catch-up.
The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS 15. The
Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval of contract
modifications may be required to be carried out at pace and other mechanisms, informed by established customer relationships and
local working arrangements, can be used to achieve approval of contract modifications. In approving contract modifications in these
circumstances, the Group considers the scope of the contract modification in the context of the contract scope and contract terms.
Contract variations where the formal contract amendment has not been received but which are, in management\u2019s judgement,
approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18. Revenue from these contract
variations is treated as variable consideration and subject to constraint as outlined in section (b) above, until the pricing is agreed.
Contract claims are also considered to be contract modifications in accordance with IFRS 15, and revenue is subject to constraint as
outlined in section (ii).
Claims and variations which are not deemed to be contract modifications
Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to contracts
with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s accounting policy is
to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation to these claims will only be
recognised once it is virtually certain.
(vi) Costs of obtaining a contract
Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not been
won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been incurred
regardless of whether the contract was won or lost are recognised as an expense when incurred.
(vii) Costs to fulfil a contract
Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and amortised
on a straight-line basis when they meet all of the following criteria:
(i)
the costs relate directly to a contract or to an anticipated contract that can be specifically identified;
(ii)
the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance
obligations in the future; and
(iii)
the costs are expected to be recovered.
Costs of recruiting or training staff are expensed as incurred.
(viii) Contract assets and liabilities
Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or services that
the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services to a customer for
which consideration has been received, or consideration is due, from the customer.
Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all contracts the
payment terms are broadly in line with satisfaction of performance obligations, and therefore recognition of revenue, such that each
contract has either a contract asset or contract liability, however these are not overly material in the context of the contract.
(b) Underlying financial information and specific adjusting items
Definitions and a description of the use of the underlying performance measures can be found in note 2.
(c) Transactions with non-controlling interest
The Group\u2019s policy is to treat transactions with non-controlling interest as transactions with owners of the Company. These are therefore
reflected as movements in reserves.
(d) Provisions
A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result
of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be
reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate
discount rate.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring
has either commenced or has been publicly announced. Future operating costs are not provided for.
A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than
the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after impairment of any
assets directly related to the onerous contract. A provision for warranties is recognised on completed contracts and disposals when
there is a realistic expectation of the Group incurring further costs.
Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs will
exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment of any assets
directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results on completion of contracts
and are updated regularly.
A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated aircraft
components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform contractual
maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the Group returns
leased aircraft in a condition that does not meet the contractual return condition obligation, the associated provision is measured at the
lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased aircraft component is performed, if
the component\u2019s remaining flying hours are greater than the return condition outlined in the lease contract then a leasehold
improvement asset is recognised in proportion to the excess flying hours above the contractual return condition. Maintenance
provisions are not recognised in respect of aircraft components which are maintained under Power-by-the-hour maintenance
arrangements, instead the associated payments to the maintenance provider are expensed as incurred. Any additional payments made
to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an
expense or as income at the time at which they are incurred or received.
(e) Goodwill and intangible assets
(i) Goodwill
When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is
treated as purchased goodwill and capitalised. Goodwill is monitored at operating segment level and goodwill is allocated to the
operating segment expected to benefit from the business combination\u2019s synergies. The Group currently has five operating segments:
Marine, Land, Aviation, Nuclear and Africa.
When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference
is taken directly to the income statement.
Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that
date goodwill is not amortised but is reviewed at least annually for impairment.
Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of operating segments by reference to
value-in-use calculations or fair value less cost to dispose in relation to certain businesses which the Group plans to dispose. Goodwill
impairments are not subsequently reversed. See note 10 for further information on goodwill impairment reviews.
On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
(ii) Acquired intangibles
Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the
value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise
from the relationships.
The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in
process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths
of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods,
up to 15 years.
The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to
bring economic benefit via future orders.
Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the
expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front-
loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period
is in the range between one year to twenty years.
Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party
would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised
on a straight-line basis over a period of up to five years.
(iii) Research and development
Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible
assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost
can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously
recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are
amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding
seven years.
(iv) Computer software
Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration
and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost
less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and seven years.
The Group is implementing an ERP system in phases over several years. The ERP system is amortised over its useful life of 10 years
from the date when the asset is available for use, which occurs once the implementation has been completed for each respective
business unit.
(f) Property, plant and equipment
Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown at cost
less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction of trade
discounts and rebates.
Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the
following rates:
Lower of useful economic life or lease term
airframes 2%
Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated
into separate components where the components have differing useful lives with the value of each rotable component being
measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to
the airframe component.
Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the
cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end).
Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part
replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is capitalised
whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which are maintained under
Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the maintenance provider instead
being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the cost of the asset. Any additional
payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are
recognised as an expense or as income at the time at which they are incurred or received.
The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated in the
same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have already been used,
and may already exceed the typical useful economic life, an individual assessment of useful economic life is performed.
(g) Impairment of non-current assets
Goodwill and indefinite life intangibles are reviewed for impairment at least annually. For all other non-financial non-current assets
(including acquired intangible assets, capitalised development costs, software assets, property, plant and equipment and right of use
assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the
individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group
estimates the recoverable amount of the CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than
the carrying amount, an impairment loss is recognised immediately in the Group income statement.
Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is
increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined if no impairment loss had been recognised in prior years. Goodwill impairments are not
subsequently reversed.
(h) Net debt
Net debt, including loans to joint ventures and associates and lease receivables is an alternative performance measure of the Group and
consists of the total of loans, including the interest rate and foreign exchange derivatives which hedge the loans, bank overdrafts, cash
and cash equivalents, loans to joint ventures and associates, lease receivables and lease obligations. The Group\u2019s key performance
indicators exclude certain lease obligations in order to more closely align with the Group\u2019s debt covenants which are prepared on a
pre-IFRS 16 basis and the Financial review presents net debt and related performance measures including and excluding certain lease
obligations for this purpose.
(i) Leases
The Group as lessee
For all leases in which the Group is a lessee (other than those meeting the criteria detailed below), the Group recognises a right of use
asset and corresponding lease liability at commencement of the lease.
The lease liability is the present value of future lease payments discounted at the rate implicit in the lease, if available, or the applicable
incremental borrowing rate. The incremental borrowing rate is determined at lease inception based on a number of factors including
asset type, lease currency and lease term. Lease payments include fixed payments and variable lease payments dependent on an index
or rate, initially measured using the index or rate at the commencement date. The lease term reflects any extension or termination
options that the Group is reasonably certain to exercise.
The lease liability is subsequently measured at amortised cost using the effective interest rate method, with interest on the lease liability
being recognised as a finance expense in the income statement. The lease liability is remeasured, with a corresponding adjustment to
the right of use asset, if there is a change in future lease payments, for example resulting from a rent review, change in a rate/index or
change in the Group\u2019s assessment of whether it is reasonably certain to exercise an extension, termination or purchase option.
The right of use asset is initially recorded at cost, being equal to the lease liability, adjusted for any initial direct costs, lease payments
made prior to commencement date, lease incentives received and any dilapidation costs. Depreciation of right of use assets is
recognised as an expense in the income statement on a straight-line basis over the shorter of the asset\u2019s useful life or expected term
of the lease.
Right of use assets arising from sale and leaseback transactions are measured at the proportion of the previous carrying amount of the
asset that relates to the right of use retained by the Group. Gains arising on sale and leaseback transactions are recognised to the extent
that they relate to the rights transferred to the buyer-lessor whilst losses arising on sale and leaseback transactions are recognised in full.
Right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable, with the impairment expense being recognised in the income statement. Where a lease is terminated early, any
termination fees or gain or loss relating to the release of right of use asset and lease obligation are recognised as a gain or loss through
the income statement.
Payments in respect of short-term leases not exceeding 12 months in duration or low-value leases are expensed on a straight-line basis
to the income statement as permitted by IFRS 16, \u2018Leases\u2019.
The Group as lessor
As a lessor, the Group classifies lessor arrangements as finance or operating leases. Leases are classified as finance leases when the terms
of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
All lessor arrangements in the Group meet the criteria for a finance lease.
Amounts due from lessees under a finance lease are held on the statement of financial position as a financial asset at an amount equal
to the Group\u2019s net investment in the lease. The finance lease payments received are treated as finance income and a repayment of
principal including initial direct costs. Finance income is allocated over the lease term, with the gross receivable being reviewed for
impairment on a regular basis.
(j) Inventory
Inventory is valued at the lower of cost and net realisable value, being the estimated selling price of the assets in the ordinary course of
business less estimated costs of completion and costs of sale. In the case of finished goods and work in progress, cost comprises direct
material and labour and an appropriate proportion of overheads.
Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory.
(k) Contingent liabilities
A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non-
occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not
probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not
recognise contingent liabilities. See note 30 for details of contingent liabilities.
(l) Cash and cash equivalents
Group cash and cash equivalents consist of cash at bank and cash in hand, together with short-term deposits with an original maturity of
three months or less and money market funds. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s
cash management are treated as cash equivalents for the purpose of the cash flow statement. In the statement of financial position such
overdrafts are presented as current bank and other borrowings.
(m) Taxation
(i) Current income tax
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that
have been enacted or substantively enacted by the reporting date.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting
period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to
interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures
its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction
of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a
net basis, or to realise the asset and settle the liability simultaneously.
(ii) Deferred income tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and
liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial
recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither
accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have
been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset
is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse
in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or
back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future
taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of
future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Profits forecast beyond the
Group\u2019s five-year budget cycle are risk-weighted to reflect commercial uncertainties.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where
the deferred tax balances relate to the same taxation authority.
Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive
income or in equity.
(n) Foreign currencies
(i) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling,
which is the Company\u2019s functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency of subsidiaries of the Group using the exchange rates prevailing
at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional
currency at the year-end exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation at exchange rates ruling at the reporting date of monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement.
Exchange differences arising from the translation of the statement of financial positions and income statements of foreign operations
into Sterling are recognised as a separate component of equity on consolidation. Results of foreign operations are translated using the
average exchange rate for the month of the applicable results, the net assets translated at year-end exchange rates and equity held at
historic exchange rates. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of
the gain or loss on sale.
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 period-end exchange rates.
(o) Finance costs
Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under
construction, in which case finance costs are capitalised.
(p) Finance income
Finance income is recognised in the period to which it relates using the effective interest rate method.
(q) Employee benefits
(i) Pension obligations
The Group operates a number of pension schemes. The schemes are generally funded through payments to trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined benefit
plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one
or more factors such as age, years of service and compensation. A defined contribution plan is a pension plan under which the Group
pays fixed contributions into a separate entity.
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred.
For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial valuation
method. The service cost and associated administration costs of the Group\u2019s pension schemes are charged to operating profit. In
addition, a retirement benefit interest charge on the net pension deficit or interest credit on the net pension surplus is included in the
income statement as a finance cost or finance income, respectively. Actuarial gains and losses are recognised directly in equity through
the statement of comprehensive income so that the Group\u2019s statement of financial position reflects the IAS 19 measurement of the
schemes\u2019 surpluses or deficits at the reporting date.
(ii) Share-based compensation
The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options to
employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair value
is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting period of
the award.
The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity. Dividends
paid on these shares are accounted for as a deduction to equity.
(iii) Holiday pay
Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned.
(r) Financial instruments
(i) Financial assets and liabilities at amortised cost
Cash and cash equivalents, trade receivables, amounts due from related parties and other debtors are classified as financial assets held
at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of
payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include
a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses,
estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost,
including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month
expected credit losses. See note 22 for further information on how the Group assesses credit risk.
Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial
liabilities held at amortised cost.
(ii) Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value.
The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or
liabilities or unrecognised firm commitments.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that
qualify as cash flow hedges, fair value gains or losses are deferred in equity until the underlying transaction is recognised. Changes in
the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement.
(s) Fair value measurement
The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where
used in the acquisition of assets and liabilities through a business combination.
The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are
supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market
prices or rates.
The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are
assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds.
There have been no changes to the valuation techniques used during the year.
(t) Debt factoring
The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of its working
capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored receivables to the
factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade receivables are not recognised
under the applicable contracts. Any cash received from customers under these contracts is received as agent and transferred directly to
the debt factoring counterparty.
(u) Supply chain financing
Suppliers can choose to access supplier financing arrangements provided by different third-party banks in different countries.
Commercial requirements, including payment terms or the price paid for goods, do not depend on whether a supplier chooses to
access such arrangements. Under the arrangements, suppliers may choose to access payment early rather than on our normal payment
terms, at a funding cost to the supplier that is set by the factoring agent. Management reviews supplier financing arrangements to
determine the appropriate presentation of balances outstanding as other payables or borrowings, dependent on the nature of each
arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement,
impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures.
(v) Dividends
Dividends are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved. Interim dividends are
recognised when paid.
(w) Accounting policy change \u2013 Presentation of operating profit
In the year ended 31 March 2023 the Group has re-presented the income statement to combine Cost of revenue and Administration
and distribution costs into Operating costs. The comparative period operating costs of \u00a34,040.6 million were presented as Cost of
revenue of \u00a33,756.5 million and Administration and distribution costs of \u00a3284.1 million in the prior period annual report and financial
statements. This change to presenting the costs of the Group by nature is deemed to be more informative for the users of the annual
report and financial statements as it allows greater comparability of year-on-year trends.
2. Adjustments between statutory and underlying financial information
Definition of underlying measures and specific adjusting items
The Group provides alternative performance measures, including underlying operating profit, to enable users to have a more consistent
view of the performance and earnings trends of the Group. These measures are considered to provide a consistent measure of business
performance from year to year. They are used by management to assess operating performance and as a basis for forecasting and
decision-making, as well as the planning and allocation of capital resources. They are also understood to be used by investors in
analysing business performance.
The Group\u2019s alternative performance measures are not defined by IFRS and are therefore considered to be non-GAAP measures.
The measures may not be comparable to similar measures used by other companies and they are not intended to be a substitute for,
or superior to, measures defined under IFRS. The Group\u2019s alternative performance measures are consistent with the year ended
31 March 2022.
Underlying operating profit
In any given year the statutory measure of operating profit includes a number of items which the Group considers to either be one-off in
nature or otherwise not reflective of underlying performance. Underlying operating profit therefore adjusts statutory operating profit to
provide readers with a measure of business performance which the Group considers more consistently analyses the underlying
performance of the Group by removing these one-off items that otherwise add volatility to performance.
Underlying operating profit eliminates potential differences in performance caused by purchase price allocations on business
combinations in prior periods (amortisation of acquired intangibles), business acquisition, merger and divestment related items, large,
infrequent restructuring programmes and fair value movements on derivatives. Transactions such as these may happen regularly and
could significantly impact the statutory result in any given year. Adjustments to underlying operating profit may include both income
and expenditure items.
Specific adjusting items include:
\u2022
Amortisation of acquired intangibles;
\u2022
Business acquisition, merger and divestment related items (being amounts related to corporate transactions and gains or losses on
disposal of assets or businesses);
\u2022
Gains, losses and costs directly arising from the Group\u2019s withdrawal from a specific market or geography, including closure costs,
severance costs, the disposal of assets and termination of leases;
\u2022
The costs of large restructuring programmes that significantly exceed the minor restructuring which occurs in most years as part of
normal operations. Restructuring costs incurred as a result of normal operations are included in operating costs and are not excluded
from underlying operating profit;
\u2022
Profit or loss from amendment, curtailment, settlement or equalisation of Group pension schemes;
\u2022
Fair value gain/(loss) on forward rate contracts that are open during the period; and
\u2022
Exceptional items that are significant, non-recurring and outside of the normal operating practice. These items are described as
exceptional in order to appropriately represent the Group\u2019s underlying business performance. Exceptional items are set out in the
Exceptional items section below.
Income statement including underlying results
Note
Year ended 31 March 2023
Year ended 31 March 2022
Underlying
\u00a3m
Specific
adjusting items
\u00a3m
Statutory
\u00a3m
Underlying
\u00a3m
Specific adjusting
items
\u00a3m
Statutory
\u00a3m
Share of results of joint ventures and associates
14 9.3 \u2013 9.3 20.1 \u2013 20.1
5 (58.3)
9.7 (48.6)
(61.2)
(9.6)
(70.8)
Income tax (expense)/benefit
7 (37.7)
(1.8)
(39.5)
(43.9)
29.5 (14.4)
Profit/(loss) after tax for the year
Earnings per share including underlying measures
Underlying
\u00a3m
Specific
adjusting items
\u00a3m
Statutory
\u00a3m
Underlying
\u00a3m
Specific adjusting
items
\u00a3m
Statutory
\u00a3m
Profit/(loss) after tax for the year
Amount attributable to owners of the parent
Amount attributable to non-controlling interests
1.7
\u2013
1.7
3.7 \u2013 3.7
Weighted average number of shares (m)
Effect of dilutive securities (m)
Diluted weighted average number of shares (m)
514.9
514.9 511.2 511.2
17.4p
(6.9)p 30.4p 32.1p
Details of specific adjusting items
The impact of specific adjusting items is set out below:
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
of acquired intangibles
(15.8)
(21.4)
Business acquisition, merger and divestment related items
(117.7)
163.1
Fair value movement on derivatives and related items
1.1 \u2013
\u2013 (118.8)
\u2013 (33.8)
Adjusting items impacting operating profit/(loss)
(132.4)
(10.9)
Fair value movement on derivatives and related items
9.7 (9.6)
Adjusting items impacting loss before tax
(122.7)
(20.5)
Amortisation of acquired intangibles
4.1 5.5
Business acquisition, merger and divestment related items
(2.1)
\u2013
\u2013 6.5
Fair value movement on derivatives and related items
(2.6)
2.5
Exceptional tax items and tax on exceptional items,
including rate change impact
(1.2)
15.0
(expense)/benefit
(1.8)
29.5
Explanation of specific adjusting items
Amortisation of acquired intangibles
Underlying operating profit excludes the amortisation of acquired intangibles. This item is excluded from underlying results as it arises as
a result of purchase price allocations on business combinations and is a non-cash item which does not change each year dependent on
the performance of the business. It is therefore not considered to represent the underlying activity of the Group and is removed to aid
comparability with peers who have grown organically as opposed to through acquisition. Intangible assets arising as a result of the
purchase price allocation on business combinations include customer lists, technology-based assets, order book and trade names.
Amortisation of internally generated intangible assets is included within underlying operating profit.
Business acquisition, merger and divestment related items
Transaction related costs and gains or losses on acquisitions, mergers and divestments of businesses are excluded from underlying
operating profit as business combinations and divestments are not considered to result from underlying business performance.
The total net loss relating to business acquisition, merger and divestment related items for the year ended 31 March 2023 was
\u00a3117.7 million, consisting of a loss on the disposal of the Aerial Emergency Services business in Europe of \u00a3116.9 million, a loss on
disposal of the Group\u2019s Civil Training business of \u00a33.9 million and items relating to the disposal of the Oil & Gas business in Aviation
of \u00a33.1 million. Further detail is included in note 28.
The prior year included a total net gain of \u00a3163.1 million, consisting of a \u00a3172.8 million profit from acquisitions and disposals
completed in the year offset by \u00a39.7 million of costs incurred in relation to the Group\u2019s divestment programme for disposals that
had not completed at 31 March 2022.
Restructuring
Major restructuring programmes are not anticipated to recur year-on-year and therefore are not considered to be indicative of
underlying performance and hence removed from underlying operating profit.
In the prior period the Group incurred \u00a336.8 million of restructuring costs in relation to the implementation of the new operating
model announced and implemented during the year ended 31 March 2022. This was offset by the release of \u00a33.0 million of
restructuring provisions created in previous years that were classified as exceptional but are no longer needed.
Fair value movement on derivatives and related items
These are open forward currency contracts, taken out in the ordinary course of business to manage foreign currency exposures, where
the transaction will occur in future periods. Hedge accounting under IFRS is not applied, however these do represent economic hedges.
On maturity the currency contract will be closed and recognised in full within underlying operating profit at the same time as the
hedged sale or purchase. The net result, at that time, will then more appropriately reflect the related sales price or supplier cost being
hedged (which is fixed to ensure ultimately profitable outcomes).
Hedge ineffectiveness on debt and debt-related derivatives that are designated in a hedge relationship are also presented as a specific
adjusting item in finance costs. This is presented as a specific adjusting item as this ineffectiveness is caused by a historic off-market
designation, the transactions are considered by the Group to represent an economic hedge.
The fair value movement on lease-related derivatives and foreign exchange movements on lease liabilities are also presented as a
specific adjusting item in finance costs, as hedge accounting under IFRS is also not applied to these transactions but are also considered
by the Group to represent an economic hedge.
Tax
Tax comprises a charge of \u00a31.2 million arising from the impact of the increase in the rate of corporation tax to 25% with effect from
1 April 2023.
In the prior year, tax included a \u00a312.1 million credit in relation to exceptional items, and a credit of \u00a32.9 million arising from the impact
of the increase in the rate of corporation tax to 25%.
Exceptional items
Exceptional items are those items which are significant, non-recurring and outside the normal operating practice of the Group.
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
Impairment of acquired intangibles
\u2013 (57.6)
Impairment of property, plant and equipment and aircraft fleet rationalisation
\u2013 (58.8)
Release of onerous contract provisions
Release of provisions relating to the Italy fine and related costs
\u2013 (0.6)
\u2013 Group
Exceptional tax items and tax on exceptional items
Exceptional items \u2013 net of tax
\u2013 (103.8)
Explanation of exceptional items
Impairment of goodwill
The prior year impairment test resulted in a goodwill impairment of \u00a37.2 million in the Aviation operating segment, due to changes in
the forecast future business performance informed by the Group\u2019s disposal programme. The businesses to which this goodwill related
were fully disposed in FY23 as detailed in note 28.
Impairment of acquired intangibles
In the prior year, an impairment of \u00a357.6 million was recognised in the Aviation operating segment, due to changes in the forecast
future business performance informed by the Group\u2019s disposal programme. The businesses to which this goodwill related were fully
disposed in FY23 as detailed in note 28.
Impairment of property, plant and equipment
In the prior year, an impairment charge of \u00a358.8 million was recognised on property, plant and equipment in the Aviation operating
segment, due to changes in the forecast future business performance informed by the Group\u2019s disposal programme. The businesses to
which this goodwill related were fully disposed in FY23 as detailed in note 28.
Onerous contracts
In the prior year, the Group released an onerous contract provision that was no longer required and was previously classified as
exceptional, which totalled \u00a31.8 million.
Italy fine
In the prior year, the Group received notice that the fine had been set at \u20ac18 million, which was subsequently paid by the Group.
This resulted in the release of unused provision of \u00a33.6 million.
3. Segmental information
The Group has four reportable segments, determined by reference to the goods and services they provide and the markets they serve.
Marine \u2013 through-life support of naval ships, equipment and marine infrastructure in the UK and internationally.
Nuclear \u2013 through-life support of submarines and complex engineering services in support of major decommissioning programmes and
projects, training and operation support, new build programme management and design and installation in the UK.
Land \u2013 large-scale critical vehicle fleet management, equipment support and training for military and civil customers.
Aviation \u2013 critical engineering services to defence and civil customers worldwide, including pilot training, equipment support, airbase
management and operation of aviation fleets delivering emergency services.
The Board, the chief operating decision maker as defined by IFRS 8, monitors the results of these reportable segments and makes
decisions about the allocation of resources. The Group\u2019s business in Africa meets the definition of an operating segment, as defined by
IFRS 8. In accordance with IFRS 8, the Africa operating segment is included in the Land reportable segment.
The table below presents the underlying results for each reportable segment in accordance with the definition of underlying operating
profit, as set out in note 2, and reconciles the underlying operating profit/(loss) to the statutory profit/(loss) before tax.
2023
Marine
\u00a3m
Nuclear
\u00a3m
Land
\u00a3m
Aviation
\u00a3m
Unallocated
\u00a3m
Total
\u00a3m
1,439.6 1,179.2 1,017.1 802.7 \u2013 4,438.6
Underlying operating profit
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(9.7)
\u2013 (1.1)
(5.0)
\u2013 (15.8)
Business acquisition, merger
and divestment related items
gain/(loss) on forward rate contracts to be settled in
2.8 0.1 0.1 (1.9)
\u2013 1.1
Share of results of joint
ventures and associates
IFRIC 12 investment income
\u2013 \u2013 0.7 \u2013 \u2013 0.7
\u2013 \u2013 \u2013 \u2013 (49.3)
(49.3)
Marine
Nuclear
Land
Aviation
Unallocated
Total
1,259.3 1,009.7 1,015.5 817.3 \u2013 4,101.8
Underlying operating profit
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(0.6)
\u2013 (1.3)
(19.5)
\u2013 (21.4)
Business acquisition, merger and divestment related items
221.3 \u2013 (6.1)
(52.1)
\u2013 163.1
309.7 56.9 36.2 (176.0)
\u2013 226.8
Share of results of joint ventures and associates
IFRIC 12 investment income
\u2013 \u2013 0.8 \u2013 \u2013 0.8
\u2013 \u2013 \u2013 \u2013 (71.6)
(71.6)
* Other net finance costs are not allocated to a specific sector.
Revenues of \u00a32.2 billion (2022: \u00a32.0 billion) are derived from a single external customer. These revenues are attributable across
all reportable segments.
Segment assets and liabilities
The reportable segment assets and liabilities at 31 March 2023 and 31 March 2022 and capital expenditure and lease principal
payments for the years then ended are as follows:
2023
(restated)
2023
(restated)
2023
(restated)
2023
(restated)
793.2 775.8 762.4 604.2 25.2 41.8 5.6 6.4
636.8 561.1 284.8 271.6 37.8 56.9 3.1 3.4
*
794.2 1,639.5 1,312.7 2,366.6 13.8 8.9 5.0 3.7
* All assets and liabilities are allocated to their appropriate reportable segments except for cash, cash equivalents, borrowings including lease liabilities, income and
deferred tax balances and retirement benefit surpluses which are included in the unallocated segment.
Capital expenditure represents additions to property, plant and equipment and intangible assets. Proceeds from the sale of assets
totalled \u00a338.9 million (2022: \u00a368.0 million) are not included above, and are predominantly in the Aviation sector. See note 18 relating
to the treatment of amounts payable in respect of capital expenditure.
The segmental analysis of joint ventures and associates is detailed in note 14.
Segmental depreciation and amortisation
The segmental depreciation on property, plant and equipment, right of use assets and amortisation of intangible assets for the years
ended 31 March 2023 and 31 March 2022 is as follows:
Depreciation of property,
plant and equipment
Depreciation of
right of use assets
Amortisation of
intangible assets
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
22.8 22.3 2.6 3.7 0.2 0.3
4.4 4.4 10.8 12.5 2.3 2.6
72.1 58.7 81.7 105.1 28.1 37.1
Segmental asset impairments
The segmental impairment on property, plant and equipment, right of use assets and intangible assets for the years ended 31 March
2023 and 31 March 2022 is as follows:
Impairment of property,
plant and equipment
Impairment of
right of use assets
Impairment of
intangible assets
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
\u2013 \u2013 0.9 \u2013 0.9 \u2013
4.9 58.8 9.6 18.0 9.0 57.6
Geographic analysis of non-current assets
The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2023 and 31 March 2022 is
as follows:
2023
\u00a3m
2022
(restated)
\u00a3m
1,415.7 1,260.3
13.6 21.3
126.3 189.8
Non-current segment assets
1,640.4 2,091.1
benefits
94.8 300.9
112.2 47.4
-current assets
Geographic analysis of revenue
The geographic analysis of revenue by origin of customer for the years ended 31 March 2023 and 31 March 2022 is as follows:
2023
\u00a3m
2022
\u00a3m
2,693.3 2,593.5
188.1 172.9
349.5 218.6
4,438.6 4,101.8
The analysis of revenue for the years ended 31 March 2023 and 31 March 2022 is as follows:
2023
\u00a3m
2022
\u00a3m
\u2013 transferred at a point in time
352.5 257.5
Sale of goods \u2013 transferred over time
614.8 515.6
\u2013 transferred over time
3,822.1 3,580.8
4,438.6 4,101.8
4. Operating profit for the year
The following items have been included in arriving at operating profit for the year:
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
Raw materials, subcontracts and other bought
-in items used
1,857.1 1,467.8
Change in inventories of finished goods and
work-in-progress
perating charges
1,567.1 1,523.6
Depreciation of property, plant and equipment (note 12)
Depreciation of right-of-use assets (note 13)
81.7 105.1
Amortisation of intangible assets (note 1
1)
Acquired intangibles
15.8 21.4
12.3 15.7
Impairment of intangible assets (note 11)
9.0 57.6
Impairment of property, plant and equipment (note 12)
Impairment of right of use
assets (note 13)
\u2013 7.2
(Gain) on disposal of property, plant and equipment
Loss on disposal of intangible assets
Loss/(gain) on disposal of right-of-use assets
0.8 (3.2)
foreign exchange loss
/(gain) on disposal of subsidiaries and joint ventures
(Gain)/loss on derivative instruments at fair value through profit or loss
(6.9)
7.2
Services provided by the Group\u2019s auditor and network firms
During the year the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditor:
Year ended
31 March 2023
Year ended
31 March 2022
fees:
to the parent auditor and its associates for the audit of the parent company\u2019s individual
and consolidated financial statements
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s subsidiaries
Audit related assurance fees
\u2013 0.5
Total fees paid to the Group\u2019s auditor and network firms
10.5 7.1
5. Net finance costs
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
Loans, overdrafts and associated interest rate hedges
29.6 57.3
and foreign exchange movements on lease liabilities
21.7 17.4
of issue costs of bank loan
Retirement benefit interest
cost
15.9 \u2013
Bank deposits, loans and leases
13.7 8.8
IFRIC 12 Investment income
Retirement benefit interest
income
21.9 9.6
Net finance costs decreased to \u00a348.6 million (2022: \u00a370.8 million). The current year includes a one-off gain of \u00a318 million relating to
the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges) and a \u00a312 million cost relating to the
factoring of receivables for the Mentor contract in France (within other finance costs).
6. Employee costs
Year ended
31 March 2023
Year ended
31 March 2022
1,289.2 1,252.8
141.3 143.4
Share-based payments (note 25)
Pension costs \u2013 defined contribution plans (note 26)
\u2013 defined benefit plans (note 26) 32.6 38.5
The average monthly number of people employed by the Group was:
2023
Number
2022
Number
6,421 7,422
8,172 8,045
26,735 28,975
The reduction in average monthly number of people employed by the Group year-on-year is primarily attributable to the disposal activity
in the current and prior period as detailed in note 28.
Emoluments of the Executive Directors are included in employee costs above and reported in the Remuneration report.
Key management compensation
Key management is defined as those employees who are directly responsible for the operational management of the operating
segments. The employees would typically report to the Chief Executive. The key management figures given below include Directors.
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
-based payments 4.6 1.9
7. Taxation
Income tax expense
Total
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
Analysis of tax expense in the year
UK current year expense
0.6 1.9
\u2022
UK prior year (benefit)
\u2013 (10.8)
Overseas current year expense
24.5 19.3
Overseas prior year expense
2.9 2.5
UK current year expense
11.1 17.5
\u2022
UK prior year (benefit)/expense
(3.3)
11.5
Overseas current year expense/(benefit)
3.6 (25.3)
Overseas prior year (benefit)/expense
(1.1)
0.7
Impact of changes in tax rates
1.2 (2.9)
11.5 1.5
The tax for the year is higher (2022: lower) than the standard rate of corporation tax in the UK. The differences are explained below:
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
before tax 6.2 182.3
Profit on ordinary activities multiplied by rate of corporation tax in the UK of 19% (2022: 19%)
Expenses not deductible for tax purposes
8.6 2.4
Non-deductible write-off of goodwill
Re-measurement of deferred tax in respect of statutory rate changes
share of results of joint ventures and associates\u2019 results (1.8)
(2.1)
(1.5)
3.9
Differences in respect of foreign rates
Unrecognised deferred tax movements
Deferred tax not previously recognised/derecognised
\u2013 (8.1)
-taxable profits on disposals and non-deductible losses on disposals
22.4 (37.8)
expense/(benefit)
39.5 14.4
Further information on exceptional items and tax on exceptional items is detailed in note 2.
During the prior year the Group concluded discussions with certain tax authorities regarding prior year tax positions, resulting in a tax
credit of \u00a312.6 million.
The Group is subject to taxation in several jurisdictions. The complexity of applicable rules may result in legitimate differences of
interpretation between the Group and taxing authorities, especially where an economic judgement or valuation is involved. The
principal elements of the Group\u2019s uncertain tax positions relate to the pricing of intra-group transactions and the allocation of profits in
overseas territories. The outcome of tax authority disputes in such areas is not predictable, and to reflect the effect of these uncertain
tax positions a provision is recorded which represents management\u2019s assessment of the most likely outcome of each issue. At 31 March
2023 the Group held uncertain tax provisions of \u00a320.3 million (2022: \u00a316.5 million).
During the period the Group made disposals that are expected to be exempt from UK tax due to qualification for the UK substantial
shareholding exemption, and from overseas tax as a consequence of local reliefs.
The increase in the UK rate of corporation tax to 25% with effect from 1 April 2023 was substantively enacted during the year ended 31
March 2022. The effect has been to increase the Group\u2019s net deferred tax asset by \u00a323.1 million (2022: \u00a31.4 million), comprising a
charge to Income Statement of \u00a31.1 million (2022: \u00a32.9 million credit) and a credit to Other Comprehensive Income of \u00a324.2 million
(2022: \u00a32.0 million charge). In the year ended 31 March 2022 there was also a credit to Equity of \u00a30.5 million.
Recent developments in respect of the OECD inclusive Framework on Base Erosion and Profit Shifting (BEPS), which include the Pillar Two
initiative introducing a global minimum rate of corporation tax, are applicable to the Group. Initial analysis indicates that UK legislation,
announced on 23 March 2023, to implement this initiative will result in no material impact on the Group\u2019s tax charge. The Group
continues to monitor this issue to quantify any impact and implement the increased tax reporting activities required to ensure
compliance.
Deferred tax
Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set
off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the
same Taxation Authorities:
2023
\u00a3m
2022
\u00a3m
(restated \u2013 note 23)
(7.0)
(9.6)
The movements in deferred tax assets and liabilities during the year are shown below.
Tangible assets
Retirement
benefit
obligations
Tax losses
Other
Total
2 as previously stated (32.7)
(48.0)
101.5 16.6 37.4
Prior period restatement (note 23)
At 1 April 2022 as restated
/(debit)
(6.1)
(28.5)
23.7 0.5 (10.4)
/(debit) to other comprehensive income/equity \u2013 76.6 \u2013 (3.3)
73.3
Transfer to income tax receivable
s in tax rates
(1.5)
(9.0)
9.5 (0.1)
(1.1)
\u2022
Other comprehensive income/equity
\u2013 24.2 \u2013 \u2013 24.2
23
(40.9)
15.3 128.0 2.8 105.2
21
(17.0)
53.2 98.9 (13.1)
122.0
Income statement credit/(debit)
Tax credit/(debit) to other comprehensive income/equity
Transfer from income tax receivable
\u2013 \u2013 \u2013 4.4 4.4
Acquisition of subsidiary (restated
\u2013 note 23) \u2013 \u2013 \u2013 (18.6)
(18.6)
Effect of changes in tax rates
(6.6)
(8.7)
17.2 1.0 2.9
Other comprehensive income/equity
\u2013 (3.0)
\u2013 1.5 (1.5)
At 31 March 2022 as previously stated
(32.7)
(48.0)
101.5 16.6 37.4
The net deferred tax assets of \u00a3105.2 million (2022: \u00a337.4 million) include deferred tax assets of \u00a314.2 million (2022: \u00a331.6 million)
and deferred tax liabilities of \u00a37.0 million (2022: \u00a39.6 million) in respect of the Group\u2019s non-UK operations.
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets
because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of
losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group
assesses future profitability for recognition purposes, is set out in note 1 to the Accounts.
Net deferred tax assets have been recognised in respect of operations in the following jurisdictions: United Kingdom (\u00a397.9 million),
Australia (\u00a37.4 million) and New Zealand (\u00a30.9 million). In the prior year net deferred tax assets were recognised in the following
jurisdictions: United Kingdom (\u00a315.4 million), Italy (\u00a39.8 million), Australia (\u00a38.9 million) and Spain (\u00a33.5 million). The reductions in the
deferred tax balances in Italy and Spain jurisdictions follows the exit from these geographies following the business disposals as detailed
in note 28. The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022 and 31 March 2023.
The losses for the years ended 31 March 2021 and 2022 reflected the contract and profitability review carried out in 2021 and the
restructuring of the business in 2022. The loss in the year ended 31 March 2023 was principally attributable to the provision in respect
of the Type 31 contract. The Directors do not consider that the results for these periods are representative of future trading
performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts.
No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches,
associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of
the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of
temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint
operations is represented by their post acquisition retained earnings and amounted to \u00a3257 million (2022: \u00a3291 million).
At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2022: \u00a3101.5 million) have been recognised in
respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax
losses carried forward (excluding capital losses) of \u00a396.4 million (2022: \u00a3519 million). In addition to these amounts, UK capital losses of
\u00a392.0 million (2022: \u00a392.0 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax
asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to
generate sufficient taxable income of the appropriate type in the foreseeable future (see note 1). The amounts shown can be carried
forward indefinitely.
8. Dividends
Year ended
31 March 2023
Year ended
31 March 2022
Final dividend for the year ended 31 March 20
22 of nil (2021: nil p) per 60p share
\u2013 \u2013
Interim dividend for the year ended 31 March 2023 of nil (2022: nil p) per 60p share
9. (Loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the year excluding those held in the Babcock Employee Share Trust. Where there is a loss arising
the effect of potentially dilutive ordinary shares is anti-dilutive.
The calculation of the basic and diluted (loss)/earnings per share is based on the following data:
Number of shares
2023
Number
2022
Number
Weighted average number of ordinary shares for the purpose of basic EPS
Effect of dilutive potential ordinary shares: share options
Weighted average number of ordinary shares for the purpose of diluted EPS
Earnings per share
Year ended 31 March 2022
Loss attributable
to shareholders
\u00a3m
Basic
per share
Pence
Diluted
per share
Pence
Earnings
attributable to
shareholders
\u00a3m
Basic
per share
Pence
Diluted
per share
Pence
(Loss)/earnings for the year
10. Goodwill
31 March 2023
\u00a3m
31 March 2022
(restated)
\u00a3m
of subsidiaries (note 28)
(488.0)
(197.9)
note 28) (revised \u2013 note 23) \u2013 22.3
At 31 March (restated \u2013 note 23)
1,529.3 1,531.0
On disposal of subsidiaries (note 28)
\u2013 \u2013
31 March 1,041.9 1,529.3
Net book value at 31 March (revised \u2013 note 23)
Goodwill is allocated to the operating segments as set out in the table below:
31 March 2023
\u00a3m
31 March 2022
(restated)
\u00a3m
296.6 297.7
32.0 32.0
1.7 2.0
During the year, goodwill was tested for impairment at 31 March 2023 in accordance with IAS 36. This impairment analysis is
performed on an annual basis at operating segment level, as outlined in the Group\u2019s accounting policies. The Group monitors goodwill
at operating segment level.
The goodwill allocated to the Africa operating segment is immaterial and the Directors do not consider there to be any reasonably
possible changes in estimates that would result in impairment of this goodwill. No further disclosures are provided in relation to the
Africa operating segment.
During the year the Group disposed of goodwill of \u00a30.6 million through the disposal of part of the Aerial Emergency Services business in
Aviation (\u00a3nil million) and the Civil Training business in Land (\u00a30.6 million).
Results of goodwill impairment test
The current year impairment test results have not resulted in an impairment for any of the Group\u2019s cash generating units. The
recoverable amount of the Group\u2019s goodwill was assessed by reference to value-in-use calculations. The value-in-use calculations are
derived from risk-adjusted cash flows from the Group\u2019s five-year plan. Terminal value assessments are included based on year five and
an estimated long-term, country-specific growth rate of 1.9 \u2013 4.6% (2022: 1.8 \u2013 2.5%). The process by which the Group\u2019s budget is
prepared, reviewed and approved benefits from historical experience, visibility of long term work programmes in relation to work
undertaken for the UK Government, available government spending information (both UK and overseas), the Group\u2019s contract backlog,
bid pipeline and the Group\u2019s tracking pipeline which monitors opportunities prior to release of tenders. The budget process includes
consideration of risks and opportunities at contract and business level, and considered matters such as inflation.
Furthermore, in preparing this assessment we have considered the potential impact of climate change. In particular, we have
considered the impact of climate change on the useful economic lives of assets, disruption to key operating sites and supply chain,
and potential asset impairments. These considerations did not have a material impact on the goodwill impairment assessment.
Key assumptions
Key assumptions are based on past experience and expectations of future changes in the market, including prevailing economic
forecasts, industry specific data, competitor activity and market dynamics.
Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital were used to discount the estimated risk-
adjusted cash flows. These pre-tax discount rates reflect the market assessment as at the period end date of the time value of money
and the risks specific to the cash-generating units.
Country-specific long-term growth rates are determined based on external analyst assessments of long-term real GDP outlooks in the
associated countries.
The country-specific real long-term growth rates and discount rates for the Group\u2019s operating segments are as follows:
31 March 2023
31 March 2022
Aviation Land Marine Nuclear Aviation Land Marine Nuclear
-tax discount rate
13.1 13.1 13.1 12.4 11.3 11.7 11.3 11.3
Long-term real growth rate
Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time. They
are significantly affected by a number of factors, such as demand for the Group\u2019s services, together with economic factors such as
estimates of costs of revenue and future capital expenditure requirements. Expected future cash flows are also subject to estimation
with regard to the impact of inflation \u2013 albeit a significant proportion of the Group\u2019s longer term revenue contracts include variable
consideration in respect of inflation and therefore there is a natural offset on the impact of inflation on both costs and revenue.
Key assumptions in relation to future cash flows included in the value-in-use models are set out below:
Key future cash flow assumption
Continuing delivery of work programmes with the UK Ministry of Defence
, including the design and build of Type 31
frigates and the production of vertical missile tubes for the US
-UK common missile compartment programme. Future
international opportunities in shipbuilding.
Continuing delivery of naval nuclear service
s to the UK Ministry of Defence, including the FMSP contract. Continuing
delivery of opportunities in the UK civil nuclear decommissioning programme together with maintenance of ongoing
spend in provision of nuclear engineering services to operational power stations.
Continuing demand for equipment support and training from both military and civil customers, noting that significant
elements of equipment support and training are the subject of long
-term contracts, not all of which have been
renew.
Continuing delivery of long
-term contracts with the UK Ministry of Defence. Expansion of activities in key overseas
Sensitivity
The value-in-use for Marine and Nuclear results in these operating segments having significant headroom. Assuming no change in the
cash flows over the initial five-year period, it would require a long-term growth of nil combined with a discount rate in excess of 40% to
reduce the headroom in these sectors to \u00a3nil. The Directors do not consider these to be plausible assumptions.
In the Aviation and Land sectors the decrease in headroom that would result from a change in the discount rate and long-term growth
rate are set out in the table below:
31 March 2023 31 March 2022
Aviation Aviation
Increase of 200bps (2022: 100 bps)
Management have also identified the growth rate in the short-term cash flows in the Aviation operating segment as a key assumption.
Annual growth in the underlying cash flows has been determined on a contract-by-contract basis based on our knowledge of the
existing contract base and management judgement regarding future wins and losses. If the five-year compound growth rate for the
Aviation operating segment decreased by 14% this would cause an impairment of the goodwill allocated to this sector.
11. Other intangible assets
Acquired
intangibles \u2013
relationships
\u00a3m
Internally
generated software
development
costs and
licences
\u00a3m
Internally
generated
development
costs and
other
\u00a3m
Total
\u00a3m
At 1 April 2022 (restated)
1,095.3 222.6 27.6 1,345.5
\u2013 18.1 3.4 21.5
Reclassification from property, plant and equipment
Disposal of subsidiary undertakings (note 28)
amortisation and impairment
Disposal of subsidiary undertakings (note 28)
Net book value at 31 March 2023
At 1 April 2021 (previously stated)
On acquisition of subsidiaries (note
28) (restated \u2013 note 23)
Reclassification from property, plant and equipment
Disposal of subsidiary undertakings (note
28)
\u2013 (1.4)
(0.3)
(1.7)
0.8 0.2 (0.1)
0.9
31 March 2022 (restated \u2013 note 23)
Accumulated amortisation and impairment
At 1 April 2021 (previously stated)
927.5 145.4 4.5 1,077.4
21.4 13.9 1.8 37.1
2)
57.6 \u2013 \u2013 57.6
Disposal of subsidiary undertakings (note 28)
Net book value at 31 March 2022 (restated)
Acquired intangible amortisation charges for the year are recorded in operating costs.
During the year ended 31 March 2023, an error has been identified whereby fully amortised intangible assets were incorrectly
presented net. These restatements have no impact on the total intangible assets balance nor on any other financial statement area. In
addition, the carrying value of acquired intangibles \u2013 relationships as at 31 March 2022 has been revised by \u00a31.0 million as described in
Note 23 as a result of new information coming to light during the assessment period on the acquisition of a business.
Included in Internally generated software development costs and licences is \u00a338.6 million (2022: \u00a340.7 million) relating to the Group\u2019s
ERP system, which is amortised over a 10 year period. Included in the acquired intangible balance is \u00a352.3 million (2022: \u00a363.6 million)
relating to the acquisition of the NSM joint venture (refer to note 28 for further details). This will be fully amortised in 20 years.
In the prior year, the Aviation operating segment recorded an impairment to acquired intangibles of \u00a357.6 million on an acquired
intangible that was initially recognised in relation to the acquisition of the Avincis business. The Group\u2019s disposal programme
impacted on the ability of the Aviation operating segment to share assets, capability and management across the entire contract
and asset base, resulting in reassessment of the value-in-use for the operating segment in line with an assessment under IAS 36.
This asset was fully impaired.
12. Property, plant and equipment
Freehold
property
\u00a3m
Leasehold
property
\u00a3m
Plant and
equipment
\u00a3m
Aircraft
fleet
\u00a3m
Assets in
course of
construction
\u00a3m
Total
\u00a3m
22
151.8 24.7 524.9 303.1 213.9 1,218.4
On disposal of subsidiaries (note
28)
(9.4)
(9.0)
(32.1)
(224.1)
(13.9)
(288.5)
Transfer to intangible assets
70.0 \u2013 66.0 3.0 (139.0)
\u2013
from Right-of use-assets
\u2013 \u2013 \u2013 19.5 \u2013 19.5
Capitalised borrowing costs
0.2 (0.7)
(7.9)
8.4 3.0 3.0
depreciation
70.7 11.1 373.2 52.3 0.5 507.8
On disposal of subsidiaries (note 28)
Depreciation charge for the year
\u2013 \u2013 \u2013 (0.8)
5.7 4.9
from Right-of use-assets
\u2013 \u2013 \u2013 11.5 \u2013
11.5
74.4 12.1 390.6 24.9 6.2 508.2
Net book value at 31 March 2023
At 1 April 2021 (previously stated)
158.1 17.4 524.2 347.8 155.0 1,202.5
On acquisition of subsidiaries (note
28)
\u2013 \u2013 0.4 \u2013 \u2013 0.4
On disposal of subsidiaries (note 28)
(2.5)
(0.8)
(14.2)
(56.0)
(46.5)
(120.0)
1.5 4.9 (1.5)
0.9 (5.8)
\u2013
Reclassification from intangible assets
151.8 24.7 524.9 303.1 213.9 1,218.4
At 1 April 2021 (previously stated)
69.5 10.9 373.1 45.4 1.7 500.6
(0.8)
0.6 (15.3)
(17.5)
0.5 (32.5)
On disposal of subsidiaries (note 28)
harge for the year
8.1 0.5 38.1 12.0 \u2013 58.7
\u2013 \u2013 \u2013 58.8 \u2013 58.8
70.7 11.1 373.2 52.3 0.5 507.8
Net book value at 31 March 2022
In the year ended 31 March 2023 management identified that the prior period property, plant and equipment disclosure included a
historic error which overstated historic cost and accumulated depreciation by \u00a317.5 million (1 April 2021: \u00a316.8 million). Additionally,
an error has been identified in the classification of cost between asset categories in the prior period totalling \u00a336.3 million and this has
also been restated. These restatements have no impact on the total property, plant and equipment balance nor on any other financial
statement area.
In the prior year, the Group recognised an impairment charge of \u00a358.8 million in relation to the aircraft fleet in the Aviation operating
segment due to changes in the future business performance, as informed by the Group\u2019s disposal programme. This change impacted on
the ability of the Aviation operating segment to share assets, capability and management across the entire contract and asset base. The
asset valuations have been calculated based on estimated discounted cash flows over the remaining useful expected lives of the assets.
The impairment charge of \u00a358.8 million is based on a recoverable amount for the relevant assets of \u00a3220.0 million.
13. Leases
Group as a lessee
Lease liabilities represent rentals payable by the Group for certain operational, distribution and office properties and other assets such as
aircraft. The leases have varying terms, purchase options, escalation clauses and renewal rights.
Right of use assets
Leasehold
property
Plant and
equipment
Aircraft
fleet
Total
127.3 64.7 383.0 575.0
Transfer to Property, plant and equipment
(10.0)
(3.7)
(24.5)
(38.2)
Disposal of subsidiaries (note 28)
(11.5)
(3.5)
(269.8)
(284.8)
141.6 67.7 138.0 347.3
Depreciation charge for the year
20.5 9.1 52.1 81.7
0.9 \u2013 8.7 9.6
Disposal of subsidiaries (note 28)
Transfer to Property, plant and equipment
\u2013 \u2013 (11.5)
(11.5)
(0.5)
0.3 2.7 2.5
Net book value at 31 March 2023
92.1 22.0 45.0 159.1
Leasehold
property
\u00a3m
Plant and
equipment
\u00a3m
Aircraft
fleet
\u00a3m
Total
\u00a3m
24.0 3.4 61.2 88.6
Acquisition of subsidiary (note
28) 0.5 \u2013 \u2013 0.5
Disposal of subsidiaries (note 28)
2.1 \u2013 (1.0)
1.1
51.1 42.2 197.6 290.9
Depreciation charge for the year
(23.7)
(6.9)
(21.8)
(52.4)
Disposal of subsidiaries (note
28)
(9.5)
(1.9)
(109.5)
(120.9)
2 42.5 40.9 157.3 240.7
Net book value at 31 March 2022
Lease liabilities
The following tables show the discounted Group lease liabilities and a reconciliation of opening to closing lease liabilities:
Total
\u00a3m
117.0
(5.3)
Disposal of subsidiaries (note 28)
15.9
(124.4)
-current lease liabilities
178.9
Current lease liabilities
31 March 2023 228.8
612.3
Acquisition of subsidiaries (note 28)
(22.6)
Disposal of subsidiaries (note
28) (137.1)
repayments
(130.4)
-current lease liabilities 329.3
Current lease liabilities
434.1
See note 22 for a maturity analysis of the contractual undiscounted lease payments.
Amounts recognised in the Group income statement
2023
\u00a3m
2022
\u00a3m
Interest on lease liabilities
-of-use asset depreciation
81.7 105.1
Right-of-use asset impairment
Loss/(profit) on disposal of right-of-use asset
The total expense for short term and low value leases was \u00a33.0 million (2022: \u00a38.9 million). The expense is deemed approximate to the
cash outflow for short term and low value leases.
Amounts recognised in the Group cash flow statement
2023
2022
Total cash outflow for principal element of leases
108.5 113.0
Total cash outflow for interest element of leases
15.9 17.4
Total cash outflow for leases
Group as a lessor
The Group is the lessor in an arrangement for the lease of vehicles and sub-lease of leased properties. These are solely finance lease
arrangements. There have been no new material lease arrangements as a lessor in the current year (2022: none).
Amounts recognised in the Group income statement
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
\u2013 interest income
4.4 3.1
Finance lease payments receivable
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
Greater than one year but less than two years
Greater than two years but less than three years
9.1 8.1
Greater than three years but less than four years
Greater than four years but less than five years
Total undiscounted finance lease payments receivable
Finance lease receivable (net investment in the lease)
38.6 47.4
There was no material impairment of lease receivables in the year ended 31 March 2023 (2022: \u00a3nil).
The Group has minimal residual risk for underlying assets to which it retains the residual rights as all leases for which the Group acts as
lessor are finance leases and therefore the asset has been leased for a term equivalent to the asset\u2019s useful economic life.
14. Investment in and loans to joint ventures and associates
The Group\u2019s principal joint ventures and associates are:
Nature of relationship Year end Business activity
% interest
held (2023)
% interest
held (2022)
Country of
incorporation
Principal area
of operation
AirTanker Services Limited
Associate 31 Dec
Provision of
air-to-air refuelling
23.5% 23.5%
United
Kingdom
United
Kingdom
(Holdings)
Joint venture 31 Mar
Provision of
50.0% 50.0%
United
United
Summarised financial information for joint ventures and associates
The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures
and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting
policies where required. The summarised financial information has been aggregated to provide useful information to users without
excessive detail. Joint ventures that are not considered material to the Group are not shown below.
31 March 2023
31 March 2022
Summarised income statement extract (year ended)
Ascent Flight
Training
(Holdings)
Limited
AirTanker
Services Limited
Ascent Flight
Training
(Holdings)
Limited
AirTanker
Services Limited
171.2 181.7 164.8 189.2
Depreciation and amortisation
(5.0)
\u2013
(6.2)
(0.3)
Income tax (expense)/benefit
(3.5)
(2.3)
(3.7)
(2.5)
Profit from continuing operations
comprehensive income
Total comprehensive income
21.5 5.9 15.8 6.5
Summarised statement of financial position
-current assets
Current assets (excluding cash and cash equivalents)
75.5 95.2 101.5 69.0
Cash and cash equivalents
69.2 71.9 60.4 54.4
-current financial liabilities (excluding trade and other payables and provisions)
Current financial liabilities (excluding trade and other payables and
provisions)
Current trade and other payables and provisions
(10.4)
(74.9)
(4.6)
(51.9)
Carrying value of investment
Reconciliation to carrying amounts
Investment in joint ventures
and associates
Loans to joint ventures
and associates
Total
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
1 April
Acquisition and disposal of joint ventures and associates
(note 28)
(1.0)
(24.5)
\u2013 \u2013 (1.0)
(24.5)
Loans repaid by joint ventures and associates
\u2013 \u2013 (2.4)
(31.0)
(2.4)
(31.0)
Increase in loans to joint
ventures and associates
Investment in joint ventures and associates
9.3 20.1 \u2013 \u2013 9.3 20.1
Interest accrued and capitalised
\u2013 \u2013 1.0 3.2 1.0 3.2
Fair value adjustment of derivatives
4.7 30.2 \u2013 \u2013 4.7 30.2
Tax on fair value adjustment of derivatives
(1.2)
(5.7)
\u2013 \u2013 (1.2)
(5.7)
57.4 54.3 9.5 12.1 66.9 66.4
The total investments in joint ventures and associates is attributable to the following reportable segments:
2023
\u00a3m
2022
\u00a3m
3.7 4.8
61.6 59.8
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not have any
commitments that have been made to the joint ventures or associates and not recognised at the reporting date.
Joint arrangements are classified as joint ventures as the Group has the right to net assets of the joint arrangement rather than separate
rights and obligations to the assets and liabilities of the joint arrangement, respectively.
There has been no impairment to loans to joint ventures and associates during the year (2022: \u00a3nil). Total cumulative expected credit
losses in respect of loans to joint ventures and associates are also \u00a3nil (2022: \u00a3nil) as the joint ventures and associates are considered to
have low credit risk and as such impairment risk is considered minimal.
There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those
imposed by the Companies Act 2006 or equivalent local regulations.
15. Inventories
31 March 2023
\u00a3m
31 March 2022
\u00a3m
Finished goods and goods for resale
61.0 61.3
Write-downs of inventories amounted to \u00a35.4 million (2022: \u00a315.8 million). These were recognised as an expense during the year
ended 31 March 2023 and included in operating costs in the income statement.
16. Trade and other receivables and contract assets
31 March 2023
31 March 2022
Costs to obtain a contract
Costs to fulfil a contract
1.4 0.8
2.2 \u2013
-current trade and other receivables
307.3 311.5
Less: provision for impairment of receivables
(7.3)
(14.6)
Trade receivables \u2013 net
6.0 4.4
Amounts due from related parties (note 32)
63.7 71.1
contract
0.6 7.6
Costs to fulfil a contract
Current trade and other receivables
506.9 488.8
322.5 299.3
Current trade and other receivables and contract assets
Trade and other receivables are stated at amortised cost. Details of expected credit losses on trade receivables are provided in note 22,
there has been no impairment to other receivables during the year ended 31 March 2023 (2022: \u00a3nil). Other debtors primarily
comprise of receivables in respect of social security and other taxes.
In the year ended 31 March 2023, amortisation of costs to obtain a contract and costs to fulfil a contract totalled \u00a35.0 million
(2022: \u00a32.8 million). An impairment of \u00a31.6 million was recorded in relation to costs to obtain a contract or costs to fulfil a
contract (2022: \u00a3nil).
The Group recognises that there is an inherent element of estimation uncertainty and judgement involved in assessing contract
profitability, as disclosed in note 1. Management have taken a best estimate view of contract outcomes based on the information
currently available, after allowing for contingencies, and have applied a constraint to the variable consideration within revenue resulting
in a revenue estimate that is suitably cautious under IFRS 15.
Significant changes in contract assets during the year are as follows:
Contract assets
\u00a3m
299.3
Disposal of subsidiary undertaking
Transfers from contract assets recognised at the beginning of the year to trade receivables
(218.9)
Increase due to work done not transferred from
contract assets
273.1
3.6
322.5
276.4
Disposal of subsidiary undertaking
16.3
Transfers from contract assets recognised at the beginning of the year to receivables
(20.8)
Increase due to work done not transferred from contract assets
(228.7)
Write down of contract assets
255.1
1.0
299.3
During the year, the Group has recognised a reversal of \u00a348.5 million of revenue in respect of performance obligations satisfied or
partially satisfied in previous periods. This figure is significantly impacted by reductions in forecast margin on three of the Group\u2019s
contracts \u2013 predominantly the loss on the T31 programme as described in note 1. The variance resulting from these three contracts is
a result of movements in forecast cost to complete rather than a reversal of variable consideration previously seen as highly probable.
Excluding these three contracts, the Group has recognised \u00a34.7 million of additional revenue in the current year in respect of
performance obligations satisfied or partially satisfied in previous periods.
At 31 March 2023, there is \u00a36.7 billion (2022: \u00a35.8 billion) of transaction price on contracts with customers that has been allocated
to unsatisfied or partially satisfied performance obligations (note this metric has been prepared for IFRS 15 disclosure purposes and
therefore does not align to the Group\u2019s contract backlog). Contract backlog is based on the full contractual term of the Group\u2019s
agreements whilst the IFRS 15 disclosure may be a shorter contractual period in the event that the customer has the ability to exit
contracts prior to the full term for non-substantive penalty payments. Management expects that 37.8% (2022: 40.5%) of the transaction
price allocated to unsatisfied performance obligations as at 31 March 2023 will be recognised as revenue during the next reporting
period. A further 46.3% (2022: 59.5%) of the transaction price allocated to unsatisfied performance obligations is expected to be
recognised as revenue in years two to five after 31 March 2023.
Details on the Group\u2019s approach to assess credit risk are included in note 22.
17. Cash and cash equivalents
31 March
2023
\u00a3m
31 March
2022
\u00a3m
451.7 1,146.3
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies:
31 March 2023
31 March 2022
Total
\u00a3m
Floating rate
\u00a3m
Total
\u00a3m
Floating rate
\u00a3m
Dollar
15.7 15.7 25.5 25.5
25.1 25.1 22.2 22.2
7.6 7.6 6.1 6.1
Surplus cash balances are typically invested at short-term floating rates, linked to SONIA in the case of Sterling, EURIBOR in the case of
Euro, the prime rate in the case of South African Rand and the local prime rate for other currencies.
Expected credit losses of cash and cash equivalents is \u00a3nil (2022: \u00a3nil).
18. Trade and other payables and contract liabilities
\u00a3m
2022
\u00a3m
parties (note 32)
41.6 26.9
Other taxes and social security
75.5 76.6
911.1 888.1
Trade and other payables and contract liabilities
1,527.5 1,406.4
Included in creditors is \u00a312.9 million (2022: \u00a36.7 million) relating to capital expenditure which has therefore not been included in
working capital movements within the cash flow statement.
Significant changes in contract liabilities during the year are as follows:
Contract
liabilities
518.3
that was included in the contract liability balance at the beginning
Disposal of subsidiary undertaking
(2.3)
3
Revenue recognised that was included in the contract liability balance at the beginning
of the year
419.0
Acquisition of subsidiary undertaking
8.2
Disposal of subsidiary undertaking
adjustment
518.3
19. Bank and other borrowings
31 March 2023
\u00a3m
31 March 2022
\u00a3m
Bank loans and overdrafts due within one year or on demand
0.3 0.4
19.6 863.4
ease obligations*
49.9 104.8
-current liabilities
Bank and other borrowings
947.3 1,177.0
* Leases are secured against the assets to which they relate.
The reduction in unsecured current liabilities is a result of the repayment of the \u20ac550 million Eurobond in October 2022 and a
reduction in usage of overdraft facilities.
The Group\u2019s overdraft totalled \u00a321.5 million at 31 March 2023 (2022: \u00a3389.8 million). Included within bank loans and overdrafts due
within one year is an offsetting \u00a32.6 million in respect of amortisation of loan fees.
The Group has \u00a33.1 million (2022: \u00a33.5 million) of secured debt in the Land operating segment that is secured against a property
owned by the Group and \u00a318.2 million (2022: \u00a320.9 million) of debt that is secured against contracts with customers, which will cede
to the bank in the event of default.
Unsecured bank loans are subject to covenants which are tested six monthly on a rolling basis. Covenants comprise of Net Debt to
EBITDA and Interest Cover. The Net Debt to EBITDA ratio must be lower than 3.5x at each testing date whilst the Interest Cover must be
at least 4.0x at each testing date. There are no breaches in the Group\u2019s base case forecasts as prepared for going concern purposes.
Drawn facilities at the period end date primarily comprise the \u20ac550 million Eurobond and the \u00a3300 million UK bond.
Repayment details
The total borrowings of the Group at 31 March are repayable as follows:
31 March 2023
31 March 2022
Loans and
overdrafts
\u00a3m
Lease
obligations
\u00a3m
Loans and
overdrafts
\u00a3m
Lease
obligations
\u00a3m
Between one and two years
0.3 40.6 22.6 90.5
and three years 0.6 34.5 0.6 67.9
Between three and four years
Between four and five years
0.7 60.5 467.4 85.8
The Group has entered into interest rate and currency swaps, details of which are included in note 21.
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
31 March 2022
Total
Floating rate
Fixed rate
Total
Floating rate
Fixed rate
439.0 16.4 422.6 832.1 405.6 426.5
6.0 \u2013 6.0 7.5 0.7 6.8
1.0 \u2013 1.0 0.2 \u2013 0.2
1,016.8 123.1 893.7 2,145.2 704.4 1,440.8
* \u20ac550 million (2022: \u20ac1,100 million) has been swapped into Sterling, with \u20ac135 million (2022: \u20ac275 million) equivalent into floating rates and
\u20ac415 million (2022: \u20ac825 million) equivalent into fixed rates. This is included in the Euro amount above. The split above includes the impact of hedging.
The weighted average interest rate of Sterling fixed rate borrowings is 1.9% (2022: 1.9%). The weighted average period for which these
interest rates are fixed is 3.5 years (2022: 4.6 years).
The floating rate for borrowings is linked to SONIA in the case of Sterling, EURIBOR in the case of Euro, the prime rate in the case of
South African Rand and the local prime rate for other currencies.
The effective interest rates at the statement of financial position dates, including the impact of hedging, were as follows:
31 March
2023
%
31 March
2022
%
\u2013 1.4
-year Eurobond September 2027\u2013 fixed
2.9 2.9
-year Eurobond September 2027 \u2013 floating
-year Eurobond October 2022
\u00a3300 million bond 2026
1.9 1.9
5.5 \u2013 9.8 4.8 \u2013 6.9
obligations
Borrowing facilities
The Group had the following undrawn committed borrowing facilities available at 31 March:
31 March 2023
31 March 2022
Expiring in less than one year
\u2013 \u2013
Expiring in more than one year
but not more than five years 1,152.8 1,012.2
Bank loans include \u00a3nil million (2022: \u00a312.5 million) that suppliers have chosen to early-fund under supplier financing arrangements,
under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with
the agreed payment terms. The total supplier financing facility available to the Group is \u20acnil million at 31 March 2023
(2022: \u20ac128.5 million).
20. Provisions for other liabilities
Contract/
warranty
(a)
\u00a3m
Employee
benefits and
business
reorganisation
costs
(b)
\u00a3m
Italian
anti-trust fine
(c)
\u00a3m
Property
(d)
\u00a3m
Other
(e)
\u00a3m
Total
provisions
\u00a3m
On disposal of subsidiaries (note 28)
On acquisition of subsidiaries (note 28)
(restated
\u2013 note 23)
1.3 \u2013 \u2013 \u2013 \u2013 1.3
Net charge/(release) to income statement
(8.5)
(35.4)
(16.1)
(0.8)
\u2013 (60.8)
\u2013 0.2 \u2013 \u2013 \u2013 0.2
Prior period adjustment (note 23)
At 31 March 2022 as restated
53.5 39.7 0.3 21.0 1.4 115.9
On disposal of subsidiaries (note
28)
(1.0)
1.4 \u2013 (4.3)
3.9 \u2013
Net charge/(release) to income statement
(20.2)
(19.2)
(0.3)
(4.8)
(1.8)
(46.3)
100.4 30.5
\u2013 15.1 2.7 148.7
a) The contract/warranty provisions relate to onerous contracts and warranty obligations on completed contracts and disposals.
Warranty provisions are provided in the normal course of business and are recognised when the underlying products and services are
sold. The provision is based on an assessment of future claims with reference to historical warranty data and a weighting of possible
outcomes against their associated probabilities. Onerous contracts relate to expected future losses on contracts with customers \u2013
notably T31 as outlined in note 1.
b) Employee benefits and business reorganisation costs relate to business restructuring activities including announced redundancies in
addition to employee benefits including long-term sickness. The net charge to the employee benefits and reorganisation provision
comprises a charge in the year of \u00a312.8 million and a release of \u00a32.4 million.
c) Italian anti-trust fines pertain to historic court rulings in respect of the Babcock Mission Critical Services Italia SpA subsidiary.
The majority of this provision was paid in the prior year with remaining amounts paid in FY23.
d) Property and other provisions primarily relate to dilapidation costs and contractual obligations in respect of infrastructure.
e) Other provisions include provisions for insurance claims arising within the Group\u2019s captive insurance company, Chepstow Insurance
Limited. They relate to specific claims assessed in accordance with the advice of independent actuaries.
Provisions have been analysed between current and non-current as follows:
31 March 2023
\u00a3m
31 March 2022
\u00a3m
-current
80.8 60.3
Included within provisions is \u00a36.9 million (2022: \u00a37.4 million) expected to be utilised over approximately 10 years. Other than these
provisions the Group\u2019s non-current provisions are expected to be utilised within two to five years.
21. Financial instruments and fair value measurement
The following table presents the Group\u2019s assets and liabilities:
(\u00a3m)
assets at
fair value
at amortised
cost
liabilities at fair
value
liabilities at
amortised cost
Total carrying
amount Fair value
-current financial assets
Loans to joint ventures and associates
2.6 \u2013 \u2013 \u2013 2.6 2.6
Trade and other receivables *
1.5 345.1 \u2013 \u2013 346.6 346.6
Cash and cash equivalents
\u2013 451.7 \u2013 \u2013 451.7 451.7
-current financial liabilities
Bank and other borrowings
Current financial liabilities
Bank and other borrowings
Trade and other payables *
\u2013 \u2013 (12.8)
\u2013 (12.8)
(12.8)
Net financial assets / (financial liabilities)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
2 (\u00a3m)
Financial assets
at fair value
Financial assets
at amortised
cost
Financial
liabilities at fair
value
Financial
liabilities at
amortised cost
Total carrying
amount Fair value
-current financial assets
joint ventures and associates
joint ventures and associates
\u2013 10.0 \u2013 \u2013 10.0 10.0
receivables
\u2013 24.1 \u2013 \u2013 24.1 24.1
Trade and other receivables *
\u2013 335.3 \u2013 \u2013 335.3 335.3
\u2013 23.3 \u2013 \u2013 23.3 23.3
Cash and cash equivalents
-current financial liabilities
Bank and other borrowings
Current financial liabilities
\u2013 \u2013
Bank and other borrowings
Trade and other payables *
\u2013 \u2013 (34.8)
\u2013 (34.8)
(34.8)
Net financial assets / (financial liabilities)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
The fair value hierarchy is as follows:
\u2022
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices) (Level 2); and
\u2022
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy. There
were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using Level 3
techniques are not provided as such assets are not material.
The fair values of financial instruments held at fair value have been determined based on available market information at the period end
date, and the valuation methodologies listed below:
\u2022
The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating at
the appropriate period end rates; and
\u2022
The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash flows
and translating at the appropriate period end rates.
Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying
value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair value or
carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation factors, the fair
values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current market
environment.
Derivative financial instruments and hedging activities
The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that
arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur.
Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. The Group\u2019s
policy regarding classification of derivatives is set out in note 1.
Cash flow hedges
The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally
designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement.
Fair value hedges
The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed-rate
debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally
designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been
issued by the Group at fixed rates.
22. Financial risk management
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
obligations with floating interest rates and the Group\u2019s cash and cash equivalents.
The Group\u2019s risk management objective, policy and performance are as follows:
To manage exposure to interest rate fluctuations on borrowings by varying the proportion of fixed rate debt relative to
floating rate debt to reflect the underlying nature of its commitments and obligations. As a result, the Group does not
maintain a specific set proportion of fixed versus floating debt, but m
onitors the mix to ensure that it is compatible with
its business requirements and capital structure.
The Group\u2019s interest rate management policy is to monitor the mix of fixed versus floating interest rate debt to ensure
that it is compatible with its business requirements and capital structure.
The Group manages interest rate risk through the maintenance of a mixture of fixed and floating rate debt and interest
rate swaps, each being reviewed on a regular basis to ensure the appro
priate mix is maintained.
31 March 2023, the Group had 83% fixed rate debt (2022: 66%) and 17% floating rate debt (2022: 34%) based
on gross debt, including lease liabilities, of \u00a31,016.8 million (2022: \u00a32,290.1 million).
The following balances are exposed to interest rate risk as shown below:
31 March 2023
31 March 2022
Less than
one year
\u00a3m
Between one
and two years
\u00a3m
Greater than
two years
\u00a3m
Less than
one year
\u00a3m
Between one
and two years
\u00a3m
Greater than
two years
\u00a3m
Cash and cash equivalents
Bank and other borrowings
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is
affected through the impact on floating rate borrowings, as follows:
Change in
interest rate
before tax
\u00a3m
Change in interest
rate
before tax
\u00a3m
3.0% 3.1 0.5% 3.7
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2023
Year ended 31 March 2022
Hedging instruments (\u00a3m)
Notional
principal
amount
Carrying
amount of
hedging
instrument
Change in
fair value of
hedging
instrument used
for calculating
hedge
ineffectiveness
Notional
principal
amount
Carrying
amount of
hedging
instrument
Change in
fair value of
hedging
instrument used
for calculating
hedge
ineffectiveness
Cross currency interest rate swap
1
1. The Group has entered into three cross-currency interest rate swaps to convert \u20ac275 million of fixed rate (1.375%) debt to GBP debt linked to SONIA. This matures
on 13 September 2027. Additionally, as part of the Group\u2019s financial risk management response in relation to interest rate risk, the group has entered into further
interest rate swaps to fix interest rate on floating rate sterling debt \u2013 ie, the aggregated exposure that was created with \u20ac140 million fixed rate debt and the cross-
currency swaps which receive Euro fixed and pay GBP floating. These new interest rate swaps were not designated in the hedge relationship and therefore they are
accounted for at fair value through profit and loss.
Year ended 31 March 2023
Year ended 31 March 2022
Carrying
amount of
hedged item
Accumulated
fair value
adjustments
Change in
fair value used
for calculating
ineffectiveness
Amount of
ineffectiveness
recognised in the
income
statement
Carrying
amount of hedged
item
Accumulated
fair value
adjustments
Change in
fair value used for
calculating
ineffectiveness
Amount of
ineffectiveness
recognised in the
income statement
Ineffectiveness is included in the income statement in finance costs.
Liquidity risk
Liquidity risk is the risk that the Group becomes unable to meet payment obligations in a timely manner when they become due.
The Group\u2019s risk management objective, policy and performance are as follows:
The Group\u2019s objective with regards to liquidity risk is to ensure that there is an appropriate balance between continuity,
flexibility and cost of debt funding through the use of borrowings, whilst also diversifying the sources of these borrowings
with a range of maturities and rates of interest,
to reflect the long-term nature of the Group\u2019s contracts and
commitments and its risk profile.
The Group\u2019s policy is to ensure the business is prudently funded and that sufficient liquidity headroom is maintained on
its facilities.
t
Liquidity risk management includes maintaining sufficient cash and the availability of funding from an adequate amount
of committed credit facilities. Due to the dynamic nature of the underlying businesses, Group treasury maintains
flexibility in funding
by maintaining cash and/or availability under committed credit lines.
Each of the sectors in the Group provides regular cash forecasts for liquidity planning purposes. These cash forecasts are
used to monitor and identify the liquidity requirements of the Group, and to ensure that there is sufficient liquidity to
meet operat
ional needs while maintaining sufficient headroom on the Group\u2019s committed borrowing facilities.
The Group utilises debt factoring in support of the non
-UK operations of its Aviation sector as part of its working capital
The Group continues to keep under review its capital structure to ensure that the sources, tenor and availability of
finance are sufficient to meet its stated objectives. During the year ended 31 March 2023 the Group has repaid a \u20ac550
million facility. No new facilities have been entered into.
The contracted cash outflows on bank and other borrowings, derivatives and lease liabilities at the reporting date are shown below,
based on contractual undiscounted payments.
Less than
1 year
Between
1 and 2 years
Between
2 and 5 years
Over
5 years
Total
23
Bank and other borrowings
74.2 45.2 847.9 72.9 1,040.2
Derivatives cash outflows settled gross
28.7 145.4 198.8 1,503.3 1,876.2
Undiscounted lease payments
Bank and other borrowings
968.2 113.1 510.7 553.2 2,145.2
Derivatives cash outflows settled
gross
555.7 300.5 246.4 549.6 1,652.2
Derivatives cash outflows settled net
\u2013 \u2013 \u2013 0.4 0.4
Undiscounted lease payments
115.6 100.6 172.0 106.3 494.5
The impact of discounting for lease payments is \u00a323.4 million (2022: \u00a360.4 million) resulting in lease liabilities of \u00a3228.8 million
(2022: \u00a3434.1 million). Other financial liabilities not included in the table above such as trade and other payables are all expected to be
settled within one year.
Currency risk
Currency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign
exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating
activities, when revenue or expense is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries.
The functional currency of Babcock International Group PLC and its UK subsidiaries is GBP. The presentation currency of the Group is
GBP. The Group has exposure primarily to EUR, ZAR, AUD and CAD.
The Group\u2019s risk management objective, policy and performance are as follows:
The Group\u2019s objective is to reduce exposure to volatility in earnings and cash flows from
movements in foreign currency
exchange rates. The Group is exposed to a number of foreign currencies, the most significant being the EUR, ZAR, AUD
and CAD.
Policy \u2013
Transactional risk
mitigate the currency risk of adverse currency movements on foreign currency denominated transactions,
the Group\u2019s policy is to hedge all foreign currency transactions greater than \u00a310k, using financial instruments where
appropriate. The Group applies IFRS 9 hedge accounting treatment where appropriate.
Policy \u2013
Translational risk
The Group is also exposed to adverse foreign currency movements on translation of net assets and income statements
of foreign subsidiaries and joint ventures and associates. It is not the Group\u2019s policy to hedge through the use of
derivatives the translati
on effect of exchange rate movements on the income statements or statement of financial
positions of overseas subsidiaries and joint ventures and associates it regards as long
-term investments. However, where
the Group has material assets denominated in a
foreign currency, it will consider matching the assets with foreign
currency denominated debt.
Currency risk management includes hedging the underlying foreign currency exposures in the foreign exchange market
with approved counterparties.
Currency transactions are recorded and monitored in the treasury management system.
Each of the sectors in the Group provides a quarterly foreign currency exposure report to monitor the level of currency
hedge cover is appropriate.
All material firm transactional exposures are economically hedged using foreign exchange forward contracts.
The effect of cash flow hedges on the Group\u2019s financial position and performance in the year was as follows:
Year ended 31 March 2023
Hedging instruments (\u00a3m)
Nominal
Carrying
Hedged
Change in fair
value used for
calculating
hedge
Change in fair
value
recognised in
other
comprehensiv
Amount
reclassified
hedge reserve
Ineffectiveness
recognised in
profit and loss
Hedge instrument: Cross currency swap
\u20ac275m (\u00a38.2)
13/09/27 1.152 (9.5)
(9.5)
(10.0)
\u2013
-denominated debt
\u20ac275m \u00a3241.7 13/09/27 N/A 10.0 N/A N/A N/A
As outstanding cash flow hedges matured in 2023, the amount previously recognised in the hedging reserve has been reclassified to
the income statement. Any new derivatives executed to hedge purchases and sales in foreign currencies have been treated as economic
hedges with the fair value changes recognised in the income statement rather than through other comprehensive income and therefore
disclosure has not been provided on such items.
Hedging instruments (\u00a3m)
Nominal
amount
Carrying
value Maturity
Hedged
rate
Change in fair
value used for
calculating
hedge
effectiveness
value
recognised in
other
comprehensive
income
Amount
reclassified
from cash flow
hedge reserve
to finance cost
Ineffectiveness
recognised in
profit and loss
(finance cost)
Hedge instrument: Cross currency swap
-denominated debt
\u20ac275m 231.7 13/09/27 N/A
N/A N/A N/A
Hedging instruments (\u00a3m)
Maturity date
Weighted average
hedged rate
Change in
value of
instruments
Change in
value of item
Carrying value of
derivative
Notional amount
Hedging forecast purchases in EUR
Hedging forecast sales in GBP
Hedging forecast purchases/sales in CHF/EUR**
20/11/2023 0.9387 1.0 (1.0)
1.0 22.1
Hedging forecast purchases/sales in EUR/NOK**
21/09/2022 10.4500 \u2013 \u2013 \u2013 \u2013
Hedging forecast purchases/sales in other currencies**
(2.9)
2.9 (2.7)
244.1
** Individually immaterial items.
The following table demonstrates the effect on profit before tax for reasonably possible changes in EUR, ZAR, AUD and CAD
exchange rates.
Year ended 31 March 2023
Year ended 31 March 2022
Change in
foreign
currency rate
Effect
on profit
before tax
\u00a3m
Effect
on other
components
of equity
\u00a3m
Change in
foreign
currency
rate
Effect
on profit
before tax
\u00a3m
Effect
on other
components
of equity
\u00a3m
5% (2.0)
(2.0)
5% (1.6)
(1.6)
* This sensitivity analysis excludes the impact of the disposal of the Group\u2019s Aerial Emergency Services business, as this is a one-off transaction which is not expected
to re-occur.
Under the Group\u2019s economic hedging policy, the terms of the forward contracts are arranged to align with the expected timing,
currency and amounts of the hedged items. The Group typically enters into forward contracts where the hedge ratio is 1:1 on the
basis that the notional amount of the designated hedging instruments matches the principal amount of the forecast foreign
currency transaction.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations to the Group, which would result in a loss for the Group. Credit risk
arises from trade and other receivables, cash and cash equivalents, investments and derivative financial instruments.
The Group\u2019s risk management objective, policy and performance are as follows:
The Group\u2019s objective is to ensure that the Group continues to operate with an acceptable level of credit risk, based on
management\u2019s judgement, associated with its operating activities, such as customer trade receivables, and financial
activities, includi
ng cash deposits and financial instruments.
The Group\u2019s policy is to manage credit risk by setting and reviewing appropriate credit limits for non
-government
commercial customers, being the Group\u2019s main exposure to credit risk. With regards to fin
ancial institutions, credit limits
will be set according to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely
monitored on a systematic and ongoing basis.
Currency risk management includes performing credit checks on non
-government commercial customers and setting and
only performing financial transactions with approved investment grade counterparties.
Expected credit loss on trade receivable portfolio/provisions of \u00a37.4 million (2022: \u00a314.6 million). The carrying amount
of the Group\u2019s financial assets represents the maximum exposure to credit risk.
Cash and cash equivalents and derivative financial instruments
The Group utilises approved investment-grade counterparties to carry out treasury transactions, including investments of cash and cash
equivalents, with counterparty bank credit risk being monitored closely on a systematic and ongoing basis. A credit limit is allocated to
each institution taking account of its market capitalisation and credit rating, and as such credit risk on these counterparties is not
considered to be material to the financial statements.
The Group\u2019s counterparty credit rating is as follows:
- or higher
8.0%
15.3%
- 45.0%
78.7%
Trade receivables
The Group\u2019s assessment is that credit risk in relation to customers or sub-contractors to governments is limited as their probability of
default is considered to be extremely low. The provision for expected credit losses for receivables from governments and sub-
contractors to government customers is therefore considered immaterial in the context of the receivables balance. The Group manages
credit risk in relation to trade and other receivables for all non-government commercial customers through various mitigating controls
including credit checks, credit limits and ongoing monitoring. Expected credit losses are assessed for all non-government customers,
however this is not considered to be material to the financial statements.
For trade receivables, the Group measures a provision for expected credit losses at an amount equal to lifetime expected credit losses,
estimated by reference to past experience and relevant forward-looking factors. For all other assets the loss allowance is measured using
12-months expected credit losses unless there was a significant increase in credit risk since initial recognition. Forward-looking factors
are applied to homogenous groups of receivables which share characteristics and are based on an estimate of how corporate failure
rates may change relative to historic levels given the current economic environment.
The Group considers that default has occurred when receivables are more than 90 days overdue and recognises a provision of 100%
against all such receivables unless there is evidence of recoverability at the individual receivable level. The movement on the provision
for expected credit losses is as follows:
2023
\u00a3m
2022
\u00a3m
Charged to the income statement
Receivables written off during the year as uncollectable
\u2013 \u2013
2.0 0.7
(7.3)
(14.6)
The creation and release of provisions for impairment of receivables have been included in operating costs in the income statement.
The Group writes off a receivable when there is evidence that the debtor is in significant financial difficulty and there is no realistic
prospect of recovery, for example, when a debtor enters bankruptcy or financial reorganisation. None of the trade receivables that
were written off during the year are still subject to enforcement activity. The ageing of trade receivables is detailed below:
\u00a3m
\u00a3m
\u00a3m
Gross
\u00a3m
Provision
\u00a3m
Net
\u00a3m
291.3 \u2013 291.3 298.0 (1.1)
296.9
307.3 (7.3)
300.0 311.5 (14.6)
296.9
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The
Group does not hold any collateral as security other than retention of title clauses issued as part of the ordinary course of business.
For contract assets the expected credit loss provision is immaterial as the probability of default is insignificant. No expected loss
provision has been recorded in respect of loans to joint ventures and associates.
Offsetting financial assets and liabilities
Year ended 31 March 2023
Year ended 31 March 2022
Balance
sheet
\u00a3m
Amounts not
offset
1
\u00a3m
Net
balances
\u00a3m
Balance
sheet
\u00a3m
Amounts not
offset
1
\u00a3m
Net
balances
\u00a3m
Cash and cash equivalents
6.9 (6.9)
\u2013 11.4 (11.4)
\u2013
Bank and other borrowings
1 The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the
period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial
institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not
satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position.
Capital risk
Capital risk is the risk that the entity may not be able to continue as a going concern. The capital structure of the Group consists of net
debt (borrowings disclosed in note 19 after deducting cash and cash equivalents) and equity of the Group (comprising issued capital,
reserves, retained earnings and non-controlling interests as disclosed in note 24. The Group is not subject to any externally imposed
capital requirements.
The Group\u2019s risk management objective, policy and performance are as follows:
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern, and to provide
returns for shareholders and other stakeholder benefits.
The Group\u2019s policy is to protect and strengthen the Group statement of financial position through the appropriate
balance of debt and equity funding.
The Group manages its capital structure and makes adjustments in response to changes to economic conditions and the
strategic objectives of the Group. The Gr
oup raises finance in the public debt market from financial institutions, using a
variety of capital market instruments and borrowing facilities.
During the current financial year,
the Group has entered into an overdraft facility of \u00a350 million. No other new facilities
23. Revisions to historic acquisitions within the IFRS 3 measurement period
Under IFRS 3, when new information obtained about facts and circumstances that existed at the acquisition date arises within the
measurement period, the Group is required to adjust amounts recognised through the acquisition accounting. Post-acquisition, we have
determined that assumptions used to calculate a pain/gain share provision in respect of the Naval Ship Management (Australia) Pty
Limited (\u2018NSM\u2019) acquisition did not reflect the facts and circumstances at the acquisition date. This has resulted in an increase to
provisions of \u00a32.4 million at 31 March 2022. The reduction in net assets acquired has increased the goodwill by \u00a31.0 million,
increased acquired intangibles by \u00a31.0 million, increased deferred tax assets by \u00a30.4 million at 31 March 2022.
31 March 2022 \u2013 Group statement of financial position (extract)
(previously
published)
accounting
adjustment
31 March 2022
(restated)
-current assets
782.4 1.0 783.4
-current assets * 2,461.1 2.4 2,463.5
urrent liabilities *
(2,480.3)
(2.4)
(2,482.7)
earnings (1,241.4)
\u2013
(1,241.4)
* The table above includes only those financial statement line items which have been restated. The total non-current assets, non-current liabilities, and equity do not
therefore represent the sum of the line items presented above.
24. Share capital
Number
\u00a3m
Allotted, issued and fully paid
At 1 April 2022 and 31 March 2023
Allotted, issued and fully paid
1 April 2021 and 31 March 2022
Potential issues of ordinary shares
The table below shows options and conditional share awards existing over the Company\u2019s shares as at 31 March 2023 that are capable
of being met on exercise or vesting by the issue of new shares. They represent outstanding awards granted under the Company\u2019s
executive share plans. The awards were granted directly by the Company and satisfied by the Trustees of the Babcock Employee Share
Trust (BEST) \u2013 a total of 10,346,859 shares (2022: 9,945,822 shares). The Company decides from time to time whether to satisfy the
awards by way of a fresh issue of shares (either to the award holder or to the employee share trust) or by way of financing the employee
share trusts to purchase already issued shares in the market. This decision is made according to available headroom within the dilution
limits contained in the relevant share plan rules and what the Directors consider to be in the best interest of the Company at the time.
Exercise period
2023
Number
2022
Number
3
13/06/2021 \u2013 13/06/2022
2
13/06/2021 \u2013 13/06/2022 \u2013 14,668
3
13/06/2022 \u2013 13/06/2023
1
13/06/2022 \u2013 13/06/2023
1
13/06/2024 \u2013 13/06/2025
2
03/08/2022 \u2013 03/08/2023 44,300 146,306
3
03/08/2023 \u2013 03/08/2024
2
13/08/2022 \u2013 13/08/2023
3
13/08/2023 \u2013 13/08/2024
1
01/12/2025 \u2013 01/12/2026 1,389,984 1,389,984
1
01/12/2023 \u2013 01/12/2024
1
24/08/2026 \u2013 24/08/2027
3
24/09/2024 \u2013 24/09/2025
1
24/09/2024 \u2013 24/09/2025 1,368,274 1,606,889
1
24/09/2026 \u2013 24/09/2027
4
01/08/2022 \u2013 01/08/2023
3
01/08/2022 \u2013 01/08/2025
1
01/08/2022 \u2013 01/08/2025 2,191,017 \u2013
1
01/08/2022 \u2013 01/08/2027
Options granted to Directors are summarised in the Remuneration report on pages 131 to 133 and are included in the outstanding
options set out above.
1. 2009 Performance Share Plan (\u2018PSP\u2019).
2. DBP \u2013 Award issued without matching shares, has two-year vesting period.
3. DBP \u2013 Award issued without matching shares, has three-year vesting period.
4. DBP \u2013 Award issued without matching shares, has one-year vesting period.
The table below shows shares already held by the trustees of the BEST in order to meet these awards.
31 March 2023
31 March 2022
Shares newly
issued by the
Company
Shares
bought in
the market
Shares newly
issued by the
Company
Shares
bought in
the market
A reconciliation of PSP and DBP movements is shown below:
31 March 2023
31 March 2022
Number
\u2019000
Number
\u2019000
4,492 3,222
(350)
(263)
10,347 9,946
The weighted average share price for awards exercised during the year was 339.1p per share (2022: 319.3p per share). The weighted
average fair value of awards granted in the year was 327.1p per share (2022: 312.3p per share)
During the year 21,362 ordinary shares (2022: nil shares) were acquired or subscribed for through the Babcock Employee Share Trust
(\u2018the Trust\u2019). The Trust holds shares to be used towards satisfying awards made under the Company\u2019s employee share schemes. During
the year ended 31 March 2023, 349,881 shares (2022: 263,427 shares) were disposed of by the Trust resulting from options
exercised. At 31 March 2023, the Trust held a total of 69,517 ordinary shares (2022: 398,036 ordinary shares) at a total market value
of \u00a3207,717 (2022: \u00a31,291,682) representing 0.01% (2022: 0.08%) of the issued share capital at that date. The Company did not pay
dividends to the Trust during the year. The Company meets the operating expenses of the Trust.
The Trust enables shares In the Company to be held or purchased and made available to employees through the exercise of rights or
pursuant to awards made under the Company\u2019s employee share scheme. The Trust is a discretionary settlement for the benefit of
employees within the Group. The Company is excluded from benefitting under it. It is controlled and managed outside the UK and has a
single corporate trustee which is an independent trustee services organisation. The right to remove and appoint the trustees rests
ultimately with the Company. The trustee of the Trust is required to waive both voting rights and dividends payable on any share in the
Company in excess of 0.001p, unless otherwise directed by the Company.
25. Share-based payments
The charge to the income statement has been based on the assumptions below and is based on the binomial model as adjusted,
allowing for a closed form numerical-integrated solution, which makes it analogous to the Monte Carlo simulations, including
performance conditions. The detailed description of the plans below is included within the Remuneration report.
During the year the total charge relating to employee share-based payment plans was \u00a39.4 million (2022: \u00a35.5 million), all of which
related to equity-settled share-based payment transactions.
After tax, the income statement charge was \u00a37.6 million (2022: \u00a34.5 million).
The fair value per option granted and the assumptions used in the calculation are as follows:
PSP and DBP
1
Options
awarded
Share price
at grant or
modification
date
Expected
volatility
Option life
Expectations
of meeting
performance
criteria \u2013
non-market
conditions
Fair value
per option \u2013
TSR
Fair value
per option \u2013
non-market
conditions
Correlation
Grant or
modification
2,302,009 351.4 19.0% 4.0
100.0%
\u2013 351.4 55.0% 01/08/22
218,895 351.4 19.0% 4.0
100.0%
\u2013 351.4 55.0% 01/08/22
769,165 371.6 19.0% 6.0
100.0%
148.6 315.9 55.0% 24/08/21
626,704 380.2 19.0% 6.0
100.0%
\u2013 325.0 55.0% 24/09/21
45,312 380.2 19.0% 4.0
100.0%
\u2013 380.2 55.0% 24/09/21
100.0%
1,341,477 350.0 19.0% 6.0
100.0%
137.9 305.2
55.0%
01/12/20
100.0%
55.0%
192,096 284.2 19.0% 4.0
100.0%
\u2013 284.2
55.0%
13/08/20
100.0%
55.0%
3,019,033 472.8 11.0% 4.0 \u2013 70.9 472.8
45.0%
13/06/19
DBP
DBP
187,433 856.0 14.0% 4.0
100.0%
\u2013 856.0
56.0%
13/06/18
1. PSP = 2009 Performance Share Plan and DBP = 2012 Deferred Bonus Plan.
The vesting period and the expected life of PSP awards are three years. The vesting period and expected life of DBP awards was one year
for awards made in August 2022 and two years for previous, other than for Executives where the vesting period is three years. The
holders of all awards receive dividends.
PSP awards for 2019 are split evenly between the performance criteria of TSR, EPS and ROCE.
For PSP awards made in December 2020, 2,786,705 were made via the use of restricted shares with a three-year vesting period. There
are no performance conditions attached. A further 1,341,477 awards were made where the performance criteria is 50% against free
cash flow and 50% TSR.
PSP awards made in August 2021 of 769,165 shares include performance criteria weighted to 50% against free cash flow targets and
50% against TSR performance.
PSP awards made in September 2021 of 2,407,553 shares were made via the use of restricted shares with a three-year vesting period.
There are no performance conditions attached.
For PSP awards made in August 2022, 3,318,343 were made via the use of restricted shares with a three-year vesting period. There are
no performance conditions attached. A further 403,255 awards were made where the performance criteria is 50% against free cash
flow and 50% TSR.
There are no performance conditions attached to the DBP.
The expected volatility is based on historical volatility over the last one to three years. The expected life is the average expected
period to exercise. The risk-free rate of return is the yield on zero-coupon government bonds of a term consistent with the assumed
option life.
The Group also operates the Babcock Employee Share Plan which allows employees to contribute up to \u00a3150 per month to the fund,
which then purchases shares on the open market on the employees\u2019 behalf. The Group provides matching shares, purchased on the
open market, of one share for every 10 purchased by the employee. During the year the Group bought 140,340 matching shares
(2022: 159,494 matching shares) at a cost of \u00a30.4 million (2022: \u00a30.5 million).
The Group also operates the Babcock Employee Share Plan International which reflects the structure of the UK Plan. During the year no
matching shares were purchased on the open market (2022: 4,784 matching shares) and 1,055 matching shares vested (2022: 2,823
matching shares) leaving a balance of 5,918 matching shares (2022: 6,973 matching shares).
26. Retirement benefits and liabilities
Defined contribution schemes
Pension costs for defined contribution schemes are as follows:
Year ended
31 March 2023
\u00a3m
Year ended
31 March 2022
\u00a3m
Defined contribution schemes
Defined benefit schemes
Statement of financial position assets and liabilities recognised are as follows:
31 March 2023
31 March 2022
\u2013 funds in surplus 94.8 300.9
\u2013 funds in deficit
(156.2)
(109.3)
The Group has a number of defined benefit pension schemes. The principal defined benefit pension schemes in the UK are the
Devonport Royal Dockyard Pension Scheme, the Babcock International Group Pension Scheme and the Rosyth Royal Dockyard Pension
Scheme (the Principal schemes). Each of these schemes is predominantly a final salary plan in which future pension levels are defined
relative to number of years\u2019 service and final salary. Retirement age varies by scheme. The nature of these schemes is that the employees
only contribute whilst they active employees of a scheme, with the employer paying the balance of the cost required. The contributions
required and the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments required
are agreed by the Group with the trustees of each scheme who are advised by independent, qualified actuaries.
The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (the Railways scheme). This
scheme is a multi-employer shared cost scheme with the contributions required, the assessment of the assets and the liabilities that have
accrued to members and any deficit recovery payments all agreed with the trustees who are advised by an independent, qualified
actuary. The costs are, in the first instance, shared such that the active employees contribute 40% of the cost of providing the benefits
and the employer contributes 60%. However, the assumption is that as the active membership reduces, the liability will ultimately revert
to the Group, and as such, it is assumed that the entire cost of the Railways Scheme is met by the Group. The Group\u2019s share of the assets
and liabilities is separately identified to those of other employers in the scheme and therefore the Group cannot be held liable for the
obligations of other entities that participate in the Railways scheme.
Defined benefit scheme risks
Through its defined benefit pension schemes, the Group is exposed to a number of risks, the most notable of which are as follows:
\u2013 discount rates (determined with reference to
) are used to determine expected
returns on plan assets. Asset yields which
vary from this
expected return will result in an increase or decrease in the
overall surplus/deficit.
Following the 23 September 2022 UK \u2018mini budget\u2019, gilt yields
increased at an unprecedented rate causing significant market
turmoil \u2013 increasing the asset volatility risk during the year.
Pension scheme assets are held in a diversified portfolio of assets in order to
minimize
risk arising from asset return volatility. Investments are well
diversified, such that failure of any singular investment would not
have a
material impact on the overall level of assets. The asset investment strategy is
agreed following consultation between the Group and the plan Trustees.
The Group and the plan Trustees monitor the schemes closely
\u2013 especially
nificant turmoil and will maintain a diversified investment
strategy intended to minimize asset volatility.
\u2013 the majority of pension scheme obligations are
-linked and therefore exposed to inflation risk. Increasing
inflation will lead to higher liabilities. Inflation assumptions as
applied to pension obligations are a long
-term assessment of
inflation over the life of the scheme.
The plan Trustees asset management policy includes investing in inflation
hedging assets such as inflation linked bonds to mitigate this risk
\u2013 the majority of obligations are to provide
benefits for the life of the member and therefore changes in life
expectancy of the scheme participants will impact the liability
position.
monitors the risk of increasing life expectancy and will, from time to
take out longevity swaps to mitigate this risk \u2013 the most recent of which
Interest rate \u2013 movements in corporate bond yields will result
in a change to the plan liabilities
. Similarly, movements in gilt
yields in isolation will have an impact
on the schemes funding
The trustee\u2019s asset management policy includes investing in bonds and
therefore any impact on change in bond yields on the plan liabilities is partially
offset by returns on assets.
The asset portfolio invests in assets which increase in value as interest rates
decrease and thus the schemes holdings are designed to hedge against
interest rate risk for most of the funded liabilities.
SSaallaarryy iinnccrreeaasseess \u2013 changes in long-term salary increases will
impact the final salary position on which pension benefits are
determined.
In 2019, the Group closed the Babcock International Group Pension Scheme to
future accrual for some employees; and, in 2020, closed the Rosyth Royal
Dockyard Pension Scheme to future accrual for all employees.
The defined benefit schemes are prudently funded by payments to legally separate trustee-administered funds. The trustees of each
scheme are required by law to act in the best interests of each scheme\u2019s members. In addition to determining future contribution
requirements (with the agreement of the Group), the trustees are responsible for setting the schemes\u2019 investment strategy (subject to
consultation with the Group). All the schemes have at least one independent trustee and member nominated trustees. The schemes are
subject to regulation under the funding regime set out in Part III of the Pensions Act 2004. The details of the latest formal actuarial
valuation of the scheme are as follows (the actuarial valuation of the Devonport Royal Dockyard Scheme as at 31 March 2023 and the
actuarial valuation of the Babcock Rail Ltd section of the Railways Pension Scheme as at 31 December 2022 have commenced):
Devonport
Royal Dockyard
Scheme
Babcock
International Group
Scheme
Rosyth
Royal Dockyard
Scheme
Babcock Rail Ltd
section of the
Railways Pension
Scheme
Date of last formal completed actuarial valuation
31/03/2020 31/03/2022 31/03/2021 31/12/2019
Number of active members at above date
Actuarial valuation method
Results of formal actuarial valuation:
\u00a31,894m \u00a31,529m \u00a3946m \u00a3271m
The Group also participates in or provides a number of other smaller pension schemes including a number of sections of the local
government pension schemes where in most cases the employer contribution rates are fully reimbursed by the administering
authorities. It also participates in the Magnox Electric Group Section of the Electricity Supply Pension Scheme and runs the Babcock
Naval Services Pension Scheme, which commenced winding up in 2021, and for which the MOD retains liability.
The Group\u2019s cash contribution rates payable to the schemes are expected to be as follows:
Devonport
Royal Dockyard
Scheme
Babcock
International
Group
Scheme
Rosyth Royal
Dockyard
Scheme
Babcock Rail
Ltd section of
the Railways
Pension
Scheme
Other Total
Future service contribution rate
14.0% -
Future service cash contributions
\u00a312.1m \u00a33.2m \u2013 \u00a30.5m \u00a32.3m \u00a318.1m
\u00a318.6m \u00a313.7m \u00a312.4m \u00a31.5m \u00a31.6m \u00a347.8m
Additional longevity swap payments
Expected employer cash costs for
2023/24 \u00a338.0m \u00a320.5m \u00a316.7m \u00a32.0m \u00a33.9m \u00a381.1m
Expected salary sacrifice contributions
\u00a35.8m \u00a30.4m \u2013 \u00a30.5m \u00a30.8m \u00a37.5m
Expected total employer contributions
Where salary sacrifice arrangements are in place, the Group effectively meets the members\u2019 contributions. The above level of funding is
expected to continue until the next actuarial valuation of each scheme is completed; valuations are carried out every three years.
The expected payments from the schemes are primarily pension payments and lump sums. Most of the pensions increase at a fixed rate
or in line with RPI or CPI inflation when in payment. Benefit payments commence at retirement, death or incapacity and are
predominantly calculated with reference to final salary. The levels of deficit contributions reflected above are expected to continue until
technical provisions (self-sufficiency for the Babcock International Group Pension Scheme) funding levels are met either through asset
performance or funding.
Although the Group anticipates that scheme surpluses will be utilised during the life of the scheme to address member benefits, the
Group recognises its retirement benefit surpluses in full in respect of schemes in surplus, on the basis that it is management\u2019s judgement
that there are no substantive restrictions on the return of residual scheme assets in the event of a winding-up of the scheme after all
member obligations have been met. The Group also considers that the trustees do not have the power to unilaterally wind-up the
schemes or vary benefits.
The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2023 by
independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions:
23
Devonport
Royal
Dockyard
Scheme
Babcock
International
Group Scheme
Rosyth Royal
Dockyard
Scheme
Babcock Rail
Ltd section of
the Railways
Pension
Scheme
Rate of increase in pensionable salaries
3.0% 3.0% \u2013 0.5%
Rate of increase in pensions (past service)
Inflation rate (RPI) \u2013 year 1
6.9% 6.9% 6.9% 6.9%
\u2013 thereafter
3.3% 3.3% 3.3% 3.3%
\u2013 year 1
Inflation rate (CPI) \u2013 thereafter
Weighted average duration of cash flows (years)
13 12 13 13
expectancy for current pensioners aged 65 (years) \u2013 male
Total life expectancy for current pensioners aged 65 (years)
\u2013 female
87.5 88.9 86.8 87.3
Total life expectancy for future pensioners currently aged 45 (years)
\u2013 male
Total life expectancy for future pensioners currently aged 45 (years)
\u2013 female
88.5 89.4 88.1 88.5
Rate of increase in pensionable salaries
Rate of increase in pensions (past service)
3.2% 3.5% 3.7% 3.2%
2.7% 2.7% 2.7% 2.7%
Weighted average duration of cash flows (years)
16 14 16 17
Total life expectancy for current pensioners aged 65 (years)
85.9 86.8 85.0 85.3
Total life expectancy for future pensioners currently aged 45 (years)
The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows:
2023
2022
Principal
schemes
\u00a3m
Railways
scheme
\u00a3m
Other
schemes
\u00a3m
Total
\u00a3m
Principal
schemes
\u00a3m
Railways
scheme
\u00a3m
Other
schemes
\u00a3m
Total
\u00a3m
Fair value of plan assets
Equities
(3.1) 10.6 26.6 34.1 31.6
14.3
30.6
76.5
Property funds 301.7 0.2 5.9 307.8 364.0
0.1
5.1
369.2
High yield bonds/emerging market debt
Absolute return and multi-strategy funds
-risk assets
Bonds 1,227.7 95.5 45.1 1,368.3 1,924.1
77.2
77.5
2,078.8
Longevity swaps and annuities
2,825.2 255.7 107.1 3,188.0 4,220.3
275.8
237.0 4,733.1
Percentage of assets quoted
Percentage of assets unquoted
21% \u2013 30% 20% 16% \u2013 54% 18%
Present value of defined benefit obligations
1,773.6 130.5 40.6 1,944.7 2,170.4
167.9
53.3
2,391.6
Total defined benefit obligations
Net (liabilities)/assets recognised in the
statement of
financial position (85.7)
14.2 10.1 (61.4)
227.7
(51.3)
15.2
* The matching assets for the Babcock International Group Pension Scheme, Devonport Royal Dockyard Pension Scheme and Rosyth Royal Dockyard Pension Scheme
primarily comprise a \u201cLiability Driven Investment\u201d portfolio for each scheme, which invest in gilts, Network Rail bonds, gilt repurchase agreements, interest rate
and inflation swaps, asset swaps and cash, on a segregated basis. For the Babcock International Group Pension Scheme and the Devonport Royal Dockyard Pension
Scheme, there are also investments in investment grade credit, via both segregated portfolios and pooled investment vehicles. The various segregated portfolios
and pooled investment vehicle each utilise derivative contracts. The Trustee has authorised the use of derivatives by the investment managers for efficient
portfolio management purposes including to reduce certain investment risks such as interest rate risk and inflation risk. The principal investment in derivatives is
gilt repurchase agreements, interest rate and inflation swaps in the matching portfolios; total return swaps in the return seeking portfolios. These derivatives are
included within the matching assets and equities classifications. The matching assets category includes gross assets of \u00a32,580 million (2022: \u00a33,966 million) and
associated repurchase agreement liabilities of \u00a31,055 million (2022: \u00a31,872 million). Repurchase agreements are entered into with counterparties to better
offset the scheme\u2019s exposures to interest and inflation rates, whilst remaining invested in assets of a similar risk profile.
The schemes do not invest directly in assets or shares of the Group.
The longevity swaps have been valued in line with assumptions that are consistent with the requirements of IFRS 13 using Level 3 inputs.
The key inputs to the valuation are the discount rate and mortality assumptions.
The amounts recognised in the Group income statement are as follows:
2023
2022
Principal
schemes
\u00a3m
Railways
scheme
\u00a3m
Other
schemes
\u00a3m
Total
\u00a3m
Principal
schemes
\u00a3m
Railways
scheme
\u00a3m
Other
schemes
\u00a3m
Total
\u00a3m
6.2 0.5 0.1 6.8 6.6 0.5 0.3 7.4
Total included within operating profit
(credit)/cost
(8.5)
1.4 (0.4)
(7.5)
1.5
2.1
0.1
3.7
Total included within income statement
Amounts recorded in the Group statement of comprehensive income
Year ended 31 March 2023
Year ended 31 March 2022
Principal
schemes
Railways
scheme
Other
schemes
Total
Principal
schemes
Railways
scheme
Other
schemes
Total
Actual return less interest on pension scheme
assets
(1,437.0)
(17.1)
(79.0)
(1,533.1)
77.0
13.1
(1.7)
88.4
(losses)/gains arising on
Changes in assumptions on
Analysis of movement in the Group statement of financial position
schemes
\u00a3m
scheme
\u00a3m
schemes
\u00a3m
Total
\u00a3m
schemes
\u00a3m
scheme
\u00a3m
schemes
\u00a3m
Total
\u00a3m
Fair value of plan assets
(including
reimbursement rights)
(loss)/gain on assets (1,437.0)
(17.1)
(79.0)
(1,533.1)
77.0
13.1
(1.7) 88.4
\u2013 \u2013 (56.1)
(56.1)
\u2013
\u2013
\u2013
\u2013
Present value of benefit obligations
6.2 0.5 0.1 6.8 6.6
0.5
0.3
7.4
(gain)/loss \u2013 demographics (38.2)
(3.6)
(1.7)
(43.5)
(11.5)
(3.5)
\u2013 (15.0)
/loss \u2013 financial
Net (deficit)/surplus at 31 March
The movement in net deficits for the year ended 31 March 2023 is as a result of the movement in assets and liabilities shown above.
The disclosures below relate to post-retirement benefit schemes which are accounted for as defined benefit schemes in accordance
with IAS 19. The changes to the Group statement of financial position at 31 March 2023 and the changes to the Group income
statement for the year to March 2024, if the assumptions were sensitised by the amounts below, would be:
Defined
benefit
obligations
2023
\u00a3m
Income
statement
2024
\u00a3m
3,249.4 25.0
Discount rate assumptions increased by 0.5%
Discount rate assumptions decreased by 0.5%
Inflation rate assumptions increased by
0.5%
145.7 7.8
Inflation rate assumptions decreased by
0.5% (137.2)
(7.4)
Total life expectancy increased by half a year
Total life expectancy decreased by half a year
Salary increase assumptions increased by 0.5%
13.3 0.9
Salary increase assumptions decreased by 0.
5% (12.8)
(0.9)
The figures in the table above have been calculated on an approximate basis, using information about the expected future benefit
payments out of the schemes. The analysis above may not be representative of actual changes to the position since changes in
assumptions are unlikely to happen in isolation. The change in inflation rates is assumed to affect the assumed rate of RPI inflation, CPI
inflation and future pension increases by an equal amount. The fair value of the schemes\u2019 assets (including reimbursement rights) are
assumed not to be affected by any sensitivity changes shown and so the statement of financial position values would increase or
decrease by the same amount as the change in the defined benefit obligations. There have been no changes in the methodology for the
calculation of the sensitivities since the prior year.
27. Changes in net debt including loans to joint ventures and associates and lease
receivables
31 March
2022
\u00a3m
Cash flow
\u00a3m
Additional
leases
\u00a3m
Other
non-cash
movement
1
\u00a3m
of net debt
definition
2
\u00a3m
Changes in
fair value
\u00a3m
Exchange
movement
\u00a3m
31 March
2023
\u00a3m
Cash, cash equivalents and bank
overdrafts
756.5 (321.3)
\u2013 \u2013 \u2013 \u2013 (5.7)
429.5
Derivatives hedging Group de
bt (29.3)
(0.8)
\u2013 \u2013 \u2013
21.8 \u2013 (8.3)
ease liabilities
(434.1)
108.5 (117.0)
223.4 \u2013 \u2013 (9.6)
(228.8)
Changes in liabilities from financing
arrangements
ease receivables
Loans to joint ventures and associates
Derivatives hedging interest on Group debt
1. Other non-cash movements predominantly relate to the disposal of lease liabilities and associated lease receivables as part of the disposal transactions described in
note 28.
2. During the year the definition of net debt has been clarified, resulting in the inclusion of the interest rate swap hedging Group debt, which was excluded in the
prior year.
31 March
2021
Cash flow
Additional
leases
Other non-cash
movement
Changes in fair
value
Exchange
movement
31 March
2022
balances 904.8 238.6 \u2013 \u2013 \u2013 2.9 1,146.3
Cash, cash equivalents and bank overdrafts
530.9 222.7 \u2013 \u2013 \u2013 2.9 756.5
Derivatives hedging Group debt
ease liabilities (612.3)
113.0 (93.8)
159.2 \u2013
(434.1)
Changes in liabilities from financing arrangements
ease receivables
39.6 (36.9)
41.9 \u2013 \u2013 2.8 47.4
Loans to joint ventures and associates
28. Acquisition and disposal of subsidiaries, businesses and joint ventures
and associates
Acquisitions
There have been no acquisitions in the year ended 31 March 2023.
In the prior year, the Group acquired the remaining 50% of Naval Ship Management (Australia) Pty Limited on 15 March 2022. The
Group had previously held a 50% interest in this entity since May 2012 which was classified as a joint venture. NSM provides repair,
engineering and maintenance services to the Australian Navy. The Group paid cash consideration of \u00a333.1 million (AUD60 million) for
this acquisition.
The fair value of assets and liabilities recognised as a result of the acquisition were as follows:
Year ended
31 March 2022
(restated)
Naval Ship
Management
\u00a3m
Fair value gain on previously held interest:
Carrying value of previously held interest
0.7
Fair value gain on previously held interest
Fair value of previously held interest at acquisition date
33.1
33.1
Fair value of previously held interest
33.1
and equipment
0.4
16.3
Trade and other receivables
11.6
Cash and cash equivalents
(0.4)
(0.5)
(3.7)
Net identifiable assets acquired
22.3
63.0
Post-acquisition, Naval Ship Management (Australia) Pty Limited contributed \u00a30.7 million to the profit before tax of the Group for the
year ended 31 March 2022. If this entity had been owned for the full financial year the contribution to profit before tax would have
been \u00a310.5 million.
The excess of the fair value of the consideration paid over the fair value of the assets acquired is represented by intangible assets of
\u00a363.0 million, relating to customer relationships, and goodwill of \u00a322.3 million, representing potential for future synergies arising from
combining the acquired businesses with the Group\u2019s existing business. Goodwill is not deductible for tax purposes. Post-acquisition, we
determined that assumptions used to calculate a pain/gain share provision did not reflect the facts and circumstances at the acquisition
date. This resulted in an increase to provisions of \u00a32.4 million at 31 March 2022. The reduction in net assets acquired has increased the
goodwill by \u00a31.0 million, increased acquired intangibles by \u00a31.0 million, increased deferred tax assets by \u00a30.4 million at 31 March
2022. Further detail is included in note 23.
Disposals
Year ended 31 March 2023
On 19 July 2022, the Group announced it had entered into a sale and purchase agreement to dispose of part of its aerial emergency
services business in Europe. The disposal group was part of the Aviation sector and provided Aerial Emergency Services, including
medical, firefighting and search & rescue to customers and communities, in Italy, Spain, Portugal, Norway, Sweden and Finland. The
disposal completed on 28 February 2023. The Group received consideration of \u00a3187.1 million.
On 1 September 2022, the Group entered into a sale and purchase agreement to dispose of its Civil Training business. The disposal
group was part of the Land sector and the disposal completed on 1 February 2023. The Group received consideration of \u00a35.5 million.
Year ended 31 March 2023
Aerial Emergency
Services
Civil Training
Other
Total
\u2013 0.6 \u2013 0.6
Investment in joint ventures and associates
1.0 \u2013 \u2013 1.0
Property, plant and equipment
assets
182.0 \u2013 \u2013 182.0
20.6 \u2013 \u2013 20.6
Trade and other receivables
99.5 9.4 \u2013
108.9
4.2 \u2013 \u2013 4.2
Cash, cash equivalents and bank overdrafts
-current liabilities
(0.2)
\u2013 \u2013 (0.2)
Bank and other borrowings
(1.6)
\u2013 \u2013 (1.6)
(0.6)
\u2013 \u2013 (0.6)
(128.7)
(4.6)
\u2013 (133.3)
Other current liabilities
243.7 8.1 \u2013 251.8
Cumulative currency translation loss
242.5 8.1 \u2013 250.6
Net consideration after disposal costs
169.0 4.2 \u2013 173.2
(73.5)
(3.9)
\u2013 (77.4)
Business acquisition, merger and divestment related items
Sale proceeds less cash disposed of
176.6 2.9 \u2013 179.5
-cash proceeds \u2013 (1.5)
\u2013 (1.5)
158.5 0.1 \u2013 158.6
Disposal related items in relation to the Aerial Emergency Services disposal include asset impairments for assets not disposed but relating
to the Aerial Emergency Services businesses whose carrying value exceeded recoverable amount following the disposal transaction
along with provisions for certain warranty related items.
Disposals
Year ended 31 March 2022
On 11 March 2021, the Group announced that it had entered into a sale and purchase agreement to dispose of the Oil and Gas
business, which provides offshore Oil and Gas crew transportation services in the UK, Denmark and Australia. The disposal was made as
part of the Group\u2019s targeted disposals programme. The disposal completed on 1 September 2021, on which date control of the Oil and
Gas business passed to CHC Group LLC. The Group received consideration of \u00a310 million.
On 13 August 2021, the Group announced that it had entered into a sale and purchase agreement to dispose of Frazer-Nash
Consultancy, which provides engineering and technology solutions across a broad range of critical national infrastructure. The disposal
was made as part of the Group\u2019s targeted disposals programme. The disposal completed on 20 October 2021, on which date control of
Frazer-Nash Consultancy passed to KBR Inc. The Group received consideration of \u00a3291.7 million.
On 24 December 2021, the Group announced the disposal of the Power business to M Group Services, which provides engineering
services in the UK overhead line electric transmission and distribution industry. The disposal was made as part of the Group\u2019s targeted
disposals programme. The disposal completed on 24 December 2021, on which date control passed to M Group Services. The Group
received consideration of \u00a350 million.
On 13 September 2021, the Group announced a definitive agreement with Equitix Investment Management Limited for the sale of its
15.4% shareholding in AirTanker Holdings Limited, a joint venture with Airbus, Thales and Rolls-Royce which owns 14 A330 Voyager
aircraft to support air-to-air refuelling, air transport and ancillary services for the MOD. The Group has retained its 23.5% shareholding in
AirTanker Services Limited, which operates these aircraft. The disposal was made as part of the Group\u2019s targeted disposals programme.
The disposal completed on 9 March 2022, on which date control passed to Equitix. The Group received consideration of \u00a395.6 million,
and shareholder loans of \u00a331.5 million were repaid.
Year ended 31 March 2022
Oil and Gas
business
\u00a3m
Frazer-Nash Consultancy
\u00a3m
Power
\u00a3m
AirTanker
\u00a3m
Total
\u00a3m
Investment in joint ventures and associates
\u2013
\u2013 23.8 23.8
Property, plant and equipment
125.8 3.9 1.9 \u2013 131.6
-current assets
\u2013 \u2013 \u2013 \u2013 \u2013
Trade and other receivables
\u2013 \u2013
\u2013 \u2013 \u2013
Cash, cash equivalents and bank overdrafts
\u2013 4.9 4.2 \u2013 9.1
Other non-current liabilities
Bank and other borrowings
(129.7)
(5.4)
(2.0)
\u2013 (137.1)
(1.0)
\u2013 \u2013 \u2013 (1.0)
Other current liabilities
(1.3)
\u2013 (1.2)
\u2013
(2.5)
2.0 10.1 2.7 2.7 17.5
Cumulative currency translation loss
\u2013
\u2013 \u2013 20.8 20.8
(Loss)/profit on disposal
Sale proceeds less cash disposed of
-cash proceeds
8.0 276.7 43.1 92.9 420.7
29. Transactions with non-controlling interests
There were no material transactions with non-controlling interests in the current or prior year.
30. Contingent liabilities
A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non-
occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not
probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not
recognise contingent liabilities. There are a number of contingent liabilities that arise in the normal course of business, including:
The nature of the Group\u2019s long-term contracts means that there are reasonably frequent contractual issues, variations and
renegotiations that arise in the ordinary course of business, including liabilities that arise on completion of contracts and on conclusion
of relationships with joint ventures and associates. The Group takes account of the advice of experts, both internal and external, in
making judgements on contractual issues and whether the outcome of negotiations will result in an obligation to the Group. The
Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position.
As a large contracting organisation, the Group has a significant number of contracts with customers to deliver services and products, as
well as with its supply chain, where the Group cannot deliver all those services and products itself. The Group is involved in disputes and
litigation, which have arisen in the course of its normal trading in connection with these contracts. Whilst the Directors do not believe
that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position, it is possible that, if any of
these disputes come to court, the court may take a different view to the Group.
The Group is subject to corporate and other tax rules in the jurisdictions in which it operates. Changes in tax rates, tax reliefs and tax
laws, or interpretation of the law, by the relevant tax authorities may result in financial and reputational damage to the Group. This may
affect the Group\u2019s financial condition and performance.
The Group has given certain indemnities and warranties in the course of disposing of businesses and companies and in completing
contracts. The Group believes that any liability in respect of these is unlikely to have a material effect on the Group\u2019s financial position.
Corporate rules in those jurisdictions may also extend to compensatory trade agreements, or economic offset rules, where we may have
to commit to use local content in delivering programmes of work. Delivery of offset is also subject to interpretations of law and
agreement with local authorities, which we monitor closely but may give rise to financial and reputational damage to the Group if not
undertaken appropriately.
31. Capital and other financial commitments
Capital commitments
31 March 2023
\u00a3m
31 March 2022
\u00a3m
Contracts placed for future capital expenditure not provided for in the financial statements
Subsidiary audit exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit
of individual accounts by virtue of section 479A of the Act.
Appledore Shipbuilders (2004) Ltd
Babcock Marine (Devonport) Limited
Babcock Assessments Limited
Babcock Contractors Limited
Babcock Marine Shipbuilding Limited
Babcock Critical Assets Holdings LLP
Babcock Mission Critical Services Leasing Ltd
Babcock Defence & Security Holdings LLP
Critical Services Ltd
Babcock Defence and Security Investments Ltd
Babcock Mission Critical Services Topco Ltd
Babcock Defence Systems Limited
Babcock Mission Critical Services UK Ltd
Babcock Education & Training Holdings LLP
Babcock Education and Skills Limited
Babcock Education Holdings Ltd
Babcock Project Investments Ltd
Services Limited
Babcock Project Services Limited
Babcock Fire Training (Avonmouth) Ltd
Babcock Services Group Ltd
Babcock Group (US Investments) Ltd
Babcock Southern Holdings Ltd
Babcock Information Analytics and Security Limited
Babcock US Investments Ltd
Babcock Integrated Technology (Korea) Ltd
Bond Aviation Topco Limited
Flagship Fire Fighting Training Ltd
Babcock International Support Services Limited
LGE IP Management Company Ltd
Babcock Investments (Fire Services) Limited
Babcock Investments (Number Four) Ltd
Vosper Thornycroft (UK) Ltd
Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year
ended 31 March 2023 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships
(Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012.
32. Related party transactions
Related party transactions for the year ended 31 March 2023 are:
2023
Revenue to
\u00a3m
2023
Purchases
from
\u00a3m
Year-end
debtor
balance
\u00a3m
Year-end
creditor
balance
\u00a3m
Joint ventures and associates
First Swietelsky Operation and Maintenance
9.0 \u2013 0.4 (0.4)
Ascent Flight Training (Management) Limited
0.9 \u2013 0.3 \u2013
Ascent Flight Training (Holdings) Limited
Rotary Wing Training Limited
Fixed Wing Training Limited
3.1 (0.2)
\u2013 (0.4)
Advanced Jet Training Limited
1.3 \u2013 0.3 \u2013
Rear Crew Training Limited
AirTanker Services Limited
Communications Limited 7.4 \u2013 0.5 \u2013
\u2013 \u2013 0.3 \u2013
2022
Revenue to
\u00a3m
2022
Purchases
from
\u00a3m
2022
Year-end
debtor
balance
\u00a3m
2022
Year-end
creditor
balance
\u00a3m
Joint ventures and associates
First Swietelsky Operation and Maintenance
Ascent Flight Training (Management) Limited
3.3 \u2013 0.1 \u2013
Ascent Flight Training (Holdings) Limited
1.1 \u2013 \u2013 \u2013
ALC (Superholdco) Limited
Rotary Wing Training Limited
Fixed Wing Training Limited
3.5 \u2013 0.3 \u2013
Advanced Jet Training Limited
1.8 \u2013 0.2 \u2013
Rear Crew Training Limited
AirTanker Services Limited
Alert Communications Limited
4.4 \u2013 \u2013 \u2013
a) All transactions noted above arise in the normal course of business and on normal, arm\u2019s length commercial terms.
b) Defined benefit pension schemes. Please refer to note 26 for transactions with the Group defined benefit pension schemes.
c) Key management compensation is shown in note 6.
d) Transactions in employee benefits trusts are shown in note 26.
33. Events after the reporting period
There were no events after the reporting period which would materially impact the balances reported in this Annual Report.
34. Group entities In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 March 2023 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding represents ordinary shares held indirectly by Babcock International Group PLC, the entities are unlisted, and have one type of ordinary share capital, the year end is 31 March and the address of the registered office is 33 Wigmore Street, London, W1U 1QX. The Group\u2019s interest in the voting share capital is 100% unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation. Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited 2 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Armstrong Technology Associates Limited* Babcock (Ireland) Treasury Limited Custom House Plaza, Block 6, IFSC, Dublin, 1, Ireland Babcock (NZ) Limited C/O Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Babcock (UK) Holdings Limited 1,4 Babcock Aerospace Limited Babcock Africa Investments (Pty) Ltd Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Airports Limited Babcock Assessments Limited Babcock Australia Holdings Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Aviation Services (Holdings) Limited 1, 9 Babcock B.V. Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock Canada Inc. 45 O\u2019Connor Street, Suite 1500, Ottawa, Ontario K1P 1A4, Canada Babcock Communications Cyprus Limited Spyrou Kyprianou, 47, 1 st Floor, Mesa Geitona, 4004 Limassol, Cyprus Babcock Communications Limited Babcock Contractors Limited 2 Babcock Corporate Secretaries Limited* Babcock Corporate Services Limited Babcock Critical Assets Holdings LLP Babcock Critical Services Limited 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Defence & Security Holdings LLP Babcock Defence and Security Investments Limited Babcock Defence Systems Limited Babcock Defense (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Design & Technology Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock DS 2019 Limited* Babcock Education & Training Holdings LLP Babcock Education and Skills Limited Babcock Education Holdings Limited Babcock Engineering Limited* Babcock Europe Finance Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Fire Services (SW) Limited Babcock Fire Services Limited Babcock Fire Training (Avonmouth) Limited Babcock Group (US Investments) Limited Babcock Holdings (USA) Incorporated 8 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited 4 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 6 Babcock Integrated Technology (Korea) Limited Babcock Integrated Technology GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Integrated Technology Limited Babcock Integration LLP Babcock International France Aviation SAS Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock International France SAS 21 Rue Leblanc 75015, Paris, France Babcock International France Terre SAS 21 Rue Leblanc 75015, Paris, France Babcock International Holdings BV Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock International Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited 6 Babcock International Support Services Limited Babcock International US Inc 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Investments (Fire Services) Limited Babcock Investments (Number Four) Limited Babcock Investments (Number Nine) Limited Babcock Investments Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock Ireland Finance Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Korea Limited 72-1, Shinsan-ro, Saha-gu, Busan, 49434, South Korea Babcock Land Defence Limited Babcock Luxembourg Finance S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments I S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock M 2019 Limited* Babcock Malta Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta (Number Two) Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta Finance (Number Two) Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Finance Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings (Number Two) Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Management 2019 Limited* Babcock Management Limited Babcock Marine & Technology Holdings Limited Babcock Marine (Clyde) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine (Devonport) Limited 2 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, England Babcock Marine (Rosyth) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine Holdings (UK) Limited 6 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 2 Babcock MCS Congo SA Avenue Charles de Gaulle, PB 5871, Pointe-Noire, PB 5871, The Republic of Congo Babcock Mission Critical Services Australasia Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Mission Critical Services Design and Completions Limited Babcock Mission Critical Services Germany GmbH Augsburg Airport, Flughafenstrasse 19, 86169 Augsburg, Germany Babcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd 2 Babcock Mission Critical Services UK Limited Babcock MSS Limited Babcock Nuclear Limited Babcock Oman LLC P.O. Box 2315, Ghala, Muscat, 130, Oman Babcock Overseas Investments Limited Babcock Project Investments Limited Babcock Project Services Limited Babcock Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Rail Limited Babcock Services Group Limited Babcock Services Limited Babcock Southern Careers Limited* 3 Babcock Southern Holdings Limited 7 Babcock Support Services (Investments) Limited Babcock Support Services GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Support Services Limited 10 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Training Limited Babcock UK Finance Babcock USA LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited 6 Babcock Vehicle Engineering Limited 5 BNS Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland BNS Pensions Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Bond Aviation Topco Limited 6 Brooke Marine Shipbuilders Limited* Cavendish Nuclear (Overseas) Limited* Cavendish Nuclear (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Cavendish Nuclear Japan KK Regus Tokyo, Arca Central - Office 104, Arca Central Building 14F 1-2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited 6 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Devonport Royal Dockyard Limited 11 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Devonport Royal Dockyard Pension Trustees Limited* Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom FBM Babcock Marine Holdings (UK) Limited* FBM Babcock Marine Limited* FBM Marine International (UK) Limited* Flagship Fire Fighting Training Limited Heli Aviation China Limited* Rooms 05-15, 13 A/F South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong iMAST Limited* INAER Helicopter Chile S.A.* 2880 Americo Vespucio Norte Avenue, Suite 1102, Conchali, Santiago, Chile INAER Helicopter Peru S.A.C. (In liquidation) 1118 Av. Los Conquistadores, Santa Cruz, San Isidro, Lima, Peru LGE IP Management Company Ltd Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Marine Engineering & Fabrications (Holdings) Limited* Marine Engineering & Fabrications Limited* Marine Industrial Design Limited c/o Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Naval Ship Management (Australia) Pty Ltd 9, 70 Franklin Street, Adelaide, SA 5000, Australia Peterhouse Group Limited Peterhouse GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited 12 Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland SBRail Limited* Skills2Learn Ltd Vosper Thornycroft (UK) Limited Subsidiaries, partly owned:
Airwork Technical Services & Partners LLC
(51.0%)
Muaskar Al Murtafa\u2019a (MAM) Garrison),
Muscat, 100, Sultanate of Oman
Babcock Africa (Pty) Limited (90.0%)
8
Riley Road Office Park, 15E R
iley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Africa Holdings (Pty) Ltd (90.0%)
13
Riley Road Office Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Africa Services (Pty) Ltd (90.0%)
Riley Road Office Park, 15E
Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Aviation Services Holdings
International Limited (49.82%)
13
St Christopher Street, Valletta, VLT 1462, Malta
Babcock Education and Training (Pty) Ltd
(90.0%)
Riley Road Office Park, 15E Rile
y Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Financial Services (Pty) Ltd (90.0%)
Riley Road Office Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Learning and Development
Partnership LLP (80.1%)
ited (90.0%)
No. 9, Carrot Avenue, Adjacent Lizzy Sport Complex,
East Legon, Accra, Ghana
Babcock Mission Critical Services (Ireland)
Limited (49.82%)
-18 City Quay, Dublin 2, Ireland
Babcock Mission Critical Services France SA
(49.82%)
rtaret, 83340, Le Cannet-des-Maures,
Babcock Namibia Services Pty Ltd (90.0%)
3 Ground Floor, Dr Agostinho Neto Road,
Ausspann Plaza, Ausspanplatz, Windhoek, Namibia
Babcock Ntuthuko Aviation (Pty) Limited
(66.78%)
*
Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Ntuthuko Engineering (Pt
y) Limited
%)
Riley Road Office Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Ntuthuko Powerlines (Pty) Limited
)*
G3 Victoria House, Plot 132 Independence
Botswana
Babcock Plant Services (Pty) Ltd (64.82%)
6
Riley Road Office Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock TCM Plant (Proprietary) Limited
(90.0%)
8
oria House, Plot 132 Independence
Botswana
Babcock Zambia Limited (90
.0%)
16 Arusha, Town Centre, Ndola, Copper Belt
,
Cognac Formation Aero (90.0%)
Base A\u00e9rienne 709 Cognac 16100 Ch\u00e2teaubernard,
France
National Training Institute LLC (70.0%)
tQaboos, Sultanate of Oman,
Oman
Joint ventures and associates
(equity accounted):
ABC Electrification Ltd (33.3%)
11
, High Holborn, London, WC1V
AirTanker Services Limited (23.5%)
14
Tanker Hub RAF Brize Norton, Carterton,
Oxfordshire, England, OX18 3LX, United Kingdom
Alert Communications Group Holdings
Limited (20.0%)
Ascent Flight Training (Holdings) Limited
(50.0
%)
Cavendish Boccard Nuclear Limited (51.0%)
Cavendish Dounreay Partnership Limited
(50.0%)
12
Cavendish Fluor Partnership Limited (65.0%)
Debut Services (South West) Limited (50.0%)
\u2019s Place, London, NW1 3BF,
Kingdom
Duqm Naval Dockyard SAOC (49.0%)
The Special Economic Zone at Duqm, Al
-Duqm, Al-
Wusta\u2019a, 3972 112, Oman
FSP (2004) Limited (50.0%)
2
, Hamilton International
Park, Blantyre, G72 0LH, Scotland
Okeanus Vermogensverwaltu
ngs
.0%)
Vorsetzen 54, 20459, Hamburg, Germany
Wholly owned subsidiaries with registered
office at 55 Baker Street, London,
W1U 7EU, United Kingdom, currently in
Members Voluntary Liquidation:
Babcock Civil Infrastructure Limited;
Babcock Infrastructure Holdings LLP; Bond
Aviation Leasing Limited.
Wholly owned subsidiaries with registered
office at 5 Temple Square, Temple Street,
Liverpool L2 5RH, United Kingdom,
currently in Members Voluntary
Liquidation:
Babcock Emergency Services Limited
2
;
Babcock Leaseco Limited; Babcock
Technical Services Limited; HCTC Limited;
KML (UK) Limited; Touchstone Learning &
Skills Ltd; Westminster Education
Consultants Limited.
Wholly owned subsidiary with registered
office at 4 Atlantic Quay, 70 York Street,
Glasgow, G2 8JX currently in Members
Voluntary Liquidation:
First Engineering Holdings Limited
Joint venture, with registered office at
18-22 Lloyd Street, Manchester, M2 5WA
United Kingdom, currently in Members
Voluntary Liquidation:
ALC (Superholdco) Limited (50.0%)
15
Notes
* Dormant entity.
1. Babcock International Group PLC has direct
holdings in Babcock (UK) Holdings Limited, and
preference shares class A and B in Babcock
Aviation Services (Holdings) Limited.
2. Holding of two types of ordinary shares.
3. Holding of three types of ordinary shares.
4. Holding of four types of ordinary shares.
5. Holding of six types of ordinary shares.
6. Holding of ordinary and preference shares.
7. Holding of ordinary and deferred shares.
8. Holding of ordinary and redeemable
preference shares.
9. Holding of ordinary and three types of
preference shares.
10. Holding of ordinary and five types of
preference shares.
11. Holding of one type of ordinary share only,
where more than one type of share is authorised
or in issue.
12. Holding of two types of ordinary shares, where
more than two types of share are authorised or
in issue.
13. Holding of one type of ordinary share and one
type of preference share, where more than two
types of share are authorised or in issue.
14. Statutory year end 31 December, however
consolidated based on the financial performance
for the period from 1 April 2022 to 31 March
2023.
15. Statutory year end 30 June however,
consolidated based on the financial performance
for the period from 1 April 2022 to 31 March
2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-446": {
"value": "1. Basis of preparation and significant accounting policies Going concern After making enquiries, the Directors, at the time of approving the financial statements, have a reasonable expectation that the Company and the Group have adequate financial resources to continue in operational existence for the foreseeable future. As such, the consolidated financial statements have been prepared on a going concern basis \u2013 further detail on the key factors impacting the going concern assessment are set out in the Directors\u2019 report on page 104. The Board considered the period from 21 July 2023 to 30 September 2024 in its assessment of going concern. Basis of preparation The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards, which has not differed from the previously EU-adopted International Financial Reporting Standards (IFRS), and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated and domiciled in England, UK. New and amended standards adopted by the Group The Group applied the following standards and amendments for the first time for the year beginning on 1 April 2022: The following standards and amendments to IFRS became effective for the annual reporting period beginning on 1 April 2022 and did not have a material impact on the consolidated financial statements: \u2022 The Group has adopted the amendments to IAS 37, \u2018Provisions, contingent liabilities and contingent assets\u2019. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. \u2022 The Group has adopted the amendments to IAS 16, \u2018Property, plant and equipment\u2019. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use and clarifies the meaning of \u2018testing whether an asset is functioning properly\u2019. \u2022 The Group has adopted the amendments to IFRS 3, \u2018Business Combinations\u2019. The amendment relates to the identification of liabilities assumed and contingent assets acquired in a business combination. \u2022 The Group has adopted the annual improvements to IFRS 2018 \u2013 2020 cycle. New IFRS accounting standards, amendments and interpretations not yet adopted The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that these standards and amendments will be adopted on the applicable effective date. The following new or amended IFRS accounting standards, amendments and interpretations not yet adopted are not expected to have a significant impact on the Group: \u2022 IFRS 17, \u2018Insurance Contracts\u2019. New standard effective from 1 January 2023. \u2022 IAS 1, \u2018Presentation of Financial Statements\u2019. Amendment effective from 1 January 2023. \u2022 IFRS 3, \u2018Business Combinations\u2019. Amendment effective from 1 January 2023. \u2022 IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. Amendment effective from 1 January 2023. \u2022 IAS 12, \u2018Income Taxes\u2019. Amendment effective from 1 January 2023. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings together with its share of joint ventures\u2019 and associates\u2019 results. Intra-Group transactions, balances, income and expenses are eliminated on consolidation. (a) Subsidiaries A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to impact those returns through its power over the entity. In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity such as contractual commitments and potential voting rights held by the Group if they are substantive. Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as continuing or discontinued operations. (b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. Materiality Various disclosures make reference to items considered as material or immaterial to the financial statements. The Group considers information to be material if omitting it or misstating it could influence decisions that users make on the basis of the financial information provided. Materiality is considered from both a quantitative and qualitative factor perspective. In addition to subsequent specific references to materiality, and in compliance with IFRS, certain disclosures have not been provided where the information resulting from that disclosure is not material. Critical accounting estimates and judgements In the course of preparation of the financial statements, judgements and estimates have been made in applying the Group\u2019s accounting policies that have had a material effect on the amounts recognised in the financial statements. The application of the Group\u2019s accounting policies requires the use of estimates and the inherent uncertainty in certain forward-looking estimates may result in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Critical accounting estimates are subject to continuing evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable in light of known circumstances. Critical accounting estimates and judgements in relation to these financial statements are considered below: (a) Critical accounting judgements Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated financial statements are discussed below. Detail of the Group\u2019s key judgements involving estimates are included in the Key sources of estimation uncertainty section. (i) Acting as principal or agent A number of the Group\u2019s contracts include promises in relation to procurement activity undertaken on behalf of customers at low or nil margin, sub-contractor arrangements, and other pass-through costs. Management is required to exercise judgement on these revenue streams in considering whether the Group is acting as principal or agent. This is based on an assessment as to whether the Group controls the relevant goods or services under the performance obligations prior to transfer to customers. Factors that influence this judgement include the level of responsibility the Group has under the contract for the provision of the goods or services, the extent to which the Group is incentivised to fulfil orders on time and within budget, either through gain share arrangements or KPI deductions in relation to the other performance obligations within the contract, and the extent to which the Group exercises responsibility in determining the selling price of the goods and services. Taking all factors into consideration, the Group then comes to a judgement as to whether it acts as principal or agent on a performance obligation-by-performance obligation basis. Note that any changes in this judgement would not have a material impact on profit, although there may be a material impact to revenue and operating costs. (ii) Determining the Group\u2019s cash generating units Management exercises judgement in determining the Group\u2019s cash generating units for the goodwill impairment assessment. This determination is generally straightforward and factual, however in some cases judgement is required, for example it was determined that Africa is a separate cash generating unit, whilst operations of the Group in other territories do not represent separate cash generating units. Over time management reviews the cash generating units to ensure they remain appropriate as businesses are acquired and divested and reporting structures change, including how information is reported to the Chief Operating Decision Maker. If there was a change in this judgement this could result in a material adjustment to goodwill. Further detail is included in notes 3 and 10. (b) Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting period end that may result in significant risk of material adjustment to the carrying amount of assets and liabilities within the next financial year are set out below: (i) Revenue and profit recognition The following represent the notable assumptions impacting upon revenue and profit recognition as a result of the Group\u2019s contracts with customers: \u2022 Stage of completion & costs to complete \u2013 The Group\u2019s revenue recognition policies require management to make an estimate of the cost to complete for long-term contracts. Management estimates outturn costs on a contract-by-contract basis and estimates are carried out by suitably qualified and experienced personnel. Estimates of cost to complete include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge, and judgements and estimates are reviewed regularly throughout the contract life based on latest available information with adjustments made where necessary. As contracts near completion, often less judgement is required to determine the expected outturn. The most significant estimate of contract outturn relates to the Type 31 programme as outlined below. \u2022 Variable consideration \u2013 the Group\u2019s contracts are often subject to variable consideration including performance-based penalties and incentives, gain/pain share arrangements and other items. Variable consideration is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. \u2022 Inflation \u2013 The level to which the Group\u2019s revenue and cost for each contract will be impacted by inflation is a key accounting estimate, as this could cause the revenue and cost of contract delivery to be greater than was expected at the time of contracting. The Group\u2019s contracts are exposed to inflation due to rising employment costs, as well as increased costs of raw materials. The Group endeavours to include cost recovery mechanisms or index-linked pricing within its contracts with customers in order to mitigate any inflation risk arising from increasing employment and raw material costs. In the most significant contract where there is no mechanism to recover an increase in costs due to inflation, revenue and profit in the year would be impacted by \u00a33-4 million for each 1% change in personnel costs. Type 31 Programme estimates During the year significant increases in forecast costs on the Type 31 programme were identified, which were not foreseen at contract inception. A dispute resolution process has commenced with the customer over responsibility for these incremental costs. We have reassessed the contract outturn on the basis that none of these are recovered, given the uncertainty at the early stage of the process. This has resulted in the recording of a \u00a3100m loss in the year, representing a \u00a343m reversal of revenue, \u00a32m asset impairment and the recognition of a \u00a355m onerous contract provision. Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex judgements to be made about future performance of the contract. The level of uncertainty in the estimates made in assessing the outturn is linked to the complexity of the underlying contract. The key sources of estimates in assessing the outturn are: \u2022 The results of the dispute resolution process, and any reimbursements agreed with the customer; \u2022 The build costs over the production schedule and estimate of efficiencies arising from the \u2018learner\u2019 effect through performing work over multiple ships; \u2022 The ability to maintain or improve operational performance through process efficiencies and improvements over the five ships; \u2022 The impact of inflation on the build cost; and \u2022 The achievement of the build schedule to completion and final acceptance. These estimates are inter-related. The range of possible future outcomes in respect of assumptions made to determine the contract outturn could result in a material increase or decrease in revenue and the value of the onerous contract provision, and hence on the Group\u2019s profitability, in the next financial year. With c\u00a31bn of estimated costs to go over the life of the contract, if actual recoveries or costs were to differ from those assumed by 5-10%, the potential impact on the contract outturn could be \u00a350-\u00a3100m. To mitigate this, comparisons of actual contract performance and previous forecasts used to assess the contract outturn are performed regularly, with consideration given to whether any revisions to assumptions are required. In the next financial year, design activities will be finalised and the construction of the first ship will be substantially complete. This will reduce the uncertainty over the contract outturn but a significant element will remain due to the substantial activity which extends over a further 4 years. In a major ship build programme of this nature, it is inherently possible that there may be changes in circumstances which cannot reasonably be foreseen at the present time. (ii) Defined benefit pension schemes obligations The Group\u2019s defined benefit pension schemes are assessed annually in accordance with IAS 19 and the valuation of the defined benefit pension obligations is sensitive to the inflation, discount rate, actuarial and life expectancy assumptions used. There is a range of possible values for the assumptions and small changes to the assumptions may have a significant impact on the valuation of the defined benefit pension obligations. In addition to the inflation, discount rate and life expectancy estimates, management is required to make an accounting judgement relating to the expected availability of future accounting surpluses under IFRIC 14. Further information on the key assumptions and sensitivities is included in note 26. (iii) The carrying value of goodwill Goodwill is tested annually for impairment, in accordance with IAS 36, Impairment of Assets (\u2018IAS 36\u2019). The impairment assessment is based on assumptions in relation to future cash flows expected to be generated by cash generating units, together with appropriate discounting of the cash flows. The assessment of the recoverable amount of goodwill in the Aviation CGU is included as a critical accounting estimate given the significance of the remaining carrying value of goodwill and the inherent level of estimation uncertainty required to undertake impairment testing. The assessment of the recoverable value of goodwill in other CGUs is not considered a critical accounting estimate as a result of the headroom within these CGUs. The key assumptions in estimating the carrying value of goodwill are discount rate, long-term growth rate and growth rate in the short-term cash flows. Inflation rates are incorporated into the impairment assessment through their inclusion within the growth rates in cash inflows and outflows and through the methodology by which discount rates are determined. Were inflation to impact upon all cash flows equally, an impairment assessment should be neutral to the impact of inflation. The Group has a number of protections and exposures to the impact of inflation across its portfolio of revenue arrangements and supply chain agreements resulting in an indirect impact of inflation on the impairment outturn. The impact of climate change, including the risks as outlined in the TCFD disclosures on pages 67 to 73, have been considered in the determination of the cash flows and growth rates where applicable. Further information on key assumptions and sensitivity analyses are included in note 10. Significant accounting policies The significant accounting policies adopted by the Group are set out below. They have been applied consistently throughout the year and the comparative year except as specified below. (a) Revenue Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the ordinary course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with Customers. IFRS 15 requires the identification of performance obligations in contracts, determination of contract price, allocation of the contract price to the performance obligations and recognition of revenue as performance obligations are satisfied. (i) Performance obligations Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can benefit from them either on their own or together with other resources readily available to the customer and they are separately identifiable in the contract. In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent to which the goods or services within a contract are interrelated and whether they modify other goods or services within a contract. The Group also considers whether the goods and/or services are integrated and represent a combined output for which the customer has contracted. The integrated output nature of many of the services provided by the Group results in some contracts only having one performance obligation. (ii) Determination of contract price The contract price represents the amount of consideration which the Group expects to be entitled in exchange for delivering the promised goods or services to the customer. Contracts can include both fixed and variable consideration. Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be received through unpriced contract variations and claims (see section (v) below for further details) and variable elements of existing contracts, such as performance-based penalties and incentives, and gain/pain share arrangements where cost under/over spends are shared with the customer. Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any required adjustment is made against the contract price in the period in which the adjustment occurs. Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel based on the contract terms, status of negotiations with customers and historical experience with customers and with similar contracts. As part of this judgement, variable consideration may be constrained until the uncertainty is resolved. In the case of unpriced variations these will be constrained to the extent that such variable consideration is not considered highly probable. Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance related deductions. (iii) Allocation of contract price to performance obligations Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally not observable and, in these circumstances, the Group allocates the contract price to performance obligations based on cost plus margin. This amount would be the standalone selling price of each performance obligation if contracted with a customer separately. (iv) Revenue and profit recognition Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer. Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether it is satisfied over time or at a point in time. Revenue recognised over time Performance obligations are satisfied over time if any of the following criteria are satisfied: \u2022 the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or \u2022 the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for work done; or \u2022 the Group\u2019s performance creates or enhances an asset controlled by the customer. Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such as maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also recognised over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date, being recovery of costs incurred in satisfying the performance obligation plus a reasonable profit margin. Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction of each performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the Group\u2019s contracts, this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable performance obligations. Costs are included in the measurement of progress towards satisfying the performance obligation to the extent that there is a direct relationship between the input and satisfaction of the performance obligation. For contracts where costs incurred is not deemed to be the most appropriate measure, the Group uses time elapsed to measure satisfaction of the performance obligation. Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once milestones have been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the amount of cash received from the customer then the difference will be held on the statement of financial position. This will typically be comprised of a mixture of contract assets and trade receivables. If the amount of cash collected together with amounts due under the contract but uncollected exceeds the amount of revenue recognised then the difference is also held on the statement of financial position as a contract liability. See section (viii) for further details on how contract assets and liabilities are recognised. Revenue recognised at a point in time If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time that control is transferred to the customer. Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal title to the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the Group. As can be seen from note 3, sale of goods at a point in time represents approximately 8% of Group revenues (2022: 6%). These revenues are delivered predominantly by the Aviation and Land sectors and include sales of equipment to commercial customers and procurement of consumables on behalf of the Ministry of Defence (MOD). Assessment of contract profitability Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments are carried out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and experienced personnel and the assessments of all significant contracts are subject to review and challenge. Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn incentives, as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable not to significantly reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the Group analyses various factors including the contractual terms, status of negotiations with the customer and historical experience with that customer and with similar contracts. Estimates of costs include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge and estimation uncertainty is resolved on a contract-by-contract basis as contracts near the end of the project lifecycle. If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is included in the Provisions accounting policy. (v) Contract modifications Claims and variations The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to changes in both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract variations. Such variations may arise as a result of customer requests or instructions or from requests from the Group in response to matters arising during the delivery of contracts. For example, some contracts include the requirement to conduct surveys and to report on or to recommend additional work as required. Some contracts may require the Group to proceed with variations and to agree pricing subsequently. See further detail on accounting for contract modifications below. Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view or dispute in relation to interpretation of contracts. These contract claims and variations are considered to be modifications as referred to in paragraph 18 of IFRS 15. Accounting for contract modifications The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract modification: 1. Prospectively, as an additional, separate contract; 2. Prospectively, as a termination of the existing contract and creation of a new contract; or 3. As part of the original contract using a cumulative catch-up. The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS 15. The Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval of contract modifications may be required to be carried out at pace and other mechanisms, informed by established customer relationships and local working arrangements, can be used to achieve approval of contract modifications. In approving contract modifications in these circumstances, the Group considers the scope of the contract modification in the context of the contract scope and contract terms. Contract variations where the formal contract amendment has not been received but which are, in management\u2019s judgement, approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18. Revenue from these contract variations is treated as variable consideration and subject to constraint as outlined in section (b) above, until the pricing is agreed. Contract claims are also considered to be contract modifications in accordance with IFRS 15, and revenue is subject to constraint as outlined in section (ii). Claims and variations which are not deemed to be contract modifications Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to contracts with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s accounting policy is to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation to these claims will only be recognised once it is virtually certain. (vi) Costs of obtaining a contract Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not been won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been incurred regardless of whether the contract was won or lost are recognised as an expense when incurred. (vii) Costs to fulfil a contract Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and amortised on a straight-line basis when they meet all of the following criteria: (i) the costs relate directly to a contract or to an anticipated contract that can be specifically identified; (ii) the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered. Costs of recruiting or training staff are expensed as incurred. (viii) Contract assets and liabilities Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or services that the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services to a customer for which consideration has been received, or consideration is due, from the customer. Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all contracts the payment terms are broadly in line with satisfaction of performance obligations, and therefore recognition of revenue, such that each contract has either a contract asset or contract liability, however these are not overly material in the context of the contract. (b) Underlying financial information and specific adjusting items Definitions and a description of the use of the underlying performance measures can be found in note 2. (c) Transactions with non-controlling interest The Group\u2019s policy is to treat transactions with non-controlling interest as transactions with owners of the Company. These are therefore reflected as movements in reserves. (d) Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate discount rate. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after impairment of any assets directly related to the onerous contract. A provision for warranties is recognised on completed contracts and disposals when there is a realistic expectation of the Group incurring further costs. Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs will exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment of any assets directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results on completion of contracts and are updated regularly. A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated aircraft components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform contractual maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the Group returns leased aircraft in a condition that does not meet the contractual return condition obligation, the associated provision is measured at the lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased aircraft component is performed, if the component\u2019s remaining flying hours are greater than the return condition outlined in the lease contract then a leasehold improvement asset is recognised in proportion to the excess flying hours above the contractual return condition. Maintenance provisions are not recognised in respect of aircraft components which are maintained under Power-by-the-hour maintenance arrangements, instead the associated payments to the maintenance provider are expensed as incurred. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. (e) Goodwill and intangible assets (i) Goodwill When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is monitored at operating segment level and goodwill is allocated to the operating segment expected to benefit from the business combination\u2019s synergies. The Group currently has five operating segments: Marine, Land, Aviation, Nuclear and Africa. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of operating segments by reference to value-in-use calculations or fair value less cost to dispose in relation to certain businesses which the Group plans to dispose. Goodwill impairments are not subsequently reversed. See note 10 for further information on goodwill impairment reviews. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. (ii) Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front- loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to twenty years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. (iii) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. (iv) Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and seven years. The Group is implementing an ERP system in phases over several years. The ERP system is amortised over its useful life of 10 years from the date when the asset is available for use, which occurs once the implementation has been completed for each respective business unit. (f) Property, plant and equipment Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction of trade discounts and rebates. Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the following rates: Freehold property 2.0% to 8.0% Leasehold property Lower of useful economic life or lease term Plant and equipment 6.6% to 33.3% Aircraft airframes 2% Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated into separate components where the components have differing useful lives with the value of each rotable component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to the airframe component. Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end). Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is capitalised whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which are maintained under Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the maintenance provider instead being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the cost of the asset. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated in the same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have already been used, and may already exceed the typical useful economic life, an individual assessment of useful economic life is performed. (g) Impairment of non-current assets Goodwill and indefinite life intangibles are reviewed for impairment at least annually. For all other non-financial non-current assets (including acquired intangible assets, capitalised development costs, software assets, property, plant and equipment and right of use assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. Goodwill impairments are not subsequently reversed. (h) Net debt Net debt, including loans to joint ventures and associates and lease receivables is an alternative performance measure of the Group and consists of the total of loans, including the interest rate and foreign exchange derivatives which hedge the loans, bank overdrafts, cash and cash equivalents, loans to joint ventures and associates, lease receivables and lease obligations. The Group\u2019s key performance indicators exclude certain lease obligations in order to more closely align with the Group\u2019s debt covenants which are prepared on a pre-IFRS 16 basis and the Financial review presents net debt and related performance measures including and excluding certain lease obligations for this purpose. (i) Leases The Group as lessee For all leases in which the Group is a lessee (other than those meeting the criteria detailed below), the Group recognises a right of use asset and corresponding lease liability at commencement of the lease. The lease liability is the present value of future lease payments discounted at the rate implicit in the lease, if available, or the applicable incremental borrowing rate. The incremental borrowing rate is determined at lease inception based on a number of factors including asset type, lease currency and lease term. Lease payments include fixed payments and variable lease payments dependent on an index or rate, initially measured using the index or rate at the commencement date. The lease term reflects any extension or termination options that the Group is reasonably certain to exercise. The lease liability is subsequently measured at amortised cost using the effective interest rate method, with interest on the lease liability being recognised as a finance expense in the income statement. The lease liability is remeasured, with a corresponding adjustment to the right of use asset, if there is a change in future lease payments, for example resulting from a rent review, change in a rate/index or change in the Group\u2019s assessment of whether it is reasonably certain to exercise an extension, termination or purchase option. The right of use asset is initially recorded at cost, being equal to the lease liability, adjusted for any initial direct costs, lease payments made prior to commencement date, lease incentives received and any dilapidation costs. Depreciation of right of use assets is recognised as an expense in the income statement on a straight-line basis over the shorter of the asset\u2019s useful life or expected term of the lease. Right of use assets arising from sale and leaseback transactions are measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Gains arising on sale and leaseback transactions are recognised to the extent that they relate to the rights transferred to the buyer-lessor whilst losses arising on sale and leaseback transactions are recognised in full. Right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, with the impairment expense being recognised in the income statement. Where a lease is terminated early, any termination fees or gain or loss relating to the release of right of use asset and lease obligation are recognised as a gain or loss through the income statement. Payments in respect of short-term leases not exceeding 12 months in duration or low-value leases are expensed on a straight-line basis to the income statement as permitted by IFRS 16, \u2018Leases\u2019. The Group as lessor As a lessor, the Group classifies lessor arrangements as finance or operating leases. Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. All lessor arrangements in the Group meet the criteria for a finance lease. Amounts due from lessees under a finance lease are held on the statement of financial position as a financial asset at an amount equal to the Group\u2019s net investment in the lease. The finance lease payments received are treated as finance income and a repayment of principal including initial direct costs. Finance income is allocated over the lease term, with the gross receivable being reviewed for impairment on a regular basis. (j) Inventory Inventory is valued at the lower of cost and net realisable value, being the estimated selling price of the assets in the ordinary course of business less estimated costs of completion and costs of sale. In the case of finished goods and work in progress, cost comprises direct material and labour and an appropriate proportion of overheads. Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory. (k) Contingent liabilities A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non- occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities. See note 30 for details of contingent liabilities. (l) Cash and cash equivalents Group cash and cash equivalents consist of cash at bank and cash in hand, together with short-term deposits with an original maturity of three months or less and money market funds. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are treated as cash equivalents for the purpose of the cash flow statement. In the statement of financial position such overdrafts are presented as current bank and other borrowings. (m) Taxation (i) Current income tax Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. (ii) Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Profits forecast beyond the Group\u2019s five-year budget cycle are risk-weighted to reflect commercial uncertainties. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive income or in equity. (n) Foreign currencies (i) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency of subsidiaries of the Group using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the year-end exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at exchange rates ruling at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Exchange differences arising from the translation of the statement of financial positions and income statements of foreign operations into Sterling are recognised as a separate component of equity on consolidation. Results of foreign operations are translated using the average exchange rate for the month of the applicable results, the net assets translated at year-end exchange rates and equity held at historic exchange rates. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. 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 period-end exchange rates. (o) Finance costs Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. (p) Finance income Finance income is recognised in the period to which it relates using the effective interest rate method. (q) Employee benefits (i) Pension obligations The Group operates a number of pension schemes. The schemes are generally funded through payments to trustee-administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial valuation method. The service cost and associated administration costs of the Group\u2019s pension schemes are charged to operating profit. In addition, a retirement benefit interest charge on the net pension deficit or interest credit on the net pension surplus is included in the income statement as a finance cost or finance income, respectively. Actuarial gains and losses are recognised directly in equity through the statement of comprehensive income so that the Group\u2019s statement of financial position reflects the IAS 19 measurement of the schemes\u2019 surpluses or deficits at the reporting date. (ii) Share-based compensation The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options to employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair value is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting period of the award. The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity. Dividends paid on these shares are accounted for as a deduction to equity. (iii) Holiday pay Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. (r) Financial instruments (i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables, amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. (ii) Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, fair value gains or losses are deferred in equity until the underlying transaction is recognised. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. (s) Fair value measurement The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. (t) Debt factoring The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of its working capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored receivables to the factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade receivables are not recognised under the applicable contracts. Any cash received from customers under these contracts is received as agent and transferred directly to the debt factoring counterparty. (u) Supply chain financing Suppliers can choose to access supplier financing arrangements provided by different third-party banks in different countries. Commercial requirements, including payment terms or the price paid for goods, do not depend on whether a supplier chooses to access such arrangements. Under the arrangements, suppliers may choose to access payment early rather than on our normal payment terms, at a funding cost to the supplier that is set by the factoring agent. Management reviews supplier financing arrangements to determine the appropriate presentation of balances outstanding as other payables or borrowings, dependent on the nature of each arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement, impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures. (v) Dividends Dividends are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved. Interim dividends are recognised when paid. (w) Accounting policy change \u2013 Presentation of operating profit In the year ended 31 March 2023 the Group has re-presented the income statement to combine Cost of revenue and Administration and distribution costs into Operating costs. The comparative period operating costs of \u00a34,040.6 million were presented as Cost of revenue of \u00a33,756.5 million and Administration and distribution costs of \u00a3284.1 million in the prior period annual report and financial statements. This change to presenting the costs of the Group by nature is deemed to be more informative for the users of the annual report and financial statements as it allows greater comparability of year-on-year trends. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-451": {
"value": "Going concern After making enquiries, the Directors, at the time of approving the financial statements, have a reasonable expectation that the Company and the Group have adequate financial resources to continue in operational existence for the foreseeable future. As such, the consolidated financial statements have been prepared on a going concern basis \u2013 further detail on the key factors impacting the going concern assessment are set out in the Directors\u2019 report on page 104. The Board considered the period from 21 July 2023 to 30 September 2024 in its assessment of going concern. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-447": {
"value": "Basis of preparation The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards, which has not differed from the previously EU-adopted International Financial Reporting Standards (IFRS), and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated and domiciled in England, UK. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-509": {
"value": "Basis of preparation The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards, which has not differed from the previously EU-adopted International Financial Reporting Standards (IFRS), and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated and domiciled in England, UK. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-4": {
"value": "listed",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-5": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-448": {
"value": "New and amended standards adopted by the Group The Group applied the following standards and amendments for the first time for the year beginning on 1 April 2022: The following standards and amendments to IFRS became effective for the annual reporting period beginning on 1 April 2022 and did not have a material impact on the consolidated financial statements: \u2022 The Group has adopted the amendments to IAS 37, \u2018Provisions, contingent liabilities and contingent assets\u2019. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. \u2022 The Group has adopted the amendments to IAS 16, \u2018Property, plant and equipment\u2019. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use and clarifies the meaning of \u2018testing whether an asset is functioning properly\u2019. \u2022 The Group has adopted the amendments to IFRS 3, \u2018Business Combinations\u2019. The amendment relates to the identification of liabilities assumed and contingent assets acquired in a business combination. \u2022 The Group has adopted the annual improvements to IFRS 2018 \u2013 2020 cycle. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-449": {
"value": "New IFRS accounting standards, amendments and interpretations not yet adopted The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that these standards and amendments will be adopted on the applicable effective date. The following new or amended IFRS accounting standards, amendments and interpretations not yet adopted are not expected to have a significant impact on the Group: \u2022 IFRS 17, \u2018Insurance Contracts\u2019. New standard effective from 1 January 2023. \u2022 IAS 1, \u2018Presentation of Financial Statements\u2019. Amendment effective from 1 January 2023. \u2022 IFRS 3, \u2018Business Combinations\u2019. Amendment effective from 1 January 2023. \u2022 IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. Amendment effective from 1 January 2023. \u2022 IAS 12, \u2018Income Taxes\u2019. Amendment effective from 1 January 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-450": {
"value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings together with its share of joint ventures\u2019 and associates\u2019 results. Intra-Group transactions, balances, income and expenses are eliminated on consolidation. (a) Subsidiaries A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to impact those returns through its power over the entity. In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity such as contractual commitments and potential voting rights held by the Group if they are substantive. Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as continuing or discontinued operations. (b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-510": {
"value": "(a) Subsidiaries A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to impact those returns through its power over the entity. In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity such as contractual commitments and potential voting rights held by the Group if they are substantive. Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as continuing or discontinued operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-546": {
"value": "(b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-541": {
"value": "(b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-511": {
"value": "(b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-452": {
"value": "Materiality Various disclosures make reference to items considered as material or immaterial to the financial statements. The Group considers information to be material if omitting it or misstating it could influence decisions that users make on the basis of the financial information provided. Materiality is considered from both a quantitative and qualitative factor perspective. In addition to subsequent specific references to materiality, and in compliance with IFRS, certain disclosures have not been provided where the information resulting from that disclosure is not material. ",
"dimensions": {
"concept": "babcock:DescriptionOfAccountingPolicyForMateriality",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-453": {
"value": "Critical accounting estimates and judgements In the course of preparation of the financial statements, judgements and estimates have been made in applying the Group\u2019s accounting policies that have had a material effect on the amounts recognised in the financial statements. The application of the Group\u2019s accounting policies requires the use of estimates and the inherent uncertainty in certain forward-looking estimates may result in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Critical accounting estimates are subject to continuing evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable in light of known circumstances. Critical accounting estimates and judgements in relation to these financial statements are considered below: (a) Critical accounting judgements Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated financial statements are discussed below. Detail of the Group\u2019s key judgements involving estimates are included in the Key sources of estimation uncertainty section. (i) Acting as principal or agent A number of the Group\u2019s contracts include promises in relation to procurement activity undertaken on behalf of customers at low or nil margin, sub-contractor arrangements, and other pass-through costs. Management is required to exercise judgement on these revenue streams in considering whether the Group is acting as principal or agent. This is based on an assessment as to whether the Group controls the relevant goods or services under the performance obligations prior to transfer to customers. Factors that influence this judgement include the level of responsibility the Group has under the contract for the provision of the goods or services, the extent to which the Group is incentivised to fulfil orders on time and within budget, either through gain share arrangements or KPI deductions in relation to the other performance obligations within the contract, and the extent to which the Group exercises responsibility in determining the selling price of the goods and services. Taking all factors into consideration, the Group then comes to a judgement as to whether it acts as principal or agent on a performance obligation-by-performance obligation basis. Note that any changes in this judgement would not have a material impact on profit, although there may be a material impact to revenue and operating costs. (ii) Determining the Group\u2019s cash generating units Management exercises judgement in determining the Group\u2019s cash generating units for the goodwill impairment assessment. This determination is generally straightforward and factual, however in some cases judgement is required, for example it was determined that Africa is a separate cash generating unit, whilst operations of the Group in other territories do not represent separate cash generating units. Over time management reviews the cash generating units to ensure they remain appropriate as businesses are acquired and divested and reporting structures change, including how information is reported to the Chief Operating Decision Maker. If there was a change in this judgement this could result in a material adjustment to goodwill. Further detail is included in notes 3 and 10. (b) Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting period end that may result in significant risk of material adjustment to the carrying amount of assets and liabilities within the next financial year are set out below: (i) Revenue and profit recognition The following represent the notable assumptions impacting upon revenue and profit recognition as a result of the Group\u2019s contracts with customers: \u2022 Stage of completion & costs to complete \u2013 The Group\u2019s revenue recognition policies require management to make an estimate of the cost to complete for long-term contracts. Management estimates outturn costs on a contract-by-contract basis and estimates are carried out by suitably qualified and experienced personnel. Estimates of cost to complete include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge, and judgements and estimates are reviewed regularly throughout the contract life based on latest available information with adjustments made where necessary. As contracts near completion, often less judgement is required to determine the expected outturn. The most significant estimate of contract outturn relates to the Type 31 programme as outlined below. \u2022 Variable consideration \u2013 the Group\u2019s contracts are often subject to variable consideration including performance-based penalties and incentives, gain/pain share arrangements and other items. Variable consideration is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. \u2022 Inflation \u2013 The level to which the Group\u2019s revenue and cost for each contract will be impacted by inflation is a key accounting estimate, as this could cause the revenue and cost of contract delivery to be greater than was expected at the time of contracting. The Group\u2019s contracts are exposed to inflation due to rising employment costs, as well as increased costs of raw materials. The Group endeavours to include cost recovery mechanisms or index-linked pricing within its contracts with customers in order to mitigate any inflation risk arising from increasing employment and raw material costs. In the most significant contract where there is no mechanism to recover an increase in costs due to inflation, revenue and profit in the year would be impacted by \u00a33-4 million for each 1% change in personnel costs. Type 31 Programme estimates During the year significant increases in forecast costs on the Type 31 programme were identified, which were not foreseen at contract inception. A dispute resolution process has commenced with the customer over responsibility for these incremental costs. We have reassessed the contract outturn on the basis that none of these are recovered, given the uncertainty at the early stage of the process. This has resulted in the recording of a \u00a3100m loss in the year, representing a \u00a343m reversal of revenue, \u00a32m asset impairment and the recognition of a \u00a355m onerous contract provision. Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex judgements to be made about future performance of the contract. The level of uncertainty in the estimates made in assessing the outturn is linked to the complexity of the underlying contract. The key sources of estimates in assessing the outturn are: \u2022 The results of the dispute resolution process, and any reimbursements agreed with the customer; \u2022 The build costs over the production schedule and estimate of efficiencies arising from the \u2018learner\u2019 effect through performing work over multiple ships; \u2022 The ability to maintain or improve operational performance through process efficiencies and improvements over the five ships; \u2022 The impact of inflation on the build cost; and \u2022 The achievement of the build schedule to completion and final acceptance. These estimates are inter-related. The range of possible future outcomes in respect of assumptions made to determine the contract outturn could result in a material increase or decrease in revenue and the value of the onerous contract provision, and hence on the Group\u2019s profitability, in the next financial year. With c\u00a31bn of estimated costs to go over the life of the contract, if actual recoveries or costs were to differ from those assumed by 5-10%, the potential impact on the contract outturn could be \u00a350-\u00a3100m. To mitigate this, comparisons of actual contract performance and previous forecasts used to assess the contract outturn are performed regularly, with consideration given to whether any revisions to assumptions are required. In the next financial year, design activities will be finalised and the construction of the first ship will be substantially complete. This will reduce the uncertainty over the contract outturn but a significant element will remain due to the substantial activity which extends over a further 4 years. In a major ship build programme of this nature, it is inherently possible that there may be changes in circumstances which cannot reasonably be foreseen at the present time. (ii) Defined benefit pension schemes obligations The Group\u2019s defined benefit pension schemes are assessed annually in accordance with IAS 19 and the valuation of the defined benefit pension obligations is sensitive to the inflation, discount rate, actuarial and life expectancy assumptions used. There is a range of possible values for the assumptions and small changes to the assumptions may have a significant impact on the valuation of the defined benefit pension obligations. In addition to the inflation, discount rate and life expectancy estimates, management is required to make an accounting judgement relating to the expected availability of future accounting surpluses under IFRIC 14. Further information on the key assumptions and sensitivities is included in note 26. (iii) The carrying value of goodwill Goodwill is tested annually for impairment, in accordance with IAS 36, Impairment of Assets (\u2018IAS 36\u2019). The impairment assessment is based on assumptions in relation to future cash flows expected to be generated by cash generating units, together with appropriate discounting of the cash flows. The assessment of the recoverable amount of goodwill in the Aviation CGU is included as a critical accounting estimate given the significance of the remaining carrying value of goodwill and the inherent level of estimation uncertainty required to undertake impairment testing. The assessment of the recoverable value of goodwill in other CGUs is not considered a critical accounting estimate as a result of the headroom within these CGUs. The key assumptions in estimating the carrying value of goodwill are discount rate, long-term growth rate and growth rate in the short-term cash flows. Inflation rates are incorporated into the impairment assessment through their inclusion within the growth rates in cash inflows and outflows and through the methodology by which discount rates are determined. Were inflation to impact upon all cash flows equally, an impairment assessment should be neutral to the impact of inflation. The Group has a number of protections and exposures to the impact of inflation across its portfolio of revenue arrangements and supply chain agreements resulting in an indirect impact of inflation on the impairment outturn. The impact of climate change, including the risks as outlined in the TCFD disclosures on pages 67 to 73, have been considered in the determination of the cash flows and growth rates where applicable. Further information on key assumptions and sensitivity analyses are included in note 10. ",
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"fact-454": {
"value": "(a) Revenue Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the ordinary course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with Customers. IFRS 15 requires the identification of performance obligations in contracts, determination of contract price, allocation of the contract price to the performance obligations and recognition of revenue as performance obligations are satisfied. (i) Performance obligations Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can benefit from them either on their own or together with other resources readily available to the customer and they are separately identifiable in the contract. In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent to which the goods or services within a contract are interrelated and whether they modify other goods or services within a contract. The Group also considers whether the goods and/or services are integrated and represent a combined output for which the customer has contracted. The integrated output nature of many of the services provided by the Group results in some contracts only having one performance obligation. (ii) Determination of contract price The contract price represents the amount of consideration which the Group expects to be entitled in exchange for delivering the promised goods or services to the customer. Contracts can include both fixed and variable consideration. Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be received through unpriced contract variations and claims (see section (v) below for further details) and variable elements of existing contracts, such as performance-based penalties and incentives, and gain/pain share arrangements where cost under/over spends are shared with the customer. Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any required adjustment is made against the contract price in the period in which the adjustment occurs. Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel based on the contract terms, status of negotiations with customers and historical experience with customers and with similar contracts. As part of this judgement, variable consideration may be constrained until the uncertainty is resolved. In the case of unpriced variations these will be constrained to the extent that such variable consideration is not considered highly probable. Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance related deductions. (iii) Allocation of contract price to performance obligations Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally not observable and, in these circumstances, the Group allocates the contract price to performance obligations based on cost plus margin. This amount would be the standalone selling price of each performance obligation if contracted with a customer separately. (iv) Revenue and profit recognition Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer. Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether it is satisfied over time or at a point in time. Revenue recognised over time Performance obligations are satisfied over time if any of the following criteria are satisfied: \u2022 the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or \u2022 the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for work done; or \u2022 the Group\u2019s performance creates or enhances an asset controlled by the customer. Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such as maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also recognised over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date, being recovery of costs incurred in satisfying the performance obligation plus a reasonable profit margin. Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction of each performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the Group\u2019s contracts, this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable performance obligations. Costs are included in the measurement of progress towards satisfying the performance obligation to the extent that there is a direct relationship between the input and satisfaction of the performance obligation. For contracts where costs incurred is not deemed to be the most appropriate measure, the Group uses time elapsed to measure satisfaction of the performance obligation. Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once milestones have been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the amount of cash received from the customer then the difference will be held on the statement of financial position. This will typically be comprised of a mixture of contract assets and trade receivables. If the amount of cash collected together with amounts due under the contract but uncollected exceeds the amount of revenue recognised then the difference is also held on the statement of financial position as a contract liability. See section (viii) for further details on how contract assets and liabilities are recognised. Revenue recognised at a point in time If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time that control is transferred to the customer. Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal title to the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the Group. As can be seen from note 3, sale of goods at a point in time represents approximately 8% of Group revenues (2022: 6%). These revenues are delivered predominantly by the Aviation and Land sectors and include sales of equipment to commercial customers and procurement of consumables on behalf of the Ministry of Defence (MOD). Assessment of contract profitability Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments are carried out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and experienced personnel and the assessments of all significant contracts are subject to review and challenge. Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn incentives, as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable not to significantly reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the Group analyses various factors including the contractual terms, status of negotiations with the customer and historical experience with that customer and with similar contracts. Estimates of costs include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge and estimation uncertainty is resolved on a contract-by-contract basis as contracts near the end of the project lifecycle. If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is included in the Provisions accounting policy. (v) Contract modifications Claims and variations The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to changes in both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract variations. Such variations may arise as a result of customer requests or instructions or from requests from the Group in response to matters arising during the delivery of contracts. For example, some contracts include the requirement to conduct surveys and to report on or to recommend additional work as required. Some contracts may require the Group to proceed with variations and to agree pricing subsequently. See further detail on accounting for contract modifications below. Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view or dispute in relation to interpretation of contracts. These contract claims and variations are considered to be modifications as referred to in paragraph 18 of IFRS 15. Accounting for contract modifications The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract modification: 1. Prospectively, as an additional, separate contract; 2. Prospectively, as a termination of the existing contract and creation of a new contract; or 3. As part of the original contract using a cumulative catch-up. The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS 15. The Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval of contract modifications may be required to be carried out at pace and other mechanisms, informed by established customer relationships and local working arrangements, can be used to achieve approval of contract modifications. In approving contract modifications in these circumstances, the Group considers the scope of the contract modification in the context of the contract scope and contract terms. Contract variations where the formal contract amendment has not been received but which are, in management\u2019s judgement, approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18. Revenue from these contract variations is treated as variable consideration and subject to constraint as outlined in section (b) above, until the pricing is agreed. Contract claims are also considered to be contract modifications in accordance with IFRS 15, and revenue is subject to constraint as outlined in section (ii). Claims and variations which are not deemed to be contract modifications Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to contracts with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s accounting policy is to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation to these claims will only be recognised once it is virtually certain. (vi) Costs of obtaining a contract Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not been won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been incurred regardless of whether the contract was won or lost are recognised as an expense when incurred. (vii) Costs to fulfil a contract Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and amortised on a straight-line basis when they meet all of the following criteria: (i) the costs relate directly to a contract or to an anticipated contract that can be specifically identified; (ii) the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered. Costs of recruiting or training staff are expensed as incurred. (viii) Contract assets and liabilities Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or services that the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services to a customer for which consideration has been received, or consideration is due, from the customer. Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all contracts the payment terms are broadly in line with satisfaction of performance obligations, and therefore recognition of revenue, such that each contract has either a contract asset or contract liability, however these are not overly material in the context of the contract. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
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"fact-455": {
"value": "(b) Underlying financial information and specific adjusting items Definitions and a description of the use of the underlying performance measures can be found in note 2. ",
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"concept": "babcock:DescriptionOfAccountingPolicyForUnderlyingFinancialInformationAndSpecificAdjustingItems",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-456": {
"value": "(c) Transactions with non-controlling interest The Group\u2019s policy is to treat transactions with non-controlling interest as transactions with owners of the Company. These are therefore reflected as movements in reserves. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
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"entity": "scheme:213800TSKOLX4EU6L377",
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}
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"fact-457": {
"value": "(d) Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate discount rate. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after impairment of any assets directly related to the onerous contract. A provision for warranties is recognised on completed contracts and disposals when there is a realistic expectation of the Group incurring further costs. Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs will exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment of any assets directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results on completion of contracts and are updated regularly. A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated aircraft components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform contractual maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the Group returns leased aircraft in a condition that does not meet the contractual return condition obligation, the associated provision is measured at the lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased aircraft component is performed, if the component\u2019s remaining flying hours are greater than the return condition outlined in the lease contract then a leasehold improvement asset is recognised in proportion to the excess flying hours above the contractual return condition. Maintenance provisions are not recognised in respect of aircraft components which are maintained under Power-by-the-hour maintenance arrangements, instead the associated payments to the maintenance provider are expensed as incurred. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-458": {
"value": "(e) Goodwill and intangible assets (i) Goodwill When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is monitored at operating segment level and goodwill is allocated to the operating segment expected to benefit from the business combination\u2019s synergies. The Group currently has five operating segments: Marine, Land, Aviation, Nuclear and Africa. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of operating segments by reference to value-in-use calculations or fair value less cost to dispose in relation to certain businesses which the Group plans to dispose. Goodwill impairments are not subsequently reversed. See note 10 for further information on goodwill impairment reviews. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. (ii) Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front- loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to twenty years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. (iii) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. (iv) Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and seven years. The Group is implementing an ERP system in phases over several years. The ERP system is amortised over its useful life of 10 years from the date when the asset is available for use, which occurs once the implementation has been completed for each respective business unit. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
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"fact-512": {
"value": "(i) Goodwill When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is monitored at operating segment level and goodwill is allocated to the operating segment expected to benefit from the business combination\u2019s synergies. The Group currently has five operating segments: Marine, Land, Aviation, Nuclear and Africa. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of operating segments by reference to value-in-use calculations or fair value less cost to dispose in relation to certain businesses which the Group plans to dispose. Goodwill impairments are not subsequently reversed. See note 10 for further information on goodwill impairment reviews. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-513": {
"value": "(ii) Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front- loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to twenty years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. (iii) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. (iv) Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and seven years. The Group is implementing an ERP system in phases over several years. The ERP system is amortised over its useful life of 10 years from the date when the asset is available for use, which occurs once the implementation has been completed for each respective business unit. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
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"fact-542": {
"value": "(iii) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-459": {
"value": "(f) Property, plant and equipment Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction of trade discounts and rebates. Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the following rates: Freehold property 2.0% to 8.0% Leasehold property Lower of useful economic life or lease term Plant and equipment 6.6% to 33.3% Aircraft airframes 2% Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated into separate components where the components have differing useful lives with the value of each rotable component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to the airframe component. Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end). Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is capitalised whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which are maintained under Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the maintenance provider instead being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the cost of the asset. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated in the same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have already been used, and may already exceed the typical useful economic life, an individual assessment of useful economic life is performed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-460": {
"value": "(g) Impairment of non-current assets Goodwill and indefinite life intangibles are reviewed for impairment at least annually. For all other non-financial non-current assets (including acquired intangible assets, capitalised development costs, software assets, property, plant and equipment and right of use assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. Goodwill impairments are not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-461": {
"value": "(h) Net debt Net debt, including loans to joint ventures and associates and lease receivables is an alternative performance measure of the Group and consists of the total of loans, including the interest rate and foreign exchange derivatives which hedge the loans, bank overdrafts, cash and cash equivalents, loans to joint ventures and associates, lease receivables and lease obligations. The Group\u2019s key performance indicators exclude certain lease obligations in order to more closely align with the Group\u2019s debt covenants which are prepared on a pre-IFRS 16 basis and the Financial review presents net debt and related performance measures including and excluding certain lease obligations for this purpose. ",
"dimensions": {
"concept": "babcock:DescriptionOfAccountingPolicyForNetDebt",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-462": {
"value": "(i) Leases The Group as lessee For all leases in which the Group is a lessee (other than those meeting the criteria detailed below), the Group recognises a right of use asset and corresponding lease liability at commencement of the lease. The lease liability is the present value of future lease payments discounted at the rate implicit in the lease, if available, or the applicable incremental borrowing rate. The incremental borrowing rate is determined at lease inception based on a number of factors including asset type, lease currency and lease term. Lease payments include fixed payments and variable lease payments dependent on an index or rate, initially measured using the index or rate at the commencement date. The lease term reflects any extension or termination options that the Group is reasonably certain to exercise. The lease liability is subsequently measured at amortised cost using the effective interest rate method, with interest on the lease liability being recognised as a finance expense in the income statement. The lease liability is remeasured, with a corresponding adjustment to the right of use asset, if there is a change in future lease payments, for example resulting from a rent review, change in a rate/index or change in the Group\u2019s assessment of whether it is reasonably certain to exercise an extension, termination or purchase option. The right of use asset is initially recorded at cost, being equal to the lease liability, adjusted for any initial direct costs, lease payments made prior to commencement date, lease incentives received and any dilapidation costs. Depreciation of right of use assets is recognised as an expense in the income statement on a straight-line basis over the shorter of the asset\u2019s useful life or expected term of the lease. Right of use assets arising from sale and leaseback transactions are measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Gains arising on sale and leaseback transactions are recognised to the extent that they relate to the rights transferred to the buyer-lessor whilst losses arising on sale and leaseback transactions are recognised in full. Right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, with the impairment expense being recognised in the income statement. Where a lease is terminated early, any termination fees or gain or loss relating to the release of right of use asset and lease obligation are recognised as a gain or loss through the income statement. Payments in respect of short-term leases not exceeding 12 months in duration or low-value leases are expensed on a straight-line basis to the income statement as permitted by IFRS 16, \u2018Leases\u2019. The Group as lessor As a lessor, the Group classifies lessor arrangements as finance or operating leases. Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. All lessor arrangements in the Group meet the criteria for a finance lease. Amounts due from lessees under a finance lease are held on the statement of financial position as a financial asset at an amount equal to the Group\u2019s net investment in the lease. The finance lease payments received are treated as finance income and a repayment of principal including initial direct costs. Finance income is allocated over the lease term, with the gross receivable being reviewed for impairment on a regular basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-463": {
"value": "(j) Inventory Inventory is valued at the lower of cost and net realisable value, being the estimated selling price of the assets in the ordinary course of business less estimated costs of completion and costs of sale. In the case of finished goods and work in progress, cost comprises direct material and labour and an appropriate proportion of overheads. Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-464": {
"value": "(k) Contingent liabilities A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non- occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities. See note 30 for details of contingent liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-465": {
"value": "(l) Cash and cash equivalents Group cash and cash equivalents consist of cash at bank and cash in hand, together with short-term deposits with an original maturity of three months or less and money market funds. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are treated as cash equivalents for the purpose of the cash flow statement. In the statement of financial position such overdrafts are presented as current bank and other borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-466": {
"value": "(m) Taxation (i) Current income tax Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. (ii) Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Profits forecast beyond the Group\u2019s five-year budget cycle are risk-weighted to reflect commercial uncertainties. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive income or in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-514": {
"value": "(ii) Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Profits forecast beyond the Group\u2019s five-year budget cycle are risk-weighted to reflect commercial uncertainties. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive income or in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-467": {
"value": "(n) Foreign currencies (i) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency of subsidiaries of the Group using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the year-end exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at exchange rates ruling at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Exchange differences arising from the translation of the statement of financial positions and income statements of foreign operations into Sterling are recognised as a separate component of equity on consolidation. Results of foreign operations are translated using the average exchange rate for the month of the applicable results, the net assets translated at year-end exchange rates and equity held at historic exchange rates. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. 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 period-end exchange rates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-515": {
"value": "(i) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-516": {
"value": "(o) Finance costs Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-468": {
"value": "(o) Finance costs Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. (p) Finance income Finance income is recognised in the period to which it relates using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-469": {
"value": "(q) Employee benefits (i) Pension obligations The Group operates a number of pension schemes. The schemes are generally funded through payments to trustee-administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial valuation method. The service cost and associated administration costs of the Group\u2019s pension schemes are charged to operating profit. In addition, a retirement benefit interest charge on the net pension deficit or interest credit on the net pension surplus is included in the income statement as a finance cost or finance income, respectively. Actuarial gains and losses are recognised directly in equity through the statement of comprehensive income so that the Group\u2019s statement of financial position reflects the IAS 19 measurement of the schemes\u2019 surpluses or deficits at the reporting date. (ii) Share-based compensation The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options to employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair value is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting period of the award. The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity. Dividends paid on these shares are accounted for as a deduction to equity. (iii) Holiday pay Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-517": {
"value": "(ii) Share-based compensation The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options to employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair value is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting period of the award. The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity. Dividends paid on these shares are accounted for as a deduction to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-470": {
"value": "(r) Financial instruments (i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables, amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. (ii) Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, fair value gains or losses are deferred in equity until the underlying transaction is recognised. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-543": {
"value": "(i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables, amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-518": {
"value": "(i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables, amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-519": {
"value": "(ii) Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, fair value gains or losses are deferred in equity until the underlying transaction is recognised. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-471": {
"value": "(s) Fair value measurement The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-472": {
"value": "(t) Debt factoring The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of its working capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored receivables to the factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade receivables are not recognised under the applicable contracts. Any cash received from customers under these contracts is received as agent and transferred directly to the debt factoring counterparty. ",
"dimensions": {
"concept": "babcock:DescriptionOfAccountingPolicyForDebtFactoring",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-473": {
"value": "(u) Supply chain financing Suppliers can choose to access supplier financing arrangements provided by different third-party banks in different countries. Commercial requirements, including payment terms or the price paid for goods, do not depend on whether a supplier chooses to access such arrangements. Under the arrangements, suppliers may choose to access payment early rather than on our normal payment terms, at a funding cost to the supplier that is set by the factoring agent. Management reviews supplier financing arrangements to determine the appropriate presentation of balances outstanding as other payables or borrowings, dependent on the nature of each arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement, impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures. ",
"dimensions": {
"concept": "babcock:DescriptionOfAccountingPolicyForSupplyChainFinancing",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-474": {
"value": "(v) Dividends Dividends are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved. Interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-520": {
"value": "(w) Accounting policy change \u2013 Presentation of operating profit In the year ended 31 March 2023 the Group has re-presented the income statement to combine Cost of revenue and Administration and distribution costs into Operating costs. The comparative period operating costs of \u00a34,040.6 million were presented as Cost of revenue of \u00a33,756.5 million and Administration and distribution costs of \u00a3284.1 million in the prior period annual report and financial statements. This change to presenting the costs of the Group by nature is deemed to be more informative for the users of the annual report and financial statements as it allows greater comparability of year-on-year trends. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-475": {
"value": "(w) Accounting policy change \u2013 Presentation of operating profit In the year ended 31 March 2023 the Group has re-presented the income statement to combine Cost of revenue and Administration and distribution costs into Operating costs. The comparative period operating costs of \u00a34,040.6 million were presented as Cost of revenue of \u00a33,756.5 million and Administration and distribution costs of \u00a3284.1 million in the prior period annual report and financial statements. This change to presenting the costs of the Group by nature is deemed to be more informative for the users of the annual report and financial statements as it allows greater comparability of year-on-year trends. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-476": {
"value": "2. Adjustments between statutory and underlying financial information Definition of underlying measures and specific adjusting items The Group provides alternative performance measures, including underlying operating profit, to enable users to have a more consistent view of the performance and earnings trends of the Group. These measures are considered to provide a consistent measure of business performance from year to year. They are used by management to assess operating performance and as a basis for forecasting and decision-making, as well as the planning and allocation of capital resources. They are also understood to be used by investors in analysing business performance. The Group\u2019s alternative performance measures are not defined by IFRS and are therefore considered to be non-GAAP measures. The measures may not be comparable to similar measures used by other companies and they are not intended to be a substitute for, or superior to, measures defined under IFRS. The Group\u2019s alternative performance measures are consistent with the year ended 31 March 2022. Underlying operating profit In any given year the statutory measure of operating profit includes a number of items which the Group considers to either be one-off in nature or otherwise not reflective of underlying performance. Underlying operating profit therefore adjusts statutory operating profit to provide readers with a measure of business performance which the Group considers more consistently analyses the underlying performance of the Group by removing these one-off items that otherwise add volatility to performance. Underlying operating profit eliminates potential differences in performance caused by purchase price allocations on business combinations in prior periods (amortisation of acquired intangibles), business acquisition, merger and divestment related items, large, infrequent restructuring programmes and fair value movements on derivatives. Transactions such as these may happen regularly and could significantly impact the statutory result in any given year. Adjustments to underlying operating profit may include both income and expenditure items. Specific adjusting items include: \u2022 Amortisation of acquired intangibles; \u2022 Business acquisition, merger and divestment related items (being amounts related to corporate transactions and gains or losses on disposal of assets or businesses); \u2022 Gains, losses and costs directly arising from the Group\u2019s withdrawal from a specific market or geography, including closure costs, severance costs, the disposal of assets and termination of leases; \u2022 The costs of large restructuring programmes that significantly exceed the minor restructuring which occurs in most years as part of normal operations. Restructuring costs incurred as a result of normal operations are included in operating costs and are not excluded from underlying operating profit; \u2022 Profit or loss from amendment, curtailment, settlement or equalisation of Group pension schemes; \u2022 Fair value gain/(loss) on forward rate contracts that are open during the period; and \u2022 Exceptional items that are significant, non-recurring and outside of the normal operating practice. These items are described as exceptional in order to appropriately represent the Group\u2019s underlying business performance. Exceptional items are set out in the Exceptional items section below. Income statement including underlying results Note Year ended 31 March 2023 Year ended 31 March 2022 Underlying \u00a3m Specific adjusting items \u00a3m Statutory \u00a3m Underlying \u00a3m Specific adjusting items \u00a3m Statutory \u00a3m Revenue 3 4,438.6 \u2013 4,438.6 4,101.8 \u2013 4,101.8 Operating profit/(loss) 3,4 177.9 (132.4) 45.5 237.7 (10.9) 226.8 Other income \u2013 \u2013 \u2013 6.2 \u2013 6.2 Share of results of joint ventures and associates 14 9.3 \u2013 9.3 20.1 \u2013 20.1 Net finance costs 5 (58.3) 9.7 (48.6) (61.2) (9.6) (70.8) Profit/(loss) before tax 128.9 (122.7) 6.2 202.8 (20.5) 182.3 Income tax (expense)/benefit 7 (37.7) (1.8) (39.5) (43.9) 29.5 (14.4) Profit/(loss) after tax for the year 91.2 (124.5) (33.3) 158.9 9.0 167.9 Earnings per share including underlying measures Year ended 31 March 2023 Year ended 31 March 2022 Underlying \u00a3m Specific adjusting items \u00a3m Statutory \u00a3m Underlying \u00a3m Specific adjusting items \u00a3m Statutory \u00a3m Profit/(loss) after tax for the year 91.2 (124.5) (33.3) 158.9 9.0 167.9 Amount attributable to owners of the parent 89.5 (124.5) (35.0) 155.2 9.0 164.2 Amount attributable to non-controlling interests 1.7 \u2013 1.7 3.7 \u2013 3.7 Weighted average number of shares (m) 505.4 505.4 505.1 505.1 Effect of dilutive securities (m) 9.5 9.5 6.1 6.1 Diluted weighted average number of shares (m) 514.9 514.9 511.2 511.2 Basic EPS 17.7p (6.9)p 30.7p 32.5p Diluted EPS 17.4p (6.9)p 30.4p 32.1p Details of specific adjusting items The impact of specific adjusting items is set out below: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Amortisation of acquired intangibles (15.8) (21.4) Business acquisition, merger and divestment related items (117.7) 163.1 Fair value movement on derivatives and related items 1.1 \u2013 Exceptional items \u2013 (118.8) Restructuring \u2013 (33.8) Adjusting items impacting operating profit/(loss) (132.4) (10.9) Fair value movement on derivatives and related items 9.7 (9.6) Adjusting items impacting loss before tax (122.7) (20.5) Income tax benefit Amortisation of acquired intangibles 4.1 5.5 Business acquisition, merger and divestment related items (2.1) \u2013 Restructuring \u2013 6.5 Fair value movement on derivatives and related items (2.6) 2.5 Exceptional tax items and tax on exceptional items, including rate change impact (1.2) 15.0 Income tax (expense)/benefit (1.8) 29.5 Explanation of specific adjusting items Amortisation of acquired intangibles Underlying operating profit excludes the amortisation of acquired intangibles. This item is excluded from underlying results as it arises as a result of purchase price allocations on business combinations and is a non-cash item which does not change each year dependent on the performance of the business. It is therefore not considered to represent the underlying activity of the Group and is removed to aid comparability with peers who have grown organically as opposed to through acquisition. Intangible assets arising as a result of the purchase price allocation on business combinations include customer lists, technology-based assets, order book and trade names. Amortisation of internally generated intangible assets is included within underlying operating profit. Business acquisition, merger and divestment related items Transaction related costs and gains or losses on acquisitions, mergers and divestments of businesses are excluded from underlying operating profit as business combinations and divestments are not considered to result from underlying business performance. The total net loss relating to business acquisition, merger and divestment related items for the year ended 31 March 2023 was \u00a3117.7 million, consisting of a loss on the disposal of the Aerial Emergency Services business in Europe of \u00a3116.9 million, a loss on disposal of the Group\u2019s Civil Training business of \u00a33.9 million and items relating to the disposal of the Oil & Gas business in Aviation of \u00a33.1 million. Further detail is included in note 28. The prior year included a total net gain of \u00a3163.1 million, consisting of a \u00a3172.8 million profit from acquisitions and disposals completed in the year offset by \u00a39.7 million of costs incurred in relation to the Group\u2019s divestment programme for disposals that had not completed at 31 March 2022. Restructuring Major restructuring programmes are not anticipated to recur year-on-year and therefore are not considered to be indicative of underlying performance and hence removed from underlying operating profit. In the prior period the Group incurred \u00a336.8 million of restructuring costs in relation to the implementation of the new operating model announced and implemented during the year ended 31 March 2022. This was offset by the release of \u00a33.0 million of restructuring provisions created in previous years that were classified as exceptional but are no longer needed. Fair value movement on derivatives and related items These are open forward currency contracts, taken out in the ordinary course of business to manage foreign currency exposures, where the transaction will occur in future periods. Hedge accounting under IFRS is not applied, however these do represent economic hedges. On maturity the currency contract will be closed and recognised in full within underlying operating profit at the same time as the hedged sale or purchase. The net result, at that time, will then more appropriately reflect the related sales price or supplier cost being hedged (which is fixed to ensure ultimately profitable outcomes). Hedge ineffectiveness on debt and debt-related derivatives that are designated in a hedge relationship are also presented as a specific adjusting item in finance costs. This is presented as a specific adjusting item as this ineffectiveness is caused by a historic off-market designation, the transactions are considered by the Group to represent an economic hedge. The fair value movement on lease-related derivatives and foreign exchange movements on lease liabilities are also presented as a specific adjusting item in finance costs, as hedge accounting under IFRS is also not applied to these transactions but are also considered by the Group to represent an economic hedge. Tax Tax comprises a charge of \u00a31.2 million arising from the impact of the increase in the rate of corporation tax to 25% with effect from 1 April 2023. In the prior year, tax included a \u00a312.1 million credit in relation to exceptional items, and a credit of \u00a32.9 million arising from the impact of the increase in the rate of corporation tax to 25%. Exceptional items Exceptional items are those items which are significant, non-recurring and outside the normal operating practice of the Group. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Operating costs Impairment of goodwill \u2013 (7.2) Impairment of acquired intangibles \u2013 (57.6) Impairment of property, plant and equipment and aircraft fleet rationalisation \u2013 (58.8) Release of onerous contract provisions \u2013 1.8 Release of provisions relating to the Italy fine and related costs \u2013 3.6 Other \u2013 (0.6) Exceptional items \u2013 Group \u2013 (118.8) Exceptional tax items and tax on exceptional items \u2013 15.0 Exceptional items \u2013 net of tax \u2013 (103.8) Explanation of exceptional items Impairment of goodwill The prior year impairment test resulted in a goodwill impairment of \u00a37.2 million in the Aviation operating segment, due to changes in the forecast future business performance informed by the Group\u2019s disposal programme. The businesses to which this goodwill related were fully disposed in FY23 as detailed in note 28. Impairment of acquired intangibles In the prior year, an impairment of \u00a357.6 million was recognised in the Aviation operating segment, due to changes in the forecast future business performance informed by the Group\u2019s disposal programme. The businesses to which this goodwill related were fully disposed in FY23 as detailed in note 28. Impairment of property, plant and equipment In the prior year, an impairment charge of \u00a358.8 million was recognised on property, plant and equipment in the Aviation operating segment, due to changes in the forecast future business performance informed by the Group\u2019s disposal programme. The businesses to which this goodwill related were fully disposed in FY23 as detailed in note 28. Onerous contracts In the prior year, the Group released an onerous contract provision that was no longer required and was previously classified as exceptional, which totalled \u00a31.8 million. Italy fine In the prior year, the Group received notice that the fine had been set at \u20ac18 million, which was subsequently paid by the Group. This resulted in the release of unused provision of \u00a33.6 million. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-477": {
"value": "3. Segmental information The Group has four reportable segments, determined by reference to the goods and services they provide and the markets they serve. Marine \u2013 through-life support of naval ships, equipment and marine infrastructure in the UK and internationally. Nuclear \u2013 through-life support of submarines and complex engineering services in support of major decommissioning programmes and projects, training and operation support, new build programme management and design and installation in the UK. Land \u2013 large-scale critical vehicle fleet management, equipment support and training for military and civil customers. Aviation \u2013 critical engineering services to defence and civil customers worldwide, including pilot training, equipment support, airbase management and operation of aviation fleets delivering emergency services. The Board, the chief operating decision maker as defined by IFRS 8, monitors the results of these reportable segments and makes decisions about the allocation of resources. The Group\u2019s business in Africa meets the definition of an operating segment, as defined by IFRS 8. In accordance with IFRS 8, the Africa operating segment is included in the Land reportable segment. The table below presents the underlying results for each reportable segment in accordance with the definition of underlying operating profit, as set out in note 2, and reconciles the underlying operating profit/(loss) to the statutory profit/(loss) before tax. Year ended 31 March 2023 Marine \u00a3m Nuclear \u00a3m Land \u00a3m Aviation \u00a3m Unallocated \u00a3m Total \u00a3m Revenue 1,439.6 1,179.2 1,017.1 802.7 \u2013 4,438.6 Underlying operating profit 12.7 63.5 85.9 15.8 \u2013 177.9 Specific Adjusting Items (note 2) Amortisation of acquired intangibles (9.7) \u2013 (1.1) (5.0) \u2013 (15.8) Business acquisition, merger and divestment related items \u2013 \u2013 (4.0) (113.7) \u2013 (117.7) Fair value gain/(loss) on forward rate contracts to be settled in future periods 2.8 0.1 0.1 (1.9) \u2013 1.1 Operating profit/(loss) 5.8 63.6 80.9 (104.8) \u2013 45.5 Share of results of joint ventures and associates (1.2) 1.1 0.4 9.0 \u2013 9.3 IFRIC 12 investment income \u2013 \u2013 0.7 \u2013 \u2013 0.7 Other net finance costs* \u2013 \u2013 \u2013 \u2013 (49.3) (49.3) Profit/(loss) before tax 4.6 64.7 82.0 (95.8) (49.3) 6.2 Year ended 31 March 2022 Marine \u00a3m Nuclear \u00a3m Land \u00a3m Aviation \u00a3m Unallocated \u00a3m Total \u00a3m Revenue 1,259.3 1,009.7 1,015.5 817.3 \u2013 4,101.8 Underlying operating profit 98.0 62.4 58.8 18.5 \u2013 237.7 Specific Adjusting Items (note 2) Amortisation of acquired intangibles (0.6) \u2013 (1.3) (19.5) \u2013 (21.4) Business acquisition, merger and divestment related items 221.3 \u2013 (6.1) (52.1) \u2013 163.1 Restructuring costs (8.6) (5.5) (16.9) (2.8) \u2013 (33.8) Exceptional items (0.4) \u2013 1.7 (120.1) (118.8) Operating profit/(loss) 309.7 56.9 36.2 (176.0) \u2013 226.8 Other income \u2013 \u2013 \u2013 6.2 \u2013 6.2 Share of results of joint ventures and associates 3.5 0.4 2.5 13.7 \u2013 20.1 IFRIC 12 investment income \u2013 \u2013 0.8 \u2013 \u2013 0.8 Other net finance costs* \u2013 \u2013 \u2013 \u2013 (71.6) (71.6) Profit/(loss) before tax 313.2 57.3 39.5 (156.1) (71.6) 182.3 * Other net finance costs are not allocated to a specific sector. Revenues of \u00a32.2 billion (2022: \u00a32.0 billion) are derived from a single external customer. These revenues are attributable across all reportable segments. Segment assets and liabilities The reportable segment assets and liabilities at 31 March 2023 and 31 March 2022 and capital expenditure and lease principal payments for the years then ended are as follows: Assets Liabilities Capital expenditure Lease payments 2023 \u00a3m 2022 (restated) \u00a3m 2023 \u00a3m 2022 (restated) \u00a3m 2023 \u00a3m 2022 (restated) \u00a3m 2023 \u00a3m 2022 (restated) \u00a3m Marine 793.2 775.8 762.4 604.2 25.2 41.8 5.6 6.4 Nuclear 636.8 561.1 284.8 271.6 37.8 56.9 3.1 3.4 Land 638.2 626.5 379.1 335.3 3.6 5.3 13.9 17.2 Aviation 447.5 997.8 200.0 321.5 44.7 90.3 80.9 82.3 Unallocated * 794.2 1,639.5 1,312.7 2,366.6 13.8 8.9 5.0 3.7 Group total 3,309.9 4,600.7 2,939.0 3,899.2 125.1 203.2 108.5 113.0 * All assets and liabilities are allocated to their appropriate reportable segments except for cash, cash equivalents, borrowings including lease liabilities, income and deferred tax balances and retirement benefit surpluses which are included in the unallocated segment. Capital expenditure represents additions to property, plant and equipment and intangible assets. Proceeds from the sale of assets totalled \u00a338.9 million (2022: \u00a368.0 million) are not included above, and are predominantly in the Aviation sector. See note 18 relating to the treatment of amounts payable in respect of capital expenditure. The segmental analysis of joint ventures and associates is detailed in note 14. Segmental depreciation and amortisation The segmental depreciation on property, plant and equipment, right of use assets and amortisation of intangible assets for the years ended 31 March 2023 and 31 March 2022 is as follows: Depreciation of property, plant and equipment Depreciation of right of use assets Amortisation of intangible assets 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Marine 15.9 8.2 5.2 7.4 12.7 4.6 Nuclear 22.8 22.3 2.6 3.7 0.2 0.3 Land 4.4 4.4 10.8 12.5 2.3 2.6 Aviation 23.6 18.0 57.7 78.8 5.5 20.2 Unallocated 5.4 5.8 5.4 2.7 7.4 9.4 Group total 72.1 58.7 81.7 105.1 28.1 37.1 Segmental asset impairments The segmental impairment on property, plant and equipment, right of use assets and intangible assets for the years ended 31 March 2023 and 31 March 2022 is as follows: Impairment of property, plant and equipment Impairment of right of use assets Impairment of intangible assets 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Marine \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Nuclear \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Land \u2013 \u2013 0.9 \u2013 0.9 \u2013 Aviation 4.9 58.8 8.7 18.0 2.3 57.6 Unallocated \u2013 \u2013 \u2013 \u2013 5.8 \u2013 Group total 4.9 58.8 9.6 18.0 9.0 57.6 Geographic analysis of non-current assets The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2023 and 31 March 2022 is as follows: 2023 \u00a3m 2022 (restated) \u00a3m United Kingdom 1,415.7 1,260.3 Rest of Europe 48.7 548.0 Africa 32.7 69.7 North America 13.6 21.3 Australasia 126.3 189.8 Rest of World 3.4 2.0 Non-current segment assets 1,640.4 2,091.1 Retirement benefits 94.8 300.9 Lease receivables 22.2 24.1 Derivatives 2.6 \u2013 Deferred tax asset 112.2 47.4 Total non -current assets 1,872.2 2,463.5 Geographic analysis of revenue The geographic analysis of revenue by origin of customer for the years ended 31 March 2023 and 31 March 2022 is as follows: Geographic analysis Revenue 2023 \u00a3m 2022 \u00a3m United Kingdom 2,693.3 2,593.5 Rest of Europe 601.0 546.8 Africa 329.3 318.9 North America 188.1 172.9 Australasia 349.5 218.6 Rest of World 277.4 251.1 Group total 4,438.6 4,101.8 The analysis of revenue for the years ended 31 March 2023 and 31 March 2022 is as follows: 2023 \u00a3m 2022 \u00a3m Sale of goods \u2013 transferred at a point in time 352.5 257.5 Sale of goods \u2013 transferred over time 262.3 258.1 Sale of goods 614.8 515.6 Provision of services \u2013 transferred over time 3,822.1 3,580.8 Rental income 1.7 5.4 Revenue 4,438.6 4,101.8",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-521": {
"value": "Geographic analysis of non-current assets The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2023 and 31 March 2022 is as follows: 2023 \u00a3m 2022 (restated) \u00a3m United Kingdom 1,415.7 1,260.3 Rest of Europe 48.7 548.0 Africa 32.7 69.7 North America 13.6 21.3 Australasia 126.3 189.8 Rest of World 3.4 2.0 Non-current segment assets 1,640.4 2,091.1 Retirement benefits 94.8 300.9 Lease receivables 22.2 24.1 Derivatives 2.6 \u2013 Deferred tax asset 112.2 47.4 Total non -current assets 1,872.2 2,463.5 Geographic analysis of revenue The geographic analysis of revenue by origin of customer for the years ended 31 March 2023 and 31 March 2022 is as follows: Geographic analysis Revenue 2023 \u00a3m 2022 \u00a3m United Kingdom 2,693.3 2,593.5 Rest of Europe 601.0 546.8 Africa 329.3 318.9 North America 188.1 172.9 Australasia 349.5 218.6 Rest of World 277.4 251.1 Group total 4,438.6 4,101.8 The analysis of revenue for the years ended 31 March 2023 and 31 March 2022 is as follows: 2023 \u00a3m 2022 \u00a3m Sale of goods \u2013 transferred at a point in time 352.5 257.5 Sale of goods \u2013 transferred over time 262.3 258.1 Sale of goods 614.8 515.6 Provision of services \u2013 transferred over time 3,822.1 3,580.8 Rental income 1.7 5.4 Revenue 4,438.6 4,101.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-478": {
"value": "4. Operating profit for the year The following items have been included in arriving at operating profit for the year: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Raw materials, subcontracts and other bought -in items used 1,857.1 1,467.8 Change in inventories of finished goods and work-in-progress (2.8) 17.8 O perating charges 682.6 682.4 Employee costs (note 6) 1,567.1 1,523.6 Depreciation of property, plant and equipment (note 12) 72.1 58.7 Depreciation of right-of-use assets (note 13) 81.7 105.1 Amortisation of intangible assets (note 1 1) \u2022 Acquired intangibles 15.8 21.4 \u2022 Other 12.3 15.7 Impairment of intangible assets (note 11) 9.0 57.6 Impairment of property, plant and equipment (note 12) 4.9 58.8 Impairment of right of use assets (note 13) 9.6 18.0 Impairment of goodwill \u2013 7.2 (Gain) on disposal of property, plant and equipment (2.0) (1.5) Loss on disposal of intangible assets 1.7 0.7 Loss/(gain) on disposal of right-of-use assets 0.8 (3.2) Net foreign exchange loss 12.7 10.5 Loss /(gain) on disposal of subsidiaries and joint ventures 77.4 (172.8) (Gain)/loss on derivative instruments at fair value through profit or loss (6.9) 7.2 Total operating charges 4,393.1 3,875.0 Services provided by the Group\u2019s auditor and network firms During the year the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditor: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Audit fees: Fees payable to the parent auditor and its associates for the audit of the parent company\u2019s individual and consolidated financial statements 2.4 2.3 Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s subsidiaries 8.1 4.3 Audit related assurance fees \u2013 0.5 Fees for other services: Other non-audit services \u2013 \u2013 Total fees paid to the Group\u2019s auditor and network firms 10.5 7.1 ",
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"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-522": {
"value": "Services provided by the Group\u2019s auditor and network firms During the year the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditor: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Audit fees: Fees payable to the parent auditor and its associates for the audit of the parent company\u2019s individual and consolidated financial statements 2.4 2.3 Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s subsidiaries 8.1 4.3 Audit related assurance fees \u2013 0.5 Fees for other services: Other non-audit services \u2013 \u2013 Total fees paid to the Group\u2019s auditor and network firms 10.5 7.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-544": {
"value": "5. Net finance costs Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Finance costs Loans, overdrafts and associated interest rate hedges 29.6 57.3 Lease interest and foreign exchange movements on lease liabilities 21.7 17.4 Amortisation of issue costs of bank loan 3.3 2.0 Retirement benefit interest cost \u2013 3.7 Other 15.9 \u2013 Total finance costs 70.5 80.4 Finance income Bank deposits, loans and leases 13.7 8.8 IFRIC 12 Investment income 0.7 0.8 Retirement benefit interest income 7.5 \u2013 Total finance income 21.9 9.6 Net finance costs 48.6 70.8 Net finance costs decreased to \u00a348.6 million (2022: \u00a370.8 million). The current year includes a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges) and a \u00a312 million cost relating to the factoring of receivables for the Mentor contract in France (within other finance costs). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-523": {
"value": "5. Net finance costs Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Finance costs Loans, overdrafts and associated interest rate hedges 29.6 57.3 Lease interest and foreign exchange movements on lease liabilities 21.7 17.4 Amortisation of issue costs of bank loan 3.3 2.0 Retirement benefit interest cost \u2013 3.7 Other 15.9 \u2013 Total finance costs 70.5 80.4 Finance income Bank deposits, loans and leases 13.7 8.8 IFRIC 12 Investment income 0.7 0.8 Retirement benefit interest income 7.5 \u2013 Total finance income 21.9 9.6 Net finance costs 48.6 70.8 Net finance costs decreased to \u00a348.6 million (2022: \u00a370.8 million). The current year includes a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges) and a \u00a312 million cost relating to the factoring of receivables for the Mentor contract in France (within other finance costs). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-479": {
"value": "5. Net finance costs Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Finance costs Loans, overdrafts and associated interest rate hedges 29.6 57.3 Lease interest and foreign exchange movements on lease liabilities 21.7 17.4 Amortisation of issue costs of bank loan 3.3 2.0 Retirement benefit interest cost \u2013 3.7 Other 15.9 \u2013 Total finance costs 70.5 80.4 Finance income Bank deposits, loans and leases 13.7 8.8 IFRIC 12 Investment income 0.7 0.8 Retirement benefit interest income 7.5 \u2013 Total finance income 21.9 9.6 Net finance costs 48.6 70.8 Net finance costs decreased to \u00a348.6 million (2022: \u00a370.8 million). The current year includes a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges) and a \u00a312 million cost relating to the factoring of receivables for the Mentor contract in France (within other finance costs). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-480": {
"value": "6. Employee costs Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Wages and salaries 1,289.2 1,252.8 Social security costs 141.3 143.4 Share-based payments (note 25) 9.4 5.5 Pension costs \u2013 defined contribution plans (note 26) 94.6 83.4 Pension charges \u2013 defined benefit plans (note 26) 32.6 38.5 1,567.1 1,523.6 The average monthly number of people employed by the Group was: 2023 Number 2022 Number Marine 6,270 6,872 Nuclear 6,421 7,422 Land 5,013 5,996 Aviation 8,172 8,045 Central functions 859 640 26,735 28,975 The reduction in average monthly number of people employed by the Group year-on-year is primarily attributable to the disposal activity in the current and prior period as detailed in note 28. Emoluments of the Executive Directors are included in employee costs above and reported in the Remuneration report. Key management compensation Key management is defined as those employees who are directly responsible for the operational management of the operating segments. The employees would typically report to the Chief Executive. The key management figures given below include Directors. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Salaries 11.8 7.3 Share -based payments 4.6 1.9 16.4 9.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-524": {
"value": "Key management compensation Key management is defined as those employees who are directly responsible for the operational management of the operating segments. The employees would typically report to the Chief Executive. The key management figures given below include Directors. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Salaries 11.8 7.3 Share -based payments 4.6 1.9 16.4 9.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-481": {
"value": "7. Taxation Income tax expense Total Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Analysis of tax expense in the year Current tax \u2022 UK current year expense 0.6 1.9 \u2022 UK prior year (benefit) \u2013 (10.8) \u2022 Overseas current year expense 24.5 19.3 \u2022 Overseas prior year expense 2.9 2.5 28.0 12.9 Deferred tax \u2022 UK current year expense 11.1 17.5 \u2022 UK prior year (benefit)/expense (3.3) 11.5 \u2022 Overseas current year expense/(benefit) 3.6 (25.3) \u2022 Overseas prior year (benefit)/expense (1.1) 0.7 \u2022 Impact of changes in tax rates 1.2 (2.9) 11.5 1.5 Total income tax expense 39.5 14.4 The tax for the year is higher (2022: lower) than the standard rate of corporation tax in the UK. The differences are explained below: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Profit before tax 6.2 182.3 Profit on ordinary activities multiplied by rate of corporation tax in the UK of 19% (2022: 19%) 1.2 34.6 Effects of: Expenses not deductible for tax purposes 8.6 2.4 Non-deductible write-off of goodwill \u2013 1.4 Re-measurement of deferred tax in respect of statutory rate changes 1.2 (2.9) Difference in respect of share of results of joint ventures and associates\u2019 results (1.8) (2.1) Prior year adjustments (1.5) 3.9 Differences in respect of foreign rates 5.8 (0.4) Unrecognised deferred tax movements 9.0 25.0 Deferred tax not previously recognised/derecognised \u2013 (8.1) Non -taxable profits on disposals and non-deductible losses on disposals 22.4 (37.8) Other (5.4) (1.6) Total income tax expense/(benefit) 39.5 14.4 Further information on exceptional items and tax on exceptional items is detailed in note 2. During the prior year the Group concluded discussions with certain tax authorities regarding prior year tax positions, resulting in a tax credit of \u00a312.6 million. The Group is subject to taxation in several jurisdictions. The complexity of applicable rules may result in legitimate differences of interpretation between the Group and taxing authorities, especially where an economic judgement or valuation is involved. The principal elements of the Group\u2019s uncertain tax positions relate to the pricing of intra-group transactions and the allocation of profits in overseas territories. The outcome of tax authority disputes in such areas is not predictable, and to reflect the effect of these uncertain tax positions a provision is recorded which represents management\u2019s assessment of the most likely outcome of each issue. At 31 March 2023 the Group held uncertain tax provisions of \u00a320.3 million (2022: \u00a316.5 million). During the period the Group made disposals that are expected to be exempt from UK tax due to qualification for the UK substantial shareholding exemption, and from overseas tax as a consequence of local reliefs. The increase in the UK rate of corporation tax to 25% with effect from 1 April 2023 was substantively enacted during the year ended 31 March 2022. The effect has been to increase the Group\u2019s net deferred tax asset by \u00a323.1 million (2022: \u00a31.4 million), comprising a charge to Income Statement of \u00a31.1 million (2022: \u00a32.9 million credit) and a credit to Other Comprehensive Income of \u00a324.2 million (2022: \u00a32.0 million charge). In the year ended 31 March 2022 there was also a credit to Equity of \u00a30.5 million. Recent developments in respect of the OECD inclusive Framework on Base Erosion and Profit Shifting (BEPS), which include the Pillar Two initiative introducing a global minimum rate of corporation tax, are applicable to the Group. Initial analysis indicates that UK legislation, announced on 23 March 2023, to implement this initiative will result in no material impact on the Group\u2019s tax charge. The Group continues to monitor this issue to quantify any impact and implement the increased tax reporting activities required to ensure compliance. Deferred tax Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same Taxation Authorities: 2023 \u00a3m 2022 \u00a3m Deferred tax asset (restated \u2013 note 23) 112.2 47.4 Deferred tax liability (7.0) (9.6) 105.2 37.8 The movements in deferred tax assets and liabilities during the year are shown below. Tangible assets \u00a3m Retirement benefit obligations \u00a3m Tax losses \u00a3m Other \u00a3m Total \u00a3m At 1 April 202 2 as previously stated (32.7) (48.0) 101.5 16.6 37.4 Prior period restatement (note 23) \u2013 \u2013 0.4 \u2013 0.4 At 1 April 2022 as restated (32.7) (48.0) 101.9 16.6 37.8 Income statement credit /(debit) (6.1) (28.5) 23.7 0.5 (10.4) Tax credit /(debit) to other comprehensive income/equity \u2013 76.6 \u2013 (3.3) 73.3 Transfer to income tax receivable \u2013 \u2013 \u2013 (5.2) (5.2) Disposal of subsidiary (1.5) \u2013 (6.3) (6.5) (14.3) Effect of change s in tax rates \u2022 Income statement (1.5) (9.0) 9.5 (0.1) (1.1) \u2022 Other comprehensive income/equity \u2013 24.2 \u2013 \u2013 24.2 Exchange differences 0.9 \u2013 (0.8) 0.8 0.9 At 31 March 20 23 (40.9) 15.3 128.0 2.8 105.2 At 1 April 20 21 (17.0) 53.2 98.9 (13.1) 122.0 Income statement credit/(debit) (8.4) (28.3) (15.7) 48.0 (4.4) Tax credit/(debit) to other comprehensive income/equity \u2013 (61.2) \u2013 (0.2) (61.4) Transfer from income tax receivable \u2013 \u2013 \u2013 4.4 4.4 Acquisition of subsidiary (restated \u2013 note 23) \u2013 \u2013 \u2013 (18.6) (18.6) Disposal of subsidiary (1.2) \u2013 \u2013 (6.4) (7.6) Effect of changes in tax rates \u2022 Income statement (6.6) (8.7) 17.2 1.0 2.9 \u2022 Other comprehensive income/equity \u2013 (3.0) \u2013 1.5 (1.5) Exchange differences 0.5 \u2013 1.1 \u2013 1.6 At 31 March 2022 as previously stated (32.7) (48.0) 101.5 16.6 37.4 The net deferred tax assets of \u00a3105.2 million (2022: \u00a337.4 million) include deferred tax assets of \u00a314.2 million (2022: \u00a331.6 million) and deferred tax liabilities of \u00a37.0 million (2022: \u00a39.6 million) in respect of the Group\u2019s non-UK operations. Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group assesses future profitability for recognition purposes, is set out in note 1 to the Accounts. Net deferred tax assets have been recognised in respect of operations in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million) and New Zealand (\u00a30.9 million). In the prior year net deferred tax assets were recognised in the following jurisdictions: United Kingdom (\u00a315.4 million), Italy (\u00a39.8 million), Australia (\u00a38.9 million) and Spain (\u00a33.5 million). The reductions in the deferred tax balances in Italy and Spain jurisdictions follows the exit from these geographies following the business disposals as detailed in note 28. The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022 and 31 March 2023. The losses for the years ended 31 March 2021 and 2022 reflected the contract and profitability review carried out in 2021 and the restructuring of the business in 2022. The loss in the year ended 31 March 2023 was principally attributable to the provision in respect of the Type 31 contract. The Directors do not consider that the results for these periods are representative of future trading performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts. No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3257 million (2022: \u00a3291 million). At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2022: \u00a3101.5 million) have been recognised in respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax losses carried forward (excluding capital losses) of \u00a396.4 million (2022: \u00a3519 million). In addition to these amounts, UK capital losses of \u00a392.0 million (2022: \u00a392.0 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future (see note 1). The amounts shown can be carried forward indefinitely. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-525": {
"value": "Deferred tax Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same Taxation Authorities: 2023 \u00a3m 2022 \u00a3m Deferred tax asset (restated \u2013 note 23) 112.2 47.4 Deferred tax liability (7.0) (9.6) 105.2 37.8 The movements in deferred tax assets and liabilities during the year are shown below. Tangible assets \u00a3m Retirement benefit obligations \u00a3m Tax losses \u00a3m Other \u00a3m Total \u00a3m At 1 April 202 2 as previously stated (32.7) (48.0) 101.5 16.6 37.4 Prior period restatement (note 23) \u2013 \u2013 0.4 \u2013 0.4 At 1 April 2022 as restated (32.7) (48.0) 101.9 16.6 37.8 Income statement credit /(debit) (6.1) (28.5) 23.7 0.5 (10.4) Tax credit /(debit) to other comprehensive income/equity \u2013 76.6 \u2013 (3.3) 73.3 Transfer to income tax receivable \u2013 \u2013 \u2013 (5.2) (5.2) Disposal of subsidiary (1.5) \u2013 (6.3) (6.5) (14.3) Effect of change s in tax rates \u2022 Income statement (1.5) (9.0) 9.5 (0.1) (1.1) \u2022 Other comprehensive income/equity \u2013 24.2 \u2013 \u2013 24.2 Exchange differences 0.9 \u2013 (0.8) 0.8 0.9 At 31 March 20 23 (40.9) 15.3 128.0 2.8 105.2 At 1 April 20 21 (17.0) 53.2 98.9 (13.1) 122.0 Income statement credit/(debit) (8.4) (28.3) (15.7) 48.0 (4.4) Tax credit/(debit) to other comprehensive income/equity \u2013 (61.2) \u2013 (0.2) (61.4) Transfer from income tax receivable \u2013 \u2013 \u2013 4.4 4.4 Acquisition of subsidiary (restated \u2013 note 23) \u2013 \u2013 \u2013 (18.6) (18.6) Disposal of subsidiary (1.2) \u2013 \u2013 (6.4) (7.6) Effect of changes in tax rates \u2022 Income statement (6.6) (8.7) 17.2 1.0 2.9 \u2022 Other comprehensive income/equity \u2013 (3.0) \u2013 1.5 (1.5) Exchange differences 0.5 \u2013 1.1 \u2013 1.6 At 31 March 2022 as previously stated (32.7) (48.0) 101.5 16.6 37.4 The net deferred tax assets of \u00a3105.2 million (2022: \u00a337.4 million) include deferred tax assets of \u00a314.2 million (2022: \u00a331.6 million) and deferred tax liabilities of \u00a37.0 million (2022: \u00a39.6 million) in respect of the Group\u2019s non-UK operations. Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group assesses future profitability for recognition purposes, is set out in note 1 to the Accounts. Net deferred tax assets have been recognised in respect of operations in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million) and New Zealand (\u00a30.9 million). In the prior year net deferred tax assets were recognised in the following jurisdictions: United Kingdom (\u00a315.4 million), Italy (\u00a39.8 million), Australia (\u00a38.9 million) and Spain (\u00a33.5 million). The reductions in the deferred tax balances in Italy and Spain jurisdictions follows the exit from these geographies following the business disposals as detailed in note 28. The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022 and 31 March 2023. The losses for the years ended 31 March 2021 and 2022 reflected the contract and profitability review carried out in 2021 and the restructuring of the business in 2022. The loss in the year ended 31 March 2023 was principally attributable to the provision in respect of the Type 31 contract. The Directors do not consider that the results for these periods are representative of future trading performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts. No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3257 million (2022: \u00a3291 million). At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2022: \u00a3101.5 million) have been recognised in respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax losses carried forward (excluding capital losses) of \u00a396.4 million (2022: \u00a3519 million). In addition to these amounts, UK capital losses of \u00a392.0 million (2022: \u00a392.0 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future (see note 1). The amounts shown can be carried forward indefinitely.",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-482": {
"value": "8. Dividends Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Final dividend for the year ended 31 March 20 22 of nil (2021: nil p) per 60p share \u2013 \u2013 Interim dividend for the year ended 31 March 2023 of nil (2022: nil p) per 60p share \u2013 \u2013 \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-483": {
"value": "9. (Loss)/earnings per share Basic (loss)/earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year excluding those held in the Babcock Employee Share Trust. Where there is a loss arising the effect of potentially dilutive ordinary shares is anti-dilutive. The calculation of the basic and diluted (loss)/earnings per share is based on the following data: Number of shares 2023 Number 2022 Number Weighted average number of ordinary shares for the purpose of basic EPS 505,391,563 505,091,970 Effect of dilutive potential ordinary shares: share options 9,528,985 6,083,765 Weighted average number of ordinary shares for the purpose of diluted EPS 514,920,548 511,175,735 Earnings per share Year ended 31 March 2023 Year ended 31 March 2022 Loss attributable to shareholders \u00a3m Basic per share Pence Diluted per share Pence Earnings attributable to shareholders \u00a3m Basic per share Pence Diluted per share Pence (Loss)/earnings for the year (35.0) (6.9) (6.9) 164.2 32.5 32.1 ",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-526": {
"value": "10. Goodwill 31 March 2023 \u00a3m 31 March 2022 (restated) \u00a3m Cost At 1 April 2,312.7 2,487.3 On disposal of subsidiaries (note 28) (488.0) (197.9) Additions ( note 28) (revised \u2013 note 23) \u2013 22.3 Exchange adjustments (1.4) 1.0 At 31 March (restated \u2013 note 23) 1,823.3 2,312.7 Accumulated impairment At 1 April 1,529.3 1,531.0 On disposal of subsidiaries (note 28) (487.4) (8.9) Impairment \u2013 7.2 Exchange adjustments \u2013 \u2013 At 31 March 1,041.9 1,529.3 Net book value at 31 March (revised \u2013 note 23) 781.4 783.4 Goodwill is allocated to the operating segments as set out in the table below: 31 March 2023 \u00a3m 31 March 2022 (restated) \u00a3m Marine 296.6 297.7 Nuclear 233.1 233.1 Land 218.0 218.6 Aviation 32.0 32.0 Africa 1.7 2.0 781.4 783.4 During the year, goodwill was tested for impairment at 31 March 2023 in accordance with IAS 36. This impairment analysis is performed on an annual basis at operating segment level, as outlined in the Group\u2019s accounting policies. The Group monitors goodwill at operating segment level. The goodwill allocated to the Africa operating segment is immaterial and the Directors do not consider there to be any reasonably possible changes in estimates that would result in impairment of this goodwill. No further disclosures are provided in relation to the Africa operating segment. During the year the Group disposed of goodwill of \u00a30.6 million through the disposal of part of the Aerial Emergency Services business in Aviation (\u00a3nil million) and the Civil Training business in Land (\u00a30.6 million). Results of goodwill impairment test The current year impairment test results have not resulted in an impairment for any of the Group\u2019s cash generating units. The recoverable amount of the Group\u2019s goodwill was assessed by reference to value-in-use calculations. The value-in-use calculations are derived from risk-adjusted cash flows from the Group\u2019s five-year plan. Terminal value assessments are included based on year five and an estimated long-term, country-specific growth rate of 1.9 \u2013 4.6% (2022: 1.8 \u2013 2.5%). The process by which the Group\u2019s budget is prepared, reviewed and approved benefits from historical experience, visibility of long term work programmes in relation to work undertaken for the UK Government, available government spending information (both UK and overseas), the Group\u2019s contract backlog, bid pipeline and the Group\u2019s tracking pipeline which monitors opportunities prior to release of tenders. The budget process includes consideration of risks and opportunities at contract and business level, and considered matters such as inflation. Furthermore, in preparing this assessment we have considered the potential impact of climate change. In particular, we have considered the impact of climate change on the useful economic lives of assets, disruption to key operating sites and supply chain, and potential asset impairments. These considerations did not have a material impact on the goodwill impairment assessment. Key assumptions Key assumptions are based on past experience and expectations of future changes in the market, including prevailing economic forecasts, industry specific data, competitor activity and market dynamics. Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital were used to discount the estimated risk- adjusted cash flows. These pre-tax discount rates reflect the market assessment as at the period end date of the time value of money and the risks specific to the cash-generating units. Country-specific long-term growth rates are determined based on external analyst assessments of long-term real GDP outlooks in the associated countries. The country-specific real long-term growth rates and discount rates for the Group\u2019s operating segments are as follows: 31 March 2023 31 March 2022 Aviation Land Marine Nuclear Aviation Land Marine Nuclear Pre -tax discount rate 13.1 13.1 13.1 12.4 11.3 11.7 11.3 11.3 Post-tax discount rate 9.8 9.8 9.8 9.3 8.5 8.8 8.5 8.5 Long-term real growth rate 2.1 2.1 2.0 1.9 1.8 2.2 2.5 2.0 Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time. They are significantly affected by a number of factors, such as demand for the Group\u2019s services, together with economic factors such as estimates of costs of revenue and future capital expenditure requirements. Expected future cash flows are also subject to estimation with regard to the impact of inflation \u2013 albeit a significant proportion of the Group\u2019s longer term revenue contracts include variable consideration in respect of inflation and therefore there is a natural offset on the impact of inflation on both costs and revenue. Key assumptions in relation to future cash flows included in the value-in-use models are set out below: Operating segment Key future cash flow assumption Marine Continuing delivery of work programmes with the UK Ministry of Defence , including the design and build of Type 31 frigates and the production of vertical missile tubes for the US -UK common missile compartment programme. Future international opportunities in shipbuilding. Nuclear Continuing delivery of naval nuclear service s to the UK Ministry of Defence, including the FMSP contract. Continuing delivery of opportunities in the UK civil nuclear decommissioning programme together with maintenance of ongoing spend in provision of nuclear engineering services to operational power stations. Land Continuing demand for equipment support and training from both military and civil customers, noting that significant elements of equipment support and training are the subject of long -term contracts, not all of which have been assumed to renew. Aviation Continuing delivery of long -term contracts with the UK Ministry of Defence. Expansion of activities in key overseas territories. Sensitivity The value-in-use for Marine and Nuclear results in these operating segments having significant headroom. Assuming no change in the cash flows over the initial five-year period, it would require a long-term growth of nil combined with a discount rate in excess of 40% to reduce the headroom in these sectors to \u00a3nil. The Directors do not consider these to be plausible assumptions. In the Aviation and Land sectors the decrease in headroom that would result from a change in the discount rate and long-term growth rate are set out in the table below: 31 March 2023 31 March 2022 Aviation Aviation Pre-tax discount rate Increase of 200bps (2022: 100 bps) 63.1 30.2 Long-term growth rate Decrease of 50bps 12.7 12.5 Management have also identified the growth rate in the short-term cash flows in the Aviation operating segment as a key assumption. Annual growth in the underlying cash flows has been determined on a contract-by-contract basis based on our knowledge of the existing contract base and management judgement regarding future wins and losses. If the five-year compound growth rate for the Aviation operating segment decreased by 14% this would cause an impairment of the goodwill allocated to this sector. 11. Other intangible assets Acquired intangibles \u2013 relationships \u00a3m Internally generated software development costs and licences \u00a3m Internally generated development costs and other \u00a3m Total \u00a3m Cost At 1 April 2022 (restated) 1,095.3 222.6 27.6 1,345.5 Additions \u2013 18.1 3.4 21.5 Reclassification from property, plant and equipment \u2013 3.0 0.3 3.3 Disposal of subsidiary undertakings (note 28) (237.0) (4.9) (13.9) (255.8) Disposals at cost (2.0) (7.4) (3.0) (12.4) Exchange adjustments 4.7 (0.1) 0.6 5.2 At 31 March 2023 861.0 231.3 15.0 1,107.3 Accumulated amortisation and impairment At 1 April 2022 1,005.8 156.8 6.2 1,168.8 Amortisation charge 15.8 10.5 1.8 28.1 Impairment \u2013 9.0 \u2013 9.0 Disposal of subsidiary undertakings (note 28) (233.0) (3.1) (0.8) (236.9) Disposals (2.0) (6.6) (1.7) (10.3) Exchange adjustments 7.8 (0.1) 0.1 7.8 At 31 March 2023 794.4 166.5 5.6 966.5 Net book value at 31 March 2023 66.6 64.8 9.4 140.8 Cost At 1 April 2021 (previously stated) 1,031.5 189.3 26.1 1,246.9 Restatement \u2013 30.4 \u2013 30.4 At 1 April 2021 1,031.5 219.7 26.1 1,277.3 On acquisition of subsidiaries (note 28) (restated \u2013 note 23) 63.0 \u2013 \u2013 63.0 Additions \u2013 7.0 4.4 11.4 Reclassification from property, plant and equipment \u2013 0.1 (1.6) (1.5) Reclassification \u2013 0.9 (0.9) \u2013 Disposal of subsidiary undertakings (note 28) \u2013 (3.9) \u2013 (3.9) Disposals at cost \u2013 (1.4) (0.3) (1.7) Exchange adjustments 0.8 0.2 (0.1) 0.9 At 31 March 2022 (restated \u2013 note 23) 1,095.3 222.6 27.6 1,345.5 Accumulated amortisation and impairment At 1 April 2021 (previously stated) 927.5 115.0 4.5 1,047.0 Restatement \u2013 30.4 \u2013 30.4 At 1 April 2021 927.5 145.4 4.5 1,077.4 Amortisation charge 21.4 13.9 1.8 37.1 Impairment (note 2) 57.6 \u2013 \u2013 57.6 Reclassification \u2013 0.1 (0.1) \u2013 Disposal of subsidiary undertakings (note 28) \u2013 (1.8) \u2013 (1.8) Disposals \u2013 (1.0) \u2013 (1.0) Exchange adjustments (0.7) 0.2 \u2013 (0.5) At 31 March 2022 1,005.8 156.8 6.2 1,168.8 Net book value at 31 March 2022 (restated) 89.5 65.8 21.4 176.7 Acquired intangible amortisation charges for the year are recorded in operating costs. During the year ended 31 March 2023, an error has been identified whereby fully amortised intangible assets were incorrectly presented net. These restatements have no impact on the total intangible assets balance nor on any other financial statement area. In addition, the carrying value of acquired intangibles \u2013 relationships as at 31 March 2022 has been revised by \u00a31.0 million as described in Note 23 as a result of new information coming to light during the assessment period on the acquisition of a business. Included in Internally generated software development costs and licences is \u00a338.6 million (2022: \u00a340.7 million) relating to the Group\u2019s ERP system, which is amortised over a 10 year period. Included in the acquired intangible balance is \u00a352.3 million (2022: \u00a363.6 million) relating to the acquisition of the NSM joint venture (refer to note 28 for further details). This will be fully amortised in 20 years. In the prior year, the Aviation operating segment recorded an impairment to acquired intangibles of \u00a357.6 million on an acquired intangible that was initially recognised in relation to the acquisition of the Avincis business. The Group\u2019s disposal programme impacted on the ability of the Aviation operating segment to share assets, capability and management across the entire contract and asset base, resulting in reassessment of the value-in-use for the operating segment in line with an assessment under IAS 36. This asset was fully impaired. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-484": {
"value": "10. Goodwill 31 March 2023 \u00a3m 31 March 2022 (restated) \u00a3m Cost At 1 April 2,312.7 2,487.3 On disposal of subsidiaries (note 28) (488.0) (197.9) Additions ( note 28) (revised \u2013 note 23) \u2013 22.3 Exchange adjustments (1.4) 1.0 At 31 March (restated \u2013 note 23) 1,823.3 2,312.7 Accumulated impairment At 1 April 1,529.3 1,531.0 On disposal of subsidiaries (note 28) (487.4) (8.9) Impairment \u2013 7.2 Exchange adjustments \u2013 \u2013 At 31 March 1,041.9 1,529.3 Net book value at 31 March (revised \u2013 note 23) 781.4 783.4 Goodwill is allocated to the operating segments as set out in the table below: 31 March 2023 \u00a3m 31 March 2022 (restated) \u00a3m Marine 296.6 297.7 Nuclear 233.1 233.1 Land 218.0 218.6 Aviation 32.0 32.0 Africa 1.7 2.0 781.4 783.4 During the year, goodwill was tested for impairment at 31 March 2023 in accordance with IAS 36. This impairment analysis is performed on an annual basis at operating segment level, as outlined in the Group\u2019s accounting policies. The Group monitors goodwill at operating segment level. The goodwill allocated to the Africa operating segment is immaterial and the Directors do not consider there to be any reasonably possible changes in estimates that would result in impairment of this goodwill. No further disclosures are provided in relation to the Africa operating segment. During the year the Group disposed of goodwill of \u00a30.6 million through the disposal of part of the Aerial Emergency Services business in Aviation (\u00a3nil million) and the Civil Training business in Land (\u00a30.6 million). Results of goodwill impairment test The current year impairment test results have not resulted in an impairment for any of the Group\u2019s cash generating units. The recoverable amount of the Group\u2019s goodwill was assessed by reference to value-in-use calculations. The value-in-use calculations are derived from risk-adjusted cash flows from the Group\u2019s five-year plan. Terminal value assessments are included based on year five and an estimated long-term, country-specific growth rate of 1.9 \u2013 4.6% (2022: 1.8 \u2013 2.5%). The process by which the Group\u2019s budget is prepared, reviewed and approved benefits from historical experience, visibility of long term work programmes in relation to work undertaken for the UK Government, available government spending information (both UK and overseas), the Group\u2019s contract backlog, bid pipeline and the Group\u2019s tracking pipeline which monitors opportunities prior to release of tenders. The budget process includes consideration of risks and opportunities at contract and business level, and considered matters such as inflation. Furthermore, in preparing this assessment we have considered the potential impact of climate change. In particular, we have considered the impact of climate change on the useful economic lives of assets, disruption to key operating sites and supply chain, and potential asset impairments. These considerations did not have a material impact on the goodwill impairment assessment. Key assumptions Key assumptions are based on past experience and expectations of future changes in the market, including prevailing economic forecasts, industry specific data, competitor activity and market dynamics. Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital were used to discount the estimated risk- adjusted cash flows. These pre-tax discount rates reflect the market assessment as at the period end date of the time value of money and the risks specific to the cash-generating units. Country-specific long-term growth rates are determined based on external analyst assessments of long-term real GDP outlooks in the associated countries. The country-specific real long-term growth rates and discount rates for the Group\u2019s operating segments are as follows: 31 March 2023 31 March 2022 Aviation Land Marine Nuclear Aviation Land Marine Nuclear Pre -tax discount rate 13.1 13.1 13.1 12.4 11.3 11.7 11.3 11.3 Post-tax discount rate 9.8 9.8 9.8 9.3 8.5 8.8 8.5 8.5 Long-term real growth rate 2.1 2.1 2.0 1.9 1.8 2.2 2.5 2.0 Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time. They are significantly affected by a number of factors, such as demand for the Group\u2019s services, together with economic factors such as estimates of costs of revenue and future capital expenditure requirements. Expected future cash flows are also subject to estimation with regard to the impact of inflation \u2013 albeit a significant proportion of the Group\u2019s longer term revenue contracts include variable consideration in respect of inflation and therefore there is a natural offset on the impact of inflation on both costs and revenue. Key assumptions in relation to future cash flows included in the value-in-use models are set out below: Operating segment Key future cash flow assumption Marine Continuing delivery of work programmes with the UK Ministry of Defence , including the design and build of Type 31 frigates and the production of vertical missile tubes for the US -UK common missile compartment programme. Future international opportunities in shipbuilding. Nuclear Continuing delivery of naval nuclear service s to the UK Ministry of Defence, including the FMSP contract. Continuing delivery of opportunities in the UK civil nuclear decommissioning programme together with maintenance of ongoing spend in provision of nuclear engineering services to operational power stations. Land Continuing demand for equipment support and training from both military and civil customers, noting that significant elements of equipment support and training are the subject of long -term contracts, not all of which have been assumed to renew. Aviation Continuing delivery of long -term contracts with the UK Ministry of Defence. Expansion of activities in key overseas territories. Sensitivity The value-in-use for Marine and Nuclear results in these operating segments having significant headroom. Assuming no change in the cash flows over the initial five-year period, it would require a long-term growth of nil combined with a discount rate in excess of 40% to reduce the headroom in these sectors to \u00a3nil. The Directors do not consider these to be plausible assumptions. In the Aviation and Land sectors the decrease in headroom that would result from a change in the discount rate and long-term growth rate are set out in the table below: 31 March 2023 31 March 2022 Aviation Aviation Pre-tax discount rate Increase of 200bps (2022: 100 bps) 63.1 30.2 Long-term growth rate Decrease of 50bps 12.7 12.5 Management have also identified the growth rate in the short-term cash flows in the Aviation operating segment as a key assumption. Annual growth in the underlying cash flows has been determined on a contract-by-contract basis based on our knowledge of the existing contract base and management judgement regarding future wins and losses. If the five-year compound growth rate for the Aviation operating segment decreased by 14% this would cause an impairment of the goodwill allocated to this sector. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-485": {
"value": "11. Other intangible assets Acquired intangibles \u2013 relationships \u00a3m Internally generated software development costs and licences \u00a3m Internally generated development costs and other \u00a3m Total \u00a3m Cost At 1 April 2022 (restated) 1,095.3 222.6 27.6 1,345.5 Additions \u2013 18.1 3.4 21.5 Reclassification from property, plant and equipment \u2013 3.0 0.3 3.3 Disposal of subsidiary undertakings (note 28) (237.0) (4.9) (13.9) (255.8) Disposals at cost (2.0) (7.4) (3.0) (12.4) Exchange adjustments 4.7 (0.1) 0.6 5.2 At 31 March 2023 861.0 231.3 15.0 1,107.3 Accumulated amortisation and impairment At 1 April 2022 1,005.8 156.8 6.2 1,168.8 Amortisation charge 15.8 10.5 1.8 28.1 Impairment \u2013 9.0 \u2013 9.0 Disposal of subsidiary undertakings (note 28) (233.0) (3.1) (0.8) (236.9) Disposals (2.0) (6.6) (1.7) (10.3) Exchange adjustments 7.8 (0.1) 0.1 7.8 At 31 March 2023 794.4 166.5 5.6 966.5 Net book value at 31 March 2023 66.6 64.8 9.4 140.8 Cost At 1 April 2021 (previously stated) 1,031.5 189.3 26.1 1,246.9 Restatement \u2013 30.4 \u2013 30.4 At 1 April 2021 1,031.5 219.7 26.1 1,277.3 On acquisition of subsidiaries (note 28) (restated \u2013 note 23) 63.0 \u2013 \u2013 63.0 Additions \u2013 7.0 4.4 11.4 Reclassification from property, plant and equipment \u2013 0.1 (1.6) (1.5) Reclassification \u2013 0.9 (0.9) \u2013 Disposal of subsidiary undertakings (note 28) \u2013 (3.9) \u2013 (3.9) Disposals at cost \u2013 (1.4) (0.3) (1.7) Exchange adjustments 0.8 0.2 (0.1) 0.9 At 31 March 2022 (restated \u2013 note 23) 1,095.3 222.6 27.6 1,345.5 Accumulated amortisation and impairment At 1 April 2021 (previously stated) 927.5 115.0 4.5 1,047.0 Restatement \u2013 30.4 \u2013 30.4 At 1 April 2021 927.5 145.4 4.5 1,077.4 Amortisation charge 21.4 13.9 1.8 37.1 Impairment (note 2) 57.6 \u2013 \u2013 57.6 Reclassification \u2013 0.1 (0.1) \u2013 Disposal of subsidiary undertakings (note 28) \u2013 (1.8) \u2013 (1.8) Disposals \u2013 (1.0) \u2013 (1.0) Exchange adjustments (0.7) 0.2 \u2013 (0.5) At 31 March 2022 1,005.8 156.8 6.2 1,168.8 Net book value at 31 March 2022 (restated) 89.5 65.8 21.4 176.7 Acquired intangible amortisation charges for the year are recorded in operating costs. During the year ended 31 March 2023, an error has been identified whereby fully amortised intangible assets were incorrectly presented net. These restatements have no impact on the total intangible assets balance nor on any other financial statement area. In addition, the carrying value of acquired intangibles \u2013 relationships as at 31 March 2022 has been revised by \u00a31.0 million as described in Note 23 as a result of new information coming to light during the assessment period on the acquisition of a business. Included in Internally generated software development costs and licences is \u00a338.6 million (2022: \u00a340.7 million) relating to the Group\u2019s ERP system, which is amortised over a 10 year period. Included in the acquired intangible balance is \u00a352.3 million (2022: \u00a363.6 million) relating to the acquisition of the NSM joint venture (refer to note 28 for further details). This will be fully amortised in 20 years. In the prior year, the Aviation operating segment recorded an impairment to acquired intangibles of \u00a357.6 million on an acquired intangible that was initially recognised in relation to the acquisition of the Avincis business. The Group\u2019s disposal programme impacted on the ability of the Aviation operating segment to share assets, capability and management across the entire contract and asset base, resulting in reassessment of the value-in-use for the operating segment in line with an assessment under IAS 36. This asset was fully impaired. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-486": {
"value": "12. Property, plant and equipment Freehold property \u00a3m Leasehold property \u00a3m Plant and equipment \u00a3m Aircraft fleet \u00a3m Assets in course of construction \u00a3m Total \u00a3m Cost At 1 April 20 22 151.8 24.7 524.9 303.1 213.9 1,218.4 On disposal of subsidiaries (note 28) (9.4) (9.0) (32.1) (224.1) (13.9) (288.5) Additions 0.4 0.2 33.2 27.8 48.3 109.9 Transfer to intangible assets \u2013 \u2013 \u2013 \u2013 (3.3) (3.3) Reclassification 70.0 \u2013 66.0 3.0 (139.0) \u2013 Transfer from Right-of use-assets \u2013 \u2013 \u2013 19.5 \u2013 19.5 Disposals (0.8) \u2013 (13.1) (40.2) (18.8) (72.9) Capitalised borrowing costs \u2013 \u2013 \u2013 \u2013 0.6 0.6 Exchange adjustments 0.2 (0.7) (7.9) 8.4 3.0 3.0 At 31 March 2023 212.2 15.2 571.0 97.5 90.8 986.7 Accumulated depreciation At 1 April 2022 70.7 11.1 373.2 52.3 0.5 507.8 On disposal of subsidiaries (note 28) (2.9) (0.5) (14.3) (33.9) \u2013 (51.6) Depreciation charge for the year 7.1 1.5 45.4 18.1 \u2013 72.1 Impairment \u2013 \u2013 \u2013 (0.8) 5.7 4.9 Transfer from Right-of use-assets \u2013 \u2013 \u2013 11.5 \u2013 11.5 Disposals (0.7) \u2013 (11.2) (24.0) (0.5) (36.4) Exchange adjustments 0.2 \u2013 (2.5) 1.7 0.5 (0.1) At 31 March 2023 74.4 12.1 390.6 24.9 6.2 508.2 Net book value at 31 March 2023 137.8 3.1 180.4 72.6 84.6 478.5 Cost At 1 April 2021 (previously stated) 159.8 15.8 506.5 365.3 187.6 1,235.0 Restatement (1.7) 1.6 17.7 (17.5) (32.6) (32.5) At 1 April 2021 158.1 17.4 524.2 347.8 155.0 1,202.5 On acquisition of subsidiaries (note 28) \u2013 \u2013 0.4 \u2013 \u2013 0.4 On disposal of subsidiaries (note 28) (7.6) (0.6) (21.6) (17.4) (0.9) (48.1) Additions 1.8 3.8 32.3 28.9 112.6 179.4 Disposals (2.5) (0.8) (14.2) (56.0) (46.5) (120.0) Reclassification 1.5 4.9 (1.5) 0.9 (5.8) \u2013 Reclassification from intangible assets 0.4 \u2013 1.1 \u2013 \u2013 1.5 Exchange adjustments 0.1 \u2013 4.2 (1.1) (0.5) 2.7 At 31 March 2022 151.8 24.7 524.9 303.1 213.9 1,218.4 Accumulated depreciation At 1 April 2021 (previously stated) 69.5 10.9 373.1 45.4 1.7 500.6 Restatement (0.8) 0.6 (15.3) (17.5) 0.5 (32.5) At 1 April 2021 68.7 11.5 357.8 27.9 2.2 468.1 On disposal of subsidiaries (note 28) (4.7) (0.2) (13.7) (7.7) \u2013 (26.3) Depreciation c harge for the year 8.1 0.5 38.1 12.0 \u2013 58.7 Impairment \u2013 \u2013 \u2013 58.8 \u2013 58.8 Disposals (1.5) (0.7) (10.8) (38.9) (1.6) (53.5) Exchange adjustments 0.1 \u2013 1.8 0.2 (0.1) 2.0 At 31 March 2022 70.7 11.1 373.2 52.3 0.5 507.8 Net book value at 31 March 2022 81.1 13.6 151.7 250.8 213.4 710.6 In the year ended 31 March 2023 management identified that the prior period property, plant and equipment disclosure included a historic error which overstated historic cost and accumulated depreciation by \u00a317.5 million (1 April 2021: \u00a316.8 million). Additionally, an error has been identified in the classification of cost between asset categories in the prior period totalling \u00a336.3 million and this has also been restated. These restatements have no impact on the total property, plant and equipment balance nor on any other financial statement area. In the prior year, the Group recognised an impairment charge of \u00a358.8 million in relation to the aircraft fleet in the Aviation operating segment due to changes in the future business performance, as informed by the Group\u2019s disposal programme. This change impacted on the ability of the Aviation operating segment to share assets, capability and management across the entire contract and asset base. The asset valuations have been calculated based on estimated discounted cash flows over the remaining useful expected lives of the assets. The impairment charge of \u00a358.8 million is based on a recoverable amount for the relevant assets of \u00a3220.0 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-487": {
"value": "13. Leases Group as a lessee Lease liabilities represent rentals payable by the Group for certain operational, distribution and office properties and other assets such as aircraft. The leases have varying terms, purchase options, escalation clauses and renewal rights. Right of use assets Leasehold property \u00a3m Plant and equipment \u00a3m Aircraft fleet \u00a3m Total \u00a3m Cost At 1 April 2022 127.3 64.7 383.0 575.0 Additions 37.1 9.8 67.7 114.6 Transfer to Property, plant and equipment \u2013 \u2013 (19.5) (19.5) Disposals (10.0) (3.7) (24.5) (38.2) Disposal of subsidiaries (note 28) (11.5) (3.5) (269.8) (284.8) Exchange adjustments (1.3) 0.4 1.1 0.2 At 31 March 2023 141.6 67.7 138.0 347.3 Accumulated depreciation At 1 April 2022 42.5 40.9 157.3 240.7 Depreciation charge for the year 20.5 9.1 52.1 81.7 Impairment 0.9 \u2013 8.7 9.6 Disposals (7.0) (3.3) (21.7) (32.0) Disposal of subsidiaries (note 28) (6.9) (1.3) (94.6) (102.8) Transfer to Property, plant and equipment \u2013 \u2013 (11.5) (11.5) Exchange adjustments (0.5) 0.3 2.7 2.5 At 31 March 2023 49.5 45.7 93.0 188.2 Net book value at 31 March 2023 92.1 22.0 45.0 159.1 Leasehold property \u00a3m Plant and equipment \u00a3m Aircraft fleet \u00a3m Total \u00a3m Cost At 1 April 2021 152.9 72.1 584.2 809.2 Additions 24.0 3.4 61.2 88.6 Acquisition of subsidiary (note 28) 0.5 \u2013 \u2013 0.5 Disposals (31.1) (7.8) (33.0) (71.9) Disposal of subsidiaries (note 28) (21.1) (3.0) (228.4) (252.5) Exchange adjustments 2.1 \u2013 (1.0) 1.1 At 31 March 2022 127.3 64.7 383.0 575.0 Accumulated depreciation At 1 April 2021 51.1 42.2 197.6 290.9 Depreciation charge for the year 23.5 9.5 72.1 105.1 Impairment \u2013 \u2013 18.0 18.0 Disposals (23.7) (6.9) (21.8) (52.4) Disposal of subsidiaries (note 28) (9.5) (1.9) (109.5) (120.9) Reclassification \u2013 (2.0) 2.0 \u2013 Exchange adjustments 1.1 \u2013 (1.1) \u2013 At 31 March 202 2 42.5 40.9 157.3 240.7 Net book value at 31 March 2022 84.8 23.8 225.7 334.3 Lease liabilities The following tables show the discounted Group lease liabilities and a reconciliation of opening to closing lease liabilities: Total \u00a3m At 1 April 2022 434.1 Additions 117.0 Disposals (5.3) Disposal of subsidiaries (note 28) (218.1) Exchange adjustments 9.6 Lease interest 15.9 Lease repayments (124.4) At 31 March 2023 228.8 Non -current lease liabilities 178.9 Current lease liabilities 49.9 At 31 March 2023 228.8 At 1 April 2021 612.3 Additions 93.8 Acquisition of subsidiaries (note 28) 0.5 Disposals (22.6) Disposal of subsidiaries (note 28) (137.1) Exchange adjustments 0.2 Lease interest 17.4 Lease repayments (130.4) At 31 March 2022 434.1 Non -current lease liabilities 329.3 Current lease liabilities 104.8 At 31 March 2022 434.1 See note 22 for a maturity analysis of the contractual undiscounted lease payments. Amounts recognised in the Group income statement 2023 \u00a3m 2022 \u00a3m Interest on lease liabilities 15.9 17.4 Right -of-use asset depreciation 81.7 105.1 Right-of-use asset impairment 9.6 18.0 Loss/(profit) on disposal of right-of-use asset 0.8 (3.2) The total expense for short term and low value leases was \u00a33.0 million (2022: \u00a38.9 million). The expense is deemed approximate to the cash outflow for short term and low value leases. Amounts recognised in the Group cash flow statement 2023 \u00a3m 2022 \u00a3m Total cash outflow for principal element of leases 108.5 113.0 Total cash outflow for interest element of leases 15.9 17.4 Total cash outflow for leases 124.4 130.4 Group as a lessor The Group is the lessor in an arrangement for the lease of vehicles and sub-lease of leased properties. These are solely finance lease arrangements. There have been no new material lease arrangements as a lessor in the current year (2022: none). Amounts recognised in the Group income statement Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Finance lease \u2013 interest income 4.4 3.1 Finance lease payments receivable Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Within one year 20.3 23.3 Greater than one year but less than two years 14.0 12.2 Greater than two years but less than three years 9.1 8.1 Greater than three years but less than four years 2.4 4.0 Greater than four years but less than five years \u2013 \u2013 Greater than five years \u2013 \u2013 Total undiscounted finance lease payments receivable 45.8 47.6 Impact of discounting (7.2) (0.2) Finance lease receivable (net investment in the lease) 38.6 47.4 There was no material impairment of lease receivables in the year ended 31 March 2023 (2022: \u00a3nil). The Group has minimal residual risk for underlying assets to which it retains the residual rights as all leases for which the Group acts as lessor are finance leases and therefore the asset has been leased for a term equivalent to the asset\u2019s useful economic life. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-527": {
"value": "Right of use assets Leasehold property \u00a3m Plant and equipment \u00a3m Aircraft fleet \u00a3m Total \u00a3m Cost At 1 April 2022 127.3 64.7 383.0 575.0 Additions 37.1 9.8 67.7 114.6 Transfer to Property, plant and equipment \u2013 \u2013 (19.5) (19.5) Disposals (10.0) (3.7) (24.5) (38.2) Disposal of subsidiaries (note 28) (11.5) (3.5) (269.8) (284.8) Exchange adjustments (1.3) 0.4 1.1 0.2 At 31 March 2023 141.6 67.7 138.0 347.3 Accumulated depreciation At 1 April 2022 42.5 40.9 157.3 240.7 Depreciation charge for the year 20.5 9.1 52.1 81.7 Impairment 0.9 \u2013 8.7 9.6 Disposals (7.0) (3.3) (21.7) (32.0) Disposal of subsidiaries (note 28) (6.9) (1.3) (94.6) (102.8) Transfer to Property, plant and equipment \u2013 \u2013 (11.5) (11.5) Exchange adjustments (0.5) 0.3 2.7 2.5 At 31 March 2023 49.5 45.7 93.0 188.2 Net book value at 31 March 2023 92.1 22.0 45.0 159.1 Leasehold property \u00a3m Plant and equipment \u00a3m Aircraft fleet \u00a3m Total \u00a3m Cost At 1 April 2021 152.9 72.1 584.2 809.2 Additions 24.0 3.4 61.2 88.6 Acquisition of subsidiary (note 28) 0.5 \u2013 \u2013 0.5 Disposals (31.1) (7.8) (33.0) (71.9) Disposal of subsidiaries (note 28) (21.1) (3.0) (228.4) (252.5) Exchange adjustments 2.1 \u2013 (1.0) 1.1 At 31 March 2022 127.3 64.7 383.0 575.0 Accumulated depreciation At 1 April 2021 51.1 42.2 197.6 290.9 Depreciation charge for the year 23.5 9.5 72.1 105.1 Impairment \u2013 \u2013 18.0 18.0 Disposals (23.7) (6.9) (21.8) (52.4) Disposal of subsidiaries (note 28) (9.5) (1.9) (109.5) (120.9) Reclassification \u2013 (2.0) 2.0 \u2013 Exchange adjustments 1.1 \u2013 (1.1) \u2013 At 31 March 202 2 42.5 40.9 157.3 240.7 Net book value at 31 March 2022 84.8 23.8 225.7 334.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-528": {
"value": "14. Investment in and loans to joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Year end Business activity % interest held (2023) % interest held (2022) Country of incorporation Principal area of operation AirTanker Services Limited Associate 31 Dec Provision of air-to-air refuelling 23.5% 23.5% United Kingdom United Kingdom Ascent Flight Training (Holdings) Limited Joint venture 31 Mar Provision of training services 50.0% 50.0% United Kingdom United Kingdom Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information has been aggregated to provide useful information to users without excessive detail. Joint ventures that are not considered material to the Group are not shown below. 31 March 2023 31 March 2022 Summarised income statement extract (year ended) Ascent Flight Training (Holdings) Limited AirTanker Services Limited Ascent Flight Training (Holdings) Limited AirTanker Services Limited Revenue 171.2 181.7 164.8 189.2 Depreciation and amortisation \u2013 (11.5) \u2013 (14.5) Interest income 4.4 0.3 6.1 \u2013 Interest expense (5.0) \u2013 (6.2) (0.3) Income tax (expense)/benefit (3.5) (2.3) (3.7) (2.5) Profit from continuing operations 14.5 5.9 15.4 6.5 Other comprehensive income 7.0 \u2013 0.4 \u2013 Total comprehensive income 21.5 5.9 15.8 6.5 Summarised statement of financial position Non -current assets 29.2 72.3 29.4 78.2 Current assets (excluding cash and cash equivalents) 75.5 95.2 101.5 69.0 Cash and cash equivalents 69.2 71.9 60.4 54.4 Non -current financial liabilities (excluding trade and other payables and provisions) (109.2) (63.2) (137.5) (49.3) Current financial liabilities (excluding trade and other payables and provisions) \u2013 \u2013 \u2013 \u2013 Current trade and other payables and provisions (10.4) (74.9) (4.6) (51.9) Net assets 54.3 101.3 49.2 100.4 Ownership 50.0% 23.5% 50.0% 23.5% Carrying value of investment 27.2 23.8 24.6 23.6 Reconciliation to carrying amounts Investment in joint ventures and associates Loans to joint ventures and associates Total 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m At 1 April 54.3 73.5 12.1 42.1 66.4 115.6 Acquisition and disposal of joint ventures and associates (note 28) (1.0) (24.5) \u2013 \u2013 (1.0) (24.5) Loans repaid by joint ventures and associates \u2013 \u2013 (2.4) (31.0) (2.4) (31.0) Increase in loans to joint ventures and associates \u2013 \u2013 \u2013 1.4 \u2013 1.4 Investment in joint ventures and associates \u2013 2.6 \u2013 \u2013 \u2013 2.6 Share of profits 9.3 20.1 \u2013 \u2013 9.3 20.1 Interest accrued and capitalised \u2013 \u2013 1.0 3.2 1.0 3.2 Interest received \u2013 \u2013 (1.2) (3.6) (1.2) (3.6) Dividends received (8.7) (41.6) \u2013 \u2013 (8.7) (41.6) Fair value adjustment of derivatives 4.7 30.2 \u2013 \u2013 4.7 30.2 Tax on fair value adjustment of derivatives (1.2) (5.7) \u2013 \u2013 (1.2) (5.7) Foreign exchange \u2013 (0.3) \u2013 \u2013 \u2013 (0.3) At 31 March 57.4 54.3 9.5 12.1 66.9 66.4 The total investments in joint ventures and associates is attributable to the following reportable segments: 2023 \u00a3m 2022 \u00a3m Marine 3.7 4.8 Nuclear 1.4 0.3 Land 0.2 1.5 Aviation 61.6 59.8 Net book value 66.9 66.4 The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not have any commitments that have been made to the joint ventures or associates and not recognised at the reporting date. Joint arrangements are classified as joint ventures as the Group has the right to net assets of the joint arrangement rather than separate rights and obligations to the assets and liabilities of the joint arrangement, respectively. There has been no impairment to loans to joint ventures and associates during the year (2022: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2022: \u00a3nil) as the joint ventures and associates are considered to have low credit risk and as such impairment risk is considered minimal. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those imposed by the Companies Act 2006 or equivalent local regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-488": {
"value": "14. Investment in and loans to joint ventures and associates The Group\u2019s principal joint ventures and associates are: Nature of relationship Year end Business activity % interest held (2023) % interest held (2022) Country of incorporation Principal area of operation AirTanker Services Limited Associate 31 Dec Provision of air-to-air refuelling 23.5% 23.5% United Kingdom United Kingdom Ascent Flight Training (Holdings) Limited Joint venture 31 Mar Provision of training services 50.0% 50.0% United Kingdom United Kingdom Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information has been aggregated to provide useful information to users without excessive detail. Joint ventures that are not considered material to the Group are not shown below. 31 March 2023 31 March 2022 Summarised income statement extract (year ended) Ascent Flight Training (Holdings) Limited AirTanker Services Limited Ascent Flight Training (Holdings) Limited AirTanker Services Limited Revenue 171.2 181.7 164.8 189.2 Depreciation and amortisation \u2013 (11.5) \u2013 (14.5) Interest income 4.4 0.3 6.1 \u2013 Interest expense (5.0) \u2013 (6.2) (0.3) Income tax (expense)/benefit (3.5) (2.3) (3.7) (2.5) Profit from continuing operations 14.5 5.9 15.4 6.5 Other comprehensive income 7.0 \u2013 0.4 \u2013 Total comprehensive income 21.5 5.9 15.8 6.5 Summarised statement of financial position Non -current assets 29.2 72.3 29.4 78.2 Current assets (excluding cash and cash equivalents) 75.5 95.2 101.5 69.0 Cash and cash equivalents 69.2 71.9 60.4 54.4 Non -current financial liabilities (excluding trade and other payables and provisions) (109.2) (63.2) (137.5) (49.3) Current financial liabilities (excluding trade and other payables and provisions) \u2013 \u2013 \u2013 \u2013 Current trade and other payables and provisions (10.4) (74.9) (4.6) (51.9) Net assets 54.3 101.3 49.2 100.4 Ownership 50.0% 23.5% 50.0% 23.5% Carrying value of investment 27.2 23.8 24.6 23.6 Reconciliation to carrying amounts Investment in joint ventures and associates Loans to joint ventures and associates Total 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m At 1 April 54.3 73.5 12.1 42.1 66.4 115.6 Acquisition and disposal of joint ventures and associates (note 28) (1.0) (24.5) \u2013 \u2013 (1.0) (24.5) Loans repaid by joint ventures and associates \u2013 \u2013 (2.4) (31.0) (2.4) (31.0) Increase in loans to joint ventures and associates \u2013 \u2013 \u2013 1.4 \u2013 1.4 Investment in joint ventures and associates \u2013 2.6 \u2013 \u2013 \u2013 2.6 Share of profits 9.3 20.1 \u2013 \u2013 9.3 20.1 Interest accrued and capitalised \u2013 \u2013 1.0 3.2 1.0 3.2 Interest received \u2013 \u2013 (1.2) (3.6) (1.2) (3.6) Dividends received (8.7) (41.6) \u2013 \u2013 (8.7) (41.6) Fair value adjustment of derivatives 4.7 30.2 \u2013 \u2013 4.7 30.2 Tax on fair value adjustment of derivatives (1.2) (5.7) \u2013 \u2013 (1.2) (5.7) Foreign exchange \u2013 (0.3) \u2013 \u2013 \u2013 (0.3) At 31 March 57.4 54.3 9.5 12.1 66.9 66.4 The total investments in joint ventures and associates is attributable to the following reportable segments: 2023 \u00a3m 2022 \u00a3m Marine 3.7 4.8 Nuclear 1.4 0.3 Land 0.2 1.5 Aviation 61.6 59.8 Net book value 66.9 66.4 The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not have any commitments that have been made to the joint ventures or associates and not recognised at the reporting date. Joint arrangements are classified as joint ventures as the Group has the right to net assets of the joint arrangement rather than separate rights and obligations to the assets and liabilities of the joint arrangement, respectively. There has been no impairment to loans to joint ventures and associates during the year (2022: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2022: \u00a3nil) as the joint ventures and associates are considered to have low credit risk and as such impairment risk is considered minimal. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those imposed by the Companies Act 2006 or equivalent local regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-489": {
"value": "15. Inventories 31 March 2023 \u00a3m 31 March 2022 \u00a3m Raw materials and spares 58.6 77.3 Work-in-progress 7.2 4.1 Finished goods and goods for resale 61.0 61.3 Total 126.8 142.7 Write-downs of inventories amounted to \u00a35.4 million (2022: \u00a315.8 million). These were recognised as an expense during the year ended 31 March 2023 and included in operating costs in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-490": {
"value": "16. Trade and other receivables and contract assets 31 March 2023 \u00a3m 31 March 2022 \u00a3m Non-current assets Costs to obtain a contract 2.8 8.9 Costs to fulfil a contract 1.4 0.8 Other debtors 2.2 \u2013 Non -current trade and other receivables 6.4 9.7 Current assets Trade receivables 307.3 311.5 Less: provision for impairment of receivables (7.3) (14.6) Trade receivables \u2013 net 300.0 296.9 Retentions 6.0 4.4 Amounts due from related parties (note 32) 2.1 2.0 Other debtors 129.4 106.2 Prepayments 63.7 71.1 Costs to obtain a contract 0.6 7.6 Costs to fulfil a contract 5.1 0.6 Current trade and other receivables 506.9 488.8 Contract assets 322.5 299.3 Current trade and other receivables and contract assets 829.4 788.1 Trade and other receivables are stated at amortised cost. Details of expected credit losses on trade receivables are provided in note 22, there has been no impairment to other receivables during the year ended 31 March 2023 (2022: \u00a3nil). Other debtors primarily comprise of receivables in respect of social security and other taxes. In the year ended 31 March 2023, amortisation of costs to obtain a contract and costs to fulfil a contract totalled \u00a35.0 million (2022: \u00a32.8 million). An impairment of \u00a31.6 million was recorded in relation to costs to obtain a contract or costs to fulfil a contract (2022: \u00a3nil). The Group recognises that there is an inherent element of estimation uncertainty and judgement involved in assessing contract profitability, as disclosed in note 1. Management have taken a best estimate view of contract outcomes based on the information currently available, after allowing for contingencies, and have applied a constraint to the variable consideration within revenue resulting in a revenue estimate that is suitably cautious under IFRS 15. Significant changes in contract assets during the year are as follows: Contract assets \u00a3m 31 March 2022 299.3 Disposal of subsidiary undertaking (34.6) Transfers from contract assets recognised at the beginning of the year to trade receivables (218.9) Increase due to work done not transferred from contract assets 273.1 Exchange adjustment 3.6 31 March 2023 322.5 31 March 2021 276.4 Disposal of subsidiary undertaking 16.3 Transfers from contract assets recognised at the beginning of the year to receivables (20.8) Increase due to work done not transferred from contract assets (228.7) Write down of contract assets 255.1 Exchange adjustment 1.0 31 March 2022 299.3 During the year, the Group has recognised a reversal of \u00a348.5 million of revenue in respect of performance obligations satisfied or partially satisfied in previous periods. This figure is significantly impacted by reductions in forecast margin on three of the Group\u2019s contracts \u2013 predominantly the loss on the T31 programme as described in note 1. The variance resulting from these three contracts is a result of movements in forecast cost to complete rather than a reversal of variable consideration previously seen as highly probable. Excluding these three contracts, the Group has recognised \u00a34.7 million of additional revenue in the current year in respect of performance obligations satisfied or partially satisfied in previous periods. At 31 March 2023, there is \u00a36.7 billion (2022: \u00a35.8 billion) of transaction price on contracts with customers that has been allocated to unsatisfied or partially satisfied performance obligations (note this metric has been prepared for IFRS 15 disclosure purposes and therefore does not align to the Group\u2019s contract backlog). Contract backlog is based on the full contractual term of the Group\u2019s agreements whilst the IFRS 15 disclosure may be a shorter contractual period in the event that the customer has the ability to exit contracts prior to the full term for non-substantive penalty payments. Management expects that 37.8% (2022: 40.5%) of the transaction price allocated to unsatisfied performance obligations as at 31 March 2023 will be recognised as revenue during the next reporting period. A further 46.3% (2022: 59.5%) of the transaction price allocated to unsatisfied performance obligations is expected to be recognised as revenue in years two to five after 31 March 2023. Details on the Group\u2019s approach to assess credit risk are included in note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-491": {
"value": "17. Cash and cash equivalents 31 March 2023 \u00a3m 31 March 2022 \u00a3m Cash at bank and in hand 221.7 616.0 Short-term bank deposits 230.0 530.3 451.7 1,146.3 The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies: Currency 31 March 2023 31 March 2022 Total \u00a3m Floating rate \u00a3m Total \u00a3m Floating rate \u00a3m Sterling 319.8 319.8 1,023.9 1,023.9 Euro 7.6 7.6 15.0 15.0 US Dollar 15.7 15.7 25.5 25.5 South African Rand 45.3 45.3 27.8 27.8 Canadian Dollar 19.1 19.1 12.2 12.2 Omani Rial 5.7 5.7 4.7 4.7 Australian Dollar 25.1 25.1 22.2 22.2 Norwegian Krone 0.6 0.6 1.4 1.4 Swedish Krona 2.4 2.4 6.5 6.5 New Zealand Dollar 2.8 2.8 1.0 1.0 Other currencies 7.6 7.6 6.1 6.1 451.7 451.7 1,146.3 1,146.3 Surplus cash balances are typically invested at short-term floating rates, linked to SONIA in the case of Sterling, EURIBOR in the case of Euro, the prime rate in the case of South African Rand and the local prime rate for other currencies. Expected credit losses of cash and cash equivalents is \u00a3nil (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-492": {
"value": "18. Trade and other payables and contract liabilities 2023 \u00a3m 2022 \u00a3m Current liabilities Contract liabilities 616.4 518.3 Trade creditors 239.1 164.7 Amounts due to related parties (note 32) 0.8 1.5 Other creditors 41.6 26.9 Other taxes and social security 75.5 76.6 Accruals 554.1 618.4 Trade and other payables 911.1 888.1 Trade and other payables and contract liabilities 1,527.5 1,406.4 Non-current liabilities Other creditors 0.9 1.0 Included in creditors is \u00a312.9 million (2022: \u00a36.7 million) relating to capital expenditure which has therefore not been included in working capital movements within the cash flow statement. Significant changes in contract liabilities during the year are as follows: Contract liabilities \u00a3m 31 March 2022 518.3 Revenue recognised that was included in the contract liability balance at the beginning of the year (377.5) Cash advanced 509.8 Disposal of subsidiary undertaking (31.9) Exchange adjustment (2.3) 31 March 202 3 616.4 31 March 2021 396.5 Revenue recognised that was included in the contract liability balance at the beginning of the year (294.7) Cash advanced 419.0 Acquisition of subsidiary undertaking 8.2 Disposal of subsidiary undertaking (12.5) Exchange adjustment 1.8 31 March 2022 518.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-493": {
"value": "19. Bank and other borrowings 31 March 2023 \u00a3m 31 March 2022 \u00a3m Current liabilities Bank loans and overdrafts due within one year or on demand Secured 0.3 0.4 Unsecured 19.3 863.0 19.6 863.4 L ease obligations* 49.9 104.8 69.5 968.2 Non -current liabilities Bank and other borrowings Secured 21.0 24.0 Unsecured 747.4 823.7 768.4 847.7 Lease obligations* 178.9 329.3 947.3 1,177.0 * Leases are secured against the assets to which they relate. The reduction in unsecured current liabilities is a result of the repayment of the \u20ac550 million Eurobond in October 2022 and a reduction in usage of overdraft facilities. The Group\u2019s overdraft totalled \u00a321.5 million at 31 March 2023 (2022: \u00a3389.8 million). Included within bank loans and overdrafts due within one year is an offsetting \u00a32.6 million in respect of amortisation of loan fees. The Group has \u00a33.1 million (2022: \u00a33.5 million) of secured debt in the Land operating segment that is secured against a property owned by the Group and \u00a318.2 million (2022: \u00a320.9 million) of debt that is secured against contracts with customers, which will cede to the bank in the event of default. Unsecured bank loans are subject to covenants which are tested six monthly on a rolling basis. Covenants comprise of Net Debt to EBITDA and Interest Cover. The Net Debt to EBITDA ratio must be lower than 3.5x at each testing date whilst the Interest Cover must be at least 4.0x at each testing date. There are no breaches in the Group\u2019s base case forecasts as prepared for going concern purposes. Drawn facilities at the period end date primarily comprise the \u20ac550 million Eurobond and the \u00a3300 million UK bond. Repayment details The total borrowings of the Group at 31 March are repayable as follows: 31 March 2023 31 March 2022 Loans and overdrafts \u00a3m Lease obligations \u00a3m Loans and overdrafts \u00a3m Lease obligations \u00a3m Within one year 19.6 49.9 863.4 104.8 Between one and two years 0.3 40.6 22.6 90.5 Between two and three years 0.6 34.5 0.6 67.9 Between three and four years 300.6 23.4 0.7 46.4 Between four and five years 466.2 19.9 356.4 38.7 Greater than five years 0.7 60.5 467.4 85.8 788.0 228.8 1,711.1 434.1 The Group has entered into interest rate and currency swaps, details of which are included in note 21. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: 31 March 2023 31 March 2022 Currency Total \u00a3m Floating rate \u00a3m Fixed rate \u00a3m Total \u00a3m Floating rate \u00a3m Fixed rate \u00a3m Sterling 439.0 16.4 422.6 832.1 405.6 426.5 Euro* 515.4 87.2 428.2 1,181.1 252.8 928.3 US Dollar 5.9 0.4 5.5 44.4 19.1 25.3 South African Rand 25.1 18.3 6.8 30.0 20.8 9.2 Canadian Dollar 6.0 \u2013 6.0 7.5 0.7 6.8 Australian Dollar 22.3 \u2013 22.3 28.2 1.5 26.7 Norwegian Krone \u2013 \u2013 \u2013 4.7 3.9 0.8 Swedish Krona \u2013 \u2013 \u2013 15.6 \u2013 15.6 New Zealand Dollar 1.0 \u2013 1.0 0.2 \u2013 0.2 South Korean Won 0.8 \u2013 0.8 1.2 \u2013 1.2 Botswana Pula 0.2 \u2013 0.2 0.2 \u2013 0.2 Other 1.1 0.8 0.3 \u2013 \u2013 \u2013 1,016.8 123.1 893.7 2,145.2 704.4 1,440.8 * \u20ac550 million (2022: \u20ac1,100 million) has been swapped into Sterling, with \u20ac135 million (2022: \u20ac275 million) equivalent into floating rates and \u20ac415 million (2022: \u20ac825 million) equivalent into fixed rates. This is included in the Euro amount above. The split above includes the impact of hedging. The weighted average interest rate of Sterling fixed rate borrowings is 1.9% (2022: 1.9%). The weighted average period for which these interest rates are fixed is 3.5 years (2022: 4.6 years). The floating rate for borrowings is linked to SONIA in the case of Sterling, EURIBOR in the case of Euro, the prime rate in the case of South African Rand and the local prime rate for other currencies. The effective interest rates at the statement of financial position dates, including the impact of hedging, were as follows: 31 March 2023 % 31 March 2022 % UK bank overdraft 5.4 1.1 UK bank borrowings \u2013 1.4 8 -year Eurobond September 2027\u2013 fixed 2.9 2.9 8 -year Eurobond September 2027 \u2013 floating 6.3 3.3 8 -year Eurobond October 2022 \u2013 1.8 \u00a3300 million bond 2026 1.9 1.9 Other borrowings 5.5 \u2013 9.8 4.8 \u2013 6.9 Leases obligations 3.7 \u2013 17.2 2.2 \u2013 11.8 Borrowing facilities The Group had the following undrawn committed borrowing facilities available at 31 March: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Expiring in less than one year \u2013 \u2013 Expiring in more than one year but not more than five years 1,152.8 1,012.2 1,152.8 1,012.2 Bank loans include \u00a3nil million (2022: \u00a312.5 million) that suppliers have chosen to early-fund under supplier financing arrangements, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. The total supplier financing facility available to the Group is \u20acnil million at 31 March 2023 (2022: \u20ac128.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-494": {
"value": "20. Provisions for other liabilities Contract/ warranty (a) \u00a3m Employee benefits and business reorganisation costs (b) \u00a3m Italian anti-trust fine (c) \u00a3m Property (d) \u00a3m Other (e) \u00a3m Total provisions \u00a3m At 1 April 2021 67.1 35.8 20.0 21.5 1.1 145.5 On disposal of subsidiaries (note 28) \u2013 (1.3) \u2013 (1.2) \u2013 (2.5) On acquisition of subsidiaries (note 28) (restated \u2013 note 23) 1.3 \u2013 \u2013 \u2013 \u2013 1.3 Net charge/(release) to income statement (8.6) 40.1 (3.6) 1.8 0.3 30.0 Utilised in year (8.5) (35.4) (16.1) (0.8) \u2013 (60.8) Unwinding of discount \u2013 0.2 \u2013 \u2013 \u2013 0.2 Foreign exchange (0.2) 0.3 \u2013 (0.3) \u2013 (0.2) At 31 March 2022 51.1 39.7 0.3 21.0 1.4 113.5 Prior period adjustment (note 23) 2.4 \u2013 \u2013 \u2013 \u2013 2.4 At 31 March 2022 as restated 53.5 39.7 0.3 21.0 1.4 115.9 On disposal of subsidiaries (note 28) (8.5) (1.2) \u2013 (5.8) (0.1) (15.6) Reclassification (1.0) 1.4 \u2013 (4.3) 3.9 \u2013 Net charge/(release) to income statement 76.0 10.4 \u2013 8.4 (0.6) 94.2 Utilised in year (20.2) (19.2) (0.3) (4.8) (1.8) (46.3) Unwinding of discount \u2013 0.2 \u2013 \u2013 \u2013 0.2 Foreign exchange 0.6 (0.8) \u2013 0.6 (0.1) 0.3 At 31 March 2023 100.4 30.5 \u2013 15.1 2.7 148.7 a) The contract/warranty provisions relate to onerous contracts and warranty obligations on completed contracts and disposals. Warranty provisions are provided in the normal course of business and are recognised when the underlying products and services are sold. The provision is based on an assessment of future claims with reference to historical warranty data and a weighting of possible outcomes against their associated probabilities. Onerous contracts relate to expected future losses on contracts with customers \u2013 notably T31 as outlined in note 1. b) Employee benefits and business reorganisation costs relate to business restructuring activities including announced redundancies in addition to employee benefits including long-term sickness. The net charge to the employee benefits and reorganisation provision comprises a charge in the year of \u00a312.8 million and a release of \u00a32.4 million. c) Italian anti-trust fines pertain to historic court rulings in respect of the Babcock Mission Critical Services Italia SpA subsidiary. The majority of this provision was paid in the prior year with remaining amounts paid in FY23. d) Property and other provisions primarily relate to dilapidation costs and contractual obligations in respect of infrastructure. e) Other provisions include provisions for insurance claims arising within the Group\u2019s captive insurance company, Chepstow Insurance Limited. They relate to specific claims assessed in accordance with the advice of independent actuaries. Provisions have been analysed between current and non-current as follows: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Current 67.9 55.6 Non -current 80.8 60.3 148.7 115.9 Included within provisions is \u00a36.9 million (2022: \u00a37.4 million) expected to be utilised over approximately 10 years. Other than these provisions the Group\u2019s non-current provisions are expected to be utilised within two to five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-495": {
"value": "21. Financial instruments and fair value measurement The following table presents the Group\u2019s assets and liabilities: 31 March 2023 (\u00a3m) Financial assets at fair value Financial assets at amortised cost Financial liabilities at fair value Financial liabilities at amortised cost Total carrying amount Fair value Non -current financial assets Loans to joint ventures and associates \u2013 9.5 \u2013 \u2013 9.5 9.5 Financial assets \u2013 7.3 \u2013 \u2013 7.3 7.3 Derivatives 2.6 \u2013 \u2013 \u2013 2.6 2.6 Lease receivables \u2013 22.2 \u2013 \u2013 22.2 22.2 Current financial assets Trade and other receivables * 1.5 345.1 \u2013 \u2013 346.6 346.6 Lease receivables \u2013 16.4 \u2013 \u2013 16.4 16.4 Derivatives 4.3 \u2013 \u2013 \u2013 4.3 4.3 Cash and cash equivalents \u2013 451.7 \u2013 \u2013 451.7 451.7 Non -current financial liabilities Bank and other borrowings \u2013 \u2013 \u2013 (768.4) (768.4) (670.3) Derivatives \u2013 \u2013 (53.3) \u2013 (53.3) (53.3) Current financial liabilities Bank and other borrowings \u2013 (19.6) (19.6) (19.6) Trade and other payables * \u2013 \u2013 \u2013 (511.1) (511.1) (511.1) Derivatives \u2013 \u2013 (12.8) \u2013 (12.8) (12.8) Net financial assets / (financial liabilities) 8.4 852.2 (66.1) (1,299.1) (504.6) (406.5) * Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument. 31 March 202 2 (\u00a3m) Financial assets at fair value Financial assets at amortised cost Financial liabilities at fair value Financial liabilities at amortised cost Total carrying amount Fair value Non -current financial assets Investment in joint ventures and associates \u2013 54.3 \u2013 \u2013 54.3 54.3 Loans to joint ventures and associates \u2013 12.1 \u2013 \u2013 12.1 12.1 Financial assets \u2013 10.0 \u2013 \u2013 10.0 10.0 Lease receivables \u2013 24.1 \u2013 \u2013 24.1 24.1 Current financial assets Trade and other receivables * \u2013 335.3 \u2013 \u2013 335.3 335.3 Lease receivables \u2013 23.3 \u2013 \u2013 23.3 23.3 Derivatives 11.4 \u2013 \u2013 \u2013 11.4 11.4 Cash and cash equivalents \u2013 1,146.3 \u2013 \u2013 1,146.3 1,146.3 Non -current financial liabilities Bank and other borrowings \u2013 \u2013 \u2013 (847.7) (847.7) (819.6) Derivatives \u2013 \u2013 (59.3) \u2013 (59.3) (59.3) Current financial liabilities \u2013 \u2013 Bank and other borrowings \u2013 \u2013 \u2013 (863.4) (863.4) (833.1) Trade and other payables * \u2013 \u2013 \u2013 (460.0) (460.0) (460.0) Derivatives \u2013 \u2013 (34.8) \u2013 (34.8) (34.8) Net financial assets / (financial liabilities) 11.4 1,605.4 (94.1) (2,171.1) (648.4) (590.0) * Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument. The fair value hierarchy is as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy. There were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using Level 3 techniques are not provided as such assets are not material. The fair values of financial instruments held at fair value have been determined based on available market information at the period end date, and the valuation methodologies listed below: \u2022 The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating at the appropriate period end rates; and \u2022 The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash flows and translating at the appropriate period end rates. Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair value or carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation factors, the fair values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current market environment. Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. The Group\u2019s policy regarding classification of derivatives is set out in note 1. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed-rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-529": {
"value": "21. Financial instruments and fair value measurement The following table presents the Group\u2019s assets and liabilities: 31 March 2023 (\u00a3m) Financial assets at fair value Financial assets at amortised cost Financial liabilities at fair value Financial liabilities at amortised cost Total carrying amount Fair value Non -current financial assets Loans to joint ventures and associates \u2013 9.5 \u2013 \u2013 9.5 9.5 Financial assets \u2013 7.3 \u2013 \u2013 7.3 7.3 Derivatives 2.6 \u2013 \u2013 \u2013 2.6 2.6 Lease receivables \u2013 22.2 \u2013 \u2013 22.2 22.2 Current financial assets Trade and other receivables * 1.5 345.1 \u2013 \u2013 346.6 346.6 Lease receivables \u2013 16.4 \u2013 \u2013 16.4 16.4 Derivatives 4.3 \u2013 \u2013 \u2013 4.3 4.3 Cash and cash equivalents \u2013 451.7 \u2013 \u2013 451.7 451.7 Non -current financial liabilities Bank and other borrowings \u2013 \u2013 \u2013 (768.4) (768.4) (670.3) Derivatives \u2013 \u2013 (53.3) \u2013 (53.3) (53.3) Current financial liabilities Bank and other borrowings \u2013 (19.6) (19.6) (19.6) Trade and other payables * \u2013 \u2013 \u2013 (511.1) (511.1) (511.1) Derivatives \u2013 \u2013 (12.8) \u2013 (12.8) (12.8) Net financial assets / (financial liabilities) 8.4 852.2 (66.1) (1,299.1) (504.6) (406.5) * Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument. 31 March 202 2 (\u00a3m) Financial assets at fair value Financial assets at amortised cost Financial liabilities at fair value Financial liabilities at amortised cost Total carrying amount Fair value Non -current financial assets Investment in joint ventures and associates \u2013 54.3 \u2013 \u2013 54.3 54.3 Loans to joint ventures and associates \u2013 12.1 \u2013 \u2013 12.1 12.1 Financial assets \u2013 10.0 \u2013 \u2013 10.0 10.0 Lease receivables \u2013 24.1 \u2013 \u2013 24.1 24.1 Current financial assets Trade and other receivables * \u2013 335.3 \u2013 \u2013 335.3 335.3 Lease receivables \u2013 23.3 \u2013 \u2013 23.3 23.3 Derivatives 11.4 \u2013 \u2013 \u2013 11.4 11.4 Cash and cash equivalents \u2013 1,146.3 \u2013 \u2013 1,146.3 1,146.3 Non -current financial liabilities Bank and other borrowings \u2013 \u2013 \u2013 (847.7) (847.7) (819.6) Derivatives \u2013 \u2013 (59.3) \u2013 (59.3) (59.3) Current financial liabilities \u2013 \u2013 Bank and other borrowings \u2013 \u2013 \u2013 (863.4) (863.4) (833.1) Trade and other payables * \u2013 \u2013 \u2013 (460.0) (460.0) (460.0) Derivatives \u2013 \u2013 (34.8) \u2013 (34.8) (34.8) Net financial assets / (financial liabilities) 11.4 1,605.4 (94.1) (2,171.1) (648.4) (590.0) * Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument. The fair value hierarchy is as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy. There were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using Level 3 techniques are not provided as such assets are not material. The fair values of financial instruments held at fair value have been determined based on available market information at the period end date, and the valuation methodologies listed below: \u2022 The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating at the appropriate period end rates; and \u2022 The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash flows and translating at the appropriate period end rates. Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair value or carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation factors, the fair values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current market environment. Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. The Group\u2019s policy regarding classification of derivatives is set out in note 1. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed-rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-545": {
"value": "21. Financial instruments and fair value measurement The following table presents the Group\u2019s assets and liabilities: 31 March 2023 (\u00a3m) Financial assets at fair value Financial assets at amortised cost Financial liabilities at fair value Financial liabilities at amortised cost Total carrying amount Fair value Non -current financial assets Loans to joint ventures and associates \u2013 9.5 \u2013 \u2013 9.5 9.5 Financial assets \u2013 7.3 \u2013 \u2013 7.3 7.3 Derivatives 2.6 \u2013 \u2013 \u2013 2.6 2.6 Lease receivables \u2013 22.2 \u2013 \u2013 22.2 22.2 Current financial assets Trade and other receivables * 1.5 345.1 \u2013 \u2013 346.6 346.6 Lease receivables \u2013 16.4 \u2013 \u2013 16.4 16.4 Derivatives 4.3 \u2013 \u2013 \u2013 4.3 4.3 Cash and cash equivalents \u2013 451.7 \u2013 \u2013 451.7 451.7 Non -current financial liabilities Bank and other borrowings \u2013 \u2013 \u2013 (768.4) (768.4) (670.3) Derivatives \u2013 \u2013 (53.3) \u2013 (53.3) (53.3) Current financial liabilities Bank and other borrowings \u2013 (19.6) (19.6) (19.6) Trade and other payables * \u2013 \u2013 \u2013 (511.1) (511.1) (511.1) Derivatives \u2013 \u2013 (12.8) \u2013 (12.8) (12.8) Net financial assets / (financial liabilities) 8.4 852.2 (66.1) (1,299.1) (504.6) (406.5) * Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument. 31 March 202 2 (\u00a3m) Financial assets at fair value Financial assets at amortised cost Financial liabilities at fair value Financial liabilities at amortised cost Total carrying amount Fair value Non -current financial assets Investment in joint ventures and associates \u2013 54.3 \u2013 \u2013 54.3 54.3 Loans to joint ventures and associates \u2013 12.1 \u2013 \u2013 12.1 12.1 Financial assets \u2013 10.0 \u2013 \u2013 10.0 10.0 Lease receivables \u2013 24.1 \u2013 \u2013 24.1 24.1 Current financial assets Trade and other receivables * \u2013 335.3 \u2013 \u2013 335.3 335.3 Lease receivables \u2013 23.3 \u2013 \u2013 23.3 23.3 Derivatives 11.4 \u2013 \u2013 \u2013 11.4 11.4 Cash and cash equivalents \u2013 1,146.3 \u2013 \u2013 1,146.3 1,146.3 Non -current financial liabilities Bank and other borrowings \u2013 \u2013 \u2013 (847.7) (847.7) (819.6) Derivatives \u2013 \u2013 (59.3) \u2013 (59.3) (59.3) Current financial liabilities \u2013 \u2013 Bank and other borrowings \u2013 \u2013 \u2013 (863.4) (863.4) (833.1) Trade and other payables * \u2013 \u2013 \u2013 (460.0) (460.0) (460.0) Derivatives \u2013 \u2013 (34.8) \u2013 (34.8) (34.8) Net financial assets / (financial liabilities) 11.4 1,605.4 (94.1) (2,171.1) (648.4) (590.0) * Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument. The fair value hierarchy is as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy. There were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using Level 3 techniques are not provided as such assets are not material. The fair values of financial instruments held at fair value have been determined based on available market information at the period end date, and the valuation methodologies listed below: \u2022 The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating at the appropriate period end rates; and \u2022 The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash flows and translating at the appropriate period end rates. Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair value or carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation factors, the fair values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current market environment. Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. The Group\u2019s policy regarding classification of derivatives is set out in note 1. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed-rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-496": {
"value": "22. Financial risk management Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates and the Group\u2019s cash and cash equivalents. The Group\u2019s risk management objective, policy and performance are as follows: Objective To manage exposure to interest rate fluctuations on borrowings by varying the proportion of fixed rate debt relative to floating rate debt to reflect the underlying nature of its commitments and obligations. As a result, the Group does not maintain a specific set proportion of fixed versus floating debt, but m onitors the mix to ensure that it is compatible with its business requirements and capital structure. Policy The Group\u2019s interest rate management policy is to monitor the mix of fixed versus floating interest rate debt to ensure that it is compatible with its business requirements and capital structure. Risk management The Group manages interest rate risk through the maintenance of a mixture of fixed and floating rate debt and interest rate swaps, each being reviewed on a regular basis to ensure the appro priate mix is maintained. Performance As at 31 March 2023, the Group had 83% fixed rate debt (2022: 66%) and 17% floating rate debt (2022: 34%) based on gross debt, including lease liabilities, of \u00a31,016.8 million (2022: \u00a32,290.1 million). The following balances are exposed to interest rate risk as shown below: 31 March 2023 31 March 2022 Less than one year \u00a3m Between one and two years \u00a3m Greater than two years \u00a3m Less than one year \u00a3m Between one and two years \u00a3m Greater than two years \u00a3m Cash and cash equivalents 451.7 \u2013 \u2013 1,146.3 \u2013 \u2013 Bank and other borrowings 69.5 40.9 906.4 968.2 113.1 1,063.9 The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: Year ended 31 March 2023 Year ended 31 March 2022 Change in interest rate Effect on profit before tax \u00a3m Change in interest rate Effect on profit before tax \u00a3m GBP 3.0% 3.1 0.5% 3.7 The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows: Year ended 31 March 2023 Year ended 31 March 2022 Hedging instruments (\u00a3m) Notional principal amount Carrying amount of hedging instrument Change in fair value of hedging instrument used for calculating hedge ineffectiveness Notional principal amount Carrying amount of hedging instrument Change in fair value of hedging instrument used for calculating hedge ineffectiveness Cross currency interest rate swap 1 246.7 (38.7) (4.1) 246.7 (34.6) (14.6) 1. The Group has entered into three cross-currency interest rate swaps to convert \u20ac275 million of fixed rate (1.375%) debt to GBP debt linked to SONIA. This matures on 13 September 2027. Additionally, as part of the Group\u2019s financial risk management response in relation to interest rate risk, the group has entered into further interest rate swaps to fix interest rate on floating rate sterling debt \u2013 ie, the aggregated exposure that was created with \u20ac140 million fixed rate debt and the cross- currency swaps which receive Euro fixed and pay GBP floating. These new interest rate swaps were not designated in the hedge relationship and therefore they are accounted for at fair value through profit and loss. Year ended 31 March 2023 Year ended 31 March 2022 Hedged item (\u00a3m) Carrying amount of hedged item Accumulated fair value adjustments Change in fair value used for calculating ineffectiveness Amount of ineffectiveness recognised in the income statement Carrying amount of hedged item Accumulated fair value adjustments Change in fair value used for calculating ineffectiveness Amount of ineffectiveness recognised in the income statement Debt 241.7 30.6 7.3 3.2 234.8 22.7 13.7 (0.9) Ineffectiveness is included in the income statement in finance costs. Liquidity risk Liquidity risk is the risk that the Group becomes unable to meet payment obligations in a timely manner when they become due. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective with regards to liquidity risk is to ensure that there is an appropriate balance between continuity, flexibility and cost of debt funding through the use of borrowings, whilst also diversifying the sources of these borrowings with a range of maturities and rates of interest, to reflect the long-term nature of the Group\u2019s contracts and commitments and its risk profile. Policy The Group\u2019s policy is to ensure the business is prudently funded and that sufficient liquidity headroom is maintained on its facilities. Risk managemen t Liquidity risk management includes maintaining sufficient cash and the availability of funding from an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, Group treasury maintains flexibility in funding by maintaining cash and/or availability under committed credit lines. Each of the sectors in the Group provides regular cash forecasts for liquidity planning purposes. These cash forecasts are used to monitor and identify the liquidity requirements of the Group, and to ensure that there is sufficient liquidity to meet operat ional needs while maintaining sufficient headroom on the Group\u2019s committed borrowing facilities. The Group utilises debt factoring in support of the non -UK operations of its Aviation sector as part of its working capital management arrangements. Performance The Group continues to keep under review its capital structure to ensure that the sources, tenor and availability of finance are sufficient to meet its stated objectives. During the year ended 31 March 2023 the Group has repaid a \u20ac550 million facility. No new facilities have been entered into. The contracted cash outflows on bank and other borrowings, derivatives and lease liabilities at the reporting date are shown below, based on contractual undiscounted payments. Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m At 31 March 20 23 Bank and other borrowings 74.2 45.2 847.9 72.9 1,040.2 Derivatives cash outflows settled gross 28.7 145.4 198.8 1,503.3 1,876.2 Undiscounted lease payments 54.6 44.9 80.5 72.2 252.2 At 31 March 2022 Bank and other borrowings 968.2 113.1 510.7 553.2 2,145.2 Derivatives cash outflows settled gross 555.7 300.5 246.4 549.6 1,652.2 Derivatives cash outflows settled net \u2013 \u2013 \u2013 0.4 0.4 Undiscounted lease payments 115.6 100.6 172.0 106.3 494.5 The impact of discounting for lease payments is \u00a323.4 million (2022: \u00a360.4 million) resulting in lease liabilities of \u00a3228.8 million (2022: \u00a3434.1 million). Other financial liabilities not included in the table above such as trade and other payables are all expected to be settled within one year. Currency risk Currency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, when revenue or expense is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries. The functional currency of Babcock International Group PLC and its UK subsidiaries is GBP. The presentation currency of the Group is GBP. The Group has exposure primarily to EUR, ZAR, AUD and CAD. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective is to reduce exposure to volatility in earnings and cash flows from movements in foreign currency exchange rates. The Group is exposed to a number of foreign currencies, the most significant being the EUR, ZAR, AUD and CAD. Policy \u2013 Transactional risk In order to mitigate the currency risk of adverse currency movements on foreign currency denominated transactions, the Group\u2019s policy is to hedge all foreign currency transactions greater than \u00a310k, using financial instruments where appropriate. The Group applies IFRS 9 hedge accounting treatment where appropriate. Policy \u2013 Translational risk The Group is also exposed to adverse foreign currency movements on translation of net assets and income statements of foreign subsidiaries and joint ventures and associates. It is not the Group\u2019s policy to hedge through the use of derivatives the translati on effect of exchange rate movements on the income statements or statement of financial positions of overseas subsidiaries and joint ventures and associates it regards as long -term investments. However, where the Group has material assets denominated in a foreign currency, it will consider matching the assets with foreign currency denominated debt. Risk managementCurrency risk management includes hedging the underlying foreign currency exposures in the foreign exchange market with approved counterparties. Currency transactions are recorded and monitored in the treasury management system. Each of the sectors in the Group provides a quarterly foreign currency exposure report to monitor the level of currency hedge cover is appropriate. Performance All material firm transactional exposures are economically hedged using foreign exchange forward contracts. The effect of cash flow hedges on the Group\u2019s financial position and performance in the year was as follows: Year ended 31 March 2023 Hedging instruments (\u00a3m) Nominal amount Carrying value Maturity Hedged rate Change in fair value used for calculating hedge effectiveness Change in fair value recognised in other comprehensiv e income Amount reclassified from cash flow hedge reserve to finance cost Ineffectiveness recognised in profit and loss (finance cost) Hedge instrument: Cross currency swap \u20ac275m (\u00a38.2) 13/09/27 1.152 (9.5) (9.5) (10.0) \u2013 Hedged item: EUR -denominated debt \u20ac275m \u00a3241.7 13/09/27 N/A 10.0 N/A N/A N/A As outstanding cash flow hedges matured in 2023, the amount previously recognised in the hedging reserve has been reclassified to the income statement. Any new derivatives executed to hedge purchases and sales in foreign currencies have been treated as economic hedges with the fair value changes recognised in the income statement rather than through other comprehensive income and therefore disclosure has not been provided on such items. Year ended 31 March 2022 Hedging instruments (\u00a3m) Nominal amount Carrying value Maturity Hedged rate Change in fair value used for calculating hedge effectiveness Change in fair value recognised in other comprehensive income Amount reclassified from cash flow hedge reserve to finance cost Ineffectiveness recognised in profit and loss (finance cost) Hedge instrument: Cross currency swap \u20ac275m (17.7) 13/09/27 1.152 2.8 (2.4) 3.3 (0.4) Hedged item: EUR -denominated debt \u20ac275m 231.7 13/09/27 N/A (2.4) N/A N/A N/A Year ended 31 March 2022 Hedging instruments (\u00a3m) Maturity date Weighted average hedged rate Change in value of instruments Change in value of item Carrying value of derivative Notional amount Hedging forecast purchases in EUR 05/03/2023 1.3617 (3.0) 3.0 (2.2) 73.3 Hedging forecast sales in GBP 17/04/2023 0.8929 (1.1) 1.1 (1.1) 110.0 Hedging forecast purchases/sales in CHF/EUR** 20/11/2023 0.9387 1.0 (1.0) 1.0 22.1 Hedging forecast purchases/sales in EUR/NOK** 21/09/2022 10.4500 \u2013 \u2013 \u2013 \u2013 Hedging forecast purchases/sales in other currencies** 19/10/2022 N/A 0.2 (0.2) (0.4) 38.7 Cash flow hedges (2.9) 2.9 (2.7) 244.1 ** Individually immaterial items. The following table demonstrates the effect on profit before tax for reasonably possible changes in EUR, ZAR, AUD and CAD exchange rates. Year ended 31 March 2023 Year ended 31 March 2022 Change in foreign currency rate Effect on profit before tax \u00a3m Effect on other components of equity \u00a3m Change in foreign currency rate Effect on profit before tax \u00a3m Effect on other components of equity \u00a3m EUR * 5% 1.5 1.5 5% 0.8 0.8 ZAR 5% (2.0) (2.0) 5% (1.6) (1.6) AUD 5% (0.4) (0.4) 5% (1.6) (1.6) CAD 5% (0.4) (0.4) 5% (0.5) (0.5) * This sensitivity analysis excludes the impact of the disposal of the Group\u2019s Aerial Emergency Services business, as this is a one-off transaction which is not expected to re-occur. Under the Group\u2019s economic hedging policy, the terms of the forward contracts are arranged to align with the expected timing, currency and amounts of the hedged items. The Group typically enters into forward contracts where the hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the forecast foreign currency transaction. Credit risk Credit risk is the risk that a counterparty will not meet its obligations to the Group, which would result in a loss for the Group. Credit risk arises from trade and other receivables, cash and cash equivalents, investments and derivative financial instruments. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective is to ensure that the Group continues to operate with an acceptable level of credit risk, based on management\u2019s judgement, associated with its operating activities, such as customer trade receivables, and financial activities, includi ng cash deposits and financial instruments. Policy The Group\u2019s policy is to manage credit risk by setting and reviewing appropriate credit limits for non -government commercial customers, being the Group\u2019s main exposure to credit risk. With regards to fin ancial institutions, credit limits will be set according to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely monitored on a systematic and ongoing basis. Risk managementCurrency risk management includes performing credit checks on non -government commercial customers and setting and only performing financial transactions with approved investment grade counterparties. Performance Expected credit loss on trade receivable portfolio/provisions of \u00a37.4 million (2022: \u00a314.6 million). The carrying amount of the Group\u2019s financial assets represents the maximum exposure to credit risk. Cash and cash equivalents and derivative financial instruments The Group utilises approved investment-grade counterparties to carry out treasury transactions, including investments of cash and cash equivalents, with counterparty bank credit risk being monitored closely on a systematic and ongoing basis. A credit limit is allocated to each institution taking account of its market capitalisation and credit rating, and as such credit risk on these counterparties is not considered to be material to the financial statements. The Group\u2019s counterparty credit rating is as follows: 31 March 2023 31 March 2022 AA - or higher 8.0% 15.3% A+ to A - 45.0% 78.7% BBB+ to BB- 11.0% 6.0% Trade receivables The Group\u2019s assessment is that credit risk in relation to customers or sub-contractors to governments is limited as their probability of default is considered to be extremely low. The provision for expected credit losses for receivables from governments and sub- contractors to government customers is therefore considered immaterial in the context of the receivables balance. The Group manages credit risk in relation to trade and other receivables for all non-government commercial customers through various mitigating controls including credit checks, credit limits and ongoing monitoring. Expected credit losses are assessed for all non-government customers, however this is not considered to be material to the financial statements. For trade receivables, the Group measures a provision for expected credit losses at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other assets the loss allowance is measured using 12-months expected credit losses unless there was a significant increase in credit risk since initial recognition. Forward-looking factors are applied to homogenous groups of receivables which share characteristics and are based on an estimate of how corporate failure rates may change relative to historic levels given the current economic environment. The Group considers that default has occurred when receivables are more than 90 days overdue and recognises a provision of 100% against all such receivables unless there is evidence of recoverability at the individual receivable level. The movement on the provision for expected credit losses is as follows: 2023 \u00a3m 2022 \u00a3m Balance at 1 April (14.6) (14.0) Charged to the income statement (1.7) (1.0) Receivables written off during the year as uncollectable \u2013 \u2013 Unused amounts reversed 2.0 0.7 Disposal of businesses 7.4 \u2013 Exchange differences (0.4) (0.3) Balance at 31 March (7.3) (14.6) The creation and release of provisions for impairment of receivables have been included in operating costs in the income statement. The Group writes off a receivable when there is evidence that the debtor is in significant financial difficulty and there is no realistic prospect of recovery, for example, when a debtor enters bankruptcy or financial reorganisation. None of the trade receivables that were written off during the year are still subject to enforcement activity. The ageing of trade receivables is detailed below: Year ended 31 March 2023 Year ended 31 March 2022 Gross \u00a3m Provision \u00a3m Net \u00a3m Gross \u00a3m Provision \u00a3m Net \u00a3m Not past due 291.3 \u2013 291.3 298.0 (1.1) 296.9 Up to 90 days overdue 3.7 (0.1) 3.6 7.4 (7.4) \u2013 Past 90 days overdue 12.3 (7.2) 5.1 6.1 (6.1) \u2013 307.3 (7.3) 300.0 311.5 (14.6) 296.9 The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security other than retention of title clauses issued as part of the ordinary course of business. For contract assets the expected credit loss provision is immaterial as the probability of default is insignificant. No expected loss provision has been recorded in respect of loans to joint ventures and associates. Offsetting financial assets and liabilities Year ended 31 March 2023 Year ended 31 March 2022 Balance sheet \u00a3m Amounts not offset1 \u00a3m Net balances \u00a3m Balance sheet \u00a3m Amounts not offset1 \u00a3m Net balances \u00a3m Assets Cash and cash equivalents 451.0 (18.9) 432.1 1,146.3 (388.9) 757.4 Derivatives 6.9 (6.9) \u2013 11.4 (11.4) \u2013 Liabilities Bank and other borrowings (18.9) 18.9 \u2013 (863.4) 388.9 (474.5) Derivatives (66.1) 6.9 (59.2) (94.1) 11.4 (82.7) 1 The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position. Capital risk Capital risk is the risk that the entity may not be able to continue as a going concern. The capital structure of the Group consists of net debt (borrowings disclosed in note 19 after deducting cash and cash equivalents) and equity of the Group (comprising issued capital, reserves, retained earnings and non-controlling interests as disclosed in note 24. The Group is not subject to any externally imposed capital requirements. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern, and to provide returns for shareholders and other stakeholder benefits. Policy The Group\u2019s policy is to protect and strengthen the Group statement of financial position through the appropriate balance of debt and equity funding. Risk managementThe Group manages its capital structure and makes adjustments in response to changes to economic conditions and the strategic objectives of the Group. The Gr oup raises finance in the public debt market from financial institutions, using a variety of capital market instruments and borrowing facilities. Performance During the current financial year, the Group has entered into an overdraft facility of \u00a350 million. No other new facilities have been entered into. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-530": {
"value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates and the Group\u2019s cash and cash equivalents. The Group\u2019s risk management objective, policy and performance are as follows: Objective To manage exposure to interest rate fluctuations on borrowings by varying the proportion of fixed rate debt relative to floating rate debt to reflect the underlying nature of its commitments and obligations. As a result, the Group does not maintain a specific set proportion of fixed versus floating debt, but m onitors the mix to ensure that it is compatible with its business requirements and capital structure. Policy The Group\u2019s interest rate management policy is to monitor the mix of fixed versus floating interest rate debt to ensure that it is compatible with its business requirements and capital structure. Risk management The Group manages interest rate risk through the maintenance of a mixture of fixed and floating rate debt and interest rate swaps, each being reviewed on a regular basis to ensure the appro priate mix is maintained. Performance As at 31 March 2023, the Group had 83% fixed rate debt (2022: 66%) and 17% floating rate debt (2022: 34%) based on gross debt, including lease liabilities, of \u00a31,016.8 million (2022: \u00a32,290.1 million). The following balances are exposed to interest rate risk as shown below: 31 March 2023 31 March 2022 Less than one year \u00a3m Between one and two years \u00a3m Greater than two years \u00a3m Less than one year \u00a3m Between one and two years \u00a3m Greater than two years \u00a3m Cash and cash equivalents 451.7 \u2013 \u2013 1,146.3 \u2013 \u2013 Bank and other borrowings 69.5 40.9 906.4 968.2 113.1 1,063.9 The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: Year ended 31 March 2023 Year ended 31 March 2022 Change in interest rate Effect on profit before tax \u00a3m Change in interest rate Effect on profit before tax \u00a3m GBP 3.0% 3.1 0.5% 3.7 The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows: Year ended 31 March 2023 Year ended 31 March 2022 Hedging instruments (\u00a3m) Notional principal amount Carrying amount of hedging instrument Change in fair value of hedging instrument used for calculating hedge ineffectiveness Notional principal amount Carrying amount of hedging instrument Change in fair value of hedging instrument used for calculating hedge ineffectiveness Cross currency interest rate swap 1 246.7 (38.7) (4.1) 246.7 (34.6) (14.6) 1. The Group has entered into three cross-currency interest rate swaps to convert \u20ac275 million of fixed rate (1.375%) debt to GBP debt linked to SONIA. This matures on 13 September 2027. Additionally, as part of the Group\u2019s financial risk management response in relation to interest rate risk, the group has entered into further interest rate swaps to fix interest rate on floating rate sterling debt \u2013 ie, the aggregated exposure that was created with \u20ac140 million fixed rate debt and the cross- currency swaps which receive Euro fixed and pay GBP floating. These new interest rate swaps were not designated in the hedge relationship and therefore they are accounted for at fair value through profit and loss. Year ended 31 March 2023 Year ended 31 March 2022 Hedged item (\u00a3m) Carrying amount of hedged item Accumulated fair value adjustments Change in fair value used for calculating ineffectiveness Amount of ineffectiveness recognised in the income statement Carrying amount of hedged item Accumulated fair value adjustments Change in fair value used for calculating ineffectiveness Amount of ineffectiveness recognised in the income statement Debt 241.7 30.6 7.3 3.2 234.8 22.7 13.7 (0.9) Ineffectiveness is included in the income statement in finance costs. Currency risk Currency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, when revenue or expense is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries. The functional currency of Babcock International Group PLC and its UK subsidiaries is GBP. The presentation currency of the Group is GBP. The Group has exposure primarily to EUR, ZAR, AUD and CAD. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective is to reduce exposure to volatility in earnings and cash flows from movements in foreign currency exchange rates. The Group is exposed to a number of foreign currencies, the most significant being the EUR, ZAR, AUD and CAD. Policy \u2013 Transactional risk In order to mitigate the currency risk of adverse currency movements on foreign currency denominated transactions, the Group\u2019s policy is to hedge all foreign currency transactions greater than \u00a310k, using financial instruments where appropriate. The Group applies IFRS 9 hedge accounting treatment where appropriate. Policy \u2013 Translational risk The Group is also exposed to adverse foreign currency movements on translation of net assets and income statements of foreign subsidiaries and joint ventures and associates. It is not the Group\u2019s policy to hedge through the use of derivatives the translati on effect of exchange rate movements on the income statements or statement of financial positions of overseas subsidiaries and joint ventures and associates it regards as long -term investments. However, where the Group has material assets denominated in a foreign currency, it will consider matching the assets with foreign currency denominated debt. Risk managementCurrency risk management includes hedging the underlying foreign currency exposures in the foreign exchange market with approved counterparties. Currency transactions are recorded and monitored in the treasury management system. Each of the sectors in the Group provides a quarterly foreign currency exposure report to monitor the level of currency hedge cover is appropriate. Performance All material firm transactional exposures are economically hedged using foreign exchange forward contracts. The effect of cash flow hedges on the Group\u2019s financial position and performance in the year was as follows: Year ended 31 March 2023 Hedging instruments (\u00a3m) Nominal amount Carrying value Maturity Hedged rate Change in fair value used for calculating hedge effectiveness Change in fair value recognised in other comprehensiv e income Amount reclassified from cash flow hedge reserve to finance cost Ineffectiveness recognised in profit and loss (finance cost) Hedge instrument: Cross currency swap \u20ac275m (\u00a38.2) 13/09/27 1.152 (9.5) (9.5) (10.0) \u2013 Hedged item: EUR -denominated debt \u20ac275m \u00a3241.7 13/09/27 N/A 10.0 N/A N/A N/A As outstanding cash flow hedges matured in 2023, the amount previously recognised in the hedging reserve has been reclassified to the income statement. Any new derivatives executed to hedge purchases and sales in foreign currencies have been treated as economic hedges with the fair value changes recognised in the income statement rather than through other comprehensive income and therefore disclosure has not been provided on such items. Year ended 31 March 2022 Hedging instruments (\u00a3m) Nominal amount Carrying value Maturity Hedged rate Change in fair value used for calculating hedge effectiveness Change in fair value recognised in other comprehensive income Amount reclassified from cash flow hedge reserve to finance cost Ineffectiveness recognised in profit and loss (finance cost) Hedge instrument: Cross currency swap \u20ac275m (17.7) 13/09/27 1.152 2.8 (2.4) 3.3 (0.4) Hedged item: EUR -denominated debt \u20ac275m 231.7 13/09/27 N/A (2.4) N/A N/A N/A Year ended 31 March 2022 Hedging instruments (\u00a3m) Maturity date Weighted average hedged rate Change in value of instruments Change in value of item Carrying value of derivative Notional amount Hedging forecast purchases in EUR 05/03/2023 1.3617 (3.0) 3.0 (2.2) 73.3 Hedging forecast sales in GBP 17/04/2023 0.8929 (1.1) 1.1 (1.1) 110.0 Hedging forecast purchases/sales in CHF/EUR** 20/11/2023 0.9387 1.0 (1.0) 1.0 22.1 Hedging forecast purchases/sales in EUR/NOK** 21/09/2022 10.4500 \u2013 \u2013 \u2013 \u2013 Hedging forecast purchases/sales in other currencies** 19/10/2022 N/A 0.2 (0.2) (0.4) 38.7 Cash flow hedges (2.9) 2.9 (2.7) 244.1 ** Individually immaterial items. The following table demonstrates the effect on profit before tax for reasonably possible changes in EUR, ZAR, AUD and CAD exchange rates. Year ended 31 March 2023 Year ended 31 March 2022 Change in foreign currency rate Effect on profit before tax \u00a3m Effect on other components of equity \u00a3m Change in foreign currency rate Effect on profit before tax \u00a3m Effect on other components of equity \u00a3m EUR * 5% 1.5 1.5 5% 0.8 0.8 ZAR 5% (2.0) (2.0) 5% (1.6) (1.6) AUD 5% (0.4) (0.4) 5% (1.6) (1.6) CAD 5% (0.4) (0.4) 5% (0.5) (0.5) * This sensitivity analysis excludes the impact of the disposal of the Group\u2019s Aerial Emergency Services business, as this is a one-off transaction which is not expected to re-occur. Under the Group\u2019s economic hedging policy, the terms of the forward contracts are arranged to align with the expected timing, currency and amounts of the hedged items. The Group typically enters into forward contracts where the hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the forecast foreign currency transaction. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-531": {
"value": "Liquidity risk Liquidity risk is the risk that the Group becomes unable to meet payment obligations in a timely manner when they become due. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective with regards to liquidity risk is to ensure that there is an appropriate balance between continuity, flexibility and cost of debt funding through the use of borrowings, whilst also diversifying the sources of these borrowings with a range of maturities and rates of interest, to reflect the long-term nature of the Group\u2019s contracts and commitments and its risk profile. Policy The Group\u2019s policy is to ensure the business is prudently funded and that sufficient liquidity headroom is maintained on its facilities. Risk managemen t Liquidity risk management includes maintaining sufficient cash and the availability of funding from an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, Group treasury maintains flexibility in funding by maintaining cash and/or availability under committed credit lines. Each of the sectors in the Group provides regular cash forecasts for liquidity planning purposes. These cash forecasts are used to monitor and identify the liquidity requirements of the Group, and to ensure that there is sufficient liquidity to meet operat ional needs while maintaining sufficient headroom on the Group\u2019s committed borrowing facilities. The Group utilises debt factoring in support of the non -UK operations of its Aviation sector as part of its working capital management arrangements. Performance The Group continues to keep under review its capital structure to ensure that the sources, tenor and availability of finance are sufficient to meet its stated objectives. During the year ended 31 March 2023 the Group has repaid a \u20ac550 million facility. No new facilities have been entered into. The contracted cash outflows on bank and other borrowings, derivatives and lease liabilities at the reporting date are shown below, based on contractual undiscounted payments. Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m At 31 March 20 23 Bank and other borrowings 74.2 45.2 847.9 72.9 1,040.2 Derivatives cash outflows settled gross 28.7 145.4 198.8 1,503.3 1,876.2 Undiscounted lease payments 54.6 44.9 80.5 72.2 252.2 At 31 March 2022 Bank and other borrowings 968.2 113.1 510.7 553.2 2,145.2 Derivatives cash outflows settled gross 555.7 300.5 246.4 549.6 1,652.2 Derivatives cash outflows settled net \u2013 \u2013 \u2013 0.4 0.4 Undiscounted lease payments 115.6 100.6 172.0 106.3 494.5 The impact of discounting for lease payments is \u00a323.4 million (2022: \u00a360.4 million) resulting in lease liabilities of \u00a3228.8 million (2022: \u00a3434.1 million). Other financial liabilities not included in the table above such as trade and other payables are all expected to be settled within one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-532": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations to the Group, which would result in a loss for the Group. Credit risk arises from trade and other receivables, cash and cash equivalents, investments and derivative financial instruments. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective is to ensure that the Group continues to operate with an acceptable level of credit risk, based on management\u2019s judgement, associated with its operating activities, such as customer trade receivables, and financial activities, includi ng cash deposits and financial instruments. Policy The Group\u2019s policy is to manage credit risk by setting and reviewing appropriate credit limits for non -government commercial customers, being the Group\u2019s main exposure to credit risk. With regards to fin ancial institutions, credit limits will be set according to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely monitored on a systematic and ongoing basis. Risk managementCurrency risk management includes performing credit checks on non -government commercial customers and setting and only performing financial transactions with approved investment grade counterparties. Performance Expected credit loss on trade receivable portfolio/provisions of \u00a37.4 million (2022: \u00a314.6 million). The carrying amount of the Group\u2019s financial assets represents the maximum exposure to credit risk. Cash and cash equivalents and derivative financial instruments The Group utilises approved investment-grade counterparties to carry out treasury transactions, including investments of cash and cash equivalents, with counterparty bank credit risk being monitored closely on a systematic and ongoing basis. A credit limit is allocated to each institution taking account of its market capitalisation and credit rating, and as such credit risk on these counterparties is not considered to be material to the financial statements. The Group\u2019s counterparty credit rating is as follows: 31 March 2023 31 March 2022 AA - or higher 8.0% 15.3% A+ to A - 45.0% 78.7% BBB+ to BB- 11.0% 6.0% Trade receivables The Group\u2019s assessment is that credit risk in relation to customers or sub-contractors to governments is limited as their probability of default is considered to be extremely low. The provision for expected credit losses for receivables from governments and sub- contractors to government customers is therefore considered immaterial in the context of the receivables balance. The Group manages credit risk in relation to trade and other receivables for all non-government commercial customers through various mitigating controls including credit checks, credit limits and ongoing monitoring. Expected credit losses are assessed for all non-government customers, however this is not considered to be material to the financial statements. For trade receivables, the Group measures a provision for expected credit losses at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other assets the loss allowance is measured using 12-months expected credit losses unless there was a significant increase in credit risk since initial recognition. Forward-looking factors are applied to homogenous groups of receivables which share characteristics and are based on an estimate of how corporate failure rates may change relative to historic levels given the current economic environment. The Group considers that default has occurred when receivables are more than 90 days overdue and recognises a provision of 100% against all such receivables unless there is evidence of recoverability at the individual receivable level. The movement on the provision for expected credit losses is as follows: 2023 \u00a3m 2022 \u00a3m Balance at 1 April (14.6) (14.0) Charged to the income statement (1.7) (1.0) Receivables written off during the year as uncollectable \u2013 \u2013 Unused amounts reversed 2.0 0.7 Disposal of businesses 7.4 \u2013 Exchange differences (0.4) (0.3) Balance at 31 March (7.3) (14.6) The creation and release of provisions for impairment of receivables have been included in operating costs in the income statement. The Group writes off a receivable when there is evidence that the debtor is in significant financial difficulty and there is no realistic prospect of recovery, for example, when a debtor enters bankruptcy or financial reorganisation. None of the trade receivables that were written off during the year are still subject to enforcement activity. The ageing of trade receivables is detailed below: Year ended 31 March 2023 Year ended 31 March 2022 Gross \u00a3m Provision \u00a3m Net \u00a3m Gross \u00a3m Provision \u00a3m Net \u00a3m Not past due 291.3 \u2013 291.3 298.0 (1.1) 296.9 Up to 90 days overdue 3.7 (0.1) 3.6 7.4 (7.4) \u2013 Past 90 days overdue 12.3 (7.2) 5.1 6.1 (6.1) \u2013 307.3 (7.3) 300.0 311.5 (14.6) 296.9 The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security other than retention of title clauses issued as part of the ordinary course of business. For contract assets the expected credit loss provision is immaterial as the probability of default is insignificant. No expected loss provision has been recorded in respect of loans to joint ventures and associates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-533": {
"value": "Offsetting financial assets and liabilities Year ended 31 March 2023 Year ended 31 March 2022 Balance sheet \u00a3m Amounts not offset1 \u00a3m Net balances \u00a3m Balance sheet \u00a3m Amounts not offset1 \u00a3m Net balances \u00a3m Assets Cash and cash equivalents 451.0 (18.9) 432.1 1,146.3 (388.9) 757.4 Derivatives 6.9 (6.9) \u2013 11.4 (11.4) \u2013 Liabilities Bank and other borrowings (18.9) 18.9 \u2013 (863.4) 388.9 (474.5) Derivatives (66.1) 6.9 (59.2) (94.1) 11.4 (82.7) 1 The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-534": {
"value": "Capital risk Capital risk is the risk that the entity may not be able to continue as a going concern. The capital structure of the Group consists of net debt (borrowings disclosed in note 19 after deducting cash and cash equivalents) and equity of the Group (comprising issued capital, reserves, retained earnings and non-controlling interests as disclosed in note 24. The Group is not subject to any externally imposed capital requirements. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern, and to provide returns for shareholders and other stakeholder benefits. Policy The Group\u2019s policy is to protect and strengthen the Group statement of financial position through the appropriate balance of debt and equity funding. Risk managementThe Group manages its capital structure and makes adjustments in response to changes to economic conditions and the strategic objectives of the Group. The Gr oup raises finance in the public debt market from financial institutions, using a variety of capital market instruments and borrowing facilities. Performance During the current financial year, the Group has entered into an overdraft facility of \u00a350 million. No other new facilities have been entered into. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-497": {
"value": "23. Revisions to historic acquisitions within the IFRS 3 measurement period Under IFRS 3, when new information obtained about facts and circumstances that existed at the acquisition date arises within the measurement period, the Group is required to adjust amounts recognised through the acquisition accounting. Post-acquisition, we have determined that assumptions used to calculate a pain/gain share provision in respect of the Naval Ship Management (Australia) Pty Limited (\u2018NSM\u2019) acquisition did not reflect the facts and circumstances at the acquisition date. This has resulted in an increase to provisions of \u00a32.4 million at 31 March 2022. The reduction in net assets acquired has increased the goodwill by \u00a31.0 million, increased acquired intangibles by \u00a31.0 million, increased deferred tax assets by \u00a30.4 million at 31 March 2022. 31 March 2022 \u2013 Group statement of financial position (extract) 31 March 2022 (previously published) (iii) Acquisition accounting adjustment 31 March 2022 (restated) Assets Non -current assets Goodwill 782.4 1.0 783.4 Other intangible assets 175.7 1.0 176.7 Deferred tax asset 47.0 0.4 47.4 Total non -current assets * 2,461.1 2.4 2,463.5 Liabilities Current liabilities Provisions (53.2) (2.4) (55.6) C urrent liabilities * (2,480.3) (2.4) (2,482.7) Equity Retained earnings (1,241.4) \u2013 (1,241.4) Total equity * 701.5 \u2013 701.5 * The table above includes only those financial statement line items which have been restated. The total non-current assets, non-current liabilities, and equity do not therefore represent the sum of the line items presented above. ",
"dimensions": {
"concept": "babcock:DisclosureOfRevisionsToHistoricAcquisitionsWithinTheIFRS3MeasurementPeriod",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-535": {
"value": "24. Share capital Ordinary shares of 60p Number Total \u00a3m Allotted, issued and fully paid At 1 April 2022 and 31 March 2023 505,596,597 303.4 Allotted, issued and fully paid At 1 April 2021 and 31 March 2022 505,596,597 303.4 Potential issues of ordinary shares The table below shows options and conditional share awards existing over the Company\u2019s shares as at 31 March 2023 that are capable of being met on exercise or vesting by the issue of new shares. They represent outstanding awards granted under the Company\u2019s executive share plans. The awards were granted directly by the Company and satisfied by the Trustees of the Babcock Employee Share Trust (BEST) \u2013 a total of 10,346,859 shares (2022: 9,945,822 shares). The Company decides from time to time whether to satisfy the awards by way of a fresh issue of shares (either to the award holder or to the employee share trust) or by way of financing the employee share trusts to purchase already issued shares in the market. This decision is made according to available headroom within the dilution limits contained in the relevant share plan rules and what the Directors consider to be in the best interest of the Company at the time. Grant date Type Exercise period 2023 Number 2022 Number 13 June 2018 DBP 3 13/06/2021 \u2013 13/06/2022 \u2013 23,335 13 June 2019 DBP 2 13/06/2021 \u2013 13/06/2022 \u2013 14,668 13 June 2019 DBP 3 13/06/2022 \u2013 13/06/2023 22,971 224,369 13 June 2019 PSP 1 13/06/2022 \u2013 13/06/2023 \u2013 2,330,777 13 June 2019 PSP 1 13/06/2024 \u2013 13/06/2025 \u2013 803,839 3 August 2020 DBP 2 03/08/2022 \u2013 03/08/2023 44,300 146,306 3 August 2020 DBP 3 03/08/2023 \u2013 03/08/2024 109,929 109,929 13 August 2020 DBP 2 13/08/2022 \u2013 13/08/2023 \u2013 8,474 13 August 2020 DBP 3 13/08/2023 \u2013 13/08/2024 192,096 192,096 1 December 2020 PSP 1 01/12/2025 \u2013 01/12/2026 1,389,984 1,389,984 1 December 2020 PSP 1 01/12/2023 \u2013 01/12/2024 1,470,518 1,653,975 24 August 2021 PSP 1 24/08/2026 \u2013 24/08/2027 769,165 769,165 24 September 2021 DBP 3 24/09/2024 \u2013 24/09/2025 45,312 45,312 24 September 2021 PSP 1 24/09/2024 \u2013 24/09/2025 1,368,274 1,606,889 24 September 2021 PSP 1 24/09/2026 \u2013 24/09/2027 553,389 626,704 1 August 2022 DBP 4 01/08/2022 \u2013 01/08/2023 551,420 \u2013 1 August 2022 DBP 3 01/08/2022 \u2013 01/08/2025 218,895 \u2013 1 August 2022 PSP 1 01/08/2022 \u2013 01/08/2025 2,191,017 \u2013 1 August 2022 PSP 1 01/08/2022 \u2013 01/08/2027 1,419,589 \u2013 10,346,859 9,945,822 Options granted to Directors are summarised in the Remuneration report on pages 131 to 133 and are included in the outstanding options set out above. 1. 2009 Performance Share Plan (\u2018PSP\u2019). 2. DBP \u2013 Award issued without matching shares, has two-year vesting period. 3. DBP \u2013 Award issued without matching shares, has three-year vesting period. 4. DBP \u2013 Award issued without matching shares, has one-year vesting period. The table below shows shares already held by the trustees of the BEST in order to meet these awards. 31 March 2023 31 March 2022 Shares newly issued by the Company Shares bought in the market Shares newly issued by the Company Shares bought in the market BEST \u2013 69,517 \u2013 398,036 Total \u2013 69,517 \u2013 398,036 A reconciliation of PSP and DBP movements is shown below: 31 March 2023 31 March 2022 Number \u2019000 Number \u2019000 Outstanding at 1 April 9,946 10,438 Granted 4,492 3,222 Exercised (350) (263) Forfeited/lapsed (3,741) (3,451) Outstanding at 31 March 10,347 9,946 Exercisable at 31 March 67 38 The weighted average share price for awards exercised during the year was 339.1p per share (2022: 319.3p per share). The weighted average fair value of awards granted in the year was 327.1p per share (2022: 312.3p per share) During the year 21,362 ordinary shares (2022: nil shares) were acquired or subscribed for through the Babcock Employee Share Trust (\u2018the Trust\u2019). The Trust holds shares to be used towards satisfying awards made under the Company\u2019s employee share schemes. During the year ended 31 March 2023, 349,881 shares (2022: 263,427 shares) were disposed of by the Trust resulting from options exercised. At 31 March 2023, the Trust held a total of 69,517 ordinary shares (2022: 398,036 ordinary shares) at a total market value of \u00a3207,717 (2022: \u00a31,291,682) representing 0.01% (2022: 0.08%) of the issued share capital at that date. The Company did not pay dividends to the Trust during the year. The Company meets the operating expenses of the Trust. The Trust enables shares In the Company to be held or purchased and made available to employees through the exercise of rights or pursuant to awards made under the Company\u2019s employee share scheme. The Trust is a discretionary settlement for the benefit of employees within the Group. The Company is excluded from benefitting under it. It is controlled and managed outside the UK and has a single corporate trustee which is an independent trustee services organisation. The right to remove and appoint the trustees rests ultimately with the Company. The trustee of the Trust is required to waive both voting rights and dividends payable on any share in the Company in excess of 0.001p, unless otherwise directed by the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-498": {
"value": "24. Share capital Ordinary shares of 60p Number Total \u00a3m Allotted, issued and fully paid At 1 April 2022 and 31 March 2023 505,596,597 303.4 Allotted, issued and fully paid At 1 April 2021 and 31 March 2022 505,596,597 303.4 Potential issues of ordinary shares The table below shows options and conditional share awards existing over the Company\u2019s shares as at 31 March 2023 that are capable of being met on exercise or vesting by the issue of new shares. They represent outstanding awards granted under the Company\u2019s executive share plans. The awards were granted directly by the Company and satisfied by the Trustees of the Babcock Employee Share Trust (BEST) \u2013 a total of 10,346,859 shares (2022: 9,945,822 shares). The Company decides from time to time whether to satisfy the awards by way of a fresh issue of shares (either to the award holder or to the employee share trust) or by way of financing the employee share trusts to purchase already issued shares in the market. This decision is made according to available headroom within the dilution limits contained in the relevant share plan rules and what the Directors consider to be in the best interest of the Company at the time. Grant date Type Exercise period 2023 Number 2022 Number 13 June 2018 DBP 3 13/06/2021 \u2013 13/06/2022 \u2013 23,335 13 June 2019 DBP 2 13/06/2021 \u2013 13/06/2022 \u2013 14,668 13 June 2019 DBP 3 13/06/2022 \u2013 13/06/2023 22,971 224,369 13 June 2019 PSP 1 13/06/2022 \u2013 13/06/2023 \u2013 2,330,777 13 June 2019 PSP 1 13/06/2024 \u2013 13/06/2025 \u2013 803,839 3 August 2020 DBP 2 03/08/2022 \u2013 03/08/2023 44,300 146,306 3 August 2020 DBP 3 03/08/2023 \u2013 03/08/2024 109,929 109,929 13 August 2020 DBP 2 13/08/2022 \u2013 13/08/2023 \u2013 8,474 13 August 2020 DBP 3 13/08/2023 \u2013 13/08/2024 192,096 192,096 1 December 2020 PSP 1 01/12/2025 \u2013 01/12/2026 1,389,984 1,389,984 1 December 2020 PSP 1 01/12/2023 \u2013 01/12/2024 1,470,518 1,653,975 24 August 2021 PSP 1 24/08/2026 \u2013 24/08/2027 769,165 769,165 24 September 2021 DBP 3 24/09/2024 \u2013 24/09/2025 45,312 45,312 24 September 2021 PSP 1 24/09/2024 \u2013 24/09/2025 1,368,274 1,606,889 24 September 2021 PSP 1 24/09/2026 \u2013 24/09/2027 553,389 626,704 1 August 2022 DBP 4 01/08/2022 \u2013 01/08/2023 551,420 \u2013 1 August 2022 DBP 3 01/08/2022 \u2013 01/08/2025 218,895 \u2013 1 August 2022 PSP 1 01/08/2022 \u2013 01/08/2025 2,191,017 \u2013 1 August 2022 PSP 1 01/08/2022 \u2013 01/08/2027 1,419,589 \u2013 10,346,859 9,945,822 Options granted to Directors are summarised in the Remuneration report on pages 131 to 133 and are included in the outstanding options set out above. 1. 2009 Performance Share Plan (\u2018PSP\u2019). 2. DBP \u2013 Award issued without matching shares, has two-year vesting period. 3. DBP \u2013 Award issued without matching shares, has three-year vesting period. 4. DBP \u2013 Award issued without matching shares, has one-year vesting period. The table below shows shares already held by the trustees of the BEST in order to meet these awards. 31 March 2023 31 March 2022 Shares newly issued by the Company Shares bought in the market Shares newly issued by the Company Shares bought in the market BEST \u2013 69,517 \u2013 398,036 Total \u2013 69,517 \u2013 398,036 A reconciliation of PSP and DBP movements is shown below: 31 March 2023 31 March 2022 Number \u2019000 Number \u2019000 Outstanding at 1 April 9,946 10,438 Granted 4,492 3,222 Exercised (350) (263) Forfeited/lapsed (3,741) (3,451) Outstanding at 31 March 10,347 9,946 Exercisable at 31 March 67 38 The weighted average share price for awards exercised during the year was 339.1p per share (2022: 319.3p per share). The weighted average fair value of awards granted in the year was 327.1p per share (2022: 312.3p per share) During the year 21,362 ordinary shares (2022: nil shares) were acquired or subscribed for through the Babcock Employee Share Trust (\u2018the Trust\u2019). The Trust holds shares to be used towards satisfying awards made under the Company\u2019s employee share schemes. During the year ended 31 March 2023, 349,881 shares (2022: 263,427 shares) were disposed of by the Trust resulting from options exercised. At 31 March 2023, the Trust held a total of 69,517 ordinary shares (2022: 398,036 ordinary shares) at a total market value of \u00a3207,717 (2022: \u00a31,291,682) representing 0.01% (2022: 0.08%) of the issued share capital at that date. The Company did not pay dividends to the Trust during the year. The Company meets the operating expenses of the Trust. The Trust enables shares In the Company to be held or purchased and made available to employees through the exercise of rights or pursuant to awards made under the Company\u2019s employee share scheme. The Trust is a discretionary settlement for the benefit of employees within the Group. The Company is excluded from benefitting under it. It is controlled and managed outside the UK and has a single corporate trustee which is an independent trustee services organisation. The right to remove and appoint the trustees rests ultimately with the Company. The trustee of the Trust is required to waive both voting rights and dividends payable on any share in the Company in excess of 0.001p, unless otherwise directed by the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-499": {
"value": "25. Share-based payments The charge to the income statement has been based on the assumptions below and is based on the binomial model as adjusted, allowing for a closed form numerical-integrated solution, which makes it analogous to the Monte Carlo simulations, including performance conditions. The detailed description of the plans below is included within the Remuneration report. During the year the total charge relating to employee share-based payment plans was \u00a39.4 million (2022: \u00a35.5 million), all of which related to equity-settled share-based payment transactions. After tax, the income statement charge was \u00a37.6 million (2022: \u00a34.5 million). The fair value per option granted and the assumptions used in the calculation are as follows: PSP and DBP 1 Options awarded Number Share price at grant or modification date Pence Expected volatility % Option life Years Expectations of meeting performance criteria \u2013 non-market conditions % Fair value per option \u2013 TSR Pence Fair value per option \u2013 non-market conditions Pence Correlation % Grant or modification date 2022 PSP 2,302,009 351.4 19.0% 4.0 100.0% \u2013 351.4 55.0% 01/08/22 2022 PSP 613,078 351.4 19.0% 6.0 100.0% \u2013 316.3 55.0% 01/08/22 2022 PSP 806,511 351.4 19.0% 6.0 100.0% 168.7 316.3 55.0% 01/08/22 2022 DBP 218,895 351.4 19.0% 4.0 100.0% \u2013 351.4 55.0% 01/08/22 2022 DBP 551,420 351.4 19.0% 2.0 100.0% \u2013 351.4 55.0% 01/08/22 2021 PSP 769,165 371.6 19.0% 6.0 100.0% 148.6 315.9 55.0% 24/08/21 2021 PSP 626,704 380.2 19.0% 6.0 100.0% \u2013 325.0 55.0% 24/09/21 2021 PSP 1,780,849 380.2 19.0% 4.0 100.0% \u2013 380.2 55.0% 24/09/21 2021 DBP 45,312 380.2 19.0% 4.0 100.0% \u2013 380.2 55.0% 24/09/21 2020 PSP 695,458 350.0 19.0% 6.0 100.0% \u2013 305.2 55.0% 01/12/20 2020 PSP 2,091,247 350.0 19.0% 4.0 100.0% \u2013 350.0 55.0% 01/12/20 2020 PSP 1,341,477 350.0 19.0% 6.0 100.0% 137.9 305.2 55.0% 01/12/20 2020 DBP 118,320 289.0 19.0% 4.0 100.0% \u2013 289.0 55.0% 03/08/20 2020 DBP 146,306 289.0 19.0% 3.0 100.0% \u2013 289.0 55.0% 03/08/20 2020 DBP 192,096 284.2 19.0% 4.0 100.0% \u2013 284.2 55.0% 13/08/20 2020 DBP 8,474 284.2 19.0% 3.0 100.0% \u2013 284.2 55.0% 13/08/20 2019 PSP 1,370,671 472.8 11.0% 6.0 \u2013 70.9 472.8 45.0% 13/06/19 2019 PSP 3,019,033 472.8 11.0% 4.0 \u2013 70.9 472.8 45.0% 13/06/19 2019 DBP 313,909 472.8 11.0% 4.0 100.0% \u2013 472.8 45.0% 13/06/19 2019 DBP 93,430 472.8 11.0% 3.0 100.0% \u2013 472.8 45.0% 13/06/19 2018 DBP 187,433 856.0 14.0% 4.0 100.0% \u2013 856.0 56.0% 13/06/18 2018 DBP 90,777 856.0 14.0% 3.0 100.0% \u2013 856.0 56.0% 13/06/18 1. PSP = 2009 Performance Share Plan and DBP = 2012 Deferred Bonus Plan. The vesting period and the expected life of PSP awards are three years. The vesting period and expected life of DBP awards was one year for awards made in August 2022 and two years for previous, other than for Executives where the vesting period is three years. The holders of all awards receive dividends. PSP awards for 2019 are split evenly between the performance criteria of TSR, EPS and ROCE. For PSP awards made in December 2020, 2,786,705 were made via the use of restricted shares with a three-year vesting period. There are no performance conditions attached. A further 1,341,477 awards were made where the performance criteria is 50% against free cash flow and 50% TSR. PSP awards made in August 2021 of 769,165 shares include performance criteria weighted to 50% against free cash flow targets and 50% against TSR performance. PSP awards made in September 2021 of 2,407,553 shares were made via the use of restricted shares with a three-year vesting period. There are no performance conditions attached. For PSP awards made in August 2022, 3,318,343 were made via the use of restricted shares with a three-year vesting period. There are no performance conditions attached. A further 403,255 awards were made where the performance criteria is 50% against free cash flow and 50% TSR. There are no performance conditions attached to the DBP. The expected volatility is based on historical volatility over the last one to three years. The expected life is the average expected period to exercise. The risk-free rate of return is the yield on zero-coupon government bonds of a term consistent with the assumed option life. The Group also operates the Babcock Employee Share Plan which allows employees to contribute up to \u00a3150 per month to the fund, which then purchases shares on the open market on the employees\u2019 behalf. The Group provides matching shares, purchased on the open market, of one share for every 10 purchased by the employee. During the year the Group bought 140,340 matching shares (2022: 159,494 matching shares) at a cost of \u00a30.4 million (2022: \u00a30.5 million). The Group also operates the Babcock Employee Share Plan International which reflects the structure of the UK Plan. During the year no matching shares were purchased on the open market (2022: 4,784 matching shares) and 1,055 matching shares vested (2022: 2,823 matching shares) leaving a balance of 5,918 matching shares (2022: 6,973 matching shares). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-500": {
"value": "26. Retirement benefits and liabilities Defined contribution schemes Pension costs for defined contribution schemes are as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Defined contribution schemes 94.6 83.4 Defined benefit schemes Statement of financial position assets and liabilities recognised are as follows: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Retirement benefits \u2013 funds in surplus 94.8 300.9 Retirement benefits \u2013 funds in deficit (156.2) (109.3) (61.4) 191.6 The Group has a number of defined benefit pension schemes. The principal defined benefit pension schemes in the UK are the Devonport Royal Dockyard Pension Scheme, the Babcock International Group Pension Scheme and the Rosyth Royal Dockyard Pension Scheme (the Principal schemes). Each of these schemes is predominantly a final salary plan in which future pension levels are defined relative to number of years\u2019 service and final salary. Retirement age varies by scheme. The nature of these schemes is that the employees only contribute whilst they active employees of a scheme, with the employer paying the balance of the cost required. The contributions required and the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments required are agreed by the Group with the trustees of each scheme who are advised by independent, qualified actuaries. The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (the Railways scheme). This scheme is a multi-employer shared cost scheme with the contributions required, the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments all agreed with the trustees who are advised by an independent, qualified actuary. The costs are, in the first instance, shared such that the active employees contribute 40% of the cost of providing the benefits and the employer contributes 60%. However, the assumption is that as the active membership reduces, the liability will ultimately revert to the Group, and as such, it is assumed that the entire cost of the Railways Scheme is met by the Group. The Group\u2019s share of the assets and liabilities is separately identified to those of other employers in the scheme and therefore the Group cannot be held liable for the obligations of other entities that participate in the Railways scheme. Defined benefit scheme risks Through its defined benefit pension schemes, the Group is exposed to a number of risks, the most notable of which are as follows: Risk Mitigation Asset volatility \u2013 discount rates (determined with reference to AA corporate bond yields ) are used to determine expected returns on plan assets. Asset yields which vary from this expected return will result in an increase or decrease in the overall surplus/deficit. Following the 23 September 2022 UK \u2018mini budget\u2019, gilt yields increased at an unprecedented rate causing significant market turmoil \u2013 increasing the asset volatility risk during the year. Pension scheme assets are held in a diversified portfolio of assets in order to minimize risk arising from asset return volatility. Investments are well diversified, such that failure of any singular investment would not have a material impact on the overall level of assets. The asset investment strategy is agreed following consultation between the Group and the plan Trustees. The Group and the plan Trustees monitor the schemes closely \u2013 especially during periods of sig nificant turmoil and will maintain a diversified investment strategy intended to minimize asset volatility. Inflation \u2013 the majority of pension scheme obligations are index -linked and therefore exposed to inflation risk. Increasing inflation will lead to higher liabilities. Inflation assumptions as applied to pension obligations are a long -term assessment of inflation over the life of the scheme. The plan Trustees asset management policy includes investing in inflation hedging assets such as inflation linked bonds to mitigate this risk . Life expectancy \u2013 the majority of obligations are to provide benefits for the life of the member and therefore changes in life expectancy of the scheme participants will impact the liability position. The Group monitors the risk of increasing life expectancy and will, from time to time, take out longevity swaps to mitigate this risk \u2013 the most recent of which was in 2009. Interest rate \u2013 movements in corporate bond yields will result in a change to the plan liabilities . Similarly, movements in gilt yields in isolation will have an impact on the schemes funding positions. The trustee\u2019s asset management policy includes investing in bonds and therefore any impact on change in bond yields on the plan liabilities is partially offset by returns on assets. The asset portfolio invests in assets which increase in value as interest rates decrease and thus the schemes holdings are designed to hedge against interest rate risk for most of the funded liabilities. SSaallaarryy iinnccrreeaasseess \u2013 changes in long-term salary increases will impact the final salary position on which pension benefits are determined. In 2019, the Group closed the Babcock International Group Pension Scheme to future accrual for some employees; and, in 2020, closed the Rosyth Royal Dockyard Pension Scheme to future accrual for all employees. The defined benefit schemes are prudently funded by payments to legally separate trustee-administered funds. The trustees of each scheme are required by law to act in the best interests of each scheme\u2019s members. In addition to determining future contribution requirements (with the agreement of the Group), the trustees are responsible for setting the schemes\u2019 investment strategy (subject to consultation with the Group). All the schemes have at least one independent trustee and member nominated trustees. The schemes are subject to regulation under the funding regime set out in Part III of the Pensions Act 2004. The details of the latest formal actuarial valuation of the scheme are as follows (the actuarial valuation of the Devonport Royal Dockyard Scheme as at 31 March 2023 and the actuarial valuation of the Babcock Rail Ltd section of the Railways Pension Scheme as at 31 December 2022 have commenced): Devonport Royal Dockyard Scheme Babcock International Group Scheme Rosyth Royal Dockyard Scheme Babcock Rail Ltd section of the Railways Pension Scheme Date of last formal completed actuarial valuation 31/03/2020 31/03/2022 31/03/2021 31/12/2019 Number of active members at above date 1,607 308 \u2013 180 Actuarial valuation method Projected unit Projected unit Projected unit Attained age Results of formal actuarial valuation: Value of assets \u00a31,894m \u00a31,529m \u00a3946m \u00a3271m Level of funding 90% 105% 86% 92% The Group also participates in or provides a number of other smaller pension schemes including a number of sections of the local government pension schemes where in most cases the employer contribution rates are fully reimbursed by the administering authorities. It also participates in the Magnox Electric Group Section of the Electricity Supply Pension Scheme and runs the Babcock Naval Services Pension Scheme, which commenced winding up in 2021, and for which the MOD retains liability. The Group\u2019s cash contribution rates payable to the schemes are expected to be as follows: Devonport Royal Dockyard Scheme Babcock International Group Scheme Rosyth Royal Dockyard Scheme Babcock Rail Ltd section of the Railways Pension Scheme Other Total Future service contribution rate 21.6% 30.3% N/A 12.48% 14.0% - 48.0% \u2013 Future service cash contributions \u00a312.1m \u00a33.2m \u2013 \u00a30.5m \u00a32.3m \u00a318.1m Deficit contributions \u00a318.6m \u00a313.7m \u00a312.4m \u00a31.5m \u00a31.6m \u00a347.8m Additional longevity swap payments \u00a37.3m \u00a33.6m \u00a34.3m \u2013 \u2013 \u00a315.2m Expected employer cash costs for 2023/24 \u00a338.0m \u00a320.5m \u00a316.7m \u00a32.0m \u00a33.9m \u00a381.1m Expected salary sacrifice contributions \u00a35.8m \u00a30.4m \u2013 \u00a30.5m \u00a30.8m \u00a37.5m Expected total employer contributions \u00a343.8m \u00a320.9m \u00a316.7m \u00a32.5m \u00a34.7m \u00a388.6m Where salary sacrifice arrangements are in place, the Group effectively meets the members\u2019 contributions. The above level of funding is expected to continue until the next actuarial valuation of each scheme is completed; valuations are carried out every three years. The expected payments from the schemes are primarily pension payments and lump sums. Most of the pensions increase at a fixed rate or in line with RPI or CPI inflation when in payment. Benefit payments commence at retirement, death or incapacity and are predominantly calculated with reference to final salary. The levels of deficit contributions reflected above are expected to continue until technical provisions (self-sufficiency for the Babcock International Group Pension Scheme) funding levels are met either through asset performance or funding. Although the Group anticipates that scheme surpluses will be utilised during the life of the scheme to address member benefits, the Group recognises its retirement benefit surpluses in full in respect of schemes in surplus, on the basis that it is management\u2019s judgement that there are no substantive restrictions on the return of residual scheme assets in the event of a winding-up of the scheme after all member obligations have been met. The Group also considers that the trustees do not have the power to unilaterally wind-up the schemes or vary benefits. The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2023 by independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions: March 20 23 Devonport Royal Dockyard Scheme Babcock International Group Scheme Rosyth Royal Dockyard Scheme Babcock Rail Ltd section of the Railways Pension Scheme Rate of increase in pensionable salaries 3.0% 3.0% \u2013 0.5% Rate of increase in pensions (past service) 2.8% 3.2% 3.3% 2.9% Discount rate 4.8% 4.8% 4.8% 4.8% Inflation rate (RPI) \u2013 year 1 6.9% 6.9% 6.9% 6.9% Inflation rate (RPI) \u2013 thereafter 3.3% 3.3% 3.3% 3.3% Inflation rate (CPI) \u2013 year 1 4.7% 4.7% 4.7% 4.7% Inflation rate (CPI) \u2013 thereafter 2.8% 2.8% 2.8% 2.8% Weighted average duration of cash flows (years) 13 12 13 13 Total life expectancy for current pensioners aged 65 (years) \u2013 male 85.5 86.3 84.4 85.0 Total life expectancy for current pensioners aged 65 (years) \u2013 female 87.5 88.9 86.8 87.3 Total life expectancy for future pensioners currently aged 45 (years) \u2013 male 86.2 86.8 85.6 86.0 Total life expectancy for future pensioners currently aged 45 (years) \u2013 female 88.5 89.4 88.1 88.5 March 2022 Rate of increase in pensionable salaries 3.4% 3.4% \u2013 0.5% Rate of increase in pensions (past service) 3.2% 3.5% 3.7% 3.2% Discount rate 2.7% 2.7% 2.7% 2.7% Inflation rate (RPI) 3.7% 3.7% 3.7% 3.6% Inflation rate (CPI) 3.2% 3.2% 3.2% 3.2% Weighted average duration of cash flows (years) 16 14 16 17 Total life expectancy for current pensioners aged 65 (years) 85.9 86.8 85.0 85.3 Total life expectancy for future pensioners currently aged 45 (years) 86.6 87.4 85.9 86.4 The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows: 2023 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Fair value of plan assets Growth assets Equities (3.1) 10.6 26.6 34.1 31.6 14.3 30.6 76.5 Property funds 301.7 0.2 5.9 307.8 364.0 0.1 5.1 369.2 High yield bonds/emerging market debt \u2013 \u2013 0.4 0.4 44.1 \u2013 0.4 44.5 Absolute return and multi-strategy funds 6.0 148.0 17.5 171.5 46.0 182.9 31.8 260.7 Low -risk assets Bonds 1,227.7 95.5 45.1 1,368.3 1,924.1 77.2 77.5 2,078.8 Matching assets* 1,524.7 1.4 21.7 1,547.8 2,094.0 1.3 101.8 2,197.1 Longevity swaps and annuities (231.8) \u2013 (10.1) (241.9) (283.5) \u2013 (10.2) (293.7) Fair value of assets 2,825.2 255.7 107.1 3,188.0 4,220.3 275.8 237.0 4,733.1 Percentage of assets quoted 79% 100% 70% 80% 84% 100% 46% 82% Percentage of assets unquoted 21% \u2013 30% 20% 16% \u2013 54% 18% Present value of defined benefit obligations Active members 450.7 45.7 21.7 518.1 756.0 65.7 35.8 857.5 Deferred pensioners 686.6 65.3 34.7 786.6 1,066.2 93.5 132.7 1,292.4 Pensioners 1,773.6 130.5 40.6 1,944.7 2,170.4 167.9 53.3 2,391.6 Total defined benefit obligations 2,910.9 241.5 97.0 3,249.4 3,992.6 327.1 221.8 4,541.5 Net (liabilities)/assets recognised in the statement of financial position (85.7) 14.2 10.1 (61.4) 227.7 (51.3) 15.2 191.6 * The matching assets for the Babcock International Group Pension Scheme, Devonport Royal Dockyard Pension Scheme and Rosyth Royal Dockyard Pension Scheme primarily comprise a \u201cLiability Driven Investment\u201d portfolio for each scheme, which invest in gilts, Network Rail bonds, gilt repurchase agreements, interest rate and inflation swaps, asset swaps and cash, on a segregated basis. For the Babcock International Group Pension Scheme and the Devonport Royal Dockyard Pension Scheme, there are also investments in investment grade credit, via both segregated portfolios and pooled investment vehicles. The various segregated portfolios and pooled investment vehicle each utilise derivative contracts. The Trustee has authorised the use of derivatives by the investment managers for efficient portfolio management purposes including to reduce certain investment risks such as interest rate risk and inflation risk. The principal investment in derivatives is gilt repurchase agreements, interest rate and inflation swaps in the matching portfolios; total return swaps in the return seeking portfolios. These derivatives are included within the matching assets and equities classifications. The matching assets category includes gross assets of \u00a32,580 million (2022: \u00a33,966 million) and associated repurchase agreement liabilities of \u00a31,055 million (2022: \u00a31,872 million). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposures to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. The schemes do not invest directly in assets or shares of the Group. The longevity swaps have been valued in line with assumptions that are consistent with the requirements of IFRS 13 using Level 3 inputs. The key inputs to the valuation are the discount rate and mortality assumptions. The amounts recognised in the Group income statement are as follows: 2023 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Current service cost 21.7 1.3 2.8 25.8 25.7 2.0 3.4 31.1 Incurred expenses 6.2 0.5 0.1 6.8 6.6 0.5 0.3 7.4 Total included within operating profit 27.9 1.8 2.9 32.6 32.3 2.5 3.7 38.5 Net interest (credit)/cost (8.5) 1.4 (0.4) (7.5) 1.5 2.1 0.1 3.7 Total included within income statement 19.4 3.2 2.5 25.1 33.8 4.6 3.8 42.2 Amounts recorded in the Group statement of comprehensive income Year ended 31 March 2023 Year ended 31 March 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Actual return less interest on pension scheme assets (1,437.0) (17.1) (79.0) (1,533.1) 77.0 13.1 (1.7) 88.4 Experience (losses)/gains arising on scheme liabilities (135.6) (18.0) (9.3) (162.9) (70.6) 14.2 2.4 (54.0) Changes in assumptions on scheme liabilities 1,111.2 101.2 81.2 1,293.6 238.8 27.4 21.9 288.1 At 31 March (461.4) 66.1 (7.1) (402.4) 245.2 54.7 22.6 322.5 Analysis of movement in the Group statement of financial position Year ended 31 March 2023 Year ended 31 March 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Fair value of plan assets (including reimbursement rights) At 1 April 4,220.3 275.8 237.0 4,733.1 4,123.7 265.6 234.3 4,623.6 Interest on assets 113.4 7.3 5.4 126.1 82.3 5.2 4.7 92.2 Actuarial (loss)/gain on assets (1,437.0) (17.1) (79.0) (1,533.1) 77.0 13.1 (1.7) 88.4 Employer contributions 167.4 2.5 4.6 174.5 182.5 2.6 5.1 190.2 Employee contributions 0.1 \u2013 \u2013 0.1 0.2 \u2013 \u2013 0.2 Benefits paid (239.0) (12.8) (4.8) (256.6) (245.4) (10.7) (5.4) (261.5) Settlements \u2013 \u2013 (56.1) (56.1) \u2013 \u2013 \u2013 \u2013 At 31 March 2,825.2 255.7 107.1 3,188.0 4,220.3 275.8 237.0 4,733.1 Present value of benefit obligations At 1 April 3,992.6 327.1 221.8 4,541.5 4,290.0 369.6 242.9 4,902.5 Service cost 21.7 1.3 2.8 25.8 25.6 2.0 3.5 31.1 Incurred expenses 6.2 0.5 0.1 6.8 6.6 0.5 0.3 7.4 Interest cost 105.0 8.7 4.9 118.6 83.8 7.3 4.8 95.9 Employee contributions 0.1 \u2013 \u2013 0.1 0.2 \u2013 \u2013 0.2 Experience loss/(gain) 135.6 18.0 9.3 162.9 70.6 (14.2) (2.4) 54.0 Actuarial (gain)/loss \u2013 demographics (38.2) (3.6) (1.7) (43.5) (11.5) (3.5) \u2013 (15.0) Actuarial (gain) /loss \u2013 financial (1,073.1) (97.7) (79.3) (1,250.1) (227.3) (23.9) (21.9) (273.1) Benefits paid (239.0) (12.8) (4.8) (256.6) (245.4) (10.7) (5.4) (261.5) Settlements \u2013 \u2013 (56.1) (56.1) \u2013 \u2013 \u2013 \u2013 At 31 March 2,910.9 241.5 97.0 3,249.4 3,992.6 327.1 221.8 4,541.5 Net (deficit)/surplus at 31 March (85.7) 14.2 10.1 (61.4) 227.7 (51.3) 15.2 191.6 The movement in net deficits for the year ended 31 March 2023 is as a result of the movement in assets and liabilities shown above. The disclosures below relate to post-retirement benefit schemes which are accounted for as defined benefit schemes in accordance with IAS 19. The changes to the Group statement of financial position at 31 March 2023 and the changes to the Group income statement for the year to March 2024, if the assumptions were sensitised by the amounts below, would be: Defined benefit obligations 2023 \u00a3m Income statement 2024 \u00a3m Initial assumptions 3,249.4 25.0 Discount rate assumptions increased by 0.5% (192.1) (11.5) Discount rate assumptions decreased by 0.5% 211.1 10.5 Inflation rate assumptions increased by 0.5% 145.7 7.8 Inflation rate assumptions decreased by 0.5% (137.2) (7.4) Total life expectancy increased by half a year 60.2 3.0 Total life expectancy decreased by half a year (60.2) (3.0) Salary increase assumptions increased by 0.5% 13.3 0.9 Salary increase assumptions decreased by 0. 5% (12.8) (0.9) The figures in the table above have been calculated on an approximate basis, using information about the expected future benefit payments out of the schemes. The analysis above may not be representative of actual changes to the position since changes in assumptions are unlikely to happen in isolation. The change in inflation rates is assumed to affect the assumed rate of RPI inflation, CPI inflation and future pension increases by an equal amount. The fair value of the schemes\u2019 assets (including reimbursement rights) are assumed not to be affected by any sensitivity changes shown and so the statement of financial position values would increase or decrease by the same amount as the change in the defined benefit obligations. There have been no changes in the methodology for the calculation of the sensitivities since the prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-536": {
"value": "Defined contribution schemes Pension costs for defined contribution schemes are as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Defined contribution schemes 94.6 83.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-537": {
"value": "Defined benefit schemes Statement of financial position assets and liabilities recognised are as follows: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Retirement benefits \u2013 funds in surplus 94.8 300.9 Retirement benefits \u2013 funds in deficit (156.2) (109.3) (61.4) 191.6 The Group has a number of defined benefit pension schemes. The principal defined benefit pension schemes in the UK are the Devonport Royal Dockyard Pension Scheme, the Babcock International Group Pension Scheme and the Rosyth Royal Dockyard Pension Scheme (the Principal schemes). Each of these schemes is predominantly a final salary plan in which future pension levels are defined relative to number of years\u2019 service and final salary. Retirement age varies by scheme. The nature of these schemes is that the employees only contribute whilst they active employees of a scheme, with the employer paying the balance of the cost required. The contributions required and the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments required are agreed by the Group with the trustees of each scheme who are advised by independent, qualified actuaries. The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (the Railways scheme). This scheme is a multi-employer shared cost scheme with the contributions required, the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments all agreed with the trustees who are advised by an independent, qualified actuary. The costs are, in the first instance, shared such that the active employees contribute 40% of the cost of providing the benefits and the employer contributes 60%. However, the assumption is that as the active membership reduces, the liability will ultimately revert to the Group, and as such, it is assumed that the entire cost of the Railways Scheme is met by the Group. The Group\u2019s share of the assets and liabilities is separately identified to those of other employers in the scheme and therefore the Group cannot be held liable for the obligations of other entities that participate in the Railways scheme. Defined benefit scheme risks Through its defined benefit pension schemes, the Group is exposed to a number of risks, the most notable of which are as follows: Risk Mitigation Asset volatility \u2013 discount rates (determined with reference to AA corporate bond yields ) are used to determine expected returns on plan assets. Asset yields which vary from this expected return will result in an increase or decrease in the overall surplus/deficit. Following the 23 September 2022 UK \u2018mini budget\u2019, gilt yields increased at an unprecedented rate causing significant market turmoil \u2013 increasing the asset volatility risk during the year. Pension scheme assets are held in a diversified portfolio of assets in order to minimize risk arising from asset return volatility. Investments are well diversified, such that failure of any singular investment would not have a material impact on the overall level of assets. The asset investment strategy is agreed following consultation between the Group and the plan Trustees. The Group and the plan Trustees monitor the schemes closely \u2013 especially during periods of sig nificant turmoil and will maintain a diversified investment strategy intended to minimize asset volatility. Inflation \u2013 the majority of pension scheme obligations are index -linked and therefore exposed to inflation risk. Increasing inflation will lead to higher liabilities. Inflation assumptions as applied to pension obligations are a long -term assessment of inflation over the life of the scheme. The plan Trustees asset management policy includes investing in inflation hedging assets such as inflation linked bonds to mitigate this risk . Life expectancy \u2013 the majority of obligations are to provide benefits for the life of the member and therefore changes in life expectancy of the scheme participants will impact the liability position. The Group monitors the risk of increasing life expectancy and will, from time to time, take out longevity swaps to mitigate this risk \u2013 the most recent of which was in 2009. Interest rate \u2013 movements in corporate bond yields will result in a change to the plan liabilities . Similarly, movements in gilt yields in isolation will have an impact on the schemes funding positions. The trustee\u2019s asset management policy includes investing in bonds and therefore any impact on change in bond yields on the plan liabilities is partially offset by returns on assets. The asset portfolio invests in assets which increase in value as interest rates decrease and thus the schemes holdings are designed to hedge against interest rate risk for most of the funded liabilities. SSaallaarryy iinnccrreeaasseess \u2013 changes in long-term salary increases will impact the final salary position on which pension benefits are determined. In 2019, the Group closed the Babcock International Group Pension Scheme to future accrual for some employees; and, in 2020, closed the Rosyth Royal Dockyard Pension Scheme to future accrual for all employees. The defined benefit schemes are prudently funded by payments to legally separate trustee-administered funds. The trustees of each scheme are required by law to act in the best interests of each scheme\u2019s members. In addition to determining future contribution requirements (with the agreement of the Group), the trustees are responsible for setting the schemes\u2019 investment strategy (subject to consultation with the Group). All the schemes have at least one independent trustee and member nominated trustees. The schemes are subject to regulation under the funding regime set out in Part III of the Pensions Act 2004. The details of the latest formal actuarial valuation of the scheme are as follows (the actuarial valuation of the Devonport Royal Dockyard Scheme as at 31 March 2023 and the actuarial valuation of the Babcock Rail Ltd section of the Railways Pension Scheme as at 31 December 2022 have commenced): Devonport Royal Dockyard Scheme Babcock International Group Scheme Rosyth Royal Dockyard Scheme Babcock Rail Ltd section of the Railways Pension Scheme Date of last formal completed actuarial valuation 31/03/2020 31/03/2022 31/03/2021 31/12/2019 Number of active members at above date 1,607 308 \u2013 180 Actuarial valuation method Projected unit Projected unit Projected unit Attained age Results of formal actuarial valuation: Value of assets \u00a31,894m \u00a31,529m \u00a3946m \u00a3271m Level of funding 90% 105% 86% 92% The Group also participates in or provides a number of other smaller pension schemes including a number of sections of the local government pension schemes where in most cases the employer contribution rates are fully reimbursed by the administering authorities. It also participates in the Magnox Electric Group Section of the Electricity Supply Pension Scheme and runs the Babcock Naval Services Pension Scheme, which commenced winding up in 2021, and for which the MOD retains liability. The Group\u2019s cash contribution rates payable to the schemes are expected to be as follows: Devonport Royal Dockyard Scheme Babcock International Group Scheme Rosyth Royal Dockyard Scheme Babcock Rail Ltd section of the Railways Pension Scheme Other Total Future service contribution rate 21.6% 30.3% N/A 12.48% 14.0% - 48.0% \u2013 Future service cash contributions \u00a312.1m \u00a33.2m \u2013 \u00a30.5m \u00a32.3m \u00a318.1m Deficit contributions \u00a318.6m \u00a313.7m \u00a312.4m \u00a31.5m \u00a31.6m \u00a347.8m Additional longevity swap payments \u00a37.3m \u00a33.6m \u00a34.3m \u2013 \u2013 \u00a315.2m Expected employer cash costs for 2023/24 \u00a338.0m \u00a320.5m \u00a316.7m \u00a32.0m \u00a33.9m \u00a381.1m Expected salary sacrifice contributions \u00a35.8m \u00a30.4m \u2013 \u00a30.5m \u00a30.8m \u00a37.5m Expected total employer contributions \u00a343.8m \u00a320.9m \u00a316.7m \u00a32.5m \u00a34.7m \u00a388.6m Where salary sacrifice arrangements are in place, the Group effectively meets the members\u2019 contributions. The above level of funding is expected to continue until the next actuarial valuation of each scheme is completed; valuations are carried out every three years. The expected payments from the schemes are primarily pension payments and lump sums. Most of the pensions increase at a fixed rate or in line with RPI or CPI inflation when in payment. Benefit payments commence at retirement, death or incapacity and are predominantly calculated with reference to final salary. The levels of deficit contributions reflected above are expected to continue until technical provisions (self-sufficiency for the Babcock International Group Pension Scheme) funding levels are met either through asset performance or funding. Although the Group anticipates that scheme surpluses will be utilised during the life of the scheme to address member benefits, the Group recognises its retirement benefit surpluses in full in respect of schemes in surplus, on the basis that it is management\u2019s judgement that there are no substantive restrictions on the return of residual scheme assets in the event of a winding-up of the scheme after all member obligations have been met. The Group also considers that the trustees do not have the power to unilaterally wind-up the schemes or vary benefits. The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2023 by independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions: March 20 23 Devonport Royal Dockyard Scheme Babcock International Group Scheme Rosyth Royal Dockyard Scheme Babcock Rail Ltd section of the Railways Pension Scheme Rate of increase in pensionable salaries 3.0% 3.0% \u2013 0.5% Rate of increase in pensions (past service) 2.8% 3.2% 3.3% 2.9% Discount rate 4.8% 4.8% 4.8% 4.8% Inflation rate (RPI) \u2013 year 1 6.9% 6.9% 6.9% 6.9% Inflation rate (RPI) \u2013 thereafter 3.3% 3.3% 3.3% 3.3% Inflation rate (CPI) \u2013 year 1 4.7% 4.7% 4.7% 4.7% Inflation rate (CPI) \u2013 thereafter 2.8% 2.8% 2.8% 2.8% Weighted average duration of cash flows (years) 13 12 13 13 Total life expectancy for current pensioners aged 65 (years) \u2013 male 85.5 86.3 84.4 85.0 Total life expectancy for current pensioners aged 65 (years) \u2013 female 87.5 88.9 86.8 87.3 Total life expectancy for future pensioners currently aged 45 (years) \u2013 male 86.2 86.8 85.6 86.0 Total life expectancy for future pensioners currently aged 45 (years) \u2013 female 88.5 89.4 88.1 88.5 March 2022 Rate of increase in pensionable salaries 3.4% 3.4% \u2013 0.5% Rate of increase in pensions (past service) 3.2% 3.5% 3.7% 3.2% Discount rate 2.7% 2.7% 2.7% 2.7% Inflation rate (RPI) 3.7% 3.7% 3.7% 3.6% Inflation rate (CPI) 3.2% 3.2% 3.2% 3.2% Weighted average duration of cash flows (years) 16 14 16 17 Total life expectancy for current pensioners aged 65 (years) 85.9 86.8 85.0 85.3 Total life expectancy for future pensioners currently aged 45 (years) 86.6 87.4 85.9 86.4 The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows: 2023 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Fair value of plan assets Growth assets Equities (3.1) 10.6 26.6 34.1 31.6 14.3 30.6 76.5 Property funds 301.7 0.2 5.9 307.8 364.0 0.1 5.1 369.2 High yield bonds/emerging market debt \u2013 \u2013 0.4 0.4 44.1 \u2013 0.4 44.5 Absolute return and multi-strategy funds 6.0 148.0 17.5 171.5 46.0 182.9 31.8 260.7 Low -risk assets Bonds 1,227.7 95.5 45.1 1,368.3 1,924.1 77.2 77.5 2,078.8 Matching assets* 1,524.7 1.4 21.7 1,547.8 2,094.0 1.3 101.8 2,197.1 Longevity swaps and annuities (231.8) \u2013 (10.1) (241.9) (283.5) \u2013 (10.2) (293.7) Fair value of assets 2,825.2 255.7 107.1 3,188.0 4,220.3 275.8 237.0 4,733.1 Percentage of assets quoted 79% 100% 70% 80% 84% 100% 46% 82% Percentage of assets unquoted 21% \u2013 30% 20% 16% \u2013 54% 18% Present value of defined benefit obligations Active members 450.7 45.7 21.7 518.1 756.0 65.7 35.8 857.5 Deferred pensioners 686.6 65.3 34.7 786.6 1,066.2 93.5 132.7 1,292.4 Pensioners 1,773.6 130.5 40.6 1,944.7 2,170.4 167.9 53.3 2,391.6 Total defined benefit obligations 2,910.9 241.5 97.0 3,249.4 3,992.6 327.1 221.8 4,541.5 Net (liabilities)/assets recognised in the statement of financial position (85.7) 14.2 10.1 (61.4) 227.7 (51.3) 15.2 191.6 * The matching assets for the Babcock International Group Pension Scheme, Devonport Royal Dockyard Pension Scheme and Rosyth Royal Dockyard Pension Scheme primarily comprise a \u201cLiability Driven Investment\u201d portfolio for each scheme, which invest in gilts, Network Rail bonds, gilt repurchase agreements, interest rate and inflation swaps, asset swaps and cash, on a segregated basis. For the Babcock International Group Pension Scheme and the Devonport Royal Dockyard Pension Scheme, there are also investments in investment grade credit, via both segregated portfolios and pooled investment vehicles. The various segregated portfolios and pooled investment vehicle each utilise derivative contracts. The Trustee has authorised the use of derivatives by the investment managers for efficient portfolio management purposes including to reduce certain investment risks such as interest rate risk and inflation risk. The principal investment in derivatives is gilt repurchase agreements, interest rate and inflation swaps in the matching portfolios; total return swaps in the return seeking portfolios. These derivatives are included within the matching assets and equities classifications. The matching assets category includes gross assets of \u00a32,580 million (2022: \u00a33,966 million) and associated repurchase agreement liabilities of \u00a31,055 million (2022: \u00a31,872 million). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposures to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. The schemes do not invest directly in assets or shares of the Group. The longevity swaps have been valued in line with assumptions that are consistent with the requirements of IFRS 13 using Level 3 inputs. The key inputs to the valuation are the discount rate and mortality assumptions. The amounts recognised in the Group income statement are as follows: 2023 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Current service cost 21.7 1.3 2.8 25.8 25.7 2.0 3.4 31.1 Incurred expenses 6.2 0.5 0.1 6.8 6.6 0.5 0.3 7.4 Total included within operating profit 27.9 1.8 2.9 32.6 32.3 2.5 3.7 38.5 Net interest (credit)/cost (8.5) 1.4 (0.4) (7.5) 1.5 2.1 0.1 3.7 Total included within income statement 19.4 3.2 2.5 25.1 33.8 4.6 3.8 42.2 Amounts recorded in the Group statement of comprehensive income Year ended 31 March 2023 Year ended 31 March 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Actual return less interest on pension scheme assets (1,437.0) (17.1) (79.0) (1,533.1) 77.0 13.1 (1.7) 88.4 Experience (losses)/gains arising on scheme liabilities (135.6) (18.0) (9.3) (162.9) (70.6) 14.2 2.4 (54.0) Changes in assumptions on scheme liabilities 1,111.2 101.2 81.2 1,293.6 238.8 27.4 21.9 288.1 At 31 March (461.4) 66.1 (7.1) (402.4) 245.2 54.7 22.6 322.5 Analysis of movement in the Group statement of financial position Year ended 31 March 2023 Year ended 31 March 2022 Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Principal schemes \u00a3m Railways scheme \u00a3m Other schemes \u00a3m Total \u00a3m Fair value of plan assets (including reimbursement rights) At 1 April 4,220.3 275.8 237.0 4,733.1 4,123.7 265.6 234.3 4,623.6 Interest on assets 113.4 7.3 5.4 126.1 82.3 5.2 4.7 92.2 Actuarial (loss)/gain on assets (1,437.0) (17.1) (79.0) (1,533.1) 77.0 13.1 (1.7) 88.4 Employer contributions 167.4 2.5 4.6 174.5 182.5 2.6 5.1 190.2 Employee contributions 0.1 \u2013 \u2013 0.1 0.2 \u2013 \u2013 0.2 Benefits paid (239.0) (12.8) (4.8) (256.6) (245.4) (10.7) (5.4) (261.5) Settlements \u2013 \u2013 (56.1) (56.1) \u2013 \u2013 \u2013 \u2013 At 31 March 2,825.2 255.7 107.1 3,188.0 4,220.3 275.8 237.0 4,733.1 Present value of benefit obligations At 1 April 3,992.6 327.1 221.8 4,541.5 4,290.0 369.6 242.9 4,902.5 Service cost 21.7 1.3 2.8 25.8 25.6 2.0 3.5 31.1 Incurred expenses 6.2 0.5 0.1 6.8 6.6 0.5 0.3 7.4 Interest cost 105.0 8.7 4.9 118.6 83.8 7.3 4.8 95.9 Employee contributions 0.1 \u2013 \u2013 0.1 0.2 \u2013 \u2013 0.2 Experience loss/(gain) 135.6 18.0 9.3 162.9 70.6 (14.2) (2.4) 54.0 Actuarial (gain)/loss \u2013 demographics (38.2) (3.6) (1.7) (43.5) (11.5) (3.5) \u2013 (15.0) Actuarial (gain) /loss \u2013 financial (1,073.1) (97.7) (79.3) (1,250.1) (227.3) (23.9) (21.9) (273.1) Benefits paid (239.0) (12.8) (4.8) (256.6) (245.4) (10.7) (5.4) (261.5) Settlements \u2013 \u2013 (56.1) (56.1) \u2013 \u2013 \u2013 \u2013 At 31 March 2,910.9 241.5 97.0 3,249.4 3,992.6 327.1 221.8 4,541.5 Net (deficit)/surplus at 31 March (85.7) 14.2 10.1 (61.4) 227.7 (51.3) 15.2 191.6 The movement in net deficits for the year ended 31 March 2023 is as a result of the movement in assets and liabilities shown above. The disclosures below relate to post-retirement benefit schemes which are accounted for as defined benefit schemes in accordance with IAS 19. The changes to the Group statement of financial position at 31 March 2023 and the changes to the Group income statement for the year to March 2024, if the assumptions were sensitised by the amounts below, would be: Defined benefit obligations 2023 \u00a3m Income statement 2024 \u00a3m Initial assumptions 3,249.4 25.0 Discount rate assumptions increased by 0.5% (192.1) (11.5) Discount rate assumptions decreased by 0.5% 211.1 10.5 Inflation rate assumptions increased by 0.5% 145.7 7.8 Inflation rate assumptions decreased by 0.5% (137.2) (7.4) Total life expectancy increased by half a year 60.2 3.0 Total life expectancy decreased by half a year (60.2) (3.0) Salary increase assumptions increased by 0.5% 13.3 0.9 Salary increase assumptions decreased by 0. 5% (12.8) (0.9) The figures in the table above have been calculated on an approximate basis, using information about the expected future benefit payments out of the schemes. The analysis above may not be representative of actual changes to the position since changes in assumptions are unlikely to happen in isolation. The change in inflation rates is assumed to affect the assumed rate of RPI inflation, CPI inflation and future pension increases by an equal amount. The fair value of the schemes\u2019 assets (including reimbursement rights) are assumed not to be affected by any sensitivity changes shown and so the statement of financial position values would increase or decrease by the same amount as the change in the defined benefit obligations. There have been no changes in the methodology for the calculation of the sensitivities since the prior year. ",
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"fact-501": {
"value": "27. Changes in net debt including loans to joint ventures and associates and lease receivables 31 March 2022 \u00a3m Cash flow \u00a3m Additional leases \u00a3m Other non-cash movement1 \u00a3m Clarification of net debt definition2 \u00a3m Changes in fair value \u00a3m Exchange movement \u00a3m 31 March 2023 \u00a3m Cash and bank balances 1,146.3 (687.9) \u2013 \u2013 \u2013 \u2013 (6.7) 451.7 Bank overdrafts (389.8) 366.6 \u2013 \u2013 \u2013 \u2013 1.0 (22.2) Cash, cash equivalents and bank overdrafts 756.5 (321.3) \u2013 \u2013 \u2013 \u2013 (5.7) 429.5 Debt (1,321.3) 556.2 \u2013 (1.6) \u2013 37.2 (36.3) (765.8) Derivatives hedging Group de bt (29.3) (0.8) \u2013 \u2013 \u2013 21.8 \u2013 (8.3) L ease liabilities (434.1) 108.5 (117.0) 223.4 \u2013 \u2013 (9.6) (228.8) Changes in liabilities from financing arrangements (1,784.7) 663.9 (117.0) 221.8 \u2013 59.0 (45.9) (1,002.9) L ease receivables 47.4 (31.9) 28.5 \u2013 \u2013 \u2013 (5.4) 38.6 Loans to joint ventures and associates 12.1 (2.4) \u2013 (0.2) \u2013 \u2013 \u2013 9.5 Derivatives hedging interest on Group debt \u2013 \u2013 \u2013 \u2013 (36.1) (3.0) \u2013 (39.1) Net debt (968.7) 308.3 (88.5) 221.6 (36.1) 56.0 (57.0) (564.4) 1. Other non-cash movements predominantly relate to the disposal of lease liabilities and associated lease receivables as part of the disposal transactions described in note 28. 2. During the year the definition of net debt has been clarified, resulting in the inclusion of the interest rate swap hedging Group debt, which was excluded in the prior year. 31 March 2021 \u00a3m Cash flow \u00a3m Additional leases \u00a3m Other non-cash movement \u00a3m Changes in fair value \u00a3m Exchange movement \u00a3m 31 March 2022 \u00a3m Cash and bank balances 904.8 238.6 \u2013 \u2013 \u2013 2.9 1,146.3 Bank overdrafts (373.9) (15.9) \u2013 \u2013 \u2013 \u2013 (389.8) Cash, cash equivalents and bank overdrafts 530.9 222.7 \u2013 \u2013 \u2013 2.9 756.5 Debt (1,333.6) 8.6 \u2013 (2.0) (1.6) 7.3 (1,321.3) Derivatives hedging Group debt (19.1) \u2013 \u2013 \u2013 (10.2) \u2013 (29.3) L ease liabilities (612.3) 113.0 (93.8) 159.2 \u2013 (0.2) (434.1) Changes in liabilities from financing arrangements (1,965.0) 121.6 (93.8) 157.2 (11.8) 7.1 (1,784.7) L ease receivables 39.6 (36.9) 41.9 \u2013 \u2013 2.8 47.4 Loans to joint ventures and associates 42.1 (29.6) \u2013 (0.4) \u2013 \u2013 12.1 Net debt (1,352.4) 277.8 (51.9) 156.8 (11.8) 12.8 (968.7) ",
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"fact-502": {
"value": "28. Acquisition and disposal of subsidiaries, businesses and joint ventures and associates Acquisitions There have been no acquisitions in the year ended 31 March 2023. In the prior year, the Group acquired the remaining 50% of Naval Ship Management (Australia) Pty Limited on 15 March 2022. The Group had previously held a 50% interest in this entity since May 2012 which was classified as a joint venture. NSM provides repair, engineering and maintenance services to the Australian Navy. The Group paid cash consideration of \u00a333.1 million (AUD60 million) for this acquisition. The fair value of assets and liabilities recognised as a result of the acquisition were as follows: Year ended 31 March 2022 (restated) Naval Ship Management \u00a3m Fair value gain on previously held interest: Carrying value of previously held interest 0.7 Fair value gain on previously held interest 32.4 Fair value of previously held interest at acquisition date 33.1 Purchase consideration: Cash consideration 33.1 Fair value of previously held interest 33.1 Total consideration 66.2 Assets acquired: Property, plant and equipment 0.4 Right of use assets 0.5 Deferred tax assets 0.7 Contract assets 16.3 Trade and other receivables 11.6 Cash and cash equivalents 17.6 Deferred tax liability (18.9) Income tax payable (0.4) Lease liabilities (0.5) Contract liabilities (8.2) Trade and other payables (34.5) Provisions (3.7) Net identifiable assets acquired (19.1) Goodwill 22.3 Intangible assets 63.0 Net assets acquired 66.2 Post-acquisition, Naval Ship Management (Australia) Pty Limited contributed \u00a30.7 million to the profit before tax of the Group for the year ended 31 March 2022. If this entity had been owned for the full financial year the contribution to profit before tax would have been \u00a310.5 million. The excess of the fair value of the consideration paid over the fair value of the assets acquired is represented by intangible assets of \u00a363.0 million, relating to customer relationships, and goodwill of \u00a322.3 million, representing potential for future synergies arising from combining the acquired businesses with the Group\u2019s existing business. Goodwill is not deductible for tax purposes. Post-acquisition, we determined that assumptions used to calculate a pain/gain share provision did not reflect the facts and circumstances at the acquisition date. This resulted in an increase to provisions of \u00a32.4 million at 31 March 2022. The reduction in net assets acquired has increased the goodwill by \u00a31.0 million, increased acquired intangibles by \u00a31.0 million, increased deferred tax assets by \u00a30.4 million at 31 March 2022. Further detail is included in note 23. Disposals Year ended 31 March 2023 On 19 July 2022, the Group announced it had entered into a sale and purchase agreement to dispose of part of its aerial emergency services business in Europe. The disposal group was part of the Aviation sector and provided Aerial Emergency Services, including medical, firefighting and search & rescue to customers and communities, in Italy, Spain, Portugal, Norway, Sweden and Finland. The disposal completed on 28 February 2023. The Group received consideration of \u00a3187.1 million. On 1 September 2022, the Group entered into a sale and purchase agreement to dispose of its Civil Training business. The disposal group was part of the Land sector and the disposal completed on 1 February 2023. The Group received consideration of \u00a35.5 million. Year ended 31 March 2023 Aerial Emergency Services \u00a3m Civil Training \u00a3m Other \u00a3m Total \u00a3m Goodwill \u2013 0.6 \u2013 0.6 Investment in joint ventures and associates 1.0 \u2013 \u2013 1.0 Other intangible assets 18.9 \u2013 \u2013 18.9 Property, plant and equipment 236.8 0.1 \u2013 236.9 Right of use assets 182.0 \u2013 \u2013 182.0 Deferred tax assets 20.6 \u2013 \u2013 20.6 Other non-current assets 4.4 \u2013 \u2013 4.4 Inventory 35.4 \u2013 \u2013 35.4 Trade and other receivables 99.5 9.4 \u2013 108.9 Derivatives 4.2 \u2013 \u2013 4.2 Income tax receivable 1.5 \u2013 \u2013 1.5 Cash, cash equivalents and bank overdrafts 10.5 2.6 \u2013 13.1 Other non -current liabilities (0.2) \u2013 \u2013 (0.2) Bank and other borrowings (1.6) \u2013 \u2013 (1.6) Lease liabilities (218.1) \u2013 \u2013 (218.1) Deferred tax liability (6.3) \u2013 \u2013 (6.3) Income tax payable (0.6) \u2013 \u2013 (0.6) Trade and other payables (128.7) (4.6) \u2013 (133.3) Other current liabilities \u2013 \u2013 \u2013 \u2013 Provisions (15.6) \u2013 \u2013 (15.6) Net assets disposed 243.7 8.1 \u2013 251.8 Cumulative currency translation loss (1.2) \u2013 \u2013 (1.2) Total 242.5 8.1 \u2013 250.6 Consideration 187.1 5.5 \u2013 192.6 Disposal costs (18.1) (1.3) \u2013 (19.4) Net consideration after disposal costs 169.0 4.2 \u2013 173.2 Loss on disposal (73.5) (3.9) \u2013 (77.4) Disposal related items (43.4) \u2013 3.1 (40.3) Business acquisition, merger and divestment related items (116.9) (3.9) 3.1 (117.7) Sale proceeds 187.1 5.5 \u2013 192.6 Sale proceeds less cash disposed of 176.6 2.9 \u2013 179.5 Less non -cash proceeds \u2013 (1.5) \u2013 (1.5) Less transaction costs (18.1) (1.3) \u2013 (19.4) Net cash inflow 158.5 0.1 \u2013 158.6 Disposal related items in relation to the Aerial Emergency Services disposal include asset impairments for assets not disposed but relating to the Aerial Emergency Services businesses whose carrying value exceeded recoverable amount following the disposal transaction along with provisions for certain warranty related items. Disposals Year ended 31 March 2022 On 11 March 2021, the Group announced that it had entered into a sale and purchase agreement to dispose of the Oil and Gas business, which provides offshore Oil and Gas crew transportation services in the UK, Denmark and Australia. The disposal was made as part of the Group\u2019s targeted disposals programme. The disposal completed on 1 September 2021, on which date control of the Oil and Gas business passed to CHC Group LLC. The Group received consideration of \u00a310 million. On 13 August 2021, the Group announced that it had entered into a sale and purchase agreement to dispose of Frazer-Nash Consultancy, which provides engineering and technology solutions across a broad range of critical national infrastructure. The disposal was made as part of the Group\u2019s targeted disposals programme. The disposal completed on 20 October 2021, on which date control of Frazer-Nash Consultancy passed to KBR Inc. The Group received consideration of \u00a3291.7 million. On 24 December 2021, the Group announced the disposal of the Power business to M Group Services, which provides engineering services in the UK overhead line electric transmission and distribution industry. The disposal was made as part of the Group\u2019s targeted disposals programme. The disposal completed on 24 December 2021, on which date control passed to M Group Services. The Group received consideration of \u00a350 million. On 13 September 2021, the Group announced a definitive agreement with Equitix Investment Management Limited for the sale of its 15.4% shareholding in AirTanker Holdings Limited, a joint venture with Airbus, Thales and Rolls-Royce which owns 14 A330 Voyager aircraft to support air-to-air refuelling, air transport and ancillary services for the MOD. The Group has retained its 23.5% shareholding in AirTanker Services Limited, which operates these aircraft. The disposal was made as part of the Group\u2019s targeted disposals programme. The disposal completed on 9 March 2022, on which date control passed to Equitix. The Group received consideration of \u00a395.6 million, and shareholder loans of \u00a331.5 million were repaid. Year ended 31 March 2022 Oil and Gas business \u00a3m Frazer-Nash Consultancy \u00a3m Power \u00a3m AirTanker \u00a3m Total \u00a3m Goodwill 0.4 64.5 44.1 80.0 189.0 Investment in joint ventures and associates \u2013 \u2013 23.8 23.8 Other intangible assets \u2013 2.1 \u2013 \u2013 2.1 Property, plant and equipment 15.1 2.2 4.5 \u2013 21.8 Right of use assets 125.8 3.9 1.9 \u2013 131.6 Deferred tax assets 18.8 0.5 0.3 \u2013 19.6 Other non -current assets \u2013 \u2013 \u2013 \u2013 \u2013 Inventory 3.6 \u2013 0.1 \u2013 3.7 Trade and other receivables 46.5 31.0 9.3 \u2013 86.8 Derivatives \u2013 \u2013 \u2013 \u2013 \u2013 Income tax receivable 1.5 2.9 \u2013 \u2013 4.4 Cash, cash equivalents and bank overdrafts \u2013 4.9 4.2 \u2013 9.1 Other non-current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Bank and other borrowings \u2013 \u2013 \u2013 \u2013 \u2013 Lease liabilities (129.7) (5.4) (2.0) \u2013 (137.1) Deferred tax liability (12.0) \u2013 \u2013 \u2013 (12.0) Income tax payable (1.0) \u2013 \u2013 \u2013 (1.0) Trade and other payables (39.6) (13.9) (9.9) \u2013 (63.4) Other current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Provisions (1.3) \u2013 (1.2) \u2013 (2.5) Net assets disposed 28.1 92.7 51.3 103.8 275.9 Disposal costs 2.0 10.1 2.7 2.7 17.5 Cumulative currency translation loss (7.3) \u2013 \u2013 \u2013 (7.3) Recycle of hedge reserve \u2013 \u2013 \u2013 20.8 20.8 (Loss)/profit on disposal (12.8) 188.9 (4.0) (31.7) 140.4 Sale proceeds 10.0 291.7 50.0 95.6 447.3 Sale proceeds less cash disposed of 10.0 286.8 45.8 95.6 438.2 Less non -cash proceeds Less transaction costs (2.0) (10.1) (2.7) (2.7) (17.5) Net cash inflow 8.0 276.7 43.1 92.9 420.7",
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"fact-503": {
"value": "29. Transactions with non-controlling interests There were no material transactions with non-controlling interests in the current or prior year. ",
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"fact-504": {
"value": "30. Contingent liabilities A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non- occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities. There are a number of contingent liabilities that arise in the normal course of business, including: The nature of the Group\u2019s long-term contracts means that there are reasonably frequent contractual issues, variations and renegotiations that arise in the ordinary course of business, including liabilities that arise on completion of contracts and on conclusion of relationships with joint ventures and associates. The Group takes account of the advice of experts, both internal and external, in making judgements on contractual issues and whether the outcome of negotiations will result in an obligation to the Group. The Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position. As a large contracting organisation, the Group has a significant number of contracts with customers to deliver services and products, as well as with its supply chain, where the Group cannot deliver all those services and products itself. The Group is involved in disputes and litigation, which have arisen in the course of its normal trading in connection with these contracts. Whilst the Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position, it is possible that, if any of these disputes come to court, the court may take a different view to the Group. The Group is subject to corporate and other tax rules in the jurisdictions in which it operates. Changes in tax rates, tax reliefs and tax laws, or interpretation of the law, by the relevant tax authorities may result in financial and reputational damage to the Group. This may affect the Group\u2019s financial condition and performance. The Group has given certain indemnities and warranties in the course of disposing of businesses and companies and in completing contracts. The Group believes that any liability in respect of these is unlikely to have a material effect on the Group\u2019s financial position. Corporate rules in those jurisdictions may also extend to compensatory trade agreements, or economic offset rules, where we may have to commit to use local content in delivering programmes of work. Delivery of offset is also subject to interpretations of law and agreement with local authorities, which we monitor closely but may give rise to financial and reputational damage to the Group if not undertaken appropriately. ",
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"fact-538": {
"value": "30. Contingent liabilities A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non- occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities. There are a number of contingent liabilities that arise in the normal course of business, including: The nature of the Group\u2019s long-term contracts means that there are reasonably frequent contractual issues, variations and renegotiations that arise in the ordinary course of business, including liabilities that arise on completion of contracts and on conclusion of relationships with joint ventures and associates. The Group takes account of the advice of experts, both internal and external, in making judgements on contractual issues and whether the outcome of negotiations will result in an obligation to the Group. The Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position. As a large contracting organisation, the Group has a significant number of contracts with customers to deliver services and products, as well as with its supply chain, where the Group cannot deliver all those services and products itself. The Group is involved in disputes and litigation, which have arisen in the course of its normal trading in connection with these contracts. Whilst the Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position, it is possible that, if any of these disputes come to court, the court may take a different view to the Group. The Group is subject to corporate and other tax rules in the jurisdictions in which it operates. Changes in tax rates, tax reliefs and tax laws, or interpretation of the law, by the relevant tax authorities may result in financial and reputational damage to the Group. This may affect the Group\u2019s financial condition and performance. The Group has given certain indemnities and warranties in the course of disposing of businesses and companies and in completing contracts. The Group believes that any liability in respect of these is unlikely to have a material effect on the Group\u2019s financial position. Corporate rules in those jurisdictions may also extend to compensatory trade agreements, or economic offset rules, where we may have to commit to use local content in delivering programmes of work. Delivery of offset is also subject to interpretations of law and agreement with local authorities, which we monitor closely but may give rise to financial and reputational damage to the Group if not undertaken appropriately. 31. Capital and other financial commitments Capital commitments 31 March 2023 \u00a3m 31 March 2022 \u00a3m Contracts placed for future capital expenditure not provided for in the financial statements 7.8 21.3 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act. Legal entity name Company number Legal entity name Company number Appledore Shipbuilders (2004) Ltd 02052982Babcock Management Ltd 00107414 Babcock Airports Ltd 03954520Babcock Marine (Devonport) Limited 02959785 Babcock Assessments Limited 02881056 Babcock Marine Limited 02530351 Babcock Contractors Limited 01398475 Babcock Marine Shipbuilding Limited 14302509 Babcock Critical Assets Holdings LLP OC376675Babcock Mission Critical Services Leasing Ltd 04635275 Babcock Defence & Security Holdings LLP OC376674Babcock Mission Critical Services Ltd 08010453 Babcock Defence and Security Investments Ltd 08132272Babcock Mission Critical Services Topco Ltd 08338012 Babcock Defence Systems Limited 01199791 Babcock Mission Critical Services UK Ltd 07527245 Babcock Education & Training Holdings LLP OC376676 Babcock MSS Limited 01996548 Babcock Education and Skills Limited 03494815 Babcock Nuclear Limited 01603273 Babcock Education Holdings Ltd 08132276Babcock Project Investments Ltd 03463927 Babcock Fire Services Limited 03707192Babcock Project Services Limited 02888133 Babcock Fire Training (Avonmouth) Ltd 04168329 Babcock Services Group Ltd 03939840 Babcock Group (US Investments) Ltd 07445425 Babcock Southern Holdings Ltd 01915771 Babcock Information Analytics and Security Limited 02275471 Babcock US Investments Ltd 07422616 Babcock Integrated Technology (Korea) Ltd 09566389Bond Aviation Topco Limited 08493398 Babcock Integration LLP OC356460Flagship Fire Fighting Training Ltd 03700728 Babcock International Support Services Limited 03335786 LGE IP Management Company Ltd SC695940 Babcock Investments (Fire Services) Limited 04380306 Peterhouse Group Ltd 01517100 Babcock Investments (Number Four) Ltd 05269128 Vosper Thornycroft (UK) Ltd 00070274 Babcock Investments Ltd 00165086 Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 March 2023 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012.",
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},
"fact-505": {
"value": "31. Capital and other financial commitments Capital commitments 31 March 2023 \u00a3m 31 March 2022 \u00a3m Contracts placed for future capital expenditure not provided for in the financial statements 7.8 21.3 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act. Legal entity name Company number Legal entity name Company number Appledore Shipbuilders (2004) Ltd 02052982Babcock Management Ltd 00107414 Babcock Airports Ltd 03954520Babcock Marine (Devonport) Limited 02959785 Babcock Assessments Limited 02881056 Babcock Marine Limited 02530351 Babcock Contractors Limited 01398475 Babcock Marine Shipbuilding Limited 14302509 Babcock Critical Assets Holdings LLP OC376675Babcock Mission Critical Services Leasing Ltd 04635275 Babcock Defence & Security Holdings LLP OC376674Babcock Mission Critical Services Ltd 08010453 Babcock Defence and Security Investments Ltd 08132272Babcock Mission Critical Services Topco Ltd 08338012 Babcock Defence Systems Limited 01199791 Babcock Mission Critical Services UK Ltd 07527245 Babcock Education & Training Holdings LLP OC376676 Babcock MSS Limited 01996548 Babcock Education and Skills Limited 03494815 Babcock Nuclear Limited 01603273 Babcock Education Holdings Ltd 08132276Babcock Project Investments Ltd 03463927 Babcock Fire Services Limited 03707192Babcock Project Services Limited 02888133 Babcock Fire Training (Avonmouth) Ltd 04168329 Babcock Services Group Ltd 03939840 Babcock Group (US Investments) Ltd 07445425 Babcock Southern Holdings Ltd 01915771 Babcock Information Analytics and Security Limited 02275471 Babcock US Investments Ltd 07422616 Babcock Integrated Technology (Korea) Ltd 09566389Bond Aviation Topco Limited 08493398 Babcock Integration LLP OC356460Flagship Fire Fighting Training Ltd 03700728 Babcock International Support Services Limited 03335786 LGE IP Management Company Ltd SC695940 Babcock Investments (Fire Services) Limited 04380306 Peterhouse Group Ltd 01517100 Babcock Investments (Number Four) Ltd 05269128 Vosper Thornycroft (UK) Ltd 00070274 Babcock Investments Ltd 00165086 Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 March 2023 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012.",
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"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-506": {
"value": "32. Related party transactions Related party transactions for the year ended 31 March 2023 are: 2023 2023 Revenue to \u00a3m 2023 Purchases from \u00a3m 2023 Year-end debtor balance \u00a3m 2023 Year-end creditor balance \u00a3m Joint ventures and associates First Swietelsky Operation and Maintenance 9.0 \u2013 0.4 (0.4) Ascent Flight Training (Management) Limited 0.9 \u2013 0.3 \u2013 Ascent Flight Training (Holdings) Limited \u2013 \u2013 0.2 \u2013 Rotary Wing Training Limited 4.1 \u2013 \u2013 \u2013 Fixed Wing Training Limited 3.1 (0.2) \u2013 (0.4) Advanced Jet Training Limited 1.3 \u2013 0.3 \u2013 Rear Crew Training Limited 0.8 \u2013 \u2013 \u2013 AirTanker Services Limited 13.7 \u2013 0.1 \u2013 Alert Communications Limited 7.4 \u2013 0.5 \u2013 Duqm Naval Dockyard SAOC \u2013 \u2013 0.3 \u2013 40.3 (0.2) 2.1 (0.8) 2022 2022 Revenue to \u00a3m 2022 Purchases from \u00a3m 2022 Year-end debtor balance \u00a3m 2022 Year-end creditor balance \u00a3m Joint ventures and associates First Swietelsky Operation and Maintenance 9.1 \u2013 0.5 (1.5) Ascent Flight Training (Management) Limited 3.3 \u2013 0.1 \u2013 Ascent Flight Training (Holdings) Limited 1.1 \u2013 \u2013 \u2013 ALC (Superholdco) Limited 0.4 \u2013 \u2013 \u2013 Rotary Wing Training Limited 3.6 \u2013 0.6 \u2013 Fixed Wing Training Limited 3.5 \u2013 0.3 \u2013 Advanced Jet Training Limited 1.8 \u2013 0.2 \u2013 Rear Crew Training Limited 1.1 \u2013 0.2 \u2013 AirTanker Services Limited 11.3 \u2013 0.1 \u2013 Alert Communications Limited 4.4 \u2013 \u2013 \u2013 39.6 \u2013 2.0 (1.5) a) All transactions noted above arise in the normal course of business and on normal, arm\u2019s length commercial terms. b) Defined benefit pension schemes. Please refer to note 26 for transactions with the Group defined benefit pension schemes. c) Key management compensation is shown in note 6. d) Transactions in employee benefits trusts are shown in note 26. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-539": {
"value": "32. Related party transactions Related party transactions for the year ended 31 March 2023 are: 2023 2023 Revenue to \u00a3m 2023 Purchases from \u00a3m 2023 Year-end debtor balance \u00a3m 2023 Year-end creditor balance \u00a3m Joint ventures and associates First Swietelsky Operation and Maintenance 9.0 \u2013 0.4 (0.4) Ascent Flight Training (Management) Limited 0.9 \u2013 0.3 \u2013 Ascent Flight Training (Holdings) Limited \u2013 \u2013 0.2 \u2013 Rotary Wing Training Limited 4.1 \u2013 \u2013 \u2013 Fixed Wing Training Limited 3.1 (0.2) \u2013 (0.4) Advanced Jet Training Limited 1.3 \u2013 0.3 \u2013 Rear Crew Training Limited 0.8 \u2013 \u2013 \u2013 AirTanker Services Limited 13.7 \u2013 0.1 \u2013 Alert Communications Limited 7.4 \u2013 0.5 \u2013 Duqm Naval Dockyard SAOC \u2013 \u2013 0.3 \u2013 40.3 (0.2) 2.1 (0.8) 2022 2022 Revenue to \u00a3m 2022 Purchases from \u00a3m 2022 Year-end debtor balance \u00a3m 2022 Year-end creditor balance \u00a3m Joint ventures and associates First Swietelsky Operation and Maintenance 9.1 \u2013 0.5 (1.5) Ascent Flight Training (Management) Limited 3.3 \u2013 0.1 \u2013 Ascent Flight Training (Holdings) Limited 1.1 \u2013 \u2013 \u2013 ALC (Superholdco) Limited 0.4 \u2013 \u2013 \u2013 Rotary Wing Training Limited 3.6 \u2013 0.6 \u2013 Fixed Wing Training Limited 3.5 \u2013 0.3 \u2013 Advanced Jet Training Limited 1.8 \u2013 0.2 \u2013 Rear Crew Training Limited 1.1 \u2013 0.2 \u2013 AirTanker Services Limited 11.3 \u2013 0.1 \u2013 Alert Communications Limited 4.4 \u2013 \u2013 \u2013 39.6 \u2013 2.0 (1.5) a) All transactions noted above arise in the normal course of business and on normal, arm\u2019s length commercial terms. b) Defined benefit pension schemes. Please refer to note 26 for transactions with the Group defined benefit pension schemes. c) Key management compensation is shown in note 6. d) Transactions in employee benefits trusts are shown in note 26. ",
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"entity": "scheme:213800TSKOLX4EU6L377",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-507": {
"value": "33. Events after the reporting period There were no events after the reporting period which would materially impact the balances reported in this Annual Report. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-508": {
"value": "34. Group entities In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 March 2023 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding represents ordinary shares held indirectly by Babcock International Group PLC, the entities are unlisted, and have one type of ordinary share capital, the year end is 31 March and the address of the registered office is 33 Wigmore Street, London, W1U 1QX. The Group\u2019s interest in the voting share capital is 100% unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation. Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited 2 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Armstrong Technology Associates Limited* Babcock (Ireland) Treasury Limited Custom House Plaza, Block 6, IFSC, Dublin, 1, Ireland Babcock (NZ) Limited C/O Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Babcock (UK) Holdings Limited 1,4 Babcock Aerospace Limited Babcock Africa Investments (Pty) Ltd Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Airports Limited Babcock Assessments Limited Babcock Australia Holdings Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Aviation Services (Holdings) Limited 1, 9 Babcock B.V. Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock Canada Inc. 45 O\u2019Connor Street, Suite 1500, Ottawa, Ontario K1P 1A4, Canada Babcock Communications Cyprus Limited Spyrou Kyprianou, 47, 1 st Floor, Mesa Geitona, 4004 Limassol, Cyprus Babcock Communications Limited Babcock Contractors Limited 2 Babcock Corporate Secretaries Limited* Babcock Corporate Services Limited Babcock Critical Assets Holdings LLP Babcock Critical Services Limited 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Defence & Security Holdings LLP Babcock Defence and Security Investments Limited Babcock Defence Systems Limited Babcock Defense (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Design & Technology Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock DS 2019 Limited* Babcock Education & Training Holdings LLP Babcock Education and Skills Limited Babcock Education Holdings Limited Babcock Engineering Limited* Babcock Europe Finance Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Fire Services (SW) Limited Babcock Fire Services Limited Babcock Fire Training (Avonmouth) Limited Babcock Group (US Investments) Limited Babcock Holdings (USA) Incorporated 8 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited 4 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 6 Babcock Integrated Technology (Korea) Limited Babcock Integrated Technology GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Integrated Technology Limited Babcock Integration LLP Babcock International France Aviation SAS Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock International France SAS 21 Rue Leblanc 75015, Paris, France Babcock International France Terre SAS 21 Rue Leblanc 75015, Paris, France Babcock International Holdings BV Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock International Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited 6 Babcock International Support Services Limited Babcock International US Inc 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Investments (Fire Services) Limited Babcock Investments (Number Four) Limited Babcock Investments (Number Nine) Limited Babcock Investments Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock Ireland Finance Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Korea Limited 72-1, Shinsan-ro, Saha-gu, Busan, 49434, South Korea Babcock Land Defence Limited Babcock Luxembourg Finance S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments I S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock M 2019 Limited* Babcock Malta Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta (Number Two) Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta Finance (Number Two) Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Finance Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings (Number Two) Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Management 2019 Limited* Babcock Management Limited Babcock Marine & Technology Holdings Limited Babcock Marine (Clyde) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine (Devonport) Limited 2 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, England Babcock Marine (Rosyth) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine Holdings (UK) Limited 6 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 2 Babcock MCS Congo SA Avenue Charles de Gaulle, PB 5871, Pointe-Noire, PB 5871, The Republic of Congo Babcock Mission Critical Services Australasia Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Mission Critical Services Design and Completions Limited Babcock Mission Critical Services Germany GmbH Augsburg Airport, Flughafenstrasse 19, 86169 Augsburg, Germany Babcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd 2 Babcock Mission Critical Services UK Limited Babcock MSS Limited Babcock Nuclear Limited Babcock Oman LLC P.O. Box 2315, Ghala, Muscat, 130, Oman Babcock Overseas Investments Limited Babcock Project Investments Limited Babcock Project Services Limited Babcock Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Rail Limited Babcock Services Group Limited Babcock Services Limited Babcock Southern Careers Limited* 3 Babcock Southern Holdings Limited 7 Babcock Support Services (Investments) Limited Babcock Support Services GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Support Services Limited 10 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Training Limited Babcock UK Finance Babcock USA LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited 6 Babcock Vehicle Engineering Limited 5 BNS Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland BNS Pensions Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Bond Aviation Topco Limited 6 Brooke Marine Shipbuilders Limited* Cavendish Nuclear (Overseas) Limited* Cavendish Nuclear (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Cavendish Nuclear Japan KK Regus Tokyo, Arca Central - Office 104, Arca Central Building 14F 1-2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited 6 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Devonport Royal Dockyard Limited 11 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Devonport Royal Dockyard Pension Trustees Limited* Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom FBM Babcock Marine Holdings (UK) Limited* FBM Babcock Marine Limited* FBM Marine International (UK) Limited* Flagship Fire Fighting Training Limited Heli Aviation China Limited* Rooms 05-15, 13 A/F South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong iMAST Limited* INAER Helicopter Chile S.A.* 2880 Americo Vespucio Norte Avenue, Suite 1102, Conchali, Santiago, Chile INAER Helicopter Peru S.A.C. (In liquidation) 1118 Av. Los Conquistadores, Santa Cruz, San Isidro, Lima, Peru LGE IP Management Company Ltd Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Marine Engineering & Fabrications (Holdings) Limited* Marine Engineering & Fabrications Limited* Marine Industrial Design Limited c/o Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Naval Ship Management (Australia) Pty Ltd 9, 70 Franklin Street, Adelaide, SA 5000, Australia Peterhouse Group Limited Peterhouse GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited 12 Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland SBRail Limited* Skills2Learn Ltd Vosper Thornycroft (UK) Limited Subsidiaries, partly owned: Airwork Technical Services & Partners LLC (51.0%) PO Box 248 ( Muaskar Al Murtafa\u2019a (MAM) Garrison), Muscat, 100, Sultanate of Oman Babcock Africa (Pty) Limited (90.0%) 8 Riley Road Office Park, 15E R iley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Holdings (Pty) Ltd (90.0%) 13 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Aviation Services Holdings International Limited (49.82%) 13 52 St Christopher Street, Valletta, VLT 1462, Malta Babcock Education and Training (Pty) Ltd (90.0%) Riley Road Office Park, 15E Rile y Road, Bedfordview, Gauteng, 2007, South Africa Babcock Financial Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Learning and Development Partnership LLP (80.1%) Babcock MCS Ghana Lim ited (90.0%) No. 9, Carrot Avenue, Adjacent Lizzy Sport Complex, East Legon, Accra, Ghana Babcock Mission Critical Services (Ireland) Limited (49.82%) 13 -18 City Quay, Dublin 2, Ireland Babcock Mission Critical Services France SA (49.82%) Lieu dit le Po rtaret, 83340, Le Cannet-des-Maures, France Babcock Namibia Services Pty Ltd (90.0%) Unit 3 Ground Floor, Dr Agostinho Neto Road, Ausspann Plaza, Ausspanplatz, Windhoek, Namibia Babcock Ntuthuko Aviation (Pty) Limited (66.78%) * Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Engineering (Pt y) Limited (46.37 %) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Powerlines (Pty) Limited (46.81% )* Unit G3 Victoria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Plant Services (Pty) Ltd (64.82%) 6 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock TCM Plant (Proprietary) Limited (90.0%) 8 Unit G3 Vict oria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Zambia Limited (90 .0%) 16 Arusha, Town Centre, Ndola, Copper Belt , Zambia Cognac Formation Aero (90.0%) Base A\u00e9rienne 709 Cognac 16100 Ch\u00e2teaubernard, France National Training Institute LLC (70.0%) PO Box 267, Madina tQaboos, Sultanate of Oman, 115 Oman Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%) 11 8th Floor, The Place , High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 14 Air Tanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20.0%) Ascent Flight Training (Holdings) Limited (50.0 %) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 12 Cavendish Fluor Partnership Limited (65.0%) Debut Services (South West) Limited (50.0%) 20 Triton Street, Regent \u2019s Place, London, NW1 3BF, United Kingdom Duqm Naval Dockyard SAOC (49.0%) The Special Economic Zone at Duqm, Al -Duqm, Al- Wusta\u2019a, 3972 112, Oman FSP (2004) Limited (50.0%) 2 8 Stephenson Place , Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltu ngs GmbH & Co. KG (50 .0%) Vorsetzen 54, 20459, Hamburg, Germany Wholly owned subsidiaries with registered office at 55 Baker Street, London, W1U 7EU, United Kingdom, currently in Members Voluntary Liquidation: Babcock Civil Infrastructure Limited; Babcock Infrastructure Holdings LLP; Bond Aviation Leasing Limited. Wholly owned subsidiaries with registered office at 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom, currently in Members Voluntary Liquidation: Babcock Emergency Services Limited 2; Babcock Leaseco Limited; Babcock Technical Services Limited; HCTC Limited; KML (UK) Limited; Touchstone Learning & Skills Ltd; Westminster Education Consultants Limited. Wholly owned subsidiary with registered office at 4 Atlantic Quay, 70 York Street, Glasgow, G2 8JX currently in Members Voluntary Liquidation: First Engineering Holdings Limited Joint venture, with registered office at 18-22 Lloyd Street, Manchester, M2 5WA United Kingdom, currently in Members Voluntary Liquidation: ALC (Superholdco) Limited (50.0%) 15 Notes * Dormant entity. 1. Babcock International Group PLC has direct holdings in Babcock (UK) Holdings Limited, and preference shares class A and B in Babcock Aviation Services (Holdings) Limited. 2. Holding of two types of ordinary shares. 3. Holding of three types of ordinary shares. 4. Holding of four types of ordinary shares. 5. Holding of six types of ordinary shares. 6. Holding of ordinary and preference shares. 7. Holding of ordinary and deferred shares. 8. Holding of ordinary and redeemable preference shares. 9. Holding of ordinary and three types of preference shares. 10. Holding of ordinary and five types of preference shares. 11. Holding of one type of ordinary share only, where more than one type of share is authorised or in issue. 12. Holding of two types of ordinary shares, where more than two types of share are authorised or in issue. 13. Holding of one type of ordinary share and one type of preference share, where more than two types of share are authorised or in issue. 14. Statutory year end 31 December, however consolidated based on the financial performance for the period from 1 April 2022 to 31 March 2023. 15. Statutory year end 30 June however, consolidated based on the financial performance for the period from 1 April 2022 to 31 March 2023.",
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"fact-540": {
"value": "Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited 2 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Armstrong Technology Associates Limited* Babcock (Ireland) Treasury Limited Custom House Plaza, Block 6, IFSC, Dublin, 1, Ireland Babcock (NZ) Limited C/O Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Babcock (UK) Holdings Limited 1,4 Babcock Aerospace Limited Babcock Africa Investments (Pty) Ltd Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Airports Limited Babcock Assessments Limited Babcock Australia Holdings Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Aviation Services (Holdings) Limited 1, 9 Babcock B.V. Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock Canada Inc. 45 O\u2019Connor Street, Suite 1500, Ottawa, Ontario K1P 1A4, Canada Babcock Communications Cyprus Limited Spyrou Kyprianou, 47, 1 st Floor, Mesa Geitona, 4004 Limassol, Cyprus Babcock Communications Limited Babcock Contractors Limited 2 Babcock Corporate Secretaries Limited* Babcock Corporate Services Limited Babcock Critical Assets Holdings LLP Babcock Critical Services Limited 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Defence & Security Holdings LLP Babcock Defence and Security Investments Limited Babcock Defence Systems Limited Babcock Defense (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Design & Technology Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock DS 2019 Limited* Babcock Education & Training Holdings LLP Babcock Education and Skills Limited Babcock Education Holdings Limited Babcock Engineering Limited* Babcock Europe Finance Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Fire Services (SW) Limited Babcock Fire Services Limited Babcock Fire Training (Avonmouth) Limited Babcock Group (US Investments) Limited Babcock Holdings (USA) Incorporated 8 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited 4 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 6 Babcock Integrated Technology (Korea) Limited Babcock Integrated Technology GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Integrated Technology Limited Babcock Integration LLP Babcock International France Aviation SAS Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock International France SAS 21 Rue Leblanc 75015, Paris, France Babcock International France Terre SAS 21 Rue Leblanc 75015, Paris, France Babcock International Holdings BV Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock International Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited 6 Babcock International Support Services Limited Babcock International US Inc 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Investments (Fire Services) Limited Babcock Investments (Number Four) Limited Babcock Investments (Number Nine) Limited Babcock Investments Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock Ireland Finance Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Korea Limited 72-1, Shinsan-ro, Saha-gu, Busan, 49434, South Korea Babcock Land Defence Limited Babcock Luxembourg Finance S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments I S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock M 2019 Limited* Babcock Malta Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta (Number Two) Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta Finance (Number Two) Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Finance Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings (Number Two) Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 3 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Management 2019 Limited* Babcock Management Limited Babcock Marine & Technology Holdings Limited Babcock Marine (Clyde) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine (Devonport) Limited 2 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, England Babcock Marine (Rosyth) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine Holdings (UK) Limited 6 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 2 Babcock MCS Congo SA Avenue Charles de Gaulle, PB 5871, Pointe-Noire, PB 5871, The Republic of Congo Subsidiaries, wholly owned (continued) Babcock Mission Critical Services Australasia Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Mission Critical Services Design and Completions Limited Babcock Mission Critical Services Germany GmbH Augsburg Airport, Flughafenstrasse 19, 86169 Augsburg, Germany Babcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd 2 Babcock Mission Critical Services UK Limited Babcock MSS Limited Babcock Nuclear Limited Babcock Oman LLC P.O. Box 2315, Ghala, Muscat, 130, Oman Babcock Overseas Investments Limited Babcock Project Investments Limited Babcock Project Services Limited Babcock Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Rail Limited Babcock Services Group Limited Babcock Services Limited Babcock Southern Careers Limited* 3 Babcock Southern Holdings Limited 7 Babcock Support Services (Investments) Limited Babcock Support Services GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Support Services Limited 10 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Training Limited Babcock UK Finance Babcock USA LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited 6 Babcock Vehicle Engineering Limited 5 BNS Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland BNS Pensions Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Bond Aviation Topco Limited 6 Brooke Marine Shipbuilders Limited* Cavendish Nuclear (Overseas) Limited* Cavendish Nuclear (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Cavendish Nuclear Japan KK Regus Tokyo, Arca Central - Office 104, Arca Central Building 14F 1-2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited 6 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Devonport Royal Dockyard Limited 11 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Devonport Royal Dockyard Pension Trustees Limited* Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom FBM Babcock Marine Holdings (UK) Limited* FBM Babcock Marine Limited* FBM Marine International (UK) Limited* Flagship Fire Fighting Training Limited Heli Aviation China Limited* Rooms 05-15, 13 A/F South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong iMAST Limited* INAER Helicopter Chile S.A.* 2880 Americo Vespucio Norte Avenue, Suite 1102, Conchali, Santiago, Chile INAER Helicopter Peru S.A.C. (In liquidation) 1118 Av. Los Conquistadores, Santa Cruz, San Isidro, Lima, Peru LGE IP Management Company Ltd Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment LLC 2 251 Little Falls Drive, Wilmington, Delaware 19808, United States Marine Engineering & Fabrications (Holdings) Limited* Marine Engineering & Fabrications Limited* Marine Industrial Design Limited c/o Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Naval Ship Management (Australia) Pty Ltd 9, 70 Franklin Street, Adelaide, SA 5000, Australia Peterhouse Group Limited Peterhouse GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited 12 Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland SBRail Limited* Skills2Learn Ltd Vosper Thornycroft (UK) Limited Subsidiaries, partly owned: Airwork Technical Services & Partners LLC (51.0%) PO Box 248 ( Muaskar Al Murtafa\u2019a (MAM) Garrison), Muscat, 100, Sultanate of Oman Babcock Africa (Pty) Limited (90.0%) 8 Riley Road Office Park, 15E R iley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Holdings (Pty) Ltd (90.0%) 13 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Aviation Services Holdings International Limited (49.82%) 13 52 St Christopher Street, Valletta, VLT 1462, Malta Babcock Education and Training (Pty) Ltd (90.0%) Riley Road Office Park, 15E Rile y Road, Bedfordview, Gauteng, 2007, South Africa Babcock Financial Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Learning and Development Partnership LLP (80.1%) Babcock MCS Ghana Lim ited (90.0%) No. 9, Carrot Avenue, Adjacent Lizzy Sport Complex, East Legon, Accra, Ghana Babcock Mission Critical Services (Ireland) Limited (49.82%) 13 -18 City Quay, Dublin 2, Ireland Babcock Mission Critical Services France SA (49.82%) Lieu dit le Po rtaret, 83340, Le Cannet-des-Maures, France Babcock Namibia Services Pty Ltd (90.0%) Unit 3 Ground Floor, Dr Agostinho Neto Road, Ausspann Plaza, Ausspanplatz, Windhoek, Namibia Babcock Ntuthuko Aviation (Pty) Limited (66.78%) * Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Engineering (Pt y) Limited (46.37 %) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Powerlines (Pty) Limited (46.81% )* Unit G3 Victoria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Plant Services (Pty) Ltd (64.82%) 6 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock TCM Plant (Proprietary) Limited (90.0%) 8 Unit G3 Vict oria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Zambia Limited (90 .0%) 16 Arusha, Town Centre, Ndola, Copper Belt , Zambia Cognac Formation Aero (90.0%) Base A\u00e9rienne 709 Cognac 16100 Ch\u00e2teaubernard, France National Training Institute LLC (70.0%) PO Box 267, Madina tQaboos, Sultanate of Oman, 115 Oman Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%) 11 8th Floor, The Place , High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 14 Air Tanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20.0%) Ascent Flight Training (Holdings) Limited (50.0 %) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 12 Cavendish Fluor Partnership Limited (65.0%) Debut Services (South West) Limited (50.0%) 20 Triton Street, Regent \u2019s Place, London, NW1 3BF, United Kingdom Duqm Naval Dockyard SAOC (49.0%) The Special Economic Zone at Duqm, Al -Duqm, Al- Wusta\u2019a, 3972 112, Oman FSP (2004) Limited (50.0%) 2 8 Stephenson Place , Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltu ngs GmbH & Co. KG (50 .0%) Vorsetzen 54, 20459, Hamburg, Germany Wholly owned subsidiaries with registered office at 55 Baker Street, London, W1U 7EU, United Kingdom, currently in Members Voluntary Liquidation: Babcock Civil Infrastructure Limited; Babcock Infrastructure Holdings LLP; Bond Aviation Leasing Limited. Wholly owned subsidiaries with registered office at 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom, currently in Members Voluntary Liquidation: Babcock Emergency Services Limited 2; Babcock Leaseco Limited; Babcock Technical Services Limited; HCTC Limited; KML (UK) Limited; Touchstone Learning & Skills Ltd; Westminster Education Consultants Limited. Wholly owned subsidiary with registered office at 4 Atlantic Quay, 70 York Street, Glasgow, G2 8JX currently in Members Voluntary Liquidation: First Engineering Holdings Limited Joint venture, with registered office at 18-22 Lloyd Street, Manchester, M2 5WA United Kingdom, currently in Members Voluntary Liquidation: ALC (Superholdco) Limited (50.0%) 15 Notes * Dormant entity. 1. Babcock International Group PLC has direct holdings in Babcock (UK) Holdings Limited, and preference shares class A and B in Babcock Aviation Services (Holdings) Limited. 2. Holding of two types of ordinary shares. 3. Holding of three types of ordinary shares. 4. Holding of four types of ordinary shares. 5. Holding of six types of ordinary shares. 6. Holding of ordinary and preference shares. 7. Holding of ordinary and deferred shares. 8. Holding of ordinary and redeemable preference shares. 9. Holding of ordinary and three types of preference shares. 10. Holding of ordinary and five types of preference shares. 11. Holding of one type of ordinary share only, where more than one type of share is authorised or in issue. 12. Holding of two types of ordinary shares, where more than two types of share are authorised or in issue. 13. Holding of one type of ordinary share and one type of preference share, where more than two types of share are authorised or in issue. 14. Statutory year end 31 December, however consolidated based on the financial performance for the period from 1 April 2022 to 31 March 2023. 15. Statutory year end 30 June however, consolidated based on the financial performance for the period from 1 April 2022 to 31 March 2023.",
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