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1. Basis of preparation and material accounting policy information
Basis of preparation
Babcock International Group PLC (the parent and ultimate parent company) is a public company limited by shares incorporated in the
United Kingdom under the Companies Act. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated
and domiciled in England, UK. A description of the nature of the Group\u2019s operations and principal activities is set out on page 2.
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.
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 107. The Board considered the period from 21 July 2024 to
30 September 2025 in its assessment of going concern.
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 2023:
The following standards and amendments to IFRSs became effective for the annual reporting period beginning on 1 April 2023 and
did not have a material impact on the consolidated financial statements:
\u2022
IFRS 17, \u2018Insurance Contracts\u2019: IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure
of insurance contracts and supersedes IFRS 4.
IFRS 17 allows an entity a policy choice to instead apply IFRS 15 to contracts which would otherwise meet the definition of an
insurance contract providing their primary purpose is to provide a service at a fixed fee and provided certain specific conditions
are met. Where these conditions are satisfied, the Group\u2019s policy is to apply IFRS 15 in all such instances.
IFRS 17 also contains a number of scope exclusions \u2013 for example, warranties provided by a manufacturer, dealer or retailer
in connection with the sale of its goods or services to a customer are outside the scope of IFRS 17.
Whilst the Group holds a number of long-term support and maintenance contracts, it has been concluded that such contracts
are either subject to the above scope exclusions and policy choices, or do not constitute insurance contracts because there
is no transfer of significant insurance risk due to pricing structure such that additional costs are recoverable through variable
consideration or final pricing adjustment. As such, none of the long-term support and maintenance contracts are accounted
for under IFRS 17.
The Group has assessed that the standard would impact its captive insurance company as it issues insurance contracts, however,
since the contracts insure other Group companies, there is no impact on the Consolidated Financial Statements.
The impact of adopting IFRS 17 is not material for the Group and no restatement of the prior period Income Statement or
Statement of Financial Position was required.
\u2022
Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019: The amendments change the requirements in IAS 1 with regard
to disclosure of accounting policies. The amendments replace all instances of the term \u2018significant accounting policies\u2019 with
\u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other
information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary
users of general purpose financial statements make on the basis of those financial statements.
The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial
transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material
because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not
all accounting policy information relating to material transactions, other events or conditions is itself material.
\u2022
Amendments to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019: The amendments replace the
d
efinition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting
estimates are \"monetary amounts in financial statements that are subject to measurement uncertainty\".
\u2022
Amendments to IAS 12, \u2018Income Taxes\u2019: The amendments introduce a further exception from the initial recognition exemption
.
Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable
and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences
may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither
accounting profit nor taxable profit.
Following the amendments to IAS 12, an entity is required to recognise the related deferred tax asset and liability, with the
recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12.
The IASB amended the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or
substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified
domestic minimum top-up taxes described in those rules.
The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity
would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.
Following the amendments, the group is required to disclose that it has applied the exception and to disclose separately its current
tax expense (income) related to Pillar Two income taxes.
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
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
\u2022
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
\u2022
Amendments to IAS 1: Non-current Liabilities with Covenants
\u2022
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
\u2022
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
All standards listed above will be adopted with effect from 1 April 2024 with the exception of the Amendments to IFRS 10 and IAS 28
for which the mandatory effective date has not yet been set by the IASB.
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. 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 groups of cash generating units to which goodwill is allocated
IFRS 8 requires that, for the purpose of subsequent impairment testing, goodwill acquired in business combinations be allocated to cash
generating units (\u2018CGUs\u2019) or groups of CGUs expected to benefit from the synergies of the combination. Such CGUs or groups of CGUs
shall represent the lowest level at which goodwill is monitored for internal management purposes and shall not be larger than an
operating segment.
This determination is generally straightforward and factual, however in some cases judgement is required.
The Group has identified four operating segments \u2013 Aviation, Land, Marine and Nuclear \u2013 and in the case of Aviation, Marine and
Nuclear, goodwill is allocated and monitored at the operating segment level (with these three operating segments each also comprising
a group of CGUs).
Although Land is considered a single operating segment, goodwill is separately allocated and monitored between the Africa business
(as one group of CGUs) and the remainder of Land (as a second group of CGUs). This distinction exists due to historic assessments of the
Group\u2019s operating segments and the fact that previous Africa business combinations were only anticipated to provide synergies and
benefits across the Africa CGUs.
Other territories may represent separate CGUs or groups of CGUs but are neither separate operating segments nor is goodwill separately
allocated or monitored at these territory levels.
Over time management reviews the basis upon which goodwill is allocated to ensure it remains 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.
(iii) Additional work expected under the Type 31 contract
There is judgement in determining whether the Type 31 onerous contract provision should reflect the benefit of the expected
continuation of the programme. IAS 37.10 states that \u201ca contract is onerous when the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits expected to be received under it.\u201d Judgement is required in determining whether
additional work is treated as a benefit expected to be received under the Type 31 contract, reducing the onerous contract provision.
The key factors considered in making this judgement are the additional work expected at contract inception and the economic linkage
with the pricing and other terms of the Type 31 contract. Having carefully considered the available evidence against the evidential bar
required to recognise future benefits, it was concluded that the expected continuation of the programme should not be treated as
a benefit expected under the Type 31 contract.
(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.
Type 31 contract estimates
The contract to produce 5 Type 31 frigates was won under competitive tender in 2019, based on Babcock\u2019s Arrowhead 140 design.
The contract is important in providing access to an expected pipeline of Type 31 work and developing our Arrowhead 140 design
for opportunities overseas. Although the contract contained certain escalation clauses, it provided limited protection from the
macroeconomic changes of recent years relating to Brexit, Covid, raw material prices and UK labour shortages, which have significantly
increased our costs. Following the outcome of discussions with the customer over these matters, a \u00a3100m charge was recorded in the
prior financial year.
This year we launched an operational improvement programme to address all areas of the Type 31 programme. This has included a
significant focus on cost drivers and financial modelling, supported by external consultants, and has led to a number of management
changes. This has enabled a more detailed reassessment, robustly supported by actual cost data, other empirical evidence and a further
year of experience of the programme.
We recorded a \u00a390m charge at the end of the year. Estimated costs over the life of the contract have increased due to the maturing
of the design and an increase in the forecast cost of labour. The \u00a390m charge has been recognised as a \u00a366m reduction in revenue
(which increases the contract liability within working capital) and \u00a324m increase in the onerous contract provision.
Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex
judgements to be made about the 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 estimates made in assessing the outturn are set out below, along with the related estimation methods, data sources and
management actions to offset the increases in the year.
a)
The number of production hours \u2013 which requires estimation of a standard level of hours for manufacturing, structural and
outfitting activities, determined with reference to previous experience of comparable programmes and industry data where
available. The estimation of the time taken to improve to this standard level is also relevant, based on a detailed enablement
plan which is a key output of the operational improvement programme. The volume of activities is based on a detailed assessment
of the Bill of Materials, supported by dedicated engineering software
b)
The cost of labour \u2013 which is dependent on our ability to recruit, the mix of the workforce between permanent and contingent
workers from the UK and overseas, the utilisation of semi-skilled and apprentice workers and shift patterns and premiums.
A detailed resourcing plan is used to support this estimate with actions required to achieve an efficient labour mix
c)
The cost of bought-in parts and services through suppliers and sub-contractors \u2013 which includes the outcome of procurement
tenders, finalisation of other areas of unagreed pricing and the agreement of discounts and incentive arrangements
d)
The ability to improve operational performance through process efficiencies, quality and engineering improvements over
the five ships \u2013 which requires actions to reduce re-work, optimise the location in which outfitting is performed, deliver specific
productivity initiatives and make engineering changes to reduce the cost of manufacture, structural assembly and outfitting
e)
The number of hours required by support functions \u2013 primarily in engineering which is impacted by the timely completion of
remaining design activities and effective management of production support and change requests. A detailed engineering scope
review has been performed to support this estimate. The maturity of the design and estimation process has allowed us to target
improvements in ongoing support and overhead costs
f)
The determination of non-incremental costs which relate directly to fulfilling the contract and are therefore partially
allocated to the contract to determine the loss provision \u2013 including facility and overhead costs
g)
The impact of inflation on the contract price and costs to fulfil the contract \u2013 particularly in relation to labour which may
be impacted by changes in the local, UK and overseas labour markets, competitor activity and government policy
h)
The achievement of the build schedule to completion and final acceptance \u2013 including the satisfaction of all contractual
performance criteria. The schedule analysis is based on detailed modelling and the performance of multiple scenario analysis
The cost estimation process has involved a number of key elements:
\u2022
Regular governance at the Group level to monitor progress and enable support as required
\u2022
Bottom-up costing at the activity level performed by individual business areas
\u2022
Reassessment of risk based on the updated cost estimates, considering ranges of outcomes and probabilities
\u2022
Input from functional specialists from across the Group
\u2022
Development of financial models based on cost drivers, using actual data and other evidence to inform the forecast outturn
\u2022
Detailed documentation of estimates made, including process followed, sources of evidence and basis for conclusions
\u2022
Review and challenge at the Programme, Sector and Groups levels, culminating in a number of dedicated reviews with the Audit
Committee
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. The estimates described above are by their nature inter-related for this programme and are unlikely to change with
everything else constant. However, for illustrative purposes, we have provided sensitivities to certain isolated changes in key estimates
on the basis that all other factors remain constant:
\u2022
Production hours \u2013 which are impacted by production norms, rate of improvement, process efficiencies and quality/engineering
improvements (see a) and d) above). A 10% increase/decrease in production hours would increase/decrease the loss by \u00a332m
\u2022
Labour rate \u2013 which is impacted by our ability to recruit permanent staff, the mix of the workforce, ancillary costs and inflation (see b)
and g) above). A 10% increase/decrease in the average labour rate would increase/decrease the loss by \u00a345m
\u2022
Supply chain costs (see c) above) \u2013 which are impacted by the agreement of remaining pricing, discounts and incentive
arrangements. A 10% increase/decrease in supply chain costs would increase/decrease the loss by \u00a331m
\u2022
Schedule (see e), f) and h) above) \u2013 which are impacted by the build schedule. A 6-month delay beyond the current planning
assumption would increase/decrease the loss by \u00a324m
Overall, with c\u00a31bn of estimated costs to go over the life of the contract, if actual costs were to differ from those assumed by 10%,
the potential impact on the contract outturn could be c\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, many of the \u2018first
time\u2019 tasks and work to integrate the various elements 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 the remaining 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 25.
(c) Other estimates which are not key sources of estimation uncertainty
(i) 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 the groups of cash generating units to which
goodwill is allocated, together with appropriate discounting of the cash flows.
In the prior year, the recoverable amount of goodwill in the Aviation business was identified as a critical accounting estimate given
the significance of the remaining carrying value of goodwill, the headroom within the base case and the inherent level of estimation
uncertainty required to undertake impairment testing. The assessment of the recoverable value of goodwill elsewhere in the Group
was not considered a critical accounting estimate as a result of the headroom within these areas.
In the current year, we have not identified a key source of estimation uncertainty in respect of goodwill. The headroom across all
identified groups of CGUs against which goodwill is allocated and monitored is such that no reasonably possible changes in assumptions
could result in the complete elimination of the headroom. 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.
Further information on key assumptions and sensitivity analyses are included in note 10.
(ii) Impact of climate change
In preparing the Group financial statements, consideration has been given to the potential impact of climate change. Climate-related
matters create risks and opportunities for the Group as set out on pages 76 to 79 of the Strategic Report. Climate-related matters are
not considered to have a material impact on the Group\u2019s critical accounting judgements or key sources of estimation uncertainty.
Climate-related matters primarily impact the Group through their potential impact on the Group\u2019s budgets and forecasts. Budgets and
forecasts affect the current year financial statements through their impact on the following areas:
\u2022
Going concern and viability of the Group;
\u2022
Cash flow forecasts used in impairment assessments of including goodwill, intangible assets and property, plant & equipment;
\u2022
Cash flow forecasts used in the Impairment assessments of financial assets; and
\u2022
The assessed useful economic lives of the Group\u2019s non-current assets
Revised budgets and forecasts, incorporating an estimated financial impact on the climate-related risks and opportunities (described
on pages 76 to 79 of the Strategic Report) have been modelled to understand the possible financial impact and the resilience to these
sensitivities is the basis for why climate-related matters have been concluded to not have a material impact on the critical accounting
judgements or key sources of estimation uncertainty. Whilst there is currently no significant medium-term impact expected from climate
change, the Group is aware of the ever-changing risks attached to climate change and will regularly assess these risks against
judgements and estimates made in preparing the Group consolidated financial statements.
Material accounting policy information
The material accounting policy information applicable to the Group is set out below. Material accounting policies 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.
Given the long-term nature of the Group\u2019s contracts with customers, a number of arrangements include clauses to allow for inflation
within the transaction price. Such inflation clauses are treated as variable consideration.
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 7% of Group revenues (2023: 8%). 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 expected satisfaction of performance obligations, and therefore recognition of revenue. Contract
assets or liabilities arise on short term timing differences or in those more limited instances where payment terms do not reflect timing
and performance of service delivery. In such cases, consideration is given to whether the contract includes a significant financing
component with appropriate accounting.
(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 allocated to the cash generating unit (or group of cash generating units)
expected to benefit from the business combination\u2019s synergies.
Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and
reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the
other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units.
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 cash generating units (or groups
of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the
balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost
to dispose to be readily determinable). 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. Amortisation of development costs is expensed within operating costs in the Group income statement.
(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.
Amortisation of software costs is expensed within operating costs in the Group income statement.
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) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale. Qualifying assets include both internally generated intangible assets and
property, plant and equipment.
To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow hedge of
interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified to the Income
Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to finance a qualifying asset
and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs reflect the hedged interest rate.
All other borrowing costs are recognised in the Income Statement in the period in which they are incurred.
(h) 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.
(i) 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.
(j) 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.
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.
(k) 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. Certain purchases of inventories may be subject to cash flow
hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging gain or loss transferred from
the cash flow hedge reserve (\u201cbasis adjustment\u201d). Inventory is valued using a first-in, first-out (\u2018FIFO\u2019) basis.
Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory.
(l) 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 29 for details of contingent liabilities.
(m) 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.
(n) Taxation
(i) Current income tax
Current income 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.
(o) 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.
(p) 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.
(q) Finance income
Finance income is recognised in the period to which it relates using the effective interest rate method.
(r) 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) Holiday pay
Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned.
(iii) 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.
(s) Financial instruments
(i) Financial assets and liabilities at amortised cost
Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), 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 under factoring arrangements are measured at fair value through other comprehensive income because they are held
within business model held to collect and sell.
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.
(t) 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.
(u) 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.
(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) Government grants and contributions
In the course of our business we receive certain grants or contributions from governments. These are deducted from the related
expenses in the income statement. These amounts total \u00a340.0 million (FY23: \u00a322.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-463": { "value": "Basis of preparation Babcock International Group PLC (the parent and ultimate parent company) is a public company limited by shares incorporated in the United Kingdom under the Companies Act. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated and domiciled in England, UK. A description of the nature of the Group\u2019s operations and principal activities is set out on page 2. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "listed", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-520": { "value": "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-464": { "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 107. The Board considered the period from 21 July 2024 to 30 September 2025 in its assessment of going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-559": { "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 2023: The following standards and amendments to IFRSs became effective for the annual reporting period beginning on 1 April 2023 and did not have a material impact on the consolidated financial statements: \u2022 IFRS 17, \u2018Insurance Contracts\u2019: IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4. IFRS 17 allows an entity a policy choice to instead apply IFRS 15 to contracts which would otherwise meet the definition of an insurance contract providing their primary purpose is to provide a service at a fixed fee and provided certain specific conditions are met. Where these conditions are satisfied, the Group\u2019s policy is to apply IFRS 15 in all such instances. IFRS 17 also contains a number of scope exclusions \u2013 for example, warranties provided by a manufacturer, dealer or retailer in connection with the sale of its goods or services to a customer are outside the scope of IFRS 17. Whilst the Group holds a number of long-term support and maintenance contracts, it has been concluded that such contracts are either subject to the above scope exclusions and policy choices, or do not constitute insurance contracts because there is no transfer of significant insurance risk due to pricing structure such that additional costs are recoverable through variable consideration or final pricing adjustment. As such, none of the long-term support and maintenance contracts are accounted for under IFRS 17. The Group has assessed that the standard would impact its captive insurance company as it issues insurance contracts, however, since the contracts insure other Group companies, there is no impact on the Consolidated Financial Statements. The impact of adopting IFRS 17 is not material for the Group and no restatement of the prior period Income Statement or Statement of Financial Position was required. \u2022 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019: The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u2018significant accounting policies\u2019 with \u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. \u2022 Amendments to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019: The amendments replace the d efinition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to measurement uncertainty\". \u2022 Amendments to IAS 12, \u2018Income Taxes\u2019: The amendments introduce a further exception from the initial recognition exemption . Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit. Following the amendments to IAS 12, an entity is required to recognise the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12. The IASB amended the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Following the amendments, the group is required to disclose that it has applied the exception and to disclose separately its current tax expense (income) related to Pillar Two income taxes. 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 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current \u2022 Amendments to IAS 1: Non-current Liabilities with Covenants \u2022 Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements \u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback All standards listed above will be adopted with effect from 1 April 2024 with the exception of the Amendments to IFRS 10 and IAS 28 for which the mandatory effective date has not yet been set by the IASB. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-465": { "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 2023: The following standards and amendments to IFRSs became effective for the annual reporting period beginning on 1 April 2023 and did not have a material impact on the consolidated financial statements: \u2022 IFRS 17, \u2018Insurance Contracts\u2019: IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4. IFRS 17 allows an entity a policy choice to instead apply IFRS 15 to contracts which would otherwise meet the definition of an insurance contract providing their primary purpose is to provide a service at a fixed fee and provided certain specific conditions are met. Where these conditions are satisfied, the Group\u2019s policy is to apply IFRS 15 in all such instances. IFRS 17 also contains a number of scope exclusions \u2013 for example, warranties provided by a manufacturer, dealer or retailer in connection with the sale of its goods or services to a customer are outside the scope of IFRS 17. Whilst the Group holds a number of long-term support and maintenance contracts, it has been concluded that such contracts are either subject to the above scope exclusions and policy choices, or do not constitute insurance contracts because there is no transfer of significant insurance risk due to pricing structure such that additional costs are recoverable through variable consideration or final pricing adjustment. As such, none of the long-term support and maintenance contracts are accounted for under IFRS 17. The Group has assessed that the standard would impact its captive insurance company as it issues insurance contracts, however, since the contracts insure other Group companies, there is no impact on the Consolidated Financial Statements. The impact of adopting IFRS 17 is not material for the Group and no restatement of the prior period Income Statement or Statement of Financial Position was required. \u2022 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019: The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u2018significant accounting policies\u2019 with \u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. \u2022 Amendments to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019: The amendments replace the d efinition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to measurement uncertainty\". \u2022 Amendments to IAS 12, \u2018Income Taxes\u2019: The amendments introduce a further exception from the initial recognition exemption . Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit. Following the amendments to IAS 12, an entity is required to recognise the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12. The IASB amended the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Following the amendments, the group is required to disclose that it has applied the exception and to disclose separately its current tax expense (income) related to Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-466": { "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 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current \u2022 Amendments to IAS 1: Non-current Liabilities with Covenants \u2022 Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements \u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback All standards listed above will be adopted with effect from 1 April 2024 with the exception of the Amendments to IFRS 10 and IAS 28 for which the mandatory effective date has not yet been set by the IASB. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-467": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-521": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-571": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-560": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-522": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-468": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-523": { "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. 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 groups of cash generating units to which goodwill is allocated IFRS 8 requires that, for the purpose of subsequent impairment testing, goodwill acquired in business combinations be allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs expected to benefit from the synergies of the combination. Such CGUs or groups of CGUs shall represent the lowest level at which goodwill is monitored for internal management purposes and shall not be larger than an operating segment. This determination is generally straightforward and factual, however in some cases judgement is required. The Group has identified four operating segments \u2013 Aviation, Land, Marine and Nuclear \u2013 and in the case of Aviation, Marine and Nuclear, goodwill is allocated and monitored at the operating segment level (with these three operating segments each also comprising a group of CGUs). Although Land is considered a single operating segment, goodwill is separately allocated and monitored between the Africa business (as one group of CGUs) and the remainder of Land (as a second group of CGUs). This distinction exists due to historic assessments of the Group\u2019s operating segments and the fact that previous Africa business combinations were only anticipated to provide synergies and benefits across the Africa CGUs. Other territories may represent separate CGUs or groups of CGUs but are neither separate operating segments nor is goodwill separately allocated or monitored at these territory levels. Over time management reviews the basis upon which goodwill is allocated to ensure it remains 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. (iii) Additional work expected under the Type 31 contract There is judgement in determining whether the Type 31 onerous contract provision should reflect the benefit of the expected continuation of the programme. IAS 37.10 states that \u201ca contract is onerous when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.\u201d Judgement is required in determining whether additional work is treated as a benefit expected to be received under the Type 31 contract, reducing the onerous contract provision. The key factors considered in making this judgement are the additional work expected at contract inception and the economic linkage with the pricing and other terms of the Type 31 contract. Having carefully considered the available evidence against the evidential bar required to recognise future benefits, it was concluded that the expected continuation of the programme should not be treated as a benefit expected under the Type 31 contract. (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. Type 31 contract estimates The contract to produce 5 Type 31 frigates was won under competitive tender in 2019, based on Babcock\u2019s Arrowhead 140 design. The contract is important in providing access to an expected pipeline of Type 31 work and developing our Arrowhead 140 design for opportunities overseas. Although the contract contained certain escalation clauses, it provided limited protection from the macroeconomic changes of recent years relating to Brexit, Covid, raw material prices and UK labour shortages, which have significantly increased our costs. Following the outcome of discussions with the customer over these matters, a \u00a3100m charge was recorded in the prior financial year. This year we launched an operational improvement programme to address all areas of the Type 31 programme. This has included a significant focus on cost drivers and financial modelling, supported by external consultants, and has led to a number of management changes. This has enabled a more detailed reassessment, robustly supported by actual cost data, other empirical evidence and a further year of experience of the programme. We recorded a \u00a390m charge at the end of the year. Estimated costs over the life of the contract have increased due to the maturing of the design and an increase in the forecast cost of labour. The \u00a390m charge has been recognised as a \u00a366m reduction in revenue (which increases the contract liability within working capital) and \u00a324m increase in the onerous contract provision. Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex judgements to be made about the 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 estimates made in assessing the outturn are set out below, along with the related estimation methods, data sources and management actions to offset the increases in the year. a) The number of production hours \u2013 which requires estimation of a standard level of hours for manufacturing, structural and outfitting activities, determined with reference to previous experience of comparable programmes and industry data where available. The estimation of the time taken to improve to this standard level is also relevant, based on a detailed enablement plan which is a key output of the operational improvement programme. The volume of activities is based on a detailed assessment of the Bill of Materials, supported by dedicated engineering software b) The cost of labour \u2013 which is dependent on our ability to recruit, the mix of the workforce between permanent and contingent workers from the UK and overseas, the utilisation of semi-skilled and apprentice workers and shift patterns and premiums. A detailed resourcing plan is used to support this estimate with actions required to achieve an efficient labour mix c) The cost of bought-in parts and services through suppliers and sub-contractors \u2013 which includes the outcome of procurement tenders, finalisation of other areas of unagreed pricing and the agreement of discounts and incentive arrangements d) The ability to improve operational performance through process efficiencies, quality and engineering improvements over the five ships \u2013 which requires actions to reduce re-work, optimise the location in which outfitting is performed, deliver specific productivity initiatives and make engineering changes to reduce the cost of manufacture, structural assembly and outfitting e) The number of hours required by support functions \u2013 primarily in engineering which is impacted by the timely completion of remaining design activities and effective management of production support and change requests. A detailed engineering scope review has been performed to support this estimate. The maturity of the design and estimation process has allowed us to target improvements in ongoing support and overhead costs f) The determination of non-incremental costs which relate directly to fulfilling the contract and are therefore partially allocated to the contract to determine the loss provision \u2013 including facility and overhead costs g) The impact of inflation on the contract price and costs to fulfil the contract \u2013 particularly in relation to labour which may be impacted by changes in the local, UK and overseas labour markets, competitor activity and government policy h) The achievement of the build schedule to completion and final acceptance \u2013 including the satisfaction of all contractual performance criteria. The schedule analysis is based on detailed modelling and the performance of multiple scenario analysis The cost estimation process has involved a number of key elements: \u2022 Regular governance at the Group level to monitor progress and enable support as required \u2022 Bottom-up costing at the activity level performed by individual business areas \u2022 Reassessment of risk based on the updated cost estimates, considering ranges of outcomes and probabilities \u2022 Input from functional specialists from across the Group \u2022 Development of financial models based on cost drivers, using actual data and other evidence to inform the forecast outturn \u2022 Detailed documentation of estimates made, including process followed, sources of evidence and basis for conclusions \u2022 Review and challenge at the Programme, Sector and Groups levels, culminating in a number of dedicated reviews with the Audit Committee 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. The estimates described above are by their nature inter-related for this programme and are unlikely to change with everything else constant. However, for illustrative purposes, we have provided sensitivities to certain isolated changes in key estimates on the basis that all other factors remain constant: \u2022 Production hours \u2013 which are impacted by production norms, rate of improvement, process efficiencies and quality/engineering improvements (see a) and d) above). A 10% increase/decrease in production hours would increase/decrease the loss by \u00a332m \u2022 Labour rate \u2013 which is impacted by our ability to recruit permanent staff, the mix of the workforce, ancillary costs and inflation (see b) and g) above). A 10% increase/decrease in the average labour rate would increase/decrease the loss by \u00a345m \u2022 Supply chain costs (see c) above) \u2013 which are impacted by the agreement of remaining pricing, discounts and incentive arrangements. A 10% increase/decrease in supply chain costs would increase/decrease the loss by \u00a331m \u2022 Schedule (see e), f) and h) above) \u2013 which are impacted by the build schedule. A 6-month delay beyond the current planning assumption would increase/decrease the loss by \u00a324m Overall, with c\u00a31bn of estimated costs to go over the life of the contract, if actual costs were to differ from those assumed by 10%, the potential impact on the contract outturn could be c\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, many of the \u2018first time\u2019 tasks and work to integrate the various elements 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 the remaining 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 25. (c) Other estimates which are not key sources of estimation uncertainty (i) 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 the groups of cash generating units to which goodwill is allocated, together with appropriate discounting of the cash flows. In the prior year, the recoverable amount of goodwill in the Aviation business was identified as a critical accounting estimate given the significance of the remaining carrying value of goodwill, the headroom within the base case and the inherent level of estimation uncertainty required to undertake impairment testing. The assessment of the recoverable value of goodwill elsewhere in the Group was not considered a critical accounting estimate as a result of the headroom within these areas. In the current year, we have not identified a key source of estimation uncertainty in respect of goodwill. The headroom across all identified groups of CGUs against which goodwill is allocated and monitored is such that no reasonably possible changes in assumptions could result in the complete elimination of the headroom. 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. Further information on key assumptions and sensitivity analyses are included in note 10. (ii) Impact of climate change In preparing the Group financial statements, consideration has been given to the potential impact of climate change. Climate-related matters create risks and opportunities for the Group as set out on pages 76 to 79 of the Strategic Report. Climate-related matters are not considered to have a material impact on the Group\u2019s critical accounting judgements or key sources of estimation uncertainty. Climate-related matters primarily impact the Group through their potential impact on the Group\u2019s budgets and forecasts. Budgets and forecasts affect the current year financial statements through their impact on the following areas: \u2022 Going concern and viability of the Group; \u2022 Cash flow forecasts used in impairment assessments of including goodwill, intangible assets and property, plant & equipment; \u2022 Cash flow forecasts used in the Impairment assessments of financial assets; and \u2022 The assessed useful economic lives of the Group\u2019s non-current assets Revised budgets and forecasts, incorporating an estimated financial impact on the climate-related risks and opportunities (described on pages 76 to 79 of the Strategic Report) have been modelled to understand the possible financial impact and the resilience to these sensitivities is the basis for why climate-related matters have been concluded to not have a material impact on the critical accounting judgements or key sources of estimation uncertainty. Whilst there is currently no significant medium-term impact expected from climate change, the Group is aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparing the Group consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-469": { "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. 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 groups of cash generating units to which goodwill is allocated IFRS 8 requires that, for the purpose of subsequent impairment testing, goodwill acquired in business combinations be allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs expected to benefit from the synergies of the combination. Such CGUs or groups of CGUs shall represent the lowest level at which goodwill is monitored for internal management purposes and shall not be larger than an operating segment. This determination is generally straightforward and factual, however in some cases judgement is required. The Group has identified four operating segments \u2013 Aviation, Land, Marine and Nuclear \u2013 and in the case of Aviation, Marine and Nuclear, goodwill is allocated and monitored at the operating segment level (with these three operating segments each also comprising a group of CGUs). Although Land is considered a single operating segment, goodwill is separately allocated and monitored between the Africa business (as one group of CGUs) and the remainder of Land (as a second group of CGUs). This distinction exists due to historic assessments of the Group\u2019s operating segments and the fact that previous Africa business combinations were only anticipated to provide synergies and benefits across the Africa CGUs. Other territories may represent separate CGUs or groups of CGUs but are neither separate operating segments nor is goodwill separately allocated or monitored at these territory levels. Over time management reviews the basis upon which goodwill is allocated to ensure it remains 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. (iii) Additional work expected under the Type 31 contract There is judgement in determining whether the Type 31 onerous contract provision should reflect the benefit of the expected continuation of the programme. IAS 37.10 states that \u201ca contract is onerous when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.\u201d Judgement is required in determining whether additional work is treated as a benefit expected to be received under the Type 31 contract, reducing the onerous contract provision. The key factors considered in making this judgement are the additional work expected at contract inception and the economic linkage with the pricing and other terms of the Type 31 contract. Having carefully considered the available evidence against the evidential bar required to recognise future benefits, it was concluded that the expected continuation of the programme should not be treated as a benefit expected under the Type 31 contract. (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. Type 31 contract estimates The contract to produce 5 Type 31 frigates was won under competitive tender in 2019, based on Babcock\u2019s Arrowhead 140 design. The contract is important in providing access to an expected pipeline of Type 31 work and developing our Arrowhead 140 design for opportunities overseas. Although the contract contained certain escalation clauses, it provided limited protection from the macroeconomic changes of recent years relating to Brexit, Covid, raw material prices and UK labour shortages, which have significantly increased our costs. Following the outcome of discussions with the customer over these matters, a \u00a3100m charge was recorded in the prior financial year. This year we launched an operational improvement programme to address all areas of the Type 31 programme. This has included a significant focus on cost drivers and financial modelling, supported by external consultants, and has led to a number of management changes. This has enabled a more detailed reassessment, robustly supported by actual cost data, other empirical evidence and a further year of experience of the programme. We recorded a \u00a390m charge at the end of the year. Estimated costs over the life of the contract have increased due to the maturing of the design and an increase in the forecast cost of labour. The \u00a390m charge has been recognised as a \u00a366m reduction in revenue (which increases the contract liability within working capital) and \u00a324m increase in the onerous contract provision. Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex judgements to be made about the 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 estimates made in assessing the outturn are set out below, along with the related estimation methods, data sources and management actions to offset the increases in the year. a) The number of production hours \u2013 which requires estimation of a standard level of hours for manufacturing, structural and outfitting activities, determined with reference to previous experience of comparable programmes and industry data where available. The estimation of the time taken to improve to this standard level is also relevant, based on a detailed enablement plan which is a key output of the operational improvement programme. The volume of activities is based on a detailed assessment of the Bill of Materials, supported by dedicated engineering software b) The cost of labour \u2013 which is dependent on our ability to recruit, the mix of the workforce between permanent and contingent workers from the UK and overseas, the utilisation of semi-skilled and apprentice workers and shift patterns and premiums. A detailed resourcing plan is used to support this estimate with actions required to achieve an efficient labour mix c) The cost of bought-in parts and services through suppliers and sub-contractors \u2013 which includes the outcome of procurement tenders, finalisation of other areas of unagreed pricing and the agreement of discounts and incentive arrangements d) The ability to improve operational performance through process efficiencies, quality and engineering improvements over the five ships \u2013 which requires actions to reduce re-work, optimise the location in which outfitting is performed, deliver specific productivity initiatives and make engineering changes to reduce the cost of manufacture, structural assembly and outfitting e) The number of hours required by support functions \u2013 primarily in engineering which is impacted by the timely completion of remaining design activities and effective management of production support and change requests. A detailed engineering scope review has been performed to support this estimate. The maturity of the design and estimation process has allowed us to target improvements in ongoing support and overhead costs f) The determination of non-incremental costs which relate directly to fulfilling the contract and are therefore partially allocated to the contract to determine the loss provision \u2013 including facility and overhead costs g) The impact of inflation on the contract price and costs to fulfil the contract \u2013 particularly in relation to labour which may be impacted by changes in the local, UK and overseas labour markets, competitor activity and government policy h) The achievement of the build schedule to completion and final acceptance \u2013 including the satisfaction of all contractual performance criteria. The schedule analysis is based on detailed modelling and the performance of multiple scenario analysis The cost estimation process has involved a number of key elements: \u2022 Regular governance at the Group level to monitor progress and enable support as required \u2022 Bottom-up costing at the activity level performed by individual business areas \u2022 Reassessment of risk based on the updated cost estimates, considering ranges of outcomes and probabilities \u2022 Input from functional specialists from across the Group \u2022 Development of financial models based on cost drivers, using actual data and other evidence to inform the forecast outturn \u2022 Detailed documentation of estimates made, including process followed, sources of evidence and basis for conclusions \u2022 Review and challenge at the Programme, Sector and Groups levels, culminating in a number of dedicated reviews with the Audit Committee 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. The estimates described above are by their nature inter-related for this programme and are unlikely to change with everything else constant. However, for illustrative purposes, we have provided sensitivities to certain isolated changes in key estimates on the basis that all other factors remain constant: \u2022 Production hours \u2013 which are impacted by production norms, rate of improvement, process efficiencies and quality/engineering improvements (see a) and d) above). A 10% increase/decrease in production hours would increase/decrease the loss by \u00a332m \u2022 Labour rate \u2013 which is impacted by our ability to recruit permanent staff, the mix of the workforce, ancillary costs and inflation (see b) and g) above). A 10% increase/decrease in the average labour rate would increase/decrease the loss by \u00a345m \u2022 Supply chain costs (see c) above) \u2013 which are impacted by the agreement of remaining pricing, discounts and incentive arrangements. A 10% increase/decrease in supply chain costs would increase/decrease the loss by \u00a331m \u2022 Schedule (see e), f) and h) above) \u2013 which are impacted by the build schedule. A 6-month delay beyond the current planning assumption would increase/decrease the loss by \u00a324m Overall, with c\u00a31bn of estimated costs to go over the life of the contract, if actual costs were to differ from those assumed by 10%, the potential impact on the contract outturn could be c\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, many of the \u2018first time\u2019 tasks and work to integrate the various elements 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 the remaining 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 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-470": { "value": "(c) Other estimates which are not key sources of estimation uncertainty (i) 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 the groups of cash generating units to which goodwill is allocated, together with appropriate discounting of the cash flows. In the prior year, the recoverable amount of goodwill in the Aviation business was identified as a critical accounting estimate given the significance of the remaining carrying value of goodwill, the headroom within the base case and the inherent level of estimation uncertainty required to undertake impairment testing. The assessment of the recoverable value of goodwill elsewhere in the Group was not considered a critical accounting estimate as a result of the headroom within these areas. In the current year, we have not identified a key source of estimation uncertainty in respect of goodwill. The headroom across all identified groups of CGUs against which goodwill is allocated and monitored is such that no reasonably possible changes in assumptions could result in the complete elimination of the headroom. 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. Further information on key assumptions and sensitivity analyses are included in note 10. (ii) Impact of climate change In preparing the Group financial statements, consideration has been given to the potential impact of climate change. Climate-related matters create risks and opportunities for the Group as set out on pages 76 to 79 of the Strategic Report. Climate-related matters are not considered to have a material impact on the Group\u2019s critical accounting judgements or key sources of estimation uncertainty. Climate-related matters primarily impact the Group through their potential impact on the Group\u2019s budgets and forecasts. Budgets and forecasts affect the current year financial statements through their impact on the following areas: \u2022 Going concern and viability of the Group; \u2022 Cash flow forecasts used in impairment assessments of including goodwill, intangible assets and property, plant & equipment; \u2022 Cash flow forecasts used in the Impairment assessments of financial assets; and \u2022 The assessed useful economic lives of the Group\u2019s non-current assets Revised budgets and forecasts, incorporating an estimated financial impact on the climate-related risks and opportunities (described on pages 76 to 79 of the Strategic Report) have been modelled to understand the possible financial impact and the resilience to these sensitivities is the basis for why climate-related matters have been concluded to not have a material impact on the critical accounting judgements or key sources of estimation uncertainty. Whilst there is currently no significant medium-term impact expected from climate change, the Group is aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparing the Group consolidated financial statements. ", "dimensions": { "concept": "babcock:DisclosureOfOtherEstimatesWhichAreNotKeySourcesOfEstimationUncertainty", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-471": { "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. Given the long-term nature of the Group\u2019s contracts with customers, a number of arrangements include clauses to allow for inflation within the transaction price. Such inflation clauses are treated as variable consideration. 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 7% of Group revenues (2023: 8%). 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 expected satisfaction of performance obligations, and therefore recognition of revenue. Contract assets or liabilities arise on short term timing differences or in those more limited instances where payment terms do not reflect timing and performance of service delivery. In such cases, consideration is given to whether the contract includes a significant financing component with appropriate accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-472": { "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. ", "dimensions": { "concept": "babcock:DescriptionOfAccountingPolicyForUnderlyingFinancialInformationAndSpecificAdjustingItems", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-473": { "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", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-474": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-475": { "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 allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. 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 cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). 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. Amortisation of development costs is expensed within operating costs in the Group income statement. (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. Amortisation of software costs is expensed within operating costs in the Group income statement. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-524": { "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 allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. 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 cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-525": { "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. Amortisation of development costs is expensed within operating costs in the Group income statement. (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. Amortisation of software costs is expensed within operating costs in the Group income statement. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-561": { "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. Amortisation of development costs is expensed within operating costs in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-476": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-526": { "value": "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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-477": { "value": "(g) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Qualifying assets include both internally generated intangible assets and property, plant and equipment. To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow hedge of interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified to the Income Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to finance a qualifying asset and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs reflect the hedged interest rate. All other borrowing costs are recognised in the Income Statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-527": { "value": "(h) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-478": { "value": "(h) 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-479": { "value": "(i) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-480": { "value": "(j) 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. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-481": { "value": "(k) 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. Certain purchases of inventories may be subject to cash flow hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging gain or loss transferred from the cash flow hedge reserve (\u201cbasis adjustment\u201d). Inventory is valued using a first-in, first-out (\u2018FIFO\u2019) basis. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-482": { "value": "(l) 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 29 for details of contingent liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-483": { "value": "(m) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-484": { "value": "(n) Taxation (i) Current income tax Current income 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-528": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-485": { "value": "(o) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-529": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-562": { "value": "(p) 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. (q) Finance income Finance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-530": { "value": "(p) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-486": { "value": "(p) 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. (q) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-487": { "value": "(r) 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) Holiday pay Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. (iii) 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:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-531": { "value": "(iii) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-488": { "value": "(s) Financial instruments (i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), 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 under factoring arrangements are measured at fair value through other comprehensive income because they are held within business model held to collect and sell. 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. (t) 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-563": { "value": "(i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), 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 under factoring arrangements are measured at fair value through other comprehensive income because they are held within business model held to collect and sell. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-532": { "value": "(i) Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), 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 under factoring arrangements are measured at fair value through other comprehensive income because they are held within business model held to collect and sell. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-564": { "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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-533": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-534": { "value": "(t) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-489": { "value": "(u) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-490": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-491": { "value": "(w) Government grants and contributions In the course of our business we receive certain grants or contributions from governments. These are deducted from the related expenses in the income statement. These amounts total \u00a340.0 million (FY23: \u00a322.9 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-492": { "value": "
2. Adjustments between statutory and underlying 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 2023.
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 and other items not reflective of underlying performance 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. No exceptional items have been
identified in the current or comparative period.
Income statement including underlying results
The below table, disclosed as supplementary information, reconciles the non-GAAP measure of underlying operating profit to statutory
profit.
Year ended 31 March 2024
Year ended 31 March 2023
Specific Specific
Underlying adjusting items Statutory Underlying adjusting items Statutory
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
3
4,390.1
\u2013
4,390.1
4,438.6
\u2013
4,438.6
Operating profit/(loss)
3,4
237.8
3.8
241.6
177.9
(132.4)
45.5
Operating margin %
5.4%
\u2013
5.5%
4.0%
\u2013
1.0%
Results from joint ventures and associates
14
9.2
\u2013
9.2
9.3
\u2013
9.3
Net finance costs
5
(35.9)
1.8
(34.1)
(58.3)
9.7
(48.6)
Profit/(loss) before tax
211.1
5.6
216.7
128.9
(122.7)
6.2
Income tax (expense)/benefit
7
(53.5)
5.0
(48.5)
(37.7)
(1.8)
(39.5)
Profit/(loss) after tax for the year
157.6
10.6
168.2
91.2
(124.5)
(33.3)
Earnings per share including underlying measures
Year ended 31 March 2024
Year ended 31 March 2023
Specific Specific
Underlying adjusting items Statutory Underlying adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) after tax for the year
157.6
10.6
168.2
91.2
(124.5)
(33.3)
Amount attributable to owners of the parent
155.1
10.6
165.7
89.5
(124.5)
(35.0)
Amount attributable to non-controlling interests
2.5
\u2013
2.5
1.7
\u2013
1.7
Weighted average number of shares (m)
503.5
503.5
505.4
505.4
Effect of dilutive securities (m)
11.8
11.8
9.5
9.5
Diluted weighted average number of shares (m)
515.3
515.3
514.9
514.9
Basic EPS
30.8p
32.9p
17.7p
(6.9)p
Diluted EPS
30.1p
32.2p
17.4p
(6.9)p
Details of specific adjusting items
The impact of specific adjusting items is set out below:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Amortisation of acquired intangibles
(10.8)
(15.8)
Business acquisition, merger and divestment related items (note 27)
8.2
(117.7)
Fair value movement on derivatives and related items
6.4
1.1
Adjusting items impacting operating profit/(loss)
3.8
(132.4)
Fair value movement on derivatives and related items
1.8
9.7
Adjusting items impacting loss
before tax
5.6
(122.7)
Income tax benefit
Amortisation of acquired intangibles
3.9
4.1
Business acquisition, merger and divestment related items
(1.0) (2.1)
Fair value movement on derivatives and related items
(2.0) (2.6)
Exceptional tax on Group reorgani
sation activities
4.7
\u2013
Other tax items including rate change impact
(0.6) (1.2)
Income tax benefit/(expense)
5.0
(1.8)
Year ended 31 March 2024 Year ended 31 March 2023
Specific Specific
Underlying adjusting items Statutory Underlying adjusting items Statutory
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) before tax
211.1
5.6
216.7
128.9
(122.7)
6.2
Share of profit from joint ventures and
associates
14
(10.3)
\u2013
(10.3)
(9.3)
\u2013
(9.3)
Profit/(loss) before tax excluding profit
200.8
5.6
206.4
119.6
(122.7)
(3.1)
from joint ventures and associates
Income tax (expense)/benefit
(53.5)
5.0
(48.5)
(37.7)
(1.8)
(39.5)
Tax rate
26.6%
23.5%
31.5%
(1274.2%)
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 profit relating to business acquisition, merger and divestment related items for the year ended 31 March 2024 was \u00a38.2
million (2023: loss of \u00a3117.7 million). The prior year balance consisted 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 a gain relating to the
disposal of the Oil & Gas business in Aviation of \u00a33.1 million. The current year profit relates to changes in the cash consideration and
provision balances following settlement of certain warranties in respect of prior disposals. Further detail is included in note 27.
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.
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
Specific adjusting items in respect of tax comprises a charge of \u00a30.6 million (2023: \u00a31.2 million) arising from the impact of the increase
in the rate of corporation tax and a credit of \u00a34.7 million (2023: \u00a3nil million) arising from the release of uncertain tax positions in
respect of historic group reorganisation activities.
", "dimensions": { "concept": "babcock:DisclosureOfAdjustmentsBetweenStatutoryAndUnderlyingInformation", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-493": { "value": "
3. Segmental information
The Group has four operating and 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 operating and reportable segments
and makes decisions about the allocation of resources.
The accounting policies of the reportable segments are the same as the group\u2019s accounting policies described in Note 1. 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.
Marine Nuclear Land Aviation Unallocated Total
Year ended 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,429.1
1,520.9
1,098.6
341.5
\u2013
4,390.1
Underlying operating profit
13.1
109.2
96.3
19.2
\u2013
237.8
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(7.5)
\u2013
\u2013
(3.3)
\u2013
(10.8)
Business acquisition, merger and divestment related items
(1.5)
\u2013
(0.2)
9.9
\u2013
8.2
Fair value gain/(loss) on forward rate contracts to be settled
6.9
\u2013
\u2013
(0.5)
\u2013
6.4
in future periods
Operating profit
11.0
109.2
96.1
25.3
\u2013
241.6
Results from joint ventures and associates
(2.3)
0.2
0.3
11.0
\u2013
9.2
IFRIC 12 investment income
\u2013
\u2013
0.5
\u2013
\u2013
0.5
Other net finance costs*
\u2013
\u2013
\u2013
\u2013
(34.6)
(34.6)
Profit/(loss) before tax
8.7
109.4
96.9
36.3
(34.6)
216.7
Marine Nuclear Land Aviation Unallocated Total
Year ended 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
2.8
0.1
0.1
(1.9)
\u2013
1.1
in future periods
Operating
profit/(loss)
5.8
63.6
80.9
(104.8)
\u2013
45.5
Results from
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
* Other net finance costs are not allocated to a specific sector.
Revenues of \u00a32.5 billion (2023: \u00a32.2 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 2024 and 31 March 2023 and capital expenditure and lease principal
payments for the years then ended are as follows:
Assets
Liabilities
Capital expenditure
Lease payments
2024 2023 2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
799.3
793.2
878.0
762.4
31.0
25.2
4.5
5.6
Nuclear
720.9
636.8
322.3
284.8
67.4
37.8
4.3
3.1
Land
704.5
638.2
464.6
379.1
6.4
3.6
12.2
13.9
Aviation
410.9
447.5
191.2
200.0
13.6
44.7
22.8
80.9
Unallocated *
944.5
794.2
1,317.9
1,312.7
24.0
13.8
5.8
5.0
Group total
3,580.1
3,309.9
3,174.0
2,939.0
142.4
125.1
49.6
108.5
* 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
totalling \u00a330.6 million (2023: \u00a338.9 million) are not included above, and are predominantly in the Land 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 2024 and 31 March 2023 is as follows:
Depreciation of property, Depreciation of Amortisation of
plant and equipment
right of use assets
intangible assets
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
11.9
15.9
4.0
5.2
13.3
12.7
Nuclear
23.7
22.8
4.7
2.6
0.2
0.2
Land
3.7
4.4
9.3
10.8
0.7
2.3
Aviation
7.3
23.6
14.8
57.7
3.4
5.5
Unallocated
5.4
5.4
7.0
5.4
6.4
7.4
Group total
52.0
72.1
39.8
81.7
24.0
28.1
Segmental asset impairments
The segmental impairment on property, plant and equipment, right of use assets and intangible assets for the years ended 31 March
2024 and 31 March 2023 is as follows:
Impairment of property, Impairment of Impairment of
plant and equipment right of use assets intangible assets
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Nuclear
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Land
\u2013
\u2013
\u2013
0.9
\u2013
0.9
Aviation
2.1
4.9
\u2013
8.7
\u2013
2.3
Unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
5.8
Group total
2.1
4.9
\u2013
9.6
\u2013
9.0
Geographic analysis of non-current assets
The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2024 and 31 March 2023
is as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
1,464.5
1,415.7
Rest of Europe
54.3
48.7
Africa
27.5
32.7
North America
16.4
13.6
Australasia
137.7
126.3
Rest of World
3.1
3.4
Non
-current segment assets
1,703.5
1,640.4
Retirement benefits
107.3
94.8
Lease receivables
22.5
22.2
Derivatives
2.8
2.6
Deferred tax asset
132.3
112.2
Total non-current assets
1,968.4
1,872.2
Geographic analysis of revenue
The geographic analysis of revenue by origin of customer for the years ended 31 March 2024 and 31 March 2023 is as follows:
Revenue
2024 2023
Geographic analysis
\u00a3m \u00a3m
United Kingdom
3,081.1
2,693.3
Rest of Europe
202.0
601.0
Africa
331.6
329.3
North America
193.2
188.1
Australasia
360.1
349.5
Rest of World
222.1
277.4
Group total
4,390.1
4,438.6
The analysis of revenue for the years ended 31 March 2024 and 31 March 2023 is as follows:
2024 2023
\u00a3m \u00a3m
Restated
Sale of goods \u2013 transferred at a point in time
304.3
313.9
Sale of goods
\u2013 transferred over time
334.8
262.3
Sale of goods
639.1
576.2
Provision of services
\u2013 transferred over time
3,743.9
3,860.7
Rental income
7.1
1.7
Revenue
4,390.1
4,438.6
1
1
Comparatives have been restated to reflect \u00a338.6m of amounts incorrectly classified as sale of goods \u2013 transferred at a point in time that should have
been presented as provision of services \u2013 transferred over time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-535": { "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 2024 and 31 March 2023 is as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
1,464.5
1,415.7
Rest of Europe
54.3
48.7
Africa
27.5
32.7
North America
16.4
13.6
Australasia
137.7
126.3
Rest of World
3.1
3.4
Non
-current segment assets
1,703.5
1,640.4
Retirement benefits
107.3
94.8
Lease receivables
22.5
22.2
Derivatives
2.8
2.6
Deferred tax asset
132.3
112.2
Total non-current assets
1,968.4
1,872.2
Geographic analysis of revenue The geographic analysis of revenue by origin of customer for the years ended 31 March 2024 and 31 March 2023 is as follows:
Revenue
2024 2023
Geographic analysis
\u00a3m \u00a3m
United Kingdom
3,081.1
2,693.3
Rest of Europe
202.0
601.0
Africa
331.6
329.3
North America
193.2
188.1
Australasia
360.1
349.5
Rest of World
222.1
277.4
Group total
4,390.1
4,438.6
The analysis of revenue for the years ended 31 March 2024 and 31 March 2023 is as follows:
2024 2023
\u00a3m \u00a3m
Restated
Sale of goods \u2013 transferred at a point in time
304.3
313.9
Sale of goods
\u2013 transferred over time
334.8
262.3
Sale of goods
639.1
576.2
Provision of services
\u2013 transferred over time
3,743.9
3,860.7
Rental income
7.1
1.7
Revenue
4,390.1
4,438.6
1 1 Comparatives have been restated to reflect \u00a338.6m of amounts incorrectly classified as sale of goods \u2013 transferred at a point in time that should have been presented as provision of services \u2013 transferred over time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-494": { "value": "
4. Operating profit for the year
The following items have been included in arriving at operating profit for the year:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Raw materials, subcontracts and other bought-in items used
2,053.1
1,857.1
Change in inventories of finished goods and work-in-progress
(61.1) (2.8)
Operating charges
482.9
682.6
Employee costs (note 6)
1,583.5
1,567.1
Depreciation of property, plant and
equipment (note 12)
52.0
72.1
Depreciation of right-of-use assets (note 13)
39.8
81.7
Amortisation of intangible assets (note 11)
\u2022
Acquired intangibles
10.8
15.8
\u2022
Other
13.2
12.3
Impairment of intangible assets (note 11)
\u2013
9.0
Impairment of property, plant and equipment (note 12)
2.1
4.9
Impairment of right of use assets (
note 13)
\u2013
9.6
Gain on disposal of property, plant and equipment
(17.1)
(2.0)
Loss on disposal of intangible assets
0.1
1.7
(Gain)/l
oss on disposal of right-of-use assets
(3.6) 0.8
Net foreign exchange (gain)/loss
(3.0)
12.7
Loss on disposal of subsidiaries and joint ventures
3.5
77.4
Gain
on derivative instruments at fair value through profit or loss
(5.7) (6.9)
Gain on trade and other receivables measured at fair value
(2.0)
\u2013
Total operating charges
4,148.5
4,393.1
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 Year ended
31 March 2024 31 March 2023
\u00a3m \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
2.6
2.4
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s subsidiaries
10.7
8.1
Audit related assurance fees
\u2013
\u2013
Fees for other services:
Other non-audit services
\u2013
\u2013
Total fees paid to the Group\u2019s auditor and network firms
13.3
10.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-536": { "value": "4. Operating profit for the year The following items have been included in arriving at operating profit for the year:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Raw materials, subcontracts and other bought-in items used
2,053.1
1,857.1
Change in inventories of finished goods and work-in-progress
(61.1) (2.8)
Operating charges
482.9
682.6
Employee costs (note 6)
1,583.5
1,567.1
Depreciation of property, plant and
equipment (note 12)
52.0
72.1
Depreciation of right-of-use assets (note 13)
39.8
81.7
Amortisation of intangible assets (note 11)
\u2022
Acquired intangibles
10.8
15.8
\u2022
Other
13.2
12.3
Impairment of intangible assets (note 11)
\u2013
9.0
Impairment of property, plant and equipment (note 12)
2.1
4.9
Impairment of right of use assets (
note 13)
\u2013
9.6
Gain on disposal of property, plant and equipment
(17.1)
(2.0)
Loss on disposal of intangible assets
0.1
1.7
(Gain)/l
oss on disposal of right-of-use assets
(3.6) 0.8
Net foreign exchange (gain)/loss
(3.0)
12.7
Loss on disposal of subsidiaries and joint ventures
3.5
77.4
Gain
on derivative instruments at fair value through profit or loss
(5.7) (6.9)
Gain on trade and other receivables measured at fair value
(2.0)
\u2013
Total operating charges
4,148.5
4,393.1
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 Year ended
31 March 2024 31 March 2023
\u00a3m \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
2.6
2.4
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s subsidiaries
10.7
8.1
Audit related assurance fees
\u2013
\u2013
Fees for other services:
Other non-audit services
\u2013
\u2013
Total fees paid to the Group\u2019s auditor and network firms
13.3
10.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-565": { "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 Year ended
31 March 2024 31 March 2023
\u00a3m \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
2.6
2.4
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s subsidiaries
10.7
8.1
Audit related assurance fees
\u2013
\u2013
Fees for other services:
Other non-audit services
\u2013
\u2013
Total fees paid to the Group\u2019s auditor and network firms
13.3
10.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-495": { "value": "
5. Net finance costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
38.5
29.6
Lease interest and foreign exchange movements on lease liabilities
9.6
21.7
Amortisation of issue costs of bank loan
3.0
3.3
Retirement benefit interest cost
0.8
\u2013
Other
4.3
15.9
Total finance costs
56.2
70.5
Finance income
Bank deposits, loans and leases
21.6
13.7
IFRIC 12 Investment income
0.5
0.7
Retirement benefit interest income
\u2013
7.5
Total finance income
22.1
21.9
Net finance costs
34.1
48.6
Net finance costs decreased to \u00a334.1 million (2023: \u00a348.6 million). Included in finance costs are \u00a34.4 million (2023: \u00a312 million)
relating to the factoring of receivables for the Mentor contract in France (within other finance costs).
The prior year included a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and
associated interest rate hedges).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-581": { "value": "5. Net finance costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
38.5
29.6
Lease interest and foreign exchange movements on lease liabilities
9.6
21.7
Amortisation of issue costs of bank loan
3.0
3.3
Retirement benefit interest cost
0.8
\u2013
Other
4.3
15.9
Total finance costs
56.2
70.5
Finance income
Bank deposits, loans and leases
21.6
13.7
IFRIC 12 Investment income
0.5
0.7
Retirement benefit interest income
\u2013
7.5
Total finance income
22.1
21.9
Net finance costs
34.1
48.6
Net finance costs decreased to \u00a334.1 million (2023: \u00a348.6 million). Included in finance costs are \u00a34.4 million (2023: \u00a312 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). The prior year included a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-576": { "value": "5. Net finance costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
38.5
29.6
Lease interest and foreign exchange movements on lease liabilities
9.6
21.7
Amortisation of issue costs of bank loan
3.0
3.3
Retirement benefit interest cost
0.8
\u2013
Other
4.3
15.9
Total finance costs
56.2
70.5
Finance income
Bank deposits, loans and leases
21.6
13.7
IFRIC 12 Investment income
0.5
0.7
Retirement benefit interest income
\u2013
7.5
Total finance income
22.1
21.9
Net finance costs
34.1
48.6
Net finance costs decreased to \u00a334.1 million (2023: \u00a348.6 million). Included in finance costs are \u00a34.4 million (2023: \u00a312 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). The prior year included a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-572": { "value": "5. Net finance costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
38.5
29.6
Lease interest and foreign exchange movements on lease liabilities
9.6
21.7
Amortisation of issue costs of bank loan
3.0
3.3
Retirement benefit interest cost
0.8
\u2013
Other
4.3
15.9
Total finance costs
56.2
70.5
Finance income
Bank deposits, loans and leases
21.6
13.7
IFRIC 12 Investment income
0.5
0.7
Retirement benefit interest income
\u2013
7.5
Total finance income
22.1
21.9
Net finance costs
34.1
48.6
Net finance costs decreased to \u00a334.1 million (2023: \u00a348.6 million). Included in finance costs are \u00a34.4 million (2023: \u00a312 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). The prior year included a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-566": { "value": "5. Net finance costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
38.5
29.6
Lease interest and foreign exchange movements on lease liabilities
9.6
21.7
Amortisation of issue costs of bank loan
3.0
3.3
Retirement benefit interest cost
0.8
\u2013
Other
4.3
15.9
Total finance costs
56.2
70.5
Finance income
Bank deposits, loans and leases
21.6
13.7
IFRIC 12 Investment income
0.5
0.7
Retirement benefit interest income
\u2013
7.5
Total finance income
22.1
21.9
Net finance costs
34.1
48.6
Net finance costs decreased to \u00a334.1 million (2023: \u00a348.6 million). Included in finance costs are \u00a34.4 million (2023: \u00a312 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). The prior year included a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-537": { "value": "5. Net finance costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
38.5
29.6
Lease interest and foreign exchange movements on lease liabilities
9.6
21.7
Amortisation of issue costs of bank loan
3.0
3.3
Retirement benefit interest cost
0.8
\u2013
Other
4.3
15.9
Total finance costs
56.2
70.5
Finance income
Bank deposits, loans and leases
21.6
13.7
IFRIC 12 Investment income
0.5
0.7
Retirement benefit interest income
\u2013
7.5
Total finance income
22.1
21.9
Net finance costs
34.1
48.6
Net finance costs decreased to \u00a334.1 million (2023: \u00a348.6 million). Included in finance costs are \u00a34.4 million (2023: \u00a312 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). The prior year included a one-off gain of \u00a318 million relating to the valuation of interest rate swaps (within loans, overdrafts and associated interest rate hedges). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-496": { "value": "
6. Employee costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Wages and salaries
1,305.2
1,289.2
Social security costs
131.3
141.3
Share-based payments (note 24)
12.4
9.4
Pension costs
\u2013 defined contribution plans (note 25)
110.7 94.6
Pension charges \u2013 defined benefit plans (note 25)
23.9
32.6
1,583.5
1,567.1
The average monthly number of people employed by the Group was:
2023
2024 Number
Number (restated)
Marine
6,801
6,270
Nuclear
8,681
8,172
Land
6,042
6,421
Aviation
2,494
5,013
Central functions
1,145
859
25,163
26,735
Average monthly number of people employed has been restated following mis-mapping of sectors in the prior year disclosure.
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 Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Salaries and other short term employee benefits
13.5
11.6
Post-employment benefits
0.6
0.2
Termination benefits
0.5
\u2013
Share-based payments
5.9
4.6
20.5
16.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-538": { "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 Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Salaries and other short term employee benefits
13.5
11.6
Post-employment benefits
0.6
0.2
Termination benefits
0.5
\u2013
Share-based payments
5.9
4.6
20.5
16.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-497": { "value": "
7. Taxation
Income tax expense
Total
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Analysis of tax expense in the year
Current tax
\u2022
UK current year expense
\u2013
0.6
\u2022
Overseas current year expense
21.8
24.5
\u2022
Overseas prior year (benefit) / expense
(0.1) 2.9
21.7
28.0
Deferred tax
\u2022
UK current year expense
26.1
11.1
\u2022
UK prior year expense/(benefit)
0.5
(3.3)
\u2022
Overseas current year expense
1.8
3.6
\u2022
Overseas prior year benefit
(2.2)
(1.1)
\u2022
Impact of changes in tax rates
0.6
1.2
26.8
11.5
Total income tax expense
48.5
39.5
The tax for the year is lower (2023: higher) than the standard rate of corporation tax in the UK. The differences are explained below:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Profit before tax
216.7
6.2
Profit
on ordinary activities multiplied by rate of corporation tax in the UK of 25% (2023: 19%)
54.2 1.2
Effects of:
Expenses not deductible for tax purposes
3.4
8.6
Re-measurement of deferred tax in respect of statutory rate changes
0.6
1.2
Difference in respect of share of results of joint ventures and associates\u2019 results
 (2.6) (1.8)
Prior year adjustments
 (1.8) (1.5)
Differences in respect of foreign rates
2.0
5.8
Unrecognised deferred tax movements
2.5
9.0
Deferred tax not
previously recognised/derecognised
(3.1)
\u2013
Non
-taxable profits on disposals and non-deductible losses on disposals
(2.1)
22.4
Other
(4.6)
(5.4)
Total income tax expense
 48.5 39.5
Further information on exceptional items and tax on exceptional items is detailed in note 2.
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
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 2024 the Group held
uncertain tax positions of \u00a323.7 million (2023: \u00a320.3 million).
During the prior 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 Organisation for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Sharing
has published the Pillar Two rules designed to address the tax challenges arising from the digitalisation of the global economy.
It is unclear if the Pillar Two rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model
rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 the IASB issued amendments
to IAS 12 \u201cIncome Taxes\u201d, introducing a mandatory temporary exception to the requirements of IAS 12, under which a company does
not recognise or disclose information about deferred tax assets and liabilities related to the OECD/G20 Pillar Two model rules. The
Group has applied the temporary exception as at 31 March 2024.
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, including the UK.
The legislation will be effective for the Group\u2019s financial year beginning on 1 April 2024. The Group is in scope of the enacted or
substantively enacted legislation and has performed an assessment of its potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country by country reporting
and financial statements for the constituent entities in the Group. Based on this assessment, the Pillar Two effective tax rates in most
jurisdictions in which the Group operates are above 15%. There are a limited number of jurisdictions where the transitional safe harbour
rules may not apply. However, in these cases the future Pillar Two effective tax rates are expected to be close to or above 15% and the
Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.
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:
2024 2023
\u00a3m \u00a3m
Deferred tax asset
132.3
112.2
Deferred tax liability
(6.4)
(7.0)
125.9
105.2
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer to income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022
Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1) (0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
At 1 April 2022
(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 from income tax receivable
\u2013
\u2013
\u2013
(5.2)
(5.2)
Disposal of subsidiary
(1.5)
\u2013
(6.3)
(6.5)
(14.3)
Effect of changes 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 2023
(40.9)
15.3
128.0
2.8
105.2
The net deferred tax assets of \u00a3125.9 million (2023: \u00a3105.2 million) include deferred tax assets of \u00a314.0 million (2023: \u00a314.2 million)
and deferred tax liabilities of \u00a36.5 million (2023: \u00a37.0 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 principally in respect of operations in the following jurisdictions: United Kingdom (\u00a3118.2
million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). In the prior year net
deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million),
France (\u00a30.5 million), South Africa (\u00a35.3 million) and New Zealand (\u00a30.9 million). The UK was in a net tax loss position for each of the
years ended 31 March 2021, 31 March 2022, 31 March 2023 and 31 March 2024. The losses for the years ended 31 March 2021
and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in
2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provision in respect
of the Type 31 contract, together with timing differences between the reporting and taxable result. 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 \u00a3137 million (2023: \u00a3257 million).
At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2023: \u00a3128.0 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 \u00a3110.5 million (2023: \u00a396.4 million). In addition to these amounts, UK capital losses
of \u00a3190.4 million (2023: \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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-582": { "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:
2024 2023
\u00a3m \u00a3m
Deferred tax asset
132.3
112.2
Deferred tax liability
(6.4)
(7.0)
125.9
105.2
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer to income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022
Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1) (0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
At 1 April 2022
(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 from income tax receivable
\u2013
\u2013
\u2013
(5.2)
(5.2)
Disposal of subsidiary
(1.5)
\u2013
(6.3)
(6.5)
(14.3)
Effect of changes 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 2023
(40.9)
15.3
128.0
2.8
105.2
The net deferred tax assets of \u00a3125.9 million (2023: \u00a3105.2 million) include deferred tax assets of \u00a314.0 million (2023: \u00a314.2 million) and deferred tax liabilities of \u00a36.5 million (2023: \u00a37.0 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 principally in respect of operations in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million), France (\u00a30.5 million), South Africa (\u00a35.3 million) and New Zealand (\u00a30.9 million). The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022, 31 March 2023 and 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provision in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. 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 \u00a3137 million (2023: \u00a3257 million). At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2023: \u00a3128.0 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 \u00a3110.5 million (2023: \u00a396.4 million). In addition to these amounts, UK capital losses of \u00a3190.4 million (2023: \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. 18. Trade and other payables and contract liabilities
2024 2023
\u00a3m \u00a3m
Current liabilities
Contract liabilities
761.8
616.4
Trade creditors
314.3
239.1
Amounts due to related parties (note 31)
1.5
0.8
Other creditors
13.5
34.0
Defined contribution pension creditor
8.3
7.6
Other taxes and social security
71.1
75.5
Accruals
540.5
554.1
Trade and other payables
949.2
911.1
Trade and other payables and contract liabilities
1,711.0
1,527.5
Non
-current liabilities
Non
-current accruals
4.8
\u2013
Other creditors
0.6
0.9
5.4
0.9
Included in creditors is \u00a311.4 million (2023: \u00a312.9 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 2023
616.4
Revenue recognised that was included in the contract liability balance at the
beginning of the year
(540.8)
Cash advanced
 689.9
Exchange adjustment
 (3.7)
31 March 202
4
761.8
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 2023
616.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-577": { "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:
2024 2023
\u00a3m \u00a3m
Deferred tax asset
132.3
112.2
Deferred tax liability
(6.4)
(7.0)
125.9
105.2
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer to income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022
Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1) (0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
At 1 April 2022
(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 from income tax receivable
\u2013
\u2013
\u2013
(5.2)
(5.2)
Disposal of subsidiary
(1.5)
\u2013
(6.3)
(6.5)
(14.3)
Effect of changes 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 2023
(40.9)
15.3
128.0
2.8
105.2
The net deferred tax assets of \u00a3125.9 million (2023: \u00a3105.2 million) include deferred tax assets of \u00a314.0 million (2023: \u00a314.2 million) and deferred tax liabilities of \u00a36.5 million (2023: \u00a37.0 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 principally in respect of operations in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million), France (\u00a30.5 million), South Africa (\u00a35.3 million) and New Zealand (\u00a30.9 million). The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022, 31 March 2023 and 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provision in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. 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 \u00a3137 million (2023: \u00a3257 million). At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2023: \u00a3128.0 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 \u00a3110.5 million (2023: \u00a396.4 million). In addition to these amounts, UK capital losses of \u00a3190.4 million (2023: \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. 16. Trade and other receivables and contract assets
31 March 2024 31 March 2023
\u00a3m \u00a3m
Non-current assets
Costs to obtain a contract
0.3
2.8
Costs to fulfil a contract
10.2
1.4
Other debtors
2.5
2.2
Non-current trade and other receivables
13.0
6.4
Current assets
Trade receivables
266.4
307.3
Less: provision for impairment of receivables
(8.5) (7.3)
Trade receivables \u2013 net
257.9
300.0
Retentions
6.1
6.0
Amounts due from related parties (note 31)
2.3
2.1
Other debtors
1
25.0
49.6
Other taxes and social security receivables
98.1
79.8
Prepayments
88.2
63.7
Costs to obtain a contract
\u2013
0.6
Costs to fulfil a contract
9.6
5.1
Current trade and other receivables
487.2
506.9
Contract assets
337.4
322.5
Current trade and other receivables and contract assets
824.6
829.4
1 Included in Other debtors are rebates receivable and other sundry receivables. No individual balance within other debtors is material. 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 either other receivables or contract assets during the year ended 31 March 2024 (2023: \u00a3nil). In the year ended 31 March 2024, amortisation of costs to obtain a contract and costs to fulfil a contract totalled \u00a32.1 million (2023: \u00a35.0 million). An impairment of \u00a3nil was recorded in relation to costs to obtain a contract or costs to fulfil a contract (2023: \u00a31.6 million). 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 2023
322.5
Transfers from contract assets recognised at the beginning of the year to
trade
(279.2)
receivables
Increase due to work done not transferred from contract assets
297.6
Exchange adjustment
(3.5)
31 March 2024
337.4
31 March 2022
299.3
Disposal of subsidiary undertaking
(34.6)
Transfers from contract assets recognised at the beginning of the year to receivables
(218.9)
Increase due to work done not transferred from contract assets
273.1
Exchange adjustment
3.6
31 March 2023
322.5
During the year, the Group has recognised a reversal of \u00a334.4 million of revenue in respect of performance obligations satisfied or partially satisfied in previous periods (2023: \u00a348.5m reversal). The current year figure is significantly impacted by the reduction in margin and consequential revenue reversal on the T31 contract as described in Note 1. This has been offset by a number of cumulative catch-ups on a number of other key programmes driven by forecast margin improvements and the impact of variable consideration being unconstrained as the highly probable test under IFRS 15 has been satisfied in the period. The prior year balance was significantly impacted by reductions in forecast margin on three of the Group's contracts \u2013 predominantly the loss on the T31 programme as described in Note 1. The variance resulting from these contracts was a result of movements in forecast cost to complete rather than a reversal of variable consideration previously seen as highly probable. At 31 March 2024, there is \u00a37.2 billion (2023: \u00a36.7 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 40.9% (2023: 37.8%) of the transaction price allocated to unsatisfied performance obligations as at 31 March 2024 will be recognised as revenue during the next reporting period. A further 49.4% (2023: 46.3%) of the transaction price allocated to unsatisfied performance obligations is expected to be recognised as revenue in years two to five after 31 March 2024. Details on the Group\u2019s approach to assess credit risk are included in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-567": { "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:
2024 2023
\u00a3m \u00a3m
Deferred tax asset
132.3
112.2
Deferred tax liability
(6.4)
(7.0)
125.9
105.2
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer to income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022
Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1) (0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
At 1 April 2022
(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 from income tax receivable
\u2013
\u2013
\u2013
(5.2)
(5.2)
Disposal of subsidiary
(1.5)
\u2013
(6.3)
(6.5)
(14.3)
Effect of changes 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 2023
(40.9)
15.3
128.0
2.8
105.2
The net deferred tax assets of \u00a3125.9 million (2023: \u00a3105.2 million) include deferred tax assets of \u00a314.0 million (2023: \u00a314.2 million) and deferred tax liabilities of \u00a36.5 million (2023: \u00a37.0 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 principally in respect of operations in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million), France (\u00a30.5 million), South Africa (\u00a35.3 million) and New Zealand (\u00a30.9 million). The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022, 31 March 2023 and 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provision in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. 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 \u00a3137 million (2023: \u00a3257 million). At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2023: \u00a3128.0 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 \u00a3110.5 million (2023: \u00a396.4 million). In addition to these amounts, UK capital losses of \u00a3190.4 million (2023: \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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-539": { "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:
2024 2023
\u00a3m \u00a3m
Deferred tax asset
132.3
112.2
Deferred tax liability
(6.4)
(7.0)
125.9
105.2
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer to income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022
Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1) (0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
At 1 April 2022
(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 from income tax receivable
\u2013
\u2013
\u2013
(5.2)
(5.2)
Disposal of subsidiary
(1.5)
\u2013
(6.3)
(6.5)
(14.3)
Effect of changes 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 2023
(40.9)
15.3
128.0
2.8
105.2
The net deferred tax assets of \u00a3125.9 million (2023: \u00a3105.2 million) include deferred tax assets of \u00a314.0 million (2023: \u00a314.2 million) and deferred tax liabilities of \u00a36.5 million (2023: \u00a37.0 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 principally in respect of operations in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a397.9 million), Australia (\u00a37.4 million), France (\u00a30.5 million), South Africa (\u00a35.3 million) and New Zealand (\u00a30.9 million). The UK was in a net tax loss position for each of the years ended 31 March 2021, 31 March 2022, 31 March 2023 and 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provision in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. 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 \u00a3137 million (2023: \u00a3257 million). At the statement of financial position date, deferred tax assets of \u00a3128.0 million (2023: \u00a3128.0 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 \u00a3110.5 million (2023: \u00a396.4 million). In addition to these amounts, UK capital losses of \u00a3190.4 million (2023: \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:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-498": { "value": "
8. Dividends
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Final dividend for the year ended 31 March 2023 of nil (2022: nil p) per 60p share
\u2013
\u2013
Interim dividend for the year ended 31 March 2024 of 1.7p (2023: nil p) per 60p share
8.5
\u2013
8.5
\u2013
After the balance sheet date, the directors proposed a final dividend of 3.3p per ordinary share. The dividend proposed amounts to
approximately \u00a317m, although the exact final payment will vary depending on the level of shares held by the Babcock Employee Share
Trust. The dividend, which is subject to shareholder approval, will be paid on 30 September 2024 to shareholders registered on
23 August 2024. The payment of this dividend will not have any tax expense consequences for the Group
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-7": { "value": "0.033", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "17000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-499": { "value": "
9. Earnings/(loss) per share
Basic earnings/(loss) per share is calculated by dividing the earnings/(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 earnings/(loss) per share is based on the following data:
Number of shares
2024 2023
Number Number
Weighted average number of ordinary shares for the purpose of basic EPS
503,452,989
505,391,563
Effect of dilutive potential ordinary shares: share options
11,869,860
9,528,985
Weighted average number of ordinary shares for the purpose of
diluted EPS
515,322,849
514,920,548
Earnings per share
Year ended 31 March 2024 Year ended 31 March 2023
Earnings
attributable to Basic Diluted Loss attributable Basic Diluted
shareholders per share per share to shareholders per share per share
\u00a3m Pence Pence \u00a3m Pence Pence
Earnings/(loss) for the year
165.7
32.9
32.2
(35.0)
(6.9)
(6.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-500": { "value": "
10. Goodwill
31 March 2024 31 March 2023
\u00a3m \u00a3m
Cost
At 1 April
1,823.3
2,312.7
On disposal of subsidiaries (note 27)
\u2013
(488.0)
Exchange adjustments
(1.3) (1.4)
At 31 March
1,822.0
1,823.3
Accumulated impairment
At 1 April
1,041.9
1,529.3
On disposal of subsidiaries (
note 27)
\u2013
(487.4)
At 31 March
1,041.9
1,041.9
Net book value at 31 March
780.1
781.4
Goodwill was tested for impairment at 31 March 2024 in accordance with IAS 36. This impairment analysis is performed at least
annually, as outlined in the Group\u2019s accounting policies. As set out in Note 1, the Group monitors goodwill at groups of CGUs aligned to
the Group\u2019s operating segments for Marine, Aviation and Nuclear. Goodwill is separately allocated and monitored between two groups
of CGUs in the Land operating segment \u2013 Africa and Land (excluding Africa).
Goodwill is allocated to groups of cash generating units (\u2018CGUs\u2019) as set out in the table below:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Marine
295.5
296.6
Nuclear
233.1
233.1
Land (excluding Africa)
218.0
218.0
Aviation
32.0
32.0
Africa
1.5
1.7
780.1
781.4
The goodwill allocated to the Africa group of CGUs 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 Africa.
During the prior 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 (excluding Africa) (\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 2.0 \u2013 4.6% (2023: 1.9 \u2013 4.6%). 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. Our identified climate risks (see pages 76 to 79 for details) predominantly result in adverse cash outflows
to the business and have been modelled as such within our sensitivity analysis. We anticipate that a number of these climate risks may
result in additional cash inflows as associated climate related costs could be passed onto our customers offsetting the climate risk and a
conservative assessment of such cash inflow is also modelled within the sensitivity. 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, expected outturn on in-progress
significant contracts and pipeline reflecting 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 2024 31 March 2023
Aviation
Land
Marine
Nuclear
Aviation
Land
Marine
Nuclear
Pre-tax discount rate
13.2
12.2
12.2
12.6
13.1
13.1
13.1
12.4
Post
-tax discount rate
9.8
9.0
9.0
9.3
9.8
9.8
9.8
9.3
Long
-term real growth rate
2.0
2.2
2.1
2.0
2.1
2.1
2.0
1.9
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:
Group of CGUs
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 services 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.
11. Other intangible assets
Internally
Internally generated generated
Acquired software development development
intangibles \u2013 costs and costs and Assets under
relationships licences other construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
861.0
231.3
15.0
\u2013
1,107.3
Additions
\u2013
6.9
10.0
16.4
33.3
Reclassification from property, plant and equipment
\u2013
\u2013
\u2013
1.4
1.4
(Note 12)
Reclassification from AUC to in-use assets
\u2013
16.4
0.1
(16.5)
\u2013
Disposals at cost
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustments
(10.1)
(0.2)
(0.1)
\u2013
(10.4)
At 31 March 2024
850.9
253.4
25.0
1.3
1,130.6
Accumulated amortisation and impairment
At 1 April 2023
794.4
166.5
5.6
\u2013
966.5
Amortisation charge
10.8
8.6
4.6
\u2013
24.0
Disposals
\u2013
(0.9)
\u2013
\u2013
(0.9)
Exchange adjustments
(7.4)
(0.5)
0.1
\u2013
(7.8)
At 31 March 2024
797.8
173.7
10.3
\u2013
981.8
Net book value at 31 March 2024
53.1
79.7
14.7
1.3
148.8
Cost
At 1 April 2022
1,095.3
222.6
27.6
\u2013
1,345.5
Additions
\u2013
18.1
3.4
\u2013
21.5
Reclassification from property, plant and equipment
\u2013
3.0
0.3
\u2013
3.3
Disposal of subsidiary undertakings (note 27)
(237.0)
(4.9)
(13.9)
\u2013
(255.8)
Disposals at cost
(2.0)
(7.4)
(3.0)
\u2013
(12.4)
Exchange adjustments
4.7
(0.1)
0.6
\u2013
5.2
At 31 March 2023
861.0
231.3
15.0
\u2013
1,107.3
Accumulated amortisation and impairment
At 1 April 2022
1,005.8
156.8
6.2
\u2013
1,168.8
Amortisation charge
15.8
10.5
1.8
\u2013
28.1
Impairment
\u2013
9.0
\u2013
\u2013
9.0
Disposal of subsidiary undertakings (note 27)
(233.0)
(3.1)
(0.8)
\u2013
(236.9)
Disposals
(2.0)
(6.6)
(1.7)
\u2013
(10.3)
Exchange adjustments
7.8
(0.1)
0.1
\u2013
7.8
At 31 March 2023
794.4
166.5
5.6
\u2013
966.5
Net book value at 31 March 2023
66.6
64.8
9.4
\u2013
140.8
Acquired intangible amortisation charges for the year are recorded in operating costs.
Included in Internally generated software development costs and licences is \u00a336.9 million (2023: \u00a338.6 million) relating to the Group\u2019s
ERP system, which is amortised over a 10-year period. Included in the acquired intangible balance is \u00a342.8 million (2023: \u00a352.3 million)
relating to the acquisition of NSM. This is being amortised over a period of 20 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-540": { "value": "10. Goodwill
31 March 2024 31 March 2023
\u00a3m \u00a3m
Cost
At 1 April
1,823.3
2,312.7
On disposal of subsidiaries (note 27)
\u2013
(488.0)
Exchange adjustments
(1.3) (1.4)
At 31 March
1,822.0
1,823.3
Accumulated impairment
At 1 April
1,041.9
1,529.3
On disposal of subsidiaries (
note 27)
\u2013
(487.4)
At 31 March
1,041.9
1,041.9
Net book value at 31 March
780.1
781.4
Goodwill was tested for impairment at 31 March 2024 in accordance with IAS 36. This impairment analysis is performed at least annually, as outlined in the Group\u2019s accounting policies. As set out in Note 1, the Group monitors goodwill at groups of CGUs aligned to the Group\u2019s operating segments for Marine, Aviation and Nuclear. Goodwill is separately allocated and monitored between two groups of CGUs in the Land operating segment \u2013 Africa and Land (excluding Africa). Goodwill is allocated to groups of cash generating units (\u2018CGUs\u2019) as set out in the table below:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Marine
295.5
296.6
Nuclear
233.1
233.1
Land (excluding Africa)
218.0
218.0
Aviation
32.0
32.0
Africa
1.5
1.7
780.1
781.4
The goodwill allocated to the Africa group of CGUs 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 Africa. During the prior 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 (excluding Africa) (\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 2.0 \u2013 4.6% (2023: 1.9 \u2013 4.6%). 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. Our identified climate risks (see pages 76 to 79 for details) predominantly result in adverse cash outflows to the business and have been modelled as such within our sensitivity analysis. We anticipate that a number of these climate risks may result in additional cash inflows as associated climate related costs could be passed onto our customers offsetting the climate risk and a conservative assessment of such cash inflow is also modelled within the sensitivity. 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, expected outturn on in-progress significant contracts and pipeline reflecting 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 2024 31 March 2023
Aviation
Land
Marine
Nuclear
Aviation
Land
Marine
Nuclear
Pre-tax discount rate
13.2
12.2
12.2
12.6
13.1
13.1
13.1
12.4
Post
-tax discount rate
9.8
9.0
9.0
9.3
9.8
9.8
9.8
9.3
Long
-term real growth rate
2.0
2.2
2.1
2.0
2.1
2.1
2.0
1.9
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:
Group of CGUs
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 services 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-541": { "value": "11. Other intangible assets
Internally
Internally generated generated
Acquired software development development
intangibles \u2013 costs and costs and Assets under
relationships licences other construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
861.0
231.3
15.0
\u2013
1,107.3
Additions
\u2013
6.9
10.0
16.4
33.3
Reclassification from property, plant and equipment
\u2013
\u2013
\u2013
1.4
1.4
(Note 12)
Reclassification from AUC to in-use assets
\u2013
16.4
0.1
(16.5)
\u2013
Disposals at cost
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustments
(10.1)
(0.2)
(0.1)
\u2013
(10.4)
At 31 March 2024
850.9
253.4
25.0
1.3
1,130.6
Accumulated amortisation and impairment
At 1 April 2023
794.4
166.5
5.6
\u2013
966.5
Amortisation charge
10.8
8.6
4.6
\u2013
24.0
Disposals
\u2013
(0.9)
\u2013
\u2013
(0.9)
Exchange adjustments
(7.4)
(0.5)
0.1
\u2013
(7.8)
At 31 March 2024
797.8
173.7
10.3
\u2013
981.8
Net book value at 31 March 2024
53.1
79.7
14.7
1.3
148.8
Cost
At 1 April 2022
1,095.3
222.6
27.6
\u2013
1,345.5
Additions
\u2013
18.1
3.4
\u2013
21.5
Reclassification from property, plant and equipment
\u2013
3.0
0.3
\u2013
3.3
Disposal of subsidiary undertakings (note 27)
(237.0)
(4.9)
(13.9)
\u2013
(255.8)
Disposals at cost
(2.0)
(7.4)
(3.0)
\u2013
(12.4)
Exchange adjustments
4.7
(0.1)
0.6
\u2013
5.2
At 31 March 2023
861.0
231.3
15.0
\u2013
1,107.3
Accumulated amortisation and impairment
At 1 April 2022
1,005.8
156.8
6.2
\u2013
1,168.8
Amortisation charge
15.8
10.5
1.8
\u2013
28.1
Impairment
\u2013
9.0
\u2013
\u2013
9.0
Disposal of subsidiary undertakings (note 27)
(233.0)
(3.1)
(0.8)
\u2013
(236.9)
Disposals
(2.0)
(6.6)
(1.7)
\u2013
(10.3)
Exchange adjustments
7.8
(0.1)
0.1
\u2013
7.8
At 31 March 2023
794.4
166.5
5.6
\u2013
966.5
Net book value at 31 March 2023
66.6
64.8
9.4
\u2013
140.8
Acquired intangible amortisation charges for the year are recorded in operating costs. Included in Internally generated software development costs and licences is \u00a336.9 million (2023: \u00a338.6 million) relating to the Group\u2019s ERP system, which is amortised over a 10-year period. Included in the acquired intangible balance is \u00a342.8 million (2023: \u00a352.3 million) relating to the acquisition of NSM. This is being amortised over a period of 20 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-501": { "value": "
12. Property, plant and equipment
Assets in
Freehold Leasehold Plant and Aircraft course of
property property equipment fleet construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
212.2
15.2
571.0
97.5
90.8
986.7
Additions
2.3
0.1
22.2
5.3
77.7
107.6
Reclassfied to other intangible assets (Note 11)
\u2013
\u2013
(1.4)
\u2013
\u2013
(1.4)
Reclassification
from AUC to in-use assets
10.4
0.2
37.2
0.3
(48.1)
\u2013
Disposals
(4.1)
\u2013
(12.0)
(21.0)
\u2013
(37.1)
Capitalised borrowing costs
\u2013
\u2013
\u2013
\u2013
3.9
3.9
Exchange adjustments
(0.2) (0.1) (4.7) (2.2) (0.2) (7.4)
At 31 March 2024
220.6
15.4
612.3
79.9
124.1
1,052.3
Accumulated depreciation
At 1 April 2023
74.4
12.1
390.6
24.9
6.2
508.2
Depreciation charge for the year
7.4
1.0
39.1
4.5
\u2013
52.0
Impairment
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Disposals
(2.2)
\u2013
(8.7)
(12.7)
\u2013
(23.6)
Exchange adjustments
(0.1)
(0.1)
(2.5)
(0.9)
0.1
(3.5)
At 31 March 2024
79.5
13.0
418.5
17.9
6.3
535.2
Net book value at 31 March 2024
141.1
2.4
193.8
62.0
117.8
517.1
Cost
At 1 April 2022
151.8
24.7
524.9
303.1
213.9
1,218.4
On disposal of subsidiaries (
note 27)
(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 from AUC to in-use assets
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 27)
(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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-502": { "value": "
13. Leases
Group as a lessee
Leases 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 Plant and Aircraft
property equipment fleet Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
141.6
67.7
138.0
347.3
Additions
21.6
12.9
34.6
69.1
Disposals
(21.2)
(6.3)
(14.8)
(42.3)
Exchange adjustments
(1.9)
(0.2)
(4.7)
(6.8)
At 31 March 2024
140.1
74.1
153.1
367.3
Accumulated depreciation
At 1 April 2023
49.5
45.7
93.0
188.2
Depreciation charge for the year
18.0
8.9
12.9
39.8
Disposals
(12.6) (5.2) (14.0) (31.8)
Exchange adjustments
(1.0) (0.1) (3.4) (4.5)
At
31 March 2024
53.9
49.3
88.5
191.7
Net book value at 31 March 2024
86.2
24.8
64.6
175.6
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 27)
(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 27)
(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
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 2023
228.8
Additions
68.0
Disposals
(12.8)
Exchange adjustments
(3.9)
Lease interest
9.8
Lease repayments
(59.4)
At 31 March 2024
230.5
Non-current lease liabilities
185.9
Current lease liabilities
44.6
At 31 March 2024
230.5
At 1 April 2022
434.1
Additions
117.0
Disposals
(5.3)
Disposal of subsidiaries (
note 27)
 (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
See note 22 for a maturity analysis of the contractual undiscounted lease payments.
Amounts recognised in the Group income statement
2024 2023
\u00a3m \u00a3m
Interest on lease liabilities
 9.8 15.9
Right-of-use asset depreciation
39.8
81.7
Right-of-use asset impairment
\u2013
9.6
(Gain)/loss on disposal of right-of-use assets
(3.6) 0.9
The total expense for short term and low value leases was \u00a352.0 million (2023 restated: \u00a338.2 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
2024 2023
\u00a3m \u00a3m
Total cash outflow for principal element of leases
49.6
108.5
Total cash outflow for interest element of leases
9.8
15.9
Total cash outflow for leases
59.4
124.4
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 (2023: none).
Amounts recognised in the Group income statement
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Finance lease
\u2013 interest income
4.4
4.4
Finance lease payments receivable
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Within one year
16.9
20.3
Greater than one year but less than two years
13.1
14.0
Greater than two years but less than three years
8.8
9.1
Greater than three years but less than four years
4.3
2.4
Greater than four years but less than five years
0.1
\u2013
Total undiscounted finance lease payments receivable
43.2
45.8
Impact of discounting
(7.7)
(7.2)
Finance lease receivable (net investment in the lease)
35.5
38.6
There was no material impairment of lease receivables in the year ended 31 March 2024 (2023: \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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-542": { "value": "Right of use assets
Leasehold Plant and Aircraft
property equipment fleet Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
141.6
67.7
138.0
347.3
Additions
21.6
12.9
34.6
69.1
Disposals
(21.2)
(6.3)
(14.8)
(42.3)
Exchange adjustments
(1.9)
(0.2)
(4.7)
(6.8)
At 31 March 2024
140.1
74.1
153.1
367.3
Accumulated depreciation
At 1 April 2023
49.5
45.7
93.0
188.2
Depreciation charge for the year
18.0
8.9
12.9
39.8
Disposals
(12.6) (5.2) (14.0) (31.8)
Exchange adjustments
(1.0) (0.1) (3.4) (4.5)
At
31 March 2024
53.9
49.3
88.5
191.7
Net book value at 31 March 2024
86.2
24.8
64.6
175.6
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 27)
(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 27)
(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
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-503": { "value": "
14. Investment in and loans to joint ventures and associates
The Group\u2019s material joint ventures and associates are:
% interest % interest Country of Principal area
Nature of relationship
Year end
Business activity
held (2024) held (2023) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United
United
air-to-air refuelling
Kingdom
Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United
United
Limited
training services Kingdom 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 2024 31 March 2023
Ascent Flight Ascent Flight
Training Training
(Holdings) AirTanker (Holdings) AirTanker
Summarised income statement extract (year ended)
Limited Services Limited Limited Services Limited
Revenue
168.8
254.7
171.2
181.7
Depreciation and amortisation
 (0.5) (1.7)
\u2013
(11.5)
Interest income
3.4
1.8
4.4
0.3
Interest expense
(2.7)
(0.2)
(5.0)
\u2013
Income tax expense
(5.7)
(5.0)
(3.5)
(2.3)
Profit from continuing operations
16.7
11.2
14.5
5.9
Other comprehensive income
0.4
\u2013
7.0
\u2013
Total comprehensive income
17.1
11.2
21.5
5.9
Summarised statement of financial position
Non-current assets
45.8
87.8
29.2
72.3
Current assets (excluding cash and cash equivalents)
59.5
59.9
75.5
95.2
Cash and cash equivalents
55.4
86.6
69.2
71.9
Non-current liabilities
(94.9)
(60.7)
(109.2)
(63.2)
Current liabilities
(7.9)
(56.0)
(10.4)
(74.9)
Net assets
57.9
117.6
54.3
101.3
Ownership
50%
23.5%
50.0%
23.5%
Carrying value of investment
29.0
27.6
27.2
23.8
Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates
and associates
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
57.4
54.3
9.5
12.1
66.9
66.4
Share of profits of joint ventures and associates
10.3
9.3
\u2013
\u2013
10.3
9.3
Impairment of joint ventures and associates
 (1.1)
\u2013
\u2013
\u2013
(1.1)
\u2013
Results from joint ventures and associates
9.2
9.3
\u2013
\u2013
9.2
9.3
Acquisition and disposal of joint ventures and
associates (
note 27)
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Loans repaid by joint ventures and associates
\u2013
\u2013
(7.5)
(2.4) (7.5) (2.4)
Increase in loans to joint ventures and associates
\u2013
\u2013
2.1
\u2013
2.1
\u2013
Interest accrued and capitalised
\u2013
\u2013
0.3
1.0
0.3
1.0
Interest received
\u2013
\u2013
(0.5)
(1.2) (0.5) (1.2)
Dividends received
 (7.1) (8.7)
\u2013
\u2013
(7.1)
(8.7)
Fair value adjustment of derivatives
0.3
4.7
\u2013
\u2013
0.3
4.7
Tax on fair value adjustment of derivatives
(0.1)
(1.2)
\u2013
\u2013
(0.1)
(1.2)
At 31 March
59.7
57.4
3.9
9.5
63.6
66.9
The total investments in joint ventures and associates is attributable to the following reportable segments:
2024 2023
\u00a3m \u00a3m
Marine
3.3
3.7
Nuclear
1.6
1.4
Land
0.2
0.2
Aviation
58.5
61.6
Net book value
63.6
66.9
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 where 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 (2023: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures
and associates are also \u00a3nil (2023: \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.
33. 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
2024 is disclosed below. Unless otherwise stated, the Group\u2019s interest in the voting share capital is represented by one type of ordinary
share and is 100%, the entities are unlisted, the year end is 31 March and the address of the registered office is 33 Wigmore Street,
London, W1U 1QX. Babcock (UK) Holdings Limited is the only entity held directly by Babcock International Group PLC. No subsidiary
undertakings have been excluded from the consolidation.
Subsidiaries, wholly owned
Airwork Limited
Appledore Shipbuilders (2004) Limited
1
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
3
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
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
1
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*
Heliporto de Salemas, Lousa, 2670-769, Lisboa,
Loures, Portugal
Babcock Europe Finance Limited
1
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
7
251 Little Falls Drive, Wilmington, Delaware 19808,
United States
Babcock Holdings Limited
3
Babcock Information Analytics and
Security Holdings Limited*
Babcock Information Analytics and
Security Limited
5
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
1
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock International Limited
5
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 Limited
Babcock IP Management (Number One)
Limited
Babcock IP Management (Number Two)
Limited
Babcock IP Management (Number Three)
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
2
Trident Park, Notabile Gardens, No. 2
\u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Malta Finance Limited
2
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
2
Trident Park, Notabile Gardens, No. 2
\u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Malta Holdings Limited
2
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
1
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
5
Babcock Marine Limited
Babcock Marine Products Limited*
Babcock Marine Training Limited
1
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
Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach
Babcock Mission Critical Services Leasing
Limited
Babcock Mission Critical Services Ltd
Babcock Mission Critical Services Onshore
Limited
Babcock Mission Critical Services
Topco Ltd
1
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*
2
Babcock Southern Holdings Limited
6
Babcock Support Services (Investments)
Limited
Babcock Support Services GmbH
Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach
Babcock Support Services Limited
8
103 Waterloo Street, Glasgow, Scotland, G2 7BW,
United Kingdom
Babcock Support Services s.r.l.
Corso Vercelli, 40, 20145, Milano, Italy
Babcock Training Limited
Babcock UK Finance
Babcock Ukraine Limited
Babcock USA LLC
1
251 Little Falls Drive, Wilmington, Delaware 19808,
United States
Babcock US Investments
(Number
Two) LLC
1
251 Little Falls Drive, Wilmington, Delaware 19808,
United States
Babcock US Investments Inc.
1
251 Little Falls Drive, Wilmington, Delaware 19808,
United States
Babcock US Investments Limited
5
Babcock Vehicle Engineering Limited
4
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
5
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
\u2013 Office 104, Arca Central
Building 14F 1
-2-1, Kinshi , Sumida-ku, Tokyo, Japan
Cavendish Nuclear Limited
5
Chepstow Insurance Limited
PO Box 155, Mill Court, La Charroterie, St Peter Port,
GY1
4ET, Guernsey
Crucible Training Systems Limited*
Devonport Royal Dockyard Limited
9
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
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
1
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
Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach
Port Babcock Rosyth Limited*
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
Rosyth Royal Dockyard Limited
10
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*
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%)
7
Riley Road Office Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock Africa Holdings (Pty) Ltd (90.0%)
11
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%)
11
52 St Christopher Street, Valletta, VLT 1462, Malta
Babcock Dyncorp Limited
9
(56.0%)
Babcock Education and Training (Pty) Ltd
(90.0%)
Riley Road Office Park, 15E Riley 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 Limited (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
Portaret, 83340, Le Cannet-des-Maures,
France
Babcock Mo\u00e7ambique Limitada (90.0%)
Av. Samora Machel 3380/1, Mozambique
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 (Pty)
Limited (46.37%)
9
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%)
5
Riley Road Office Park, 15E Riley Road, Bedfordview,
Gauteng, 2007, South Africa
Babcock TCM Plant (Proprietary) Limited
(90.0%)
7
Unit G3 Victoria 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, MadinatQaboos, Sultanate of Oman,
115 Oman
Joint ventures and associates
(equity accounted):
ABC Electrification Ltd (33.3%)
9
8th Floor, The
Place, High Holborn, London, WC1V
7AA
AirTanker Services Limited (23.5%)
12
AirTanker Hub RAF Brize Norton, Carterton,
Oxfordshire, England, OX18 3LX, United Kingdom
Alert Communications Group Holdings
Limited (20.0%)
Alkali Metal Processing Limited (50.0%)
Ascent Flight Training (Holdings) Limited
(50.0%)
Cavendish Boccard Nuclear Limited
(51.0%)
Cavendish Dounreay Partnership Limited
(50.0%)
9
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%)
1
8 Stephenson Place, Hamilton International
Technology Park, Blantyre, G72 0LH, Scotland
Okeanus Vermogensverwaltungs
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, in Members
Voluntary Liquidation:
Babcock Civil Infrastructure Limited; Bond
Aviation Leasing Limited.
Wholly owned subsidiaries with registered
office at 5 Temple Square, Temple Street,
Liverpool, L2 5RH, in Members Voluntary
Liquidation:
Babcock Infrastructure Holdings LLP.
Skills2Learn Limited
Joint venture, with registered office at
18-22 Lloyd Street, Manchester, M2 5WA
United Kingdom, in Members Voluntary
Liquidation:
ALC (Superholdco) Limited (50.0%)
13
Notes
* Dormant entity.
1. Holding of two types of ordinary shares.
2. Holding of three types of ordinary shares.
3. Holding of four types of ordinary shares.
4. Holding of six types of ordinary shares.
5. Holding of ordinary and preference shares.
6. Holding of ordinary and deferred shares.
7. Holding of ordinary and redeemable
preference shares.
8. Holding of ordinary and five types of
preference shares.
9. Holding of one type of ordinary share only,
where more than one type of share is authorised
or in issue.
10. Holding of two types of ordinary shares, where
more than two types of share are authorised or
in issue.
11. 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.
12. Year end 31 December.
13. Year end 30 June.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-573": { "value": "14. Investment in and loans to joint ventures and associates The Group\u2019s material joint ventures and associates are:
% interest % interest Country of Principal area
Nature of relationship
Year end
Business activity
held (2024) held (2023) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United
United
air-to-air refuelling
Kingdom
Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United
United
Limited
training services Kingdom 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 2024 31 March 2023
Ascent Flight Ascent Flight
Training Training
(Holdings) AirTanker (Holdings) AirTanker
Summarised income statement extract (year ended)
Limited Services Limited Limited Services Limited
Revenue
168.8
254.7
171.2
181.7
Depreciation and amortisation
 (0.5) (1.7)
\u2013
(11.5)
Interest income
3.4
1.8
4.4
0.3
Interest expense
(2.7)
(0.2)
(5.0)
\u2013
Income tax expense
(5.7)
(5.0)
(3.5)
(2.3)
Profit from continuing operations
16.7
11.2
14.5
5.9
Other comprehensive income
0.4
\u2013
7.0
\u2013
Total comprehensive income
17.1
11.2
21.5
5.9
Summarised statement of financial position
Non-current assets
45.8
87.8
29.2
72.3
Current assets (excluding cash and cash equivalents)
59.5
59.9
75.5
95.2
Cash and cash equivalents
55.4
86.6
69.2
71.9
Non-current liabilities
(94.9)
(60.7)
(109.2)
(63.2)
Current liabilities
(7.9)
(56.0)
(10.4)
(74.9)
Net assets
57.9
117.6
54.3
101.3
Ownership
50%
23.5%
50.0%
23.5%
Carrying value of investment
29.0
27.6
27.2
23.8
Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates
and associates
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
57.4
54.3
9.5
12.1
66.9
66.4
Share of profits of joint ventures and associates
10.3
9.3
\u2013
\u2013
10.3
9.3
Impairment of joint ventures and associates
 (1.1)
\u2013
\u2013
\u2013
(1.1)
\u2013
Results from joint ventures and associates
9.2
9.3
\u2013
\u2013
9.2
9.3
Acquisition and disposal of joint ventures and
associates (
note 27)
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Loans repaid by joint ventures and associates
\u2013
\u2013
(7.5)
(2.4) (7.5) (2.4)
Increase in loans to joint ventures and associates
\u2013
\u2013
2.1
\u2013
2.1
\u2013
Interest accrued and capitalised
\u2013
\u2013
0.3
1.0
0.3
1.0
Interest received
\u2013
\u2013
(0.5)
(1.2) (0.5) (1.2)
Dividends received
 (7.1) (8.7)
\u2013
\u2013
(7.1)
(8.7)
Fair value adjustment of derivatives
0.3
4.7
\u2013
\u2013
0.3
4.7
Tax on fair value adjustment of derivatives
(0.1)
(1.2)
\u2013
\u2013
(0.1)
(1.2)
At 31 March
59.7
57.4
3.9
9.5
63.6
66.9
The total investments in joint ventures and associates is attributable to the following reportable segments:
2024 2023
\u00a3m \u00a3m
Marine
3.3
3.7
Nuclear
1.6
1.4
Land
0.2
0.2
Aviation
58.5
61.6
Net book value
63.6
66.9
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 where 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 (2023: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2023: \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:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-578": { "value": "14. Investment in and loans to joint ventures and associates The Group\u2019s material joint ventures and associates are:
% interest % interest Country of Principal area
Nature of relationship
Year end
Business activity
held (2024) held (2023) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United
United
air-to-air refuelling
Kingdom
Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United
United
Limited
training services Kingdom 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 2024 31 March 2023
Ascent Flight Ascent Flight
Training Training
(Holdings) AirTanker (Holdings) AirTanker
Summarised income statement extract (year ended)
Limited Services Limited Limited Services Limited
Revenue
168.8
254.7
171.2
181.7
Depreciation and amortisation
 (0.5) (1.7)
\u2013
(11.5)
Interest income
3.4
1.8
4.4
0.3
Interest expense
(2.7)
(0.2)
(5.0)
\u2013
Income tax expense
(5.7)
(5.0)
(3.5)
(2.3)
Profit from continuing operations
16.7
11.2
14.5
5.9
Other comprehensive income
0.4
\u2013
7.0
\u2013
Total comprehensive income
17.1
11.2
21.5
5.9
Summarised statement of financial position
Non-current assets
45.8
87.8
29.2
72.3
Current assets (excluding cash and cash equivalents)
59.5
59.9
75.5
95.2
Cash and cash equivalents
55.4
86.6
69.2
71.9
Non-current liabilities
(94.9)
(60.7)
(109.2)
(63.2)
Current liabilities
(7.9)
(56.0)
(10.4)
(74.9)
Net assets
57.9
117.6
54.3
101.3
Ownership
50%
23.5%
50.0%
23.5%
Carrying value of investment
29.0
27.6
27.2
23.8
Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates
and associates
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
57.4
54.3
9.5
12.1
66.9
66.4
Share of profits of joint ventures and associates
10.3
9.3
\u2013
\u2013
10.3
9.3
Impairment of joint ventures and associates
 (1.1)
\u2013
\u2013
\u2013
(1.1)
\u2013
Results from joint ventures and associates
9.2
9.3
\u2013
\u2013
9.2
9.3
Acquisition and disposal of joint ventures and
associates (
note 27)
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Loans repaid by joint ventures and associates
\u2013
\u2013
(7.5)
(2.4) (7.5) (2.4)
Increase in loans to joint ventures and associates
\u2013
\u2013
2.1
\u2013
2.1
\u2013
Interest accrued and capitalised
\u2013
\u2013
0.3
1.0
0.3
1.0
Interest received
\u2013
\u2013
(0.5)
(1.2) (0.5) (1.2)
Dividends received
 (7.1) (8.7)
\u2013
\u2013
(7.1)
(8.7)
Fair value adjustment of derivatives
0.3
4.7
\u2013
\u2013
0.3
4.7
Tax on fair value adjustment of derivatives
(0.1)
(1.2)
\u2013
\u2013
(0.1)
(1.2)
At 31 March
59.7
57.4
3.9
9.5
63.6
66.9
The total investments in joint ventures and associates is attributable to the following reportable segments:
2024 2023
\u00a3m \u00a3m
Marine
3.3
3.7
Nuclear
1.6
1.4
Land
0.2
0.2
Aviation
58.5
61.6
Net book value
63.6
66.9
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 where 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 (2023: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2023: \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. Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%) 9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20.0%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 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%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs 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, in Members Voluntary Liquidation: Babcock Civil Infrastructure Limited; Bond Aviation Leasing Limited. Wholly owned subsidiaries with registered office at 5 Temple Square, Temple Street, Liverpool, L2 5RH, in Members Voluntary Liquidation: Babcock Infrastructure Holdings LLP. Skills2Learn Limited Joint venture, with registered office at 18-22 Lloyd Street, Manchester, M2 5WA United Kingdom, in Members Voluntary Liquidation: ALC (Superholdco) Limited (50.0%)13 ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-583": { "value": "14. Investment in and loans to joint ventures and associates The Group\u2019s material joint ventures and associates are:
% interest % interest Country of Principal area
Nature of relationship
Year end
Business activity
held (2024) held (2023) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United
United
air-to-air refuelling
Kingdom
Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United
United
Limited
training services Kingdom 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 2024 31 March 2023
Ascent Flight Ascent Flight
Training Training
(Holdings) AirTanker (Holdings) AirTanker
Summarised income statement extract (year ended)
Limited Services Limited Limited Services Limited
Revenue
168.8
254.7
171.2
181.7
Depreciation and amortisation
 (0.5) (1.7)
\u2013
(11.5)
Interest income
3.4
1.8
4.4
0.3
Interest expense
(2.7)
(0.2)
(5.0)
\u2013
Income tax expense
(5.7)
(5.0)
(3.5)
(2.3)
Profit from continuing operations
16.7
11.2
14.5
5.9
Other comprehensive income
0.4
\u2013
7.0
\u2013
Total comprehensive income
17.1
11.2
21.5
5.9
Summarised statement of financial position
Non-current assets
45.8
87.8
29.2
72.3
Current assets (excluding cash and cash equivalents)
59.5
59.9
75.5
95.2
Cash and cash equivalents
55.4
86.6
69.2
71.9
Non-current liabilities
(94.9)
(60.7)
(109.2)
(63.2)
Current liabilities
(7.9)
(56.0)
(10.4)
(74.9)
Net assets
57.9
117.6
54.3
101.3
Ownership
50%
23.5%
50.0%
23.5%
Carrying value of investment
29.0
27.6
27.2
23.8
Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates
and associates
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
57.4
54.3
9.5
12.1
66.9
66.4
Share of profits of joint ventures and associates
10.3
9.3
\u2013
\u2013
10.3
9.3
Impairment of joint ventures and associates
 (1.1)
\u2013
\u2013
\u2013
(1.1)
\u2013
Results from joint ventures and associates
9.2
9.3
\u2013
\u2013
9.2
9.3
Acquisition and disposal of joint ventures and
associates (
note 27)
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Loans repaid by joint ventures and associates
\u2013
\u2013
(7.5)
(2.4) (7.5) (2.4)
Increase in loans to joint ventures and associates
\u2013
\u2013
2.1
\u2013
2.1
\u2013
Interest accrued and capitalised
\u2013
\u2013
0.3
1.0
0.3
1.0
Interest received
\u2013
\u2013
(0.5)
(1.2) (0.5) (1.2)
Dividends received
 (7.1) (8.7)
\u2013
\u2013
(7.1)
(8.7)
Fair value adjustment of derivatives
0.3
4.7
\u2013
\u2013
0.3
4.7
Tax on fair value adjustment of derivatives
(0.1)
(1.2)
\u2013
\u2013
(0.1)
(1.2)
At 31 March
59.7
57.4
3.9
9.5
63.6
66.9
The total investments in joint ventures and associates is attributable to the following reportable segments:
2024 2023
\u00a3m \u00a3m
Marine
3.3
3.7
Nuclear
1.6
1.4
Land
0.2
0.2
Aviation
58.5
61.6
Net book value
63.6
66.9
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 where 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 (2023: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2023: \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. Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%) 9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20.0%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 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%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs 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, in Members Voluntary Liquidation: Babcock Civil Infrastructure Limited; Bond Aviation Leasing Limited. Wholly owned subsidiaries with registered office at 5 Temple Square, Temple Street, Liverpool, L2 5RH, in Members Voluntary Liquidation: Babcock Infrastructure Holdings LLP. Skills2Learn Limited Joint venture, with registered office at 18-22 Lloyd Street, Manchester, M2 5WA United Kingdom, in Members Voluntary Liquidation: ALC (Superholdco) Limited (50.0%)13 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-504": { "value": "
15. Inventories
31 March 2024 31 March 2023
\u00a3m \u00a3m
Raw materials and spares
58.1
58.6
Work-in-progress
4.6
7.2
Finished goods and goods for resale
124.7
61.0
Total
187.4
126.8
Write-downs of inventories amounted to \u00a313.8 million (2023: \u00a35.4 million). These were recognised as an expense during the year
ended 31 March 2024 and included in operating costs in the income statement. Inventory recognised as an expense in the year
amounted to \u00a3357.2 million (2023: \u00a3320.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-505": { "value": "
16. Trade and other receivables and contract assets
31 March 2024 31 March 2023
\u00a3m \u00a3m
Non-current assets
Costs to obtain a contract
0.3
2.8
Costs to fulfil a contract
10.2
1.4
Other debtors
2.5
2.2
Non-current trade and other receivables
13.0
6.4
Current assets
Trade receivables
266.4
307.3
Less: provision for impairment of receivables
(8.5) (7.3)
Trade receivables \u2013 net
257.9
300.0
Retentions
6.1
6.0
Amounts due from related parties (note 31)
2.3
2.1
Other debtors
1
25.0
49.6
Other taxes and social security receivables
98.1
79.8
Prepayments
88.2
63.7
Costs to obtain a contract
\u2013
0.6
Costs to fulfil a contract
9.6
5.1
Current trade and other receivables
487.2
506.9
Contract assets
337.4
322.5
Current trade and other receivables and contract assets
824.6
829.4
1
Included in Other debtors are rebates receivable and other sundry receivables. No individual balance within other debtors is material.
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 either other receivables or contract assets during the year ended 31 March 2024 (2023: \u00a3nil).
In the year ended 31 March 2024, amortisation of costs to obtain a contract and costs to fulfil a contract totalled \u00a32.1 million
(2023: \u00a35.0 million). An impairment of \u00a3nil was recorded in relation to costs to obtain a contract or costs to fulfil a contract
(2023: \u00a31.6 million).
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 2023
322.5
Transfers from contract assets recognised at the beginning of the year to
trade
(279.2)
receivables
Increase due to work done not transferred from contract assets
297.6
Exchange adjustment
(3.5)
31 March 2024
337.4
31 March 2022
299.3
Disposal of subsidiary undertaking
(34.6)
Transfers from contract assets recognised at the beginning of the year to receivables
(218.9)
Increase due to work done not transferred from contract assets
273.1
Exchange adjustment
3.6
31 March 2023
322.5
During the year, the Group has recognised a reversal of \u00a334.4 million of revenue in respect of performance obligations satisfied or
partially satisfied in previous periods (2023: \u00a348.5m reversal).
The current year figure is significantly impacted by the reduction in margin and consequential revenue reversal on the T31 contract as
described in Note 1. This has been offset by a number of cumulative catch-ups on a number of other key programmes driven by forecast
margin improvements and the impact of variable consideration being unconstrained as the highly probable test under IFRS 15 has been
satisfied in the period.
The prior year balance was significantly impacted by reductions in forecast margin on three of the Group's contracts \u2013 predominantly
the loss on the T31 programme as described in Note 1. The variance resulting from these contracts was a result of movements in
forecast cost to complete rather than a reversal of variable consideration previously seen as highly probable.
At 31 March 2024, there is \u00a37.2 billion (2023: \u00a36.7 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 40.9% (2023: 37.8%) of the transaction
price allocated to unsatisfied performance obligations as at 31 March 2024 will be recognised as revenue during the next reporting
period. A further 49.4% (2023: 46.3%) of the transaction price allocated to unsatisfied performance obligations is expected to be
recognised as revenue in years two to five after 31 March 2024.
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-543": { "value": "
31 March 2024 31 March 2023
\u00a3m \u00a3m
Non-current assets
Costs to obtain a contract
0.3
2.8
Costs to fulfil a contract
10.2
1.4
Other debtors
2.5
2.2
Non-current trade and other receivables
13.0
6.4
Current assets
Trade receivables
266.4
307.3
Less: provision for impairment of receivables
(8.5) (7.3)
Trade receivables \u2013 net
257.9
300.0
Retentions
6.1
6.0
Amounts due from related parties (note 31)
2.3
2.1
Other debtors
1
25.0
49.6
Other taxes and social security receivables
98.1
79.8
Prepayments
88.2
63.7
Costs to obtain a contract
\u2013
0.6
Costs to fulfil a contract
9.6
5.1
Current trade and other receivables
487.2
506.9
Contract assets
337.4
322.5
Current trade and other receivables and contract assets
824.6
829.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-506": { "value": "
17. Cash and cash equivalents
31 March 31 March
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
218.4
221.7
Short-term bank deposits
352.2
230.0
570.6
451.7
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies:
31 March 2024 31 March 2023
Total Floating rate Total Floating rate
Currency
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling
341.0
341.0
319.8
319.8
Euro
35.4
35.4
7.6
7.6
US Dollar
18.7
18.7
15.7
15.7
South African Rand
25.9
25.9
45.3
45.3
Canadian Dollar
64.1
64.1
19.1
19.1
Omani Rial
3.8
3.8
5.7
5.7
Australian Dollar
56.3
56.3
25.1
25.1
Norwegian Krone
0.5
0.5
0.6
0.6
Swedish Krona
1.7
1.7
2.4
2.4
New Zealand Dollar
15.2
15.2
2.8
2.8
Other currencies
8.0
8.0
7.6
7.6
570.6
570.6
451.7
451.7
Expected credit losses of cash and cash equivalents is \u00a3nil (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-507": { "value": "
18. Trade and other payables and contract liabilities
2024 2023
\u00a3m \u00a3m
Current liabilities
Contract liabilities
761.8
616.4
Trade creditors
314.3
239.1
Amounts due to related parties (note 31)
1.5
0.8
Other creditors
13.5
34.0
Defined contribution pension creditor
8.3
7.6
Other taxes and social security
71.1
75.5
Accruals
540.5
554.1
Trade and other payables
949.2
911.1
Trade and other payables and contract liabilities
1,711.0
1,527.5
Non
-current liabilities
Non
-current accruals
4.8
\u2013
Other creditors
0.6
0.9
5.4
0.9
Included in creditors is \u00a311.4 million (2023: \u00a312.9 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 2023
616.4
Revenue recognised that was included in the contract liability balance at the
beginning of the year
(540.8)
Cash advanced
 689.9
Exchange adjustment
 (3.7)
31 March 202
4
761.8
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 2023
616.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-544": { "value": "
2024 2023
\u00a3m \u00a3m
Current liabilities
Contract liabilities
761.8
616.4
Trade creditors
314.3
239.1
Amounts due to related parties (note 31)
1.5
0.8
Other creditors
13.5
34.0
Defined contribution pension creditor
8.3
7.6
Other taxes and social security
71.1
75.5
Accruals
540.5
554.1
Trade and other payables
949.2
911.1
Trade and other payables and contract liabilities
1,711.0
1,527.5
Non
-current liabilities
Non
-current accruals
4.8
\u2013
Other creditors
0.6
0.9
5.4
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-508": { "value": "
19. Bank and other borrowings
31 March 2024 31 March 2023
\u00a3m \u00a3m
Current liabilities
Bank loans and overdrafts due within one year or on demand
Secured
4.5
0.3
Unsecured
15.9
19.3
20.4
19.6
Lease obligations*
44.6
49.9
65.0
69.5
Non-current liabilities
Bank and other borrowings
Secured
2.5
21.0
Unsecured
744.6
747.4
747.1
768.4
Lease obligations*
185.9
178.9
933.0
947.3
* Leases are secured against the assets to which they relate.
The Group\u2019s overdraft totalled \u00a318.0 million at 31 March 2024 (2023: \u00a322.2 million).
The Group has \u00a32.8 million (2023: \u00a33.1 million) of secured debt in the Land operating segment that is secured against a property
owned by the Group and \u00a34.2 million (2023: \u00a318.2 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
(covenant basis) to EBITDA and Interest Cover. The Net Debt (covenant basis) 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 2024 31 March 2023
Loans and Lease Loans and Lease
overdrafts obligations overdrafts obligations
\u00a3m \u00a3m \u00a3m \u00a3m
Within one year
20.4
44.6
19.6
49.9
Between one and two years
0.6
38.2
0.3
40.6
Between two and three years
296.0
33.2
0.6
34.5
Between three and four years
449.8
24.8
300.6
23.4
Between four and five years
0.7
19.5
466.2
19.9
Greater than five years
\u2013
70.2
0.7
60.5
767.5
230.5
788.0
228.8
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 2024 31 March 2023
Total Floating rate Fixed rate Total Floating rate Fixed rate
Currency
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
415.0
7.8
407.2
439.0
16.4
422.6
Euro*
514.4
99.1
415.3
515.4
87.2
428.2
US Dollar
7.3
\u2013
7.3
5.9
0.4
5.5
South African Rand
8.9
4.2
4.7
25.1
18.3
6.8
Canadian Dollar
4.8
\u2013
4.8
6.0
\u2013
6.0
Australian Dollar
44.0
\u2013
44.0
22.3
\u2013
22.3
New Zealand Dollar
1.4
\u2013
1.4
1.0
\u2013
1.0
South Korean Won
0.5
\u2013
0.5
0.8
\u2013
0.8
Botswana Pula
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Other
1.7
\u2013
1.7
1.1
0.8
0.3
998.0
111.1
886.9
1,016.8
123.1
893.7
* \u20ac550 million (2023: \u20ac550 million) has been swapped into Sterling, with \u20ac140.0 million equivalent (2023: \u20ac140.0 million equivalent) into floating rates and
\u20ac410.0 million equivalent (2023: \u20ac410.0 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% (2023: 1.9%). The weighted average period for which these
interest rates are fixed is 2.5 years (2023: 3.5 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 31 March
2024 2023
% %
UK bank overdraft
6.4
5.4
8-year Eurobond September 2027\u2013 fixed
2.9
2.9
8-year Eurobond September 2027 \u2013 floating
6.9
6.3
\u00a3300 million bond 2026
1.9
1.9
Other borrowings
5.6 \u2013 11.1
5.5 \u2013 9.8
Leases obligations
2.2 \u2013 11.8
3.7 \u2013 17.2
Borrowing facilities
The Group had the following undrawn committed borrowing facilities available at 31 March:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Expiring in more than one year but not more than five years
775.0
1,152.8
775.0
1,152.8
21. Financial instruments and fair value measurement
The following table presents the Group\u2019s assets and liabilities:
Financial Financial Financial Financial
assets at assets at liabilities at liabilities at Total carrying
31 March 202
4 (\u00a3m)
fair value amortised cost fair value amortised cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates
\u2013
3.9
\u2013
\u2013
3.9
3.9
Financial assets
\u2013
5.3
\u2013
\u2013
5.3
5.3
Derivatives
2.8
\u2013
\u2013
\u2013
2.8
2.8
Lease receivables
\u2013
22.5
\u2013
\u2013
22.5
22.5
Current financial assets
Trade and other receivables*
0.9
282.1
\u2013
\u2013
283.0
283.0
Lease receivables
\u2013
13.0
\u2013
\u2013
13.0
13.0
Derivatives
4.4
\u2013
\u2013
\u2013
4.4
4.4
Cash and cash equivalents
\u2013
570.6
\u2013
\u2013
570.6
570.6
Non
-current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(747.1)
(747.1)
(686.4)
Derivatives
\u2013
\u2013
(51.9)
\u2013
(51.9)
(51.9)
Current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(20.4)
(20.4)
(20.4)
Trade and other payables*
\u2013
\u2013
\u2013
(593.7)
(593.7) (593.7)
Derivatives
\u2013
\u2013
(9.5)
\u2013
(9.5)
(9.5)
Net financial assets / (financial liabilities)
8.1
897.4
(61.4)
(1,361.2) (517.1) (456.4)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
Financial Financial Financial Financial
assets at assets at liabilities at liabilities at Total carrying
31 March 2023 (\u00a3m)
fair value amortised cost fair value amortised cost
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.
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. Derivatives not
designated in hedge relationships have net fair value liability of \u00a3 6.8 million (2023: \u00a317.2 million), of which \u00a36.7 million (2023: \u00a316.8
million) were economically hedging \u00a32.2 billion (2023: \u00a31.9 billion) denominated in foreign currencies purchases and sales and \u00a30.1
million (2023: \u00a30.4 million) was economically hedging borrowings (see also note 22). 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. The fair
value of cash flow hedges at 31 March 2024 was a net liability of \u00a311.1 million (2023: \u00a38.3 million). Further detail is give in Note 22.
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. The fair value of such hedges at 31 March 2024 was a liability of \u00a336.3 million (2023: \u00a339.1
million). Further detail is give in Note 22.
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 monitors 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 appropriate mix is maintained.
Performance
As at
31 March 2024, the Group had 89% fixed rate debt (2023: 88%) and 11% floating rate debt (2023: 12%)
based on gross debt, including lease liabilities, of \u00a3
998.0 million (2023: \u00a31,016.8 million).
The following balances are exposed to interest rate risk as shown below:
31 March 2024 31 March 2023
Between one
Less than and two Greater than Less than Between one Greater than
one year years two years one year and two years two years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
570.6
\u2013
\u2013
451.7
\u2013
\u2013
Bank and other borrowings
65.0
38.8
894.2
69.5
40.9
906.4
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 2024 Year ended 31 March 2023
Effect on profit Effect on profit
Change in before tax Change in before tax
interest rate \u00a3m interest rate \u00a3m
GBP
3.0% 3.4
3.0%
3.1
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2024
Year ended 31 March 2023
Change in Change in
fair value of fair value of
Carrying hedging Carrying hedging
Notional amount of instrument used for Notional amount of instrument used for
principal hedging calculating hedge principal hedging calculating hedge
Hedging instruments (\u00a3m)
amount instrument ineffectiveness amount instrument ineffectiveness
Cross currency interest rate swap
1
246.7
(37.6)
1.1
246.7
(38.7)
(4.1)
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 2024 Year ended 31 March 2023
Amount of Amount of
Change in ineffectiveness Change in ineffectiveness
Carrying Accumulated fair value used recognised in Carrying Accumulated fair value used recognised in the
amount of fair value for calculating the income amount of fair value for calculating income
Hedged item (\u00a3m)
hedged item adjustments ineffectiveness statement hedged item adjustments ineffectiveness statement
Debt
235.1
22.3
(8.2)
(7.1)
241.7
30.6
7.3
3.2
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 r
ange 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
management
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 prior year the Group 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. Interest payments predominantly relate to repayments on the \u20ac550m Eurobond and the
\u00a3300m bond and have been calculated based on the contractual fixed interest rates. Eurobond interest has been translated based on
the prevailing exchange rates at the balance sheet date.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 202
4
Bank and other borrowings
\u2013 repayment of overdraft and loan
22.5
0.6
749.9
\u2013
773.0
principal
Bank and other borrowings
\u2013 interest payments
12.2
12.2
36.6
\u2013
61.0
Derivatives cash outflows
settled gross
13.2
65.1
174.7
1,963.8
2,216.8
Undiscounted lease payments
49.3
46.1
90.7
85.3
271.4
At 31 March 202
3
Bank and other borrowings
\u2013 repayment of overdraft and loan
22.6
0.3
772.8
0.7
796.4
principal
(restated
1
)
Bank and other
borrowings \u2013 interest payments (restated
1
)
14.3
14.3
39.1
0.1
67.8
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
1
\u2018Bank and other borrowings \u2013 repayment of overdraft and loan principal\u2019 has been restated to remove lease payments which were duplicated within this line item in the prior
period in error. Interest payments were also not included in the prior year table.
The impact of discounting for lease payments is \u00a340.9 million (2023: \u00a323.4 million) resulting in lease liabilities of \u00a3230.5 million
(2023: \u00a3228.8 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 management
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.
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 2024
Amount
Change in fair Change in fair reclassified Ineffectivenes
value used for value recognised from cash s recognised
calculating in other flow hedge in profit and
Nominal Carrying Hedged hedge comprehensive reserve to loss (finance
Hedging instruments (\u00a3m)
amount value Maturity rate effectiveness income finance cost cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.1)
13/09/27
1.152
2.8
2.8
6.6
\u2013
Hedged item: EUR-denominated debt
\u20ac275m
N/A
13/09/27
N/A
(6.6)
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 2023
Change in fair Change in fair Amount
value used for
value recognised
reclassified from Ineffectiveness
calculating in other cash flow hedge recognised in
Nominal Carrying hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m)
amount
value
Maturity
Hedged rate
effectiveness income finance cost (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
Year ended 31 March 2024 Year ended 31 March 2023
Effect Effect
Change in Effect on other Change in Effect on other
foreign on profit components foreign on profit components
currency before tax of equity currency before tax of equity
rate \u00a3m \u00a3m rate \u00a3m \u00a3m
EUR *
5%
(0.6)
(0.6)
5%
1.5
1.5
ZAR
5%
(1.5)
(1.5)
5%
(2.0)
(2.0)
AUD
5%
(0.5)
(0.5)
5%
(0.4)
(0.4)
CAD
5%
(0.6)
(0.6)
5%
(0.4)
(0.4)
* 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.
Sensitivity analysis on currency risk has been prepared based on an approximation of reasonably possible changes in foreign exchange rates
relative to the Group\u2019s functional and reporting currency.
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 financial institutions,
credit limits will be set accord
ing to the respective financial institution\u2019s credit rating. Counterparty bank credit
risk is closely monitored on a systematic and ongoing basis.
Risk management
Credit
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
\u00a38.5 million (2023: \u00a37.3 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 2024
31 March 2023
AA
- or higher
13.2%
22.8%
A+ to A
-
76.9%
67.4%
BBB+ to BB-
9.9%
9.8%
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:
2024 2023
\u00a3m \u00a3m
Balance at 1 April
(7.3) (14.6)
Charged to the income statement
(1.9)
(1.7)
Unused amounts reversed
0.4
2.0
Disposal of businesses
\u2013
7.4
Exchange differences
0.3
(0.4)
Balance at 31 March
(8.5) (7.3)
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. The ageing of trade receivables
is detailed below:
Year ended 31 March 2024 Year ended 31 March 2023
Gross Provision Net Gross Provision Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
241.5
\u2013
241.5
291.3
\u2013
291.3
Up to 90 days overdue
15.0
(0.1)
14.9
3.7
(0.1)
3.6
Past 90 days overdue
9.9
(8.4)
1.5
12.3
(7.2)
5.1
266.4
(8.5)
257.9
307.3
(7.3)
300.0
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 2024
Year ended 31 March 2023
Balance Amounts not Net Balance Amounts not Net
sheet offset balances sheet offset balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and
cash equivalents
570.6
(18.0)
552.6 451.0
(18.9)
432.1
Derivatives
7.2
(7.2)
\u2013
6.9
(6.9)
\u2013
Liabilities
Bank and other borrowings
(18.0)
18.0
\u2013
(18.9)
18.9
\u2013
Derivatives
(61.4)
7.2
(54.2)
(66.1)
6.9
(59.2)
1
1
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 (cash and cash equivalents, bank overdrafts, loans, including the interest rate and foreign exchange derivatives which hedge the
loans, lease liabilities, lease receivables and loans to joint ventures and associates) and equity of the Group (comprising issued capital,
reserves, retained earnings and non-controlling interests. 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
management
The Group manages its capital structure and makes adjustments in response to changes to economic conditions
and the strategic objectives of the Group. The Group raises finance in the public debt market from financial
institutions, using a variety of capital market instruments and borrowing facilities.
Performance
During the prior year, the Group entered into an overdraft facility of \u00a350 million. No other new facilities have
been entered into.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-545": { "value": "19. Bank and other borrowings
31 March 2024 31 March 2023
\u00a3m \u00a3m
Current liabilities
Bank loans and overdrafts due within one year or on demand
Secured
4.5
0.3
Unsecured
15.9
19.3
20.4
19.6
Lease obligations*
44.6
49.9
65.0
69.5
Non-current liabilities
Bank and other borrowings
Secured
2.5
21.0
Unsecured
744.6
747.4
747.1
768.4
Lease obligations*
185.9
178.9
933.0
947.3
* Leases are secured against the assets to which they relate. The Group\u2019s overdraft totalled \u00a318.0 million at 31 March 2024 (2023: \u00a322.2 million). The Group has \u00a32.8 million (2023: \u00a33.1 million) of secured debt in the Land operating segment that is secured against a property owned by the Group and \u00a34.2 million (2023: \u00a318.2 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 (covenant basis) to EBITDA and Interest Cover. The Net Debt (covenant basis) 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 2024 31 March 2023
Loans and Lease Loans and Lease
overdrafts obligations overdrafts obligations
\u00a3m \u00a3m \u00a3m \u00a3m
Within one year
20.4
44.6
19.6
49.9
Between one and two years
0.6
38.2
0.3
40.6
Between two and three years
296.0
33.2
0.6
34.5
Between three and four years
449.8
24.8
300.6
23.4
Between four and five years
0.7
19.5
466.2
19.9
Greater than five years
\u2013
70.2
0.7
60.5
767.5
230.5
788.0
228.8
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 2024 31 March 2023
Total Floating rate Fixed rate Total Floating rate Fixed rate
Currency
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
415.0
7.8
407.2
439.0
16.4
422.6
Euro*
514.4
99.1
415.3
515.4
87.2
428.2
US Dollar
7.3
\u2013
7.3
5.9
0.4
5.5
South African Rand
8.9
4.2
4.7
25.1
18.3
6.8
Canadian Dollar
4.8
\u2013
4.8
6.0
\u2013
6.0
Australian Dollar
44.0
\u2013
44.0
22.3
\u2013
22.3
New Zealand Dollar
1.4
\u2013
1.4
1.0
\u2013
1.0
South Korean Won
0.5
\u2013
0.5
0.8
\u2013
0.8
Botswana Pula
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Other
1.7
\u2013
1.7
1.1
0.8
0.3
998.0
111.1
886.9
1,016.8
123.1
893.7
* \u20ac550 million (2023: \u20ac550 million) has been swapped into Sterling, with \u20ac140.0 million equivalent (2023: \u20ac140.0 million equivalent) into floating rates and \u20ac410.0 million equivalent (2023: \u20ac410.0 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% (2023: 1.9%). The weighted average period for which these interest rates are fixed is 2.5 years (2023: 3.5 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 31 March
2024 2023
% %
UK bank overdraft
6.4
5.4
8-year Eurobond September 2027\u2013 fixed
2.9
2.9
8-year Eurobond September 2027 \u2013 floating
6.9
6.3
\u00a3300 million bond 2026
1.9
1.9
Other borrowings
5.6 \u2013 11.1
5.5 \u2013 9.8
Leases obligations
2.2 \u2013 11.8
3.7 \u2013 17.2
Borrowing facilities The Group had the following undrawn committed borrowing facilities available at 31 March:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Expiring in more than one year but not more than five years
775.0
1,152.8
775.0
1,152.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-546": { "value": "
20. Provisions for other liabilities, including other employee benefits
Employee
related and
business
Contract/ reorganisation Italian
warranty costs anti-trust fine Property Other Total
(a) (b) (c) (d) (e) provisions
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2022
53.5
39.7
0.3
21.0
1.4
115.9
On disposal of subsidiaries (note 27)
(8.5) (1.2)
\u2013
(5.8)
(0.1) (15.6)
Reclassification
(1.0)
1.4
\u2013
(4.3)
3.9
\u2013
Charge to income statement
85.3
12.8
\u2013
8.6
1.2
107.9
Release to the income statement
(9.3)
(2.4)
\u2013
(0.2)
(1.8)
(13.7)
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
Charge to income statement
66.4
10.3
\u2013
10.3
2.7
89.7
Release to
the income statement
(19.4) (3.6)
\u2013
(0.5)
(0.1) (23.6)
Utilised in year
(31.3)
(6.2)
\u2013
(1.4)
(0.7)
(39.6)
Reclassified to accruals
1
\u2013
(18.0)
\u2013
\u2013
\u2013
(18.0)
Unwinding of discount
2.4
0.3
\u2013
\u2013
\u2013
2.7
Foreign exchange
(0.7) (0.9)
\u2013
\u2013
(0.1)
(1.7)
At 31 March 2024
117.8
12.4
\u2013
23.5
4.5
158.2
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 related and business reorganisation costs relate to business restructuring activities including announced redundancies
in addition to employee related provisions other than employee benefits.
c. Italian anti-trust fines pertain to historic court rulings in respect of the Babcock Mission Critical Services Italia SpA subsidiary.
The remaining amount of this provision was paid in the prior year.
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.
1
Immaterial amounts related to employee benefits have been reclassified from provisions to current and non-current accruals during the period.
Provisions have been analysed between current and non-current as follows:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Current
79.1
67.9
Non-current
79.1
80.8
158.2
148.7
Included within provisions is \u00a36.7 million (2023: \u00a36.9 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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-509": { "value": "20. Provisions for other liabilities, including other employee benefits
Employee
related and
business
Contract/ reorganisation Italian
warranty costs anti-trust fine Property Other Total
(a) (b) (c) (d) (e) provisions
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2022
53.5
39.7
0.3
21.0
1.4
115.9
On disposal of subsidiaries (note 27)
(8.5) (1.2)
\u2013
(5.8)
(0.1) (15.6)
Reclassification
(1.0)
1.4
\u2013
(4.3)
3.9
\u2013
Charge to income statement
85.3
12.8
\u2013
8.6
1.2
107.9
Release to the income statement
(9.3)
(2.4)
\u2013
(0.2)
(1.8)
(13.7)
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
Charge to income statement
66.4
10.3
\u2013
10.3
2.7
89.7
Release to
the income statement
(19.4) (3.6)
\u2013
(0.5)
(0.1) (23.6)
Utilised in year
(31.3)
(6.2)
\u2013
(1.4)
(0.7)
(39.6)
Reclassified to accruals
1
\u2013
(18.0)
\u2013
\u2013
\u2013
(18.0)
Unwinding of discount
2.4
0.3
\u2013
\u2013
\u2013
2.7
Foreign exchange
(0.7) (0.9)
\u2013
\u2013
(0.1)
(1.7)
At 31 March 2024
117.8
12.4
\u2013
23.5
4.5
158.2
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 related and business reorganisation costs relate to business restructuring activities including announced redundancies in addition to employee related provisions other than employee benefits. c. Italian anti-trust fines pertain to historic court rulings in respect of the Babcock Mission Critical Services Italia SpA subsidiary. The remaining amount of this provision was paid in the prior year. 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. 1 Immaterial amounts related to employee benefits have been reclassified from provisions to current and non-current accruals during the period. Provisions have been analysed between current and non-current as follows:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Current
79.1
67.9
Non-current
79.1
80.8
158.2
148.7
Included within provisions is \u00a36.7 million (2023: \u00a36.9 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-547": { "value": "21. Financial instruments and fair value measurement The following table presents the Group\u2019s assets and liabilities:
Financial Financial Financial Financial
assets at assets at liabilities at liabilities at Total carrying
31 March 202
4 (\u00a3m)
fair value amortised cost fair value amortised cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates
\u2013
3.9
\u2013
\u2013
3.9
3.9
Financial assets
\u2013
5.3
\u2013
\u2013
5.3
5.3
Derivatives
2.8
\u2013
\u2013
\u2013
2.8
2.8
Lease receivables
\u2013
22.5
\u2013
\u2013
22.5
22.5
Current financial assets
Trade and other receivables*
0.9
282.1
\u2013
\u2013
283.0
283.0
Lease receivables
\u2013
13.0
\u2013
\u2013
13.0
13.0
Derivatives
4.4
\u2013
\u2013
\u2013
4.4
4.4
Cash and cash equivalents
\u2013
570.6
\u2013
\u2013
570.6
570.6
Non
-current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(747.1)
(747.1)
(686.4)
Derivatives
\u2013
\u2013
(51.9)
\u2013
(51.9)
(51.9)
Current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(20.4)
(20.4)
(20.4)
Trade and other payables*
\u2013
\u2013
\u2013
(593.7)
(593.7) (593.7)
Derivatives
\u2013
\u2013
(9.5)
\u2013
(9.5)
(9.5)
Net financial assets / (financial liabilities)
8.1
897.4
(61.4)
(1,361.2) (517.1) (456.4)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
Financial Financial Financial Financial
assets at assets at liabilities at liabilities at Total carrying
31 March 2023 (\u00a3m)
fair value amortised cost fair value amortised cost
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. 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. Derivatives not designated in hedge relationships have net fair value liability of \u00a3 6.8 million (2023: \u00a317.2 million), of which \u00a36.7 million (2023: \u00a316.8 million) were economically hedging \u00a32.2 billion (2023: \u00a31.9 billion) denominated in foreign currencies purchases and sales and \u00a30.1 million (2023: \u00a30.4 million) was economically hedging borrowings (see also note 22). 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. The fair value of cash flow hedges at 31 March 2024 was a net liability of \u00a311.1 million (2023: \u00a38.3 million). Further detail is give in Note 22. 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. The fair value of such hedges at 31 March 2024 was a liability of \u00a336.3 million (2023: \u00a339.1 million). Further detail is give in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-568": { "value": "21. Financial instruments and fair value measurement The following table presents the Group\u2019s assets and liabilities:
Financial Financial Financial Financial
assets at assets at liabilities at liabilities at Total carrying
31 March 202
4 (\u00a3m)
fair value amortised cost fair value amortised cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates
\u2013
3.9
\u2013
\u2013
3.9
3.9
Financial assets
\u2013
5.3
\u2013
\u2013
5.3
5.3
Derivatives
2.8
\u2013
\u2013
\u2013
2.8
2.8
Lease receivables
\u2013
22.5
\u2013
\u2013
22.5
22.5
Current financial assets
Trade and other receivables*
0.9
282.1
\u2013
\u2013
283.0
283.0
Lease receivables
\u2013
13.0
\u2013
\u2013
13.0
13.0
Derivatives
4.4
\u2013
\u2013
\u2013
4.4
4.4
Cash and cash equivalents
\u2013
570.6
\u2013
\u2013
570.6
570.6
Non
-current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(747.1)
(747.1)
(686.4)
Derivatives
\u2013
\u2013
(51.9)
\u2013
(51.9)
(51.9)
Current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(20.4)
(20.4)
(20.4)
Trade and other payables*
\u2013
\u2013
\u2013
(593.7)
(593.7) (593.7)
Derivatives
\u2013
\u2013
(9.5)
\u2013
(9.5)
(9.5)
Net financial assets / (financial liabilities)
8.1
897.4
(61.4)
(1,361.2) (517.1) (456.4)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
Financial Financial Financial Financial
assets at assets at liabilities at liabilities at Total carrying
31 March 2023 (\u00a3m)
fair value amortised cost fair value amortised cost
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. 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. Derivatives not designated in hedge relationships have net fair value liability of \u00a3 6.8 million (2023: \u00a317.2 million), of which \u00a36.7 million (2023: \u00a316.8 million) were economically hedging \u00a32.2 billion (2023: \u00a31.9 billion) denominated in foreign currencies purchases and sales and \u00a30.1 million (2023: \u00a30.4 million) was economically hedging borrowings (see also note 22). 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. The fair value of cash flow hedges at 31 March 2024 was a net liability of \u00a311.1 million (2023: \u00a38.3 million). Further detail is give in Note 22. 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. The fair value of such hedges at 31 March 2024 was a liability of \u00a336.3 million (2023: \u00a339.1 million). Further detail is give in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-579": { "value": "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. Derivatives not designated in hedge relationships have net fair value liability of \u00a3 6.8 million (2023: \u00a317.2 million), of which \u00a36.7 million (2023: \u00a316.8 million) were economically hedging \u00a32.2 billion (2023: \u00a31.9 billion) denominated in foreign currencies purchases and sales and \u00a30.1 million (2023: \u00a30.4 million) was economically hedging borrowings (see also note 22). 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. The fair value of cash flow hedges at 31 March 2024 was a net liability of \u00a311.1 million (2023: \u00a38.3 million). Further detail is give in Note 22. 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. The fair value of such hedges at 31 March 2024 was a liability of \u00a336.3 million (2023: \u00a339.1 million). Further detail is give in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-574": { "value": "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. Derivatives not designated in hedge relationships have net fair value liability of \u00a3 6.8 million (2023: \u00a317.2 million), of which \u00a36.7 million (2023: \u00a316.8 million) were economically hedging \u00a32.2 billion (2023: \u00a31.9 billion) denominated in foreign currencies purchases and sales and \u00a30.1 million (2023: \u00a30.4 million) was economically hedging borrowings (see also note 22). 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. The fair value of cash flow hedges at 31 March 2024 was a net liability of \u00a311.1 million (2023: \u00a38.3 million). Further detail is give in Note 22. 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. The fair value of such hedges at 31 March 2024 was a liability of \u00a336.3 million (2023: \u00a339.1 million). Further detail is give in Note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-569": { "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 monitors 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 appropriate mix is maintained. Performance As at 31 March 2024, the Group had 89% fixed rate debt (2023: 88%) and 11% floating rate debt (2023: 12%) based on gross debt, including lease liabilities, of \u00a3 998.0 million (2023: \u00a31,016.8 million). The following balances are exposed to interest rate risk as shown below:
31 March 2024 31 March 2023
Between one
Less than and two Greater than Less than Between one Greater than
one year years two years one year and two years two years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
570.6
\u2013
\u2013
451.7
\u2013
\u2013
Bank and other borrowings
65.0
38.8
894.2
69.5
40.9
906.4
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 2024 Year ended 31 March 2023
Effect on profit Effect on profit
Change in before tax Change in before tax
interest rate \u00a3m interest rate \u00a3m
GBP
3.0% 3.4
3.0%
3.1
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2024
Year ended 31 March 2023
Change in Change in
fair value of fair value of
Carrying hedging Carrying hedging
Notional amount of instrument used for Notional amount of instrument used for
principal hedging calculating hedge principal hedging calculating hedge
Hedging instruments (\u00a3m)
amount instrument ineffectiveness amount instrument ineffectiveness
Cross currency interest rate swap
1
246.7
(37.6)
1.1
246.7
(38.7)
(4.1)
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 2024 Year ended 31 March 2023
Amount of Amount of
Change in ineffectiveness Change in ineffectiveness
Carrying Accumulated fair value used recognised in Carrying Accumulated fair value used recognised in the
amount of fair value for calculating the income amount of fair value for calculating income
Hedged item (\u00a3m)
hedged item adjustments ineffectiveness statement hedged item adjustments ineffectiveness statement
Debt
235.1
22.3
(8.2)
(7.1)
241.7
30.6
7.3
3.2
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 r ange 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 management 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 prior year the Group 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. Interest payments predominantly relate to repayments on the \u20ac550m Eurobond and the \u00a3300m bond and have been calculated based on the contractual fixed interest rates. Eurobond interest has been translated based on the prevailing exchange rates at the balance sheet date.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 202
4
Bank and other borrowings
\u2013 repayment of overdraft and loan
22.5
0.6
749.9
\u2013
773.0
principal
Bank and other borrowings
\u2013 interest payments
12.2
12.2
36.6
\u2013
61.0
Derivatives cash outflows
settled gross
13.2
65.1
174.7
1,963.8
2,216.8
Undiscounted lease payments
49.3
46.1
90.7
85.3
271.4
At 31 March 202
3
Bank and other borrowings
\u2013 repayment of overdraft and loan
22.6
0.3
772.8
0.7
796.4
principal
(restated
1
)
Bank and other
borrowings \u2013 interest payments (restated
1
)
14.3
14.3
39.1
0.1
67.8
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
1 \u2018Bank and other borrowings \u2013 repayment of overdraft and loan principal\u2019 has been restated to remove lease payments which were duplicated within this line item in the prior period in error. Interest payments were also not included in the prior year table. The impact of discounting for lease payments is \u00a340.9 million (2023: \u00a323.4 million) resulting in lease liabilities of \u00a3230.5 million (2023: \u00a3228.8 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 management 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. 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 2024
Amount
Change in fair Change in fair reclassified Ineffectivenes
value used for value recognised from cash s recognised
calculating in other flow hedge in profit and
Nominal Carrying Hedged hedge comprehensive reserve to loss (finance
Hedging instruments (\u00a3m)
amount value Maturity rate effectiveness income finance cost cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.1)
13/09/27
1.152
2.8
2.8
6.6
\u2013
Hedged item: EUR-denominated debt
\u20ac275m
N/A
13/09/27
N/A
(6.6)
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 2023
Change in fair Change in fair Amount
value used for
value recognised
reclassified from Ineffectiveness
calculating in other cash flow hedge recognised in
Nominal Carrying hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m)
amount
value
Maturity
Hedged rate
effectiveness income finance cost (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
Year ended 31 March 2024 Year ended 31 March 2023
Effect Effect
Change in Effect on other Change in Effect on other
foreign on profit components foreign on profit components
currency before tax of equity currency before tax of equity
rate \u00a3m \u00a3m rate \u00a3m \u00a3m
EUR *
5%
(0.6)
(0.6)
5%
1.5
1.5
ZAR
5%
(1.5)
(1.5)
5%
(2.0)
(2.0)
AUD
5%
(0.5)
(0.5)
5%
(0.4)
(0.4)
CAD
5%
(0.6)
(0.6)
5%
(0.4)
(0.4)
* 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. Sensitivity analysis on currency risk has been prepared based on an approximation of reasonably possible changes in foreign exchange rates relative to the Group\u2019s functional and reporting currency. 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 financial institutions, credit limits will be set accord ing to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely monitored on a systematic and ongoing basis. Risk managementCredit 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 \u00a38.5 million (2023: \u00a37.3 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 2024
31 March 2023
AA
- or higher
13.2%
22.8%
A+ to A
-
76.9%
67.4%
BBB+ to BB-
9.9%
9.8%
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:
2024 2023
\u00a3m \u00a3m
Balance at 1 April
(7.3) (14.6)
Charged to the income statement
(1.9)
(1.7)
Unused amounts reversed
0.4
2.0
Disposal of businesses
\u2013
7.4
Exchange differences
0.3
(0.4)
Balance at 31 March
(8.5) (7.3)
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. The ageing of trade receivables is detailed below:
Year ended 31 March 2024 Year ended 31 March 2023
Gross Provision Net Gross Provision Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
241.5
\u2013
241.5
291.3
\u2013
291.3
Up to 90 days overdue
15.0
(0.1)
14.9
3.7
(0.1)
3.6
Past 90 days overdue
9.9
(8.4)
1.5
12.3
(7.2)
5.1
266.4
(8.5)
257.9
307.3
(7.3)
300.0
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 2024
Year ended 31 March 2023
Balance Amounts not Net Balance Amounts not Net
sheet offset balances sheet offset balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and
cash equivalents
570.6
(18.0)
552.6 451.0
(18.9)
432.1
Derivatives
7.2
(7.2)
\u2013
6.9
(6.9)
\u2013
Liabilities
Bank and other borrowings
(18.0)
18.0
\u2013
(18.9)
18.9
\u2013
Derivatives
(61.4)
7.2
(54.2)
(66.1)
6.9
(59.2)
1 1 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 (cash and cash equivalents, bank overdrafts, loans, including the interest rate and foreign exchange derivatives which hedge the loans, lease liabilities, lease receivables and loans to joint ventures and associates) and equity of the Group (comprising issued capital, reserves, retained earnings and non-controlling interests. 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 management The Group manages its capital structure and makes adjustments in response to changes to economic conditions and the strategic objectives of the Group. The Group raises finance in the public debt market from financial institutions, using a variety of capital market instruments and borrowing facilities. Performance During the prior year, the Group 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-548": { "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 monitors 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 appropriate mix is maintained. Performance As at 31 March 2024, the Group had 89% fixed rate debt (2023: 88%) and 11% floating rate debt (2023: 12%) based on gross debt, including lease liabilities, of \u00a3 998.0 million (2023: \u00a31,016.8 million). The following balances are exposed to interest rate risk as shown below:
31 March 2024 31 March 2023
Between one
Less than and two Greater than Less than Between one Greater than
one year years two years one year and two years two years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
570.6
\u2013
\u2013
451.7
\u2013
\u2013
Bank and other borrowings
65.0
38.8
894.2
69.5
40.9
906.4
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 2024 Year ended 31 March 2023
Effect on profit Effect on profit
Change in before tax Change in before tax
interest rate \u00a3m interest rate \u00a3m
GBP
3.0% 3.4
3.0%
3.1
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2024
Year ended 31 March 2023
Change in Change in
fair value of fair value of
Carrying hedging Carrying hedging
Notional amount of instrument used for Notional amount of instrument used for
principal hedging calculating hedge principal hedging calculating hedge
Hedging instruments (\u00a3m)
amount instrument ineffectiveness amount instrument ineffectiveness
Cross currency interest rate swap
1
246.7
(37.6)
1.1
246.7
(38.7)
(4.1)
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 2024 Year ended 31 March 2023
Amount of Amount of
Change in ineffectiveness Change in ineffectiveness
Carrying Accumulated fair value used recognised in Carrying Accumulated fair value used recognised in the
amount of fair value for calculating the income amount of fair value for calculating income
Hedged item (\u00a3m)
hedged item adjustments ineffectiveness statement hedged item adjustments ineffectiveness statement
Debt
235.1
22.3
(8.2)
(7.1)
241.7
30.6
7.3
3.2
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 management 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. 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 2024
Amount
Change in fair Change in fair reclassified Ineffectivenes
value used for value recognised from cash s recognised
calculating in other flow hedge in profit and
Nominal Carrying Hedged hedge comprehensive reserve to loss (finance
Hedging instruments (\u00a3m)
amount value Maturity rate effectiveness income finance cost cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.1)
13/09/27
1.152
2.8
2.8
6.6
\u2013
Hedged item: EUR-denominated debt
\u20ac275m
N/A
13/09/27
N/A
(6.6)
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 2023
Change in fair Change in fair Amount
value used for
value recognised
reclassified from Ineffectiveness
calculating in other cash flow hedge recognised in
Nominal Carrying hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m)
amount
value
Maturity
Hedged rate
effectiveness income finance cost (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
Year ended 31 March 2024 Year ended 31 March 2023
Effect Effect
Change in Effect on other Change in Effect on other
foreign on profit components foreign on profit components
currency before tax of equity currency before tax of equity
rate \u00a3m \u00a3m rate \u00a3m \u00a3m
EUR *
5%
(0.6)
(0.6)
5%
1.5
1.5
ZAR
5%
(1.5)
(1.5)
5%
(2.0)
(2.0)
AUD
5%
(0.5)
(0.5)
5%
(0.4)
(0.4)
CAD
5%
(0.6)
(0.6)
5%
(0.4)
(0.4)
* 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. Sensitivity analysis on currency risk has been prepared based on an approximation of reasonably possible changes in foreign exchange rates relative to the Group\u2019s functional and reporting currency. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-549": { "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 r ange 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 management 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 prior year the Group 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. Interest payments predominantly relate to repayments on the \u20ac550m Eurobond and the \u00a3300m bond and have been calculated based on the contractual fixed interest rates. Eurobond interest has been translated based on the prevailing exchange rates at the balance sheet date.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 202
4
Bank and other borrowings
\u2013 repayment of overdraft and loan
22.5
0.6
749.9
\u2013
773.0
principal
Bank and other borrowings
\u2013 interest payments
12.2
12.2
36.6
\u2013
61.0
Derivatives cash outflows
settled gross
13.2
65.1
174.7
1,963.8
2,216.8
Undiscounted lease payments
49.3
46.1
90.7
85.3
271.4
At 31 March 202
3
Bank and other borrowings
\u2013 repayment of overdraft and loan
22.6
0.3
772.8
0.7
796.4
principal
(restated
1
)
Bank and other
borrowings \u2013 interest payments (restated
1
)
14.3
14.3
39.1
0.1
67.8
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
1 \u2018Bank and other borrowings \u2013 repayment of overdraft and loan principal\u2019 has been restated to remove lease payments which were duplicated within this line item in the prior period in error. Interest payments were also not included in the prior year table. The impact of discounting for lease payments is \u00a340.9 million (2023: \u00a323.4 million) resulting in lease liabilities of \u00a3230.5 million (2023: \u00a3228.8 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-550": { "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 financial institutions, credit limits will be set accord ing to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely monitored on a systematic and ongoing basis. Risk managementCredit 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 \u00a38.5 million (2023: \u00a37.3 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 2024
31 March 2023
AA
- or higher
13.2%
22.8%
A+ to A
-
76.9%
67.4%
BBB+ to BB-
9.9%
9.8%
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:
2024 2023
\u00a3m \u00a3m
Balance at 1 April
(7.3) (14.6)
Charged to the income statement
(1.9)
(1.7)
Unused amounts reversed
0.4
2.0
Disposal of businesses
\u2013
7.4
Exchange differences
0.3
(0.4)
Balance at 31 March
(8.5) (7.3)
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. The ageing of trade receivables is detailed below:
Year ended 31 March 2024 Year ended 31 March 2023
Gross Provision Net Gross Provision Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
241.5
\u2013
241.5
291.3
\u2013
291.3
Up to 90 days overdue
15.0
(0.1)
14.9
3.7
(0.1)
3.6
Past 90 days overdue
9.9
(8.4)
1.5
12.3
(7.2)
5.1
266.4
(8.5)
257.9
307.3
(7.3)
300.0
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-580": { "value": "Offsetting financial assets and liabilities
Year ended 31 March 2024
Year ended 31 March 2023
Balance Amounts not Net Balance Amounts not Net
sheet offset balances sheet offset balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and
cash equivalents
570.6
(18.0)
552.6 451.0
(18.9)
432.1
Derivatives
7.2
(7.2)
\u2013
6.9
(6.9)
\u2013
Liabilities
Bank and other borrowings
(18.0)
18.0
\u2013
(18.9)
18.9
\u2013
Derivatives
(61.4)
7.2
(54.2)
(66.1)
6.9
(59.2)
1 1 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:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-575": { "value": "Offsetting financial assets and liabilities
Year ended 31 March 2024
Year ended 31 March 2023
Balance Amounts not Net Balance Amounts not Net
sheet offset balances sheet offset balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and
cash equivalents
570.6
(18.0)
552.6 451.0
(18.9)
432.1
Derivatives
7.2
(7.2)
\u2013
6.9
(6.9)
\u2013
Liabilities
Bank and other borrowings
(18.0)
18.0
\u2013
(18.9)
18.9
\u2013
Derivatives
(61.4)
7.2
(54.2)
(66.1)
6.9
(59.2)
1 1 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:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-551": { "value": "Offsetting financial assets and liabilities
Year ended 31 March 2024
Year ended 31 March 2023
Balance Amounts not Net Balance Amounts not Net
sheet offset balances sheet offset balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and
cash equivalents
570.6
(18.0)
552.6 451.0
(18.9)
432.1
Derivatives
7.2
(7.2)
\u2013
6.9
(6.9)
\u2013
Liabilities
Bank and other borrowings
(18.0)
18.0
\u2013
(18.9)
18.9
\u2013
Derivatives
(61.4)
7.2
(54.2)
(66.1)
6.9
(59.2)
1 1 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-552": { "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 (cash and cash equivalents, bank overdrafts, loans, including the interest rate and foreign exchange derivatives which hedge the loans, lease liabilities, lease receivables and loans to joint ventures and associates) and equity of the Group (comprising issued capital, reserves, retained earnings and non-controlling interests. 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 management The Group manages its capital structure and makes adjustments in response to changes to economic conditions and the strategic objectives of the Group. The Group raises finance in the public debt market from financial institutions, using a variety of capital market instruments and borrowing facilities. Performance During the prior year, the Group 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-553": { "value": "
23. Share capital
Ordinary shares of 60p Total
Number \u00a3m
Allotted, issued and fully paid
At
1 April 2023 and 31 March 2024
505,596,597
303.4
Allotted, issued and fully paid
At 1 April 2022 and 31 March 2023
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 2024 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 12,490,853 shares (2023: 10,346,859 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.
2024 2023
Grant date
Type
Exercise period
Number Number
13 June 2019
DBP
3
13/06/2022
\u2013 13/06/2023
\u2013
22,971
3 August 2020
DBP
2
03/08/2022 \u2013 03/08/2023
\u2013
44,300
3 August 2020
DBP
3
03/08/2023 \u2013 03/08/2024
\u2013
109,929
13 August 2020
DBP
3
13/08/2023 \u2013 13/08/2024
27,026
192,096
1 December 2020
PSP
1
01/12/2025
\u2013 01/12/2026
1,197,393
1,389,984
1 December 2020
PSP
1
01/12/2023
\u2013 01/12/2024
532,695
1,470,518
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
1,290,265
1,368,274
24 September 2021
PSP
1
24/09/2026 \u2013 24/09/2027
515,803
553,389
1 August 2022
DBP
4
01/08/2023 \u2013 01/08/2024
\u2013
551,420
1 August 2022
DBP
3
01/08/2025 \u2013 01/08/2026
218,895
218,895
1 August 2022
PSP
1
01/08/202
5 \u2013 01/08/2026
2,007,994
2,191,017
1 August 2022
PSP
1
01/08/2027 \u2013 01/08/2028
1,328,136
1,419,589
1 August 2023
PSP
1
01/08/2026 \u2013 01/08/2027
2,353,826
\u2013
1 August 2023
DBP
3
01/08/2026 \u2013 01/08/2027
129,095
\u2013
1 August 2023
DBP
4
01/08/2024
\u2013 01/08/2025
179,247
\u2013
1 August 2023
PSP
1
01/08/2028
\u2013 01/08/2029
694,057
\u2013
29 September 2023
PSP
1
29/09/2028 \u2013 29/09/2029
900,607
\u2013
15 December 2023
PSP
1
15/12/2025 \u2013 15/12/2026
42,077
\u2013
15 December 2023
PSP
1
15/12/2026
\u2013 15/12/2027
127,553
\u2013
15 December 2023
PSP
1
15/12/2028 \u2013 15/12/2029
131,707
\u2013
12,490,853 10,346,859
Options granted to Directors are summarised in the Remuneration report on pages 148 to 156 and are included in the outstanding
options set out above.
1. 2019 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 2024 31 March 2023
Shares newly Shares Shares newly Shares
issued by the bought in issued by the bought in
Company the market Company the market
BEST
 \u2013 1,872,433 \u2013 69,517
Total
\u2013
1,872,433
\u2013
69,517
A reconciliation of PSP and DBP movements is shown below:
31 March 2024 31 March 2023
Number Number
\u2019000 \u2019000
Outstanding at 1 April
10,347
9,946
Granted
4,742
4,492
Exercised
(1,947)
(350)
Forfeited/lapsed
(651)
(3,741)
Outstanding at 31 March
12,491
10,347
Exercisable at 31 March
27
67
The weighted average share price for awards exercised during the year was 406.2p per share (2023: 339.1p per share). The weighted
average fair value of awards granted in the year was 362.6p per share (2023: 327.1p per share)
During the year 3,721,467 ordinary shares (2023: 21,362 ordinary 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 2024, 1,918,551 shares (2023: 349,881 shares) were disposed of by the Trust
resulting from options exercised. At 31 March 2024, the Trust held a total of 1,872,433 ordinary shares (2023: 69,517 ordinary
shares). Shares held by the trust have a nominal value of \u00a31,123,460 (2023: \u00a341,710) and a total market value of \u00a39,736,652 (2023:
\u00a3207,717) representing 0.4% (2023: 0.01%) 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.
Own shares held, including treasury shares and shares held by the Trust are recognised as a deduction from retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-510": { "value": "23. Share capital
Ordinary shares of 60p Total
Number \u00a3m
Allotted, issued and fully paid
At
1 April 2023 and 31 March 2024
505,596,597
303.4
Allotted, issued and fully paid
At 1 April 2022 and 31 March 2023
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 2024 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 12,490,853 shares (2023: 10,346,859 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.
2024 2023
Grant date
Type
Exercise period
Number Number
13 June 2019
DBP
3
13/06/2022
\u2013 13/06/2023
\u2013
22,971
3 August 2020
DBP
2
03/08/2022 \u2013 03/08/2023
\u2013
44,300
3 August 2020
DBP
3
03/08/2023 \u2013 03/08/2024
\u2013
109,929
13 August 2020
DBP
3
13/08/2023 \u2013 13/08/2024
27,026
192,096
1 December 2020
PSP
1
01/12/2025
\u2013 01/12/2026
1,197,393
1,389,984
1 December 2020
PSP
1
01/12/2023
\u2013 01/12/2024
532,695
1,470,518
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
1,290,265
1,368,274
24 September 2021
PSP
1
24/09/2026 \u2013 24/09/2027
515,803
553,389
1 August 2022
DBP
4
01/08/2023 \u2013 01/08/2024
\u2013
551,420
1 August 2022
DBP
3
01/08/2025 \u2013 01/08/2026
218,895
218,895
1 August 2022
PSP
1
01/08/202
5 \u2013 01/08/2026
2,007,994
2,191,017
1 August 2022
PSP
1
01/08/2027 \u2013 01/08/2028
1,328,136
1,419,589
1 August 2023
PSP
1
01/08/2026 \u2013 01/08/2027
2,353,826
\u2013
1 August 2023
DBP
3
01/08/2026 \u2013 01/08/2027
129,095
\u2013
1 August 2023
DBP
4
01/08/2024
\u2013 01/08/2025
179,247
\u2013
1 August 2023
PSP
1
01/08/2028
\u2013 01/08/2029
694,057
\u2013
29 September 2023
PSP
1
29/09/2028 \u2013 29/09/2029
900,607
\u2013
15 December 2023
PSP
1
15/12/2025 \u2013 15/12/2026
42,077
\u2013
15 December 2023
PSP
1
15/12/2026
\u2013 15/12/2027
127,553
\u2013
15 December 2023
PSP
1
15/12/2028 \u2013 15/12/2029
131,707
\u2013
12,490,853 10,346,859
Options granted to Directors are summarised in the Remuneration report on pages 148 to 156 and are included in the outstanding options set out above. 1. 2019 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 2024 31 March 2023
Shares newly Shares Shares newly Shares
issued by the bought in issued by the bought in
Company the market Company the market
BEST
 \u2013 1,872,433 \u2013 69,517
Total
\u2013
1,872,433
\u2013
69,517
A reconciliation of PSP and DBP movements is shown below:
31 March 2024 31 March 2023
Number Number
\u2019000 \u2019000
Outstanding at 1 April
10,347
9,946
Granted
4,742
4,492
Exercised
(1,947)
(350)
Forfeited/lapsed
(651)
(3,741)
Outstanding at 31 March
12,491
10,347
Exercisable at 31 March
27
67
The weighted average share price for awards exercised during the year was 406.2p per share (2023: 339.1p per share). The weighted average fair value of awards granted in the year was 362.6p per share (2023: 327.1p per share) During the year 3,721,467 ordinary shares (2023: 21,362 ordinary 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 2024, 1,918,551 shares (2023: 349,881 shares) were disposed of by the Trust resulting from options exercised. At 31 March 2024, the Trust held a total of 1,872,433 ordinary shares (2023: 69,517 ordinary shares). Shares held by the trust have a nominal value of \u00a31,123,460 (2023: \u00a341,710) and a total market value of \u00a39,736,652 (2023: \u00a3207,717) representing 0.4% (2023: 0.01%) 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. Own shares held, including treasury shares and shares held by the Trust are recognised as a deduction from retained earnings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-511": { "value": "
24. Share-based payments
The charge to the income statement has been based on the assumptions below and is based on the application of Black Scholes model
or 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 as deemed necessary. 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 \u00a312.4 million (2023: \u00a39.4 million), all of which
related to equity-settled share-based payment transactions.
After tax, the income statement charge was \u00a39.6 million (2023: \u00a37.6 million).
The fair value per option granted and the assumptions used in the calculation are as follows:
PSP and DBP
1
Expectations
of meeting
Share price performance Fair value
at grant or criteria \u2013 Fair value per option \u2013
Options modification Expected non-market per option \u2013 non-market Grant or
awarded date volatility Option life conditions TSR conditions Correlation modification
Number Pence % Years % Pence Pence % date
2023
PSP
1,259,675
371
32.6%
4.0
100.0%
\u2013
334
\u2013
01/08/23
2023
PSP
1,234,901
371
\u2013
4.0
100.0%
\u2013
371
\u2013
01/08/23
2023
PSP
737,280
371
32.6%
6.0
100.0%
\u2013
334
\u2013
01/08/23
2023
PSP
78,571
413
32.0%
6.0
100.0%
\u2013
372
\u2013
29/09/23
2023
PSP
822,036
413
\u2013
6.0
100.0%
\u2013
413
\u2013
29/09/23
2023
PSP
42,077
385
\u2013
3.0
100.0%
\u2013
385
\u2013
15/12/23
2023
PSP
127,553
385
\u2013
4.0
100.0%
\u2013
385
\u2013
15/12/23
2023
PSP
131,707
385
32.0%
6.0
100.0%
\u2013
347
\u2013
15/12/23
2023
DBP
129,095
371
\u2013
4.0
100.0%
\u2013
371
\u2013
01/08/23
2023
DBP
179,247
371
\u2013
2.0
100.0%
\u2013
371
\u2013
01/08/23
2022
PSP
2,302,009
351
19.0%
4.0
100.0%
\u2013
351
\u2013
01/08/22
2022
PSP
613,078
351
19.0%
6.0
100.0%
\u2013
316
\u2013
01/08/22
2022
PSP
806,511
351
19.0%
6.0
100.0%
169
316
55.0%
01/08/22
2022
DBP
218,895
351
19.0%
4.0
100.0%
\u2013
351
\u2013
01/08/22
2022
DBP
551,420
351
19.0%
2.0
100.0%
\u2013
351
\u2013
01/08/22
2021
PSP
769,165
372
19.0%
6.0
100.0%
149
316
55.0%
24/08/21
2021
PSP
626,704
380
19.0%
6.0
100.0%
\u2013
325
\u2013
24/09/21
2021
PSP
1,780,849
380
19.0%
4.0
100.0%
\u2013
380
\u2013
24/09/21
2021
DBP
45,312
380
19.0%
4.0
100.0%
\u2013
380
\u2013
24/09/21
2020
PSP
695,458
350
19.0%
6.0
100.0%
\u2013
305
\u2013
01/12/20
2020
PSP
2,091,247
350
19.0%
4.0
100.0%
\u2013
350
\u2013
01/12/20
2020
PSP
1,341,477
350
19.0%
6.0
100.0%
138
305
55.0%
01/12/20
2020
DBP
118,320
289
19.0%
4.0
100.0%
\u2013
289
\u2013
03/08/20
2020
DBP
192,096
284
19.0%
4.0
100.0%
\u2013
284
\u2013
13/08/20
2. PSP = 2019 Performance Share Plan and DBP = 2022 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.
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.
For PSP awards made in August to December 2023, 3,611,764 were made via the use of restricted shares with a three-year to five year
vesting period. There are no performance conditions attached. A further 822,036 awards were made where the performance criteria
is 30% against free cash flow, 30% underlying operating margin, 25% organic revenue growth and 15% ESG.
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 116,711 matching shares
(2023: 140,340 matching shares) at a cost of \u00a30.4 million (2023: \u00a30.4 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 (2023: no matching shares) and 2,192 matching shares vested (2023:
1,055 matching shares) leaving a balance of 3,726 matching shares (2023: 5,918 matching shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-512": { "value": "
25. Retirement benefits and liabilities
Defined contribution schemes
Pension costs for defined contribution schemes are as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Defined
contribution schemes
110.7
94.6
Defined benefit schemes
Statement of financial position assets and liabilities recognised are as follows:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Retirement benefits \u2013 funds in surplus
107.3
94.8
Retirement benefits \u2013 funds in deficit
(217.0)
(156.2)
(109.7)
(61.4)
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 (\u2018DRDPS\u2019), the Babcock International Group Pension Scheme (\u2018BIGPS\u2019) and the Rosyth Royal
Dockyard Pension Scheme (together, \u2018the Principal schemes\u2019). 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 are 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.
In January 2024, the Group commenced a consultation with affected employees and their representatives with regard to a proposal
that would close the DRDPS to future accrual with effect from 30 September 2024 and to provide benefits for service from 1 October
2024 onwards through a defined contribution scheme. The consultation process for this proposal ended on 25 March 2024. Following
the conclusion of the consultation process, a decision has been taken by Devonport Royal Dockyard Limited to proceed with closure
of the DRDPS to future accrual and the Trustee has given in-principle agreement to this decision. There is no impact to the accounting
as at 31 March 2024 for this item however there will be a future impact in the subsequent year\u2019s consolidated income statement as
a result of the curtailment / settlement of the scheme. Due to the options available to the affected employees, we are yet to calculate
the impact however through initial assessments we do not expect this to be material.
In March 2024, all employers of employees who are provided benefits in the BIGPS commenced a consultation with the employees and
their representatives with regard to a proposal that would close the BIGPS to future accrual with effect from 30 September 2024 and
to provide like-for-like benefits for service from 1 October 2024 onwards through alternative schemes. Consultation ended on 7 June
2024 and no decisions have been taken.
The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (\u2018the Railways scheme\u2019).
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
Pension scheme assets are held in a diversified portfolio of assets in order
reference to AA corporate bond yields) are used to
to minimize risk arising from asset return volatility. Investments are well
determine expected returns on plan assets. Asset yields
diversified, such that failure of any singular investment would not have a
which vary from this expected return will result in an
material impact on the overall level of assets. The asset investment strategy
increase or decrease in the overall surplus/deficit.
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 significant turmoil and will maintain a diversified
investment strategy intended to minimize asset volatility.
Inflation \u2013 the majority of pension scheme obligations are
The plan Trustees asset management policy includes investing in inflation
index
-linked and therefore exposed to inflation risk.
hedging assets such as inflation linked bonds to mitigate this 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.
Life expectancy \u2013 the majority of obligations are to
The Group monitors the risk of increasing life expectancy and will, from
provide benefits for the life of the member and therefore
time to time, take out longevity swaps to mitigate this risk
\u2013 the most
changes in life expectancy of the scheme participants will
impact the liability position.
recent of which was in 2009.
Interest rate
\u2013 movements in corporate bond yields will
The trustee\u2019s asset management policy includes investing in bonds and
result in a change to the plan liabilities. Similarly,
therefore any impact on change in bond yields on the plan liabilities is
movements in gilt yields in isolation will have an impact on
the schemes funding positions.
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.
Salary increases \u2013
changes in long-term salary increases
In 2019,
the Group closed the Babcock International Group Pension
will impact the final salary position on which pension
Scheme to future accrual for some employees; and, in 2020, closed the
benefits are determined.
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 is
ongoing, the actuarial valuation of the Babcock Rail Ltd section of the Railways Pension Scheme as at 31 December 2022 has been
completed and the actuarial valuation of the Rosyth Royal Dockyard Pension Scheme as at 31 March 2024 has commenced):
Babcock Rail Ltd
Devonport Babcock Rosyth section of the
Royal Dockyard International Group Royal Dockyard Railways Pension
Scheme Scheme Scheme Scheme
Date of last formal completed actuarial valuation
31/03/2020
31/03/2022
31/03/2021
31/12/2022
Number of active members at above date
1,607
308
\u2013
131
Actuarial valuation method
Projected unit
Projected unit
Projected unit
Attained age
Results of formal actuarial valuation:
Value of assets
\u00a31,894m
\u00a31,529m
\u00a3946m
\u00a3262m
Level of funding
90%
105%
86%
98%
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:
Babcock Rail
Babcock Ltd section of
Devonport International Rosyth Royal the Railways
Royal Dockyard Group Dockyard Pension
Scheme Scheme Scheme
Scheme
Other
Total
Future service contribution rate
17.1%
30.3%
N/A
8.88%
\u2013
\u2013
Future
service cash contributions
\u00a39.3m
\u00a33.0m
\u2013
\u00a30.3m
\u00a32.5m
\u00a315.1m
Deficit contributions
\u00a312.7m
\u2013
\u00a312.4m
\u2013
\u00a31.6m
\u00a326.7m
Additional longevity swap payments
\u00a37.3m
\u2013
\u00a34.3m
\u2013
\u2013
\u00a311.6m
Expected employer cash costs for 202
4/25
\u00a329.3m
\u00a33.0m
\u00a316.7m
\u00a30.3m
\u00a34.1m
\u00a353.4m
Expected salary sacrifice contributions
\u00a35.9m
\u00a30.4m
\u2013
\u00a30.1m
\u00a30.7m
\u00a37.1m
Expected total employer contributions
\u00a335.2m
\u00a33.4m
\u00a316.7m
\u00a30.4m
\u00a34.8m
\u00a360.5m
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.
Virgin Media Case
The Group is aware of the ongoing \u2018Virgin Media v NTL Pension Trustees Ltd and others\u2019 case and that there is a potential for the
outcome of the case to have an impact on the Group\u2019s UK pension schemes. The case affects defined benefit schemes that provided
contracted-out benefits before 6 April 2016 based on meeting the reference scheme test. Where scheme rules were amended,
potentially impacting benefits accrued from 6 April 1997 to 6 April 2016, schemes needed the actuary to confirm that the reference
scheme test was still being met by providing written confirmation under Section 37 of the Pension Schemes Act 1993. In the Virgin
Media case the judge ruled that alterations to the scheme rules were void and ineffective because of the absence of written actuarial
confirmation required under Section 37 of the Pension Schemes Act 1993. The case has been taken to The Court of Appeal, with the
hearing having taken place in June 2024. The potential impact on the Group is not yet known and continues to be assessed.
The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2024 by
independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions:
Babcock Rail
Devonport Ltd section of
Royal Babcock Rosyth Royal the Railways
Dockyard International Dockyard Pension
March 2024
Scheme Group Scheme Scheme Scheme
Rate of increase in pensionable salaries
2.9%
2.9%
\u2013
0.5%
Rate of increase in pensions (past service)
2.7%
3.1%
3.2%
2.8%
Discount rate
4.8%
4.8%
4.8%
4.8%
Inflation rate (RPI) \u2013 year 1
2.5%
2.6%
2.6%
2.6%
Inflation rate (RPI) \u2013 thereafter
3.1%
3.2%
3.2%
3.2%
Inflation rate (CPI)
\u2013 year 1
1.8%
1.8%
1.8%
1.9%
Inflation rate (CPI)
\u2013 thereafter
2.7%
2.7%
2.7%
2.8%
Weighted average duration of cash flows (years)
13
11
13
13
Total life expectancy for current pensioners aged 65 (years) \u2013 male
85.3
86.1
84.3
84.9
Total life expectancy for current pensioners aged 65 (years) \u2013 female
87.2
88.7
86.7
87.2
Total life expectancy for future pensioners currently aged 45 (years)
\u2013 male
86.2
87.1
85.3
85.9
Total life expectancy for future pensioners currently aged 45 (years) \u2013 female
88.4
89.9
87.9
88.4
March 2023
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
The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows:
2024 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Growth assets
Equities
68.7
9.8
30.6
109.1
(3.1)
10.6
26.6
34.1
Property funds
251.7
0.2
4.8
256.7
301.7
0.2
5.9
307.8
High yield bonds/emerging market debt
\u2013
\u2013
0.4
0.4
\u2013
\u2013
0.4
0.4
Absolute return and multi-strategy funds
1.7
140.8
17.0
159.5
6.0
148.0
17.5
171.5
Low-risk assets
Bonds
1,234.4
82.8
52.3
1,369.5
1,227.7
95.5
45.1
1,368.3
Matching assets*
1,423.4
1.5
15.0
1,439.9
1,524.7
1.4
21.7
1,547.8
Longevity swaps and annuities
(240.9)
\u2013
(9.9)
(250.8)
(231.8)
\u2013
(10.1)
(241.9)
Fair value of assets
2,739.0
235.1
110.2
3,084.3
2,825.2
255.7
107.1
3,188.0
Percentage of assets quoted
73%
100%
71%
75%
79%
100%
70%
80%
Percentage of assets
unquoted
27%
\u2013
29%
25%
21%
\u2013
30%
20%
Present value of defined benefit obligations
Active members
436.9
30.6
26.2
493.7
450.7
45.7
21.7
518.1
Deferred pensioners
640.5
64.7
31.3
736.5
686.6
65.3
34.7
786.6
Pensioners
1,778.8
142.1
42.9
1,963.8
1,773.6
130.5
40.6
1,944.7
Total defined benefit obligations
2,856.2
237.4
100.4
3,194.0
2,910.9
241.5
97.0
3,249.4
Net (liabilities)/assets recognised
in the
statement of
financial position
(117.2)
(2.3)
9.8
(109.7)
(85.7)
14.2
10.1
(61.4)
* 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 \u00a32,326 million (2023: \u00a32,580 million) and
associated repurchase agreement liabilities of \u00a3903 million (2023: \u00a31,055 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:
2024 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
12.7
0.8
1.9
15.4
21.7
1.3
2.8
25.8
Incurred expenses
7.8
0.4
0.3
8.5
6.2
0.5
0.1
6.8
Total included within operating profit
20.5
1.2
2.2
23.9
27.9
1.8
2.9
32.6
Net interest cost/(credit)
2.1
(0.7)
(0.6)
0.8
(8.5)
1.4
(0.4)
(7.5)
Total included within income statement
22.6
0.5
1.6
24.7
19.4
3.2
2.5
25.1
Amounts recorded in the Group statement of comprehensive income
Year ended 31 March 2024
Year ended 31 March 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return less interest on pension
scheme assets
(175.7)
(21.6)
(3.3)
(200.6)
(1,437.0)
(17.1)
(79.0)
(1,533.1)
Experience (losses)/gains arising on
scheme
liabilities
(26.8)
0.3
(4.3)
(30.8) (135.6) (18.0)
(9.3)
(162.9)
Changes in assumptions on
scheme liabilities
69.7
3.0
3.6
76.3
1,111.2
101.2
81.2
1,293.6
At 31 March
(132.8)
(18.3)
(4.0)
(155.1)
(461.4)
66.1
(7.1)
(402.4)
Analysis of movement in the Group statement of financial position
Year ended 31 March 2024 Year ended 31 March 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
At 1 April
2,825.2
255.7
107.1
3,188.0
4,220.3
275.8
237.0
4,733.1
Interest on assets
134.1
12.0
5.2
151.3
113.4
7.3
5.4
126.1
Actuarial loss on assets
(175.7) (21.6) (3.3) (200.6) (1,437.0) (17.1)
(79.0)
(1,533.1)
Employer contributions
123.9
2.3
5.3
131.5
167.4
2.5
4.6
174.5
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Benefits paid
(168.6)
(13.3)
(4.1)
(186.0)
(239.0) (12.8)
(4.8)
(256.6)
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(56.1)
(56.1)
At 31 March
2,739.0
235.1
110.2
3,084.3
2,825.2
255.7
107.1
3,188.0
Present value of benefit obligations
At 1 April
2,910.9
241.5
97.0
3,249.4
3,992.6
327.1
221.8
4,541.5
Service cost
12.7
0.8
1.9
15.4
21.7
1.3
2.8
25.8
Incurred expenses
7.8
0.4
0.3
8.5
6.2
0.5
0.1
6.8
Interest cost
136.2
11.3
4.6
152.1
105.0
8.7
4.9
118.6
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Experience loss/(gain)
26.8
(0.3)
4.3
30.8
135.6
18.0
9.3
162.9
Actuarial gain \u2013 demographics
(38.6)
(0.2)
(0.9)
(39.7)
(38.2)
(3.6)
(1.7)
(43.5)
Actuarial gain\u2013 financial
(31.1) (2.8) (2.7) (36.6) (1,073.1) (97.7)
(79.3)
(1,250.1)
Benefits paid
(168.6) (13.3) (4.1) (186.0) (239.0) (12.8)
(4.8)
(256.6)
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(56.1)
(56.1)
At 31 March
2,856.2
237.4
100.4
3,194.0
2,910.9
241.5
97.0
3,249.4
Net (deficit)/surplus at 31 March
(117.2) (2.3)
9.8
(109.7)
(85.7)
14.2
10.1
(61.4)
The movement in net deficits for the year ended 31 March 2024 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 2024 and the changes to the Group income
statement for the year to March 2025, if the assumptions were sensitised by the amounts below, would be:
Defined benefit Income
obligations statement
2024 2025
\u00a3m \u00a3m
Initial assumptions
3,194.0
24.5
Discount rate assumptions increased by 0.5%
(182.7)
(10.6)
Discount rate assumptions decreased by 0.5%
200.3
9.7
Inflation rate assumptions increased by 0.5%
139.9
7.4
Inflation rate
assumptions decreased by 0.5%
(130.9) (7.0)
Total life expectancy increased by half a year
60.6
3.0
Total life expectancy decreased by half a year
(59.2)
(3.0)
Salary increase assumptions increased by 0.5%
11.9
0.8
Salary increase
assumptions decreased by 0.5%
(11.5) (0.8)
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 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-554": { "value": "Defined contribution schemes Pension costs for defined contribution schemes are as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Defined
contribution schemes
110.7
94.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-555": { "value": "Defined benefit schemes Statement of financial position assets and liabilities recognised are as follows:
31 March 2024 31 March 2023
\u00a3m \u00a3m
Retirement benefits \u2013 funds in surplus
107.3
94.8
Retirement benefits \u2013 funds in deficit
(217.0)
(156.2)
(109.7)
(61.4)
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 (\u2018DRDPS\u2019), the Babcock International Group Pension Scheme (\u2018BIGPS\u2019) and the Rosyth Royal Dockyard Pension Scheme (together, \u2018the Principal schemes\u2019). 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 are 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. In January 2024, the Group commenced a consultation with affected employees and their representatives with regard to a proposal that would close the DRDPS to future accrual with effect from 30 September 2024 and to provide benefits for service from 1 October 2024 onwards through a defined contribution scheme. The consultation process for this proposal ended on 25 March 2024. Following the conclusion of the consultation process, a decision has been taken by Devonport Royal Dockyard Limited to proceed with closure of the DRDPS to future accrual and the Trustee has given in-principle agreement to this decision. There is no impact to the accounting as at 31 March 2024 for this item however there will be a future impact in the subsequent year\u2019s consolidated income statement as a result of the curtailment / settlement of the scheme. Due to the options available to the affected employees, we are yet to calculate the impact however through initial assessments we do not expect this to be material. In March 2024, all employers of employees who are provided benefits in the BIGPS commenced a consultation with the employees and their representatives with regard to a proposal that would close the BIGPS to future accrual with effect from 30 September 2024 and to provide like-for-like benefits for service from 1 October 2024 onwards through alternative schemes. Consultation ended on 7 June 2024 and no decisions have been taken. The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (\u2018the Railways scheme\u2019). 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
Pension scheme assets are held in a diversified portfolio of assets in order
reference to AA corporate bond yields) are used to
to minimize risk arising from asset return volatility. Investments are well
determine expected returns on plan assets. Asset yields
diversified, such that failure of any singular investment would not have a
which vary from this expected return will result in an
material impact on the overall level of assets. The asset investment strategy
increase or decrease in the overall surplus/deficit.
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 significant turmoil and will maintain a diversified
investment strategy intended to minimize asset volatility.
Inflation \u2013 the majority of pension scheme obligations are
The plan Trustees asset management policy includes investing in inflation
index
-linked and therefore exposed to inflation risk.
hedging assets such as inflation linked bonds to mitigate this 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.
Life expectancy \u2013 the majority of obligations are to
The Group monitors the risk of increasing life expectancy and will, from
provide benefits for the life of the member and therefore
time to time, take out longevity swaps to mitigate this risk
\u2013 the most
changes in life expectancy of the scheme participants will
impact the liability position.
recent of which was in 2009.
Interest rate
\u2013 movements in corporate bond yields will
The trustee\u2019s asset management policy includes investing in bonds and
result in a change to the plan liabilities. Similarly,
therefore any impact on change in bond yields on the plan liabilities is
movements in gilt yields in isolation will have an impact on
the schemes funding positions.
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.
Salary increases \u2013
changes in long-term salary increases
In 2019,
the Group closed the Babcock International Group Pension
will impact the final salary position on which pension
Scheme to future accrual for some employees; and, in 2020, closed the
benefits are determined.
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 is ongoing, the actuarial valuation of the Babcock Rail Ltd section of the Railways Pension Scheme as at 31 December 2022 has been completed and the actuarial valuation of the Rosyth Royal Dockyard Pension Scheme as at 31 March 2024 has commenced):
Babcock Rail Ltd
Devonport Babcock Rosyth section of the
Royal Dockyard International Group Royal Dockyard Railways Pension
Scheme Scheme Scheme Scheme
Date of last formal completed actuarial valuation
31/03/2020
31/03/2022
31/03/2021
31/12/2022
Number of active members at above date
1,607
308
\u2013
131
Actuarial valuation method
Projected unit
Projected unit
Projected unit
Attained age
Results of formal actuarial valuation:
Value of assets
\u00a31,894m
\u00a31,529m
\u00a3946m
\u00a3262m
Level of funding
90%
105%
86%
98%
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:
Babcock Rail
Babcock Ltd section of
Devonport International Rosyth Royal the Railways
Royal Dockyard Group Dockyard Pension
Scheme Scheme Scheme
Scheme
Other
Total
Future service contribution rate
17.1%
30.3%
N/A
8.88%
\u2013
\u2013
Future
service cash contributions
\u00a39.3m
\u00a33.0m
\u2013
\u00a30.3m
\u00a32.5m
\u00a315.1m
Deficit contributions
\u00a312.7m
\u2013
\u00a312.4m
\u2013
\u00a31.6m
\u00a326.7m
Additional longevity swap payments
\u00a37.3m
\u2013
\u00a34.3m
\u2013
\u2013
\u00a311.6m
Expected employer cash costs for 202
4/25
\u00a329.3m
\u00a33.0m
\u00a316.7m
\u00a30.3m
\u00a34.1m
\u00a353.4m
Expected salary sacrifice contributions
\u00a35.9m
\u00a30.4m
\u2013
\u00a30.1m
\u00a30.7m
\u00a37.1m
Expected total employer contributions
\u00a335.2m
\u00a33.4m
\u00a316.7m
\u00a30.4m
\u00a34.8m
\u00a360.5m
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. Virgin Media Case The Group is aware of the ongoing \u2018Virgin Media v NTL Pension Trustees Ltd and others\u2019 case and that there is a potential for the outcome of the case to have an impact on the Group\u2019s UK pension schemes. The case affects defined benefit schemes that provided contracted-out benefits before 6 April 2016 based on meeting the reference scheme test. Where scheme rules were amended, potentially impacting benefits accrued from 6 April 1997 to 6 April 2016, schemes needed the actuary to confirm that the reference scheme test was still being met by providing written confirmation under Section 37 of the Pension Schemes Act 1993. In the Virgin Media case the judge ruled that alterations to the scheme rules were void and ineffective because of the absence of written actuarial confirmation required under Section 37 of the Pension Schemes Act 1993. The case has been taken to The Court of Appeal, with the hearing having taken place in June 2024. The potential impact on the Group is not yet known and continues to be assessed. The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2024 by independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions:
Babcock Rail
Devonport Ltd section of
Royal Babcock Rosyth Royal the Railways
Dockyard International Dockyard Pension
March 2024
Scheme Group Scheme Scheme Scheme
Rate of increase in pensionable salaries
2.9%
2.9%
\u2013
0.5%
Rate of increase in pensions (past service)
2.7%
3.1%
3.2%
2.8%
Discount rate
4.8%
4.8%
4.8%
4.8%
Inflation rate (RPI) \u2013 year 1
2.5%
2.6%
2.6%
2.6%
Inflation rate (RPI) \u2013 thereafter
3.1%
3.2%
3.2%
3.2%
Inflation rate (CPI)
\u2013 year 1
1.8%
1.8%
1.8%
1.9%
Inflation rate (CPI)
\u2013 thereafter
2.7%
2.7%
2.7%
2.8%
Weighted average duration of cash flows (years)
13
11
13
13
Total life expectancy for current pensioners aged 65 (years) \u2013 male
85.3
86.1
84.3
84.9
Total life expectancy for current pensioners aged 65 (years) \u2013 female
87.2
88.7
86.7
87.2
Total life expectancy for future pensioners currently aged 45 (years)
\u2013 male
86.2
87.1
85.3
85.9
Total life expectancy for future pensioners currently aged 45 (years) \u2013 female
88.4
89.9
87.9
88.4
March 2023
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
The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows:
2024 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Growth assets
Equities
68.7
9.8
30.6
109.1
(3.1)
10.6
26.6
34.1
Property funds
251.7
0.2
4.8
256.7
301.7
0.2
5.9
307.8
High yield bonds/emerging market debt
\u2013
\u2013
0.4
0.4
\u2013
\u2013
0.4
0.4
Absolute return and multi-strategy funds
1.7
140.8
17.0
159.5
6.0
148.0
17.5
171.5
Low-risk assets
Bonds
1,234.4
82.8
52.3
1,369.5
1,227.7
95.5
45.1
1,368.3
Matching assets*
1,423.4
1.5
15.0
1,439.9
1,524.7
1.4
21.7
1,547.8
Longevity swaps and annuities
(240.9)
\u2013
(9.9)
(250.8)
(231.8)
\u2013
(10.1)
(241.9)
Fair value of assets
2,739.0
235.1
110.2
3,084.3
2,825.2
255.7
107.1
3,188.0
Percentage of assets quoted
73%
100%
71%
75%
79%
100%
70%
80%
Percentage of assets
unquoted
27%
\u2013
29%
25%
21%
\u2013
30%
20%
Present value of defined benefit obligations
Active members
436.9
30.6
26.2
493.7
450.7
45.7
21.7
518.1
Deferred pensioners
640.5
64.7
31.3
736.5
686.6
65.3
34.7
786.6
Pensioners
1,778.8
142.1
42.9
1,963.8
1,773.6
130.5
40.6
1,944.7
Total defined benefit obligations
2,856.2
237.4
100.4
3,194.0
2,910.9
241.5
97.0
3,249.4
Net (liabilities)/assets recognised
in the
statement of
financial position
(117.2)
(2.3)
9.8
(109.7)
(85.7)
14.2
10.1
(61.4)
* 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 \u00a32,326 million (2023: \u00a32,580 million) and associated repurchase agreement liabilities of \u00a3903 million (2023: \u00a31,055 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:
2024 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
12.7
0.8
1.9
15.4
21.7
1.3
2.8
25.8
Incurred expenses
7.8
0.4
0.3
8.5
6.2
0.5
0.1
6.8
Total included within operating profit
20.5
1.2
2.2
23.9
27.9
1.8
2.9
32.6
Net interest cost/(credit)
2.1
(0.7)
(0.6)
0.8
(8.5)
1.4
(0.4)
(7.5)
Total included within income statement
22.6
0.5
1.6
24.7
19.4
3.2
2.5
25.1
Amounts recorded in the Group statement of comprehensive income
Year ended 31 March 2024
Year ended 31 March 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return less interest on pension
scheme assets
(175.7)
(21.6)
(3.3)
(200.6)
(1,437.0)
(17.1)
(79.0)
(1,533.1)
Experience (losses)/gains arising on
scheme
liabilities
(26.8)
0.3
(4.3)
(30.8) (135.6) (18.0)
(9.3)
(162.9)
Changes in assumptions on
scheme liabilities
69.7
3.0
3.6
76.3
1,111.2
101.2
81.2
1,293.6
At 31 March
(132.8)
(18.3)
(4.0)
(155.1)
(461.4)
66.1
(7.1)
(402.4)
Analysis of movement in the Group statement of financial position
Year ended 31 March 2024 Year ended 31 March 2023
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
At 1 April
2,825.2
255.7
107.1
3,188.0
4,220.3
275.8
237.0
4,733.1
Interest on assets
134.1
12.0
5.2
151.3
113.4
7.3
5.4
126.1
Actuarial loss on assets
(175.7) (21.6) (3.3) (200.6) (1,437.0) (17.1)
(79.0)
(1,533.1)
Employer contributions
123.9
2.3
5.3
131.5
167.4
2.5
4.6
174.5
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Benefits paid
(168.6)
(13.3)
(4.1)
(186.0)
(239.0) (12.8)
(4.8)
(256.6)
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(56.1)
(56.1)
At 31 March
2,739.0
235.1
110.2
3,084.3
2,825.2
255.7
107.1
3,188.0
Present value of benefit obligations
At 1 April
2,910.9
241.5
97.0
3,249.4
3,992.6
327.1
221.8
4,541.5
Service cost
12.7
0.8
1.9
15.4
21.7
1.3
2.8
25.8
Incurred expenses
7.8
0.4
0.3
8.5
6.2
0.5
0.1
6.8
Interest cost
136.2
11.3
4.6
152.1
105.0
8.7
4.9
118.6
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Experience loss/(gain)
26.8
(0.3)
4.3
30.8
135.6
18.0
9.3
162.9
Actuarial gain \u2013 demographics
(38.6)
(0.2)
(0.9)
(39.7)
(38.2)
(3.6)
(1.7)
(43.5)
Actuarial gain\u2013 financial
(31.1) (2.8) (2.7) (36.6) (1,073.1) (97.7)
(79.3)
(1,250.1)
Benefits paid
(168.6) (13.3) (4.1) (186.0) (239.0) (12.8)
(4.8)
(256.6)
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(56.1)
(56.1)
At 31 March
2,856.2
237.4
100.4
3,194.0
2,910.9
241.5
97.0
3,249.4
Net (deficit)/surplus at 31 March
(117.2) (2.3)
9.8
(109.7)
(85.7)
14.2
10.1
(61.4)
The movement in net deficits for the year ended 31 March 2024 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 2024 and the changes to the Group income statement for the year to March 2025, if the assumptions were sensitised by the amounts below, would be:
Defined benefit Income
obligations statement
2024 2025
\u00a3m \u00a3m
Initial assumptions
3,194.0
24.5
Discount rate assumptions increased by 0.5%
(182.7)
(10.6)
Discount rate assumptions decreased by 0.5%
200.3
9.7
Inflation rate assumptions increased by 0.5%
139.9
7.4
Inflation rate
assumptions decreased by 0.5%
(130.9) (7.0)
Total life expectancy increased by half a year
60.6
3.0
Total life expectancy decreased by half a year
(59.2)
(3.0)
Salary increase assumptions increased by 0.5%
11.9
0.8
Salary increase
assumptions decreased by 0.5%
(11.5) (0.8)
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 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:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-513": { "value": "
26. Changes in net debt
Other
31 March Additional non-cash Changes in Exchange 31 March
2023 Cash flow leases movement fair value movement 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
451.7
124.6
\u2013
\u2013
\u2013
(5.7)
570.6
Bank overdrafts
(22.2)
4.0
\u2013
\u2013
\u2013
0.2
(18.0)
Cash, cash equivalents and bank overdrafts
429.5
128.6
\u2013
\u2013
\u2013
(5.5)
552.6
Debt
(765.8)
13.1
\u2013
(3.0)
0.5
5.7
(749.5)
Derivatives hedging Group debt
(8.3)
\u2013
\u2013
\u2013
(2.8)
\u2013
(11.1)
Lease liabilities
(228.8)
49.6
(55.2)
\u2013
\u2013
3.9
(230.5)
Changes in liabilities from financing arrangements
(1,002.9)
62.7
(55.2)
(3.0)
(2.3)
9.6
(991.1)
Lease receivables
38.6
(32.0)
32.4
\u2013
\u2013
(3.5)
35.5
Loans to joint ventures and associates
9.5
(5.4)
\u2013
(0.2)
\u2013
\u2013
3.9
Derivatives hedging interest on Group debt
(39.1)
\u2013
\u2013
\u2013
2.8
\u2013
(36.3)
Net debt
(564.4)
153.9
(22.8)
(3.2)
0.5
0.6
(435.4)
1
Other Clarification
31 March Additional non-cash of net debt Changes in Exchange 31 March
2022 Cash flow leases
movement
1
definition 2 fair value movement 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 debt
(29.3)
(0.8)
\u2013
\u2013
\u2013
21.8
\u2013
(8.3)
Lease 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)
Lease 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 27.
2. During the prior year the definition of net debt was clarified, resulting in the inclusion of the interest rate swap hedging Group debt, which was excluded in the
prior year.
", "dimensions": { "concept": "babcock:DisclosureOfChangesInNetDebt", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-514": { "value": "
27. Acquisition and disposal of subsidiaries, businesses and joint ventures and associates
Acquisitions
There have been no acquisitions in the year ended 31 March 2024 nor in the prior financial year.
Disposals
There were no disposals in the year ended 31 March 2024. During the period, the Group has settled certain warranty related items
and provisions in respect of prior disposals. These have resulted in the release and/or utilisation of warranty related provisions. The cash
consideration of prior disposals has also been revised.
Year ended 31 March 2024
Total
\u00a3m
Reduction in disposal proceeds
(1.3)
Adjustment to
historic net assets disposed
(2.2)
Loss on disposal
(3.5)
Disposal related items \u2013 release of provisions
11.7
Business acquisition, merger and divestment related items
8.2
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
\u00a3m \u00a3m \u00a3m \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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-515": { "value": "
28. Transactions with non-controlling interests
There were no material transactions with non-controlling interests in the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-516": { "value": "
29. 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:
a. 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.
b. 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.
c. 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.
d. 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.
e. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-556": { "value": "29. 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: a. 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. b. 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. c. 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. d. 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. e. 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. 30. Capital and other financial commitments Capital commitments
31 March 2024 31 March 2023
\u00a3m \u00a3m
Contracts placed for future capital expenditure not provided for in the financial statements
6.7
7.8
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.
Company number
Legal entity name
 Company
Legal entity name
number
Airwork
Limited
00322249
Babcock Marine (Rosyth) Limited
SC333105
Appledore Shipbuilders (2004) Limited
02052982
Babcock Marine Limited
02141109
Babcock Airports Limited
03954520
Babcock Marine Shipbuilding Limited
14302509
Babcock
Assessments Limited
02881056
Babcock Mission Critical Services Design and
05035651
Completions Limited
Babcock Contractors Limited
04540026
Babcock Mission Critical Services Leasing Limited
04635275
Babcock Critical Assets Holdings LLP
OC376675
Babcock Mission Critical Services L
imited
08010453
Babcock Defence & Security Holdings LLP
OC376674
Babcock Mission Critical Services Topco L
imited
08338012
Babcock Defence and Security Investments Limited
08132272
Babcock Mission Critical Services UK Limited
07527245
Babcock Defence Systems Limited
02999029
Babcock MSS Limited
01996548
Babcock Education & Training Holdings LLP
OC376676
Babcock Nuclear Limited
05265567
Babcock Education and Skills Limited
03494815
Babcock
Overseas Investments Limited
02669327
Babcock Education Holdings Limited
08132276
Babcock Project Investments Limited
03463927
Babcock Fire Services Limited
03707192
Babcock Project Services Limited
04539887
Babcock Group (US Investments) Limited
07445425
Babcock Services Group Limited
03939840
Babcock Information Analytics and Security Limited
02275471
Babcock Services Limited
10278084
Babcock Integrated Technology (Korea) Limited
09566389
Babcock Southern Holdings Limited
01915771
Babcock Integration LLP
OC356460
Babcock Support Services (Investments) Limited
04393168
Babcock International Support Services Limited
03335786
Babcock UK Financ
e
00096730
Babcock Investments (Fire Services) Limited
04380306
Babcock
Ukraine Limited
15155796
Babcock Investments (Number Four) Limited
05269128
Babcock US Investments Limited
07422616
Babcock Investments Limited
00165086
Bond Aviation Topco Limited
08493398
Babcock Land Limited
03493110
Flagship Fire Fighting
Training Limited
03700728
Babcock Management L
imited
00107414
LGE IP Management Company L
imited
SC695940
Babcock Marine & Technology Holdings Limited
04539974
Peterhouse Group Limited
01517100
Babcock Marine (Clyde) Limited
SC220243
Vosper Thornycroft (UK) Limited
00070274
Babcock Marine (Devonport) Limited
02959785
Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year
ended 31 March 2024 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-517": { "value": "
30. Capital and other financial commitments
Capital commitments
31 March 2024 31 March 2023
\u00a3m \u00a3m
Contracts placed for future capital expenditure not provided for in the financial statements
6.7
7.8
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.
Company number
Legal entity name
 Company
Legal entity name
number
Airwork
Limited
00322249
Babcock Marine (Rosyth) Limited
SC333105
Appledore Shipbuilders (2004) Limited
02052982
Babcock Marine Limited
02141109
Babcock Airports Limited
03954520
Babcock Marine Shipbuilding Limited
14302509
Babcock
Assessments Limited
02881056
Babcock Mission Critical Services Design and
05035651
Completions Limited
Babcock Contractors Limited
04540026
Babcock Mission Critical Services Leasing Limited
04635275
Babcock Critical Assets Holdings LLP
OC376675
Babcock Mission Critical Services L
imited
08010453
Babcock Defence & Security Holdings LLP
OC376674
Babcock Mission Critical Services Topco L
imited
08338012
Babcock Defence and Security Investments Limited
08132272
Babcock Mission Critical Services UK Limited
07527245
Babcock Defence Systems Limited
02999029
Babcock MSS Limited
01996548
Babcock Education & Training Holdings LLP
OC376676
Babcock Nuclear Limited
05265567
Babcock Education and Skills Limited
03494815
Babcock
Overseas Investments Limited
02669327
Babcock Education Holdings Limited
08132276
Babcock Project Investments Limited
03463927
Babcock Fire Services Limited
03707192
Babcock Project Services Limited
04539887
Babcock Group (US Investments) Limited
07445425
Babcock Services Group Limited
03939840
Babcock Information Analytics and Security Limited
02275471
Babcock Services Limited
10278084
Babcock Integrated Technology (Korea) Limited
09566389
Babcock Southern Holdings Limited
01915771
Babcock Integration LLP
OC356460
Babcock Support Services (Investments) Limited
04393168
Babcock International Support Services Limited
03335786
Babcock UK Financ
e
00096730
Babcock Investments (Fire Services) Limited
04380306
Babcock
Ukraine Limited
15155796
Babcock Investments (Number Four) Limited
05269128
Babcock US Investments Limited
07422616
Babcock Investments Limited
00165086
Bond Aviation Topco Limited
08493398
Babcock Land Limited
03493110
Flagship Fire Fighting
Training Limited
03700728
Babcock Management L
imited
00107414
LGE IP Management Company L
imited
SC695940
Babcock Marine & Technology Holdings Limited
04539974
Peterhouse Group Limited
01517100
Babcock Marine (Clyde) Limited
SC220243
Vosper Thornycroft (UK) Limited
00070274
Babcock Marine (Devonport) Limited
02959785
Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 March 2024 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-518": { "value": "
31. Related party transactions
Related party transactions for the year ended 31 March 2024 are:
2024 2024
2024 Year-end Year-end
2024 Purchases debtor creditor
Revenue to from balance balance
202
4
\u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures and associates
First Swietelsky Operation and Maintenance
9.3
\u2013
\u2013
(0.2)
Ascent Flight Training (Management) Limited
5.6
\u2013
1.4
\u2013
Rotary Wing Training Limited
4.5
\u2013
\u2013
\u2013
Fixed Wing Training Limited
6.4
\u2013
\u2013
\u2013
Advanced Jet Training Limited
2.6
\u2013
\u2013
\u2013
Rear Crew Training Limited
1.2
\u2013
0.2
\u2013
AirTanker Services Limited
15.5
\u2013
\u2013
\u2013
Alert Communications Limited
6.7
\u2013
0.4
(0.2)
Duqm Naval Dockyard SAOC
\u2013
\u2013
\u2013
\u2013
Alkali Metal Processing Limited
0.8
(6.5)
0.3
(1.1)
52.6
(6.5)
2.3
(1.5)
2023 2023
2023 Year-end Year-end
2023 Purchases debtor creditor
Revenue to from balance balance
2023
\u00a3m \u00a3m \u00a3m \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)
a. All transactions noted above arise in the normal course of business and on normal, arm\u2019s length commercial terms \u2013 typically revenue
transactions (including those part of the year-end debtor balance) are non-interest bearing and on standard 30-day payment terms.
b. Defined benefit pension schemes. Please refer to note 25 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 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-557": { "value": "31. Related party transactions Related party transactions for the year ended 31 March 2024 are:
2024 2024
2024 Year-end Year-end
2024 Purchases debtor creditor
Revenue to from balance balance
202
4
\u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures and associates
First Swietelsky Operation and Maintenance
9.3
\u2013
\u2013
(0.2)
Ascent Flight Training (Management) Limited
5.6
\u2013
1.4
\u2013
Rotary Wing Training Limited
4.5
\u2013
\u2013
\u2013
Fixed Wing Training Limited
6.4
\u2013
\u2013
\u2013
Advanced Jet Training Limited
2.6
\u2013
\u2013
\u2013
Rear Crew Training Limited
1.2
\u2013
0.2
\u2013
AirTanker Services Limited
15.5
\u2013
\u2013
\u2013
Alert Communications Limited
6.7
\u2013
0.4
(0.2)
Duqm Naval Dockyard SAOC
\u2013
\u2013
\u2013
\u2013
Alkali Metal Processing Limited
0.8
(6.5)
0.3
(1.1)
52.6
(6.5)
2.3
(1.5)
2023 2023
2023 Year-end Year-end
2023 Purchases debtor creditor
Revenue to from balance balance
2023
\u00a3m \u00a3m \u00a3m \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)
a. All transactions noted above arise in the normal course of business and on normal, arm\u2019s length commercial terms \u2013 typically revenue transactions (including those part of the year-end debtor balance) are non-interest bearing and on standard 30-day payment terms. b. Defined benefit pension schemes. Please refer to note 25 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 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-519": { "value": "
32. Events after the reporting period
There were no events after the reporting period which would materially impact the balances reported in this Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-570": { "value": "33. 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 2024 is disclosed below. Unless otherwise stated, the Group\u2019s interest in the voting share capital is represented by one type of ordinary share and is 100%, the entities are unlisted, the year end is 31 March and the address of the registered office is 33 Wigmore Street, London, W1U 1QX. Babcock (UK) Holdings Limited is the only entity held directly by Babcock International Group PLC. No subsidiary undertakings have been excluded from the consolidation. Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited 1 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 3 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 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 1 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* Heliporto de Salemas, Lousa, 2670-769, Lisboa, Loures, Portugal Babcock Europe Finance Limited 1 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 7 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited 3 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 5 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 1 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited 5 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 Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock IP Management (Number Three) 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 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Finance Limited 2 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 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 2 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 1 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 5 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 1 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 Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Babcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd 1 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* 2 Babcock Southern Holdings Limited 6 Babcock Support Services (Investments) Limited Babcock Support Services GmbH Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Babcock Support Services Limited 8 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Support Services s.r.l. Corso Vercelli, 40, 20145, Milano, Italy Babcock Training Limited Babcock UK Finance Babcock Ukraine Limited Babcock USA LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited 5 Babcock Vehicle Engineering Limited 4 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 5 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 \u2013 Office 104, Arca Central Building 14F 1 -2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited 5 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Crucible Training Systems Limited* Devonport Royal Dockyard Limited 9 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 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 1 251 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 Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited 10 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* 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%) 7 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Holdings (Pty) Ltd (90.0%) 11 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%) 11 52 St Christopher Street, Valletta, VLT 1462, Malta Babcock Dyncorp Limited 9 (56.0%) Babcock Education and Training (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley 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 Limited (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 Portaret, 83340, Le Cannet-des-Maures, France Babcock Mo\u00e7ambique Limitada (90.0%) Av. Samora Machel 3380/1, Mozambique 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 (Pty) Limited (46.37%) 9 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%) 5 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock TCM Plant (Proprietary) Limited (90.0%) 7 Unit G3 Victoria 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, MadinatQaboos, Sultanate of Oman, 115 Oman Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%) 9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20.0%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 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%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs 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, in Members Voluntary Liquidation: Babcock Civil Infrastructure Limited; Bond Aviation Leasing Limited. Wholly owned subsidiaries with registered office at 5 Temple Square, Temple Street, Liverpool, L2 5RH, in Members Voluntary Liquidation: Babcock Infrastructure Holdings LLP. Skills2Learn Limited Joint venture, with registered office at 18-22 Lloyd Street, Manchester, M2 5WA United Kingdom, in Members Voluntary Liquidation: ALC (Superholdco) Limited (50.0%)13 Notes * Dormant entity. 1. Holding of two types of ordinary shares. 2. Holding of three types of ordinary shares. 3. Holding of four types of ordinary shares. 4. Holding of six types of ordinary shares. 5. Holding of ordinary and preference shares. 6. Holding of ordinary and deferred shares. 7. Holding of ordinary and redeemable preference shares. 8. Holding of ordinary and five types of preference shares. 9. Holding of one type of ordinary share only, where more than one type of share is authorised or in issue. 10. Holding of two types of ordinary shares, where more than two types of share are authorised or in issue. 11. 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. 12. Year end 31 December. 13. Year end 30 June. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-558": { "value": "Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited 1 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 3 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 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 1 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* Heliporto de Salemas, Lousa, 2670-769, Lisboa, Loures, Portugal Babcock Europe Finance Limited 1 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 7 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited 3 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 5 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 1 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited 5 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 Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock IP Management (Number Three) 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 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Finance Limited 2 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 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 2 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 1 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 5 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 1 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 Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Babcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd 1 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* 2 Babcock Southern Holdings Limited 6 Babcock Support Services (Investments) Limited Babcock Support Services GmbH Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Babcock Support Services Limited 8 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Support Services s.r.l. Corso Vercelli, 40, 20145, Milano, Italy Babcock Training Limited Babcock UK Finance Babcock Ukraine Limited Babcock USA LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited 5 Babcock Vehicle Engineering Limited 4 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 5 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 \u2013 Office 104, Arca Central Building 14F 1 -2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited 5 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Crucible Training Systems Limited* Devonport Royal Dockyard Limited 9 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 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 1 251 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 Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited 10 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* 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%) 7 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Holdings (Pty) Ltd (90.0%) 11 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%) 11 52 St Christopher Street, Valletta, VLT 1462, Malta Babcock Dyncorp Limited 9 (56.0%) Babcock Education and Training (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley 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 Limited (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 Portaret, 83340, Le Cannet-des-Maures, France Babcock Mo\u00e7ambique Limitada (90.0%) Av. Samora Machel 3380/1, Mozambique 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 (Pty) Limited (46.37%) 9 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%) 5 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock TCM Plant (Proprietary) Limited (90.0%) 7 Unit G3 Victoria 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, MadinatQaboos, Sultanate of Oman, 115 Oman Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%) 9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20.0%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 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%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs 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, in Members Voluntary Liquidation: Babcock Civil Infrastructure Limited; Bond Aviation Leasing Limited. Wholly owned subsidiaries with registered office at 5 Temple Square, Temple Street, Liverpool, L2 5RH, in Members Voluntary Liquidation: Babcock Infrastructure Holdings LLP. Skills2Learn Limited Joint venture, with registered office at 18-22 Lloyd Street, Manchester, M2 5WA United Kingdom, in Members Voluntary Liquidation: ALC (Superholdco) Limited (50.0%)13 Notes * Dormant entity. 1. Holding of two types of ordinary shares. 2. Holding of three types of ordinary shares. 3. Holding of four types of ordinary shares. 4. Holding of six types of ordinary shares. 5. Holding of ordinary and preference shares. 6. Holding of ordinary and deferred shares. 7. Holding of ordinary and redeemable preference shares. 8. Holding of ordinary and five types of preference shares. 9. Holding of one type of ordinary share only, where more than one type of share is authorised or in issue. 10. Holding of two types of ordinary shares, where more than two types of share are authorised or in issue. 11. 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. 12. Year end 31 December. 13. Year end 30 June. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-9": { "value": "33 Wigmore Street London, W1U 1QX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }