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These financial statements of Chemring Group PLC (registered number 86662) were approved and authorised for issue by the Board of directors on
17 December 2024.
Signed on behalf of the Board
Michael Ord James Mortensen
Director Director
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"2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-266": { "value": "-2000000", "decimals": -5, "dimensions": { "concept": "chemringgroupplc:ShortTermFundingToDefinedBenefitPensionSchemeClassifiedAsInvestingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-267": { "value": "-47600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-268": { "value": "-39400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "19600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-270": { "value": "17300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-271": { "value": "41000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-272": { "value": "14000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "200000", "decimals": -5, "dimensions": { "concept": "chemringgroupplc:PaidAccruedDividendsOnSharesClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "300000", "decimals": -5, "dimensions": { "concept": "chemringgroupplc:PaidAccruedDividendsOnSharesClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "4000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "800000", "decimals": -5, "dimensions": { "concept": "chemringgroupplc:CapitalisedFacilityFeesPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "300000", "decimals": -5, "dimensions": { "concept": "chemringgroupplc:CapitalisedFacilityFeesPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "100000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "60100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "70100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "66800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "1800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "-37300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "-40200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "-3900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "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-291": { "value": "6400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "19800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "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-295": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "6400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "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
2024
\u00a3m
\u00a3m
\u00a3m
UK
162.7
66.5
229.2
US
31.1
141.5
172.6
Europe
10.9
75.1
86.0
Asia Pacific
3.6
13.1
16.7
Rest of the world
3.7
2.2
5.9
212.0
298.4
510.4
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
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
2024
\u00a3m
\u00a3m
\u00a3m
Goods
48.6
290.8
339.4
Services
163.4
7.6
171.0
212.0
298.4
510.4
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
All revenues recognised arose from contracts with customers.
As at 31 October 2024 \u00a31,038m (2023: \u00a3922m) of revenue was not yet recognised in respect of obligations that were unfulfilled or only partially fulfilled as at
the year end. \u00a3413m (2023: \u00a3403m) of this revenue is expected to be recognised in the next financial year and \u00a3625m (2023: \u00a3519m) in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-358": { "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
2024
\u00a3m
\u00a3m
\u00a3m
UK
162.7
66.5
229.2
US
31.1
141.5
172.6
Europe
10.9
75.1
86.0
Asia Pacific
3.6
13.1
16.7
Rest of the world
3.7
2.2
5.9
212.0
298.4
510.4
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-302": { "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 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
212.0
298.4
\u2014
510.4
Segment result before depreciation, amortisation and non-underlying items and
discontinued operations
47.3
63.2
(16.8)
93.7
Depreciation (note 13)
(4.6)
(16.4)
\u2014
(21.0)
Amortisation (note 12)
(1.3)
(0.3)
\u2014
(1.6)
Segmental underlying operating profit
41.4
46.5
(16.8)
71.1
Amortisation of acquired intangibles (note 12)
(0.8)
(1.2)
\u2014
(2.0)
Non-underlying items (note 3)
(3.2)
2.8
(10.6)
(11.0)
Impact of non-underlying items on profit before tax (note 3)
(4.0)
1.6
(10.6)
(13.0)
Segmental operating profit
37.4
48.1
(27.4)
58.1
Finance expense
(4.8)
(4.8)
Profit before tax
(32.2)
53.3
Ta x
(10.6)
(10.6)
Profit for the year from continuing operations
(42.8)
42.7
Discontinued operations
3.2
(6.4)
\u2014
(3.2)
Profit for the year
40.6
41.7
(42.8)
39.5
Sensors
Countermeasures
& Information
& Energetics
Unallocated *
Total
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
* Unallocated items are specific corporate level costs that cannot be allocated to a business segment.
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:
2024
2023
Non-current assets by location
\u00a3m
\u00a3m
UK
198.5
167.5
US
169.3
166.8
Norway
33.6
20.4
Australia
13.5
15.2
414.9
369.9
Information on major customers
Of the Group\u2019s total revenue, \u00a3110.7m (2023: \u00a3117.8m) arose from sales to the US DoD, \u00a398.5m (2023: \u00a359.9m) arose from the sales to the UK MOD and
\u00a350.7m (2023: \u00a354.5m) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-359": { "value": "Information on major customers Of the Group\u2019s total revenue, \u00a3110.7m (2023: \u00a3117.8m) arose from sales to the US DoD, \u00a398.5m (2023: \u00a359.9m) arose from the sales to the UK MOD and \u00a350.7m (2023: \u00a354.5m) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-303": { "value": "
3. ALTERNATIVE PERFORMANCE MEASURES
The principal Alternative Performance Measures (\u201cAPMs\u201d) presented are the underlying measures of earnings which exclude exceptional items, gain or loss on
the movement on the fair value of derivative financial instruments, and the amortisation of acquired intangibles. The directors believe that these APMs assist the
comparability of information between reporting periods. The term underlying is not defined under IFRS and may not be comparable with similarly titled
measures used by other companies.
Reconciliation from underlying to statutory performance:
2024
2023
Underlying
Non-underlying
Statutory
Underlying
Non-underlying
Statutory
performance
items
To t a l
performance
items
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
Revenue
510.4
\u2014
510.4
472.6
\u2014
472.6
Operating profit
71.1
(13.0)
58.1
69.2
(23.8)
45.4
Finance expense
(4.8)
\u2014
(4.8)
(1.3)
\u2014
(1.3)
Profit before tax
66.3
(13.0)
53.3
67.9
(23.8)
44.1
Taxation
(12.3)
1.7
(10.6)
(10.2)
3.8
(6.4)
Profit after tax
54.0
(11.3)
42.7
57.7
(20.0)
37.7
Discontinued operations
Loss after tax from discontinued operations
(1.3)
(1.9)
(3.2)
(0.9)
(31.4)
(32.3)
Total profit after tax
52.7
(13.2)
39.5
56.8
(51.4)
5.4
Earnings per ordinary share
Continuing operations
Basic
19.8
15.7
20.5p
13.4p
Diluted
19.3
15.3
20.0p
13.1p
Continuing operations and
discontinued operations
Basic
19.3
14.5
20.2p
1.9p
Diluted
18.8
14.2
19.7p
1.9p
In accordance with our accounting policy we have presented the following reconciliation of APMs used throughout this report to their IFRS equivalent measures
as follows:
2024
2023
Non-underlying items and non-underlying measures
\u00a3m
\u00a3m
(Loss)/gain on the movement in the fair value of derivative financial instruments (note 23)
(2.0)
1.4
Acquisition expenses (note 29)
(3.4)
(3.7)
Defined benefit pension buy-in and buy-out transaction
(7.5)
\u2014
Change in senior management positions
(1.2)
\u2014
Impairment of Chemical Detection assets
\u2014
(18.5)
Release of disposal provisions (note 24)
\u2014
3.2
Release of/(increase in) legal and disposal provisions (note 24)
3.1
(3.2)
Impact of non-underlying items on EBITDA
(11.0)
(20.8)
Amortisation of acquired intangibles arising from business combinations (note 12)
(2.0)
(3.0)
Impact of non-underlying items on profit before tax
(13.0)
(23.8)
Tax impact of non-underlying items
1.7
3.8
Impact of non-underlying items on continuing profit after tax
(11.3)
(20.0)
Non-underlying discontinued operations after tax (note 5)
(1.9)
(31.4)
Impact of non-underlying items on profit after tax
(13.2)
(51.4)
Underlying profit after tax
52.7
56.8
Statutory profit after tax
39.5
5.4
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 31. 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 180.
Derivative financial instruments
Included in non-underlying items is a \u00a32.0m loss (2023: \u00a31.4m gain) 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 \u00a33.4m (2023: \u00a33.7m) of acquisition related expenses. This includes \u00a33.2m (2023: \u00a33.4m) 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 29
for further details. The remaining expense of \u00a30.2m (2023: \u00a30.3m) 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 a business being acquired rather than organically developed, these costs have been excluded from
the underlying measures. This expense has been presented against the Sensors & Information business segment in note 2.
Defined benefit pension buy-in and buy-out transaction
Included in non-underlying items is an expense of \u00a37.5m (2023: \u00a3nil). This comprises the settlement loss following the buy-in transaction agreed on 28 November 2023,
as well as ongoing costs incurred in relation to the buy-in process which will eventually conclude with a buy-out of the scheme. The buy-in and buy-out transaction is
considered a non-recurring event by nature and the expense relating to it is material in size; therefore, these costs have been excluded from the underlying measures.
Change in senior management positions
Included in non-underlying items are costs of \u00a31.2m (2023: \u00a3nil) relating to the change of senior management positions within the Group, including the appointment
of the Chairman, the Group Chief Financial Officer and the President of the Group\u2019s US operations. The non-underlying costs includes costs incurred in
recruitment and costs incurred during handover periods. Costs incurred of this nature are considered exceptional given their significance comparative to general
recruitment and remuneration activities across the Group; therefore, these costs have been excluded from the underlying measures.
Legal and disposal provisions
Included in non-underlying items is a \u00a33.1m (2023: \u00a3nil) release of legal and disposal provisions, relating to the 2018 incident at our UK countermeasures facility
in Salisbury. The HSE prosecution was closed in the year; see note 34 for further details. This release has been presented against the Countermeasures &
Energetics business segment in note 2.
Amortisation of acquired intangibles
Included in non-underlying items is the amortisation charge arising from business combinations of \u00a32.0m (2023: \u00a33.0m). 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.
Tax
The tax impact of non-underlying items comprises a \u00a31.7m tax credit (2023: \u00a33.8m 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 32 and 33. 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:
2024
2023
\u00a3m
\u00a3m
Operating profit
58.1
45.4
Amortisation arising from business combinations (note 12)
2.0
3.0
Amortisation of development costs (note 12)
1.3
0.7
Amortisation of patents and licences (note 12)
0.3
\u2014
Depreciation of property, plant and equipment (note 13)
21.0
18.6
EBITDA
82.7
67.7
Non-underlying items
11.0
20.8
Underlying EBITDA
93.7
88.5
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 2024 at the average exchange rates for the comparative year ended 31 October 2023.
Underlying cash conversion
In our financial review we present a measure of underlying 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 2023 can be found on page 188 in the five-year record of financials.
", "dimensions": { "concept": "chemringgroupplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-304": { "value": "
4. OPERATING PROFIT
Operating profit is stated after charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
14.2
10.1
Amortisation
\u2013 arising from business combinations
2.0
3.0
\u2013 development costs
1.3
0.7
\u2013 patents and licences
0.3
\u2014
Depreciation of property, plant and equipment
\u2013 owned assets
19.1
17.2
\u2013 leased assets
1.9
1.4
Impairment of development costs
\u2014
15.6
Loss on disposal of non-current assets
1.7
\u2014
Government grant income
\u2014
(0.1)
Foreign exchange losses
0.3
2.7
Staff costs (note 6)
196.1
176.6
Cost of inventories recognised as an expense
165.3
146.5
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads.
A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2024
2023
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
0.5
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.8
0.7
1.3
1.1
Other services
Audit-related assurance services
0.1
0.1
1.4
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2023: \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 100 to 103, which 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-413": { "value": "4. OPERATING PROFIT Operating profit is stated after charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
14.2
10.1
Amortisation
\u2013 arising from business combinations
2.0
3.0
\u2013 development costs
1.3
0.7
\u2013 patents and licences
0.3
\u2014
Depreciation of property, plant and equipment
\u2013 owned assets
19.1
17.2
\u2013 leased assets
1.9
1.4
Impairment of development costs
\u2014
15.6
Loss on disposal of non-current assets
1.7
\u2014
Government grant income
\u2014
(0.1)
Foreign exchange losses
0.3
2.7
Staff costs (note 6)
196.1
176.6
Cost of inventories recognised as an expense
165.3
146.5
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads. A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2024
2023
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
0.5
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.8
0.7
1.3
1.1
Other services
Audit-related assurance services
0.1
0.1
1.4
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2023: \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 100 to 103, which 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-360": { "value": "4. OPERATING PROFIT Operating profit is stated after charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
14.2
10.1
Amortisation
\u2013 arising from business combinations
2.0
3.0
\u2013 development costs
1.3
0.7
\u2013 patents and licences
0.3
\u2014
Depreciation of property, plant and equipment
\u2013 owned assets
19.1
17.2
\u2013 leased assets
1.9
1.4
Impairment of development costs
\u2014
15.6
Loss on disposal of non-current assets
1.7
\u2014
Government grant income
\u2014
(0.1)
Foreign exchange losses
0.3
2.7
Staff costs (note 6)
196.1
176.6
Cost of inventories recognised as an expense
165.3
146.5
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads. A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2024
2023
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
0.5
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.8
0.7
1.3
1.1
Other services
Audit-related assurance services
0.1
0.1
1.4
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2023: \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 100 to 103, which 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-418": { "value": "Operating profit is stated after charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Research and development costs
\u2013 internally-funded
14.2
10.1
Amortisation
\u2013 arising from business combinations
2.0
3.0
\u2013 development costs
1.3
0.7
\u2013 patents and licences
0.3
\u2014
Depreciation of property, plant and equipment
\u2013 owned assets
19.1
17.2
\u2013 leased assets
1.9
1.4
Impairment of development costs
\u2014
15.6
Loss on disposal of non-current assets
1.7
\u2014
Government grant income
\u2014
(0.1)
Foreign exchange losses
0.3
2.7
Staff costs (note 6)
196.1
176.6
Cost of inventories recognised as an expense
165.3
146.5
The remaining items within operating profit predominantly relate to general and administrative expenses and production overheads. 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 1 November 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
Reclassification
0.8
(0.8)
\u2014
\u2014
\u2014
Additions
27.6
41.1
6.4
0.3
75.4
Disposals
(0.4)
(2.1)
(4.2)
(0.2)
(6.9)
Foreign exchange adjustments
(4.3)
(7.0)
(0.4)
\u2014
(11.7)
At 31 October 2024
178.2
221.8
13.7
0.9
414.6
Depreciation
At 1 November 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)
Charge
(4.3)
(14.8)
(1.8)
(0.1)
(21.0)
Impairment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
0.2
0.6
4.2
0.2
5.2
Foreign exchange adjustments
1.1
3.0
0.5
\u2014
4.6
At 31 October 2024
(29.9)
(93.7)
(2.8)
(0.4)
(126.8)
Carrying amount
At 31 October 2024
148.3
128.1
10.9
0.5
287.8
At 31 October 2023
127.6
108.1
6.2
0.3
242.2
During the year, \u00a31.7m (2023: \u00a32.8m) of interest was capitalised, as set out in note 7. \u00a31.0m (2023: \u00a31.0m) of capitalised interest was charged as depreciation and \u00a3nil (2023: \u00a3nil) was disposed of. This results in a net book value for capitalised interest of \u00a311.3m (2023: \u00a310.6m). 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 was 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 \u00a334.6m and \u00a331.4m respectively (2023: \u00a328.6m and \u00a330.6m). These assets are not depreciated. During the year, \u00a312.3m (2023: \u00a3nil) of property, plant and equipment additions related to capital projects funded via receipt of government grants (see note 20). As part of the transition to IFRS in 2005, Chemring utilised the most recent revaluation amount for land and buildings for two pyrotechnic sites, to be utilised as the deemed cost of the asset under IFRS. All other tangible fixed assets are stated at historical cost. At 31 October 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a319.5m (2023: \u00a327.9m). In addition, the Group had commitments for the acquisition of property, plant and equipment of \u00a37.0m under government grant conditions. Cash flows from purchases of property, plant and equipment are \u00a364.8m (2023: \u00a332.7m). The difference to the additions total presented above includes \u00a36.9m (2023: \u00a32.3m) non-cash movements related to right-of-use assets as well as the movement in accrued capital expenditure.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-396": { "value": "A detailed analysis of the auditor\u2019s remuneration on a worldwide basis is set out below:
2024
2023
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
0.5
0.4
\u2013 the audit of the Company\u2019s subsidiaries, pursuant to legislation
0.8
0.7
1.3
1.1
Other services
Audit-related assurance services
0.1
0.1
1.4
1.2
Included in the fees for the audit of the Company\u2019s annual accounts is \u00a30.1m (2023: \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 100 to 103, which 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-305": { "value": "
5. RESULTS FROM DISCONTINUED OPERATIONS AND HELD FOR SALE ASSET
Total losses from discontinued operations for the year to 31 October 2024 were \u00a33.2m. Included in this balance is the underlying loss from the EHD business of
\u00a31.3m and an associated non-underlying credit of \u00a34.5m, being the reversal of an impairment of \u00a35.8m of the held for sale assets, a \u00a30.6m charge for site rationalisation
costs and professional fees related to the sale, and a tax credit against those non-underlying items of \u00a30.7m (see below). Also included in discontinued operations
is a \u00a36.4m charge relating to an increase in provisions for a previously disposed European Munitions business (see note 24 for further details).
EHD Business
In 2023, the decision was taken that the Explosive Hazard Detection (\u201cEHD\u201d) business would not continue to operate as a result of the US DoD\u2019s decision in
2022 to transition the HMDS Program of Record into sustainment earlier than previously indicated. After evaluating the potential sustainment program it was
determined that in the short to medium term there was insufficient DoD funding to make it economically viable for Chemring to continue to operate the EHD
business. Therefore the business was abandoned and treated as a discontinued operation. All assets were written off and impaired as at 31 October 2023.
During the year to 31 October 2024 and prior to the assets being physically disposed of, the Group received an offer to purchase the EHD business. An asset
purchase agreement was signed for the purchase of the EHD business. The business assets were preserved, and certain costs were incurred to safeguard these
assets in order to ensure that they were in a condition ready to sell. There was also certain revenue related to the sale of spare parts for the service of active
units in operation which occurred during the year while the process of selling the EHD business was ongoing, as disclosed in the table below.
The sale transaction is expected to complete in the next 12 months, subject to regulatory approval.
2024
2023
Underlying
Non-underlying
To t a l
Underlying
Non-underlying
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EHD business
Revenue
1.8
\u2014
1.8
9.3
\u2014
9.3
Operating loss
(1.5)
5.2
3.7
(1.2)
(33.6)
(34.8)
Ta x
0.2
(0.7)
(0.5)
0.3
2.2
2.5
Operating profit/(loss) from EHD business
(1.3)
4.5
3.2
(0.9)
(31.4)
(32.3)
Other discontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Increase in provisions
\u2014
(6.4)
(6.4)
\u2014
\u2014
\u2014
Total loss from discontinued operations
(1.3)
(1.9)
(3.2)
(0.9)
(31.4)
(32.3)
A held for sale asset of \u00a35.8m in relation to the EHD business has been recognised as at 31 October 2024, representing the fair value of the assets less costs to sell.
In the year to 31 October 2023, non-underlying items included a non-cash impairment of \u00a331.2m (of which \u00a320.5m related to the goodwill associated with the
acquisition of the EHD business in 2009 and \u00a310.7m related to other assets), site rationalisation costs of \u00a31.7m and the amortisation of acquired intangibles of
\u00a30.7m. The cash flows from discontinued operations are presented in note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-361": { "value": "5. RESULTS FROM DISCONTINUED OPERATIONS AND HELD FOR SALE ASSET Total losses from discontinued operations for the year to 31 October 2024 were \u00a33.2m. Included in this balance is the underlying loss from the EHD business of \u00a31.3m and an associated non-underlying credit of \u00a34.5m, being the reversal of an impairment of \u00a35.8m of the held for sale assets, a \u00a30.6m charge for site rationalisation costs and professional fees related to the sale, and a tax credit against those non-underlying items of \u00a30.7m (see below). Also included in discontinued operations is a \u00a36.4m charge relating to an increase in provisions for a previously disposed European Munitions business (see note 24 for further details). EHD Business In 2023, the decision was taken that the Explosive Hazard Detection (\u201cEHD\u201d) business would not continue to operate as a result of the US DoD\u2019s decision in 2022 to transition the HMDS Program of Record into sustainment earlier than previously indicated. After evaluating the potential sustainment program it was determined that in the short to medium term there was insufficient DoD funding to make it economically viable for Chemring to continue to operate the EHD business. Therefore the business was abandoned and treated as a discontinued operation. All assets were written off and impaired as at 31 October 2023. During the year to 31 October 2024 and prior to the assets being physically disposed of, the Group received an offer to purchase the EHD business. An asset purchase agreement was signed for the purchase of the EHD business. The business assets were preserved, and certain costs were incurred to safeguard these assets in order to ensure that they were in a condition ready to sell. There was also certain revenue related to the sale of spare parts for the service of active units in operation which occurred during the year while the process of selling the EHD business was ongoing, as disclosed in the table below. The sale transaction is expected to complete in the next 12 months, subject to regulatory approval.
2024
2023
Underlying
Non-underlying
To t a l
Underlying
Non-underlying
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EHD business
Revenue
1.8
\u2014
1.8
9.3
\u2014
9.3
Operating loss
(1.5)
5.2
3.7
(1.2)
(33.6)
(34.8)
Ta x
0.2
(0.7)
(0.5)
0.3
2.2
2.5
Operating profit/(loss) from EHD business
(1.3)
4.5
3.2
(0.9)
(31.4)
(32.3)
Other discontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Increase in provisions
\u2014
(6.4)
(6.4)
\u2014
\u2014
\u2014
Total loss from discontinued operations
(1.3)
(1.9)
(3.2)
(0.9)
(31.4)
(32.3)
A held for sale asset of \u00a35.8m in relation to the EHD business has been recognised as at 31 October 2024, representing the fair value of the assets less costs to sell. In the year to 31 October 2023, non-underlying items included a non-cash impairment of \u00a331.2m (of which \u00a320.5m related to the goodwill associated with the acquisition of the EHD business in 2009 and \u00a310.7m related to other assets), site rationalisation costs of \u00a31.7m and the amortisation of acquired intangibles of \u00a30.7m. The cash flows from discontinued operations are presented in note 31.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-306": { "value": "
6. STAFF COSTS
The average monthly number of employees, including executive directors, was:
2024
2023
Number
Number
Direct
1,653
1,610
Indirect
1,019
931
Continuing operations
2,672
2,541
Discontinued operations
11
37
2,683
2,578
The costs incurred, including share-based payments, were:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
162.7
148.8
Social security costs
17.3
15.0
Other pension costs
10.3
8.4
Share-based payment charge
5.8
4.4
Staff costs from continuing operations
196.1
176.6
Staff costs from discontinued operations
1.0
3.1
Total staff costs
197.1
179.7
The share-based payment charge of \u00a35.8m (2023: \u00a34.4m) excludes \u00a33.2m (2023: \u00a33.4m) 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 28 for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-307": { "value": "
7. FINANCE EXPENSE
2024
2023
\u00a3m
\u00a3m
Bank overdraft and loan interest
5.8
2.9
Amortisation of debt finance costs
0.4
0.4
Interest cost on retirement benefit obligations (note 30)
\u2014
0.6
Lease liability interest (note 19)
0.3
0.2
6.5
4.1
Amount capitalised (note 13)
(1.7)
(2.8)
Finance expense
4.8
1.3
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 6.1% (2023: 5.7%). During the year \u00a31.7m (2023: \u00a32.8m) of interest was capitalised in relation to the automation
programme and the investment in capacity expansion in the niche Energetics businesses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-414": { "value": "7. FINANCE EXPENSE
2024
2023
\u00a3m
\u00a3m
Bank overdraft and loan interest
5.8
2.9
Amortisation of debt finance costs
0.4
0.4
Interest cost on retirement benefit obligations (note 30)
\u2014
0.6
Lease liability interest (note 19)
0.3
0.2
6.5
4.1
Amount capitalised (note 13)
(1.7)
(2.8)
Finance expense
4.8
1.3
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 6.1% (2023: 5.7%). During the year \u00a31.7m (2023: \u00a32.8m) of interest was capitalised in relation to the automation programme and the investment in capacity expansion in the niche Energetics businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-397": { "value": "7. FINANCE EXPENSE
2024
2023
\u00a3m
\u00a3m
Bank overdraft and loan interest
5.8
2.9
Amortisation of debt finance costs
0.4
0.4
Interest cost on retirement benefit obligations (note 30)
\u2014
0.6
Lease liability interest (note 19)
0.3
0.2
6.5
4.1
Amount capitalised (note 13)
(1.7)
(2.8)
Finance expense
4.8
1.3
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 6.1% (2023: 5.7%). During the year \u00a31.7m (2023: \u00a32.8m) of interest was capitalised in relation to the automation programme and the investment in capacity expansion in the niche Energetics businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-362": { "value": "7. FINANCE EXPENSE
2024
2023
\u00a3m
\u00a3m
Bank overdraft and loan interest
5.8
2.9
Amortisation of debt finance costs
0.4
0.4
Interest cost on retirement benefit obligations (note 30)
\u2014
0.6
Lease liability interest (note 19)
0.3
0.2
6.5
4.1
Amount capitalised (note 13)
(1.7)
(2.8)
Finance expense
4.8
1.3
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 6.1% (2023: 5.7%). During the year \u00a31.7m (2023: \u00a32.8m) of interest was capitalised in relation to the automation programme and the investment in capacity expansion in the niche Energetics businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-308": { "value": "8. TAXATION
2024
2023
\u00a3m
\u00a3m
Current tax charge \u2013 current year
7.7
10.1
Current tax credit \u2013 prior year
(0.8)
(0.5)
Deferred tax charge/(credit) \u2013 current year (note 25)
3.0
(2.7)
Deferred tax charge/(credit) \u2013 prior year (note 25)
0.7
(0.5)
Tax charge
10.6
6.4
Income tax in the UK is calculated at 25% (2023: 22.5%) 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:
2024
2023
\u00a3m
\u00a3m
Profit before tax
53.3
44.1
Tax at the UK corporation tax rate of 25% (2023: 22.5%)
13.3
9.9
Expenses not deductible for tax purposes
0.1
0.5
Changes in tax rates
\u2014
0.3
Tax losses/future interest deductions not previously recognised
\u2014
(2.8)
Release of tax risk provision
(2.8)
(1.2)
Prior period adjustments
(0.1)
(1.0)
Overseas profits taxed at rates different to the UK standard rate
0.1
0.7
Tax charge for continuing operations
10.6
6.4
In addition to the tax charge in the income statement, a tax credit of \u00a30.6m (2023: \u00a30.5m) has been recognised in other comprehensive income in the year. The effective rate of tax on the profit before tax of the Group is 19.9% (2023: 14.5%), and the effective rate of tax on the underlying profit before tax of the Group is 18.6% (2023: 15.0%). The effective rate of tax on the underlying profit before tax is lower than the corporation tax rate due to benefit of US losses in the period and the release of Chemring Countermeasures UK incident provision, which was not treated as tax deductible at the time of recognition in 2018. Included within the tax charge is a current year non-underlying deferred tax credit of \u00a31.6m (2023: \u00a33.8m), predominantly relating to tax on amortisation of acquired intangibles. 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.
25. DEFERRED TAX
The following are the principal deferred tax assets/(liabilities) recognised by the Group and movements thereon:
Accelerated
tax
US interest
Tax
Acquired
depreciation
Pensions
deductions
losses
intangibles
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
(Charge)/credit to income statement
(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)
(Charge)/credit to income statement
(2.9)
0.5
0.5
(0.1)
(0.2)
(1.5)
(3.7)
Credit to other comprehensive income
\u2014
0.5
\u2014
\u2014
\u2014
\u2014
0.5
Recognised on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Recognised directly in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
At 31 October 2024
(36.2)
\u2014
8.2
17.6
(9.3)
9.4
(10.3)
Analysed as:
Deferred tax assets
\u2014
\u2014
8.2
17.6
\u2014
9.4
35.2
Deferred tax liabilities
(36.2)
\u2014
\u2014
\u2014
(9.3)
\u2014
(45.5)
At 31 October 2024
(36.2)
\u2014
8.2
17.6
(9.3)
9.4
(10.3)
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)
Certain deferred tax assets and liabilities have been offset where there is a legally enforceable right to set off deferred tax assets against deferred liabilities that
relate to the same fiscal authority. Deferred tax balances before offset are analysed in the table above. After netting off the net deferred tax assets are \u00a37.3m
(2023: \u00a336.9m) and net deferred tax liabilities are \u00a317.6m (2023: \u00a343.8m).
Deferred tax balances of \u00a39.2m (2023: \u00a311.1m) 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 \u00a30.3m (2023: \u00a30.5m) on gross US State tax losses of \u00a34.6m (2023: \u00a38.3m) and unrecognised
deferred tax of \u00a321.7m (2023: \u00a319.7m) on gross interest deductions of \u00a381.0m (2023: \u00a373.7m) 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 (2023: \u00a30.7m) on gross US capital losses of \u00a33.4m
(2023: \u00a33.5m). 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-310": { "value": "
9. DIVIDENDS
2024
2023
\u00a3m
\u00a3m
Dividends paid on ordinary shares of 1p each
Final dividend of 4.6p per share for the year ended 31 October 2023 (3.8p per share for the year ended 31 October 2022)
12.5
10.8
Interim dividend of 2.6p per share for the year ended 31 October 2024 (2.3p per share for the year ended 31 October 2023)
7.1
6.5
Total dividends
19.6
17.3
Subject to approval at the Annual General Meeting, the final dividend of 5.2p per ordinary share will be paid on 11 April 2025 to all shareholders registered
at the close of business on 21 March 2025. The estimated cash value of this dividend is \u00a314.5m, although the final payment may be lower as a result of the impact
of share buybacks. The total dividend for the year will therefore be 7.8p (2023: 6 .9p) 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 2024.
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 2024
and 31 October 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-2": { "value": "0.078", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-3": { "value": "0.069", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-309": { "value": "
10. EARNINGS PER ORDINARY SHARE
Earnings per share is based on the average number of shares in issue, excluding own shares held, of 272,875,033 (2023: 281,655,927).
Diluted earnings per share has been calculated using a diluted average number of shares in issue, excluding own shares held, of 279,133,292 (2023: 288,780,153).
The number of shares used in the calculations is as follows:
2024
2023
Ordinary Ordinary
shares shares
Number
Number
millions
millions
Weighted average number of shares used to calculate basic earnings per share
272.9
281.7
Additional shares issuable other than at fair value in respect of options outstanding
6.2
7.1
Weighted average number of shares used to calculate diluted earnings per share
279.1
288.8
The earnings used in the calculations of the various measures of earnings per share are as follows:
2024
2023
Basic EPS
Diluted EPS
Basic EPS
Diluted EPS
\u00a3m
(Pence)
(Pence)
\u00a3m
(Pence)
(Pence)
Underlying profit after tax
54.0
19.8
19.3
57.7
20.5
20.0
Non-underlying items (note 3)
(11.3)
(20.0)
Profit from continuing operations
42.7
15.7
15.3
37.7
13.4
13.1
Loss from discontinued operations
(3.2)
(1.2)
(1.1)
(32.3)
(11.5)
(11.2)
Total profit after tax
39.5
14.5
14.2
5.4
1.9
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-311": { "value": "
11. GOODWILL
\u00a3m
Cost
At 1 November 2022
204.9
Acquisitions through business combinations (note 29)
5.9
Foreign exchange adjustments
(6.5)
At 31 October 2023
204.3
Acquisitions through business combinations (note 29)
\u2014
Foreign exchange adjustments
(6.8)
At 31 October 2024
197.5
Accumulated impairment losses
At 1 November 2022
(86.8)
Impairment
(20.5)
Foreign exchange adjustments
3.5
At 31 October 2023
(103.8)
Acquisitions through business combinations (note 29)
\u2014
Foreign exchange adjustments
4.8
At 31 October 2024
(99.0)
Carrying amount
At 31 October 2024
98.5
At 31 October 2023
100.5
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 are represented as the division within an operating company. In most of our operating companies, there is only one division
and therefore CGUs are represented by the individual operating companies within the operating segment descriptions in note 2. For Chemring Sensors &
Electronic Systems, Inc. the business unit is split into two separate CGUs to reflect the independent cash flows being generated and the way in which management
monitors the business. The two CGUs being Biological Detection and Chemical Detection.
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. This exercise also forms the basis of any impairment reviews of PPE and
for the parent company\u2019s investment in subsidiaries, should any impairment triggers be identified. 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 8.8% (2023: 8.5%) and 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 2024 were all 1% (2023: 1%).
The Board-approved five-year plan which considers past experience, expectations of future changes and understanding of customer budgets and priorities
forms the basis of the impairment review. Cash flow considerations within the review include the timing of forecast revenues, expected contract outcomes and
forecast operating margins. The relative value ascribed to each varies between CGUs as the five-year plan is built up from the underlying operating companies
within each CGU. Considerations for new facilities include the impact of commissioning and production ramp up phasing on the timing of future cash flows.
At the end of five years, the calculations assume the performance of the CGUs will grow at a nominal annual rate of 2.5% (2023: 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:
2024
2023
2024
2023
%
%
\u00a3m
\u00a3m
Roke Manor Research Limited
13.2
12.9
37.4
37.4
Chemring Energetics UK Limited
13.2
12.9
14.6
14.6
Chemring Sensors & Electronic Systems, Inc. \u2013 Biological Detection
12.5
11.8
17.2
18.2
Chemring Sensors & Electronic Systems, Inc. \u2013 Chemical Detection
12.5
11.8
\u2014
\u2014
Chemring Energetic Devices, Inc.
12.5
11.8
16.2
17.1
Kilgore Flares Company LLC
12.5
11.8
5.8
5.8
Other
7.3
7.4
98.5
100.5
The pre-tax discount rates used for other CGUs ranged from 11.6% to 13.9% (2023: 11.6% to 12.9%). The \u201cOther\u201d CGU is the carrying amount of goodwill that is allocated across multiple CGUs. Stress testing was performed on the forecasts to consider the impact of reasonably possible scenarios over the forecast period, including a 1% 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 2022
63.9
107.1
55.0
0.5
162.6
Acquisitions through business combinations (note 29)
\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
Acquisitions through business combinations (note 29)
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
3.1
\u2014
\u2014
2.7
2.7
Disposals
\u2014
(0.4)
\u2014
\u2014
(0.4)
Foreign exchange adjustments
(2.1)
(5.1)
(2.0)
\u2014
(7.1)
At 31 October 2024
64.4
98.1
52.2
3.2
153.5
Amortisation
At 1 November 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)
Charge
(1.3)
(0.8)
(1.2)
(0.3)
(2.3)
Impairment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
0.4
\u2014
\u2014
0.4
Foreign exchange adjustments
1.3
5.2
1.9
\u2014
7.1
At 31 October 2024
(45.8)
(95.3)
(47.7)
(0.5)
(143.5)
Carrying amount
At 31 October 2024
18.6
2.8
4.5
2.7
10.0
At 31 October 2023
17.6
3.5
5.8
0.3
9.6
Included within the development costs of \u00a318.6m, individually material balances relate to Joint Biological Tactical Detection System of \u00a38.8m (2023: \u00a39.2m) and Perceive of \u00a34.3m (2023: \u00a35.5m). Development costs are amortised over their useful economic lives, estimated to be between two and ten years, which begins once a product is being actively marketed to customers, or in the case of products being sole supplied to a single customer, once that programme is in full rate production. 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 was 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 \u00a32.8m includes individually material balances relating to Roke (including the Cubica Group and Geollect) of \u00a32.8m (2023: \u00a33.1m)
and Chemring Energetic Devices of \u00a3nil (2023: \u00a30.4m). The remaining amortisation periods for these assets are seven years.
Acquired customer relationships of \u00a34.5m include individually material balances relating to Chemring Energetic Devices of \u00a32.1m (2023: \u00a33.1m) and Roke
(including the Cubica Group and Geollect) of \u00a32.4m (2023: \u00a32.7m). The remaining amortisation periods for these assets are two years and seven 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-363": { "value": "11. GOODWILL
\u00a3m
Cost
At 1 November 2022
204.9
Acquisitions through business combinations (note 29)
5.9
Foreign exchange adjustments
(6.5)
At 31 October 2023
204.3
Acquisitions through business combinations (note 29)
\u2014
Foreign exchange adjustments
(6.8)
At 31 October 2024
197.5
Accumulated impairment losses
At 1 November 2022
(86.8)
Impairment
(20.5)
Foreign exchange adjustments
3.5
At 31 October 2023
(103.8)
Acquisitions through business combinations (note 29)
\u2014
Foreign exchange adjustments
4.8
At 31 October 2024
(99.0)
Carrying amount
At 31 October 2024
98.5
At 31 October 2023
100.5
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 are represented as the division within an operating company. In most of our operating companies, there is only one division and therefore CGUs are represented by the individual operating companies within the operating segment descriptions in note 2. For Chemring Sensors & Electronic Systems, Inc. the business unit is split into two separate CGUs to reflect the independent cash flows being generated and the way in which management monitors the business. The two CGUs being Biological Detection and Chemical Detection. 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. This exercise also forms the basis of any impairment reviews of PPE and for the parent company\u2019s investment in subsidiaries, should any impairment triggers be identified. 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 8.8% (2023: 8.5%) and 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 2024 were all 1% (2023: 1%). The Board-approved five-year plan which considers past experience, expectations of future changes and understanding of customer budgets and priorities forms the basis of the impairment review. Cash flow considerations within the review include the timing of forecast revenues, expected contract outcomes and forecast operating margins. The relative value ascribed to each varies between CGUs as the five-year plan is built up from the underlying operating companies within each CGU. Considerations for new facilities include the impact of commissioning and production ramp up phasing on the timing of future cash flows. At the end of five years, the calculations assume the performance of the CGUs will grow at a nominal annual rate of 2.5% (2023: 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:
2024
2023
2024
2023
%
%
\u00a3m
\u00a3m
Roke Manor Research Limited
13.2
12.9
37.4
37.4
Chemring Energetics UK Limited
13.2
12.9
14.6
14.6
Chemring Sensors & Electronic Systems, Inc. \u2013 Biological Detection
12.5
11.8
17.2
18.2
Chemring Sensors & Electronic Systems, Inc. \u2013 Chemical Detection
12.5
11.8
\u2014
\u2014
Chemring Energetic Devices, Inc.
12.5
11.8
16.2
17.1
Kilgore Flares Company LLC
12.5
11.8
5.8
5.8
Other
7.3
7.4
98.5
100.5
The pre-tax discount rates used for other CGUs ranged from 11.6% to 13.9% (2023: 11.6% to 12.9%).
The \u201cOther\u201d CGU is the carrying amount of goodwill that is allocated across multiple CGUs.
Stress testing was performed on the forecasts to consider the impact of reasonably possible scenarios over the forecast period, including a 1% 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-364": { "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 2022
63.9
107.1
55.0
0.5
162.6
Acquisitions through business combinations (note 29)
\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
Acquisitions through business combinations (note 29)
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
3.1
\u2014
\u2014
2.7
2.7
Disposals
\u2014
(0.4)
\u2014
\u2014
(0.4)
Foreign exchange adjustments
(2.1)
(5.1)
(2.0)
\u2014
(7.1)
At 31 October 2024
64.4
98.1
52.2
3.2
153.5
Amortisation
At 1 November 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)
Charge
(1.3)
(0.8)
(1.2)
(0.3)
(2.3)
Impairment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
0.4
\u2014
\u2014
0.4
Foreign exchange adjustments
1.3
5.2
1.9
\u2014
7.1
At 31 October 2024
(45.8)
(95.3)
(47.7)
(0.5)
(143.5)
Carrying amount
At 31 October 2024
18.6
2.8
4.5
2.7
10.0
At 31 October 2023
17.6
3.5
5.8
0.3
9.6
Included within the development costs of \u00a318.6m, individually material balances relate to Joint Biological Tactical Detection System of \u00a38.8m (2023: \u00a39.2m)
and Perceive of \u00a34.3m (2023: \u00a35.5m). Development costs are amortised over their useful economic lives, estimated to be between two and ten years, which
begins once a product is being actively marketed to customers, or in the case of products being sole supplied to a single customer, once that programme is in full
rate production. 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 was 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 \u00a32.8m includes individually material balances relating to Roke (including the Cubica Group and Geollect) of \u00a32.8m (2023: \u00a33.1m) and Chemring Energetic Devices of \u00a3nil (2023: \u00a30.4m). The remaining amortisation periods for these assets are seven years. Acquired customer relationships of \u00a34.5m include individually material balances relating to Chemring Energetic Devices of \u00a32.1m (2023: \u00a33.1m) and Roke (including the Cubica Group and Geollect) of \u00a32.4m (2023: \u00a32.7m). The remaining amortisation periods for these assets are two years and seven 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-398": { "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 2022
63.9
107.1
55.0
0.5
162.6
Acquisitions through business combinations (note 29)
\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
Acquisitions through business combinations (note 29)
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
3.1
\u2014
\u2014
2.7
2.7
Disposals
\u2014
(0.4)
\u2014
\u2014
(0.4)
Foreign exchange adjustments
(2.1)
(5.1)
(2.0)
\u2014
(7.1)
At 31 October 2024
64.4
98.1
52.2
3.2
153.5
Amortisation
At 1 November 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)
Charge
(1.3)
(0.8)
(1.2)
(0.3)
(2.3)
Impairment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
0.4
\u2014
\u2014
0.4
Foreign exchange adjustments
1.3
5.2
1.9
\u2014
7.1
At 31 October 2024
(45.8)
(95.3)
(47.7)
(0.5)
(143.5)
Carrying amount
At 31 October 2024
18.6
2.8
4.5
2.7
10.0
At 31 October 2023
17.6
3.5
5.8
0.3
9.6
Included within the development costs of \u00a318.6m, individually material balances relate to Joint Biological Tactical Detection System of \u00a38.8m (2023: \u00a39.2m) and Perceive of \u00a34.3m (2023: \u00a35.5m). Development costs are amortised over their useful economic lives, estimated to be between two and ten years, which begins once a product is being actively marketed to customers, or in the case of products being sole supplied to a single customer, once that programme is in full rate production. 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 was 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 \u00a32.8m includes individually material balances relating to Roke (including the Cubica Group and Geollect) of \u00a32.8m (2023: \u00a33.1m) and Chemring Energetic Devices of \u00a3nil (2023: \u00a30.4m). The remaining amortisation periods for these assets are seven years. Acquired customer relationships of \u00a34.5m include individually material balances relating to Chemring Energetic Devices of \u00a32.1m (2023: \u00a33.1m) and Roke (including the Cubica Group and Geollect) of \u00a32.4m (2023: \u00a32.7m). The remaining amortisation periods for these assets are two years and seven 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-312": { "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 1 November 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
Reclassification
0.8
(0.8)
\u2014
\u2014
\u2014
Additions
27.6
41.1
6.4
0.3
75.4
Disposals
(0.4)
(2.1)
(4.2)
(0.2)
(6.9)
Foreign exchange adjustments
(4.3)
(7.0)
(0.4)
\u2014
(11.7)
At 31 October 2024
178.2
221.8
13.7
0.9
414.6
Depreciation
At 1 November 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)
Charge
(4.3)
(14.8)
(1.8)
(0.1)
(21.0)
Impairment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
0.2
0.6
4.2
0.2
5.2
Foreign exchange adjustments
1.1
3.0
0.5
\u2014
4.6
At 31 October 2024
(29.9)
(93.7)
(2.8)
(0.4)
(126.8)
Carrying amount
At 31 October 2024
148.3
128.1
10.9
0.5
287.8
At 31 October 2023
127.6
108.1
6.2
0.3
242.2
During the year, \u00a31.7m (2023: \u00a32.8m) of interest was capitalised, as set out in note 7. \u00a31.0m (2023: \u00a31.0m) of capitalised interest was charged as depreciation
and \u00a3nil (2023: \u00a3nil) was disposed of. This results in a net book value for capitalised interest of \u00a311.3m (2023: \u00a310.6m).
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 was 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 \u00a334.6m and \u00a331.4m respectively (2023: \u00a328.6m and \u00a330.6m).
These assets are not depreciated.
During the year, \u00a312.3m (2023: \u00a3nil) of property, plant and equipment additions related to capital projects funded via receipt of government grants (see note 20).
As part of the transition to IFRS in 2005, Chemring utilised the most recent revaluation amount for land and buildings for two pyrotechnic sites, to be utilised
as the deemed cost of the asset under IFRS. All other tangible fixed assets are stated at historical cost.
At 31 October 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a319.5m (2023: \u00a327.9m).
In addition, the Group had commitments for the acquisition of property, plant and equipment of \u00a37.0m under government grant conditions.
Cash flows from purchases of property, plant and equipment are \u00a364.8m (2023: \u00a332.7m). The difference to the additions total presented above includes
\u00a36.9m (2023: \u00a32.3m) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-365": { "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 1 November 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
Reclassification
0.8
(0.8)
\u2014
\u2014
\u2014
Additions
27.6
41.1
6.4
0.3
75.4
Disposals
(0.4)
(2.1)
(4.2)
(0.2)
(6.9)
Foreign exchange adjustments
(4.3)
(7.0)
(0.4)
\u2014
(11.7)
At 31 October 2024
178.2
221.8
13.7
0.9
414.6
Depreciation
At 1 November 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)
Charge
(4.3)
(14.8)
(1.8)
(0.1)
(21.0)
Impairment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
0.2
0.6
4.2
0.2
5.2
Foreign exchange adjustments
1.1
3.0
0.5
\u2014
4.6
At 31 October 2024
(29.9)
(93.7)
(2.8)
(0.4)
(126.8)
Carrying amount
At 31 October 2024
148.3
128.1
10.9
0.5
287.8
At 31 October 2023
127.6
108.1
6.2
0.3
242.2
At 31 October 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a319.5m (2023: \u00a327.9m). In addition, the Group had commitments for the acquisition of property, plant and equipment of \u00a37.0m under government grant conditions. Cash flows from purchases of property, plant and equipment are \u00a364.8m (2023: \u00a332.7m). The difference to the additions total presented above includes \u00a36.9m (2023: \u00a32.3m) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-313": { "value": "
14. SUBSIDIARY UNDERTAKINGS
All subsidiary undertakings have been reflected in these financial statements. The subsidiary undertakings held at 31 October 2024, 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
Chemring Countermeasures Limited*
England
Countermeasures & Energetics
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
Dormant
Q6 Holdings 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 2024 by virtue of section 479A of the Companies
Act 2006. See page 189 for the registered offices of the subsidiary undertakings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-314": { "value": "
15. INVENTORIES
2024
2023
\u00a3m
\u00a3m
Raw materials
57.4
49.6
Work in progress
54.7
33.1
Finished goods
15.0
19.0
127.1
101.7
There are no significant differences between the replacement cost of inventory and the carrying amount shown above. The Group recognised \u00a30.8m (2023: \u00a30.3m)
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-315": { "value": "
16. TRADE AND OTHER RECEIVABLES
2024
2023
\u00a3m
\u00a3m
Trade receivables
46.2
41.5
Allowance for doubtful debts
(0.1)
(0.2)
46.1
41.3
Advance payments to suppliers
1.4
2.3
Other receivables
13.8
10.7
Prepayments
7.0
6.9
Accrued income
22.7
13.6
91.0
74.8
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 15 days (2023: 16 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 2024, \u00a32.0m of gross trade receivables
were aged greater than 30 days past due (2023: \u00a30.5m).
The directors consider that the carrying amount of trade and other receivables approximates to their fair values.
Of the \u00a313.6m of accrued income at 31 October 2023, \u00a313.6m had been billed and paid in the year. Of the \u00a322.7m of accrued income at 31 October 2024,
\u00a36.0m 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 \u00a313.8m (2023: \u00a310.7m) of other receivables at 31 October 2024, \u00a311.7m (2023: \u00a38.9m) related to research and development expenditure credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-366": { "value": "16. TRADE AND OTHER RECEIVABLES
2024
2023
\u00a3m
\u00a3m
Trade receivables
46.2
41.5
Allowance for doubtful debts
(0.1)
(0.2)
46.1
41.3
Advance payments to suppliers
1.4
2.3
Other receivables
13.8
10.7
Prepayments
7.0
6.9
Accrued income
22.7
13.6
91.0
74.8
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 15 days (2023: 16 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 2024, \u00a32.0m of gross trade receivables were aged greater than 30 days past due (2023: \u00a30.5m). The directors consider that the carrying amount of trade and other receivables approximates to their fair values. Of the \u00a313.6m of accrued income at 31 October 2023, \u00a313.6m had been billed and paid in the year. Of the \u00a322.7m of accrued income at 31 October 2024, \u00a36.0m 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 \u00a313.8m (2023: \u00a310.7m) of other receivables at 31 October 2024, \u00a311.7m (2023: \u00a38.9m) related to research and development expenditure credits receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-399": { "value": "
2024
2023
\u00a3m
\u00a3m
Trade receivables
46.2
41.5
Allowance for doubtful debts
(0.1)
(0.2)
46.1
41.3
Advance payments to suppliers
1.4
2.3
Other receivables
13.8
10.7
Prepayments
7.0
6.9
Accrued income
22.7
13.6
91.0
74.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-316": { "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 \u00a32.0m (2023: \u00a36.4m).
This differs to the balance sheet value of \u00a345.0m due to the inclusion of the bank borrowing within one year of \u00a343.0m. Chemring has a UK Cash Pooling Arrangement
(\u201cUKCPA\u201d) which legally allows the netting of the borrowing due within one year against the UK cash balances and the UKCPA is an integral part of cash
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-317": { "value": "
18. BORROWINGS
During the year to 31 October 2024, management has considered the classification of the UKCPA and determined that positive and negative cash positions should
not be netted down on the balance sheet as the balances are no longer expected to be settled net. As such, positive balances in the UKCPA have been show gross
in cash and cash equivalents and negative balances are shown within current liabilities as bank borrowings. As at 31 October 2023, the net position of the UKCPA
was included as borrowings within non-current liabilities.
Interest accrued on the UKCPA is calculated on the net position.
Borrowings due within one year comprise overdrafts that are repayable on demand.
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Bank borrowings
43.0
\u2014
Borrowings due within one year
43.0
\u2014
Within non-current liabilities
Bank borrowings
43.7
14.1
Preference shares
0.1
0.1
Borrowings due after more than one year
43.8
14.2
Total borrowings
86.8
14.2
Analysis of borrowings by currency:
2024
2023
\u00a3m
\u00a3m
Sterling
71.7
14.2
US dollar
15.1
\u2014
86.8
14.2
The weighted average interest rates paid were as follows:
2024
2023
%
%
Bank overdrafts
6.3
5.4
UK bank loans
\u2013 Sterling denominated
6.6
5.7
\u2013 US dollar denominated
\u2014
1.4
An analysis of borrowings by maturity is as follows:
2024
2023
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 year
43.0
\u2014
43.0
\u2014
\u2014
\u2014
Borrowings due within one year
43.0
\u2014
43.0
\u2014
\u2014
\u2014
Borrowings falling due:
\u2013 within one to two years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 within two to five years
43.7
\u2014
43.7
14.1
\u2014
14.1
\u2013 after five years
\u2014
0.1
0.1
\u2014
0.1
0.1
Borrowings due after more than one year
43.7
0.1
43.8
14.1
0.1
14.2
Total borrowings
86.7
0.1
86.8
14.1
0.1
14.2
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.
The revolving credit facility was established in July 2021 with a syndicate of six banks. In addition the Group has a US$20m swingline overdraft facility for use in
the US, and in October 2024, the Group entered into a UK Export Finance Export Development Guarantee led by Barclays PLC for up to \u00a380m. This is a
four-year, arm\u2019s length facility with a one-year draw down period and a three-year amortising repayment schedule. None of the borrowings are 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.
2024
2023
\u00a3m
\u00a3m
Undrawn borrowing facilities
157.4
142.9
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. Therefore the leverage ratio of 0.57 times differs to the ratio of 0.56 times that is disclosed elsewhere
in the annual report and accounts, which is calculated using the closing rates of exchange. The Group was in compliance with the covenants throughout the year.
The year-end leverage ratio was 0.57 times (covenant limit of 3 times) and the year-end interest cover ratio was 15.28 times (covenant floor of 4 times).
22. 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 distributors of products for their onward sale to end users.
The majority of revenue in 2024 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), a revolving credit facility (\u201cRCF\u201d) (note 18) and a UK Export Finance Export Development Guarantee (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. The revolving credit facility was established in July 2021 with a syndicate of six banks. In addition, we have
a US$20m swingline overdraft facility for use in the US, and in October 2024, the Group entered into a UK Export Finance Export Development Guarantee
led by Barclays PLC for up to \u00a380m. This is a four-year, arm\u2019s length facility with a one-year draw down period and a three-year amortising repayment schedule.
As at 31 October 2024, the RCF was drawn by \u00a345.0m (2023: \u00a315.1m).
(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 2024, 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.
2024
2023
Carrying value
Fair value
Carrying value
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets carried at amortised cost
Trade receivables
46.1
46.1
41.3
41.3
Accrued income
22.7
22.7
13.6
13.6
Cash and cash equivalents
45.0
45.0
6.4
6.4
Assets carried at fair value
Derivative financial instruments
0.9
0.9
0.8
0.8
Liabilities carried at fair value
Derivative financial instruments
(4.4)
(4.4)
(3.5)
(3.5)
Liabilities carried at amortised cost
Trade payables
(27.9)
(27.9)
(16.3)
(16.3)
Other payables
(36.2)
(36.2)
(32.8)
(32.8)
Interest payable
\u2014
\u2014
\u2014
\u2014
Borrowings
(86.8)
(86.8)
(14.2)
(14.2)
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); or (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).
23. FINANCIAL INSTRUMENTS
The following table details the fair value of derivative financial instrument assets/(liabilities) recognised in the balance sheet:
2024
2023
\u00a3m
\u00a3m
Included in current assets
0.9
0.8
Included in current liabilities
(1.5)
(3.2)
(0.6)
(2.4)
Included in non-current liabilities
(2.9)
(0.3)
Forward foreign exchange contracts
(3.5)
(2.7)
There was a \u00a32.0m loss (2023: \u00a31.4m gain) 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.
2024
2023
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
(0.6)
(43.0)
(43.6)
(2.4)
\u2014
(2.4)
\u2013 within one to two years
(1.2)
\u2014
(1.2)
(0.3)
\u2014
(0.3)
\u2013 within two to five years
(1.7)
(43.8)
(45.5)
\u2014
(14.2)
(14.2)
(3.5)
(86.8)
(90.3)
(2.7)
(14.2)
(16.9)
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:
2024
2023
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
0.9
0.9
0.8
0.8
Derivative financial instruments \u2013 liabilities
Level 2
(4.4)
(4.4)
(3.5)
(3.5)
(3.5)
(3.5)
(2.7)
(2.7)
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 2024 the closing exchange rate for the US dollar was 1.29 (2023: 1.21), Australian dollar was 1.96 (2023: 1.92) and Norwegian
krone was 14.18 (2023: 13.56). The average exchange rates were 1.27 (2023: 1.24), 1.95 (2023: 1.91) and 13.69 (2023: 13.10) respectively.
The following table details the Group\u2019s sensitivity to a 10% weakening or strengthening of sterling against the US dollar, Australian dollar and Norwegian krone
with regard 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 cent
weakening of sterling strengthening of sterling
2024
2023
2024
2023
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
22.8
22.0
(17.8)
(19.7)
Underlying operating profit
1.3
3.3
(0.7)
(2.4)
Interest
\u2014
\u2014
\u2014
\u2014
Underlying profit before tax
1.3
3.3
(0.7)
(2.4)
As at 31 October 2024, 89% 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 2024.
Based on the closing debt value as at 31 October 2024, a change in interest rates of 1% throughout the year would cause the Group\u2019s finance expense to change
by \u00a30.9m (2023: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-367": { "value": "18. BORROWINGS During the year to 31 October 2024, management has considered the classification of the UKCPA and determined that positive and negative cash positions should not be netted down on the balance sheet as the balances are no longer expected to be settled net. As such, positive balances in the UKCPA have been show gross in cash and cash equivalents and negative balances are shown within current liabilities as bank borrowings. As at 31 October 2023, the net position of the UKCPA was included as borrowings within non-current liabilities. Interest accrued on the UKCPA is calculated on the net position. Borrowings due within one year comprise overdrafts that are repayable on demand.
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Bank borrowings
43.0
\u2014
Borrowings due within one year
43.0
\u2014
Within non-current liabilities
Bank borrowings
43.7
14.1
Preference shares
0.1
0.1
Borrowings due after more than one year
43.8
14.2
Total borrowings
86.8
14.2
Analysis of borrowings by currency:
2024
2023
\u00a3m
\u00a3m
Sterling
71.7
14.2
US dollar
15.1
\u2014
86.8
14.2
The weighted average interest rates paid were as follows:
2024
2023
%
%
Bank overdrafts
6.3
5.4
UK bank loans
\u2013 Sterling denominated
6.6
5.7
\u2013 US dollar denominated
\u2014
1.4
An analysis of borrowings by maturity is as follows:
2024
2023
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 year
43.0
\u2014
43.0
\u2014
\u2014
\u2014
Borrowings due within one year
43.0
\u2014
43.0
\u2014
\u2014
\u2014
Borrowings falling due:
\u2013 within one to two years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 within two to five years
43.7
\u2014
43.7
14.1
\u2014
14.1
\u2013 after five years
\u2014
0.1
0.1
\u2014
0.1
0.1
Borrowings due after more than one year
43.7
0.1
43.8
14.1
0.1
14.2
Total borrowings
86.7
0.1
86.8
14.1
0.1
14.2
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. The revolving credit facility was established in July 2021 with a syndicate of six banks. In addition the Group has a US$20m swingline overdraft facility for use in the US, and in October 2024, the Group entered into a UK Export Finance Export Development Guarantee led by Barclays PLC for up to \u00a380m. This is a four-year, arm\u2019s length facility with a one-year draw down period and a three-year amortising repayment schedule. None of the borrowings are 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.
2024
2023
\u00a3m
\u00a3m
Undrawn borrowing facilities
157.4
142.9
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. Therefore the leverage ratio of 0.57 times differs to the ratio of 0.56 times that is disclosed elsewhere in the annual report and accounts, which is calculated using the closing rates of exchange. The Group was in compliance with the covenants throughout the year. The year-end leverage ratio was 0.57 times (covenant limit of 3 times) and the year-end interest cover ratio was 15.28 times (covenant floor of 4 times). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-318": { "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 \u00a30.8m (2023: \u00a31.3m). In total, payments of \u00a33.3m (2023: \u00a31.8m) were made under
leasing contracts. Included in the financing activities section of the cash flow is \u00a32.2m (2023: \u00a31.6m) to repay the principal portion of the lease and \u00a30.3m
(2023: \u00a30.2m) to repay lease interest. Included in the operating activities section of the cash flow is \u00a30.8m (2023: \u00a31.3m) 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:
2024
2023
\u00a3m
\u00a3m
Lease liabilities falling due:
\u2013 within one year
2.1
1.1
Lease liabilities falling due:
\u2013 within one to two years
1.5
0.8
\u2013 within two to five years
5.4
1.9
\u2013 more than five years
2.4
3.0
9.3
5.7
Impact of discounting
(0.4)
(0.2)
Lease liabilities included in balance sheet as at 31 October
11.0
6.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-368": { "value": "The expense relating to short-term and low-value leases in the year was \u00a30.8m (2023: \u00a31.3m). In total, payments of \u00a33.3m (2023: \u00a31.8m) were made under leasing contracts. Included in the financing activities section of the cash flow is \u00a32.2m (2023: \u00a31.6m) to repay the principal portion of the lease and \u00a30.3m (2023: \u00a30.2m) to repay lease interest. Included in the operating activities section of the cash flow is \u00a30.8m (2023: \u00a31.3m) 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:
2024
2023
\u00a3m
\u00a3m
Lease liabilities falling due:
\u2013 within one year
2.1
1.1
Lease liabilities falling due:
\u2013 within one to two years
1.5
0.8
\u2013 within two to five years
5.4
1.9
\u2013 more than five years
2.4
3.0
9.3
5.7
Impact of discounting
(0.4)
(0.2)
Lease liabilities included in balance sheet as at 31 October
11.0
6.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-320": { "value": "
20. GOVERNMENT GRANTS
A total of \u00a324.0m (2023: \u00a3nil) of government grants were recognised on the balance sheet at 31 October 2024. The nature of these grants are capital grants
towards the construction of certain buildings and equipment. Of the \u00a324.0m of grants held at 31 October 2024, \u00a322.0m (2023: \u00a3nil) was received as cash in the
current financial year and \u00a3nil (2023: \u00a3nil) are expected to be recognised as other income within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-319": { "value": "
21. TRADE AND OTHER PAYABLES
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Trade payables
27.9
16.3
Other payables
36.2
32.8
Interest payable
\u2014
\u2014
Other tax and social security
6.4
6.4
Advance receipts from customers
78.2
47.2
Accruals
11.0
15.3
Deferred income
3.7
6.0
163.4
124.0
Other payables of \u00a336.2m (2023: \u00a332.8m) includes payroll-related creditors of \u00a319.1m (2023: \u00a318.1m).
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 \u00a347.2m included in advance receipts from customers recognised at 31 October 2023 has been recognised as revenue in 2024. Of the \u00a378.2m of advanced
receipts from customers at 31 October 2024, \u00a326.6m is relevant to goods and services that will be delivered and provided within a year. No revenue was
recognised in 2024 from performance obligations satisfied in previous years.
The average credit period taken on purchases of goods is 30 days (2023: 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-419": { "value": "21. TRADE AND OTHER PAYABLES
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Trade payables
27.9
16.3
Other payables
36.2
32.8
Interest payable
\u2014
\u2014
Other tax and social security
6.4
6.4
Advance receipts from customers
78.2
47.2
Accruals
11.0
15.3
Deferred income
3.7
6.0
163.4
124.0
Other payables of \u00a336.2m (2023: \u00a332.8m) includes payroll-related creditors of \u00a319.1m (2023: \u00a318.1m). 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 \u00a347.2m included in advance receipts from customers recognised at 31 October 2023 has been recognised as revenue in 2024. Of the \u00a378.2m of advanced receipts from customers at 31 October 2024, \u00a326.6m is relevant to goods and services that will be delivered and provided within a year. No revenue was recognised in 2024 from performance obligations satisfied in previous years. The average credit period taken on purchases of goods is 30 days (2023: 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-415": { "value": "21. TRADE AND OTHER PAYABLES
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Trade payables
27.9
16.3
Other payables
36.2
32.8
Interest payable
\u2014
\u2014
Other tax and social security
6.4
6.4
Advance receipts from customers
78.2
47.2
Accruals
11.0
15.3
Deferred income
3.7
6.0
163.4
124.0
Other payables of \u00a336.2m (2023: \u00a332.8m) includes payroll-related creditors of \u00a319.1m (2023: \u00a318.1m). 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 \u00a347.2m included in advance receipts from customers recognised at 31 October 2023 has been recognised as revenue in 2024. Of the \u00a378.2m of advanced receipts from customers at 31 October 2024, \u00a326.6m is relevant to goods and services that will be delivered and provided within a year. No revenue was recognised in 2024 from performance obligations satisfied in previous years. The average credit period taken on purchases of goods is 30 days (2023: 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-369": { "value": "
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Trade payables
27.9
16.3
Other payables
36.2
32.8
Interest payable
\u2014
\u2014
Other tax and social security
6.4
6.4
Advance receipts from customers
78.2
47.2
Accruals
11.0
15.3
Deferred income
3.7
6.0
163.4
124.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-400": { "value": "
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Trade payables
27.9
16.3
Other payables
36.2
32.8
Interest payable
\u2014
\u2014
Other tax and social security
6.4
6.4
Advance receipts from customers
78.2
47.2
Accruals
11.0
15.3
Deferred income
3.7
6.0
163.4
124.0
25. DEFERRED TAX The following are the principal deferred tax assets/(liabilities) recognised by the Group and movements thereon:
Accelerated
tax
US interest
Tax
Acquired
depreciation
Pensions
deductions
losses
intangibles
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
(Charge)/credit to income statement
(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)
(Charge)/credit to income statement
(2.9)
0.5
0.5
(0.1)
(0.2)
(1.5)
(3.7)
Credit to other comprehensive income
\u2014
0.5
\u2014
\u2014
\u2014
\u2014
0.5
Recognised on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Recognised directly in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
At 31 October 2024
(36.2)
\u2014
8.2
17.6
(9.3)
9.4
(10.3)
Analysed as:
Deferred tax assets
\u2014
\u2014
8.2
17.6
\u2014
9.4
35.2
Deferred tax liabilities
(36.2)
\u2014
\u2014
\u2014
(9.3)
\u2014
(45.5)
At 31 October 2024
(36.2)
\u2014
8.2
17.6
(9.3)
9.4
(10.3)
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)
Certain deferred tax assets and liabilities have been offset where there is a legally enforceable right to set off deferred tax assets against deferred liabilities that relate to the same fiscal authority. Deferred tax balances before offset are analysed in the table above. After netting off the net deferred tax assets are \u00a37.3m (2023: \u00a336.9m) and net deferred tax liabilities are \u00a317.6m (2023: \u00a343.8m). Deferred tax balances of \u00a39.2m (2023: \u00a311.1m) 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 \u00a30.3m (2023: \u00a30.5m) on gross US State tax losses of \u00a34.6m (2023: \u00a38.3m) and unrecognised deferred tax of \u00a321.7m (2023: \u00a319.7m) on gross interest deductions of \u00a381.0m (2023: \u00a373.7m) 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 (2023: \u00a30.7m) on gross US capital losses of \u00a33.4m (2023: \u00a33.5m). 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-420": { "value": "
2024
2023
\u00a3m
\u00a3m
Within current liabilities
Trade payables
27.9
16.3
Other payables
36.2
32.8
Interest payable
\u2014
\u2014
Other tax and social security
6.4
6.4
Advance receipts from customers
78.2
47.2
Accruals
11.0
15.3
Deferred income
3.7
6.0
163.4
124.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-370": { "value": "22. 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 distributors of products for their onward sale to end users. The majority of revenue in 2024 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), a revolving credit facility (\u201cRCF\u201d) (note 18) and a UK Export Finance Export Development Guarantee (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. The revolving credit facility was established in July 2021 with a syndicate of six banks. In addition, we have a US$20m swingline overdraft facility for use in the US, and in October 2024, the Group entered into a UK Export Finance Export Development Guarantee led by Barclays PLC for up to \u00a380m. This is a four-year, arm\u2019s length facility with a one-year draw down period and a three-year amortising repayment schedule. As at 31 October 2024, the RCF was drawn by \u00a345.0m (2023: \u00a315.1m).
(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 2024, 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.
2024
2023
Carrying value
Fair value
Carrying value
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets carried at amortised cost
Trade receivables
46.1
46.1
41.3
41.3
Accrued income
22.7
22.7
13.6
13.6
Cash and cash equivalents
45.0
45.0
6.4
6.4
Assets carried at fair value
Derivative financial instruments
0.9
0.9
0.8
0.8
Liabilities carried at fair value
Derivative financial instruments
(4.4)
(4.4)
(3.5)
(3.5)
Liabilities carried at amortised cost
Trade payables
(27.9)
(27.9)
(16.3)
(16.3)
Other payables
(36.2)
(36.2)
(32.8)
(32.8)
Interest payable
\u2014
\u2014
\u2014
\u2014
Borrowings
(86.8)
(86.8)
(14.2)
(14.2)
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); or
(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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-416": { "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 distributors of products for their onward sale to end users. The majority of revenue in 2024 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), a revolving credit facility (\u201cRCF\u201d) (note 18) and a UK Export Finance Export Development Guarantee (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. The revolving credit facility was established in July 2021 with a syndicate of six banks. In addition, we have a US$20m swingline overdraft facility for use in the US, and in October 2024, the Group entered into a UK Export Finance Export Development Guarantee led by Barclays PLC for up to \u00a380m. This is a four-year, arm\u2019s length facility with a one-year draw down period and a three-year amortising repayment schedule. As at 31 October 2024, the RCF was drawn by \u00a345.0m (2023: \u00a315.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "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 distributors of products for their onward sale to end users. The majority of revenue in 2024 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-402": { "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), a revolving credit facility (\u201cRCF\u201d) (note 18) and a UK Export Finance Export Development Guarantee (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. The revolving credit facility was established in July 2021 with a syndicate of six banks. In addition, we have a US$20m swingline overdraft facility for use in the US, and in October 2024, the Group entered into a UK Export Finance Export Development Guarantee led by Barclays PLC for up to \u00a380m. This is a four-year, arm\u2019s length facility with a one-year draw down period and a three-year amortising repayment schedule. As at 31 October 2024, the RCF was drawn by \u00a345.0m (2023: \u00a315.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-403": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-404": { "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 2024, 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.
2024
2023
Carrying value
Fair value
Carrying value
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets carried at amortised cost
Trade receivables
46.1
46.1
41.3
41.3
Accrued income
22.7
22.7
13.6
13.6
Cash and cash equivalents
45.0
45.0
6.4
6.4
Assets carried at fair value
Derivative financial instruments
0.9
0.9
0.8
0.8
Liabilities carried at fair value
Derivative financial instruments
(4.4)
(4.4)
(3.5)
(3.5)
Liabilities carried at amortised cost
Trade payables
(27.9)
(27.9)
(16.3)
(16.3)
Other payables
(36.2)
(36.2)
(32.8)
(32.8)
Interest payable
\u2014
\u2014
\u2014
\u2014
Borrowings
(86.8)
(86.8)
(14.2)
(14.2)
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); or (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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-405": { "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:
2024
2023
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
0.9
0.9
0.8
0.8
Derivative financial instruments \u2013 liabilities
Level 2
(4.4)
(4.4)
(3.5)
(3.5)
(3.5)
(3.5)
(2.7)
(2.7)
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-371": { "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:
2024
2023
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
0.9
0.9
0.8
0.8
Derivative financial instruments \u2013 liabilities
Level 2
(4.4)
(4.4)
(3.5)
(3.5)
(3.5)
(3.5)
(2.7)
(2.7)
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-372": { "value": "Sensitivity analysis For the year ended 31 October 2024 the closing exchange rate for the US dollar was 1.29 (2023: 1.21), Australian dollar was 1.96 (2023: 1.92) and Norwegian krone was 14.18 (2023: 13.56). The average exchange rates were 1.27 (2023: 1.24), 1.95 (2023: 1.91) and 13.69 (2023: 13.10) respectively. The following table details the Group\u2019s sensitivity to a 10% weakening or strengthening of sterling against the US dollar, Australian dollar and Norwegian krone with regard 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 cent
weakening of sterling strengthening of sterling
2024
2023
2024
2023
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
22.8
22.0
(17.8)
(19.7)
Underlying operating profit
1.3
3.3
(0.7)
(2.4)
Interest
\u2014
\u2014
\u2014
\u2014
Underlying profit before tax
1.3
3.3
(0.7)
(2.4)
As at 31 October 2024, 89% 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 2024. Based on the closing debt value as at 31 October 2024, a change in interest rates of 1% throughout the year would cause the Group\u2019s finance expense to change by \u00a30.9m (2023: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-321": { "value": "
24. PROVISIONS
Legal
Environmental
Disposal
Dilapidations
provision
provision
provision
provision
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023
4.0
3.5
9.4
0.7
\u2014
17.6
Released
(3.1)
\u2014
\u2014
(0.1)
\u2014
(3.2)
Provided
\u2014
0.2
6.4
\u2014
0.9
7.5
Foreign exchange adjustments
\u2014
(0.2)
(0.2)
\u2014
\u2014
(0.4)
Paid
(0.6)
\u2014
(1.0)
\u2014
\u2014
(1.6)
At 31 October 2024
0.3
3.5
14.6
0.6
0.9
19.9
These provisions are classified on the balance sheet as follows:
2024
2023
\u00a3m
\u00a3m
Included in current liabilities
3.2
5.6
Included in non-current liabilities
16.7
12.0
19.9
17.6
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. During the year \u00a33.1m of legal provisions was
released in relation to the Countermeasures UK incident. Further details of the Group\u2019s contingent liabilities are set out in note 34.
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 \u00a31.2m and \u00a38.1m. There are uncertainties regarding the timing of cash outflows, dependent on the outcome of regulatory proceedings.
The disposal provision principally consists of 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. During the year, the Group increased its provisions by \u00a36.4m following progress in
developing a remediation plan for one of the sites which will be presented to the local regulator. Whilst there is a range of outcomes between \u00a35m\u2013\u00a315m,
the directors do not believe there is a reasonable possibility of a material movement from the carrying value in the next year. These are expected to be largely
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.
Other provisions is held in respect of potential liabilities relating to production licensing at the Group\u2019s facility in Norway.
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-373": { "value": "24. PROVISIONS
Legal
Environmental
Disposal
Dilapidations
provision
provision
provision
provision
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023
4.0
3.5
9.4
0.7
\u2014
17.6
Released
(3.1)
\u2014
\u2014
(0.1)
\u2014
(3.2)
Provided
\u2014
0.2
6.4
\u2014
0.9
7.5
Foreign exchange adjustments
\u2014
(0.2)
(0.2)
\u2014
\u2014
(0.4)
Paid
(0.6)
\u2014
(1.0)
\u2014
\u2014
(1.6)
At 31 October 2024
0.3
3.5
14.6
0.6
0.9
19.9
These provisions are classified on the balance sheet as follows:
2024
2023
\u00a3m
\u00a3m
Included in current liabilities
3.2
5.6
Included in non-current liabilities
16.7
12.0
19.9
17.6
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. During the year \u00a33.1m of legal provisions was released in relation to the Countermeasures UK incident. Further details of the Group\u2019s contingent liabilities are set out in note 34. 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 \u00a31.2m and \u00a38.1m. There are uncertainties regarding the timing of cash outflows, dependent on the outcome of regulatory proceedings. The disposal provision principally consists of 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. During the year, the Group increased its provisions by \u00a36.4m following progress in developing a remediation plan for one of the sites which will be presented to the local regulator. Whilst there is a range of outcomes between \u00a35m\u2013\u00a315m, the directors do not believe there is a reasonable possibility of a material movement from the carrying value in the next year. These are expected to be largely 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. Other provisions is held in respect of potential liabilities relating to production licensing at the Group\u2019s facility in Norway. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-374": { "value": "25. DEFERRED TAX The following are the principal deferred tax assets/(liabilities) recognised by the Group and movements thereon:
Accelerated
tax
US interest
Tax
Acquired
depreciation
Pensions
deductions
losses
intangibles
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2022
(33.0)
(2.9)
8.1
12.9
(8.4)
10.4
(12.9)
(Charge)/credit to income statement
(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)
(Charge)/credit to income statement
(2.9)
0.5
0.5
(0.1)
(0.2)
(1.5)
(3.7)
Credit to other comprehensive income
\u2014
0.5
\u2014
\u2014
\u2014
\u2014
0.5
Recognised on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Recognised directly in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
At 31 October 2024
(36.2)
\u2014
8.2
17.6
(9.3)
9.4
(10.3)
Analysed as:
Deferred tax assets
\u2014
\u2014
8.2
17.6
\u2014
9.4
35.2
Deferred tax liabilities
(36.2)
\u2014
\u2014
\u2014
(9.3)
\u2014
(45.5)
At 31 October 2024
(36.2)
\u2014
8.2
17.6
(9.3)
9.4
(10.3)
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)
Certain deferred tax assets and liabilities have been offset where there is a legally enforceable right to set off deferred tax assets against deferred liabilities that relate to the same fiscal authority. Deferred tax balances before offset are analysed in the table above. After netting off the net deferred tax assets are \u00a37.3m (2023: \u00a336.9m) and net deferred tax liabilities are \u00a317.6m (2023: \u00a343.8m). Deferred tax balances of \u00a39.2m (2023: \u00a311.1m) 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 \u00a30.3m (2023: \u00a30.5m) on gross US State tax losses of \u00a34.6m (2023: \u00a38.3m) and unrecognised deferred tax of \u00a321.7m (2023: \u00a319.7m) on gross interest deductions of \u00a381.0m (2023: \u00a373.7m) 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 (2023: \u00a30.7m) on gross US capital losses of \u00a33.4m (2023: \u00a33.5m). 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-322": { "value": "
26. SHARE CAPITAL
2024
2023
\u00a3m
\u00a3m
Issued and fully paid
272,627,634
(2023:
280,842,610) ordinary shares of 1p each
2.7
2.8
During the year 402,267 ordinary shares (2023: 495,671) 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 a share buyback programme to repurchase up to \u00a350m of its own shares over the following twelve months, and
the programme was subsequently extended to 17 December 2024. During 2024, 8,617,243 (2023: 3,194,803) shares were purchased for a total price, including
transaction costs, of \u00a327.8m (2023: \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 2024, the Group had agreed to further share purchases of \u00a30.4m (2023: \u00a32.9m) that were settled in cash subsequent to the year end.
The \u00a30.4m (2023: \u00a32.9m) is included as a liability in trade and other payables (see note 21).
27. RESERVES
The share premium account and the special capital 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 \u00a311.5m (2023: \u00a34.3m) 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 3,611,952 shares during the year (2023: 1,652,072) and 1,820,850 shares (2023: 2,734,163)
were distributed following the vesting of awards under the deferred bonus and performance share plan schemes. The total number of ordinary shares held by
the ESOP at 31 October 2024 was 3,152,723 (2023: 1,361,618).
On 1 August 2023, the Company announced a share buyback programme to purchase up to \u00a350m of its own shares over the following twelve months. See note
26 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 5.2p per ordinary share for the year ended 31 October 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-375": { "value": "26. SHARE CAPITAL
2024
2023
\u00a3m
\u00a3m
Issued and fully paid
272,627,634
(2023:
280,842,610) ordinary shares of 1p each
2.7
2.8
During the year 402,267 ordinary shares (2023: 495,671) 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 a share buyback programme to repurchase up to \u00a350m of its own shares over the following twelve months, and the programme was subsequently extended to 17 December 2024. During 2024, 8,617,243 (2023: 3,194,803) shares were purchased for a total price, including transaction costs, of \u00a327.8m (2023: \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 2024, the Group had agreed to further share purchases of \u00a30.4m (2023: \u00a32.9m) that were settled in cash subsequent to the year end. The \u00a30.4m (2023: \u00a32.9m) is included as a liability in trade and other payables (see note 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-376": { "value": "27. RESERVES The share premium account and the special capital 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 \u00a311.5m (2023: \u00a34.3m) 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 3,611,952 shares during the year (2023: 1,652,072) and 1,820,850 shares (2023: 2,734,163) were distributed following the vesting of awards under the deferred bonus and performance share plan schemes. The total number of ordinary shares held by the ESOP at 31 October 2024 was 3,152,723 (2023: 1,361,618). On 1 August 2023, the Company announced a share buyback programme to purchase up to \u00a350m of its own shares over the following twelve months. See note 26 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 5.2p per ordinary share for the year ended 31 October 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-323": { "value": "
28. 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 \u00a39.0m (2023: \u00a37.8m) in respect of share-based payments during the year, of which \u00a33.2m (2023: \u00a33.4m) is included
in non-underlying costs.
Details of the three 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
2024
2023
Outstanding at the beginning of the year
5,553,280
5,987,329
Awarded
2,131,934
2,290,834
Vested
(1,059,656)
(2,015,696)
Lapsed
(930,607)
(709,187)
Outstanding at the end of the year
5,694,951
5,553,280
Subject to vesting at the end of the year
\u2014
\u2014
The following awards were outstanding at 31 October 2024:
Number of
ordinary
Vesting price
Date when
shares
per share
awards due
Date of award
under award
Pence
to vest
15 December 2021
1,871,255
nil
15 December 2024
14 December 2022
1,851,816
nil
14 December 2025
13 December 2023
1,971,880
nil
13 December 2026
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 2024 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
13 December
14 December
15 December
2023
2022
2021
Share price at valuation
326p
305p
284p
Exercise price
nil
nil
nil
Risk-free rate
0.5%
0.5%
0.5%
Expected volatility
29.1%
29.1%
29.1%
Fair value
291.1p
272.3p
232.9p
The weighted average fair value of awards made during the year was 291.1p (2023: 272.3p).
In the year ended 31 October 2024 1,059,656 shares vested (2023: 2,015,696). 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 2024.
2024
2023
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
2,035,483
236.1
1,878,345
229.3
Granted
716,874
310.0
845,661
264.0
Exercised
(402,267)
224.0
(483,778)
193.5
Lapsed
(212,994)
236.4
(204,745)
240.5
Outstanding at the end of the year
2,137,096
239.5
2,035,483
236.1
Subject to exercise at the end of the year
65,256
229.2
145,218
201.7
The following options were outstanding at 31 October 2024:
Number
of ordinary
Exercise price
shares under
per share
Dates between which
Date of award
award
Pence
options may be exercised
29 July 2019
8,181
154.0
1 October 2024\u201331 March 2025
30 July 2020
66,827
202.0
1 October 2025\u201331 March 2026
26 July 2021
57,057
240.0
1 October 2024\u201331 March 2025
26 July 2021
66,650
240.0
1 October 2026\u201331 March 2027
1 September 2022
409,122
264.0
1 October 2025\u201331 March 2026
1 September 2022
69,896
264.0
1 October 2027\u201331 March 2028
4 August 2023
645,075
228.0
1 October 2026\u201331 March 2027
4 August 2023
103,378
228.0
1 October 2028\u201331 March 2029
5 August 2024
571,349
310.0
1 October 2027\u201331 March 2028
5 August 2024
139,543
310.0
1 October 2029\u201331 March 2030
The weighted average fair value of options granted in the year was 79.0p (2023: 57.0p). The weighted average fair value of options exercised in the year was
49.7p (2023: 38.9p). The weighted average share price on exercise of the options during the year was 224.0p (2023: 193.5p).
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 plan
Under the deferred bonus share plan, 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
2024
2023
Outstanding at the beginning of the year
874,098
937,055
Awarded
307,514
320,288
Vested
(387,821)
(361,932)
Lapsed
(34,076)
(21,313)
Outstanding at the end of the year
759,715
874,098
Subject to vesting at the end of the year
\u2014
\u2014
The following awards were outstanding at 31 October 2024:
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
14 December 2021
170,336
284p
nil
14 December 2024
13 December 2022
93,463
305p
nil
13 December 2024
13 December 2022
204,193
305p
nil
13 December 2025
12 December 2023
98,093
326p
nil
12 December 2025
12 December 2023
193,630
326p
nil
12 December 2026
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 326p (2023: 305p). 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 Cubica Group 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 29 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 vested on the third anniversary of completion,
2 June 2024.
No further awards were granted during the year ended 31 October 2024 (2023: nil) in respect of the Cubica Group acquisition. 319,921 vested and 6,871 lapsed
(2023: 326,792 vested and nil lapsed) in the year. Nil are outstanding at the end of the year (2023: 326,792). Nil were subject to vesting at the end of the year (2023: 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 remaining eligible employees.
No further awards were granted during the year ended 31 October 2024 (2023: 2,467,104). Nil vested or lapsed in the year (2023: nil) and 2,467,104
are outstanding at the end of the year (2023: 2,467,104). Nil were subject to vesting at the end of the year (2023: nil).
The fair value of the deferred share awards is based on the share price on the grant date of the award.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-324": { "value": "
29. ACQUISITION OF SUBSIDIARY
Acquisitions in the prior 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 was completed for an initial purchase consideration of \u00a37.3m, funded from
Chemring\u2019s existing bank facilities. Further 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.
The deferred consideration of \u00a37.5m is contingent on continued employment of the former owners and has been accounted for as equity-settled share-based
payments under IFRS 2, resulting in a charge of \u00a33.2m (2023: \u00a32.8m). This has been classified as non-underlying costs; see note 3 and note 28 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-325": { "value": "
30. RETIREMENT BENEFIT OBLIGATIONS
In the UK, the Group operates a defined benefit scheme (the \u201cChemring Group Staff Pension Scheme\u201dor \u201cScheme\u201d). The Group\u2019s other UK and overseas
pension arrangements are all defined contribution schemes, with a combined cost of \u00a39.4m (2023: \u00a38.4m) for continuing operations.
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 2024, using the
projected unit credit method. The main assumptions for the scheme are detailed below.
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.
Pension buy-in arrangement, which is expected to lead to a full buy-out in the future
On 28 November 2023, the trustees of the Scheme (the \u201cTrustees\u201d) entered into a buy-in contract with an insurer, Pension Insurance Corporation (\u201cPIC\u201d), to
purchase a bulk annuity insurance policy that operates as an investment asset. 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 was initially 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 and further contributions of \u00a31.4m were made in
the year to 31 October 2024. Overall the Group expects to pay a further c\u00a31.1m over the next twelve to eighteen months to provide funding for the rectification
of certain members\u2019 benefits and to meet the costs associated with the initial buy-in and eventual buy-out of the Scheme.
Under IAS 19, the insurance policy is typically treated as an investment of the pension scheme, valued at its fair value. Correspondingly, the pension liabilities
remain on the balance sheet, with no immediate derecognition of liabilities related to the insured members.
The trustees have exercised judgement in treating the buy-in as a precursor to a full buy-out. A buy-out would involve the full discharge of the pension scheme\u2019s
obligations to the insured members, transferring all future obligations and risks to the insurance provider.
Consequently a settlement cost of \u00a37.0m and administrative expenses in relation to the buy-in of \u00a30.5m has been recognised as non-underlying costs in the
profit and loss account in the year to 31 October 2024.
Under IAS 19, the treatment of the buy-in remains distinct from that of a full buy-out until the legal transfer of liabilities is finalised. Therefore, the insurance
policy remains recorded as a scheme asset, and the corresponding liabilities are not derecognised until the buy-out is formally completed.
The purchase of the bulk annuity policy matches the vast majority of the benefits due to be paid from the Fund. Consequently, the difference in the values of
the assets and liabilities is mainly the remaining assets after the bulk annuity policy purchase.
The decision to treat the buy-in as a future buy-out is based on the following considerations:
- Management intention: The management is committed to transitioning from the current buy-in to a full buy-out and is actively working towards this outcome.
- Negotiations in progress: Formal discussions and negotiations with the insurer are underway to conclude the buy-out, with the expectation of completion
within a reasonable timeframe.
- Economic substance: Even though a legal buy-out has not yet been finalised, the economic substance of the transaction closely aligns with a buy-out, as the
insurance policy transfers significant risks and rewards to the insurer.
The movement in the net defined benefit asset is as follows:
Defined benefit obligations
Defined benefit asset
Net defined benefit asset
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November
(56.3)
(60.2)
62.2
71.4
5.9
11.2
Included in profit or loss
Administrative expenses
\u2014
\u2014
(0.5)
(1.1)
(0.5)
(1.1)
Settlement
\u2014
\u2014
(7.0)
\u2014
(7.0)
\u2014
Net interest (cost)/credit
(2.9)
(3.0)
2.9
3.5
\u2014
0.5
(2.9)
(3.0)
(4.6)
2.4
(7.5)
(0.6)
Included in other comprehensive income
Remeasurement (loss)/gain:
Actuarial (loss)/gain arising from:
\u2013 demographic and financial assumptions
(1.6)
3.8
\u2014
\u2014
(1.6)
3.8
\u2013 experience adjustment
(0.3)
(0.4)
\u2014
\u2014
(0.3)
(0.4)
\u2013 return on plan assets excluding interest income
\u2014
\u2014
0.6
(8.1)
0.6
(8.1)
(1.9)
3.4
0.6
(8.1)
(1.3)
(4.7)
Other
Contributions by the employer
\u2014
\u2014
3.0
\u2014
3.0
\u2014
Net benefits paid out
4.4
3.5
(4.4)
(3.5)
\u2014
\u2014
At 31 October
(56.7)
(56.3)
56.8
62.2
0.1
5.9
The Chemring Group Staff Pension Scheme had 796 members at the end of the year (2023: 801). Of these members 62.7% (2023: 59.8%) 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:
2024
2023
2024
2023
\u00a3m
\u00a3m
%
%
Buy-in policy
54.7
\u2014
96.3
\u2014
Liability driven investment
\u2014
33.7
\u2014
54.2
Corporate bonds
\u2014
25.4
\u2014
40.8
Assets held by insurance company
1.0
1.0
1.8
1.6
Cash
1.1
2.1
1.9
3.4
56.8
62.2
100.0
100.0
The buy-in policy\u2019s fair value is determined to be equal to the defined benefit obligation (less any other assets held by the insurance company and any liabilities
determined by the actuary which are not included within the buy-in policy) as it is valued using the same assumptions used by the actuary to value the liability.
The value of the buy-in policy is \u00a32.0m lower than the value of total obligations as at 31 October 2024 due to \u00a31.0m of other liabilities held for GMP equalisation
and NRA equalisation which are not included within the policy and \u00a31.0m of other insurance assets.
As at 31 October 2023, the pension scheme assets were invested in corporate bonds and a portfolio of leveraged liability driven pooled funds designed to hedge
interest rate and inflation risk, in preparation of reaching the buy-out position. Liability driven investments and corporate bonds 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.
As at 31 October 2023, the scheme\u2019s liability matching portfolio was 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).
The principal assumptions used in the actuarial valuation of the Chemring Group Staff Pension Scheme were as follows:
2024
2023
%
%
Discount rate
5.3
5.6
Inflation
\u2013 RPI
3.6
3.6
\u2013 CPI
2.9
2.9
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 2023 and a 1.25%
long-term trend rate. This results in the following life expectancies at age 65:
2024
2023
No.
No.
Future pensioners
\u2013 male
87.8
87.9
\u2013 female
90.0
90.0
Current pensioners
\u2013 male
87.0
87.1
\u2013 female
88.6
88.7
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 \u00a30.7m. A change in the rate of inflation by 0.1% is predicted to change the deficit by approximately \u00a30.3m and a 10%
change to the mortality assumption would change the deficit by approximately \u00a31.8m. 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 2025 will be \u00a3nil (2024: \u00a3nil).
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity
of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by
Virgin Media Ltd against aspects of the June 2023 decision. The conclusions reached by the court in this case may have implications for some UK defined benefit plans.
The Trustee of the Chemring Group Staff Pension Scheme has taken advice from the Scheme\u2019s legal advisors regarding the Virgin Media case and has concluded
that no action is required at present. The Trustee believes that the Scheme has implemented robust governance processes and has no reason to believe that
actuarial confirmation was not obtained for any historical benefit changes. As such, the defined benefit obligation continues to reflect the benefits currently
being administered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-377": { "value": "30. RETIREMENT BENEFIT OBLIGATIONS In the UK, the Group operates a defined benefit scheme (the \u201cChemring Group Staff Pension Scheme\u201dor \u201cScheme\u201d). The Group\u2019s other UK and overseas pension arrangements are all defined contribution schemes, with a combined cost of \u00a39.4m (2023: \u00a38.4m) for continuing operations. 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 2024, using the projected unit credit method. The main assumptions for the scheme are detailed below. 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. Pension buy-in arrangement, which is expected to lead to a full buy-out in the future On 28 November 2023, the trustees of the Scheme (the \u201cTrustees\u201d) entered into a buy-in contract with an insurer, Pension Insurance Corporation (\u201cPIC\u201d), to purchase a bulk annuity insurance policy that operates as an investment asset. 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 was initially 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 and further contributions of \u00a31.4m were made in the year to 31 October 2024. Overall the Group expects to pay a further c\u00a31.1m over the next twelve to eighteen months to provide funding for the rectification of certain members\u2019 benefits and to meet the costs associated with the initial buy-in and eventual buy-out of the Scheme. Under IAS 19, the insurance policy is typically treated as an investment of the pension scheme, valued at its fair value. Correspondingly, the pension liabilities remain on the balance sheet, with no immediate derecognition of liabilities related to the insured members. The trustees have exercised judgement in treating the buy-in as a precursor to a full buy-out. A buy-out would involve the full discharge of the pension scheme\u2019s obligations to the insured members, transferring all future obligations and risks to the insurance provider. Consequently a settlement cost of \u00a37.0m and administrative expenses in relation to the buy-in of \u00a30.5m has been recognised as non-underlying costs in the profit and loss account in the year to 31 October 2024. Under IAS 19, the treatment of the buy-in remains distinct from that of a full buy-out until the legal transfer of liabilities is finalised. Therefore, the insurance policy remains recorded as a scheme asset, and the corresponding liabilities are not derecognised until the buy-out is formally completed. The purchase of the bulk annuity policy matches the vast majority of the benefits due to be paid from the Fund. Consequently, the difference in the values of the assets and liabilities is mainly the remaining assets after the bulk annuity policy purchase. The decision to treat the buy-in as a future buy-out is based on the following considerations: - Management intention: The management is committed to transitioning from the current buy-in to a full buy-out and is actively working towards this outcome. - Negotiations in progress: Formal discussions and negotiations with the insurer are underway to conclude the buy-out, with the expectation of completion within a reasonable timeframe. - Economic substance: Even though a legal buy-out has not yet been finalised, the economic substance of the transaction closely aligns with a buy-out, as the insurance policy transfers significant risks and rewards to the insurer. The movement in the net defined benefit asset is as follows:
Defined benefit obligations
Defined benefit asset
Net defined benefit asset
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November
(56.3)
(60.2)
62.2
71.4
5.9
11.2
Included in profit or loss
Administrative expenses
\u2014
\u2014
(0.5)
(1.1)
(0.5)
(1.1)
Settlement
\u2014
\u2014
(7.0)
\u2014
(7.0)
\u2014
Net interest (cost)/credit
(2.9)
(3.0)
2.9
3.5
\u2014
0.5
(2.9)
(3.0)
(4.6)
2.4
(7.5)
(0.6)
Included in other comprehensive income
Remeasurement (loss)/gain:
Actuarial (loss)/gain arising from:
\u2013 demographic and financial assumptions
(1.6)
3.8
\u2014
\u2014
(1.6)
3.8
\u2013 experience adjustment
(0.3)
(0.4)
\u2014
\u2014
(0.3)
(0.4)
\u2013 return on plan assets excluding interest income
\u2014
\u2014
0.6
(8.1)
0.6
(8.1)
(1.9)
3.4
0.6
(8.1)
(1.3)
(4.7)
Other
Contributions by the employer
\u2014
\u2014
3.0
\u2014
3.0
\u2014
Net benefits paid out
4.4
3.5
(4.4)
(3.5)
\u2014
\u2014
At 31 October
(56.7)
(56.3)
56.8
62.2
0.1
5.9
The Chemring Group Staff Pension Scheme had 796 members at the end of the year (2023: 801). Of these members 62.7% (2023: 59.8%) 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:
2024
2023
2024
2023
\u00a3m
\u00a3m
%
%
Buy-in policy
54.7
\u2014
96.3
\u2014
Liability driven investment
\u2014
33.7
\u2014
54.2
Corporate bonds
\u2014
25.4
\u2014
40.8
Assets held by insurance company
1.0
1.0
1.8
1.6
Cash
1.1
2.1
1.9
3.4
56.8
62.2
100.0
100.0
The buy-in policy\u2019s fair value is determined to be equal to the defined benefit obligation (less any other assets held by the insurance company and any liabilities determined by the actuary which are not included within the buy-in policy) as it is valued using the same assumptions used by the actuary to value the liability. The value of the buy-in policy is \u00a32.0m lower than the value of total obligations as at 31 October 2024 due to \u00a31.0m of other liabilities held for GMP equalisation and NRA equalisation which are not included within the policy and \u00a31.0m of other insurance assets. As at 31 October 2023, the pension scheme assets were invested in corporate bonds and a portfolio of leveraged liability driven pooled funds designed to hedge interest rate and inflation risk, in preparation of reaching the buy-out position. Liability driven investments and corporate bonds 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. As at 31 October 2023, the scheme\u2019s liability matching portfolio was 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). The principal assumptions used in the actuarial valuation of the Chemring Group Staff Pension Scheme were as follows:
2024
2023
%
%
Discount rate
5.3
5.6
Inflation
\u2013 RPI
3.6
3.6
\u2013 CPI
2.9
2.9
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 2023 and a 1.25% long-term trend rate. This results in the following life expectancies at age 65:
2024
2023
No.
No.
Future pensioners
\u2013 male
87.8
87.9
\u2013 female
90.0
90.0
Current pensioners
\u2013 male
87.0
87.1
\u2013 female
88.6
88.7
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 \u00a30.7m. A change in the rate of inflation by 0.1% is predicted to change the deficit by approximately \u00a30.3m and a 10% change to the mortality assumption would change the deficit by approximately \u00a31.8m. 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 2025 will be \u00a3nil (2024: \u00a3nil). In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. The conclusions reached by the court in this case may have implications for some UK defined benefit plans. The Trustee of the Chemring Group Staff Pension Scheme has taken advice from the Scheme\u2019s legal advisors regarding the Virgin Media case and has concluded that no action is required at present. The Trustee believes that the Scheme has implemented robust governance processes and has no reason to believe that actuarial confirmation was not obtained for any historical benefit changes. As such, the defined benefit obligation continues to reflect the benefits currently being administered.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-406": { "value": "The movement in the net defined benefit asset is as follows:
Defined benefit obligations
Defined benefit asset
Net defined benefit asset
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November
(56.3)
(60.2)
62.2
71.4
5.9
11.2
Included in profit or loss
Administrative expenses
\u2014
\u2014
(0.5)
(1.1)
(0.5)
(1.1)
Settlement
\u2014
\u2014
(7.0)
\u2014
(7.0)
\u2014
Net interest (cost)/credit
(2.9)
(3.0)
2.9
3.5
\u2014
0.5
(2.9)
(3.0)
(4.6)
2.4
(7.5)
(0.6)
Included in other comprehensive income
Remeasurement (loss)/gain:
Actuarial (loss)/gain arising from:
\u2013 demographic and financial assumptions
(1.6)
3.8
\u2014
\u2014
(1.6)
3.8
\u2013 experience adjustment
(0.3)
(0.4)
\u2014
\u2014
(0.3)
(0.4)
\u2013 return on plan assets excluding interest income
\u2014
\u2014
0.6
(8.1)
0.6
(8.1)
(1.9)
3.4
0.6
(8.1)
(1.3)
(4.7)
Other
Contributions by the employer
\u2014
\u2014
3.0
\u2014
3.0
\u2014
Net benefits paid out
4.4
3.5
(4.4)
(3.5)
\u2014
\u2014
At 31 October
(56.7)
(56.3)
56.8
62.2
0.1
5.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-326": { "value": "
31. CASH GENERATED FROM OPERATING ACTIVITIES
2024
2023
Notes
\u00a3m
\u00a3m
Operating profit from continuing operations
58.1
45.4
Amortisation of development costs
12
1.3
0.7
Amortisation of intangible assets arising from business combinations (non-underlying)
12
2.0
3.0
Amortisation of patents and licences
12
0.3
\u2014
Impairment of development costs
12
\u2014
15.6
Loss on disposal of non-current assets
12
1.7
\u2014
Depreciation of property, plant and equipment
13
21.0
18.6
Non-underlying items
3
11.0
5.2
Share-based payment expense
28
5.8
4.4
Operating cash flows before movements in working capital
101.2
92.9
Increase in inventories
(30.1)
(18.2)
Increase in trade and other receivables
(16.9)
(18.7)
Increase in trade and other payables
41.8
23.7
Increase in provisions
\u2014
0.3
Operating cash flow from continuing underlying operations
96.0
80.0
Discontinued operations
Operating cash flow from discontinued underlying operations
(1.5)
(0.8)
Cash impact of non-underlying items from discontinued operations
(1.5)
(1.9)
Net cash outflow from discontinued operations
(3.0)
(2.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-327": { "value": "
32. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2024
2023
\u00a3m
\u00a3m
Decrease in cash and cash equivalents
(3.9)
(13.7)
Decrease in debt and lease financing due to cash flows
(26.6)
8.8
Increase in net debt resulting from cash flows
(30.5)
(4.9)
Effect of foreign exchange rate changes
(0.3)
0.3
Acquired debt
\u2014
(0.1)
New leases entered into, lease interest and other non-cash movements
(7.2)
(2.1)
Amortisation of debt finance costs
(0.4)
(0.4)
Movement in net debt
(38.4)
(7.2)
Net debt at the beginning of the year
(14.4)
(7.2)
Net debt at the end of the year
(52.8)
(14.4)
", "dimensions": { "concept": "chemringgroupplc:DisclosureOfReconciliationOfNetCashFlowToMovementInNetDebt", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-328": { "value": "
33. ANALYSIS OF NET DEBT
At
At
1 November
Non-cash
Exchange
31 October
2023
Cash flows
changes
rate effects
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents (including bank overdraft)
6.4
(3.9)
\u2014
(0.5)
2.0
Debt due after one year
(14.1)
(29.1)
(0.6)
0.1
(43.7)
Preference shares
(0.1)
\u2014
\u2014
\u2014
(0.1)
(7.8)
(33.0)
(0.6)
(0.4)
(41.8)
Lease liabilities
(6.6)
2.5
(7.0)
0.1
(11.0)
(14.4)
(30.5)
(7.6)
(0.3)
(52.8)
Accrued interest is included in the carrying amount of interest payable (note 21) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-329": { "value": "
34. CONTINGENT LIABILITIES
The Group is, from time to time, party to legal proceedings and claims, which arise in the ordinary course of business. In addition, the Group enters into various
guarantee and performance bond arrangements in the ordinary course of business. Provision is made for any amounts that the directors reasonably consider
may become payable (see note 24). The Group believes that any significant liability in respect of guarantee and performance bond arrangements, and legal
proceedings and claims not already provided for, is remote.
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 were settled under our employers\u2019 liability insurance. We also fully supported the UK Health and Safety Executive with its investigation.
The business pleaded guilty to a breach of section 2(1) of the Health and Safety at Work Act 1974 in connection with the incident and on 27 June 2024 was
fined \u00a3613,075. This matter is now closed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-378": { "value": "34. CONTINGENT LIABILITIES The Group is, from time to time, party to legal proceedings and claims, which arise in the ordinary course of business. In addition, the Group enters into various guarantee and performance bond arrangements in the ordinary course of business. Provision is made for any amounts that the directors reasonably consider may become payable (see note 24). The Group believes that any significant liability in respect of guarantee and performance bond arrangements, and legal proceedings and claims not already provided for, is remote. 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 were settled under our employers\u2019 liability insurance. We also fully supported the UK Health and Safety Executive with its investigation. The business pleaded guilty to a breach of section 2(1) of the Health and Safety at Work Act 1974 in connection with the incident and on 27 June 2024 was fined \u00a3613,075. This matter is now closed.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-330": { "value": "
35. 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 30.
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 121 to 130.
Total emoluments for key management personnel charged to the consolidated income statement were:
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
2.8
2.9
Post-employment benefits
0.1
0.1
Share-based payment benefits
3.2
1.6
Total remuneration of key management personnel
6.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-407": { "value": "35. 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 30. 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 121 to 130. Total emoluments for key management personnel charged to the consolidated income statement were:
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
2.8
2.9
Post-employment benefits
0.1
0.1
Share-based payment benefits
3.2
1.6
Total remuneration of key management personnel
6.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-379": { "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 121 to 130. Total emoluments for key management personnel charged to the consolidated income statement were:
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
2.8
2.9
Post-employment benefits
0.1
0.1
Share-based payment benefits
3.2
1.6
Total remuneration of key management personnel
6.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-331": { "value": "
36. POST BALANCE SHEET EVENTS
There were no events after the balance sheet date requiring disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-332": { "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 134 to 136. 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 83 which forms part of these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-4": { "value": "Chemring Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-298": { "value": "Chemring Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-299": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-6": { "value": "Roke Manor, Old Salisbury Lane, Romsey, Hampshire SO51 0ZN.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-380": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-381": { "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 83 which forms part of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-333": { "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 or new standards adopted in the year
ended 31 October 2024 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 2024 but
have not materially impacted the reported results or the financial position:
> 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).
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 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 17);
> 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).
Effective for periods beginning on or after 1 January 2026
> Classification and measurement of financial instruments (Amendments
to IFRS 9); and
> Annual improvements to IFRS Standards.
Effective for periods beginning on or after 1 January 2027
> IFRS 18 Presentation and Disclosure in Financial Statements; and
> IFRS 19 Subsidiaries without Public Accountability: Disclosures.
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-382": { "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 or new standards adopted in the year ended 31 October 2024 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 2024 but have not materially impacted the reported results or the financial position: > 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). 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 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 17); > General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1); and Climate-related Disclosures (IFRS S2).", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-383": { "value": "Effective for periods beginning on or after 1 January 2025 > Lack of exchangeability (Amendments to IAS 21). Effective for periods beginning on or after 1 January 2026 > Classification and measurement of financial instruments (Amendments to IFRS 9); and > Annual improvements to IFRS Standards. Effective for periods beginning on or after 1 January 2027 > IFRS 18 Presentation and Disclosure in Financial Statements; and > IFRS 19 Subsidiaries without Public Accountability: Disclosures. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-300": { "value": "
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.
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 2024, profit after
tax, 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 this 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 21. 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.
In its ordinary business the Group enters into contracts with government
defence agencies where, from time to time, judgement is required in order
to determine if the arrangement is that of a supply of goods and services to be
accounted for under IFRS 15 or a government grant to be accounted for under
IAS 20. Such arrangements require a consideration of the wider economics of
the contractual arrangement as well as critical evaluation against the scope
criteria of each of the above accounting standards.
Where a contract includes transactions that should be accounted for other
than as revenue or expenses based on their nature, these transactions are
presented in accordance with the applicable accounting standard. In the instance
that this results in the acquisition of assets on receipt of a government grant,
the transactions will be accounted for following our government grants
accounting policy.
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 its
present 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
(2023: 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 five years
(2023: six years).
Property, plant and equipment
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 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 deferred
income over the periods necessary to match them with the related costs
and are deducted in reporting the related expense.
The Group initially recognises government grants received relating to the
construction or acquisition of assets as deferred income at fair value, if there is
reasonable assurance that they will be received and the Group complies with
the conditions associated with the grant. Grants related to the acquisition of
assets are recognised in profit and loss as other income on a systematic basis
over the useful life of the asset.
Tax
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. Any repurchase of the Company\u2019s ordinary shares as permitted under Companies Act 2006 is credited to this reserve. 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
of the 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
In the event of warranty obligations, 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 (\u201cAPMs\u201d)
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, legal costs and other non-
reoccuring items;
- gains or losses on the movement in the fair value of derivative
financial instruments;
- pension buy-in and buy-out transactions; 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-334": { "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-384": { "value": "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-335": { "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 2024, profit after tax, 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-385": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-386": { "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 2024, profit after tax, 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-336": { "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 this 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 21. 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. In its ordinary business the Group enters into contracts with government defence agencies where, from time to time, judgement is required in order to determine if the arrangement is that of a supply of goods and services to be accounted for under IFRS 15 or a government grant to be accounted for under IAS 20. Such arrangements require a consideration of the wider economics of the contractual arrangement as well as critical evaluation against the scope criteria of each of the above accounting standards. Where a contract includes transactions that should be accounted for other than as revenue or expenses based on their nature, these transactions are presented in accordance with the applicable accounting standard. In the instance that this results in the acquisition of assets on receipt of a government grant, the transactions will be accounted for following our government grants accounting policy. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-387": { "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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-337": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-388": { "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 its present 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:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-338": { "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 its present 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-389": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-339": { "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 (2023: 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 five years (2023: six years). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-390": { "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 (2023: 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 five years (2023: six years). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-391": { "value": "Property, plant and equipment 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 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-340": { "value": "Property, plant and equipment 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 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-341": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-342": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-343": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-344": { "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 deferred income over the periods necessary to match them with the related costs and are deducted in reporting the related expense. The Group initially recognises government grants received relating to the construction or acquisition of assets as deferred income at fair value, if there is reasonable assurance that they will be received and the Group complies with the conditions associated with the grant. Grants related to the acquisition of assets are recognised in profit and loss as other income on a systematic basis over the useful life of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-345": { "value": "Tax 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-392": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-346": { "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.
Any repurchase of the Company\u2019s ordinary shares as permitted under
Companies Act 2006 is credited to this reserve.
", "dimensions": { "concept": "chemringgroupplc:DescriptionOfAccountingPolicyForSpecialCapitalReserve", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-347": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-348": { "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.
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 of the 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-393": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-412": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-411": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-394": { "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 of the 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-410": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-409": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-417": { "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 of the 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-408": { "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 of the 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-349": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-350": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-351": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-352": { "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 In the event of warranty obligations, 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-357": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-353": { "value": "Alternative Performance Measures (\u201cAPMs\u201d) 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, legal costs and other non- reoccuring items; - gains or losses on the movement in the fair value of derivative financial instruments; - pension buy-in and buy-out transactions; 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:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-354": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-355": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-356": { "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 2024 are set out in note 24.
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 \u00a398.5m at 31 October 2024.
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 \u00a318.6m at 31 October 2024. Included in this balance are
individually material balances relating to Joint Biological Tactical Detection
System (\u00a38.8m) and Perceive (\u00a34.3m).
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 2024 there was a provision of \u00a31.0m 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 \u00a31.0m.
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 25).
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
There is inherent uncertainty associated with the timing of the anticipated
buy-out and the final settlement of liabilities. Should the buy-out not proceed
as expected, there may be a need to adjust the accounting treatment in a
future period.
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 2024.
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 and 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-395": { "value": "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. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800U9A54VQJ5P2J41", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } } } }