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"scheme:213800U9A54VQJ5P2J41", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-322": { "value": "-13700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "14200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "19800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2021-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "6400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "19800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "1. REVENUE All of the Group\u2019s revenue is derived from the sale of goods and the provision of services. The following table provides an analysis of the Group\u2019s revenue by destination:
Sensors
Countermeasures
& Information
& Energetics
2023
\u00a3m
\u00a3m
\u00a3m
UK
142.6
59.6
202.2
US
34.1
147.7
181.8
Europe
9.3
62.0
71.3
Asia Pacific
0.7
15.2
15.9
Rest of the world
0.3
1.1
1.4
187.0
285.6
472.6
Sensors
Countermeasures
& Information
& Energetics
2022
\u00a3m
\u00a3m
\u00a3m
UK
100.3
51.5
151.8
US
13.1
166.8
179.9
Europe
5.7
48.8
54.5
Asia Pacific
1.2
10.4
11.6
Rest of the world
0.2
3.0
3.2
120.5
280.5
401.0
The directors consider that the only countries that are significant in accordance with IFRS 8 Operating Segments are the US and the UK. The following table discloses the split of the Group\u2019s revenue between goods and services:
Sensors
Countermeasures
& Information
& Energetics
2023
\u00a3m
\u00a3m
\u00a3m
Goods
41.6
277.0
318.6
Services
145.4
8.6
154.0
187.0
285.6
472.6
Sensors
Countermeasures
& Information
& Energetics
2022
\u00a3m
\u00a3m
\u00a3m
Goods
19.6
274.3
293.9
Services
100.9
6.2
107.1
120.5
280.5
401.0
All revenues recognised arose from contracts with customers. As at 31 October 2023 \u00a3922m (2022: \u00a3651m) of revenue was not yet recognised in respect of obligations that were unfulfilled or only partially fulfilled as at the year end. \u00a3403m (2022: \u00a3403m) of this revenue is expected to be recognised in the next financial year and \u00a3519m (2022: \u00a3248m) in future periods", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-392": { "value": "All of the Group\u2019s revenue is derived from the sale of goods and the provision of services. The following table provides an analysis of the Group\u2019s revenue by destination:
Sensors
Countermeasures
& Information
& Energetics
2023
\u00a3m
\u00a3m
\u00a3m
UK
142.6
59.6
202.2
US
34.1
147.7
181.8
Europe
9.3
62.0
71.3
Asia Pacific
0.7
15.2
15.9
Rest of the world
0.3
1.1
1.4
187.0
285.6
472.6
Sensors Countermeasures & Information & Energetics 2022 \u00a3m \u00a3m \u00a3m UK 100.3 51.5 151.8 US 13.1 166.8 179.9 Europe 5.7 48.8 54.5 Asia Pacific 1.2 10.4 11.6 Rest of the world 0.2 3.0 3.2 120.5 280.5 401.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-333": { "value": "
2. BUSINESS SEGMENTS
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the Group Chief Executive and the Board to allocate resources to the segments and to assess their performance. For management purposes,
the Group\u2019s operating and reporting structure clusters similar businesses together, based on the products and services they offer. These segments are the
basis on which the Group reports its segmental information.
The principal activities of each segment are as follows:
Sensors & Information
Provision of consulting and technology services to solve security-critical issues. Development and manufacture of electronic
countermeasures and biological threat detection equipment.
Countermeasures Development and manufacture of expendable countermeasures for air and sea platforms, cartridge/propellant actuated devices,
& Energetics pyrotechnic devices for satellite launch and deployment, missile components, propellants, separation sub-systems, actuators and
energetic materials.
A segmental analysis of revenue and operating profit is set out below:
Sensors
Countermeasures
& Information
& Energetics
Unallocated*
To t a l
Year ended 31 October 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
187.0
285.6
\u2014
472.6
Segment result before depreciation, amortisation and non-underlying items and
discontinued operations
38.5
65.5
(15.5)
88.5
Depreciation
(3.6)
(15.0)
\u2014
(18.6)
Amortisation
(0.7)
\u2014
\u2014
(0.7)
Segmental underlying operating profit
34.2
50.5
(15.5)
69.2
Amortisation of acquired intangibles (note 3)
(1.3)
(1.7)
\u2014
(3.0)
Non-underlying items (note 3)**
(22.2)
\u2014
1.4
(20.8)
Impact of non-underlying items on profit before tax (note 3)
(23.5)
(1.7)
1.4
(23.8)
Segmental operating profit
10.7
48.8
(14.1)
45.4
Finance expense
(1.3)
(1.3)
Profit before tax
(15.4)
44.1
Ta x
(6.4)
(6.4)
Profit for the year from continuing operations
(21.8)
37.7
Discontinued operations
(32.3)
\u2014
\u2014
(32.3)
Profit for the year
(21.6)
48.8
(21.8)
5.4
Sensors
Countermeasures
& Information
& Energetics
Unallocated*
Total
Year ended 31 October 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
120.5
280.5
\u2014
401.0
Segment result before depreciation, amortisation and non-underlying items and
discontinued operations
28.0
64.2
(14.9)
77.3
Depreciation
(2.6)
(15.1)
\u2014
(17.7)
Amortisation
\u2014
(0.2)
\u2014
(0.2)
Segmental underlying operating profit
25.4
48.9
(14.9)
59.4
Amortisation of acquired intangibles (note 3)
(1.8)
(2.1)
\u2014
(3.9)
Non-underlying items (note 3)
(1.2)
\u2014
(4.9)
(6.1)
Impact of non-underlying items on profit before tax (note 3)
(3.0)
(2.1)
(4.9)
(10.0)
Segmental operating profit
22.4
46.8
(19.8)
49.4
Finance expense
(1.5)
(1.5)
Profit before tax
(21.3)
47.9
Ta x
(3.5)
(3.5)
Profit for the year from continuing operations
(24.8)
44.4
Discontinued operations
3.0
\u2014
\u2014
3.0
Profit for the year
25.4
46.8
(24.8)
47.4
* Unallocated items are specific corporate level costs that cannot be allocated to a business segment.
** An impairment charge of \u00a318.5m is included in Sensors & Information for the year ended 31 October 2023.
Assets and liabilities by segment are not reported to the Group Chief Executive on a monthly basis; therefore they are not used as a key decision making tool
and are not disclosed here. A disclosure of non-current assets by location, excluding retirement benefit surplus and deferred tax, is shown below:
2023
2022
Non-current assets by location
\u00a3m
\u00a3m
UK
167.5
149.4
US
166.8
211.5
Norway
20.4
18.0
Australia
15.2
16.5
369.9
395.4
INFORMATION ON MAJOR CUSTOMERS
Of the Group\u2019s total revenue, \u00a3117.8m (2022: \u00a3124.4m) arose from sales to the US DoD, \u00a359.9m (2022: \u00a335.5m) arose from the sales to the UK MOD and
\u00a354.5m (2022: \u00a340.2m) arose from sales to BAE Systems plc. These were the only customers where direct sales accounted for more than 10% of Group
revenue for the year. Sales were reported in both of the Group\u2019s segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-393": { "value": "INFORMATION ON MAJOR CUSTOMERS Of the Group\u2019s total revenue, \u00a3117.8m (2022: \u00a3124.4m) arose from sales to the US DoD, \u00a359.9m (2022: \u00a335.5m) arose from the sales to the UK MOD and \u00a354.5m (2022: \u00a340.2m) arose from sales to BAE Systems plc. These were the only customers where direct sales accounted for more than 10% of Group revenue for the year. Sales were reported in both of the Group\u2019s segments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-334": { "value": "
3. ALTERNATIVE PERFORMANCE MEASURES
In accordance with our accounting policy we have presented the following reconciliation of alternative performance measures (\u201cAPMs\u201d) used throughout this
report to their IFRS equivalent measures as follows:
2023
2022
Non-underlying items and non-underlying measures
\u00a3m
\u00a3m
Gain/(loss) on the movement in the fair value of derivative financial instruments (note 22)
1.4
(4.1)
Acquisition expenses (note 28)
(3.7)
(2.0)
Impairment of Chemical Detection assets
(18.5)
\u2014
Release of disposal provisions (note 23)
3.2
\u2014
Increase in legal and disposal provisions (note 23)
(3.2)
\u2014
Impact of non-underlying items on EBITDA
(20.8)
(6.1)
Amortisation of acquired intangibles arising from business combinations (note 12)
(3.0)
(3.9)
Impact of non-underlying items on profit before tax
(23.8)
(10.0)
Tax impact of non-underlying items
3.8
1.1
Impact of non-underlying items on continuing profit after tax
(20.0)
(8.9)
Non-underlying discontinued operations after tax (note 5)
(31.4)
(0.5)
Impact of non-underlying items on profit after tax
(51.4)
(9.4)
Underlying profit after tax
56.8
56.8
Statutory profit after tax
5.4
47.4
The APMs used may not be comparable across companies. The impact of non-underlying items on statutory basic and diluted EPS, as well as a reconciliation to
the IFRS equivalent, is presented in note 10. The impact of non-underlying items on cash generated from operating activities, as well as a reconciliation to the
IFRS equivalent, is presented in note 30. The cash impact of non-underlying items includes the impact of exceptional items from prior years where the income
statement and cash flow timings differ. Non-underlying items are defined in the accounting policies on page 171.
DERIVATIVE FINANCIAL INSTRUMENTS
Included in non-underlying items is a \u00a31.4m gain (2022: \u00a34.1m loss) on the movement in fair value of derivative financial instruments. This is excluded from
underlying earnings to ensure the recognition of the gain or loss on the derivative matches the timing of the underlying transaction.
ACQUISITION EXPENSES
Included in non-underlying items is \u00a33.7m (2022: \u00a32.0m) of acquisition related expenses. This includes \u00a33.4m (2022: \u00a31.0m) relating to deferred consideration
contingent on continued employment of the former owners of Geollect and Cubica, which has been accounted for as equity-settled share-based payments
under IFRS 2 Share-based payments. We have classified this cost as a non-underlying item as it is a non-recurring cost relating to acquisitions. See note 28 for
further details. The remaining expense of \u00a30.3m (2022: \u00a31.0m) primarily includes professional fees incurred in relation to the Group\u2019s mergers and acquisitions
activity during the year. The acquisition related expenses are not reflective of the underlying costs of the Group and therefore, in order to provide an
explanation of results that is not distorted by the costs of acquiring a business rather than organically developed, these costs have been excluded from the
underlying measures.
IMPAIRMENT OF CHEMICAL DETECTION ASSETS
Included in non-underlying items is \u00a318.5m (2022: \u00a3nil) of non-cash impairment expenses, of which \u00a315.6m relates to capitalised development costs and \u00a32.9m
relates to other assets. After having undertaken a wider strategic review of the US Sensors business we have concluded that the prospect of securing a Program
of Record in the Chemical Detection part of the business is no longer probable and therefore we have chosen to record a non-cash impairment of development
costs (see note 12) and other related assets in our Chemical Detection line of business. The impairment expenses are not reflective of the underlying costs of the
Group and therefore, in order to provide an explanation of results that is not distorted by non-recurring asset impairments, these costs have been excluded
from the underlying measures.
LEGAL AND DISPOSAL PROVISIONS
\u00a33.2m of provisions, where the original charge was treated as exceptional, were released in the year as the risk of economic outflow is no longer considered
probable. Other legal and disposal provisions, which were originally treated as exceptional, were increased by \u00a33.2m in the year as the value of liabilities was
reassessed. Details are contained in note 23.
AMORTISATION OF ACQUIRED INTANGIBLES
Included in non-underlying items is the amortisation charge arising from business combinations of \u00a33.0m (2022: \u00a33.9m). Amortisation of acquired intangibles
arising from business combinations is associated with acquisition accounting under IFRS 3 Business Combinations. IFRS requires intangibles to be recognised on
acquisition that would not have been capitalised had the business grown organically under Chemring\u2019s ownership. As such, these costs are not reflective of the
underlying costs of the Group and therefore, in order to provide an explanation of results that is not distorted by the history of business units being acquired
rather than organically developed, have been excluded from the underlying measures.
TA X
The tax impact of non-underlying items comprises a \u00a33.8m tax credit (2022: \u00a31.1m credit) on the above non-underlying items.
We present the underlying effective tax rate for the Group, excluding non-underlying items, that is comparable over time. This is the taxation expense for
the Group, excluding any non-underlying tax charge or credit, as a percentage of underlying profit before taxation.
NET DEBT
A reconciliation and analysis of net debt is presented in notes 31 and 32. This APM allows management to monitor the indebtedness of the Group.
DISCONTINUED OPERATIONS
Further details on the results of discontinued operations are presented in note 5.
EBITDA
In our financial review we present measures of EBITDA, which is calculated as follows:
2023
2022
\u00a3m
\u00a3m
Operating profit
45.4
49.4
Amortisation arising from business combinations (note 12)
3.0
3.9
Amortisation of development costs (note 12)
0.7
0.1
Amortisation of patents and licences (note 12)
\u2014
0.1
Depreciation of property, plant and equipment (note 13)
18.6
17.7
EBITDA
67.7
71.2
Non-underlying items
20.8
6.1
Underlying EBITDA
88.5
77.3
CONSTANT CURRENCY REVENUE AND OPERATING PROFIT
In our financial review we present a measure of constant currency revenue and operating profit. This is calculated by translating our results for the year ended
31 October 2023 at the average exchange rates for the comparative year ended 31 October 2022.
CASH CONVERSION
In our financial review we present a measure of cash conversion. This is calculated as underlying operating cash as a ratio of underlying EBITDA for the
stated period. Comparative period values for years prior to the year ended 31 October 2022 can be found on page 179 in the five-year record of financials.
", "dimensions": { "concept": "chemringgroupplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-335": { "value": "
4. OPERATING PROFIT
Operating profit is stated after charging/(crediting):
2023
2022
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
10.1
7.5
Amortisation
\u2013 arising from business combinations
3.0
3.9
\u2013 development costs
0.7
0.1
\u2013 patents and licences
\u2014
0.1
Depreciation of property, plant and equipment
\u2013 owned assets
17.2
16.5
\u2013 leased assets
1.4
1.2
Impairment of development costs
15.6
2.2
Profit on disposal of non-current assets
\u2014
(1.9)
Government grant income
(0.1)
\u2014
Foreign exchange losses
2.7
2.0
Staff costs (note 6)
176.6
165.5
Cost of inventories recognised as an expense
146.5
124.3
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads, and include \u00a3nil (2022: \u00a34.8m)
of other income.
A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2023
2022
Auditor\u2019s remuneration
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for:
\u2013 the audit of the Company\u2019s annual accounts
0.4
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.7
0.7
1.1
1.1
Other services
Audit-related assurance services
0.1
0.1
1.2
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2022: \u00a30.1m) in respect of the parent company. A description of the work of the Audit Committee is set out in the Audit Committee report on pages 94 to 97, and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. No services were provided by the auditor pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-439": { "value": "4. OPERATING PROFIT Operating profit is stated after charging/(crediting):
2023
2022
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
10.1
7.5
Amortisation
\u2013 arising from business combinations
3.0
3.9
\u2013 development costs
0.7
0.1
\u2013 patents and licences
\u2014
0.1
Depreciation of property, plant and equipment
\u2013 owned assets
17.2
16.5
\u2013 leased assets
1.4
1.2
Impairment of development costs
15.6
2.2
Profit on disposal of non-current assets
\u2014
(1.9)
Government grant income
(0.1)
\u2014
Foreign exchange losses
2.7
2.0
Staff costs (note 6)
176.6
165.5
Cost of inventories recognised as an expense
146.5
124.3
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads, and include \u00a3nil (2022: \u00a34.8m) of other income. A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2023
2022
Auditor\u2019s remuneration
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for:
\u2013 the audit of the Company\u2019s annual accounts
0.4
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.7
0.7
1.1
1.1
Other services
Audit-related assurance services
0.1
0.1
1.2
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2022: \u00a30.1m) in respect of the parent company. A description of the work of the Audit Committee is set out in the Audit Committee report on pages 94 to 97, and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. No services were provided by the auditor pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-436": { "value": "4. OPERATING PROFIT Operating profit is stated after charging/(crediting):
2023
2022
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
10.1
7.5
Amortisation
\u2013 arising from business combinations
3.0
3.9
\u2013 development costs
0.7
0.1
\u2013 patents and licences
\u2014
0.1
Depreciation of property, plant and equipment
\u2013 owned assets
17.2
16.5
\u2013 leased assets
1.4
1.2
Impairment of development costs
15.6
2.2
Profit on disposal of non-current assets
\u2014
(1.9)
Government grant income
(0.1)
\u2014
Foreign exchange losses
2.7
2.0
Staff costs (note 6)
176.6
165.5
Cost of inventories recognised as an expense
146.5
124.3
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads, and include \u00a3nil (2022: \u00a34.8m) of other income. A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2023
2022
Auditor\u2019s remuneration
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for:
\u2013 the audit of the Company\u2019s annual accounts
0.4
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.7
0.7
1.1
1.1
Other services
Audit-related assurance services
0.1
0.1
1.2
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2022: \u00a30.1m) in respect of the parent company. A description of the work of the Audit Committee is set out in the Audit Committee report on pages 94 to 97, and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. No services were provided by the auditor pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-394": { "value": "4. OPERATING PROFIT Operating profit is stated after charging/(crediting):
2023
2022
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
10.1
7.5
Amortisation
\u2013 arising from business combinations
3.0
3.9
\u2013 development costs
0.7
0.1
\u2013 patents and licences
\u2014
0.1
Depreciation of property, plant and equipment
\u2013 owned assets
17.2
16.5
\u2013 leased assets
1.4
1.2
Impairment of development costs
15.6
2.2
Profit on disposal of non-current assets
\u2014
(1.9)
Government grant income
(0.1)
\u2014
Foreign exchange losses
2.7
2.0
Staff costs (note 6)
176.6
165.5
Cost of inventories recognised as an expense
146.5
124.3
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads, and include \u00a3nil (2022: \u00a34.8m) of other income.
A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2023
2022
Auditor\u2019s remuneration
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for:
\u2013 the audit of the Company\u2019s annual accounts
0.4
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.7
0.7
1.1
1.1
Other services
Audit-related assurance services
0.1
0.1
1.2
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2022: \u00a30.1m) in respect of the parent company. A description of the work of
the Audit Committee is set out in the Audit Committee report on pages 94 to 97, and includes an explanation of how auditor objectivity and independence
is safeguarded when non-audit services are provided by the auditor. No services were provided by the auditor pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-428": { "value": "A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2023
2022
Auditor\u2019s remuneration
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for:
\u2013 the audit of the Company\u2019s annual accounts
0.4
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.7
0.7
1.1
1.1
Other services
Audit-related assurance services
0.1
0.1
1.2
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2022: \u00a30.1m) in respect of the parent company. A description of the work of the Audit Committee is set out in the Audit Committee report on pages 94 to 97, and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. No services were provided by the auditor pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-336": { "value": "5. RESULTS FROM DISCONTINUED OPERATIONS Following the US DoD\u2019s decision in 2022 to transition the HMDS Program of Record to sustainment earlier than they had previously indicated, we evaluated the potential sustainment program and determined that in the short to medium term there is insufficient DoD funding to make it economically viable for Chemring to continue to operate the business. The decision has therefore been taken that the explosive hazard detection (\u201cEHD\u201d) business will not continue to operate and it has therefore been treated as a discontinued operation in 2023. Prior to the decision to discontinue the EHD business, it was presented as part of the Sensors & Information segment.
2023
2022
\u00a3m
\u00a3m
Revenue
9.3
41.8
Underlying operating (loss)/profit from discontinued operations
(1.2)
4.6
Tax on underlying operating (loss)/profit from discontinued operations
0.3
(1.1)
Underlying (loss)/profit after tax from discontinued operations
(0.9)
3.5
(Loss)/profit after tax is analysed as:
Before non-underlying items
(0.9)
3.5
Non-underlying items
(33.6)
(0.7)
Tax on non-underlying items
2.2
0.2
(31.4)
(0.5)
(Loss)/profit for the year for discontinued operations
(32.3)
3.0
In 2023 the non-underlying items include a non-cash impairment of \u00a331.2m (of which \u00a320.5m relates to the goodwill associated with the acquisition of the EHD business in 2009 and \u00a310.7m relates to other assets), site rationalisation costs of \u00a31.7m and the amortisation of acquired intangibles of \u00a30.7m. Amortisation of acquired intangibles arising from business combinations is associated with acquisition costs under IFRS 3 Business Combinations. As such, these costs are not reflective of the underlying activities of the discontinued operations and therefore have been treated as non-underlying items. The impairment expenses and site rationalisation costs are not reflective of the underlying costs of the Group and therefore, in order to provide an explanation of results that is not distorted by non-recurring asset impairments or expenses, these costs have been excluded from the underlying measures. In 2022 the non-underlying items were the amortisation of acquired intangibles of \u00a30.7m. The cash flows from discontinued operations are presented in note 30
The comparative income statement and cash flow information has been re-presented on the basis of the classification of operations as discontinued:
Underlying
Non-underlying
Reported Re-presented Reported Re-presented
2022 Adjustment 2022 2022 Adjustment 2022
CONSOLIDATED INCOME STATEMENT \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Revenue
442.8
(41.8)
401.0
\u2014
\u2014
\u2014
Operating profit
64.0
(4.6)
59.4
(10.7)
0.7
(10.0)
Finance expense
(1.5)
\u2014
(1.5)
\u2014
\u2014
\u2014
Profit before tax
62.5
(4.6)
57.9
(10.7)
0.7
(10.0)
Taxation
(5.7)
1.1
(4.6)
1.3
(0.2)
1.1
Profit after tax
56.8
(3.5)
53.3
(9.4)
0.5
(8.9)
Discontinued operations
Profit after tax
\u2014
3.5
3.5
\u2014
(0.5)
(0.5)
Total profit after tax
56.8
\u2014
56.8
(9.4)
\u2014
(9.4)
CONSOLIDATED CASH FLOW STATEMENT
Continuing operations
Cash flows from operating activities
90.1
(5.0)
85.1
(1.1)
\u2014
(1.1)
Discontinued operations
Cash flows from operating activities
\u2014
5.0
5.0
\u2014
\u2014
\u2014
Total cash flows from operating activities
90.1
\u2014
90.1
(1.1)
\u2014
(1.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-337": { "value": "
6. STAFF COSTS
The average monthly number of employees, including executive directors, was:
2023
2022
Number
Number
Direct
1,610
1,394
Indirect
931
899
Continuing operations
2,541
2,293
Discontinued operations
37
41
2,578
2,334
The costs incurred in respect of employees from continuing operations, including share-based payments, were:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
148.8
138.0
Social security costs
15.0
14.0
Other pension costs
8.4
7.1
Share-based payment charge
4.4
6.4
Staff costs
176.6
165.5
The share-based payment charge of \u00a34.4m (2022: \u00a36.4m) excludes \u00a33.4m (2022: \u00a31.0m) of deferred consideration in relation to acquisitions accounted for as
equity-settled share-based payments. These amounts are included in non-underlying costs, see notes 3 and 27 for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-338": { "value": "
7. FINANCE EXPENSE
2023
2022
\u00a3m
\u00a3m
Bank overdraft and loan interest
2.9
1.6
Amortisation of debt finance costs
0.4
0.3
Interest cost on retirement benefit obligations (note 29)
0.6
0.1
Lease liability interest
0.2
0.1
4.1
2.1
Amount capitalised
(2.8)
(0.6)
Finance expense
1.3
1.5
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the entity\u2019s
general borrowings during the year, in this case 5.7% (2022: 1.3%). During the year \u00a32.8m (2022: \u00a30.6m) of interest was capitalised in relation to the
Tennessee modernisation and automation programme and the investment in capacity expansion in the niche energetics businesses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-437": { "value": "7. FINANCE EXPENSE
2023
2022
\u00a3m
\u00a3m
Bank overdraft and loan interest
2.9
1.6
Amortisation of debt finance costs
0.4
0.3
Interest cost on retirement benefit obligations (note 29)
0.6
0.1
Lease liability interest
0.2
0.1
4.1
2.1
Amount capitalised
(2.8)
(0.6)
Finance expense
1.3
1.5
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the entity\u2019s general borrowings during the year, in this case 5.7% (2022: 1.3%). During the year \u00a32.8m (2022: \u00a30.6m) of interest was capitalised in relation to the Tennessee modernisation and automation programme and the investment in capacity expansion in the niche energetics businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-429": { "value": "7. FINANCE EXPENSE
2023
2022
\u00a3m
\u00a3m
Bank overdraft and loan interest
2.9
1.6
Amortisation of debt finance costs
0.4
0.3
Interest cost on retirement benefit obligations (note 29)
0.6
0.1
Lease liability interest
0.2
0.1
4.1
2.1
Amount capitalised
(2.8)
(0.6)
Finance expense
1.3
1.5
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the entity\u2019s general borrowings during the year, in this case 5.7% (2022: 1.3%). During the year \u00a32.8m (2022: \u00a30.6m) of interest was capitalised in relation to the Tennessee modernisation and automation programme and the investment in capacity expansion in the niche energetics businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-395": { "value": "7. FINANCE EXPENSE
2023
2022
\u00a3m
\u00a3m
Bank overdraft and loan interest
2.9
1.6
Amortisation of debt finance costs
0.4
0.3
Interest cost on retirement benefit obligations (note 29)
0.6
0.1
Lease liability interest
0.2
0.1
4.1
2.1
Amount capitalised
(2.8)
(0.6)
Finance expense
1.3
1.5
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the entity\u2019s general borrowings during the year, in this case 5.7% (2022: 1.3%). During the year \u00a32.8m (2022: \u00a30.6m) of interest was capitalised in relation to the Tennessee modernisation and automation programme and the investment in capacity expansion in the niche energetics businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-339": { "value": "
8. TAXATION
2023
2022
\u00a3m
\u00a3m
Current tax charge \u2013 current year
10.1
4.1
Current tax credit \u2013 prior year
(0.5)
(1.7)
Deferred tax (credit)/charge \u2013 current year (note 24)
(2.7)
0.7
Deferred tax (credit)/charge \u2013 prior year (note 24)
(0.5)
0.4
Tax charge
6.4
3.5
Income tax in the UK is calculated at 22.5% (2022: 19.0%) of the taxable profit for the year. Tax for other jurisdictions is calculated at the rates prevailing
in those jurisdictions.
The tax charge can be reconciled to the income statement as follows:
2023
2022
\u00a3m
\u00a3m
Profit before tax
44.1
47.9
Tax at the UK corporation tax rate of 22.5% (2022: 19.0%)
9.9
9.1
Expenses not deductible for tax purposes
0.5
0.1
Changes in tax rates
0.3
\u2014
Tax losses/future interest deductions not previously recognised
(2.8)
(4.6)
Release of tax risk provision
(1.2)
(1.7)
Prior period adjustments
(1.0)
(1.3)
Overseas profits taxed at rates different to the UK standard rate
0.7
1.9
Tax charge for continuing operations
6.4
3.5
In addition to the tax charge in the income statement, a tax credit of \u00a30.5m (2022: \u00a30.4m) has been recognised in other comprehensive income in the year.
The effective rate of tax on the profit before tax of the Group is 14.5% (2022: 7.3%), and the effective rate of tax on the underlying profit before tax of the
Group is 15.0% (2022: 7.9%). The effective rate of tax on the underlying profit before tax is higher than the 2022 effective tax rate due to the recognition of
a deferred tax asset in respect of future US interest deductions in the prior year.
Included within the tax charge is a current year non-underlying deferred tax credit of \u00a33.8m (2022: \u00a31.1m), predominantly relating to the impairment of
Chemical Detection assets and tax on amortisation of acquired intangibles.
The UK Finance Bill 2021 was published on 11 March 2021 and substantively enacted on 24 May 2021. The bill provides for an increase in the rate of corporation
tax from 19% to 25% with effect from 1 April 2023, hence the UK effective rate of 22.5% in 2023. The Group underlying effective tax rate is expected to
increase in 2024 due to the full year impact of the increased UK tax rate.
FACTORS AFFECTING THE TAX CHARGE IN FUTURE YEARS
The Group\u2019s future tax charge and effective tax rate could be affected by several factors including: tax reform in countries around the world, including any arising
from the implementation of the OECD\u2019s BEPS actions and European Commission initiatives such as the proposed tax and financial reporting directive or as a
consequence of state aid investigations, future corporate acquisitions and disposals and any restructuring of our business.
24. DEFERRED TAX
The following are the principal deferred tax assets/(liabilities) recognised by the Group and movements thereon:
Accelerated
tax
US interest
Ta x
Acquired
depreciation
Pensions
deductions
losses
intangibles
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2021
(19.4)
(3.7)
3.8
5.6
(7.0)
8.2
(12.5)
(Charge)/credit to income
(11.5)
\u2014
3.5
6.3
(0.6)
1.2
(1.1)
(Charge)/credit to other comprehensive income
(2.2)
0.8
0.8
1.0
(0.7)
1.0
0.7
Transfers
0.1
\u2014
\u2014
\u2014
(0.1)
\u2014
\u2014
At 31 October 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
(Charge)/credit to income
(1.3)
0.3
(0.2)
5.4
(0.3)
1.8
5.7
Credit/(charge) to other comprehensive income
1.0
1.6
(0.2)
(0.6)
0.2
(0.4)
1.6
Recognised on acquisition
\u2014
\u2014
\u2014
\u2014
(0.6)
\u2014
(0.6)
Recognised directly in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
At 31 October 2023
(33.3)
(1.0)
7.7
17.7
(9.1)
11.1
(6.9)
Analysed as:
Deferred tax assets
\u2014
\u2014
7.7
17.7
\u2014
11.5
36.9
Deferred tax liabilities
(33.3)
(1.0)
\u2014
\u2014
(9.1)
(0.4)
(43.8)
At 31 October 2023
(33.3)
(1.0)
7.7
17.7
(9.1)
11.1
(6.9)
Deferred tax assets
0.3
\u2014
8.1
12.9
\u2014
11.0
32.3
Deferred tax liabilities
(33.3)
(2.9)
\u2014
\u2014
(8.4)
(0.6)
(45.2)
At 31 October 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
Certain deferred tax assets and liabilities have been offset in accordance with the Group\u2019s accounting policy. Deferred tax balances after offset are analysed on
the balance sheet as per the table above.
Deferred tax balances of \u00a311.1m (2022: \u00a310.4m) within the \u201cOther\u201d category above include temporary differences arising on provisions and accruals.
At the balance sheet date, the Group had unrecognised deferred tax of \u00a30.5m (2022: \u00a33.7m) on gross tax losses of \u00a38.3m (2022: \u00a321.2m) and unrecognised
deferred tax of \u00a319.7m (2022: \u00a318.2m) on gross interest deductions of \u00a373.7m (2022: \u00a372.2m) as a result of US interest limitation regulations, potentially
available for offset against future profits in certain circumstances. The Group also had unrecognised deferred tax of \u00a30.7m (2022: \u00a31.5m) on gross capital
losses of \u00a33.5m (2022: \u00a36.9m). No deferred tax asset has been recognised in respect of these amounts because of the unpredictability of future taxable
qualifying profit streams. The aforementioned gross interest deductions are available indefinitely with no fixed expiry date, while the gross tax losses and
gross capital losses expire in 2031 and 2026 respectively.
The Group has not recognised any deferred tax liability on temporary differences relating to potentially taxable unremitted earnings of overseas subsidiaries
because the Group is in a position to control the timing of the reversal of the temporary differences and none are expected to reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-340": { "value": "
9. DIVIDENDS
2023
2022
\u00a3m
\u00a3m
Dividends paid on ordinary shares of 1p each
Final dividend of 3.8p per share for the year ended 31 October 2022 (3.2p per share for the year ended 31 October 2021)
10.8
9.1
Interim dividend of 2.3p per share for the year ended 31 October 2023 (1.9p per share for the year ended 31 October 2022)
6.5
5.3
Total dividends
17.3
14.4
Subject to approval at the Annual General Meeting, the final dividend of 4.6p per ordinary share will be paid on 12 April 2024 to all shareholders registered at
the close of business on 22 March 2024. The estimated cash value of this dividend is \u00a312.9m, although the final payment is likely to be lower as a result of the
impact of share buybacks. The total dividend for the year will therefore be 6.9p (2022: 5.7p) per ordinary share. As the final dividend is subject to approval by
the shareholders at the Annual General Meeting, it has not been included as a liability in the financial statements for the year ended 31 October 2023.
The cumulative preference shares carry an entitlement to a dividend at the rate of 7p per share per annum which was paid in equal instalments on 30 April 2023
and 31 October 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-3": { "value": "0.038", "decimals": 4, "dimensions": { "concept": "chemringgroupplc:FinalDividend", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-4": { "value": "0.032", "decimals": 4, "dimensions": { "concept": "chemringgroupplc:FinalDividend", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "value": "0.023", "decimals": 4, "dimensions": { "concept": "chemringgroupplc:InterimDividend", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.019", "decimals": 4, "dimensions": { "concept": "chemringgroupplc:InterimDividend", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-341": { "value": "
10. EARNINGS PER ORDINARY SHARE
Earnings per share is based on the average number of shares in issue, excluding own shares held, of 281,655,927 (2022: 280,506,245).
Diluted earnings per share has been calculated using a diluted average number of shares in issue, excluding own shares held, of 288,780,153 (2022: 288,218,004).
The number of shares used in the calculations is as follows:
2023
2022
Ordinary Ordinary
shares shares
Number
Number
millions
millions
Weighted average number of shares used to calculate basic earnings per share
281.7
280.5
Additional shares issuable other than at fair value in respect of options outstanding
7.1
7.7
Weighted average number of shares used to calculate diluted earnings per share
288.8
288.2
The earnings used in the calculations of the various measures of earnings per share are as follows:
2023
2022
Basic EPS
Diluted EPS
Basic EPS
Diluted EPS
\u00a3m
(Pence)
(Pence)
\u00a3m
(Pence)
(Pence)
Underlying profit after tax
57.7
20.5
20.0
53.3
19.0
18.5
Non-underlying items (note 3)
(20.0)
(8.9)
Profit from continuing operations
37.7
13.4
13.1
44.4
15.8
15.4
(Loss)/profit from discontinued operations
(32.3)
(11.5)
(11.2)
3.0
1.1
1.0
Total profit after tax
5.4
1.9
1.9
47.4
16.9
16.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-342": { "value": "
11. GOODWILL
\u00a3m
Cost
At 1 November 2021
184.5
Foreign exchange adjustments
20.4
At 31 October 2022
204.9
Acquisitions through business combinations (note 28)
5.9
Foreign exchange adjustments
(6.5)
At 31 October 2023
204.3
Accumulated impairment losses
At 1 November 2021
(75.8)
Foreign exchange adjustments
(11.0)
At 31 October 2022
(86.8)
Impairment
(20.5)
Foreign exchange adjustments
3.5
At 31 October 2023
(103.8)
Carrying amount
At 31 October 2023
100.5
At 31 October 2022
118.1
Goodwill acquired in a business combination is allocated at acquisition to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business
combination. Cash-generating units have historically been represented by the individual operating companies within the operating segment descriptions on page
132. Over time, certain operating companies have evolved to focus on very distinct products or services, often linked to a particular program of record, which
amount to the generation of independent cash inflows. Accordingly, the directors have reassessed the definition of a CGU to be the division within an operating
company. In most of our operating companies, this has not led to a change in the CGUs identified as there is only one division, but it has for Chemring Sensors
& Electronic Systems, Inc. Following the transition of the EMBD Program of Record into full rate production and shipment of initial units to the customer at the
end of 2022, this business unit is split into three separate CGUs to reflect the independent cash flows being generated and the way in which management monitors
the business. The three CGUs being Explosive Hazard Detection (\u201cEHD\u201d), Biological Detection and Chemical Detection.
The goodwill that was previously allocated to Chemring Sensors & Electronic Systems, Inc. has been allocated across the three new CGUs on a relative value
basis. This goodwill relates to two separate acquisitions, one in the EHD line of business, all of which has been allocated to this CGU, and one which relates to
both the Biological Detection and Chemical Detection lines of business, which was allocated based on value in use.
The Group tests goodwill at least annually for impairment. Tests are conducted more frequently if there are indications that goodwill might be impaired. The recoverable amounts of the CGUs are determined from value-in-use calculations. The key assumptions for the value-in-use calculations have been individually estimated for each CGU and include the discount rates and expected changes to cash flows during the period for which management has detailed plans, which are underpinned by the winning and execution of key contracts. Based on our assessment, there is no reasonable possible change in a key assumption which would result in the impairment of goodwill. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to each of the CGUs. Pre-tax discount rates, derived from the Group\u2019s post-tax weighted average cost of capital of 8.5% (2022: 7.2%) which have been adjusted for a premium specific to each of the CGUs to account for differences in currency risk, country risk and other factors affecting specific CGUs, have been used to discount projected cash flows. The premiums for 2023 were all 1% (2022: 1% to 2%). Expected changes to cash flows during the period for which management has detailed plans relate to revenue forecasts, expected contract outcomes and forecast operating margins in each of the operating companies based on our Board-approved five-year plan which considered past experience and our understanding of customer budgets and priorities. The relative value ascribed to each varies between CGUs as the budgets are built up from the underlying operating companies within each CGU. Changes in selling prices and direct costs are based on past practices and expectations of future changes. At the end of five years, the calculations assume the performance of the CGUs will grow at a nominal annual rate of 2.25% (2022: 2.25%) in perpetuity. Growth rates are based on management\u2019s view of industry growth forecasts. The weighted average cost of capital is derived using beta values of a comparator group of defence companies adjusted for funding structures as appropriate. The pre-tax discount rates used for value-in-use calculations and the carrying value of goodwill by CGUs are:
2023
2022
2023
2022
%
%
\u00a3m
\u00a3m
Roke Manor Research Limited
12.9
11.2
37.4
31.5
Chemring Energetics UK Limited
12.9
10.2
14.6
14.6
Chemring Sensors & Electronic Systems, Inc.
N/A
10.5
N/A
40.8
Chemring Sensors & Electronic Systems, Inc. \u2013 Explosive Hazard Detection
11.8
n/a
\u2014
n/a
Chemring Sensors & Electronic Systems, Inc. \u2013 Biological Detection
11.8
n/a
18.2
n/a
Chemring Sensors & Electronic Systems, Inc. \u2013 Chemical Detection
11.8
n/a
\u2014
n/a
Chemring Energetic Devices, Inc.
11.8
10.5
17.1
18.0
Other
13.2
13.2
100.5
118.1
The goodwill arising from the acquisition of the Geollect Limited of \u00a35.9m during the year ended 31 October 2023 was allocated to the Roke Manor Research Limited CGU as it will form part of this operating company going forward (see note 28 for further details). The pre-tax discount rates used for other CGUs ranged from 11.6% to 12.9% (2022: 10.2% to 12.3%). The \u201cOther\u201d CGU is the carrying amount of goodwill that is allocated across multiple CGUs. In the year ended 31 October 2023, a strategic review of the Group\u2019s sensors business was conducted following the US DoD\u2019s decision in 2022 to transition the HMDS Program of Record to sustainment earlier than they had previously indicated; Chemring has now been able to evaluate the potential sustainment program and determined that in the short to medium term there is insufficient US DoD funding to make it economically viable for Chemring to continue to operate the business. The decision has therefore been taken that the EHD business will not continue to operate and it has therefore been treated as a discontinued operation in 2023. A non-cash impairment, within discontinued operations, of the goodwill associated with the acquisition of the EHD business in 2009 totalling \u00a320.5m, has been recorded. The impairment has been recorded against the EHD CGU, with the value of the recoverable amount of the asset based on its value in use. Stress testing was performed on the forecasts to consider the impact of reasonably possible scenarios over the forecast period, including a 1.5% increase in discount rate, a 1% reduction in long-term growth rate, a 10% fall in the forecast cash flows or a $0.10 weakening in the sterling to US dollar exchange rate. Even under any of these circumstances, no CGUs would require an impairment against goodwill. There are no reasonably possible changes in assumptions that would require an impairment against goodwill.
12. DEVELOPMENT COSTS AND OTHER INTANGIBLE ASSETS
Acquired
Development
Acquired
customer
Patents and
costs
technology
relationships
licences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 November 2021
55.6
91.5
48.8
0.5
140.8
Additions
2.5
0.4
\u2014
\u2014
0.4
Disposals
(0.4)
\u2014
\u2014
(0.3)
(0.3)
Foreign exchange adjustments
6.2
15.2
6.2
0.3
21.7
At 31 October 2022
63.9
107.1
55.0
0.5
162.6
Acquisitions through business combinations (note 28)
\u2014
1.4
1.2
\u2014
2.6
Additions
1.5
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange adjustments
(2.0)
(4.9)
(2.0)
\u2014
(6.9)
At 31 October 2023
63.4
103.6
54.2
0.5
158.3
Amortisation
At 1 November 2021
(25.6)
(86.2)
(40.3)
(0.2)
(126.7)
Charge
(0.1)
(2.0)
(2.6)
(0.1)
(4.7)
Impairment
(2.2)
\u2014
\u2014
\u2014
\u2014
Disposals
0.3
\u2014
\u2014
0.3
0.3
Foreign exchange adjustments
(1.7)
(14.8)
(5.1)
(0.2)
(20.1)
At 31 October 2022
(29.3)
(103.0)
(48.0)
(0.2)
(151.2)
Charge
(0.7)
(1.6)
(2.1)
\u2014
(3.7)
Impairment
(16.3)
(0.2)
\u2014
\u2014
(0.2)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange adjustments
0.5
4.7
1.7
\u2014
6.4
At 31 October 2023
(45.8)
(100.1)
(48.4)
(0.2)
(148.7)
Carrying amount
At 31 October 2023
17.6
3.5
5.8
0.3
9.6
At 31 October 2022
34.6
4.1
7.0
0.3
11.4
Included within the development costs of \u00a317.6m, individually material balances relate to Joint Biological Tactical Detection System of \u00a39.2m (2022: \u00a39.7m) and
Perceive of \u00a35.5m (2022: \u00a35.6m). Development costs are amortised over their useful economic lives, estimated to be between three and ten years, with the
remaining amortisation periods for these assets ranging up to ten years.
During the year ended 31 October 2023, the Group recognised an impairment of capitalised development costs of \u00a315.6m having undertaken a wider strategic
review of the US Sensors business and concluding that the prospect of securing a Program of Record in the Chemical detection part of the business is no longer
probable. In addition, a further \u00a30.7m impairment was recognised in relation to capitalised development costs associated with the EHD business that has been
treated as a discontinued operation in 2023.
Acquired intangibles are recognised at fair value on acquisition and are amortised over their estimated useful lives. Fair values for acquired intangibles are assessed
by reference to future estimated cash flows, discounted at an appropriate rate to present value, or by reference to the amount that would have been paid in an
arm\u2019s length transaction between two knowledgeable and willing parties. Other intangible assets are recognised at cost and are amortised over their estimated
useful economic lives, which are set out in the accounting policies section.
Acquired technology of \u00a33.5m includes individually material balances relating to Roke (including the Cubica Group and Geollect) of \u00a33.1m (2022: \u00a32.1m),
Chemring Energetic Devices of \u00a30.4m (2022: \u00a30.9m) and Chemring Sensors & Electronic Systems of \u00a3nil (2022: \u00a31.0m). The remaining amortisation periods for
these assets are eight years and one year respectively.
Acquired customer relationships of \u00a35.8m include individually material balances relating to Chemring Energetic Devices of \u00a33.1m (2022: \u00a34.6m), Roke (including
the Cubica Group and Geollect) of \u00a32.7m (2022: \u00a31.8m) and Chemring Sensors & Electronic Systems of \u00a3nil (2022: \u00a30.6m). The remaining amortisation periods
for these assets are three years and eight years respectively.
During the year ended 31 October 2023, the Group recognised an impairment of acquired technology of \u00a30.2m related to the Chemical Detection business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-396": { "value": "11. GOODWILL
\u00a3m
Cost
At 1 November 2021
184.5
Foreign exchange adjustments
20.4
At 31 October 2022
204.9
Acquisitions through business combinations (note 28)
5.9
Foreign exchange adjustments
(6.5)
At 31 October 2023
204.3
Accumulated impairment losses
At 1 November 2021
(75.8)
Foreign exchange adjustments
(11.0)
At 31 October 2022
(86.8)
Impairment
(20.5)
Foreign exchange adjustments
3.5
At 31 October 2023
(103.8)
Carrying amount
At 31 October 2023
100.5
At 31 October 2022
118.1
Goodwill acquired in a business combination is allocated at acquisition to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business combination. Cash-generating units have historically been represented by the individual operating companies within the operating segment descriptions on page 132. Over time, certain operating companies have evolved to focus on very distinct products or services, often linked to a particular program of record, which amount to the generation of independent cash inflows. Accordingly, the directors have reassessed the definition of a CGU to be the division within an operating company. In most of our operating companies, this has not led to a change in the CGUs identified as there is only one division, but it has for Chemring Sensors & Electronic Systems, Inc. Following the transition of the EMBD Program of Record into full rate production and shipment of initial units to the customer at the end of 2022, this business unit is split into three separate CGUs to reflect the independent cash flows being generated and the way in which management monitors the business. The three CGUs being Explosive Hazard Detection (\u201cEHD\u201d), Biological Detection and Chemical Detection. The goodwill that was previously allocated to Chemring Sensors & Electronic Systems, Inc. has been allocated across the three new CGUs on a relative value basis. This goodwill relates to two separate acquisitions, one in the EHD line of business, all of which has been allocated to this CGU, and one which relates to both the Biological Detection and Chemical Detection lines of business, which was allocated based on value in use.
The Group tests goodwill at least annually for impairment. Tests are conducted more frequently if there are indications that goodwill might be impaired.
The recoverable amounts of the CGUs are determined from value-in-use calculations. The key assumptions for the value-in-use calculations have been
individually estimated for each CGU and include the discount rates and expected changes to cash flows during the period for which management has
detailed plans, which are underpinned by the winning and execution of key contracts. Based on our assessment, there is no reasonable possible change in
a key assumption which would result in the impairment of goodwill.
Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to each of the
CGUs. Pre-tax discount rates, derived from the Group\u2019s post-tax weighted average cost of capital of 8.5% (2022: 7.2%) which have been adjusted for a premium
specific to each of the CGUs to account for differences in currency risk, country risk and other factors affecting specific CGUs, have been used to discount
projected cash flows. The premiums for 2023 were all 1% (2022: 1% to 2%).
Expected changes to cash flows during the period for which management has detailed plans relate to revenue forecasts, expected contract outcomes and
forecast operating margins in each of the operating companies based on our Board-approved five-year plan which considered past experience and our
understanding of customer budgets and priorities. The relative value ascribed to each varies between CGUs as the budgets are built up from the underlying
operating companies within each CGU. Changes in selling prices and direct costs are based on past practices and expectations of future changes.
At the end of five years, the calculations assume the performance of the CGUs will grow at a nominal annual rate of 2.25% (2022: 2.25%) in perpetuity. Growth
rates are based on management\u2019s view of industry growth forecasts. The weighted average cost of capital is derived using beta values of a comparator group of
defence companies adjusted for funding structures as appropriate.
The pre-tax discount rates used for value-in-use calculations and the carrying value of goodwill by CGUs are:
2023
2022
2023
2022
%
%
\u00a3m
\u00a3m
Roke Manor Research Limited
12.9
11.2
37.4
31.5
Chemring Energetics UK Limited
12.9
10.2
14.6
14.6
Chemring Sensors & Electronic Systems, Inc.
N/A
10.5
N/A
40.8
Chemring Sensors & Electronic Systems, Inc. \u2013 Explosive Hazard Detection
11.8
n/a
\u2014
n/a
Chemring Sensors & Electronic Systems, Inc. \u2013 Biological Detection
11.8
n/a
18.2
n/a
Chemring Sensors & Electronic Systems, Inc. \u2013 Chemical Detection
11.8
n/a
\u2014
n/a
Chemring Energetic Devices, Inc.
11.8
10.5
17.1
18.0
Other
13.2
13.2
100.5
118.1
The goodwill arising from the acquisition of the Geollect Limited of \u00a35.9m during the year ended 31 October 2023 was allocated to the Roke Manor Research
Limited CGU as it will form part of this operating company going forward (see note 28 for further details).
The pre-tax discount rates used for other CGUs ranged from 11.6% to 12.9% (2022: 10.2% to 12.3%).
The \u201cOther\u201d CGU is the carrying amount of goodwill that is allocated across multiple CGUs.
In the year ended 31 October 2023, a strategic review of the Group\u2019s sensors business was conducted following the US DoD\u2019s decision in 2022 to transition the
HMDS Program of Record to sustainment earlier than they had previously indicated; Chemring has now been able to evaluate the potential sustainment program
and determined that in the short to medium term there is insufficient US DoD funding to make it economically viable for Chemring to continue to operate the
business. The decision has therefore been taken that the EHD business will not continue to operate and it has therefore been treated as a discontinued
operation in 2023. A non-cash impairment, within discontinued operations, of the goodwill associated with the acquisition of the EHD business in 2009 totalling
\u00a320.5m, has been recorded. The impairment has been recorded against the EHD CGU, with the value of the recoverable amount of the asset based on its value
in use.
Stress testing was performed on the forecasts to consider the impact of reasonably possible scenarios over the forecast period, including a 1.5% increase in
discount rate, a 1% reduction in long-term growth rate, a 10% fall in the forecast cash flows or a $0.10 weakening in the sterling to US dollar exchange rate.
Even under any of these circumstances, no CGUs would require an impairment against goodwill.
There are no reasonably possible changes in assumptions that would require an impairment against goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-430": { "value": "12. DEVELOPMENT COSTS AND OTHER INTANGIBLE ASSETS Acquired
Development
Acquired
customer
Patents and
costs
technology
relationships
licences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 November 2021
55.6
91.5
48.8
0.5
140.8
Additions
2.5
0.4
\u2014
\u2014
0.4
Disposals
(0.4)
\u2014
\u2014
(0.3)
(0.3)
Foreign exchange adjustments
6.2
15.2
6.2
0.3
21.7
At 31 October 2022
63.9
107.1
55.0
0.5
162.6
Acquisitions through business combinations (note 28)
\u2014
1.4
1.2
\u2014
2.6
Additions
1.5
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange adjustments
(2.0)
(4.9)
(2.0)
\u2014
(6.9)
At 31 October 2023
63.4
103.6
54.2
0.5
158.3
Amortisation
At 1 November 2021
(25.6)
(86.2)
(40.3)
(0.2)
(126.7)
Charge
(0.1)
(2.0)
(2.6)
(0.1)
(4.7)
Impairment
(2.2)
\u2014
\u2014
\u2014
\u2014
Disposals
0.3
\u2014
\u2014
0.3
0.3
Foreign exchange adjustments
(1.7)
(14.8)
(5.1)
(0.2)
(20.1)
At 31 October 2022
(29.3)
(103.0)
(48.0)
(0.2)
(151.2)
Charge
(0.7)
(1.6)
(2.1)
\u2014
(3.7)
Impairment
(16.3)
(0.2)
\u2014
\u2014
(0.2)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange adjustments
0.5
4.7
1.7
\u2014
6.4
At 31 October 2023
(45.8)
(100.1)
(48.4)
(0.2)
(148.7)
Carrying amount
At 31 October 2023
17.6
3.5
5.8
0.3
9.6
At 31 October 2022
34.6
4.1
7.0
0.3
11.4
Included within the development costs of \u00a317.6m, individually material balances relate to Joint Biological Tactical Detection System of \u00a39.2m (2022: \u00a39.7m) and Perceive of \u00a35.5m (2022: \u00a35.6m). Development costs are amortised over their useful economic lives, estimated to be between three and ten years, with the remaining amortisation periods for these assets ranging up to ten years. During the year ended 31 October 2023, the Group recognised an impairment of capitalised development costs of \u00a315.6m having undertaken a wider strategic review of the US Sensors business and concluding that the prospect of securing a Program of Record in the Chemical detection part of the business is no longer probable. In addition, a further \u00a30.7m impairment was recognised in relation to capitalised development costs associated with the EHD business that has been treated as a discontinued operation in 2023. Acquired intangibles are recognised at fair value on acquisition and are amortised over their estimated useful lives. Fair values for acquired intangibles are assessed by reference to future estimated cash flows, discounted at an appropriate rate to present value, or by reference to the amount that would have been paid in an arm\u2019s length transaction between two knowledgeable and willing parties. Other intangible assets are recognised at cost and are amortised over their estimated useful economic lives, which are set out in the accounting policies section. Acquired technology of \u00a33.5m includes individually material balances relating to Roke (including the Cubica Group and Geollect) of \u00a33.1m (2022: \u00a32.1m), Chemring Energetic Devices of \u00a30.4m (2022: \u00a30.9m) and Chemring Sensors & Electronic Systems of \u00a3nil (2022: \u00a31.0m). The remaining amortisation periods for these assets are eight years and one year respectively. Acquired customer relationships of \u00a35.8m include individually material balances relating to Chemring Energetic Devices of \u00a33.1m (2022: \u00a34.6m), Roke (including the Cubica Group and Geollect) of \u00a32.7m (2022: \u00a31.8m) and Chemring Sensors & Electronic Systems of \u00a3nil (2022: \u00a30.6m). The remaining amortisation periods for these assets are three years and eight years respectively. During the year ended 31 October 2023, the Group recognised an impairment of acquired technology of \u00a30.2m related to the Chemical Detection business.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-397": { "value": "12. DEVELOPMENT COSTS AND OTHER INTANGIBLE ASSETS Acquired
Development
Acquired
customer
Patents and
costs
technology
relationships
licences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 November 2021
55.6
91.5
48.8
0.5
140.8
Additions
2.5
0.4
\u2014
\u2014
0.4
Disposals
(0.4)
\u2014
\u2014
(0.3)
(0.3)
Foreign exchange adjustments
6.2
15.2
6.2
0.3
21.7
At 31 October 2022
63.9
107.1
55.0
0.5
162.6
Acquisitions through business combinations (note 28)
\u2014
1.4
1.2
\u2014
2.6
Additions
1.5
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange adjustments
(2.0)
(4.9)
(2.0)
\u2014
(6.9)
At 31 October 2023
63.4
103.6
54.2
0.5
158.3
Amortisation
At 1 November 2021
(25.6)
(86.2)
(40.3)
(0.2)
(126.7)
Charge
(0.1)
(2.0)
(2.6)
(0.1)
(4.7)
Impairment
(2.2)
\u2014
\u2014
\u2014
\u2014
Disposals
0.3
\u2014
\u2014
0.3
0.3
Foreign exchange adjustments
(1.7)
(14.8)
(5.1)
(0.2)
(20.1)
At 31 October 2022
(29.3)
(103.0)
(48.0)
(0.2)
(151.2)
Charge
(0.7)
(1.6)
(2.1)
\u2014
(3.7)
Impairment
(16.3)
(0.2)
\u2014
\u2014
(0.2)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange adjustments
0.5
4.7
1.7
\u2014
6.4
At 31 October 2023
(45.8)
(100.1)
(48.4)
(0.2)
(148.7)
Carrying amount
At 31 October 2023
17.6
3.5
5.8
0.3
9.6
At 31 October 2022
34.6
4.1
7.0
0.3
11.4
Included within the development costs of \u00a317.6m, individually material balances relate to Joint Biological Tactical Detection System of \u00a39.2m (2022: \u00a39.7m) and Perceive of \u00a35.5m (2022: \u00a35.6m). Development costs are amortised over their useful economic lives, estimated to be between three and ten years, with the remaining amortisation periods for these assets ranging up to ten years. During the year ended 31 October 2023, the Group recognised an impairment of capitalised development costs of \u00a315.6m having undertaken a wider strategic review of the US Sensors business and concluding that the prospect of securing a Program of Record in the Chemical detection part of the business is no longer probable. In addition, a further \u00a30.7m impairment was recognised in relation to capitalised development costs associated with the EHD business that has been treated as a discontinued operation in 2023. Acquired intangibles are recognised at fair value on acquisition and are amortised over their estimated useful lives. Fair values for acquired intangibles are assessed by reference to future estimated cash flows, discounted at an appropriate rate to present value, or by reference to the amount that would have been paid in an arm\u2019s length transaction between two knowledgeable and willing parties. Other intangible assets are recognised at cost and are amortised over their estimated useful economic lives, which are set out in the accounting policies section. Acquired technology of \u00a33.5m includes individually material balances relating to Roke (including the Cubica Group and Geollect) of \u00a33.1m (2022: \u00a32.1m), Chemring Energetic Devices of \u00a30.4m (2022: \u00a30.9m) and Chemring Sensors & Electronic Systems of \u00a3nil (2022: \u00a31.0m). The remaining amortisation periods for these assets are eight years and one year respectively. Acquired customer relationships of \u00a35.8m include individually material balances relating to Chemring Energetic Devices of \u00a33.1m (2022: \u00a34.6m), Roke (including the Cubica Group and Geollect) of \u00a32.7m (2022: \u00a31.8m) and Chemring Sensors & Electronic Systems of \u00a3nil (2022: \u00a30.6m). The remaining amortisation periods for these assets are three years and eight years respectively. During the year ended 31 October 2023, the Group recognised an impairment of acquired technology of \u00a30.2m related to the Chemical Detection business.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-343": { "value": "
13. PROPERTY, PLANT AND EQUIPMENT
Right-of-use
Right-of-use
Land and
Plant and
land and
plant and
buildings
equipment
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 31 October 2021
131.2
147.8
5.5
0.7
285.2
Reclassification
0.2
(0.3)
\u2014
\u2014
(0.1)
Additions
9.2
25.6
3.7
\u2014
38.5
Disposals
(5.7)
(3.7)
(0.2)
\u2014
(9.6)
Foreign exchange adjustments
10.4
13.4
1.1
\u2014
24.9
At 31 October 2022
145.3
182.8
10.1
0.7
338.9
Reclassification
0.2
(0.2)
\u2014
\u2014
\u2014
Additions
14.4
21.8
2.2
0.1
38.5
Disposals
(0.7)
(5.3)
(0.1)
\u2014
(6.1)
Foreign exchange adjustments
(4.7)
(8.5)
(0.3)
\u2014
(13.5)
At 31 October 2023
154.5
190.6
11.9
0.8
357.8
Depreciation
At 31 October 2021
(21.8)
(62.1)
(2.4)
(0.2)
(86.5)
Reclassification
0.3
(0.2)
\u2014
\u2014
0.1
Charge
(3.5)
(13.0)
(1.4)
(0.2)
(18.1)
Disposals
2.5
3.1
\u2014
\u2014
5.6
Foreign exchange adjustments
(2.4)
(5.7)
(0.6)
\u2014
(8.7)
At 31 October 2022
(24.9)
(77.9)
(4.4)
(0.4)
(107.6)
Charge
(3.8)
(13.4)
(1.6)
(0.1)
(18.9)
Impairment
(0.1)
(0.2)
\u2014
\u2014
(0.3)
Disposals
0.7
5.3
0.1
\u2014
6.1
Foreign exchange adjustments
1.2
3.7
0.2
\u2014
5.1
At 31 October 2023
(26.9)
(82.5)
(5.7)
(0.5)
(115.6)
Carrying amount
At 31 October 2023
127.6
108.1
6.2
0.3
242.2
At 31 October 2022
120.4
104.9
5.7
0.3
231.3
During the year, \u00a32.8m (2022: \u00a30.6m) of interest was capitalised, as set out in note 7. \u00a31.0m (2022: \u00a30.8m) of capitalised interest was charged as depreciation
and \u00a3nil (2022: \u00a3nil) was disposed of. This results in a net book value for capitalised interest of \u00a310.6m (2022: \u00a38.8m).
During the year ended 31 October 2023, the Group recognised an impairment of property, plant and equipment of \u00a30.3m in relation to assets associated with
the EHD division of the US Sensors business which has been treated as a discontinued operation in 2023. See note 5 for further details.
Included within land and buildings and plant and equipment are assets under construction of \u00a328.6m and \u00a330.6m respectively (2022: \u00a313.6m and \u00a311.5m).
These assets are not depreciated.
Land and buildings were revalued at 30 September 1997 by Chestertons Chartered Surveyors, independent valuers not connected with the Group, on the basis
of depreciated replacement cost for two pyrotechnic sites and on open market for the remainder, which represent Level 2 measurements in the fair value hierarchy.
2023
2022
\u00a3m
\u00a3m
30 September 1997 depreciated replacement cost
4.0
4.0
Freehold at cost
150.5
141.3
Cost of land and buildings as at 31 October
154.5
145.3
If stated under historical cost principles, the comparable amounts for the total of land and buildings would be:
2023
2022
\u00a3m
\u00a3m
Cost
153.8
144.5
Accumulated depreciation
(27.1)
(25.2)
Historical cost value
126.7
119.3
All other tangible fixed assets are stated at historical cost.
At 31 October 2023, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a327.9m (2022: \u00a36.9m). Cash flows from purchases of property, plant and equipment are \u00a332.7m (2022: \u00a331.5m). The difference to the additions total presented above includes \u00a32.3m (2022: \u00a33.8m) non-cash movements related to right-of-use assets as well as the movement in accrued capital expenditure.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-398": { "value": "
Right-of-use
Right-of-use
Land and
Plant and
land and
plant and
buildings
equipment
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 31 October 2021
131.2
147.8
5.5
0.7
285.2
Reclassification
0.2
(0.3)
\u2014
\u2014
(0.1)
Additions
9.2
25.6
3.7
\u2014
38.5
Disposals
(5.7)
(3.7)
(0.2)
\u2014
(9.6)
Foreign exchange adjustments
10.4
13.4
1.1
\u2014
24.9
At 31 October 2022
145.3
182.8
10.1
0.7
338.9
Reclassification
0.2
(0.2)
\u2014
\u2014
\u2014
Additions
14.4
21.8
2.2
0.1
38.5
Disposals
(0.7)
(5.3)
(0.1)
\u2014
(6.1)
Foreign exchange adjustments
(4.7)
(8.5)
(0.3)
\u2014
(13.5)
At 31 October 2023
154.5
190.6
11.9
0.8
357.8
Depreciation
At 31 October 2021
(21.8)
(62.1)
(2.4)
(0.2)
(86.5)
Reclassification
0.3
(0.2)
\u2014
\u2014
0.1
Charge
(3.5)
(13.0)
(1.4)
(0.2)
(18.1)
Disposals
2.5
3.1
\u2014
\u2014
5.6
Foreign exchange adjustments
(2.4)
(5.7)
(0.6)
\u2014
(8.7)
At 31 October 2022
(24.9)
(77.9)
(4.4)
(0.4)
(107.6)
Charge
(3.8)
(13.4)
(1.6)
(0.1)
(18.9)
Impairment
(0.1)
(0.2)
\u2014
\u2014
(0.3)
Disposals
0.7
5.3
0.1
\u2014
6.1
Foreign exchange adjustments
1.2
3.7
0.2
\u2014
5.1
At 31 October 2023
(26.9)
(82.5)
(5.7)
(0.5)
(115.6)
Carrying amount
At 31 October 2023
127.6
108.1
6.2
0.3
242.2
At 31 October 2022
120.4
104.9
5.7
0.3
231.3
At 31 October 2023, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a327.9m (2022: \u00a36.9m).
Cash flows from purchases of property, plant and equipment are \u00a332.7m (2022: \u00a331.5m). The difference to the additions total presented above includes \u00a32.3m
(2022: \u00a33.8m) non-cash movements related to right-of-use assets as well as the movement in accrued capital expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-344": { "value": "
14. SUBSIDIARY UNDERTAKINGS
All subsidiary undertakings have been reflected in these financial statements. The subsidiary undertakings held at 31 October 2023, which have a single class
of ordinary shares all 100% owned by the Group, are shown below. All of these subsidiary undertakings are wholly controlled by Chemring Group PLC, unless
otherwise stated.
Country of incorporation
(or registration) and operation
Operating segment
Subsidiary undertaking
Chemring Australia Pty Limited
Australia
Countermeasures & Energetics
B.D.L. Systems Limited
England
Dormant
Chemring Countermeasures Limited*
England
Countermeasures & Energetics
Chemring Energetics Limited*
England
Dormant
Chemring North America Unlimited
England
Dormant
Chemring Prime Contracts Limited*
England
Dormant
Chemring Technology Solutions Limited*
England
Countermeasures & Energetics
Chemring Holdings Limited* (formerly CHG Overseas Limited)
England
Holding company
Cubica Technology Limited*
England
Dormant
Geollect Limited*
England
Sensors & Information
Greys Exports Limited
England
Dormant
Q6 Holdings Limited*
England
Dormant
Richmond Electronics & Engineering Limited
England
Dormant
Roke Manor Research Limited
England
Sensors & Information
Vigil AI Limited**
England
Sensors & Information
Chemring Nobel AS
Norway
Countermeasures & Energetics
Chemring Energetics UK Limited
Scotland
Countermeasures & Energetics
Alloy Surfaces Company, Inc.
US
Countermeasures & Energetics
ASC Realty LLC
US
Property holding company
Chemring Energetic Devices, Inc.
US
Countermeasures & Energetics
Chemring North America Group, Inc.
US
Holding company
Chemring Sensors & Electronic Systems, Inc.
US
Sensors & Information
CHG Flares, Inc.
US
Holding company
CHG Group, Inc.
US
Holding company
Geollect LLC
US
Sensors & Information
Kilgore Flares Company LLC
US
Countermeasures & Energetics
Roke USA, Inc.
US
Sensors & Information
Tactical Systems and Ordnance, Inc.
US
Non-trading
* Shares directly held by Chemring Group PLC.
** 80% indirectly owned by Chemring Group PLC.
Chemring Holdings Limited (company number 02731691), Chemring Technology Solutions Limited (company number 01528540) and Geollect Limited
(company number 10584604) are exempt from the requirement to file audited accounts for the year ended 31 October 2023 by virtue of section 479A
of the Companies Act 2006. See page 180 for the registered offices of the subsidiary undertakings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-345": { "value": "
15. INVENTORIES
2023
2022
\u00a3m
\u00a3m
Raw materials
49.6
48.1
Work in progress
33.1
38.8
Finished goods
19.0
12.7
101.7
99.6
There are no significant differences between the replacement cost of inventory and the carrying amount shown above. The Group recognised \u00a30.3m (2022: \u00a30.7m)
as a write down of inventories to net realisable value. See note 4 for details of cost of inventories recognised as an expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-346": { "value": "
16. TRADE AND OTHER RECEIVABLES
2023
2022
\u00a3m
\u00a3m
Trade receivables
41.5
33.8
Allowance for doubtful debts
(0.2)
(0.5)
41.3
33.3
Advance payments to suppliers
2.3
1.7
Other receivables
10.7
8.5
Prepayments
6.9
6.2
Accrued income
13.6
11.4
74.8
61.1
All amounts shown above are due within one year.
The average credit period taken by customers on sales of goods, calculated using a countback basis, is 16 days (2022: 17 days). No interest is charged
on receivables from the date of invoice to payment.
Given the Group\u2019s customer base, expected credit losses are typically not material; however, if there is any doubt over recoverability, the Group\u2019s policy is to
provide in full for trade receivables outstanding for more than 120 days beyond agreed terms. As at 31 October 2023, \u00a30.5m of gross trade receivables were
aged greater than 30 days past due (2022: \u00a30.1m).
The directors consider that the carrying amount of trade and other receivables approximates to their fair values.
Of the \u00a311.4m of accrued income at 31 October 2022, \u00a311.4m had been billed and paid in the year. Of the \u00a313.6m of accrued income at 31 October 2023,
over half was billed in the month after the reporting date. The remainder relates to the completion of performance obligations which will be billed at the
next contractual milestone, which is expected within the next year.
Of the \u00a310.7m (2022: \u00a38.5m) of other receivables at 31 October 2023, \u00a3nil (2022: \u00a32.0m) related to a short-term loan due from the Chemring Group Staff
Pension Scheme to fund margin calls on liability driven investments, which was repaid in November 2022, and \u00a38.9m (2022: \u00a34.8m) related to research and
development expenditure credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-431": { "value": "16. TRADE AND OTHER RECEIVABLES
2023
2022
\u00a3m
\u00a3m
Trade receivables
41.5
33.8
Allowance for doubtful debts
(0.2)
(0.5)
41.3
33.3
Advance payments to suppliers
2.3
1.7
Other receivables
10.7
8.5
Prepayments
6.9
6.2
Accrued income
13.6
11.4
74.8
61.1
All amounts shown above are due within one year. The average credit period taken by customers on sales of goods, calculated using a countback basis, is 16 days (2022: 17 days). No interest is charged on receivables from the date of invoice to payment. Given the Group\u2019s customer base, expected credit losses are typically not material; however, if there is any doubt over recoverability, the Group\u2019s policy is to provide in full for trade receivables outstanding for more than 120 days beyond agreed terms. As at 31 October 2023, \u00a30.5m of gross trade receivables were aged greater than 30 days past due (2022: \u00a30.1m). The directors consider that the carrying amount of trade and other receivables approximates to their fair values. Of the \u00a311.4m of accrued income at 31 October 2022, \u00a311.4m had been billed and paid in the year. Of the \u00a313.6m of accrued income at 31 October 2023, over half was billed in the month after the reporting date. The remainder relates to the completion of performance obligations which will be billed at the next contractual milestone, which is expected within the next year. Of the \u00a310.7m (2022: \u00a38.5m) of other receivables at 31 October 2023, \u00a3nil (2022: \u00a32.0m) related to a short-term loan due from the Chemring Group Staff Pension Scheme to fund margin calls on liability driven investments, which was repaid in November 2022, and \u00a38.9m (2022: \u00a34.8m) related to research and development expenditure credits receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-399": { "value": "16. TRADE AND OTHER RECEIVABLES
2023
2022
\u00a3m
\u00a3m
Trade receivables
41.5
33.8
Allowance for doubtful debts
(0.2)
(0.5)
41.3
33.3
Advance payments to suppliers
2.3
1.7
Other receivables
10.7
8.5
Prepayments
6.9
6.2
Accrued income
13.6
11.4
74.8
61.1
All amounts shown above are due within one year. The average credit period taken by customers on sales of goods, calculated using a countback basis, is 16 days (2022: 17 days). No interest is charged on receivables from the date of invoice to payment. Given the Group\u2019s customer base, expected credit losses are typically not material; however, if there is any doubt over recoverability, the Group\u2019s policy is to provide in full for trade receivables outstanding for more than 120 days beyond agreed terms. As at 31 October 2023, \u00a30.5m of gross trade receivables were aged greater than 30 days past due (2022: \u00a30.1m). The directors consider that the carrying amount of trade and other receivables approximates to their fair values. Of the \u00a311.4m of accrued income at 31 October 2022, \u00a311.4m had been billed and paid in the year. Of the \u00a313.6m of accrued income at 31 October 2023, over half was billed in the month after the reporting date. The remainder relates to the completion of performance obligations which will be billed at the next contractual milestone, which is expected within the next year. Of the \u00a310.7m (2022: \u00a38.5m) of other receivables at 31 October 2023, \u00a3nil (2022: \u00a32.0m) related to a short-term loan due from the Chemring Group Staff Pension Scheme to fund margin calls on liability driven investments, which was repaid in November 2022, and \u00a38.9m (2022: \u00a34.8m) related to research and development expenditure credits receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-347": { "value": "
17. CASH AND CASH EQUIVALENTS
Bank balances and cash comprise cash held by the Group and short-term deposits with an original maturity of three months or less. The carrying amount
of these assets approximates to their fair value. For the purposes of the statement of cash flows, cash and cash equivalents comprises cash at bank of \u00a36.4m
(2022: \u00a319.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-348": { "value": "
18. BORROWINGS
2023
2022
\u00a3m
\u00a3m
Within non-current liabilities
Bank borrowings
14.1
20.9
Preference shares
0.1
0.1
Borrowings due after more than one year
14.2
21.0
Total borrowings
14.2
21.0
Analysis of borrowings by currency:
2023
2022
\u00a3m
\u00a3m
Sterling
14.2
0.1
US dollar
\u2014
20.9
14.2
21.0
The weighted average interest rates paid were as follows:
2023
2022
%
%
Bank overdrafts
5.4
2.3
UK bank loans
\u2013 Sterling denominated
5.7
2.3
\u2013 US dollar denominated
1.4
1.4
An analysis of borrowings by maturity is as follows:
2023
2022
Bank
Bank
loans and
Preference
loans and
Preference
overdrafts
shares
To t a l
overdrafts
shares
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings falling due:
\u2013 within one to two years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 within two to five years
14.1
\u2014
14.1
20.9
\u2014
20.9
\u2013 after five years
\u2014
0.1
0.1
\u2014
0.1
0.1
14.1
0.1
14.2
20.9
0.1
21.0
Total borrowings
14.1
0.1
14.2
20.9
0.1
21.0
The Group\u2019s principal debt facilities comprise a \u00a3150m revolving credit facility up to December 2025 of which \u00a3130m has been extended to December 2026,
as well as a US$10m overdraft, in November 2023 the overdraft was increased to US$20m. These were established in July 2021 with a syndicate of six banks and
there is one option to extend for one year to December 2027. None of the borrowings in the current or the prior year were secured.
There have been no breaches of the terms of the loan agreements during the current or prior year.
The Group has the following undrawn borrowing facilities available, in respect of which all conditions precedent have been met. Interest costs under these
facilities are charged at floating rates.
2023
2022
\u00a3m
\u00a3m
Undrawn borrowing facilities
142.9
136.7
The Group is subject to two key financial covenants, which are tested quarterly. These covenants relate to the leverage ratio between \u201cunderlying EBITDA\u201d
and net debt, and the interest cover ratio between underlying EBITDA and finance costs. The calculation of these ratios involves the translation of non-sterling
denominated debt using average, rather than closing, rates of exchange and includes liabilities on foreign exchange forward contracts within its definition of net
debt. Therefore the leverage ratio of 0.21 times differs to the ratio of 0.16 times that is disclosed elsewhere in the annual report and accounts, which is calculated
using the closing rates of exchange and does not include liabilities on foreign exchange forward contracts within its definition of net debt. The Group was in compliance
with the covenants throughout the year. The year-end leverage ratio was 0.21 times (covenant limit of 3 times) and the year-end interest cover ratio was 30.01
times (covenant floor of 4 times).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-349": { "value": "
19. LEASES
The carrying amount, additions and depreciation charge for right-of-use assets by class of underlying asset is included in note 13.
The expense relating to short-term and low-value leases in the year was \u00a31.3m (2022: \u00a30.9m). In total, payments of \u00a31.8m (2022: \u00a32.2m) were made
under leasing contracts. Included in the financing activities section of the cash flow is \u00a31.6m (2022: \u00a32.1m) to repay the principal portion of the lease and
\u00a30.2m (2022: \u00a30.1m) to repay lease interest. Included in the operating activities section of the cash flow is \u00a31.3m (2022: \u00a30.9m) relating to short-term and
low-value leases.
A maturity analysis of the future undiscounted lease payments in respect of the Group\u2019s lease liabilities is presented in the table below:
2023
2022
\u00a3m
\u00a3m
Lease liabilities falling due:
\u2013 within one year
1.1
1.8
Lease liabilities falling due:
\u2013 within one to two years
0.8
0.8
\u2013 within two to five years
1.9
1.4
\u2013 more than five years
3.0
2.1
5.7
4.3
Impact of discounting
(0.2)
(0.1)
Lease liabilities included in balance sheet as at 31 October
6.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-402": { "value": "A maturity analysis of the future undiscounted lease payments in respect of the Group\u2019s lease liabilities is presented in the table below:
2023
2022
\u00a3m
\u00a3m
Lease liabilities falling due:
\u2013 within one year
1.1
1.8
Lease liabilities falling due:
\u2013 within one to two years
0.8
0.8
\u2013 within two to five years
1.9
1.4
\u2013 more than five years
3.0
2.1
5.7
4.3
Impact of discounting
(0.2)
(0.1)
Lease liabilities included in balance sheet as at 31 October
6.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-350": { "value": "
20. TRADE AND OTHER PAYABLES
2023
2022
\u00a3m
\u00a3m
Within current liabilities
Trade payables
16.3
14.7
Other payables
32.8
28.5
Interest payable
\u2014
0.1
Other tax and social security
6.4
6.8
Advance receipts from customers
47.2
26.6
Accruals
15.3
17.6
Deferred income
6.0
3.9
124.0
98.2
Other payables of \u00a332.8m (2022: \u00a328.5m) includes payroll-related creditors of \u00a318.1m (2022: \u00a318.0m).
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
Advance receipts from customers represent the obligation to transfer goods or services to a customer for which consideration has been received. The amount
of \u00a326.6m included in advance receipts from customers recognised at 31 October 2022 has been recognised as revenue in 2023 (2022: \u00a317.1m). Of the \u00a347.2m
of advanced receipts from customers at 31 October 2023, \u00a324.4m is relevant to goods and services that will be delivered and provided within a year. No revenue
was recognised in 2023 from performance obligations satisfied in previous years.
The average credit period taken on purchases of goods is 18 days (2022: 18 days) using year-end trade payables divided by cost of sales. No interest is payable
on trade payables from the date of invoice to payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-440": { "value": "20. TRADE AND OTHER PAYABLES
2023
2022
\u00a3m
\u00a3m
Within current liabilities
Trade payables
16.3
14.7
Other payables
32.8
28.5
Interest payable
\u2014
0.1
Other tax and social security
6.4
6.8
Advance receipts from customers
47.2
26.6
Accruals
15.3
17.6
Deferred income
6.0
3.9
124.0
98.2
Other payables of \u00a332.8m (2022: \u00a328.5m) includes payroll-related creditors of \u00a318.1m (2022: \u00a318.0m). Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Advance receipts from customers represent the obligation to transfer goods or services to a customer for which consideration has been received. The amount of \u00a326.6m included in advance receipts from customers recognised at 31 October 2022 has been recognised as revenue in 2023 (2022: \u00a317.1m). Of the \u00a347.2m of advanced receipts from customers at 31 October 2023, \u00a324.4m is relevant to goods and services that will be delivered and provided within a year. No revenue was recognised in 2023 from performance obligations satisfied in previous years. The average credit period taken on purchases of goods is 18 days (2022: 18 days) using year-end trade payables divided by cost of sales. No interest is payable on trade payables from the date of invoice to payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-438": { "value": "20. TRADE AND OTHER PAYABLES
2023
2022
\u00a3m
\u00a3m
Within current liabilities
Trade payables
16.3
14.7
Other payables
32.8
28.5
Interest payable
\u2014
0.1
Other tax and social security
6.4
6.8
Advance receipts from customers
47.2
26.6
Accruals
15.3
17.6
Deferred income
6.0
3.9
124.0
98.2
Other payables of \u00a332.8m (2022: \u00a328.5m) includes payroll-related creditors of \u00a318.1m (2022: \u00a318.0m). Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Advance receipts from customers represent the obligation to transfer goods or services to a customer for which consideration has been received. The amount of \u00a326.6m included in advance receipts from customers recognised at 31 October 2022 has been recognised as revenue in 2023 (2022: \u00a317.1m). Of the \u00a347.2m of advanced receipts from customers at 31 October 2023, \u00a324.4m is relevant to goods and services that will be delivered and provided within a year. No revenue was recognised in 2023 from performance obligations satisfied in previous years. The average credit period taken on purchases of goods is 18 days (2022: 18 days) using year-end trade payables divided by cost of sales. No interest is payable on trade payables from the date of invoice to payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-432": { "value": "20. TRADE AND OTHER PAYABLES
2023
2022
\u00a3m
\u00a3m
Within current liabilities
Trade payables
16.3
14.7
Other payables
32.8
28.5
Interest payable
\u2014
0.1
Other tax and social security
6.4
6.8
Advance receipts from customers
47.2
26.6
Accruals
15.3
17.6
Deferred income
6.0
3.9
124.0
98.2
Other payables of \u00a332.8m (2022: \u00a328.5m) includes payroll-related creditors of \u00a318.1m (2022: \u00a318.0m). Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Advance receipts from customers represent the obligation to transfer goods or services to a customer for which consideration has been received. The amount of \u00a326.6m included in advance receipts from customers recognised at 31 October 2022 has been recognised as revenue in 2023 (2022: \u00a317.1m). Of the \u00a347.2m of advanced receipts from customers at 31 October 2023, \u00a324.4m is relevant to goods and services that will be delivered and provided within a year. No revenue was recognised in 2023 from performance obligations satisfied in previous years. The average credit period taken on purchases of goods is 18 days (2022: 18 days) using year-end trade payables divided by cost of sales. No interest is payable on trade payables from the date of invoice to payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-400": { "value": "20. TRADE AND OTHER PAYABLES
2023
2022
\u00a3m
\u00a3m
Within current liabilities
Trade payables
16.3
14.7
Other payables
32.8
28.5
Interest payable
\u2014
0.1
Other tax and social security
6.4
6.8
Advance receipts from customers
47.2
26.6
Accruals
15.3
17.6
Deferred income
6.0
3.9
124.0
98.2
Other payables of \u00a332.8m (2022: \u00a328.5m) includes payroll-related creditors of \u00a318.1m (2022: \u00a318.0m). Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Advance receipts from customers represent the obligation to transfer goods or services to a customer for which consideration has been received. The amount of \u00a326.6m included in advance receipts from customers recognised at 31 October 2022 has been recognised as revenue in 2023 (2022: \u00a317.1m). Of the \u00a347.2m of advanced receipts from customers at 31 October 2023, \u00a324.4m is relevant to goods and services that will be delivered and provided within a year. No revenue was recognised in 2023 from performance obligations satisfied in previous years. The average credit period taken on purchases of goods is 18 days (2022: 18 days) using year-end trade payables divided by cost of sales. No interest is payable on trade payables from the date of invoice to payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-351": { "value": "
21. FINANCIAL RISK MANAGEMENT
The Group uses financial instruments to manage financial risk wherever it is appropriate to do so. The main risks addressed by financial instruments are liquidity
risk, foreign currency risk, interest rate risk and credit risk. The Group\u2019s policies in respect of the management of these risks, which remained unchanged
throughout the year, are set out below.
(A) CREDIT RISK
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises
principally from the Group\u2019s receivables from customers.
The impairment provisions for financial assets disclosed in note 16 \u201cTrade and other receivables\u201d are based on assumptions about risk of default and expected
loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past history
and existing market conditions, as well as forward-looking estimates at the end of each reporting period. Customers are mainly multinational organisations or
government agencies with which the Group has long-term business relationships. The Group\u2019s principal customers are government defence departments, such as
the US Department of Defense (\u201cUS DoD\u201d) and the UK Ministry of Defence (\u201cUK MOD\u201d), US and UK defence prime contractors, such as BAE Systems and
General Dynamics, and distributors of products for their onward sale to end users.
The majority of revenue in 2023 related to the US DoD, the UK MOD and the US and UK defence prime contractors, which consistently pay within terms and
are deemed low credit risk as a result. For all other customers the Group\u2019s policy is to trade under a letter of credit. If there is any doubt over recoverability, the
Group\u2019s policy is to provide in full for trade receivables outstanding for more than 120 days beyond agreed terms. The balances which might be affected by credit
risk are trade receivables, accrued income and cash and cash equivalents.
(B) CAPITAL MANAGEMENT
The Group manages its capital to ensure that all entities in the Group will be able to continue as a going concern while meeting the returns to stakeholders.
The capital structure of the Group consists of equity (as disclosed in the consolidated statement of changes in equity), retained earnings, cash and cash equivalents
(note 17) and a revolving credit facility (\u201cRCF\u201d) (note 18). The Group seeks to manage its capital through an appropriate mix of these items. The Group\u2019s
principal debt facilities comprise a \u00a3150m revolving credit facility up to December 2025 of which \u00a3130m has been extended to December 2026, as well as a
US$10m overdraft, in November 2023 the overdraft was increased to US$20m. These were established in July 2021 with a syndicate of six banks and there is one
option to extend for one year to December 2027. As at 31 October 2023, the RCF was drawn by \u00a315.1m (2022: \u00a321.7m).
(C) FINANCIAL RISK MANAGEMENT
The primary risks that the Group is exposed to are liquidity risk, foreign currency risk, interest rate risk and credit risk. It is the Group\u2019s policy to manage these
risks under the following policies:
i. Liquidity risk management
Liquidity risk is the risk that the Group does not have sufficient financial resources to meet its obligations as they fall due. The Group manages liquidity risk by
maintaining adequate reserves and by continually monitoring forecast and actual cash flows. The Group\u2019s policy is to maintain continuity of funding through
available cash and cash equivalents and the RCF.
ii. Foreign currency risk management
The Group\u2019s presentational currency is sterling. The Group is subject to exposure on the translation of the assets of foreign subsidiaries, whose functional
currencies differ from the Group. The Group\u2019s primary balance sheet translation exposures are to the US dollar, Australian dollar and Norwegian krone.
The Group minimises the balance sheet translation exposures, where it is practical to do so, by funding subsidiaries with long-term loans, on which exchange
differences are taken to reserves. US dollar borrowings held by the Group are treated as a net investment hedge against the US dollar assets of the Group.
The Group faces currency exposures arising from the translation of profits earned in foreign currency. These exposures are not hedged. Exposures also arise
from foreign currency denominated trading transactions undertaken by subsidiaries\u2019 deemed transactional exposures. The Group\u2019s policy is to hedge transactional
exposures above \u00a3250,000 in the banking market on a one-to-one basis using forward contracts. Below \u00a3250,000, the exposures are netted across subsidiaries
and any surplus or deficit hedged in the banking market using spot or forward contracts. The Group\u2019s policy is that there is no speculative trading in financial
instruments. During the year ended 31 October 2023, there were no options or structured derivatives utilised.
iii. Interest rate risk management
The Group finances its operations through a combination of retained profits and bank borrowings. The UK borrowings are denominated in sterling
and US dollars, and at the shorter end are subject to floating rates of interest.
IFRS 9 FINANCIAL INSTRUMENTS
Chemring Group PLC is not a financial institution and does not have any complex financial instruments. The Group does not apply hedge accounting to
derivatives and the Group\u2019s customers are generally governments that are considered creditworthy and pay consistently within agreed payment terms.
2023
2022
Carrying value
Fair value
Carrying value
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets carried at amortised cost
Trade receivables
41.3
41.3
33.3
33.3
Accrued income
13.6
13.6
11.4
11.4
Cash and cash equivalents
6.4
6.4
19.8
19.8
Assets carried at fair value
Derivative financial instruments
0.8
0.8
0.7
0.7
Liabilities carried at fair value
Derivative financial instruments
(3.5)
(3.5)
(5.3)
(5.3)
Liabilities carried at amortised cost
Trade payables
(16.3)
(16.3)
(14.7)
(14.7)
Other payables
(32.8)
(32.8)
(28.5)
(28.5)
Interest payable
\u2014
\u2014
(0.1)
(0.1)
Borrowings
(14.2)
(14.2)
(21.0)
(21.0)
The following items are not financial instruments as defined by IFRS 9:
(a) prepayments made/advances received (right to receive future goods or services, not cash or a financial asset);
(b) tax receivables and payables and similar items (statutory rights and obligations, not contractual); or
(c) deferred revenue and warranty obligations (obligations to deliver goods and services, not cash or financial assets).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-433": { "value": "(A) CREDIT RISK Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. The impairment provisions for financial assets disclosed in note 16 \u201cTrade and other receivables\u201d are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past history and existing market conditions, as well as forward-looking estimates at the end of each reporting period. Customers are mainly multinational organisations or government agencies with which the Group has long-term business relationships. The Group\u2019s principal customers are government defence departments, such as the US Department of Defense (\u201cUS DoD\u201d) and the UK Ministry of Defence (\u201cUK MOD\u201d), US and UK defence prime contractors, such as BAE Systems and General Dynamics, and distributors of products for their onward sale to end users. The majority of revenue in 2023 related to the US DoD, the UK MOD and the US and UK defence prime contractors, which consistently pay within terms and are deemed low credit risk as a result. For all other customers the Group\u2019s policy is to trade under a letter of credit. If there is any doubt over recoverability, the Group\u2019s policy is to provide in full for trade receivables outstanding for more than 120 days beyond agreed terms. The balances which might be affected by credit risk are trade receivables, accrued income and cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-401": { "value": "(A) CREDIT RISK Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. The impairment provisions for financial assets disclosed in note 16 \u201cTrade and other receivables\u201d are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past history and existing market conditions, as well as forward-looking estimates at the end of each reporting period. Customers are mainly multinational organisations or government agencies with which the Group has long-term business relationships. The Group\u2019s principal customers are government defence departments, such as the US Department of Defense (\u201cUS DoD\u201d) and the UK Ministry of Defence (\u201cUK MOD\u201d), US and UK defence prime contractors, such as BAE Systems and General Dynamics, and distributors of products for their onward sale to end users. The majority of revenue in 2023 related to the US DoD, the UK MOD and the US and UK defence prime contractors, which consistently pay within terms and are deemed low credit risk as a result. For all other customers the Group\u2019s policy is to trade under a letter of credit. If there is any doubt over recoverability, the Group\u2019s policy is to provide in full for trade receivables outstanding for more than 120 days beyond agreed terms. The balances which might be affected by credit risk are trade receivables, accrued income and cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-403": { "value": "(B) CAPITAL MANAGEMENT The Group manages its capital to ensure that all entities in the Group will be able to continue as a going concern while meeting the returns to stakeholders. The capital structure of the Group consists of equity (as disclosed in the consolidated statement of changes in equity), retained earnings, cash and cash equivalents (note 17) and a revolving credit facility (\u201cRCF\u201d) (note 18). The Group seeks to manage its capital through an appropriate mix of these items. The Group\u2019s principal debt facilities comprise a \u00a3150m revolving credit facility up to December 2025 of which \u00a3130m has been extended to December 2026, as well as a US$10m overdraft, in November 2023 the overdraft was increased to US$20m. These were established in July 2021 with a syndicate of six banks and there is one option to extend for one year to December 2027. As at 31 October 2023, the RCF was drawn by \u00a315.1m (2022: \u00a321.7m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-404": { "value": "i. Liquidity risk management Liquidity risk is the risk that the Group does not have sufficient financial resources to meet its obligations as they fall due. The Group manages liquidity risk by maintaining adequate reserves and by continually monitoring forecast and actual cash flows. The Group\u2019s policy is to maintain continuity of funding through available cash and cash equivalents and the RCF. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-405": { "value": "ii. Foreign currency risk management The Group\u2019s presentational currency is sterling. The Group is subject to exposure on the translation of the assets of foreign subsidiaries, whose functional currencies differ from the Group. The Group\u2019s primary balance sheet translation exposures are to the US dollar, Australian dollar and Norwegian krone. The Group minimises the balance sheet translation exposures, where it is practical to do so, by funding subsidiaries with long-term loans, on which exchange differences are taken to reserves. US dollar borrowings held by the Group are treated as a net investment hedge against the US dollar assets of the Group. The Group faces currency exposures arising from the translation of profits earned in foreign currency. These exposures are not hedged. Exposures also arise from foreign currency denominated trading transactions undertaken by subsidiaries\u2019 deemed transactional exposures. The Group\u2019s policy is to hedge transactional exposures above \u00a3250,000 in the banking market on a one-to-one basis using forward contracts. Below \u00a3250,000, the exposures are netted across subsidiaries and any surplus or deficit hedged in the banking market using spot or forward contracts. The Group\u2019s policy is that there is no speculative trading in financial instruments. During the year ended 31 October 2023, there were no options or structured derivatives utilised. iii. Interest rate risk management The Group finances its operations through a combination of retained profits and bank borrowings. The UK borrowings are denominated in sterling and US dollars, and at the shorter end are subject to floating rates of interest. IFRS 9 FINANCIAL INSTRUMENTS Chemring Group PLC is not a financial institution and does not have any complex financial instruments. The Group does not apply hedge accounting to derivatives and the Group\u2019s customers are generally governments that are considered creditworthy and pay consistently within agreed payment terms.
2023
2022
Carrying value
Fair value
Carrying value
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets carried at amortised cost
Trade receivables
41.3
41.3
33.3
33.3
Accrued income
13.6
13.6
11.4
11.4
Cash and cash equivalents
6.4
6.4
19.8
19.8
Assets carried at fair value
Derivative financial instruments
0.8
0.8
0.7
0.7
Liabilities carried at fair value
Derivative financial instruments
(3.5)
(3.5)
(5.3)
(5.3)
Liabilities carried at amortised cost
Trade payables
(16.3)
(16.3)
(14.7)
(14.7)
Other payables
(32.8)
(32.8)
(28.5)
(28.5)
Interest payable
\u2014
\u2014
(0.1)
(0.1)
Borrowings
(14.2)
(14.2)
(21.0)
(21.0)
The following items are not financial instruments as defined by IFRS 9: (a) prepayments made/advances received (right to receive future goods or services, not cash or a financial asset); (b) tax receivables and payables and similar items (statutory rights and obligations, not contractual); or (c) deferred revenue and warranty obligations (obligations to deliver goods and services, not cash or financial assets).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-352": { "value": "
22. FINANCIAL INSTRUMENTS
The following table details the fair value of derivative financial instrument assets/(liabilities) recognised in the balance sheet:
2023
2022
\u00a3m
\u00a3m
Included in current assets
0.8
0.7
Included in current liabilities
(3.2)
(4.2)
(2.4)
(3.5)
Included in non-current liabilities
(0.3)
(1.1)
Forward foreign exchange contracts
(2.7)
(4.6)
There was a \u00a31.4m gain (2022: \u00a34.1m loss) on the movement in the fair value of derivative financial instruments recognised in the income statement.
The table below details the remaining contractual maturities of the Group\u2019s derivative financial instruments and loans at the reporting date. The amounts are
gross and undiscounted and include interest payments estimated based on the conditions existing at the reporting date.
2023
2022
Derivative
Loans and
Derivative
Loans and
instruments
overdrafts
To t a l
instruments
overdrafts
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Falling due:
\u2013 within one year
(2.4)
\u2014
(2.4)
(3.5)
(0.3)
(3.8)
\u2013 within one to two years
(0.3)
\u2014
(0.3)
(1.1)
(0.3)
(1.4)
\u2013 within two to five years
\u2014
(14.2)
(14.2)
\u2014
(21.3)
(21.3)
(2.7)
(14.2)
(16.9)
(4.6)
(21.9)
(26.5)
A maturity analysis of the contracted cash outflows on lease liabilities is provided in note 19.
FAIR VALUE HIERARCHY
IFRS 7 Financial Instruments: Disclosures requires companies that carry financial instruments at fair value in the balance sheet to disclose their level of hierarchy,
determining into which category those financial instruments fall under the fair value hierarchy.
The fair value measurement hierarchy is as follows:
- Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
- Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices); and
- Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. as unobservable inputs).
The following tables present the Group\u2019s assets and liabilities that are measured at fair value:
2023
2022
Carrying
Carrying
Fair value
amount
Fair value
amount
Fair value
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Held at fair value
Derivative financial instruments \u2013 assets
Level 2
0.8
0.8
0.7
0.7
Derivative financial instruments \u2013 liabilities
Level 2
(3.5)
(3.5)
(5.3)
(5.3)
(2.7)
(2.7)
(4.6)
(4.6)
The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow, using readily available market data.
SENSITIVITY ANALYSIS
For the year ended 31 October 2023 the closing exchange rate for the US dollar was 1.21 (2022: 1.15), AU dollar was 1.92 (2022: 1.80) and Norwegian krone
was 13.56 (2022: 11.97). The average exchange rates were 1.24 (2022: 1.23), 1.91 (2022: 1.75) and 13.10 (2022: 11.82) respectively.
The following table details the Group\u2019s sensitivity to a 10% weakening or strengthening of sterling against the US dollar, AU dollar and Norwegian krone with
regards to its income statement. The Group considers a 10% strengthening or weakening of sterling as a reasonably possible change in foreign exchange rates.
10 per cent
10 per
weakening of sterling
strengthening of sterling
2023
2022
2023
2022
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
22.0
24.2
(19.7)
(16.5)
Underlying operating profit
3.3
2.9
(2.4)
(2.6)
Interest
\u2014
\u2014
\u2014
\u2014
Underlying profit before tax
3.3
2.9
(2.4)
(2.6)
As at 31 October 2023, 100% of the Group\u2019s gross debt was at floating rates. The Group monitors its exposure to movements in interest rates, having regard
to prevailing market conditions, and considers the use of interest rate swaps on an ongoing basis to manage this exposure. The Group has not entered into any
interest rate swaps as of 31 October 2023.
Based on the closing debt value as at 31 October 2023, a change in interest rates of 1% throughout the year would cause the Group\u2019s finance expense to change
by \u00a30.2m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-434": { "value": "FAIR VALUE HIERARCHY IFRS 7 Financial Instruments: Disclosures requires companies that carry financial instruments at fair value in the balance sheet to disclose their level of hierarchy, determining into which category those financial instruments fall under the fair value hierarchy. The fair value measurement hierarchy is as follows: - Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; - Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. as unobservable inputs). The following tables present the Group\u2019s assets and liabilities that are measured at fair value:
2023
2022
Carrying
Carrying
Fair value
amount
Fair value
amount
Fair value
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Held at fair value
Derivative financial instruments \u2013 assets
Level 2
0.8
0.8
0.7
0.7
Derivative financial instruments \u2013 liabilities
Level 2
(3.5)
(3.5)
(5.3)
(5.3)
(2.7)
(2.7)
(4.6)
(4.6)
The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow, using readily available market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-406": { "value": "FAIR VALUE HIERARCHY IFRS 7 Financial Instruments: Disclosures requires companies that carry financial instruments at fair value in the balance sheet to disclose their level of hierarchy, determining into which category those financial instruments fall under the fair value hierarchy. The fair value measurement hierarchy is as follows: - Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; - Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. as unobservable inputs). The following tables present the Group\u2019s assets and liabilities that are measured at fair value:
2023
2022
Carrying
Carrying
Fair value
amount
Fair value
amount
Fair value
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Held at fair value
Derivative financial instruments \u2013 assets
Level 2
0.8
0.8
0.7
0.7
Derivative financial instruments \u2013 liabilities
Level 2
(3.5)
(3.5)
(5.3)
(5.3)
(2.7)
(2.7)
(4.6)
(4.6)
The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow, using readily available market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-407": { "value": "SENSITIVITY ANALYSIS For the year ended 31 October 2023 the closing exchange rate for the US dollar was 1.21 (2022: 1.15), AU dollar was 1.92 (2022: 1.80) and Norwegian krone was 13.56 (2022: 11.97). The average exchange rates were 1.24 (2022: 1.23), 1.91 (2022: 1.75) and 13.10 (2022: 11.82) respectively. The following table details the Group\u2019s sensitivity to a 10% weakening or strengthening of sterling against the US dollar, AU dollar and Norwegian krone with regards to its income statement. The Group considers a 10% strengthening or weakening of sterling as a reasonably possible change in foreign exchange rates.
10 per cent
10 per
weakening of sterling
strengthening of sterling
2023
2022
2023
2022
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
22.0
24.2
(19.7)
(16.5)
Underlying operating profit
3.3
2.9
(2.4)
(2.6)
Interest
\u2014
\u2014
\u2014
\u2014
Underlying profit before tax
3.3
2.9
(2.4)
(2.6)
As at 31 October 2023, 100% of the Group\u2019s gross debt was at floating rates. The Group monitors its exposure to movements in interest rates, having regard to prevailing market conditions, and considers the use of interest rate swaps on an ongoing basis to manage this exposure. The Group has not entered into any interest rate swaps as of 31 October 2023. Based on the closing debt value as at 31 October 2023, a change in interest rates of 1% throughout the year would cause the Group\u2019s finance expense to change by \u00a30.2m.", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-353": { "value": "
23. PROVISIONS
Legal
Environmental
Disposal
Dilapidations
provision
provision
provision
provision
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 October 2022
3.5
3.9
11.0
\u2014
18.4
Transfer from trade and other payables
\u2014
\u2014
\u2014
0.2
0.2
Transfer between categories
\u2014
\u2014
(0.2)
0.2
\u2014
Released
\u2014
\u2014
(3.2)
\u2014
(3.2)
Provided
1.0
0.7
2.2
0.3
4.2
Foreign exchange adjustments
\u2014
(0.2)
(0.2)
\u2014
(0.4)
Paid
(0.5)
(0.9)
(0.2)
\u2014
(1.6)
At 31 October 2023
4.0
3.5
9.4
0.7
17.6
These provisions are classified on the balance sheet as follows:
2023
2022
\u00a3m
\u00a3m
Included in current liabilities
5.6
1.6
Included in non-current liabilities
12.0
16.8
17.6
18.4
The legal provision represents the estimated legal liabilities faced by the Group at the balance sheet date. There are uncertainties regarding the range of possible
outcomes and timing of cash outflows, dependent on the outcome of court proceedings. Further details of the Group\u2019s contingent liabilities are set out in note 33.
The environmental provision is held in respect of potential liabilities, associated with the Group\u2019s facility in Chicago, US. The range of possible outcomes is
between \u00a31.6m and \u00a37.9m. There are uncertainties regarding the timing of cash outflows, dependent on the outcome of regulatory proceedings.
The disposal provision includes material balances relating to estimated liabilities faced by the Group in respect of the disposal of its European Munitions
businesses in 2014 under the terms of their respective sale agreements. The range of possible outcomes is between \u00a3nil and \u00a317.1m, and the risk of economic
outflow relating to these reduces with the passage of time. These are expected to be utilised over the next five years.
The dilapidations provision represents the estimated liabilities costs that the Group estimates will be incurred upon vacating properties which are occupied
under rental agreements.
Provisions are subject to uncertainty in respect of the outcome of future events. Legal provisions will be utilised based on the outcome of cases and the level of
costs incurred defending the Group\u2019s position. Environmental provisions will be utilised based on the outcome of further environmental studies and remediation
work. Disposal provisions will be utilised based on the outcome of certain events which are specified in sale and purchase agreements. It is not possible to
estimate more accurately the expected timing of any resulting outflows of economic benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-408": { "value": "23. PROVISIONS
Legal
Environmental
Disposal
Dilapidations
provision
provision
provision
provision
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 October 2022
3.5
3.9
11.0
\u2014
18.4
Transfer from trade and other payables
\u2014
\u2014
\u2014
0.2
0.2
Transfer between categories
\u2014
\u2014
(0.2)
0.2
\u2014
Released
\u2014
\u2014
(3.2)
\u2014
(3.2)
Provided
1.0
0.7
2.2
0.3
4.2
Foreign exchange adjustments
\u2014
(0.2)
(0.2)
\u2014
(0.4)
Paid
(0.5)
(0.9)
(0.2)
\u2014
(1.6)
At 31 October 2023
4.0
3.5
9.4
0.7
17.6
These provisions are classified on the balance sheet as follows:
2023
2022
\u00a3m
\u00a3m
Included in current liabilities
5.6
1.6
Included in non-current liabilities
12.0
16.8
17.6
18.4
The legal provision represents the estimated legal liabilities faced by the Group at the balance sheet date. There are uncertainties regarding the range of possible outcomes and timing of cash outflows, dependent on the outcome of court proceedings. Further details of the Group\u2019s contingent liabilities are set out in note 33. The environmental provision is held in respect of potential liabilities, associated with the Group\u2019s facility in Chicago, US. The range of possible outcomes is between \u00a31.6m and \u00a37.9m. There are uncertainties regarding the timing of cash outflows, dependent on the outcome of regulatory proceedings. The disposal provision includes material balances relating to estimated liabilities faced by the Group in respect of the disposal of its European Munitions businesses in 2014 under the terms of their respective sale agreements. The range of possible outcomes is between \u00a3nil and \u00a317.1m, and the risk of economic outflow relating to these reduces with the passage of time. These are expected to be utilised over the next five years. The dilapidations provision represents the estimated liabilities costs that the Group estimates will be incurred upon vacating properties which are occupied under rental agreements. Provisions are subject to uncertainty in respect of the outcome of future events. Legal provisions will be utilised based on the outcome of cases and the level of costs incurred defending the Group\u2019s position. Environmental provisions will be utilised based on the outcome of further environmental studies and remediation work. Disposal provisions will be utilised based on the outcome of certain events which are specified in sale and purchase agreements. It is not possible to estimate more accurately the expected timing of any resulting outflows of economic benefits.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-409": { "value": "24. DEFERRED TAX The following are the principal deferred tax assets/(liabilities) recognised by the Group and movements thereon:
Accelerated
tax
US interest
Ta x
Acquired
depreciation
Pensions
deductions
losses
intangibles
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2021
(19.4)
(3.7)
3.8
5.6
(7.0)
8.2
(12.5)
(Charge)/credit to income
(11.5)
\u2014
3.5
6.3
(0.6)
1.2
(1.1)
(Charge)/credit to other comprehensive income
(2.2)
0.8
0.8
1.0
(0.7)
1.0
0.7
Transfers
0.1
\u2014
\u2014
\u2014
(0.1)
\u2014
\u2014
At 31 October 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
(Charge)/credit to income
(1.3)
0.3
(0.2)
5.4
(0.3)
1.8
5.7
Credit/(charge) to other comprehensive income
1.0
1.6
(0.2)
(0.6)
0.2
(0.4)
1.6
Recognised on acquisition
\u2014
\u2014
\u2014
\u2014
(0.6)
\u2014
(0.6)
Recognised directly in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
At 31 October 2023
(33.3)
(1.0)
7.7
17.7
(9.1)
11.1
(6.9)
Analysed as:
Deferred tax assets
\u2014
\u2014
7.7
17.7
\u2014
11.5
36.9
Deferred tax liabilities
(33.3)
(1.0)
\u2014
\u2014
(9.1)
(0.4)
(43.8)
At 31 October 2023
(33.3)
(1.0)
7.7
17.7
(9.1)
11.1
(6.9)
Deferred tax assets
0.3
\u2014
8.1
12.9
\u2014
11.0
32.3
Deferred tax liabilities
(33.3)
(2.9)
\u2014
\u2014
(8.4)
(0.6)
(45.2)
At 31 October 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
Certain deferred tax assets and liabilities have been offset in accordance with the Group\u2019s accounting policy. Deferred tax balances after offset are analysed on the balance sheet as per the table above. Deferred tax balances of \u00a311.1m (2022: \u00a310.4m) within the \u201cOther\u201d category above include temporary differences arising on provisions and accruals. At the balance sheet date, the Group had unrecognised deferred tax of \u00a30.5m (2022: \u00a33.7m) on gross tax losses of \u00a38.3m (2022: \u00a321.2m) and unrecognised deferred tax of \u00a319.7m (2022: \u00a318.2m) on gross interest deductions of \u00a373.7m (2022: \u00a372.2m) as a result of US interest limitation regulations, potentially available for offset against future profits in certain circumstances. The Group also had unrecognised deferred tax of \u00a30.7m (2022: \u00a31.5m) on gross capital losses of \u00a33.5m (2022: \u00a36.9m). No deferred tax asset has been recognised in respect of these amounts because of the unpredictability of future taxable qualifying profit streams. The aforementioned gross interest deductions are available indefinitely with no fixed expiry date, while the gross tax losses and gross capital losses expire in 2031 and 2026 respectively. The Group has not recognised any deferred tax liability on temporary differences relating to potentially taxable unremitted earnings of overseas subsidiaries because the Group is in a position to control the timing of the reversal of the temporary differences and none are expected to reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-354": { "value": "
25. SHARE CAPITAL
2023
2022
\u00a3m
\u00a3m
Issued and fully paid
280,842,610
(2022:
283,541,742) ordinary shares of 1p each
2.8
2.8
During the year, 495,671 ordinary shares (2022: 392,231) were issued for cash to employees under the Group\u2019s approved savings-related share schemes.
The Company\u2019s share capital also includes 62,500 7% cumulative preference shares of \u00a31 each, which are all issued and fully paid up, and are classified
for accounting purposes within non-current liabilities. The cumulative preference shares carry an entitlement to a dividend at the rate of 7p per share per annum,
payable in equal instalments on 30 April and 31 October each year. Holders of the preference shares have the right on a winding-up to receive, in priority to any
other classes of shares, the sum of \u00a31 per share together with any arrears of dividends.
On 1 August 2023, the Company announced the details of a share buyback programme to repurchase up to \u00a350m of its own shares over the following 12
months. During 2023, 3,194,803 shares were repurchased for a total price, including transaction costs, of \u00a39.0m. These shares were subsequently cancelled,
with the nominal value of shares cancelled deducted from share capital against the special capital reserve.
As at 31 October 2023, the Group had agreed to further share repurchases of \u00a32.9m that were settled in cash subsequent to year end. The \u00a32.9m is included as
a liability in trade and other payables (see note 20).
26. RESERVES The share premium account, the special capital reserve and the revaluation reserve are not distributable. The special capital reserve was created as part of a capital reduction scheme involving the cancellation of the share premium account which was approved by the Court in 1986, in accordance with the requirements of the Companies Act 1985. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations and the accumulation of gains or losses from the effective portion of hedges of net investments in foreign operations. Included within retained earnings is \u00a34.3m (2022: \u00a37.3m) of the Company\u2019s own shares held by the Group\u2019s Employee Share Ownership Plan Trust (\u201cESOP\u201d) which is treated as a branch of the parent company. The ESOP purchased 1,652,072 shares during the year (2022: 2,467,329) and 2,734,163 shares (2022: 2,607,129) were distributed following the vesting of awards under the deferred bonus and PSP schemes. The total number of ordinary shares held by the ESOP at 31 October 2023 was 1,361,618 (2022: 2,443,709). On 1 August 2023, the Company announced the details of a share buyback programme to repurchase up to \u00a350m of its own shares over the following 12 months. See note 25 for further details. Group dividends (note 9) are payable out of the parent company retained earnings as disclosed in the parent company financial statements. This provides cover over the declared final dividend of 4.6p per ordinary share for the year ended 31 October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-410": { "value": "25. SHARE CAPITAL
2023
2022
\u00a3m
\u00a3m
Issued and fully paid
280,842,610
(2022:
283,541,742) ordinary shares of 1p each
2.8
2.8
During the year, 495,671 ordinary shares (2022: 392,231) were issued for cash to employees under the Group\u2019s approved savings-related share schemes. The Company\u2019s share capital also includes 62,500 7% cumulative preference shares of \u00a31 each, which are all issued and fully paid up, and are classified for accounting purposes within non-current liabilities. The cumulative preference shares carry an entitlement to a dividend at the rate of 7p per share per annum, payable in equal instalments on 30 April and 31 October each year. Holders of the preference shares have the right on a winding-up to receive, in priority to any other classes of shares, the sum of \u00a31 per share together with any arrears of dividends. On 1 August 2023, the Company announced the details of a share buyback programme to repurchase up to \u00a350m of its own shares over the following 12 months. During 2023, 3,194,803 shares were repurchased for a total price, including transaction costs, of \u00a39.0m. These shares were subsequently cancelled, with the nominal value of shares cancelled deducted from share capital against the special capital reserve. As at 31 October 2023, the Group had agreed to further share repurchases of \u00a32.9m that were settled in cash subsequent to year end. The \u00a32.9m is included as a liability in trade and other payables (see note 20). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-411": { "value": "
26. RESERVES
The share premium account, the special capital reserve and the revaluation reserve are not distributable.
The special capital reserve was created as part of a capital reduction scheme involving the cancellation of the share premium account which was approved
by the Court in 1986, in accordance with the requirements of the Companies Act 1985.
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations and
the accumulation of gains or losses from the effective portion of hedges of net investments in foreign operations.
Included within retained earnings is \u00a34.3m (2022: \u00a37.3m) of the Company\u2019s own shares held by the Group\u2019s Employee Share Ownership Plan Trust (\u201cESOP\u201d) which
is treated as a branch of the parent company. The ESOP purchased 1,652,072 shares during the year (2022: 2,467,329) and 2,734,163 shares (2022: 2,607,129)
were distributed following the vesting of awards under the deferred bonus and PSP schemes. The total number of ordinary shares held by the ESOP at
31 October 2023 was 1,361,618 (2022: 2,443,709).
On 1 August 2023, the Company announced the details of a share buyback programme to repurchase up to \u00a350m of its own shares over the following 12 months.
See note 25 for further details.
Group dividends (note 9) are payable out of the parent company retained earnings as disclosed in the parent company financial statements. This provides cover
over the declared final dividend of 4.6p per ordinary share for the year ended 31 October 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-355": { "value": "
27. SHARE-BASED PAYMENTS
The Group operates share-based compensation arrangements to provide incentives to the Group\u2019s senior management and eligible employees. The Group recognised
a net charge of \u00a37.8m (2022: \u00a37.4m) in respect of share-based payments during the year, of which \u00a33.4m (2022: \u00a31.0m) is included in non-underlying costs.
Details of the four schemes which operated during the year are set out below.
THE CHEMRING GROUP PERFORMANCE SHARE PLAN 2016 (THE \u201c2016 PSP\u201d)
Under the 2016 PSP, conditional awards of ordinary shares are made at nil cost to employees. Awards ordinarily vest on the third anniversary of the award date.
2016
PSP
Number of conditional shares
2023
2022
Outstanding at the beginning of the year
5,987,329
6,218,961
Awarded
2,290,834
2,386,342
Vested
(2,015,696)
(2,374,231)
Lapsed
(709,187)
(243,743)
Outstanding at the end of the year
5,553,280
5,987,329
Subject to vesting at the end of the year
\u2014
\u2014
The following awards were outstanding at 31 October 2023:
Number of
ordinary
Vesting price
Date when
shares
per share
awards due
Date of award
under award
Pence
to vest
16 December 2020
1,513,830
nil
16 December 2023
15 December 2021
1,995,759
nil
15 December 2024
14 December 2022
2,043,691
nil
14 December 2025
The Group has applied a discount to the share-based payments to reflect the anticipated achievement of the stipulated targets for each 2016 PSP award based
on the predicted figures within the Group\u2019s financial projections and the expected number of leavers over the life of the awards.
The 2016 PSP awards made in the year ended 31 October 2023 had targets based on earnings per share growth, total shareholder return and reduction in the
Group\u2019s carbon emissions. The awards have been valued using the following modelling inputs. The total shareholder return element was valued using a
Monte-Carlo model. Expected volatility was determined by assessing the volatility in share price of the Group and its comparator group of companies over a
three-year period prior to the grant date.
Date awarded
14 December
15 December
16 December
2022
2021
2020
Share price at valuation
305p
284p
300p
Exercise price
nil
nil
nil
Risk-free rate
0.5%
0.5%
0.5%
Expected volatility
29.1%
29.1%
29.1%
Fair value
272.3p
232.9p
246.4p
The weighted average fair value of awards made during the year was 272.3p (2022: 232.9p).
In the year ended 31 October 2023 2,015,696 awards vested (2022: 2,374,231). The charge recognised in respect of the awards is based on their fair value at the
grant date.
THE CHEMRING GROUP 2018 UK SHARESAVE PLAN (THE \u201cUK SHARESAVE PLAN\u201d)
Options were granted during the year on 1 September 2023.
2023
2022
Weighted
Weighted
average
average
Number
exercise
Number
exercise
of share
price
of share
price
options
Pence
options
Pence
Outstanding at the beginning of the year
1,878,345
229.3
1,770,380
197.4
Granted
845,661
264.0
664,054
264.0
Exercised
(483,778)
193.5
(362,049)
153.4
Lapsed
(204,745)
240.5
(194,040)
198.3
Outstanding at the end of the year
2,035,483
236.1
1,878,345
229.3
Subject to exercise at the end of the year
145,218
201.7
5,056
178.0
The following options were outstanding at 31 October 2023:
Number
of ordinary
Exercise price
shares under
per share
Dates between which
Date of award
award
Pence
options may be exercised
30 July 2018
1,685
178.0
1 October 2023\u201331 March 2024
29 July 2019
25,713
154.0
1 October 2024\u201331 March 2025
30 July 2020
143,533
202.0
1 October 2023\u201331 March 2024
30 July 2020
83,162
202.0
1 October 2025\u201331 March 2026
26 July 2021
330,735
240.0
1 October 2024\u201331 March 2025
26 July 2021
67,900
240.0
1 October 2026\u201331 March 2027
1 September 2022
453,765
264.0
1 October 2025\u201331 March 2026
1 September 2022
91,485
264.0
1 October 2027\u201331 March 2028
4 August 2023
723,601
228.0
1 October 2026\u201331 March 2027
4 August 2023
113,904
228.0
1 October 2028\u201331 March 2029
The weighted average fair value of options granted in the year was 57.0p (2022: 34.0p). The weighted average fair value of options exercised in the year was
38.9p (2022: 30.7p). The weighted average share price on exercise of the options during the year was 193.5p (2022: 153.4p).
The fair values of the share options in the UK Sharesave Plan are based on the difference between the exercise price and the share price on the grant date of
the option.
DEFERRED BONUS SHARE AWARDS
Under the deferred bonus share awards, deferred awards of ordinary shares are made at nil cost to employees. Awards ordinarily vest on the second or third
anniversary of the award date.
Number of deferred shares
2023
2022
Outstanding at the beginning of the year
937,055
766,171
Awarded
320,288
456,232
Vested
(361,932)
(225,621)
Lapsed
(21,313)
(59,727)
Outstanding at the end of the year
874,098
937,055
Subject to vesting at the end of the year
\u2014
\u2014
The following awards were outstanding at 31 October 2023:
Number of
ordinary
Share price
Vesting price
Date when
shares
at valuation
per share
awards are due
Date of award
under award
Pence
Pence
to vest
15 December 2020
147,500
300p
nil
15 December 2023
14 December 2021
240,321
284p
nil
14 December 2023
14 December 2021
170,336
284p
nil
14 December 2024
13 December 2022
111,748
305p
nil
13 December 2024
13 December 2022
204,193
305p
nil
13 December 2025
The fair value of the deferred bonus share awards is based on the share price on the grant date of the award. The weighted average fair value of awards made
during the year was 305p (2022: 284p). The Group has applied a discount to the share-based payments to reflect the expected number of leavers over the life
of the awards.
DEFERRED SHARES RELATED TO ACQUISITION
Deferred consideration in relation to the acquisition of the \u201cCubica Group\u201d of up to \u00a32.0m and in relation to the acquisition of Geollect of up to \u00a37.5m has been
accounted for as equity-settled share-based payments under IFRS 2. See note 28 for further detailed disclosure.
Cubica Group
The deferred consideration is comprised of two tranches of 326,792 Chemring ordinary shares each, valued at \u00a32m based on the share price on 2 June 2021
of 307p. The first tranche vested on the second anniversary of completion, 2 June 2023, and the second tranche will vest on the third anniversary of completion,
2 June 2024, subject to continued employment with Chemring Group PLC.
No further awards were granted during the year ended 31 October 2023 (2022: nil) in respect of the Cubica Group acquisition. 326,792 vested (2022: nil) and
nil (2022: nil) lapsed in the year. 326,792 are outstanding at the end of the year (2022: 653,584). Nil were subject to vesting at the end of the year (2022: nil).
The fair value of the deferred share awards is based on the share price on the grant date of the award.
Geollect
The deferred consideration is comprised of two tranches of 1,233,552 Chemring ordinary shares each, valued at \u00a37.5m based on the share price on 7 December
2022 of 298.5p. The first tranche will vest on the second anniversary of completion, 7 December 2024, and the second tranche will vest on the third anniversary
of completion, 7 December 2025, subject to continued employment with Chemring Group PLC.
A total of 2,467,104 awards were granted during the year ended 31 October 2023. Nil vested or lapsed in the year (2022: nil) and 2,467,104 are outstanding at
the end of the year (2022: nil). Nil were subject to vesting at the end of the year (2022: nil).
The fair value of the deferred share awards is based on the share price on the grant date of the award. The weighted average fair value of awards made during
the year was 298.5p.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-356": { "value": "
28. ACQUISITION OF SUBSIDIARY
ACQUISITIONS IN THE YEAR ENDED 31 OCTOBER 2023
Acquisition of Geollect Limited
On 7 December 2022, Chemring Group PLC acquired 100% of the issued shares in Geollect Limited (\u201cGeollect\u201d). Geollect is an international provider of
geospatial intelligence consultancy and subscription services. The acquisition has strong synergies to Roke and will expand the Group\u2019s existing capabilities and
product offerings. The operating results and assets and liabilities of the acquired company have been consolidated from 7 December 2022.
The acquisition was completed for an initial purchase consideration of \u00a37.3m, funded from Chemring\u2019s existing bank facilities.
Deferred consideration of up to \u00a37.5m is payable in Chemring 1p ordinary shares in two tranches (subject to the former owners remaining employed in the
Chemring Group) on the second and third anniversary of completion. In accordance with IFRS 3 these costs will be treated as post-acquisition expenses and
accounted for as equity-settled share-based payments under IFRS 2. See note 3 for further details. Acquisition-related costs of \u00a33.1m have been classified as non-
underlying costs in the statement of profit or loss in the year ended 31 October 2023, which includes \u00a32.8m relating to share-based payments.
Since acquisition to 31 October 2023, Geollect contributed revenue of \u00a31.2m and an adjusted operating profit of \u00a30.1m to the Group\u2019s results. If the acquisition
had occurred on 1 November 2022, we estimate that its revenue would have been \u00a31.3m, and adjusted operating profit for the year would have been \u00a30.1m. In
determining these amounts, we have assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the
same if the acquisition had occurred on 1 November 2022.
Details of the consideration transferred were:
\u00a3m
Cash paid
7.2
Loans assumed
0.1
Total purchase consideration
7.3
The provisionally determined fair values of the assets and liabilities of Geollect Limited as at the date of acquisition were as follows:
Fair value
\u00a3m
Trade and other receivables
0.1
Trade and other payables
(0.6)
Loans
(0.1)
Intangible assets: customer relationships
1.2
Intangible assets: technology
1.4
Deferred tax liability
(0.6)
Net identifiable assets
1.4
Add: goodwill
5.9
Net assets acquired
7.3
Goodwill is attributable to the skills and technical talent of the assembled workforce and synergies expected to arise after the Group\u2019s acquisition of the new
subsidiary. None of the goodwill is expected to be deductible for tax purposes. If new information obtained within one year of the date of acquisition about facts
and circumstances that existed at the date of acquisition identifies adjustments to the above amounts, or any additional provisions that existed at the date of
acquisition, then the accounting for the acquisition will be revised.
Acquisition of the Cubica Group
On 2 June 2021, Chemring Group PLC acquired 100% of the issued shares in Cubica Technology Limited (\u201cCubica\u201d) and Q6 Holdings Limited (\u201cQ6\u201d), collectively
the \u201cCubica Group\u201d. The acquisition completed for an initial cash consideration of \u00a37.0m. Deferred consideration of up to \u00a32.0m has been accounted for as
equity-settled share-based payments under IFRS 2, resulting in a charge of \u00a30.6m (2022: \u00a31.6m) in the income statement. This has been classified as non-underlying
costs; see note 3 and note 27 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-357": { "value": "
29. RETIREMENT BENEFIT OBLIGATIONS
In the UK, the Group operates a defined benefit scheme (the \u201cChemring Group Staff Pension Scheme\u201d). The Group\u2019s other UK and overseas pension arrangements
are all defined contribution schemes, with a combined cost of \u00a38.4m (2022: \u00a37.3m) for continuing operations. Chemring Nobel operated a defined benefit
pension scheme that was closed in October 2022 and the liability transferred to an insurance company. The net deficit of the Chemring Nobel Scheme as at
31 October 2022 was \u00a3nil and as such was immaterial for disclosure in the prior year comparisons.
The Chemring Group Staff Pension Scheme is a funded scheme and the assets of the scheme are held in a separate trustee administered fund. The scheme
was closed to future accrual on 6 April 2012. A full actuarial valuation for the scheme as at 6 April 2021 has been updated to 31 October 2023, using the
projected unit credit method. The main assumptions for the scheme are detailed below. The surplus of the Chemring Group Staff Pension Scheme was \u00a35.9m
at 31 October 2023 (2022: \u00a311.2m).
Under the funding plan agreed with the trustees following the 2021 actuarial valuation, no further deficit recovery payments are required. The Company and the
trustees monitor funding levels annually, and a new funding plan is agreed with the trustees every three years, based on actuarial valuations.
The trust deed provides for an unconditional right to a return of surplus assets in the event of a plan wind-up. The trustees are given no rights to unilaterally wind up
or augment the benefits due to members of the scheme. Based on these rights, any net surplus in the UK scheme is recognised in full.
The movement in the net defined benefit asset is as follows:
Defined benefit obligations
Defined benefit asset
Net defined benefit asset
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November
(60.2)
(90.9)
71.4
104.6
11.2
13.7
Included in profit or loss
Administrative expenses
\u2014
\u2014
(1.1)
(0.3)
(1.1)
(0.3)
Net interest (cost)/credit
(3.0)
(1.6)
3.5
1.8
0.5
0.2
(3.0)
(1.6)
2.4
1.5
(0.6)
(0.1)
Included in other comprehensive income
Remeasurement (loss)/gain:
Actuarial (loss)/gain arising from:
\u2013 demographic and financial assumptions
3.8
29.9
\u2014
\u2014
3.8
29.9
\u2013 experience adjustment
(0.4)
(1.8)
\u2014
\u2014
(0.4)
(1.8)
\u2013 return on plan assets excluding interest income
\u2014
\u2014
(8.1)
(30.4)
(8.1)
(30.4)
3.4
28.1
(8.1)
(30.4)
(4.7)
(2.3)
Other
Settlements
\u2014
0.9
\u2014
(1.0)
\u2014
(0.1)
Net benefits paid out
3.5
3.3
(3.5)
(3.3)
\u2014
\u2014
At 31 October
(56.3)
(60.2)
62.2
71.4
5.9
11.2
The Chemring Group Staff Pension Scheme had 801 members at the end of the year (2022: 828). Of these members 59.8% (2022: 58.9%) were pensioners
drawing benefits from the scheme and the balance were deferred members. The duration of the liability is long, with pension payments expected to be made
for at least the next 40 years.
The pension scheme\u2019s assets are analysed as follows:
2023
2022
2023
2022
\u00a3m
\u00a3m
%
%
Liability driven investment
33.7
25.3
54.2
35.4
Diversified alternatives
\u2014
26.9
\u2014
37.6
Corporate bonds
25.4
\u2014
40.8
\u2014
Multi-asset credit
\u2014
7.8
\u2014
10.9
Assets held by insurance company
1.0
1.1
1.6
1.5
Cash
2.1
10.3
3.4
14.6
62.2
71.4
100.0
100.0
Liability driven investments, diversified alternatives, corporate bonds and multi-asset credit assets are either pooled or unpooled investment vehicles. Unpooled
investment vehicles, which are not quoted on active markets, have been valued at the latest available bid price or single price provided by the pooled investment
manager. Where funds are valued weekly, the value is taken as at the week ending immediately before or after the year-end date. Shares in other pooled arrangements
have been valued at the latest available net assets value, determined in accordance with fair value principles, provided by the pooled investment manager.
The scheme\u2019s assets are invested in accordance with the statement of investment principles after taking professional advice from the scheme\u2019s investment advisers.
During the year the investment strategy has progressed in line with the trustees\u2019 strategic objective of reaching a buy-out ready position, which has changed the
portfolio allocation of scheme assets. As such, at 31 October 2023 the pension scheme assets have been invested in corporate bonds and a portfolio of leveraged
liability driven pooled funds designed to hedge interest rate and inflation risk.
The scheme\u2019s liability matching portfolio is invested in leveraged pooled liability driven investment (\u201cLDI\u201d) funds, a liquidity fund and investments in funds with
underlying assets in corporate bonds. The trustees target an interest rate and inflation hedge ratio of around 100% (based on the scheme\u2019s technical provisions
funding basis).
As at 31 October 2022, the Group loaned \u00a32.0m to the Chemring Group Staff Pension Scheme representing a short-term loan to fund margin calls on liability
driven investments. This was included in the 31 October 2022 cash amount in the table above and was repaid in November 2022.
The principal assumptions used in the actuarial valuation of the Chemring Group Staff Pension Scheme were as follows:
2023
2022
%
%
Discount rate
5.6
4.9
Inflation
\u2013 RPI
3.6
3.1
\u2013 CPI
2.9
2.7
In determining defined benefit obligations, the Group uses mortality assumptions which are based on published mortality tables. For the Chemring Group Staff Pension
Scheme, the actuarial table currently used is S3PA tables (series 3 of the SAPS tables) with future improvements in line with CMI 2022 and a 1.25% long-term trend rate.
This results in the following life expectancies at age 65:
2023
2022
No.
No.
Future pensioners
\u2013 male
87.9
88.2
\u2013 female
90.0
90.4
Current pensioners
\u2013 male
87.1
87.4
\u2013 female
88.7
89.0
While the vaccination programme has significantly reduced the number of deaths directly attributable to CV-19, the impact of the pandemic on future mortality
rates remains uncertain. At this stage the Group has assumed CV-19 will have no lasting impact on mortality rates and that life expectancies will return to
pre-pandemic expectations. We will continue to monitor and assess this at future reporting dates.
The most significant assumptions in the pension valuation are the discount rate applied to the liabilities, the inflation rate to be applied to pension payments
and the mortality rates. If the discount rate used in determining retirement benefit obligations were to change by 0.1% then it is predicted that the deficit in the
scheme would change by approximately \u00a30.6m. A change in the rate of inflation by 0.1% is predicted to change the deficit by approximately \u00a30.2m and a 10%
change to the mortality assumption would change the deficit by approximately \u00a31.6m. The principal risks to the scheme are that the investments do not perform
as well as expected, the discount rate continues to rise driven by higher market interest rates, short-term movements in inflation, and the rate of improvement in
mortality assumed is insufficient and life expectancies continue to rise.
The Group anticipates contributions to the defined benefit scheme for the year ending 31 October 2024 will be \u00a3nil (2023: \u00a3nil).
Subsequent to the year-end, on 28 November 2023 the Trustees of the scheme entered into an agreement with an insurer, Pension Insurance Corporation
(\u201cPIC\u201d), to purchase a bulk annuity insurance policy that operates as an investment asset. Such arrangements are commonly referred to as a \u201cbuy-in\u201d. The buy-in
removes all remaining material pension exposure from the balance sheet, while maintaining the security of benefits to the scheme members. The legal responsibility
for the scheme will transfer through a subsequent \u201cbuy-out\u201d transaction, expected to be completed in the next 12-24 months. On legal completion of the
buy-out, the defined benefit assets and matching defined benefit liabilities will be derecognised from the Group balance sheet. See note 35 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-412": { "value": "29. RETIREMENT BENEFIT OBLIGATIONS In the UK, the Group operates a defined benefit scheme (the \u201cChemring Group Staff Pension Scheme\u201d). The Group\u2019s other UK and overseas pension arrangements are all defined contribution schemes, with a combined cost of \u00a38.4m (2022: \u00a37.3m) for continuing operations. Chemring Nobel operated a defined benefit pension scheme that was closed in October 2022 and the liability transferred to an insurance company. The net deficit of the Chemring Nobel Scheme as at 31 October 2022 was \u00a3nil and as such was immaterial for disclosure in the prior year comparisons. The Chemring Group Staff Pension Scheme is a funded scheme and the assets of the scheme are held in a separate trustee administered fund. The scheme was closed to future accrual on 6 April 2012. A full actuarial valuation for the scheme as at 6 April 2021 has been updated to 31 October 2023, using the projected unit credit method. The main assumptions for the scheme are detailed below. The surplus of the Chemring Group Staff Pension Scheme was \u00a35.9m at 31 October 2023 (2022: \u00a311.2m). Under the funding plan agreed with the trustees following the 2021 actuarial valuation, no further deficit recovery payments are required. The Company and the trustees monitor funding levels annually, and a new funding plan is agreed with the trustees every three years, based on actuarial valuations. The trust deed provides for an unconditional right to a return of surplus assets in the event of a plan wind-up. The trustees are given no rights to unilaterally wind up or augment the benefits due to members of the scheme. Based on these rights, any net surplus in the UK scheme is recognised in full. The movement in the net defined benefit asset is as follows:
Defined benefit obligations
Defined benefit asset
Net defined benefit asset
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November
(60.2)
(90.9)
71.4
104.6
11.2
13.7
Included in profit or loss
Administrative expenses
\u2014
\u2014
(1.1)
(0.3)
(1.1)
(0.3)
Net interest (cost)/credit
(3.0)
(1.6)
3.5
1.8
0.5
0.2
(3.0)
(1.6)
2.4
1.5
(0.6)
(0.1)
Included in other comprehensive income
Remeasurement (loss)/gain:
Actuarial (loss)/gain arising from:
\u2013 demographic and financial assumptions
3.8
29.9
\u2014
\u2014
3.8
29.9
\u2013 experience adjustment
(0.4)
(1.8)
\u2014
\u2014
(0.4)
(1.8)
\u2013 return on plan assets excluding interest income
\u2014
\u2014
(8.1)
(30.4)
(8.1)
(30.4)
3.4
28.1
(8.1)
(30.4)
(4.7)
(2.3)
Other
Settlements
\u2014
0.9
\u2014
(1.0)
\u2014
(0.1)
Net benefits paid out
3.5
3.3
(3.5)
(3.3)
\u2014
\u2014
At 31 October
(56.3)
(60.2)
62.2
71.4
5.9
11.2
The Chemring Group Staff Pension Scheme had 801 members at the end of the year (2022: 828). Of these members 59.8% (2022: 58.9%) were pensioners drawing benefits from the scheme and the balance were deferred members. The duration of the liability is long, with pension payments expected to be made for at least the next 40 years. The pension scheme\u2019s assets are analysed as follows:
2023
2022
2023
2022
\u00a3m
\u00a3m
%
%
Liability driven investment
33.7
25.3
54.2
35.4
Diversified alternatives
\u2014
26.9
\u2014
37.6
Corporate bonds
25.4
\u2014
40.8
\u2014
Multi-asset credit
\u2014
7.8
\u2014
10.9
Assets held by insurance company
1.0
1.1
1.6
1.5
Cash
2.1
10.3
3.4
14.6
62.2
71.4
100.0
100.0
Liability driven investments, diversified alternatives, corporate bonds and multi-asset credit assets are either pooled or unpooled investment vehicles. Unpooled investment vehicles, which are not quoted on active markets, have been valued at the latest available bid price or single price provided by the pooled investment manager. Where funds are valued weekly, the value is taken as at the week ending immediately before or after the year-end date. Shares in other pooled arrangements have been valued at the latest available net assets value, determined in accordance with fair value principles, provided by the pooled investment manager. The scheme\u2019s assets are invested in accordance with the statement of investment principles after taking professional advice from the scheme\u2019s investment advisers. During the year the investment strategy has progressed in line with the trustees\u2019 strategic objective of reaching a buy-out ready position, which has changed the portfolio allocation of scheme assets. As such, at 31 October 2023 the pension scheme assets have been invested in corporate bonds and a portfolio of leveraged liability driven pooled funds designed to hedge interest rate and inflation risk. The scheme\u2019s liability matching portfolio is invested in leveraged pooled liability driven investment (\u201cLDI\u201d) funds, a liquidity fund and investments in funds with underlying assets in corporate bonds. The trustees target an interest rate and inflation hedge ratio of around 100% (based on the scheme\u2019s technical provisions funding basis). As at 31 October 2022, the Group loaned \u00a32.0m to the Chemring Group Staff Pension Scheme representing a short-term loan to fund margin calls on liability driven investments. This was included in the 31 October 2022 cash amount in the table above and was repaid in November 2022. The principal assumptions used in the actuarial valuation of the Chemring Group Staff Pension Scheme were as follows:
2023
2022
%
%
Discount rate
5.6
4.9
Inflation
\u2013 RPI
3.6
3.1
\u2013 CPI
2.9
2.7
In determining defined benefit obligations, the Group uses mortality assumptions which are based on published mortality tables. For the Chemring Group Staff Pension Scheme, the actuarial table currently used is S3PA tables (series 3 of the SAPS tables) with future improvements in line with CMI 2022 and a 1.25% long-term trend rate. This results in the following life expectancies at age 65:
2023
2022
No.
No.
Future pensioners
\u2013 male
87.9
88.2
\u2013 female
90.0
90.4
Current pensioners
\u2013 male
87.1
87.4
\u2013 female
88.7
89.0
While the vaccination programme has significantly reduced the number of deaths directly attributable to CV-19, the impact of the pandemic on future mortality rates remains uncertain. At this stage the Group has assumed CV-19 will have no lasting impact on mortality rates and that life expectancies will return to pre-pandemic expectations. We will continue to monitor and assess this at future reporting dates. The most significant assumptions in the pension valuation are the discount rate applied to the liabilities, the inflation rate to be applied to pension payments and the mortality rates. If the discount rate used in determining retirement benefit obligations were to change by 0.1% then it is predicted that the deficit in the scheme would change by approximately \u00a30.6m. A change in the rate of inflation by 0.1% is predicted to change the deficit by approximately \u00a30.2m and a 10% change to the mortality assumption would change the deficit by approximately \u00a31.6m. The principal risks to the scheme are that the investments do not perform as well as expected, the discount rate continues to rise driven by higher market interest rates, short-term movements in inflation, and the rate of improvement in mortality assumed is insufficient and life expectancies continue to rise. The Group anticipates contributions to the defined benefit scheme for the year ending 31 October 2024 will be \u00a3nil (2023: \u00a3nil). Subsequent to the year-end, on 28 November 2023 the Trustees of the scheme entered into an agreement with an insurer, Pension Insurance Corporation (\u201cPIC\u201d), to purchase a bulk annuity insurance policy that operates as an investment asset. Such arrangements are commonly referred to as a \u201cbuy-in\u201d. The buy-in removes all remaining material pension exposure from the balance sheet, while maintaining the security of benefits to the scheme members. The legal responsibility for the scheme will transfer through a subsequent \u201cbuy-out\u201d transaction, expected to be completed in the next 12-24 months. On legal completion of the buy-out, the defined benefit assets and matching defined benefit liabilities will be derecognised from the Group balance sheet. See note 35 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-358": { "value": "
30. CASH GENERATED FROM OPERATING ACTIVITIES
2023
2022
Notes
\u00a3m
\u00a3m
Operating profit from continuing operations
45.4
49.4
Amortisation of development costs
12
0.7
0.1
Amortisation of intangible assets arising from business combinations
12
3.0
3.9
Amortisation of patents and licences
12
\u2014
0.1
Impairment of development costs
12
15.6
2.2
Profit on disposal of non-current assets
\u2014
(1.9)
Depreciation of property, plant and equipment
13
18.6
17.7
Non-underlying items
5.2
6.1
Share-based payment expense
27
4.4
6.4
Operating cash flows before movements in working capital
92.9
84.0
Increase in inventories
(18.2)
(6.4)
(Increase)/decrease in trade and other receivables
(18.7)
4.5
Increase in trade and other payables
23.7
2.9
Increase in provisions
0.3
0.1
Operating cash flow from continuing underlying operations
80.0
85.1
Discontinued operations
Operating cash flow from discontinued underlying operations
(0.8)
5.0
Cash impact of non-underlying items from discontinued operations
(1.9)
\u2014
Net cash (outflow)/inflow from discontinued operating activities
(2.7)
5.0
Net cash (outflow)/inflow from discontinued operations
(2.7)
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-359": { "value": "
31. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2023
2022
\u00a3m
\u00a3m
(Decrease)/increase in cash and cash equivalents
(13.7)
14.2
Decrease in debt and lease financing due to cash flows
8.8
13.2
(Increase)/decrease in net debt resulting from cash flows
(4.9)
27.4
Effect of foreign exchange rate changes
0.3
(4.2)
Acquired debt
(0.1)
\u2014
New leases entered into, lease interest and other non-cash movements
(2.1)
(3.5)
Amortisation of debt finance costs
(0.4)
(0.3)
Movement in net debt
(7.2)
19.4
Net debt at the beginning of the year
(7.2)
(26.6)
Net debt at the end of the year
(14.4)
(7.2)
", "dimensions": { "concept": "chemringgroupplc:DisclosureOfReconciliationOfNetCashFlowToMovementInNetDebt", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-360": { "value": "
32. ANALYSIS OF NET DEBT
At
At
1 November
Non-cash
Exchange
31 October
2022
Cash flows
changes
rate effects
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents (including bank overdraft)
19.8
(13.7)
\u2014
0.3
6.4
Debt due after one year
(20.9)
7.0
(0.3)
0.1
(14.1)
Preference shares
(0.1)
\u2014
\u2014
\u2014
(0.1)
(1.2)
(6.7)
(0.3)
0.4
(7.8)
Lease liabilities
(6.0)
1.8
(2.3)
(0.1)
(6.6)
(7.2)
(4.9)
(2.6)
0.3
(14.4)
Accrued interest is included in the carrying amount of interest payable (note 20) measured at amortised cost and therefore is not presented as a separate line
item in the above table.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-361": { "value": "
33. CONTINGENT LIABILITIES
The Group is, from time to time, party to legal proceedings and claims, and is involved in correspondence relating to potential claims, which arise in the ordinary
course of business.
COUNTERMEASURES UK INCIDENT
On 10 August 2018, an incident occurred at our Countermeasures facility in Salisbury. The Group responded to support those who were injured and all related
claims by employees have now been settled under our employers\u2019 liability insurance. We also fully supported the UK Health and Safety Executive (\u201cHSE\u201d) with
its investigation, which has been concluded. Whilst provisions have been recorded for costs that have been identified (included within \u201clegal provisions\u201d), it is
possible that additional uninsured costs and financial penalties may be incurred as a result of the HSE investigation. At this stage these costs are not anticipated to
be material in the context of the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-413": { "value": "33. CONTINGENT LIABILITIES The Group is, from time to time, party to legal proceedings and claims, and is involved in correspondence relating to potential claims, which arise in the ordinary course of business. COUNTERMEASURES UK INCIDENT On 10 August 2018, an incident occurred at our Countermeasures facility in Salisbury. The Group responded to support those who were injured and all related claims by employees have now been settled under our employers\u2019 liability insurance. We also fully supported the UK Health and Safety Executive (\u201cHSE\u201d) with its investigation, which has been concluded. Whilst provisions have been recorded for costs that have been identified (included within \u201clegal provisions\u201d), it is possible that additional uninsured costs and financial penalties may be incurred as a result of the HSE investigation. At this stage these costs are not anticipated to be material in the context of the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-362": { "value": "
34. RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
Transactions with the Group\u2019s pension schemes are disclosed in note 29. As at 31 October 2023, \u00a3nil (2022: \u00a32.0m) was due from the Chemring Group Staff
Pension Scheme. The balance due in the prior year represented a short-term loan to fund margin calls on liability driven investments which was repaid in
November 2022. The amount receivable was classified in other receivables on the consolidated balance sheet.
REMUNERATION OF KEY MANAGEMENT PERSONNEL
The directors of the Company had no material transactions with the Company during the year, other than in connection with their service agreements.
The remuneration of the executive directors is determined by the Remuneration Committee, having regard to the performance of the individuals and market
trends. The remuneration of the non-executive directors is determined by the Board, having regard to the practice of other companies and the particular
demands of the Group.
For the purposes of remuneration disclosure, key management personnel includes only the directors and excludes the other senior business managers and
members of the Executive Committee. Further information on the remuneration of individual directors is provided in the audited part of the directors\u2019
remuneration report on pages 104 to 108.
Total emoluments for key management personnel charged to the consolidated income statement were:
2023
2022
\u00a3m
\u00a3m
Short-term employee benefits
2.9
3.2
Post-employment benefits
0.1
0.2
Share-based payment benefits
1.6
2.4
Total remuneration of key management personnel
4.6
5.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-414": { "value": "REMUNERATION OF KEY MANAGEMENT PERSONNEL The directors of the Company had no material transactions with the Company during the year, other than in connection with their service agreements. The remuneration of the executive directors is determined by the Remuneration Committee, having regard to the performance of the individuals and market trends. The remuneration of the non-executive directors is determined by the Board, having regard to the practice of other companies and the particular demands of the Group. For the purposes of remuneration disclosure, key management personnel includes only the directors and excludes the other senior business managers and members of the Executive Committee. Further information on the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on pages 104 to 108. Total emoluments for key management personnel charged to the consolidated income statement were:
2023
2022
\u00a3m
\u00a3m
Short-term employee benefits
2.9
3.2
Post-employment benefits
0.1
0.2
Share-based payment benefits
1.6
2.4
Total remuneration of key management personnel
4.6
5.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-363": { "value": "
35. POST BALANCE SHEET EVENTS
(A) PENSION BUY-IN/BUY-OUT
Subsequent to the year-end, on 28 November 2023 the trustees of the Group\u2019s legacy UK defined benefit scheme, the Chemring Group Staff Pension Scheme
(\u201cthe Scheme\u201d), entered into an agreement with an insurer, Pension Insurance Corporation (\u201cPIC\u201d), to purchase a bulk annuity insurance policy that operates as
an investment asset. Such arrangements are commonly referred to as a \u201cbuy-in\u201d. The buy-in removes future risk associated with funding of the Scheme from the
balance sheet, while ensuring the security of benefits for the Scheme members. The buy-in premium has initially been funded through the transfer of the
majority of the Scheme\u2019s assets to PIC, as well as by an upfront contribution from the Group of approximately \u00a31.6m. The upfront contribution from the Group
will be funded from the Group\u2019s existing bank facilities.
The Scheme will now have protection against longevity risk and market risk for the material obligations of all deferred and pensioner members. As a result, the
pension surplus, calculated on an IAS 19 basis, included in the balance sheet at 31 October 2023 of \u00a33.7m net of tax, is expected to be largely removed as the
fair value of this insurance policy, held as an asset of the Scheme, will be set equal to the value of defined benefit obligations covered under IAS 19.
The legal responsibility for the Scheme will transfer through a subsequent \u201cbuy-out\u201d transaction, expected to be completed in the next 12-24 months. On
completion of the full buy-out of the scheme, the defined benefit assets and matching defined benefit liabilities will be derecognised from the Group balance
sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-331": { "value": "1. GENERAL INFORMATION Chemring Group PLC is a company incorporated in England and Wales under registration number 86662. The address of the registered office is Roke Manor, Old Salisbury Lane, Romsey, Hampshire SO51 0ZN . The nature of the Group\u2019s operations and its principal activities are set out in note 2 of the Group financial statements and in the directors\u2019 report on pages 123 to 125. These financial statements are the consolidated financial statements of Chemring Group PLC and its subsidiaries (the \u201cGroup\u201d). Chemring Group PLC and the companies in which it directly and indirectly owns investments are separate and distinct entities. In this publication of the annual report and accounts, the collective expressions \u201cChemring\u201d and \u201cthe Group\u201d may be used for convenience where reference is made in general to those companies. Likewise, the words \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d and \u201courselves\u201d are used in some places to refer to the subsidiaries of the Group in general. These expressions are also used where no useful purpose is served by identifying any particular company or companies. The financial statements are presented in pounds sterling, being the currency of the primary economic environment in which the Group operates, and rounded to the nearest \u00a30.1m. Foreign operations are included in accordance with the foreign currencies accounting policy. GOING CONCERN The directors have, at the time of approving the financial statements, a reasonable expectation that the Group and the Company have adequate resources to continue to adopt the going concern basis of accounting in preparing these financial statements. Further detail is contained in the statement on going concern on page 77 which forms part of these financial statements. 2. ADOPTION OF NEW AND REVISED STANDARDS The following standards, amendments and interpretations have been issued by the International Accounting Standards Board (\u201cIASB\u201d) or by the IFRS Interpretations Committee. The Group\u2019s approach to these is as follows: i) There were no IFRS Interpretations Committee (\u201cIFRIC\u201d) interpretations, amendments to existing standards and new standards adopted in the year ended 31 October 2023 that have materially impacted the reported results or the financial position. ii) The following IFRIC interpretations, amendments to existing standards and new standards were adopted in the year ended 31 October 2023 but have not materially impacted the reported results or the financial position: > Reference to the Conceptual Framework (Amendments to IFRS 3); > Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16); > Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37); and > Annual Improvements to IFRS Standards 2018\u20132020. iii) At the date of authorisation of this announcement, the following standards and interpretations that are potentially relevant to the Group and which have not yet been applied in these reported results were in issue but not yet effective (and in some cases had not yet been adopted by the UK Endorsement Board): EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2023 > IFRS 17 Insurance Contracts; > Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); > Definition of Accounting Estimates (Amendments to IAS 8); and > Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2024 > Classification of Liabilities as Current or Non-current (Amendments to IAS 1); > Non-current liabilities with covenants (Amendments to IAS 1); > Supplier finance (Amendments to IAS 7 and IFRS 7); > Financial instrument disclosures (Amendments to IFRS 7); > General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1); and > Climate-related Disclosures (IFRS S2). EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2025 > Lack of exchangeability (Amendments to IAS 21). The directors do not expect the adoption of these standards and interpretations will have a material impact on the results of the Group in future periods . 3. GROUP ACCOUNTING POLICIES BASIS OF PREPARATION These financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d) in conformity with the requirements of the Companies Act 2006. The financial statements are prepared under the historical cost convention, except as described below under the heading of \u201cDerivative financial instruments\u201d. The accounting policies adopted have been applied consistently throughout the current and previous year. For the year ended 31 October 2023, the comparative consolidated income statement, consolidated cash flow statement and associated disclosure notes have been re-presented to show the Explosive Hazard Detection division of the US Sensors business as a discontinued operation. BASIS OF CONSOLIDATION The Group financial statements consolidate those of the Company and all of its subsidiaries. Subsidiaries are entities controlled by the Group. The Group \u201ccontrols\u201d an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The Company considers that it has the power to govern the financial and operating policies of the US entities falling within the Special Security Agreement and these entities have therefore been consolidated in these financial statements. The Company and all of its subsidiaries make up their financial statements to the same date. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interest The Group recognises non-controlling interest in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. For non-controlling interests that the Group holds, the Group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets. Q6 Holdings Limited, a wholly owned subsidiary of Chemring Group PLC, owns 80% of the issued shares of Vigil AI Limited. Disclosure of the minority interest on the face of the primary statements has not been included as this is considered immaterial to the Group. As at 31 October 2023, profit, total comprehensive income and equity attributable to minority interests were less than \u00a30.1m. REVENUE RECOGNITION Chemring is organised into two sectors, Sensors & Information and Countermeasures & Energetics. From a revenue recognition perspective, whilst Chemring operates across the whole lifecycle of its products and services, these are generally awarded by its customers as individual contracts for the different stages rather than being large, complex, long-term framework agreements requiring extensive consideration of price allocation and performance obligations. As a result we are less susceptible to judgements over revenue recognition regarding contract performance, modifications and cancellations. Whilst as a Group we aim to develop products which can be sold on to multiple end users and markets, in some instances the nature of products and services are unique to a customer and may not have an alternative use at the point of production. In such cases, where an enforceable right to payment exists, revenue will be recognised over time. From time to time we enter into contracts for \u201ccustomer-funded R&D\u201d where Chemring provides a service towards the development of a technology for a customer resulting in revenue. In certain instances, Chemring partly funds the development effort and these can result in the recognition of a controlled asset. Contracts The majority of the Group\u2019s revenue arises from the manufacture and shipment of goods. Sales contracts are reviewed for performance obligations but the principal driver for timing of revenue recognition is delivery obligations, typically based on Incoterms. Certain contracts may also require customer acceptance testing. Once the relevant delivery obligation has been met and, as applicable, customer acceptance received, revenue can be recognised. The timing of payment from customers is generally aligned to revenue recognition, though on certain contracts advance receipts are received as disclosed in note 20. This also applies to sales where there are no goods shipped but a deliverable is completed at a certain point in time, such as the issue of a report where there is no enforceable right to payment for work in progress. In a smaller number of cases, revenue also arises from milestone contracts that contain multiple performance obligations. Often these contracts are already divided into milestones for payment purposes, but judgement is required when assessing the way the contract is divided up to ensure that each element is a separate and valid performance obligation. If they are not, the relevant revenue amount is allocated across the other obligations as appropriate. In some cases milestones are achieved in one period but not billed until the next period, leading to a timing difference with the recognition of revenue in advance of customer billing. In this instance accrued income is recognised as described in note 16. There are no contracts with a significant financing component. At the start of the contract, the total transaction price is estimated as the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods and services to the customer, excluding sales taxes. This is based on the agreed contract price, with no material claims and incentive payment terms, and therefore significant judgement to determine the transaction price is not required. Typically our contracts do not have any material variable consideration and no significant judgement has been required around the extent to which this ought to be recognised. The total transaction price is allocated to the performance obligations identified in the contract in proportion to their relative stand-alone selling prices, where stand-alone selling prices are typically estimated based on expected costs plus contract margin. The Group provides warranties to its customers to give them assurance that its products and services will function in line with agreed-upon specifications. Warranties are not provided separately and, therefore, do not represent separate performance obligations. A number of sales contracts allow for bill and hold arrangements, where the customer has bought the goods but has not yet taken physical possession. This usually arises when the customer has limited storage space or there have been delays in their own production schedule. For such revenue to be recognised the bill and hold arrangement must be substantive and the relevant goods must be clearly identified as belonging to the customer and ready for immediate shipment at the customer\u2019s request. These categories of sales are common across all segments. Qualifying costs to obtain a contract are not material across the Group. Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Group has identified a sales contract with a customer; - the performance obligations within this contract have been identified; - the transaction price has been determined; - this transaction price has been allocated to the performance obligations in the contract; and - revenue is recognised as or when each performance obligation is satisfied. Performance obligations are satisfied when the customer gains control of promised goods or services from the contract. Customers do not typically gain a right of return of goods. Rendering of services Revenue from a contract to provide services, including customer-funded research and development, is recognised by reference to the stage of completion of the contract. Stage of completion is typically estimated by either the proportion of contract costs incurred for work performed to date or completion of relevant milestones where this faithfully depicts the transfer of control of the goods and services to the customer and does not significantly differ from using the proportion of contract costs incurred basis. Another significant source of Group revenue, especially within the Sensors & Information segment, arises from time and materials contracts, where revenue is typically accrued and billed in the following month based on work performed to date, following which payment is typically promptly received. Principal versus agent assessment The Group enters into certain arrangements which involve a consortium of service providers. The Group acts as a \u201cprime\u201d contractor in certain contracts with customers and utilises sub-contractors to undertake the work. Under these contracts the Group is considered to be primarily responsible for fulfilling the service to the customer. The Group performs a technical assessment of the work before it is delivered to the customer and is responsible for quality and performance of the sub-contractor. As such the Group is considered to be the principal to the arrangement with the customer and includes sub-contractor costs within revenue. However, where the Group is merely acting as an agent of a sub-contractor then no revenue is recognised in respect of sub-contractor costs. All consortium arrangements are assessed by the Group to determine if it is the principal or agent considering who is responsible for fulfilling the performance obligation, who bears inventory risk and who has price discretion. Contract assets and liabilities As described above, on some contracts there is a timing difference between the recognition of revenue and the customer billing. Where this is the case, contract asset and liability balances are recognised, referred to as accrued income or deferred income and advance receipts from customers in the financial statements. ACQUISITIONS AND DISPOSALS On acquisition of a subsidiary, associate or jointly controlled entity, the cost is measured as the fair value of the consideration. The assets, liabilities and contingent liabilities of subsidiary undertakings that meet the IFRS 3 (Revised) Business Combinations recognition criteria are measured at the fair value at the date of acquisition, except that: - deferred tax assets or liabilities, and liabilities or assets relating to employee benefit arrangements, are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 (Revised) Employee Benefits respectively; - liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured in accordance with IFRS 2 Share-based Payments; and - assets (or disposal groups) that are classified as held for sale, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, are measured in accordance with that standard. Where cost exceeds fair value of the net assets acquired, the difference is recorded as goodwill. Where the fair value of the net assets exceeds the cost, the difference is recorded directly in the income statement. The accounting policies of subsidiary undertakings are changed where necessary to be consistent with those of the Group. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as at the acquisition date that, if known, would have affected the amounts recognised as at that date. The measurement period runs from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as at the acquisition date, subject to a maximum period of one year. In accordance with IFRS 3 (Revised) Business Combinations, acquisition and disposal-related items are recognised through the income statement. Acquisition and disposal-related items refer to credits and costs associated with the acquisition and disposal of businesses, together with the costs of aborted bids and the establishment of joint ventures. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE When the Group makes a decision to exit a significant business unit or separate major line of business, the associated operations and cash flows are classified as discontinued operations in the financial statements, in accordance with the provisions of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. These discontinued operations may represent components of the Group that have already been disposed of or are classified as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in itsxpresent condition. Management must be committed to the sale which should be expected to qualify as a completed sale within one year from the date of classification. INTANGIBLE ASSETS \u2013 GOODWILL The purchased goodwill of the Group is regarded as having an indefinite useful economic life and, in accordance with IAS 36 Impairment of Assets, is not amortised but is subject to annual tests for impairment. On disposal of a subsidiary, associate or jointly controlled entity, the amount attributable to goodwill is included in the determination of the profit or loss on disposal. ACQUIRED INTANGIBLES The Group recognises, separately from goodwill, intangible assets that are separable or arise from contractual or other legal rights and whose fair value can be measured reliably. These intangible assets are amortised at rates calculated to write down their cost or valuation to their estimated residual values by equal instalments over their estimated useful economic lives, which are: - technology \u2013 average of ten years - customer relationships \u2013 average of ten years DEVELOPMENT COSTS Development costs that qualify as intangible assets are capitalised as incurred and, once the relevant intangible asset is ready for use, are amortised on a straight-line basis over their estimated useful lives, averaging ten years (2022: ten years). The carrying value of development assets is assessed for recoverability at least annually or when a trigger is identified. PATENTS AND LICENCES Patents and licences are measured initially at purchase cost and are amortised on a straight-line basis over their estimated useful lives, averaging six years (2022: seven years). PROPERTY, PLANT AND EQUIPMENT Other than historically revalued land and buildings, property, plant and equipment is held at cost less accumulated depreciation and any recognised impairment loss. Borrowing costs on significant capital expenditure projects are capitalised and allocated to the cost of the project. No depreciation is provided on freehold land. On other assets, depreciation is provided at rates calculated to write down their cost or valuation to their estimated residual values by equal instalments over their estimated useful economic lives, which are: - freehold buildings \u2013 up to fifty years - leasehold buildings \u2013 the period of the lease - plant and equipment \u2013 up to ten years IMPAIRMENT OF NON-CURRENT ASSETS Assets that have indefinite lives are allocated to the Group\u2019s cash-generating units and tested for impairment at least annually. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever changes in circumstances indicate that the carrying value may not be recoverable. To the extent that the carrying value exceeds the recoverable amount, an impairment loss is recorded for the difference as an expense in the income statement. The recoverable amount used for impairment testing is the higher of the value-in-use and the asset\u2019s fair value less costs of disposal. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows. INVENTORIES Inventories are recorded at the lower of cost and net realisable value. Cost represents materials, direct labour, other direct costs and related overheads, and is determined using a weighted average cost basis. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for slow-moving, obsolete and defective items where appropriate. 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 prepare for their intended use, are added to the cost of those assets, until such time as the assets are ready for their intended use. Once the assets are ready for their intended use, these capitalised borrowing costs are depreciated in line with the underlying asset. All other borrowing costs are recognised in the income statement in the period in which they are incurred. GOVERNMENT GRANTS Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants for staff retraining costs are recognised as income over the periods necessary to match them with the related costs and are deducted in reporting the related expense. Government grants relating to property, plant and equipment are treated as deferred income and released to the income statement over the expected useful economic lives of the assets concerned. TA X The tax expense represents the sum of current tax and deferred tax. Current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years, and it excludes items of income or expense that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax represents amounts expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable taxable profits will be available in the future against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxed by the same tax authority, and when the Group intends to settle its current tax assets and liabilities on a net basis. SPECIAL CAPITAL RESERVE The special capital reserve was created as part of a capital reduction scheme involving the cancellation of the share premium account which was approved by the Court in 1986, in accordance with the requirements of the Companies Act 1985. FOREIGN CURRENCIES The individual financial statements of each Group company are presented in its functional currency, being the currency of the primary economic environment in which it operates. For the purpose of these Group financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the functional currency of the Company, and the presentation currency for these financial statements. In preparing the financial statements of each Group company, transactions in foreign currencies, being currencies other than the entity\u2019s functional currency, are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in the income statement for the period. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward foreign exchange contracts which are accounted for as derivative financial instruments (see below for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). For the purpose of presenting these financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. FINANCIAL INSTRUMENTS Financial assets and liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. FINANCIAL ASSETS Trade receivables Trade receivables do not carry any interest and are stated at their fair value and amortised cost as reduced by appropriate allowances for expected credit losses. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. FINANCIAL LIABILITIES AND DERIVATIVE FINANCIAL INSTRUMENTS Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Bank borrowings Interest bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption, and direct issue costs are accounted for on an accruals basis in the income statement using the effective interest method, and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Trade payables Trade payables are not interest bearing and are stated at their fair value and amortised cost. Derivative financial instruments The Group\u2019s activities expose it to the financial risks of foreign currency transactions, and it uses forward foreign exchange contracts to hedge its exposure to these transactional risks. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value on the date the derivative contract is entered into and are revalued to fair value at each balance sheet date. The fair values of derivative financial instruments are calculated by external valuers. The Group does not apply hedge accounting for derivative financial instruments, with changes in the fair value of derivatives being recognised in the income statement immediately. Hedges of net investments in foreign operations Any gain or loss on the hedging instrument relating to the effective portion ofthe hedge is recognised in the statement of comprehensive income and accumulated in the translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. RETIREMENT BENEFIT COSTS Payments to defined contribution retirement benefit schemes are charged as an administrative expense in the period to which they relate. For defined benefit schemes, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Remeasurement of the defined benefit pension scheme, which comprises actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised in the statement of comprehensive income in full in the period in which they occur. The Group determines the net interest income on the net defined benefit asset for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then net defined benefit asset, taking into account any changes in the net defined benefit asset during the year as a result of contributions and benefit payments. Net interest income and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the scheme. LEASED ASSETS At the lease commencement date (i.e. the date the underlying asset is available for use), the Group recognises a right-of-use asset and a lease liability on the balance sheet. The lease liability is initially measured at the present value of future lease payments, discounted using the Group\u2019s incremental borrowing rate. The right-of-use asset is initially measured at cost, comprising the initial value of the lease liability, any lease payments made before commencement of the lease, any initial direct costs and any restoration costs. The asset is recorded as property, plant and equipment, and is depreciated over the shorter of its estimated useful economic life and the lease term on a straight-line basis. The finance cost is charged to the income statement over the lease term to produce a constant periodic rate of interest on the lease liability. The lease payment is allocated between repayment of the lease liability and finance cost. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in the income statement on a straight-line basis over the lease term. SHARE-BASED COMPENSATION The Group operates equity-settled share-based compensation schemes. For grants made under the Group\u2019s share-based compensation schemes, the fair value of an award is measured at the date of grant and reflects any market-based vesting conditions. Non-market-based vesting conditions are excluded from the fair value of the award. At the date of grant, the Company estimates the number of awards expected to vest as a result of non-market- based vesting conditions, and the fair value of this estimated number of awards is recognised as an expense in the income statement on a straight-line basis over the vesting period. At each balance sheet date, the impact of any revision to vesting estimates is recognised in the income statement over the vesting period. Proceeds received, net of any directly attributable transaction costs, are credited to share capital and share premium. PROVISIONS Provisions are recognised when the Group has a present obligation, either legal or constructive, as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the estimated cash flows to settle the present obligation, its carrying amount is the present value of those cash flows. The Group uses the \u201cexpected value\u201d or \u201cmost likely outcome\u201d method on a case-by-case basis to estimate the value of provisions. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Environmental provisions Where the Group is liable for decontamination work or the restoration of sites to their original condition, an estimate is made of the costs needed to complete these works, discounted back to present values, relying upon independent third party valuers where appropriate. Restructuring provisions A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring and not those associated with the ongoing activities of the entity. Warranty provisions Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products, based upon the best estimate of the expenditure required to settle the Group\u2019s obligations. Disposal provisions Disposal provisions relate to estimated liabilities faced by the Group in respect of discontinued operations and other disposed entities under the terms of their respective sale agreements. CONTINGENT LIABILITIES The Group exercises judgement in recognising exposures to contingent liabilities related to pending litigation or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities. Judgement may be necessary in assessing the likelihood that a pending claim will succeed, or a liability will arise, and/or to quantify the possible range of the financial settlement. ALTERNATIVE PERFORMANCE MEASURES In the analysis of the Group\u2019s financial performance and position, operating results and cash flows, APMs are presented to provide readers with additional information. The principal APMs presented are underlying measures of earnings including underlying operating profit, underlying profit before tax, underlying profit after tax, underlying EBITDA, underlying earnings per share and underlying operating cash flow. In addition, EBITDA, net debt and constant currency metrics are presented which are also considered non-IFRS measures. These measures are consistent with information regularly reviewed by management to run the business, including planning, budgeting and reporting purposes and for its internal assessment of the operational performance of individual businesses. The directors believe that the use of these APMs assists in providing additional information on the underlying trends, performance and position of the Group. APMs are used to assist with the comparability of information between reporting periods by adjusting for items that are non-recurring or otherwise non-underlying. Management considers non-underlying items to be: - amortisation of acquired intangibles; - material exceptional items, for example relating to acquisitions and disposals, business restructuring costs and legal costs; - gains or losses on the movement in the fair value of derivative financial instruments; and - the tax impact of all of the above. The Group\u2019s use of APMs is consistent and we provide comparatives alongside all current period figures. Further detail on the APMs presented within these financial statements, including a reconciliation to the IFRS equivalent, is presented in note 3. EXCEPTIONAL ITEMS Exceptional items are excluded from management\u2019s assessment of profit because by their size or nature they need to be separately disclosed to properly understand the Group\u2019s underlying quality of earnings. They are typically gains or losses arising from events that are not considered part of the core operations of the business. These items are excluded to reflect performance in a consistent manner and are in line with how the business is managed and measured on a day-to-day basis. POST-BALANCE SHEET EVENTS In accordance with IAS 10 Events after the Reporting Period, the Group continues to disclose events that it considers material, non-disclosure of which can influence the economic decisions of users of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-364": { "value": "1. GENERAL INFORMATION Chemring Group PLC is a company incorporated in England and Wales under registration number 86662. The address of the registered office is Roke Manor, Old Salisbury Lane, Romsey, Hampshire SO51 0ZN . The nature of the Group\u2019s operations and its principal activities are set out in note 2 of the Group financial statements and in the directors\u2019 report on pages 123 to 125. These financial statements are the consolidated financial statements of Chemring Group PLC and its subsidiaries (the \u201cGroup\u201d). Chemring Group PLC and the companies in which it directly and indirectly owns investments are separate and distinct entities. In this publication of the annual report and accounts, the collective expressions \u201cChemring\u201d and \u201cthe Group\u201d may be used for convenience where reference is made in general to those companies. Likewise, the words \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d and \u201courselves\u201d are used in some places to refer to the subsidiaries of the Group in general. These expressions are also used where no useful purpose is served by identifying any particular company or companies. The financial statements are presented in pounds sterling, being the currency of the primary economic environment in which the Group operates, and rounded to the nearest \u00a30.1m. Foreign operations are included in accordance with the foreign currencies accounting policy. GOING CONCERN The directors have, at the time of approving the financial statements, a reasonable expectation that the Group and the Company have adequate resources to continue to adopt the going concern basis of accounting in preparing these financial statements. Further detail is contained in the statement on going concern on page 77 which forms part of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-9": { "value": "Chemring Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-330": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-7": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-8": { "value": " Roke Manor, Old Salisbury Lane, Romsey, Hampshire SO51 0ZN ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-415": { "value": "
GOING CONCERN
The directors have, at the time of approving the financial statements, a reasonable
expectation that the Group and the Company have adequate resources to
continue to adopt the going concern basis of accounting in preparing these
financial statements. Further detail is contained in the statement on going
concern on page 77 which forms part of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-365": { "value": "
2. ADOPTION OF NEW AND REVISED STANDARDS
The following standards, amendments and interpretations have been issued
by the International Accounting Standards Board (\u201cIASB\u201d) or by the IFRS
Interpretations Committee. The Group\u2019s approach to these is as follows:
i) There were no IFRS Interpretations Committee (\u201cIFRIC\u201d) interpretations,
amendments to existing standards and new standards adopted in the year
ended 31 October 2023 that have materially impacted the reported
results or the financial position.
ii) The following IFRIC interpretations, amendments to existing standards
and new standards were adopted in the year ended 31 October 2023 but
have not materially impacted the reported results or the financial position:
> Reference to the Conceptual Framework (Amendments to IFRS 3);
> Property, Plant and Equipment \u2013 Proceeds before Intended Use
(Amendments to IAS 16);
> Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to
IAS 37); and
> Annual Improvements to IFRS Standards 2018\u20132020.
iii) At the date of authorisation of this announcement, the following
standards and interpretations that are potentially relevant to the Group
and which have not yet been applied in these reported results were in
issue but not yet effective (and in some cases had not yet been adopted
by the UK Endorsement Board):
EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2023
> IFRS 17 Insurance Contracts;
> Disclosure of Accounting Policies (Amendments to IAS 1 and
IFRS Practice Statement 2);
> Definition of Accounting Estimates (Amendments to IAS 8); and
> Deferred Tax related to Assets and Liabilities arising from a
Single Transaction (Amendments to IAS 12).
EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2024 > Classification of Liabilities as Current or Non-current (Amendments to IAS 1); > Non-current liabilities with covenants (Amendments to IAS 1); > Supplier finance (Amendments to IAS 7 and IFRS 7); > Financial instrument disclosures (Amendments to IFRS 7); > General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1); and > Climate-related Disclosures (IFRS S2). EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2025 > Lack of exchangeability (Amendments to IAS 21). The directors do not expect the adoption of these standards and interpretations will have a material impact on the results of the Group in future periods . ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-416": { "value": "2. ADOPTION OF NEW AND REVISED STANDARDS The following standards, amendments and interpretations have been issued by the International Accounting Standards Board (\u201cIASB\u201d) or by the IFRS Interpretations Committee. The Group\u2019s approach to these is as follows: i) There were no IFRS Interpretations Committee (\u201cIFRIC\u201d) interpretations, amendments to existing standards and new standards adopted in the year ended 31 October 2023 that have materially impacted the reported results or the financial position. ii) The following IFRIC interpretations, amendments to existing standards and new standards were adopted in the year ended 31 October 2023 but have not materially impacted the reported results or the financial position: > Reference to the Conceptual Framework (Amendments to IFRS 3); > Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16); > Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37); and > Annual Improvements to IFRS Standards 2018\u20132020. iii) At the date of authorisation of this announcement, the following standards and interpretations that are potentially relevant to the Group and which have not yet been applied in these reported results were in issue but not yet effective (and in some cases had not yet been adopted by the UK Endorsement Board): EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2023 > IFRS 17 Insurance Contracts; > Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); > Definition of Accounting Estimates (Amendments to IAS 8); and > Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-417": { "value": "EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2024 > Classification of Liabilities as Current or Non-current (Amendments to IAS 1); > Non-current liabilities with covenants (Amendments to IAS 1); > Supplier finance (Amendments to IAS 7 and IFRS 7); > Financial instrument disclosures (Amendments to IFRS 7); > General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1); and > Climate-related Disclosures (IFRS S2). EFFECTIVE FOR PERIODS BEGINNING ON OR AFTER 1 JANUARY 2025 > Lack of exchangeability (Amendments to IAS 21). The directors do not expect the adoption of these standards and interpretations will have a material impact on the results of the Group in future periods ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-366": { "value": "
BASIS OF PREPARATION
These financial statements have been prepared in accordance with UK-adopted
international accounting standards (\u201cUK-adopted IFRS\u201d) in conformity with the
requirements of the Companies Act 2006.
The financial statements are prepared under the historical cost convention,
except as described below under the heading of \u201cDerivative financial instruments\u201d.
The accounting policies adopted have been applied consistently throughout
the current and previous year.
For the year ended 31 October 2023, the comparative consolidated income
statement, consolidated cash flow statement and associated disclosure notes
have been re-presented to show the Explosive Hazard Detection division of
the US Sensors business as a discontinued operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-367": { "value": "
BASIS OF CONSOLIDATION
The Group financial statements consolidate those of the Company and all of
its subsidiaries. Subsidiaries are entities controlled by the Group. The Group
\u201ccontrols\u201d an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries are
included in the consolidated financial statements from the date on which
control commences until the date on which control ceases.
The Company considers that it has the power to govern the financial and
operating policies of the US entities falling within the Special Security
Agreement and these entities have therefore been consolidated in these
financial statements.
The Company and all of its subsidiaries make up their financial statements
to the same date. All intra-group transactions, balances, income and expenses
are eliminated on consolidation.
Non-controlling interest
The Group recognises non-controlling interest in an acquired entity either at
fair value or at the non-controlling interest\u2019s proportionate share of the acquired
entity\u2019s net identifiable assets. This decision is made on an acquisition-by-acquisition
basis. For non-controlling interests that the Group holds, the Group elected
to recognise the non-controlling interests at its proportionate share of the
acquired net identifiable assets.
Q6 Holdings Limited, a wholly owned subsidiary of Chemring Group PLC,
owns 80% of the issued shares of Vigil AI Limited. Disclosure of the minority
interest on the face of the primary statements has not been included as this
is considered immaterial to the Group. As at 31 October 2023, profit, total
comprehensive income and equity attributable to minority interests were
less than \u00a30.1m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-418": { "value": "Non-controlling interest The Group recognises non-controlling interest in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. For non-controlling interests that the Group holds, the Group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets. Q6 Holdings Limited, a wholly owned subsidiary of Chemring Group PLC, owns 80% of the issued shares of Vigil AI Limited. Disclosure of the minority interest on the face of the primary statements has not been included as this is considered immaterial to the Group. As at 31 October 2023, profit, total comprehensive income and equity attributable to minority interests were less than \u00a30.1m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-368": { "value": "
REVENUE RECOGNITION
Chemring is organised into two sectors, Sensors & Information and
Countermeasures & Energetics.
From a revenue recognition perspective, whilst Chemring operates across the
whole lifecycle of its products and services, these are generally awarded by its
customers as individual contracts for the different stages rather than being large,
complex, long-term framework agreements requiring extensive consideration
of price allocation and performance obligations. As a result we are less
susceptible to judgements over revenue recognition regarding contract
performance, modifications and cancellations.
Whilst as a Group we aim to develop products which can be sold on to multiple
end users and markets, in some instances the nature of products and services
are unique to a customer and may not have an alternative use at the point of
production. In such cases, where an enforceable right to payment exists,
revenue will be recognised over time.
From time to time we enter into contracts for \u201ccustomer-funded R&D\u201d where
Chemring provides a service towards the development of a technology for a
customer resulting in revenue. In certain instances, Chemring partly funds the
development effort and these can result in the recognition of a controlled asset.
Contracts
The majority of the Group\u2019s revenue arises from the manufacture and
shipment of goods.
Sales contracts are reviewed for performance obligations but the principal driver
for timing of revenue recognition is delivery obligations, typically based on
Incoterms. Certain contracts may also require customer acceptance testing.
Once the relevant delivery obligation has been met and, as applicable,
customer acceptance received, revenue can be recognised.
The timing of payment from customers is generally aligned to revenue recognition,
though on certain contracts advance receipts are received as disclosed in note
20. This also applies to sales where there are no goods shipped but a deliverable is
completed at a certain point in time, such as the issue of a report where there
is no enforceable right to payment for work in progress.
In a smaller number of cases, revenue also arises from milestone contracts that
contain multiple performance obligations. Often these contracts are already
divided into milestones for payment purposes, but judgement is required when
assessing the way the contract is divided up to ensure that each element is a
separate and valid performance obligation. If they are not, the relevant revenue
amount is allocated across the other obligations as appropriate. In some cases
milestones are achieved in one period but not billed until the next period,
leading to a timing difference with the recognition of revenue in advance of
customer billing. In this instance accrued income is recognised as described
in note 16. There are no contracts with a significant financing component.
At the start of the contract, the total transaction price is estimated as the amount
of consideration to which the Group expects to be entitled in exchange for
transferring the promised goods and services to the customer, excluding sales
taxes. This is based on the agreed contract price, with no material claims and
incentive payment terms, and therefore significant judgement to determine the
transaction price is not required. Typically our contracts do not have any material
variable consideration and no significant judgement has been required around
the extent to which this ought to be recognised. The total transaction price is
allocated to the performance obligations identified in the contract in proportion
to their relative stand-alone selling prices, where stand-alone selling prices are
typically estimated based on expected costs plus contract margin.
The Group provides warranties to its customers to give them assurance that
its products and services will function in line with agreed-upon specifications.
Warranties are not provided separately and, therefore, do not represent
separate performance obligations.
A number of sales contracts allow for bill and hold arrangements, where the
customer has bought the goods but has not yet taken physical possession. This
usually arises when the customer has limited storage space or there have been
delays in their own production schedule. For such revenue to be recognised
the bill and hold arrangement must be substantive and the relevant goods
must be clearly identified as belonging to the customer and ready for immediate
shipment at the customer\u2019s request. These categories of sales are common
across all segments.
Qualifying costs to obtain a contract are not material across the Group.
Sale of goods
Revenue from the sale of goods is recognised when all of the following
conditions are satisfied:
- the Group has identified a sales contract with a customer;
- the performance obligations within this contract have been identified;
- the transaction price has been determined;
- this transaction price has been allocated to the performance obligations in
the contract; and
- revenue is recognised as or when each performance obligation is satisfied.
Performance obligations are satisfied when the customer gains control of
promised goods or services from the contract. Customers do not typically
gain a right of return of goods.
Rendering of services
Revenue from a contract to provide services, including customer-funded research
and development, is recognised by reference to the stage of completion of the
contract. Stage of completion is typically estimated by either the proportion of
contract costs incurred for work performed to date or completion of relevant
milestones where this faithfully depicts the transfer of control of the goods
and services to the customer and does not significantly differ from using the
proportion of contract costs incurred basis.
Another significant source of Group revenue, especially within the Sensors &
Information segment, arises from time and materials contracts, where revenue
is typically accrued and billed in the following month based on work performed
to date, following which payment is typically promptly received.
Principal versus agent assessment
The Group enters into certain arrangements which involve a consortium of
service providers. The Group acts as a \u201cprime\u201d contractor in certain contracts
with customers and utilises sub-contractors to undertake the work. Under these
contracts the Group is considered to be primarily responsible for fulfilling the
service to the customer. The Group performs a technical assessment of the
work before it is delivered to the customer and is responsible for quality and
performance of the sub-contractor. As such the Group is considered to be the
principal to the arrangement with the customer and includes sub-contractor
costs within revenue. However, where the Group is merely acting as an agent
of a sub-contractor then no revenue is recognised in respect of sub-contractor costs.
All consortium arrangements are assessed by the Group to determine if it is
the principal or agent considering who is responsible for fulfilling the performance
obligation, who bears inventory risk and who has price discretion.
Contract assets and liabilities
As described above, on some contracts there is a timing difference between
the recognition of revenue and the customer billing. Where this is the case,
contract asset and liability balances are recognised, referred to as accrued
income or deferred income and advance receipts from customers in the
financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-369": { "value": "
ACQUISITIONS AND DISPOSALS
On acquisition of a subsidiary, associate or jointly controlled entity, the cost
is measured as the fair value of the consideration. The assets, liabilities and
contingent liabilities of subsidiary undertakings that meet the IFRS 3 (Revised)
Business Combinations recognition criteria are measured at the fair value at the
date of acquisition, except that:
- deferred tax assets or liabilities, and liabilities or assets relating to employee
benefit arrangements, are recognised and measured in accordance with IAS
12 Income Taxes and IAS 19 (Revised) Employee Benefits respectively;
- liabilities or equity instruments related to the replacement by the Group of
an acquiree\u2019s share-based payment awards are measured in accordance with
IFRS 2 Share-based Payments; and
- assets (or disposal groups) that are classified as held for sale, in accordance
with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, are
measured in accordance with that standard.
Where cost exceeds fair value of the net assets acquired, the difference
is recorded as goodwill.
Where the fair value of the net assets exceeds the cost, the difference
is recorded directly in the income statement. The accounting policies of
subsidiary undertakings are changed where necessary to be consistent
with those of the Group.
If the initial accounting for a business combination is incomplete by the end of
the reporting period in which the combination occurs, the Group reports
provisional amounts for the items for which the accounting is incomplete.
Those provisional amounts are adjusted during the measurement period (see
below), or additional assets or liabilities recognised, to reflect new information
obtained about facts and circumstances that existed as at the acquisition date
that, if known, would have affected the amounts recognised as at that date.
The measurement period runs from the date of acquisition to the date the
Group obtains complete information about facts and circumstances that
existed as at the acquisition date, subject to a maximum period of one year.
In accordance with IFRS 3 (Revised) Business Combinations, acquisition
and disposal-related items are recognised through the income statement.
Acquisition and disposal-related items refer to credits and costs associated
with the acquisition and disposal of businesses, together with the costs of
aborted bids and the establishment of joint ventures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-370": { "value": "
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
When the Group makes a decision to exit a significant business unit or separate
major line of business, the associated operations and cash flows are classified
as discontinued operations in the financial statements, in accordance with the
provisions of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
These discontinued operations may represent components of the Group that
have already been disposed of or are classified as held for sale.
Non-current assets and disposal groups classified as held for sale are measured
at the lower of carrying amount and fair value less costs to sell.
Non-current assets and disposal groups are classified as held for sale if their
carrying amount will be recovered through a sales transaction rather than
continuing use. This condition is regarded as met only when the sale is highly
probable and the asset or disposal group is available for immediate sale in
itsxpresent condition. Management must be committed to the sale which
should be expected to qualify as a completed sale within one year from
the date of classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-371": { "value": "
INTANGIBLE ASSETS \u2013 GOODWILL
The purchased goodwill of the Group is regarded as having an indefinite
useful economic life and, in accordance with IAS 36 Impairment of Assets,
is not amortised but is subject to annual tests for impairment. On disposal
of a subsidiary, associate or jointly controlled entity, the amount attributable
to goodwill is included in the determination of the profit or loss on disposal.
ACQUIRED INTANGIBLES
The Group recognises, separately from goodwill, intangible assets that are
separable or arise from contractual or other legal rights and whose fair value can
be measured reliably. These intangible assets are amortised at rates calculated
to write down their cost or valuation to their estimated residual values by
equal instalments over their estimated useful economic lives, which are:
- technology \u2013 average of ten years
- customer relationships \u2013 average of ten years
DEVELOPMENT COSTS
Development costs that qualify as intangible assets are capitalised as incurred
and, once the relevant intangible asset is ready for use, are amortised on a
straight-line basis over their estimated useful lives, averaging ten years
(2022: ten years).
The carrying value of development assets is assessed for recoverability at least
annually or when a trigger is identified.
PATENTS AND LICENCES
Patents and licences are measured initially at purchase cost and are amortised
on a straight-line basis over their estimated useful lives, averaging six years
(2022: seven years).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-419": { "value": "INTANGIBLE ASSETS \u2013 GOODWILL The purchased goodwill of the Group is regarded as having an indefinite useful economic life and, in accordance with IAS 36 Impairment of Assets, is not amortised but is subject to annual tests for impairment. On disposal of a subsidiary, associate or jointly controlled entity, the amount attributable to goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-420": { "value": "ACQUIRED INTANGIBLES The Group recognises, separately from goodwill, intangible assets that are separable or arise from contractual or other legal rights and whose fair value can be measured reliably. These intangible assets are amortised at rates calculated to write down their cost or valuation to their estimated residual values by equal instalments over their estimated useful economic lives, which are: - technology \u2013 average of ten years - customer relationships \u2013 average of ten years DEVELOPMENT COSTS Development costs that qualify as intangible assets are capitalised as incurred and, once the relevant intangible asset is ready for use, are amortised on a straight-line basis over their estimated useful lives, averaging ten years (2022: ten years). The carrying value of development assets is assessed for recoverability at least annually or when a trigger is identified. PATENTS AND LICENCES Patents and licences are measured initially at purchase cost and are amortised on a straight-line basis over their estimated useful lives, averaging six years (2022: seven years). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-372": { "value": "
PROPERTY, PLANT AND EQUIPMENT
Other than historically revalued land and buildings, property, plant and
equipment is held at cost less accumulated depreciation and any recognised
impairment loss. Borrowing costs on significant capital expenditure projects
are capitalised and allocated to the cost of the project.
No depreciation is provided on freehold land. On other assets, depreciation
is provided at rates calculated to write down their cost or valuation to their
estimated residual values by equal instalments over their estimated useful
economic lives, which are:
- freehold buildings \u2013 up to fifty years
- leasehold buildings \u2013 the period of the lease
- plant and equipment \u2013 up to ten years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-421": { "value": "PROPERTY, PLANT AND EQUIPMENT Other than historically revalued land and buildings, property, plant and equipment is held at cost less accumulated depreciation and any recognised impairment loss. Borrowing costs on significant capital expenditure projects are capitalised and allocated to the cost of the project. No depreciation is provided on freehold land. On other assets, depreciation is provided at rates calculated to write down their cost or valuation to their estimated residual values by equal instalments over their estimated useful economic lives, which are: - freehold buildings \u2013 up to fifty years - leasehold buildings \u2013 the period of the lease - plant and equipment \u2013 up to ten years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-373": { "value": "
IMPAIRMENT OF NON-CURRENT ASSETS
Assets that have indefinite lives are allocated to the Group\u2019s cash-generating units
and tested for impairment at least annually. Assets that are subject to depreciation
or amortisation are reviewed for impairment whenever changes in circumstances
indicate that the carrying value may not be recoverable. To the extent that the
carrying value exceeds the recoverable amount, an impairment loss is recorded
for the difference as an expense in the income statement. The recoverable
amount used for impairment testing is the higher of the value-in-use and the
asset\u2019s fair value less costs of disposal. For the purpose of impairment testing,
assets are grouped at the lowest levels for which there are separately
identifiable cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-374": { "value": "
INVENTORIES
Inventories are recorded at the lower of cost and net realisable value. Cost
represents materials, direct labour, other direct costs and related overheads,
and is determined using a weighted average cost basis. Net realisable value is
based on estimated selling price, less further costs expected to be incurred to
completion and disposal.
Provision is made for slow-moving, obsolete and defective items
where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-375": { "value": "BORROWING COSTS Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are ready for their intended use. Once the assets are ready for their intended use, these capitalised borrowing costs are depreciated in line with the underlying asset. 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:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-376": { "value": "
GOVERNMENT GRANTS
Government grants are not recognised until there is reasonable assurance
that the Group will comply with the conditions attaching to them and that
the grants will be received.
Government grants for staff retraining costs are recognised as income over
the periods necessary to match them with the related costs and are deducted
in reporting the related expense.
Government grants relating to property, plant and equipment are treated as
deferred income and released to the income statement over the expected
useful economic lives of the assets concerned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-377": { "value": "
TA X
The tax expense represents the sum of current tax and deferred tax.
Current tax is based on taxable profit for the year. Taxable profit differs from
profit as reported in the income statement because it excludes items
of income or expense that are taxable or deductible in other years, and it
excludes items of income or expense that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax represents amounts expected to be payable or recoverable
on differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the balance sheet
liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences, and deferred tax assets are recognised to the extent
that it is probable taxable profits will be available in the future against which
deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference arises from goodwill or from the
initial recognition (other than in a business combination) of other assets and
liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising
on investments in subsidiaries and associates, and interests in joint ventures,
except where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except where it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable
right to set off current tax assets against current tax liabilities, when they relate
to income taxed by the same tax authority, and when the Group intends to
settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-422": { "value": "Deferred tax represents amounts expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable taxable profits will be available in the future against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxed by the same tax authority, and when the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-378": { "value": "
SPECIAL CAPITAL RESERVE
The special capital reserve was created as part of a capital reduction scheme
involving the cancellation of the share premium account which was approved
by the Court in 1986, in accordance with the requirements of the Companies
Act 1985.
", "dimensions": { "concept": "chemringgroupplc:DescriptionOfAccountingPolicyForSpecialCapitalReserve", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-379": { "value": "
FOREIGN CURRENCIES
The individual financial statements of each Group company are presented in its
functional currency, being the currency of the primary economic environment
in which it operates. For the purpose of these Group financial statements, the
results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation
currency for these financial statements.
In preparing the financial statements of each Group company, transactions in
foreign currencies, being currencies other than the entity\u2019s functional currency,
are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated
in foreign currencies are retranslated at the rates prevailing on the balance
sheet date. Non-monetary items carried at fair value that are denominated in
foreign currencies are translated at the rates prevailing at the date when the
fair value was determined.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences arising on the settlement of monetary items and on
the retranslation of monetary items are included in the income statement
for the period.
In order to hedge its exposure to certain foreign exchange risks, the Group
enters into forward foreign exchange contracts which are accounted for as
derivative financial instruments (see below for details of the Group\u2019s
accounting policies in respect of such derivative financial instruments).
For the purpose of presenting these financial statements, the assets and liabilities
of the Group\u2019s foreign operations are translated at exchange rates prevailing
on the balance sheet date. Income and expense items are translated at the
average exchange rates for the period.
Goodwill and fair value adjustments arising on the acquisition of a foreign
entity are treated as assets and liabilities of the foreign entity and translated
at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-380": { "value": "
FINANCIAL INSTRUMENTS
Financial assets and liabilities are recognised in the Group\u2019s balance sheet when
the Group becomes a party to the contractual provisions of the instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-381": { "value": "
FINANCIAL ASSETS
Trade receivables
Trade receivables do not carry any interest and are stated at their fair value
and amortised cost as reduced by appropriate allowances for expected
credit losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits,
and other short-term highly liquid investments that are readily convertible
to a known amount of cash and are subject to an insignificant risk of change
in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-423": { "value": "Trade receivables Trade receivables do not carry any interest and are stated at their fair value and amortised cost as reduced by appropriate allowances for expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-424": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-382": { "value": "
FINANCIAL LIABILITIES AND DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into.
Bank borrowings
Interest bearing bank loans and overdrafts are recorded at the proceeds received,
net of direct issue costs. Finance charges, including premiums payable on settlement
or redemption, and direct issue costs are accounted for on an accruals basis in
the income statement using the effective interest method, and are added to
the carrying amount of the instrument to the extent that they are not settled
in the period in which they arise.
Trade payables
Trade payables are not interest bearing and are stated at their fair value and
amortised cost.
Derivative financial instruments
The Group\u2019s activities expose it to the financial risks of foreign currency
transactions, and it uses forward foreign exchange contracts to hedge its
exposure to these transactional risks. The Group does not use derivative
financial instruments for speculative purposes.
Derivative financial instruments are recognised at fair value on the date the
derivative contract is entered into and are revalued to fair value at each
balance sheet date. The fair values of derivative financial instruments are
calculated by external valuers.
The Group does not apply hedge accounting for derivative financial
instruments, with changes in the fair value of derivatives being recognised in
the income statement immediately.
Hedges of net investments in foreign operations
Any gain or loss on the hedging instrument relating to the effective portion
ofthe hedge is recognised in the statement of comprehensive income and
accumulated in the translation reserve. The gain or loss relating to the
ineffective portion is recognised immediately in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-425": { "value": "Bank borrowings Interest bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption, and direct issue costs are accounted for on an accruals basis in the income statement using the effective interest method, and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-426": { "value": "Trade payables Trade payables are not interest bearing and are stated at their fair value and amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-435": { "value": "Derivative financial instruments The Group\u2019s activities expose it to the financial risks of foreign currency transactions, and it uses forward foreign exchange contracts to hedge its exposure to these transactional risks. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value on the date the derivative contract is entered into and are revalued to fair value at each balance sheet date. The fair values of derivative financial instruments are calculated by external valuers. The Group does not apply hedge accounting for derivative financial instruments, with changes in the fair value of derivatives being recognised in the income statement immediately. Hedges of net investments in foreign operations Any gain or loss on the hedging instrument relating to the effective portion ofthe hedge is recognised in the statement of comprehensive income and accumulated in the translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-427": { "value": "Derivative financial instruments The Group\u2019s activities expose it to the financial risks of foreign currency transactions, and it uses forward foreign exchange contracts to hedge its exposure to these transactional risks. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value on the date the derivative contract is entered into and are revalued to fair value at each balance sheet date. The fair values of derivative financial instruments are calculated by external valuers. The Group does not apply hedge accounting for derivative financial instruments, with changes in the fair value of derivatives being recognised in the income statement immediately. Hedges of net investments in foreign operations Any gain or loss on the hedging instrument relating to the effective portion ofthe hedge is recognised in the statement of comprehensive income and accumulated in the translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-383": { "value": "
RETIREMENT BENEFIT COSTS
Payments to defined contribution retirement benefit schemes are charged
as an administrative expense in the period to which they relate. For defined
benefit schemes, the cost of providing benefits is determined using the projected
unit credit method, with actuarial valuations being carried out at each balance
sheet date. Remeasurement of the defined benefit pension scheme, which
comprises actuarial gains and losses, the return on plan assets (excluding
interest) and the effect of the asset ceiling (if any, excluding interest), are
recognised in the statement of comprehensive income in full in the period
in which they occur.
The Group determines the net interest income on the net defined benefit
asset for the period by applying the discount rate used to measure the defined
benefit obligation at the beginning of the annual period to the then net defined
benefit asset, taking into account any changes in the net defined benefit asset
during the year as a result of contributions and benefit payments. Net interest
income and other expenses related to defined benefit plans are recognised in
profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the
resulting change in benefit that relates to past service or the gain or loss on
curtailment is recognised immediately in profit or loss.
The retirement benefit obligation recognised in the balance sheet represents
the present value of the defined benefit obligation as reduced by the fair value
of scheme assets. Any asset resulting from this calculation is limited to past
service cost, plus the present value of available refunds and reductions in
future contributions to the scheme.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-384": { "value": "
LEASED ASSETS
At the lease commencement date (i.e. the date the underlying asset is available
for use), the Group recognises a right-of-use asset and a lease liability on the
balance sheet.
The lease liability is initially measured at the present value of future lease
payments, discounted using the Group\u2019s incremental borrowing rate. The
right-of-use asset is initially measured at cost, comprising the initial value of the
lease liability, any lease payments made before commencement of the lease,
any initial direct costs and any restoration costs. The asset is recorded as
property, plant and equipment, and is depreciated over the shorter of its
estimated useful economic life and the lease term on a straight-line basis.
The finance cost is charged to the income statement over the lease term to
produce a constant periodic rate of interest on the lease liability. The lease
payment is allocated between repayment of the lease liability and finance cost.
The Group has elected to account for short-term leases and leases of
low-value assets using the practical expedients. Instead of recognising a
right-of-use asset and lease liability, the payments in relation to these are
recognised as an expense in the income statement on a straight-line basis over
the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-385": { "value": "
SHARE-BASED COMPENSATION
The Group operates equity-settled share-based compensation schemes.
For grants made under the Group\u2019s share-based compensation schemes,
the fair value of an award is measured at the date of grant and reflects any
market-based vesting conditions. Non-market-based vesting conditions are
excluded from the fair value of the award. At the date of grant, the Company
estimates the number of awards expected to vest as a result of non-market-
based vesting conditions, and the fair value of this estimated number of awards
is recognised as an expense in the income statement on a straight-line basis
over the vesting period. At each balance sheet date, the impact of any revision
to vesting estimates is recognised in the income statement over the vesting
period. Proceeds received, net of any directly attributable transaction costs,
are credited to share capital and share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-386": { "value": "
PROVISIONS
Provisions are recognised when the Group has a present obligation,
either legal or constructive, as a result of a past event, it is probable that the
Group will be required to settle that obligation, and a reliable estimate can be
made of the amount of the obligation. The amount recognised as a provision is
the best estimate of the consideration required to settle the present obligation
at the balance sheet date, taking into account the risks and uncertainties surrounding
the obligation. Where a provision is measured using the estimated cash flows
to settle the present obligation, its carrying amount is the present value of
those cash flows. The Group uses the \u201cexpected value\u201d or \u201cmost likely outcome\u201d
method on a case-by-case basis to estimate the value of provisions.
When some or all of the economic benefits required to settle a provision are
expected to be recovered from a third party, a receivable is recognised as an
asset if it is virtually certain that reimbursement will be received and the
amount of the receivable can be measured reliably.
Environmental provisions
Where the Group is liable for decontamination work or the restoration of
sites to their original condition, an estimate is made of the costs needed to
complete these works, discounted back to present values, relying upon
independent third party valuers where appropriate.
Restructuring provisions
A restructuring provision is recognised when the Group has developed a
detailed formal plan for the restructuring and has raised a valid expectation in
those affected that it will carry out the restructuring by starting to implement
the plan or announcing its main features to those affected by it. The measurement
of a restructuring provision includes only the direct expenditures arising from
the restructuring and not those associated with the ongoing activities of the entity.
Warranty provisions
Provisions for the expected cost of warranty obligations under local sale of
goods legislation are recognised at the date of sale of the relevant products,
based upon the best estimate of the expenditure required to settle the
Group\u2019s obligations.
Disposal provisions
Disposal provisions relate to estimated liabilities faced by the Group in respect
of discontinued operations and other disposed entities under the terms of
their respective sale agreements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-387": { "value": "
CONTINGENT LIABILITIES
The Group exercises judgement in recognising exposures to contingent
liabilities related to pending litigation or other outstanding claims subject to
negotiated settlement, mediation, arbitration or government regulation, as
well as other contingent liabilities. Judgement may be necessary in assessing
the likelihood that a pending claim will succeed, or a liability will arise, and/or
to quantify the possible range of the financial settlement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-388": { "value": "
ALTERNATIVE PERFORMANCE MEASURES
In the analysis of the Group\u2019s financial performance and position, operating
results and cash flows, APMs are presented to provide readers with additional
information. The principal APMs presented are underlying measures of earnings
including underlying operating profit, underlying profit before tax, underlying
profit after tax, underlying EBITDA, underlying earnings per share and underlying
operating cash flow. In addition, EBITDA, net debt and constant currency
metrics are presented which are also considered non-IFRS measures. These
measures are consistent with information regularly reviewed by management
to run the business, including planning, budgeting and reporting purposes and
for its internal assessment of the operational performance of individual businesses.
The directors believe that the use of these APMs assists in providing additional
information on the underlying trends, performance and position of the Group.
APMs are used to assist with the comparability of information between reporting
periods by adjusting for items that are non-recurring or otherwise non-underlying.
Management considers non-underlying items to be:
- amortisation of acquired intangibles;
- material exceptional items, for example relating to acquisitions and disposals,
business restructuring costs and legal costs;
- gains or losses on the movement in the fair value of derivative financial
instruments; and
- the tax impact of all of the above.
The Group\u2019s use of APMs is consistent and we provide comparatives alongside
all current period figures.
Further detail on the APMs presented within these financial statements,
including a reconciliation to the IFRS equivalent, is presented in note 3.
", "dimensions": { "concept": "chemringgroupplc:Page173", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-389": { "value": "
EXCEPTIONAL ITEMS
Exceptional items are excluded from management\u2019s assessment of profit
because by their size or nature they need to be separately disclosed to
properly understand the Group\u2019s underlying quality of earnings. They are
typically gains or losses arising from events that are not considered part of
the core operations of the business. These items are excluded to reflect
performance in a consistent manner and are in line with how the business is
managed and measured on a day-to-day basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-390": { "value": "
POST-BALANCE SHEET EVENTS
In accordance with IAS 10 Events after the Reporting Period, the Group
continues to disclose events that it considers material, non-disclosure of which
can influence the economic decisions of users of the financial statements.
", "dimensions": { "concept": "chemringgroupplc:DescriptionOfAccountingPolicyForPostBalanceSheetEvents", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-391": { "value": "
5. ACCOUNTING JUDGEMENTS AND SOURCES OF
ESTIMATION UNCERTAINTY
When applying the Group\u2019s accounting policies, management must make
judgements, assumptions and estimates concerning the future that affect the
carrying amounts of assets and liabilities at the balance sheet date and the
amounts of revenue and expenses recognised during the period. Such
judgements, assumptions and estimates are based upon factors including
historical experience, the observance of trends in the industries in which the
Group operates, and information available from the Group\u2019s customers and
other external sources.
ACCOUNTING JUDGEMENTS
Revenue recognition
Following IFRS 15 Revenue from Contracts with Customers, the Group recognises
revenue on the basis of the satisfaction of performance obligations.
Management has to consider whether performance obligations should be
recognised at a single point in time, which is generally the case for the sale of
products by the Group, or over a period of time, which is more common for
certain service contracts.
In making its judgement about obligations that are satisfied at a point in time,
management has to consider at what point control has passed to the customer,
allowing revenue to be recognised. This is typically determined through a
consideration of customer acceptance testing, stage of completion, contract
terms and delivery arrangements.
KEY SOURCES OF ESTIMATION UNCERTAINTY
There are no key sources of estimation uncertainty at the balance sheet date
that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
OTHER NON-SIGNIFICANT AREAS THAT INCLUDE A DEGREE
OF ESTIMATION UNCERTAINTY OR JUDGEMENTS
While these areas do not present a significant risk resulting in a material
adjustment, they are areas of focus for management and include:
Provisions
The Group holds provisions where appropriate in respect of future economic
outflows which arise due to past events. These are subject to uncertainty in
respect of the outcome of future events. Estimates, judgements and assumptions
are based on factors including historical experience, the observance of trends
in the industries in which the Group operates, and information available from
the Group\u2019s customers and other external sources. Actual outflows of economic
benefit may not occur as anticipated, and estimates may prove to be incorrect,
leading to further charges or releases of provisions as circumstances change.
The provisions held by the Group as at 31 October 2023 are set out in note 23.
Goodwill impairment
Determining whether goodwill is impaired requires an estimation of the
value-in-use of the cash-generating units to which goodwill has been allocated.
The value-in-use calculation requires the entity to estimate the future cash
flows expected to arise from the cash-generating unit, and to determine a
suitable discount rate in order to calculate present value (see note 11). In
reviewing the carrying value of goodwill of the Group\u2019s businesses, the Board
has considered the separate plans and cash flows of these businesses consistent
with the requirements of IAS 36 Impairment of Assets. The plans and cash
flows of these businesses reflect current and anticipated conditions in the
defence industry. The total goodwill intangible asset is set out in note 11,
which shows a carrying value of \u00a3100.5m at 31 October 2023.
Capitalised development costs impairment
IAS 38 Intangible Assets requires that development costs, arising from the
application of research findings or other technical knowledge to a plan or
design of a new substantially improved product, are capitalised, subject to
certain criteria being met. Determining the future cash flows generated by the
products in development requires estimates which may differ from the actual
outcome. In particular, this can depend on the estimation applied to future
milestone events to secure long-term positions on production contracts, for
example Programs of Record for the US DoD. The total capitalised development
intangible asset is set out in note 12, which shows a carrying value of \u00a317.6m at
31 October 2023. Included in this balance are individually material balances
relating to Joint Biological Tactical Detection System (\u00a39.2m) and Perceive (\u00a35.5m).
Taxation
The Group operates in a number of countries around the world. Uncertainties
exist in relation to the interpretation of complex tax legislation, changes in tax
laws and the amount and timing of future taxable income. In some jurisdictions
agreeing tax liabilities with local tax authorities can take several years. This could
necessitate future adjustments to taxable income and expense already recorded.
At the year-end date, tax liabilities and assets are based on management\u2019s best
judgements around the application of the tax regulations and management\u2019s
estimate of the future amounts that will be settled.
The Group\u2019s operating model involves the cross-border supply of goods into
end markets. There is a risk that different tax authorities could seek to assess
higher profits (or lower costs) to activities being undertaken in their jurisdiction,
potentially leading to higher total tax payable by the Group.
At 31 October 2023 there was a provision of \u00a32.3m in respect of uncertain
tax positions. Due to the uncertainties noted above, there is a risk that the
Group\u2019s judgements are challenged, resulting in a different tax payable or
recoverable from the amounts provided. Management estimates that the
reasonably possible range of outcomes is between \u00a3nil and \u00a33.5m.
Deferred tax assets on tax losses and US interest deductions The category of deferred tax asset which contains significant estimation uncertainty and which requires management judgement in assessing its recoverability relates to US interest limitations and tax losses carried forward (see note 24). Applicable accounting standards permit the recognition of deferred tax assets only to the extent that it is probable that future taxable profits will be available, or to the extent that the existing taxable temporary differences, of an appropriate type, reverse in an appropriate period to utilise the tax losses carried forward. The assessment of future taxable profits involves significant estimation uncertainty, principally relating to an assessment of management\u2019s projections of future taxable income based on business plans and ongoing tax planning strategies. These projections include assumptions about the future strategy of the Group, the economic and regulatory environment in which the Group operates, future tax legislation and customer behaviour, amongst other variables. Defined benefit pension scheme Estimation is required in the determination of the discount rate and inflation assumptions underpinning the valuation of the liabilities of the Group\u2019s defined benefit pension scheme. There is a range of possible values for each of the actuarial assumptions and small changes in assumptions may have a significant impact on the size of the deficit. Note 29 provides information on the key assumptions and analysis of their sensitivities. Investments in subsidiaries impairment (parent company only) The parent company tests investments at least annually for impairment, in addition to when there is an indicator of impairment. Determining whether investments in subsidiaries are impaired requires an estimation of the value-in-use of the legal entities to which the investments relate. Where the investment value relates to an intermediate holding company, the subsidiaries of that holding company are used to support the carrying value. The value-in-use calculation requires the entity to estimate the future cash flows expected to arise from the legal entity, and to determine a suitable discount rate in order to calculate present value (see note 11 of the Group financial statements). In reviewing the carrying value of investments in subsidiaries, the Board has considered the separate plans and cash flows of these businesses consistent with the requirements of IAS 36 Impairment of Assets. The plans and cash flows of these businesses reflect current and anticipated conditions in the defence industry. The total investments in subsidiaries are set out in note 2 of the parent company financial statements, which shows a carrying value of \u00a3786.0m at 31 October 2023. CLIMATE CHANGE In preparing the financial statements, we have considered the impact of both physical and transitional climate change risks, which have helped develop the Group\u2019s internal transitional plan to ensure we achieve our climate-related targets, through the monitoring and assessment of our environmental metrics, (discussed earlier in the annual report). The key element to achieving our climate-related target in our transitional plan is the electrification, energy efficiency and renewable energy sourcing for our operations; this approach requires upgrading and improvement of current facilities and equipment to be more efficient is dependent on future capital expenditure. Therefore, the main areas affected from a financial perspective have been our impairment and going concern and viability assessments where we have ensured that these potential risks have been appropriately considered in forecast cash flows used", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } } } }