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"value": "Included in other reserves is a capital redemption reserve of \u00a3129.8m (2021: \u00a3129.8m) and a share-based payments reserve of \u00a36.7m (2021: \u00a36.0m). The capital redemption reserve arose from B shares which were converted into deferred shares in 2008 and 2009, and as a result, \u00a3129.8m was transferred from retained earnings to a capital redemption reserve. The own shares reserve represents the cost of shares in Bodycote plc purchased in the market. At 31 December 2022, 639,125 (2021: 775,962) ordinary shares of 17 3 /11 p each were held by the Bodycote International Employee Benefit Trust to satisfy share-based payments under the Group\u2019s incentive schemes (see note 25). Certain subsidiaries in the UK have taken an exemption to be audited. Refer to page 143 for further information.",
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"value": "Group accounting policies Year ended 31 December 2022 Basis of preparation The financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under these standards. The Group has adopted Standards and Interpretations issued by the IASB and the International Financial Reporting Interpretations Committee of the IASB (IFRS IC). Individual standards and interpretations have to be adopted by the UK Endorsement Board (UKEB) before being applied in the UK. International Financial Reporting Standards (IFRS) are subject to ongoing amendment by the IASB and subsequent endorsement by the UKEB and are therefore subject to change. The financial statements have been prepared on the historical cost basis, except for items that are required by IFRS to be measured at fair value, principally certain financial instruments measured at fair value, and retirement benefit assets. Historical cost is generally based on the fair value of the consideration given up in exchange for the assets. In preparing the consolidated financial statements, the Directors have considered the impact of climate change particularly in the context of the disclosures included in the Sustainability section of the Strategic report. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the conclusion that climate change is not expected to have a significant impact on the Group\u2019s cash flows, including those considered in the going concern and viability assessments. Basis of consolidation The consolidated financial statements incorporate the financial statements of Bodycote plc (\u2018the Company\u2019) and entities controlled by the Company (its subsidiaries and together, \u2018the Group\u2019) made up to 31 December each year. A subsidiary is an entity controlled, directly or indirectly, by Bodycote plc. Control exists when the Group has power over the subsidiary, has exposure or rights to the variable returns from its involvement with a subsidiary and then holds ability to use its power to affect its returns. The results of subsidiaries acquired or disposed during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to subsidiary financial statements to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non- controlling interests\u2019 share of profits and losses less any distributions made. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. Going concern In determining the basis of preparation for the consolidated financial statements, the Directors have considered the Group\u2019s business activities, together with the factors likely to affect its future development, performance and position. The Chief Financial Officer\u2019s report included in this Annual Report includes a summary of the Group\u2019s financial position, cash flows, liquidity position and borrowings. The current and plausible impact of macroeconomic factors, including the war in Ukraine, energy and price inflation, the ongoing COVID-19 impacts and global supply chain impacts on the Group\u2019s activities, performance and revenue, in addition to other factors and risks, have been considered by the Directors in preparing its going concern assessment. The Group has modelled a base case, which reflects the Directors\u2019 current expectations of future trading in addition to potential severe but plausible impacts on revenues, profits and cash flows in a downside scenario. Management\u2019s base case scenario is built upon the budgeting and forecasting processes for 2023 and the period up to June 2024. This model shows an improvement in performance in both revenue and profits compared to 2022, albeit with operating profit remaining below 2019 levels. The Group\u2019s record of cash conversion was used to estimate the cash generation and level of net debt over that period. The severe but plausible downside scenario assumes a significant decline in revenues of around 18% below the base case modelled through to the end of June 2024. In performing the scenarios, the assessment has considered both liquidity and compliance with the Group\u2019s covenants. The key covenants attached to the Group\u2019s Revolving Credit Facility relate to financial gearing (net debt to EBITDA) and interest cover, which are measured on a pre-IFRS 16 basis. The maximum financial gearing ratio permitted under the covenants is 3.0x (with a one-time acquisition spike at 3.5x) and the minimum interest cover ratio permitted is 4.0x. In both the base case and the severe but plausible downside scenario modelled, the Group continues to maintain sufficient liquidity and meet its gearing and interest cover covenants under the Revolving Credit Facility with substantial headroom. Management also performed a reverse stress test. This indicated that 2023 revenues would need to decline by over 30% compared to 2022 levels and with no growth in 2024 before the Group\u2019s loan covenants were breached at the June 2024 test date. In this scenario, minimum liquidity was over \u00a380m throughout the entire period. This scenario did not include the benefit of any mitigating actions management would undertake, including among other actions, the restructuring of the cost base, a reduction in capital expenditure and a reduction of dividends . The Group meets its working capital requirements through a combination of committed and uncommitted facilities and overdrafts. For the purposes of the going concern assessment, the Directors have only taken into account the capacity under existing committed facilities, being predominantly the Group\u2019s Revolving Credit Facility. The Group has access to a \u00a3250.9m Revolving Credit Facility maturing in May 2027. The Group\u2019s committed facilities at 31 December 2022 totalled \u00a3255.4m while uncommitted facilities totalled \u00a346.6m. At 31 December 2022, the Group\u2019s Revolving Credit Facility had drawings of \u00a369.6m (2021: \u00a390.3m) and the Group\u2019s net debt was \u00a333.4m (2021: \u00a351.9m). The liquidity headroom was \u00a3222.0m at 31 December 2022 (2021: \u00a3204.3m), excluding uncommitted facilities. Following this assessment, the Directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that cast significant doubt on the Group\u2019s going concern status and that it is a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the next 12 months from the approval date of the consolidated financial statements. For this reason, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. Critical accounting judgements and significant accounting estimates In the course of preparing the consolidated financial statements certain estimates, assumptions and judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the financial statements. Although the estimates and judgements are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ and result in material variances. Critical accounting judgements \u2013 The Group operates in a number of countries and is subject to taxes in numerous jurisdictions. The recognition of a provision for taxes is a significant judgement that is based upon the interpretation of applicable tax legislation on a country-by-country basis and an assessment of the likely outcome of any open tax computations. Refer to notes 6, 19 and 28. \u2013 In line with previous years the Group continues to take the decision not to recognise an asset in relation to the surplus on the UK defined benefit pension scheme, regardless of value. See note 27. \u2013 Certain items have been disclosed as exceptional costs where the Directors consider that they meet this definition as outlined in the Group\u2019s accounting policy below and in note 4. Significant accounting estimates \u2013 Accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with actuarial assumptions. The discount rate and the mortality rates applied in the calculation of scheme liabilities are a key source of estimation uncertainty for the Group. Details of the accounting policies applied in respect of retirement benefit schemes are set out in note 27. Other areas of judgement and accounting estimates \u2013 The Group has considered whether the valuation of goodwill and the related value-in-use calculation assumptions used for the annual impairment testing were significant estimates and has concluded that there is no reasonably possible material change expected in the carrying amount of these balances due to a change in these assumptions in the next financial year. This estimate is therefore not considered a key source of estimation uncertainty. Refer to note 9. \u2013 The economy in Turkey is subject to high inflation and has qualified as a hyperinflationary economy as of 1 April 2022 for accounting periods ending on or after 30 June 2022. The Group has concluded that applying IAS 29 (Financial Reporting in Hyperinflationary Economies) is not required as the impact of adopting this standard is not material, but will continue to assess the position going forward. \u2013 Climate change is referred to in the Principal Risks and uncertainties and Sustainability sections of the Strategic report. Growing awareness of climate change and customer sustainability targets will provide opportunities for growth as we provide services and solutions that increase efficiency and reduce energy use. The Group\u2019s view is that climate change does not create any further key source of estimation uncertainty at this time. Refer to note 9. Revenue recognition The Group predominantly has one revenue stream relating to thermal processing services with either identifiable customer contracts or specific terms and conditions that constitute a contract. Revenue is recognised net of discounts, VAT and other sales-related taxes. The Group\u2019s right to consideration equates to the value of the services provided, the transaction price of which is based upon pricing as agreed with the customer. In general, the services provided to the Group\u2019s customers consist of one performance obligation, being the delivery of a service which happens either at a point in time or over a short time frame. Revenue is recognised on completion of the service rendered as any spreading of revenue over a short time frame during which some services are performed would not have a material impact on revenue recognition. Where multiple performance obligations are determined to exist in one transaction, the allocation of transaction price and delivery of services are considered on a case-by-case basis. The determination of the transaction price is based upon pricing as agreed with the customer. In general, there are limited instances of judgements made in assessing revenue recognition under IFRS 15 given the relative simplicity of the contracts, and that revenue is recognised at a point in time. In certain cases, the Group will use third parties as part of delivering customer contracts. When a third party is involved in providing goods or services, the Group determines if there is a principal or an agency relationship with that third party. Due to the nature of the contractual arrangements, it is initially assumed that the Group enters into a principal relationship with third-party contractors and thus recognises the related revenue on a gross basis with related costs included in cost of sales and overheads in the consolidated income statement. In some circumstances, third party work arranged for a customer of the Group should validly be considered as agency activity. In such cases, the revenue and direct costs of sale are recorded on a net basis in revenue in the consolidated income statement. Other operating income Other operating income represents asset sales, profit on disposal of investment in associates, scrap sales and other items of operating income not generated in the normal course of business. Group accounting policies continued Year ended 31 December 2022 Foreign currencies Transactions in currencies other than the 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. Gains and losses arising on retranslation are included in net profit or loss for the period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise except for: \u2013 exchange differences on transactions entered into to hedge certain foreign currency risks (see page 124); and \u2013 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation). These exchange differences are recognised initially in the consolidated statement of comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. 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. Government assistance Economic support provided to the Group as part of government and state initiatives to support local economies is recorded in the consolidated income statement on the date at which the conditions attached to the receipt of such assistance have been met, in the period it becomes receivable. The income is presented net against the applicable costs within cost of sales and overheads. Any general economic support is presented within other operating income in the consolidated income statement. Operating profit Operating profit is stated after charging restructuring costs, goodwill impairment, impairment of tangible and intangible assets, amortisation of acquired intangible assets, support from government grants and after the post-tax share of results of associates and any gains or losses on disposal of investments in associates, but before finance income and finance costs. Dividends Interim dividend distributions (ordinary and special) to Bodycote plc\u2019s ordinary shareholders are recognised when paid and final dividends are accrued when approved by the ordinary shareholders at the Group\u2019s Annual General Meeting. Borrowing costs Borrowing costs are recognised in the consolidated income statement in the period in which they are incurred as finance costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. Interest costs on borrowings are expensed to the consolidated income statement as they fall due and accounted for as financing cash flows as they are settled. Exceptional items The Group considers exceptional items to be those which derive from events or transactions which are significant for separate disclosure by virtue of their collective size or incidence in order for the user to obtain a proper understanding of the Group\u2019s financial performance. These items include, but are not limited to, costs associated with significant restructuring and reorganisation costs, impairment charges, significant profits and losses on disposal of subsidiaries and other one-off items which meet this definition. Subsequent adjustments to items previously recognised as exceptional will normally also be reflected as exceptional items in future periods. Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary or associate at the date of acquisition. If the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the consolidated income statement. Goodwill is allocated to cash generating units and is not amortised but tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to assets of the unit on a pro-rata basis. Any impairment loss recognised for goodwill cannot be reversed in a subsequent period. On disposal of an associate or subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets under development are carried at cost (less any accumulated impairment losses) until available for use. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these assets is recognised in the consolidated income statement on a straight-line basis over their estimated useful lives,
on the following bases:
Software 10%-33%
Non-compete agreements 20%-33%
Customer relationships 7%-10%
Amortisation is recognised within administration expenses, which is included in cost of sales and overheads.
Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly
attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets
and are amortised from the month in which the asset is available for its intended use. Directly attributable costs that are capitalised as part
of the software asset include third-party costs, employee costs and an appropriate portion of relevant overheads.
Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software
are capitalised if the Group has both a contractual right to the software and the ability to run the software independently of the host vendor.
Customisation and configuration costs related to the implementation of a Cloud-based solution is expensed unless it creates an asset that
is separate and identifiable from the software.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged to the income statement either to costs of sales or administrative expenses, depending on the use of the asset,
on a straight-line basis at rates which write down the value of assets to their residual values over their estimated useful lives. Land is
not depreciated.
The principal rates are as follows:
Freehold buildings 2%
Leasehold improvements over the projected life of the lease
Fixtures and fittings 10%-20%
Plant and machinery 5%-20%
Motor vehicles 20%-33%
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in other operating income in the consolidated income statement.
Assets in the course of construction are carried at cost, plus appropriate borrowing costs, less any recognised impairment loss.
Depreciation commences when the assets are ready for their intended use and they have been transferred to the relevant asset class.
Business combinations
Acquisitions of subsidiaries and businesses are generally accounted for under IFRS 3, where appropriate. The consideration for each
acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income
statement as incurred.
Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments.
All other subsequent changes in the fair value of any contingent consideration classified as an asset or liability are accounted for in accordance
with relevant IFRS standards.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised
at their fair value at the acquisition date, except that:
\u2013 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance
with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; and
\u2013 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.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists or an asset is not in use and therefore requires
an annual test, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the
asset does not generate cash inflows that are largely independent from other assets, the Group estimates the recoverable amount of the cash
generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to dispose and value-in-use. In assessing value-in-use, the estimated future nominal
cash flows are discounted to their present value using a nominal discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount
of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately
in the consolidated income statement.
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Group accounting policies continued
Year ended 31 December 2022
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate
of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognised for the asset (cash generating unit) in prior years. A reversal of an impairment loss is recognised as
income in the consolidated income statement immediately.
Retirement benefit schemes
Obligations for contributions to defined contribution pension plans are recognised as an expense in the consolidated income statement
as incurred.
The cost of providing pensions under defined benefit schemes is calculated in accordance with a qualified actuarial evaluation and spread
over the period during which the benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in
respect of defined benefit pension schemes is calculated separately for each scheme by a qualified actuary using the projected unit method
by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods less the fair
value of the scheme\u2019s assets. Past service costs resulting from scheme amendments or curtailments and gains or losses on settlements are
charged to the consolidated income statement. If the calculation results in a surplus, the recognised asset is limited, under the provisions of
IFRIC 14, to the present value of benefits available in the form of future refunds from the plan or reductions to future contributions.
The average discount rate for the schemes\u2019 liabilities is based on investment grade rated corporate bonds or similar government bonds of
suitable duration and currency. Scheme assets are measured using market values at the end of the reporting period. Actuarial gains and
losses, differences between the expected and actual returns, and the effect of changes in actuarial assumptions are recognised in the
consolidated statement of comprehensive income in the year they arise. Any scheme surplus (to the extent it is considered recoverable under
the provisions of IFRIC 14) or deficit is recognised in full in the consolidated balance sheet.
On plan settlement, a gain or loss on settlement is calculated as the difference between the present value of the defined benefit obligation
being settled as determined on the date of the settlement and the settlement price including any plan assets transferred, and any payments
made directly by the Group in connection with the settlement. This gain or loss is recognised in the income statement or other comprehensive
income at the time of settlement, depending on the nature of how the gain or loss arises.
Right-of-use assets and lease liabilities
To the extent that a right-of-control exists over an asset subject to a lease, with a lease term exceeding one year, a right-of-use asset,
representing the Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease
payments, are recognised in the Group\u2019s balance sheet at the commencement of the lease.
The right-of-use asset is measured at cost and includes the amount of initial measurement of the lease liability and any direct costs incurred,
including advance lease payments, and an estimate of the dismantling, removal and restoration costs required by the terms and conditions
of the lease. Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates
the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. They are subsequently
measured at cost less accumulated depreciation and impairment losses.
Depreciation is charged to the consolidated income statement to depreciate the right-of-use asset from the commencement date until
the earlier of the end of the useful life of the right-to-use asset or the end of the lease term. The lease term shall include the period of any
extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is
written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised.
The lease liability is measured at the present value of the future lease payments, including fixed payments less any lease incentives
receivable, amounts expected to be payable by the Group under residual value guarantees and the exercise price of purchased options where
it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if easily determinable. If the
rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the consolidated
income statement over the period of the lease.
Lease arrangements that are short-term in nature in relation to low value assets are charged directly to the consolidated income statement
when incurred. Short-term leases are leases with a lease term of 12 months or less and low value assets are defined based on quantitative
criteria as outlined in IFRS 16.
Assets held for sale
Assets are classified and presented as held for sale at the lower of carrying amount and fair value less cost to sell if their carrying amount will
be recovered through a sale transaction rather than through 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. Assets categorised as held for sale are not depreciated.
Inventories
Inventories are stated at the lower of cost and net realisable value and are accounted for on a first in, first out basis or, in some cases,
a weighted-average basis, if deemed more appropriate for the business. For finished goods and work-in-progress, cost comprises direct
materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present
location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution.
Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into.
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. With
the exception of the Group\u2019s borrowings, financial liabilities are not generally interest-bearing.
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Receivables
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified
as \u2018receivables\u2019. Receivables are measured at original invoice amount (which is considered fair value) and are subsequently held at amortised
cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate where
applicable, except for trade receivables which do not carry any interest and are stated at their nominal value as reduced by appropriate
allowances for expected credit losses and estimated irrecoverable amounts.
For trade receivables initially recognised at fair value less allowance for impairments, a simplified lifetime Expected Credit Loss (ECL) model
is used to assess trade receivables for impairment. ECL is the present value of all cash shortfalls over the expected life of a trade receivable.
Expected credit losses are based on historical loss experience on trade receivables, adjusted to reflect information about current economic
conditions and reasonable and supportable forecasts of future economic conditions. At the date of initial recognition, the credit losses
expected to arise over the lifetime of a trade receivable are recognised as an impairment in the consolidated income statement.
Cash and bank balances
Cash and bank balances comprise cash in 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 changes in value. Overdrafts are presented as gross or offset
against cash and bank balances depending on whether the Group has the right and intention to settle the balances as net.
Derivative financial instruments
The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on
the use of derivative financial instruments. The Group uses derivative financial instruments, in particular foreign currency swaps, forward
exchange contracts and cross-currency interest rate swaps to manage the financial risks arising from the business activities and the financing
of those activities. The Group does not use derivative financial instruments for speculative purposes.
Derivative financial instruments are initially recognised as assets and liabilities measured at their fair value on the balance sheet date.
Changes in the fair value of any derivative instruments that do not fulfil the criteria for hedge accounting contained in IFRS 9 Financial
Instruments are recognised immediately in the consolidated income statement. A derivative is presented as a non-current asset or a non-
current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within
12 months.
Net investment hedge
The Group uses foreign currency denominated borrowings to hedge its exposure to changes in the underlying value of net assets (translation
exposure) in certain of its overseas operations arising from foreign exchange rate movements. The Group maintains documentation of
the relationship between the hedged item and the hedging instrument at the inception of a hedging transaction together with the risk
management objective and the strategy underlying the designated hedge. The Group also documents its assessment, both at the inception
of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the nominal
value of the hedged items.
To the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognised in the
consolidated statement of comprehensive income and accumulated in other reserves. The gain or loss relating to any ineffective portion is
recognised immediately in the consolidated income statement and is included in other operating income and expenses.
Cash flow hedge
The Group maintains documentation of the relationship between the hedged item and the hedging instrument at the inception of a hedging
transaction together with the risk management objective and the strategy underlying the designated hedge. Bodycote utilises cross-currency
interest rate swaps where possible to manage the cash flow exposures of borrowings denominated in foreign currencies.
The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the
effectiveness of the hedge in offsetting movements in the fair values or cash flows of the hedged items.
To the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognised in the
consolidated statement of comprehensive income and accumulated in other reserves. Any gain or loss relating to any ineffective portion is
recognised immediately in the consolidated income statement and is included in other operating income and expenses. If the hedged item
results in the recognition of a non-financial asset, the accumulated gains or losses are included within the initial cost of the asset at the time
that the asset is recognised.
Hedge accounting is discontinued when the instrument expires or is sold, exercised or if it no longer meets the criteria for hedge accounting.
If a forecasted transaction subject to hedge accounting is no longer expected to occur, the accumulated gain or loss in the hedging and
translation reserve is recognised immediately in the consolidated income statement.
Trade and other payables
Trade and other payables are recognised at the amounts expected to be paid to counterparties and subsequently held at amortised cost.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year or tax assessment adjustments made to prior years. Taxable profit differs from
net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. The Group\u2019s asset and liability for current tax is calculated using
tax rates that have been enacted or substantively enacted by the balance sheet date.
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Group accounting policies continued
Year ended 31 December 2022
Deferred tax is the tax 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 that taxable profits will be available against which deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other
than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, 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. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only
recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary
differences and they are expected to 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, based
on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the
consolidated income statement, except when it relates to items charged or credited in other comprehensive income, in which case the
deferred tax is also dealt with in other comprehensive income.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group
expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at fair value, net of transaction costs. Finance charges, including premiums payable
on settlement or redemption and direct issue costs, are accounted for on an accrual\u2019s basis to the consolidated 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.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is probable that
the Group will be required to settle that obligation and when a reliable estimate can be made of the amount of the obligation. If the obligation
is expected to be settled within 12 months of the reporting date the provisions are included within current liabilities and if expected to be
settled after 12 months included in non-current liabilities.
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 cash flows estimated
to settle the present obligation, and the difference between the carrying amount and the present value of those cash flows is material to the
financial statements, the carrying amount is the present value of those cash flows.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments. The Group issues equity-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date
of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period. At each balance sheet date,
the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting
conditions. The impact of the revision of the original estimates, if any, is recognised in the consolidated income statement such that the
cumulative expense reflects the revised estimates with a corresponding adjustment to the equity-settled share-based payments reserve.
Adoption of new and revised standards and interpretations applied in the current year
A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting
policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual
reporting periods commencing on or after 1 January 2022, and did not have a material impact, were:
\u2013 IFRS 3 Reference to the conceptual framework.
\u2013 IAS 16 PPE prohibits a company from deducting from the cost of PPE amounts received from selling items produced while the company
is preparing the asset for its intended use. Such sales proceeds and related costs are to be recognised in the income statement.
\u2013 IAS 37 Onerous contracts \u2013 specifies which costs a company includes when assessing an onerous contract.
\u2013 IFRS 1, IFRS 9 and IFRS 16 Annual improvements to IFRS standards.
\u2013 IFRIC Agenda decision regarding lessor forgiveness of lease payments (IFRS 9 and IFRS 16).
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Bodycote plc annual report 2022
New standards and interpretations not yet applied
At the date of authorisation of these consolidated financial statements, the Group has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective. All the below revisions are effective from 1 January 2023. They are not expected
to have a material impact on the Group.
\u2013 IFRS 17 Insurance contracts;
\u2013 Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction;
\u2013 Amendments to IAS 1 Non-current liabilities with covenants; and
\u2013 Amendment to IFRS 16 Leases on sale and leaseback.
General information
Bodycote plc is a Company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given
on page 47.
The nature of the Group\u2019s operations and its principal activities, and information on the Group\u2019s objectives, are included within the Group\u2019s
Strategic report.
Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment
in which the entity operates. The consolidated financial statements are presented in pounds sterling, which is the functional and presentation
currency of the Company. Foreign operations are included in accordance with the policies set out in the Foreign Currencies accounting policy
on page 98.
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Bodycote plc annual report 2022
1. Business and geographical segments
The Group has more than 165 facilities across the world serving a range of market sectors with various thermal processing services.
The range and type of services offered is common to all market sectors.
In accordance with IFRS 8 Operating Segments, the segmentation of Group activity reflects the way the Group is managed by the chief
operating decision maker, being the Group Chief Executive, who regularly reviews the operating performance of six operating segments, split
between the Aerospace, Defence & Energy (ADE) and Automotive & General Industrial (AGI) business areas, as follows:
\u2013 ADE \u2013 Western Europe;
\u2013 ADE \u2013 North America;
\u2013 ADE \u2013 Emerging Markets;
\u2013 AGI \u2013 Western Europe;
\u2013 AGI \u2013 North America; and
\u2013 AGI \u2013 Emerging Markets.
The split of operating segments by geography reflects the business reporting structure of the Group.
We have also presented combined results of our two key business areas, ADE and AGI. The split being driven by customer behaviour and
requirements, geography and services provided. Customers in the ADE segment tend to operate and purchase more globally and have long
supply chains, whilst customers in the AGI segment tend to purchase more locally and have shorter supply chains.
Bodycote plants do not exclusively supply services to customers of a given market sector. Allocations of plants between ADE and AGI
is therefore derived by reference to the preponderance of markets served.
Group
ADE
2022
\u00a3m
AGI
2022
\u00a3m
Central
costs and
eliminations
2022
\u00a3m
Consolidated
2022
\u00a3m
Revenue
Total revenue 312.7 430.9 \u2013 743.6
Result
Headline operating profit prior to share-based payments and
unallocated central costs 52.1 81.1 \u2013 133.2
Share-based payments (including social charges)
1
(1.3) (0.3) \u2013 (1.6)
Unallocated central costs \u2013 \u2013 (19.4) (19.4)
Headline operating profit/(loss) 50.8 80.8 (19.4) 112.2
Amortisation of acquired intangible assets (6.9) (2.4) \u2013 (9.3)
Acquisition costs \u2013 \u2013 (0.9) (0.9)
Operating profit/(loss) prior to exceptional items 43.9 78.4 (20.3) 102.0
Exceptional items 0.1 (0.2) 0.1 \u2013
Segment result 44.0 78.2 (20.2) 102.0
Finance income 0.4
Finance costs (7.1)
Profit before taxation 95.3
Taxation (21.0)
Profit for the year 74.3
1 \u00a31.7m (2021: \u00a34.7m) IFRS 2 share-based payment charge in the year less \u00a30.1m credit (2021: plus a \u00a30.3m charge) for social security charges.
Inter-segment revenues are not material in either year.
The Group does not have any one customer that contributes more than 10% of revenue.
Notes to the consolidated financial statements
Year ended 31 December 2022
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Bodycote plc annual report 2022
1. Business and geographical segments continued
Aerospace, Defence & Energy
Western Europe
2022
\u00a3m
North America
2022
\u00a3m
Emerging
markets
2022
\u00a3m
Total ADE
2022
\u00a3m
Revenue
Total revenue 137.1 168.6 7.0 312.7
Result
Headline operating profit prior to share-based payments 24.5 27.4 0.2 52 .1
Share-based payments (including social charges) (0.4) (0.9) \u2013 (1.3)
Headline operating profit 24.1 26.5 0.2 50.8
Amortisation of acquired intangible assets (0.4) (6.5) \u2013 (6.9)
Operating profit prior to exceptional items 23.7 20.0 0.2 43.9
Exceptional items 0.7 (0.6) \u2013 0.1
Segment result 24.4 19.4 0.2 44.0
Automotive & General Industrial
Western Europe
2022
\u00a3m
North America
2022
\u00a3m
Emerging
markets
2022
\u00a3m
Total AGI
2022
\u00a3m
Revenue
Total revenue 241.6 103.0 86.3 430.9
Result
Headline operating profit prior to share-based payments 51.6 12.1 17.4 81.1
Share-based payments (including social charges) (0.6) 0.2 0.1 (0.3)
Headline operating profit 51.0 12.3 17.5 80.8
Amortisation of acquired intangible assets (0.5) (1.5) (0.4) (2.4)
Operating profit prior to exceptional items 50.5 10.8 17.1 78.4
Exceptional items 0.2 (0.3) (0.1) (0.2)
Segment result 50.7 10.5 17.0 78.2
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Bodycote plc annual report 2022
Notes to the consolidated financial statements continued
Year ended 31 December 2022
1. Business and geographical segments continued
Group
ADE
2021
\u00a3m
AGI
2021
\u00a3m
Central costs and
eliminations
2021
\u00a3m
Consolidated
2021
\u00a3m
Revenue
Total revenue 245.6 370.2 \u2013 615.8
Result
Headline operating profit prior to share-based payments and unallocated
central costs 45.2 72.5 \u2013 117.7
Share-based payments (including social charges) (1.0) (3.0) (1.0) (5.0)
Unallocated central costs \u2013 \u2013 (17.9) (17.9 )
Headline operating profit/(loss) 44.2 69.5 (18.9) 94.8
Amortisation of acquired intangible assets (6.7) (3.6) \u2013 (10.3)
Acquisition costs (0.5) \u2013 (0.2) (0.7)
Operating profit/(loss) prior to exceptional items 37.0 65.9 (19.1) 83.8
Exceptional items (4.2) (0.6) 4.8 \u2013
Segment result 32.8 65.3 (14.3) 83.8
Finance income 0.3
Finance costs (6.6)
Profit before taxation 77.5
Taxation (17.5)
Profit for the year 60.0
Aerospace, Defence & Energy
Western
Europe
2021
\u00a3m
North
America
2021
\u00a3m
Emerging
markets
2021
\u00a3m
Total ADE
2021
\u00a3m
Revenue
Total revenue 105.3 136.0 4.3 245.6
Result
Headline operating profit prior to share-based payments 21.7 23.3 0.2 45.2
Share-based payments (including social charges) (0.4) (0.6) \u2013 (1.0)
Headline operating profit 21.3 22.7 0.2 44.2
Amortisation of acquired intangible assets \u2013 (6.7) \u2013 (6.7)
Acquisition costs (0.5) \u2013 \u2013 (0.5)
Operating profit prior to exceptional items 20.8 16.0 0.2 37.0
Exceptional items (1.7) (2.5) \u2013 (4.2)
Segment result 19.1 13.5 0.2 32.8
Automotive & General Industrial
Western
Europe
2021
\u00a3m
North
America
2021
\u00a3m
Emerging
markets
2021
\u00a3m
Total AGI
2021
\u00a3m
Revenue
Total revenue 217.0 85.3 67.9 370.2
Result
Headline operating profit prior to share-based payments 47.8 7.9 16.8 72.5
Share-based payments (including social charges) (1.8) (0.5) (0.7) (3.0)
Headline operating profit 46.0 7. 4 16.1 69.5
Amortisation of acquired intangible assets (0.5) (2.7) (0.4) (3.6)
Operating profit prior to exceptional items 45.5 4.7 15.7 65.9
Exceptional items (0.3) (0.1) (0.2) (0.6)
Segment result 45.2 4.6 15.5 65.3
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Bodycote plc annual report 2022
1. Business and geographical segments continued
Other information
Group
ADE
2022
\u00a3m
AGI
2022
\u00a3m
Central costs
and eliminations
2022
\u00a3m
Consolidated
2022
\u00a3m
Gross capital additions 30.8 38.2 10.6 79.6
Depreciation and amortisation 34.1 47.0 3.2 84.3
Balance sheet
Segment assets 526.9 569.8 71.0 1,167.7
Segment liabilities (96.0) (134.9) (154.8) (385.7)
Segment net assets 430.9 434.9 (83.8) 782.0
Aerospace, Defence & Energy
Western
Europe
2022
\u00a3m
North
America
2022
\u00a3m
Emerging
markets
2022
\u00a3m
Total ADE
2022
\u00a3m
Gross capital additions 10.2 20.4 0.2 30.8
Depreciation and amortisation 12.5 20.9 0.7 3 4.1
Balance sheet
Segment assets 18 3.1 337.7 6.1 526.9
Segment liabilities (51.6) (43.5) (0.9) (96.0)
Segment net assets 131.5 294.2 5.2 430.9
Automotive & General Industrial
Western
Europe
2022
\u00a3m
North
America
2022
\u00a3m
Emerging
markets
2022
\u00a3m
Total AGI
2022
\u00a3m
Gross capital additions 20.1 10.0 8.1 38.2
Depreciation and amortisation 22.5 13.2 11.3 47.0
Balance sheet
Segment assets 248.4 177.4 144.0 569.8
Segment liabilities (79.4) (21.2) (34.3) (134.9)
Segment net assets 169.0 156.2 109.7 434.9
Group
ADE
2021
\u00a3m
AGI
2021
\u00a3m
Central costs
and eliminations
2021
\u00a3m
Consolidated
2021
\u00a3m
Gross capital additions 14.5 38.5 7.5 60.5
Depreciation and amortisation 33.8 47.7 2.8 84.3
Balance sheet
Segment assets 48 0.1 527.4 62.3 1,069.8
Segment liabilities (91.3) (133.3) (159.8) (384.4)
Segment net assets 388.8 39 4.1 ( 97.5) 685.4
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Notes to the consolidated financial statements continued
Year ended 31 December 2022
1. Business and geographical segments continued
Aerospace, Defence & Energy
Western
Europe
2021
\u00a3m
North
America
2021
\u00a3m
Emerging
markets
2021
\u00a3m
Total ADE
2021
\u00a3m
Gross capital additions 6.0 8.4 0.1 14.5
Depreciation and amortisation 12.7 20.5 0.6 33.8
Balance sheet
Segment assets 170.3 304.7 5.1 480.1
Segment liabilities (46.2) (44.1) (1.0) (91.3)
Segment net assets 124.1 260.6 4.1 388.8
Automotive & General Industrial
Western
Europe
2021
\u00a3m
North
America
2021
\u00a3m
Emerging
markets
2021
\u00a3m
Total AGI
2021
\u00a3m
Gross capital additions 20.3 10.5 7.7 38.5
Depreciation and amortisation 23.5 13.5 10.7 47.7
Balance sheet
Segment assets 232.0 16 7. 4 128.0 527.4
Segment liabilities (79.0) (24.3) (30.0) (133.3)
Segment net assets 153.0 143.1 98.0 39 4.1
Geographical information
The Group\u2019s revenue from external customers and information about its assets (non-current assets excluding financial instruments, deferred
tax assets and other financial assets) by country are detailed below:
Revenue from
external customers Non-current assets
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
USA 258.2 210.9 450.6 413.4
France 90.8 80.8 64.4 63.4
Germany 79.0 71.1 71.3 6 8.1
UK 55.6 45.2 88.1 79.9
Sweden 48.1 4 0.1 35.2 36.6
Netherlands 32.8 27.8 23.1 23.1
Others 179.1 139.9 187.9 184.4
743.6 615.8 920.6 868.9
2. Operating profit
2022
\u00a3m
2021
\u00a3m
Revenue 743.6 615.8
Cost of sales (473.9) (379.8)
Gross profit 269.7 236.0
Other operating income 9.2 3.8
Distribution costs (21.1) (17.4)
Administration expenses (151.2) (138.6)
Other operating expenses (4.5) (1.2)
Net impairment (losses)/gains on financial assets (0.1) 1.2
Operating profit prior to exceptional items 102.0 83.8
Exceptional items (see note 4) \u2013 \u2013
Operating profit 102.0 83.8
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Bodycote plc annual report 2022
2. Operating profit continued
Operating profit for the year has been arrived at after charging/(crediting):
2022
\u00a3m
2021
\u00a3m
Net foreign exchange loss/(gain) 0.1 (0.2)
Inventory expensed 69.2 48.4
Depreciation of property, plant and equipment 60.2 58.0
Depreciation on mothballed sites due to restructuring recognised in exceptional items \u2013 0.6
Depreciation of right-of-use assets 13.0 13.6
Amortisation of other intangible assets 11.1 12.1
Gain on disposal of property, plant and equipment recognised in operating profit (1.7) \u2013
Loss/(profit) on disposal of property, plant and equipment recognised in exceptional items (see note 4) 0.1 (4.8)
Gain on disposal of right-of-use assets (0.1) \u2013
Employee costs (see note 3) 276.5 252.5
Pension scheme administration expenses 0.6 0.5
Utility costs 95.6 57.2
Government assistance support received
1
(2.6) (1.5)
Acquisition costs 0.9 0.7
Impairment loss/(gain) on trade receivables 0.1 (1.2)
Impairment (reversal)/charges \u2013 recognised in exceptional items (see note 4) (0.1) 5.5
Impairment of property, plant and equipment and other assets \u2013 recognised in operating profit 4.8 \u2013
Share of profit of associate undertaking up to disposal \u2013 (0.1)
Loss on sale of associate \u2013 0.4
1 Government grants consist of support towards utility expenditure of \u00a31.7m (2021: \u00a3nil), R&D support of \u00a30.7m (2021: \u00a3nil) and \u00a30.2m (2021: \u00a31.5m) in respect of COVID-19 and other
support programmes.
The analysis of auditors\u2019 remuneration on a worldwide basis is as follows:
2022
\u00a3m
2021
\u00a3m
Fees payable to the auditor for the audit of the annual accounts 0.9 0.8
Fees payable to the auditor and its associates for other services:
The audit of the Group\u2019s subsidiaries 1.2 1.4
Total audit fees 2.1 2.2
Audit related assurance services
1
0.1 0.1
Other non-audit fees
2
\u2013 0.1
Total fees payable to the auditor 2.2 2.4
1 This includes \u00a30.1m for the review of the half year report (2021: \u00a30.1m for the review of the half year report).
2 2021 includes \u00a30.1m for a mandatory assurance requirement by the Dutch government concerning COVID-19 assistance (NOW), required as part of the programme conditions.
The audit fees disclosed for 2022 include \u00a30.1m of fees in connection with the 2021 audit. The audit fees disclosed for 2021 include \u00a30.1m
of fees in connection with the 2020 audit.
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Bodycote plc annual report 2022
3. Employees
The average monthly number of employees (including Executive Directors) was:
2022
Number
2021
Number
ADE:
Western Europe 740 698
North America 868 799
Emerging markets 73 62
AGI:
Western Europe 1,490 1,490
North America 626 641
Emerging markets 815 775
Shared services 278 243
Head office 43 42
4,933 4,750
2022
\u00a3m
2021
\u00a3m
Their aggregate remuneration comprised:
Wages and salaries
1
235.6 214.6
Social security costs 32.6 30.9
Pension costs 8.3 7.1
276.5 252.5
1 For the year ended 31 December 2022 the Group received government and state employee support towards wages and salaries of \u00a3nil (2021: \u00a31.1m) which are presented net against
staff costs.
Included in wages and salaries are share-based payments (excluding social charges) resulting in a charge of \u00a31.7m (2021: \u00a34.7m). Included
in pension costs are \u00a37.8m relating to defined contribution schemes (2021: \u00a36.4m) and a \u00a30.5m charge relating to defined benefit schemes
(2021: \u00a30.7m). Pension administrative costs not included above were \u00a30.6m (2021: \u00a30.5m) and interest costs not included above were \u00a30.1m
(2021: \u00a30.1m) \u2013 see notes 2 and 27.
Disclosure of individual Directors\u2019 remuneration, share interests, share options, long-term incentive schemes, pension contributions and
pension entitlements are shown in the tables in the Board report on remuneration on pages 68 to 82. See also note 26 for information
on share-based payments.
For information on retirement benefit schemes see note 27.
4. Exceptional items
2022
\u00a3m
2021
\u00a3m
Severance and redundancy provision release (0.8) (2.7)
Net impairment (reversal)/charges (0.1) 5.5
Site closure costs 1.0 1.9
Losses/(gains) on sales of property, plant and equipment recognised in exceptional items 0.1 (4.8)
Environmental provisions (credit)/charge \u2013 see note 21 (0.2) 0.1
Total exceptional items
1
\u2013 \u2013
1 Non exceptional costs relating to severance and redundancy, impairment charges and reversals, site closure costs and environmental provisions are booked to other operating expenses.
Gains and losses on sales of property, plant and equipment are booked to other operating income
In 2020, the Group announced an organisation restructuring initiative which was driven by a combination of both macroeconomic uncertainties
and longer-term automobile and aerospace market structural shifts. A number of plants were closed as a result of these restructuring
activities. The related costs were recorded as exceptional items in line with the Group\u2019s accounting policy for exceptional items.
At 31 December 2022, management performed a detailed review of the remaining restructuring activities in order to determine the best
estimate of future expenditure required to settle the present obligation, resulting in a net overall charge to exceptional items of \u00a3nil.
At 31 December 2022, \u00a33.0m (2021: \u00a310.2m) was held as exceptional provisions. Refer to note 21 for more information.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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5. Net finance charge
2022
\u00a3m
2021
\u00a3m
Interest on bank loans and overdrafts 2.3 1.3
Interest on deferred consideration \u2013 0.2
Interest on lease liabilities 1.8 1.8
Total interest expense 4.1 3.3
Net interest on the defined benefit pension liability 0.1 0.1
Other finance charges 2.9 3.2
Total finance charge 7.1 6.6
Interest received on bank deposits 0.1 0.1
Other interest receivable 0.3 0.2
Total finance income 0.4 0.3
Net finance charge 6.7 6.3
6. Taxation charge
2022
\u00a3m
2021
\u00a3m
Current taxation \u2013 charge for the year 21.3 18.9
Current taxation \u2013 adjustments in respect of previous years (0.6) (5.9)
Deferred tax (see note 19) 0.3 4.5
Total taxation charge 21.0 17.5
The Group uses a weighted average country tax rate rather than the UK tax rate for the reconciliation of the charge for the year to the profit
before taxation per the consolidated income statement. The Group operates in several jurisdictions, many of which have a tax rate in excess
of the UK tax rate. As such, a weighted average country tax rate is believed to provide the most meaningful information to the users of the
financial statements. The appropriate tax rate for this comparison in 2022 is 24.8% (2021: 24.7%). The effect of changes in statutory tax rates
reflects the impact on deferred tax balances of the increase in the future UK tax rate from 19.0% to 25.0% which will take effect from 1 April
2023 as per the Finance Act 2021. Consequently, the deferred tax balances on the consolidated balance sheet relating to the UK have been
measured using these revised rates.
During 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large
multinational groups. On 20 July 2022, HM Treasury released draft legislation to implement these \u2018Pillar II\u2019 rules with effect for years
beginning on or after 31 December 2023. The Group is reviewing these draft rules to assess any potential impacts.
The charge for the year can be reconciled to the profit before taxation per the consolidated income statement as follows:
2022
\u00a3m
2021
\u00a3m
Profit before taxation 95.3 77. 5
Tax at the weighted average country tax rate of 24.8% (2021: 24.7%) 23.6 19.1
Tax effect of expenses not deductible in determining taxable profit
1
1.7 2.3
Impact of recognition or derecognition of deferred tax balances (2.0) (0.9)
Tax effect of other adjustments in respect of previous years:
Current tax
2
(0.6) (5.9)
Deferred tax
2
(3.4) 0.1
Effect of financing activities between jurisdictions
3
(0.6) 1.3
Impact of trade and minimum corporate taxes 0.5 0.6
Effect of changes in statutory tax rates on deferred tax assets and liabilities 0.9 0.2
Other tax risk provision movements
4
0.9 0.7
Tax expense for the year 21.0 17.5
Tax on items taken directly to equity is a charge of \u00a30.5m (2021: credit of \u00a30.3m).
1 Those costs in various jurisdictions that are not deductible in calculating taxable profits.
2 2022 and 2021 adjustments in current and deferred tax in respect of previous years relate mainly to changes in assumptions and outcomes in UK and overseas tax positions.
3 The Group is externally financed by a mix of cash flows from operations and short-term borrowings. Internally, operating subsidiaries are predominantly financed via intercompany loans.
The effect is net of provisions based on management\u2019s estimation of tax risk relating to the potential disallowance of interest. \u00a39.1m of interest deductions were restricted in the US in 2022
(2021: \u00a35.1m).
4 Includes provisions for local tax risks and non-financing cross-border transactions.
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Bodycote plc annual report 2022
6. Taxation charge continued
As part of the calculation of the tax charge, the Group recognises a number of tax risk provisions in respect of ongoing tax enquiries and
in recognition of the multinational tax environment that Bodycote operates in where the nature of the tax positions that are taken is often
complex and subject to change. Tax provisions totalling \u00a328.1m were recognised at 31 December 2022 (2021: \u00a324.0m), of which \u00a35.3m
(2021: \u00a31.8m) are expected to crystallise within 12 months. The provisions are based on an assessment of a range of possible outcomes
to determine reasonable estimates of the consequences of tax authority audits in the various tax jurisdictions in which the Group operates.
The material provisions relate to the financing of the Group\u2019s operations where management\u2019s judgement is exercised to determine the
quantum of the tax risk provisions based on an understanding of the appropriate local tax legislation, taking into consideration the differences
of interpretation that can arise on a wide variety of issues including the nature of ongoing tax audits and the experience from earlier enquiries,
and determining whether any possible liability is probable. The Group\u2019s provisions vary in quantum from \u00a30.4m to \u00a38.9m each.
7. Dividends
2022
\u00a3m
2021
\u00a3m
Amounts recognised as distributions to equity holders in the year:
Interim dividend for the year ended 31 December 2020 of 6.0p per share \u2013 11. 4
Final dividend for the year ended 31 December 2020 of 13.4p per share \u2013 25.7
Interim dividend for the year ended 31 December 2021 of 6.2p per share \u2013 11.9
Final dividend for the year ended 31 December 2021 of 13.8p per share 26.3 \u2013
Interim dividend for the year ended 31 December 2022 of 6.4p per share 12.2 \u2013
38.5 49.0
Proposed final dividend for the year ended 31 December 2022 of 14.9p per share 28.4 \u2013
The Board approved the payment of an interim dividend for 2021 of 6.2p on 27 July 2021 to those shareholders on the register of Bodycote plc
on 8 October 2021 and a final ordinary dividend for 2021 of 13.8p to shareholders on the register of Bodycote plc on 22 April 2022. The 2021
interim dividend was paid on 5 November 2021 and the final ordinary dividend on 1 June 2022.
The Board approved the payment of an interim dividend for 2022 of 6.4p on 29 July 2022 to those shareholders on the register of Bodycote
plc on 7 October 2022 and has proposed a final ordinary dividend of 14.9p per share to be paid on 2 June 2023 to shareholders on the register
at close of business at 21 April 2023 subject to approval by shareholders at the Annual General Meeting. The 2022 interim dividend was paid
on 4 November 2022.
As the proposed final dividend is subject to shareholder approval in 2023, it is not included as a liability in these financial statements.
The dividends are waived on shares held by the Bodycote International Employee Benefit Trust.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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Bodycote plc annual report 2022
8. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
2022
\u00a3m
2021
\u00a3m
Earnings
Earnings for the purpose of basic earnings per share being net profit attributable to equity holders of
the parent 73.7 59.5
Number Number
Number of shares
Weighted average number of ordinary shares for the purpose of basic earnings per share 190,779,615 190,651,774
Effect of dilutive potential ordinary shares:
Shares subject to performance conditions
1
384,848 79,678
Shares subject to vesting conditions 191,502 192,117
Weighted average number of ordinary shares for the purpose of diluted earnings per share 191,355,965 190,923,569
Pence Pence
Earnings per share:
Basic 38.6 31.2
Diluted
1
38.5 31.2
2022
\u00a3m
2021
\u00a3m
Headline earnings
Net profit attributable to equity holders of the parent 73.7 59.5
Add back:
Amortisation of acquired intangible assets (net of tax) 7.0 7.8
Acquisition costs (net of tax) 0.7 1.0
Headline earnings 81.4 68.3
Pence Pence
Headline earnings per share:
Basic 42.7 35.8
Diluted
1
42.5 35.8
1 As at 31 December 2022, in accordance with IAS 33, the related performance conditions for most open plans have not been met resulting in 0.2p dilution of earnings per share (2021: nil).
9. Goodwill
2022
\u00a3m
2021
\u00a3m
Cost
At 1 January 274.5 276.3
Exchange differences 14.1 (1.8)
Recognised on acquisition of businesses 0.3 \u2013
At 31 December 288.9 274.5
Accumulated impairment
At 1 January 60.6 60.8
Exchange differences 0.5 (0.2)
At 31 December 61.1 60.6
Carrying amount 227.8 213.9
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Bodycote plc annual report 2022
9. Goodwill continued
Goodwill acquired through business combinations is allocated to the cash generating units (CGUs) that are expected to benefit from the
synergies of the combination. The recoverable amounts of these CGUs are the higher of fair value less costs to dispose and value-in-use.
Goodwill is allocated across the Group\u2019s segments as follows:
2022
\u00a3m
2021
\u00a3m
ADE:
Western Europe 27.2 26.8
North America 100.9 93.2
AGI:
Western Europe 28.2 27.6
North America 59.4 54.7
Emerging Markets 12.1 11.6
227.8 213.9
Goodwill is tested for impairment at least annually, or more frequently if there are indications that the carrying value may not be recoverable.
The recoverable amounts of the CGUs are determined from value-in-use calculations. In assessing value-in-use, estimated post-tax future
cash flows for each CGU are discounted to their present value using a post-tax discount rate which reflects current market assessments
of the time value of money and the risks specific to the CGUs, including country risk premium.
The cash flows for each CGU have been derived from the FY23 budget, and five-year financial plan, both of which have been approved by the
Board. They have then been extrapolated for a further five years (until 2032) using a medium-term growth rate, before applying a long-term
growth rate into perpetuity from the terminal year.
The key assumptions applied in determining the value-in-use of each CGU were as follows:
\u2013 Revenue: Sales for 2023\u20132027 were projected based on management\u2019s expectations of the growth of the underlying market sectors served
by each CGU. These were benchmarked against external sector projections to ensure these expectations were supportable.
\u2013 Operational gearing: Operational gearing represents the correlation between movements in revenue and operating profits. The gearing levels
assumed reflect management\u2019s expectations of the performance of the business, and are informed by past performance.
\u2013 Capital expenditure: The future cash flows include estimates of capital expenditure required to maintain the existing asset base of each
CGU, and are based on historical experience. In the terminal year, maintenance capital expenditure is assumed to be 100% of depreciation.
Expansionary capital expenditure, and the associated revenues and cash flows, are only included to the extent that they have been approved
as at the balance sheet date and work on the project is already underway.
\u2013 Medium-term growth rates: The cash flows for each CGU have been extrapolated between 2027 (the final year of the financial plan) and
2032 reflecting market-based nominal GDP growth rates forecasts that range from 4% for the Western Europe and North American CGUs,
to 6% for the Emerging Markets CGU. A medium-term growth rate has been used as management believe that the current inflationary
environment will lead to higher growth in the medium term, before reverting to a long-term growth rate.
\u2013 Long-term growth rate: For the Group\u2019s value-in-use calculations, a long-term growth rate into perpetuity was applied. These growth
rates were based on the long-term average GDP growth projections of the geographies relevant to each CGU, and are in the range of 2.0%
(2021: 2.1%) to 2.3% (2021: 2.4%).
\u2013 Discount rate: The discount rates have been derived from a weighted average cost of capital, adjusted for the geographies in which each CGU
operates. The post-tax discount rates range between 8.6% (2021: 6.4%) and 9.9% (2021: 9.2%). This increase in discount rates compared with
last year mainly reflects the increased risk-free rates derived from generally higher government bond yields during the last year, which, in turn,
reflect an expectation of a generally higher inflationary environment in many of our geographies over the medium term. The pre-tax discount
rates are the rates which, when applied to the pre-tax cash flows, result in the same NPV as calculated by the post-tax discount rate applied
to the post-tax cash flows. These pre-tax discount rates range from 10.5% (2021: 7.5%) to 12.0% (2021: 11.6%).
The majority of goodwill is allocated to two of the CGUs, being North America ADE and North America AGI. The long-term growth rates and
the rates used to discount the projected cash flows for these CGUs are shown below:
Goodwill
carrying value
2022
\u00a3m
Long-term
growth rate
2022
%
Post-tax
discount rate
2022
%
Pre-tax discount
rate
2022
%
Cash generating units
North America ADE 100.9 2 .1 9.6 11.8
North America AGI 59.4 2.1 9.6 12.0
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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Bodycote plc annual report 2022
9. Goodwill continued
Expected future cash flows are inherently uncertain and could change materially over time. They are affected by several factors, including
market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates, estimates
of production costs, and future maintenance capital expenditure, and therefore the Group has conducted sensitivity analysis on the key
assumptions applied to the value-in-use calculations for the CGUs. This uncertainty is especially relevant in light of events currently impacting
global economies including, but not confined to, inflationary and recessionary pressures facing many countries, volatile energy prices, and the
continued COVID-19 pandemic impact across many economies. These uncertainties have been reflected in the sensitivity analyses performed
of reasonably possible changes in the underlying assumptions on future cash flows for the CGUs. The following sensitivities were applied:
\u2013 zero revenue growth in FY23 for the AGI CGUs, and 5% for the ADE CGUs, reflecting the risk of recession in key geographies in which the
Group operates, together with a reduction in the annual sales growth assumed in the base case of 35% in 2024 reducing to 30% by 2027;
\u2013 a 25% reduction in both the medium- and long-term growth rates applied;
\u2013 a 5% reduction in operational gearing; and
\u2013 a 1% increase in the post-tax discount rates.
None of these scenarios resulted in an impairment. In determining the sensitivities to apply, consideration was given to the impact that climate
change may have on the Group\u2019s businesses which is considered to present both opportunities and risks to the organisation. Whilst specific
scenarios were not modelled, the impact of the above sensitivities was deemed sufficiently significant to cover a range of potential risks,
some of which are difficult to estimate with current known information. The Group\u2019s assessment of the impact of climate change is set out
on pages 42 to 44 of the Annual Report.
While the reasonably possible changes summarised above do not indicate an impairment, it is difficult in the current environment to predict
how and when the world\u2019s economies will recover from the macro-economic impacts of COVID-19 and the war in Ukraine. In the event that
profits and cash flows do not ultimately return to historical levels when anticipated, or the Group is unable to maintain or realise expected
operating gearing ratios, a risk of impairment may arise in the future, absent further mitigating actions. However based on current available
information, the Directors do not consider that there are any reasonably possible scenarios that could arise that would result in a material
impairment charge being recognised in the next 12 months. The Directors have concluded that no impairment charge is required as at
31 December 2022.
10. Other intangible assets
Software
\u00a3m
Customer
relationships
\u00a3m
Non-compete
agreements
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021 41.5 133.2 3.8 178.5
Exchange differences (0.3) \u2013 \u2013 (0.3)
Additions 6.9 \u2013 \u2013 6.9
Acquired on acquisition of businesses \u2013 5.0 \u2013 5.0
Eliminated on disposals (1.5) \u2013 \u2013 (1.5)
At 1 January 2022 46.6 138.2 3.8 188.6
Exchange differences 0.5 16.3 \u2013 16.8
Additions 9.8 \u2013 \u2013 9.8
Eliminated on disposals (3.3) \u2013 \u2013 (3.3)
At 31 December 2022 53.6 154.5 3.8 211.9
Amortisation
At 1 January 2021 25.4 42.0 3.1 70.5
Exchange differences (0.3) (0.3) \u2013 (0.6)
Charge for the year 1.8 10.3 \u2013 12.1
Eliminated on disposals (1.5) \u2013 \u2013 (1.5)
At 1 January 2022 25.4 52.0 3.1 80.5
Exchange differences 0.4 6.3 \u2013 6.7
Charge for the year 1.7 9.3 0.1 11.1
Eliminated on disposals (3.3) \u2013 \u2013 (3.3)
At 31 December 2022 24.2 67.6 3.2 95.0
Carrying amount
At 31 December 2022 29.4 86.9 0.6 116.9
At 31 December 2021 21.2 86.2 0.7 10 8.1
Included in intangible software assets are carrying values related to the Group\u2019s existing ERP software module totalling \u00a34.0m (2021: \u00a35.6m)
which are currently being amortised over the remaining useful life.
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10. Other intangible assets continued
The Group is currently developing and implementing a new ERP software solution, assets of which will be held centrally. During the year, the
Group has capitalised \u00a39.6m (2021: \u00a36.6m), of which \u00a34.7m (2021: \u00a32.4m) relates to internally generated capital costs for the development
of this ERP solution. Included in intangible assets are \u00a324.0m (2021: \u00a314.4m) that is not yet available for use and is therefore not yet
being amortised.
Contractual commitments related to the ERP software development were \u00a31.9m at 31 December 2022 (2021: \u00a32.1m). These costs will
be capitalised as incurred.
11. Property, plant and equipment
Land and buildings
Freehold
\u00a3m
Long
leasehold
improvements
\u00a3m
Short
leasehold
improvements
\u00a3m
Plant and
machinery
\u00a3m
Fixtures and
fittings
\u00a3m
Assets under
construction
\u00a3m
Total
\u00a3m
Cost or valuation
At 1 January 2021 254.4 10.1 18.2 1,020.0 28.6 59.2 1,390.5
Additions 0.2 0.4 0.6 3.8 0.3 41.0 46.3
Acquisition of businesses 1.2 \u2013 \u2013 1.1 \u2013 \u2013 2.3
Exchange differences (9.6) 0.1 (0.4) (31.2) (1.1) (1.2) (43.4)
Transfer to assets held for sale (1.7) \u2013 \u2013 \u2013 \u2013 \u2013 (1.7)
Recategorisation 9.9 (0.2) 1.6 31.7 0.2 (43.2) \u2013
Eliminated on disposals (6.0) (0.4) (0.2) (36.0) (1.2) (0.8) (44.6)
At 1 January 2022 248.4 10.0 19.8 989.4 26.8 55.0 1,349.4
Additions
1
0.1 0.1 0.1 4.9 0.5 52.2 57.9
Exchange differences 17.5 0.2 1.9 71.2 1.9 5.0 97.7
Recategorisation 10.1 (0.5) 0.8 39.5 2.0 (51.9) \u2013
Eliminated on disposals (3.6) (0.4) (1.2) (17.2) (1.2) (1.2) (24.8)
At 31 December 2022 272.5 9.4 21.4 1,087.8 30.0 59.1 1,480.2
Accumulated depreciation and impairment
At 1 January 2021 123.1 5.4 8.9 707.5 22.9 0.1 8 6 7.9
Charge for the year 6.6 1.0 1.3 48.5 1.2 \u2013 58.6
Impairment losses incurred 0.2 \u2013 0.3 3.7 \u2013 \u2013 4.2
Exchange differences (5.2) 0.1 (0.3) (22.5) (0.8) \u2013 (28.7)
Transfer to assets held for sale (1.2) \u2013 \u2013 \u2013 \u2013 \u2013 (1.2)
Recategorisation 0.3 (0.1) \u2013 (0.1) (0.1) \u2013 \u2013
Eliminated on disposals (3.9) (0.4) (0.1) (35.1) (1.2) \u2013 (40.7)
At 1 January 2022 119.9 6.0 10.1 702.0 22.0 0.1 8 60.1
Charge for the year 7.0 1.0 1.5 49.1 1.6 \u2013 60.2
Impairment losses incurred 1.2 \u2013 0.1 3.3 0.1 \u2013 4.7
Exchange differences 8.3 0.1 0.9 49.9 1.5 \u2013 60.7
Recategorisation (0.5) 0.2 \u2013 0.3 \u2013 \u2013 \u2013
Eliminated on disposals (2.6) (0.4) (1.2) (16.4) (1.2) \u2013 (21.8)
At 31 December 2022 133.3 6.9 11.4 788.2 24.0 0.1 963.9
Carrying amount
At 31 December 2022 139.2 2.5 10.0 299.6 6.0 59.0 516.3
At 31 December 2021 128.5 4.0 9.7 287.4 4.8 54.9 489.3
1 For further information on capital payables and accruals see note 20.
At 31 December 2022 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to
\u00a39.4m (2021: \u00a35.8m).
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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11. Property, plant and equipment continued
Property, plant and equipment impairments of \u00a34.8m incurred in the year relate to assets that were deemed to no longer be required. A \u00a30.1m
asset impairment reversal was booked in the year related to the disposal of assets. Asset impairments incurred in 2021 of \u00a34.2m were booked
to exceptional items as they were a consequence of the restructuring programme announced in 2020. All impairments in 2022 and 2021 were
written to \u00a3nil carrying value. Net asset impairments broken down by business segment are shown in the table below.
2022
\u00a3m
2021
\u00a3m
ADE:
Western Europe \u2013 0.7
North America 0.1 2.3
AGI:
Western Europe \u2013 0.8
North America 4.6 0.4
4.7 4.2
As at 31 December property assets with a net book value of \u00a30.3m were classified as held for sale (2021: \u00a30.4m) (see note 16 for details).
The Group also disposed of certain assets with proceeds recorded of \u00a33.2m (2021: \u00a311.7m). A gain on sale was recorded in operating profit
in the consolidated income statement of \u00a31.7m (2021: nil) and a loss on sale of certain assets related to the 2020 restructuring programme
included in exceptional items of \u00a30.1m (2021: \u00a34.8m).
12. Right-of-use assets
As a lessee
Information about leases for which the Group is the lessee is presented below:
Land, buildings,
fixtures and
fittings
1
\u00a3m
Plant and
machinery
\u00a3m
Vehicles
\u00a3m
Total
\u00a3m
Cost or valuation
At 1 January 2021 130.0 21.1 18.4 169.5
Additions 4.1 1.4 1.8 7. 3
Eliminated on disposals (5.2) (1.3) (1.7) (8.2)
Exchange differences (3.6) (0.6) (0.7) (4.9)
At 1 January 2022 125.3 20.6 17.8 163.7
Additions 9.0 1.3 1.6 11.9
Eliminated on disposals (1.2) (0.8) (1.5) (3.5)
Exchange differences 9.3 1.5 1.2 12.0
At 31 December 2022 142.4 22.6 19.1 184.1
Accumulated depreciation and impairment
At 1 January 2021 72.6 15.0 12.9 100.5
Charge for the year 8.3 2.6 2.7 13.6
Impairment losses incurred 2.3 \u2013 \u2013 2.3
Eliminated on disposals (5.0) (1.0) (1.5) (7.5)
Exchange differences (2.0) (0.4) (0.4) (2.8)
At 1 January 2022 76.2 16.2 13.7 106.1
Charge for the year 8.4 2.2 2.4 13.0
Eliminated on disposals (0.9) (0.8) (1.3) (3.0)
Exchange differences 6.1 1.3 1.0 8.4
At 31 December 2022 89.8 18.9 15.8 124.5
Carrying amount
At 31 December 2022 52.6 3.7 3.3 59.6
At 31 December 2021 49.1 4.4 4.1 5 7.6
1 The carrying amount of fixtures and fittings as at 31 December was \u00a3nil (2021: \u00a30.2m).
In the year to 31 December 2022 total lease payments charged directly to the consolidated income statement amounted to \u00a31.1m
(2021: \u00a30.5m) for short-term leases and \u00a30.7m (2021: \u00a30.6m) for leases of low value in line with Group policy.
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12. Right-of-use assets continued
Lease liabilities
Maturity analysis \u2013 contractual undiscounted cash flows
2022
\u00a3m
2021
\u00a3m
Less than one year 14.3 15.8
One to five years 33.9 32.8
More than five years 55.7 54.2
Total undiscounted cash flows 103.9 102.8
2022
\u00a3m
2021
\u00a3m
At 1 January 64.5 75.6
Additions 11.7 6.3
Disposals (0.7) (0.6)
Principal and interest repayments (13.8) (14.4)
Exchange differences 4.3 (2.4)
At 31 December 66.0 64.5
Current 12.3 12.9
Non-current 53.7 51.6
Amounts recognised in the consolidated income statement
2022
\u00a3m
2021
\u00a3m
Depreciation charge 13.0 13.6
Interest on lease liabilities 1.8 1.8
Variable lease payments not included in the measurement of lease liabilities \u2013 0.1
Expenses relating to short-term leases 1.1 0.5
Expenses relating to leases of low value assets 0.7 0.6
Gain on disposal of right-of-use assets (0.1) \u2013
Right-of-use asset impairment charge \u2013 2.3
Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates the consideration
in the contract to the lease and non-lease components based on their relative stand-alone prices.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not
impose any covenants other than the security interests in the leased assets that are held by the lessor.
As a lessor
The Group sub-leases a small number of properties. There were no material arrangements where the Group is the lessor.
13. Inventories
2022
\u00a3m
2021
\u00a3m
Raw materials 23.9 17.5
Work-in-progress 4.1 2.3
Finished goods and goods for resale 0.9 0.7
Less: obsolescence provision (1.1) (1.2)
27.8 19.3
Inventory expensed in the years ended 31 December 2022 and 2021 is disclosed in note 2.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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14. Trade and other receivables
2022
\u00a3m
2021
\u00a3m
Amounts falling due within one year:
Amounts receivable for the supply of services 135.8 102.9
Allowance for expected credit loss (2.9) (2.8)
Net trade receivables 132.9 10 0.1
Other receivables 11.7 8.8
Prepayments 9.8 8.1
154.4 117.0
Amounts falling due after more than one year:
Trade and other receivables 1.5 1.6
The credit period given to customers for the supply of services as at 31 December 2022 is 62.6 days (2021: 63.0 days). An allowance has
been made for estimated irrecoverable amounts from the supply of services of \u00a32.9m (2021: \u00a32.8m). This allowance has been determined
by reference to expected credit losses as set out in the Group\u2019s accounting policies. The carrying amount of trade and other receivables
approximates their fair value.
Included in the Group\u2019s trade receivables balance are specific debtor balances with a carrying amount of \u00a332.0m (2021: \u00a321.3m) which are
past due but not impaired at the reporting date, reflecting the increase in revenues. The Group has assessed these balances for recoverability
and considers the credit quality intact and that any impairment would be de minimis for recognition.
Ageing analysis of net trade receivables.
2022
\u00a3m
2021
\u00a3m
Trade receivables within terms 100.9 78.8
Ageing of past due but not impaired receivables:
31-60 days 17.0 12.4
61-90 days 10.3 6.1
91-120 days 3.2 2.0
Greater than 120 days 1.5 0.8
132.9 10 0.1
Movement in the allowance for expected credit loss:
2022
\u00a3m
2021
\u00a3m
At 1 January 2.8 4.5
Impairment losses recognised 1.3 0.9
Amounts written off as uncollectable (0.2) (0.3)
Impairment losses reversed (1.2) (2.1)
Exchange differences 0.2 (0.2)
At 31 December 2.9 2.8
In determining the recoverability of a trade receivable the Group considers any change in the quality of the trade receivable from the date
credit was initially granted up to the reporting date. The Group uses judgement in making these assumptions and selecting the inputs to
the impairment calculation, based on the Group\u2019s recent history and existing market conditions, as well as forward-looking estimates at the
end of each reporting period. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the
Directors believe that there is no further credit provision required in excess of the allowance for expected credit loss.
Included in the allowance for expected credit loss are individually impaired trade receivables with a gross balance of \u00a36.5m (2021: \u00a34.9m).
Impairments recognised represent the difference between the carrying amount of the trade receivables and the present value of the expected
proceeds. The Group does not hold any collateral over these balances.
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14. Trade and other receivables continued
Ageing of impaired trade receivables:
2022
\u00a3m
2021
\u00a3m
Less than 3 months 0.3 0.2
3-12 months 2.2 1.2
Over 12 months 4.0 3.5
6.5 4.9
15. Cash and bank balances
Cash and bank balances comprise cash held by the Group and a breakdown of significant cash and bank balances by currency is as follows:
2022
\u00a3m
2021
\u00a3m
US dollar 10.6 10.5
Euro 7.3 8.7
Sterling 3.1 6.2
Chinese yuan 10.3 7.4
Swedish krona 1.9 2.0
Other 4.0 4.5
Total cash and bank balances
1
37.2 39.3
1 Refer to note 17 for an analysis of overdraft by currency.
16. Assets held for sale
Included in assets held for sale are \u00a30.3m (2021: \u00a30.4m) of assets that are actively being marketed for sale. During the year assets of \u00a30.1m
previously recorded as held for sale as at 31 December 2021 were sold. Assets classified as held for sale are recorded at the lower of their
carrying amount and fair value less costs to sell. Current assets held for sale are analysed between operating segments as follows:
2022
\u00a3m
2021
\u00a3m
AGI:
Western Europe 0.3 0.3
North America \u2013 0.1
0.3 0.4
17. Borrowings
2022
\u00a3m
2021
\u00a3m
Revolving Credit Facility 69.6 90.3
Bank overdrafts 1.0 1.4
Total borrowings 70.6 91.7
Weighted average interest rate paid 4.2% 1.7%
Analysis of Revolving Credit Facility drawdowns by currency:
US dollar 12.0 30.3
Euro 34.6 \u2013
Sterling 23.0 60.0
69.6 90.3
Analysis of bank overdrafts by currency:
US dollar 1.0 0.6
Other \u2013 0.8
1.0 1.4
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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17. Borrowings continued
Bank overdrafts are repayable on demand. No overdrafts are secured.
During the year the Group extended its \u00a3250.9m Revolving Credit Facility by one year. The facility that commenced on 27 May 2020 will now
expire on 27 May 2027.
At 31 December 2022, the Group\u2019s Revolving Credit Facility had total drawings of \u00a369.6m (2021: \u00a390.3m). During the year the Group utilised
\u00a350.7m (2021: \u00a3155.5m) under the committed facility, and \u00a375.1m was repaid during the year (2021: \u00a3116.9m). The RCF is a combination
of GBP, EUR, and USD borrowings and as such was subject to foreign exchange movements of \u00a33.3m in the year.
All borrowings are classified as financial liabilities measured at amortised cost. Given their short-term nature, the carrying amount of bank
overdrafts approximate their fair value.
Other financial liabilities
The following table details the Group\u2019s remaining contractual maturity for its financial liabilities. The table has been drawn up based on the
undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay or has the intention to pay.
The table includes both interest and principal cash flows.
Less than
1 year
2022
\u00a3m
1-2 years
2022
\u00a3m
2-5 years
2022
\u00a3m
5+ years
2022
\u00a3m
Total
2022
\u00a3m
Non-interest-bearing financial liabilities
1
72.2 0.2 \u2013 \u2013 72.4
Bank loans and overdrafts 70.6 \u2013 \u2013 \u2013 70.6
Lease liabilities 14.3 11.6 22.3 55.7 103.9
Derivative financial instruments 0.3 \u2013 \u2013 \u2013 0.3
157.4 11.8 22.3 55.7 247.2
Less than
1 year
2021
\u00a3m
1-2 years
2021
\u00a3m
2-5 years
2021
\u00a3m
5+ years
2021
\u00a3m
Total
2021
\u00a3m
Non-interest-bearing financial liabilities
1
55.3 0.3 \u2013 0.2 55.8
Bank loans and overdrafts 91.7 \u2013 \u2013 \u2013 91.7
Lease liabilities 15.8 11.4 21.4 54.2 102.8
162.8 11.7 21.4 54.4 250.3
1 Excludes payroll related accruals of \u00a331.9m (2021: \u00a331.1m) which are financial instruments held at amortised cost but are paid immediately after year end.
Of the \u00a370.6m (2021: \u00a391.7m) bank loans and overdrafts outflows disclosed above, \u00a369.6m (2021: \u00a390.3m) of bank loans are drawn under
the committed facility maturing on 27 May 2027. The overdrafts are repayable on demand and some are part of pooling arrangements, which
include offsetting cash balances. The net impact on the balance sheet of derivative cash flows was a liability of \u00a30.3m (2021: asset of \u00a30.5m).
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18. Financial instruments
(a) Financial instruments by category
In accordance with IFRS 9, the Group categorises its financial instruments into those measured at \u2018amortised cost\u2019, \u2018fair value through profit or
loss\u2019 and \u2018fair value through other comprehensive income\u2019.
Financial assets
Fair value
hierarchy
At amortised
cost
2022
\u00a3m
At fair value
through profit
or loss
2022
\u00a3m
At fair value
through OCI
2022
\u00a3m
Total
2022
\u00a3m
Trade and other receivables 141.4 \u2013 \u2013 141.4
Cash and bank balances 37. 2 \u2013 \u2013 37.2
178.6 \u2013 \u2013 178.6
Financial assets
Fair value
hierarchy
At amortised
cost
2021
\u00a3m
At fair value
through profit
or loss
2021
\u00a3m
At fair value
through OCI
2021
\u00a3m
Total
2021
\u00a3m
Trade and other receivables 107. 2 \u2013 \u2013 107. 2
Cash and bank balances 39.3 \u2013 \u2013 39.3
Derivative financial instruments Level 2 \u2013 \u2013 0.5 0.5
146.5 \u2013 0.5 147.0
Financial liabilities
Fair value
hierarchy
At amortised
cost
2022
\u00a3m
At fair value
through profit
or loss
2022
\u00a3m
At fair value
through OCI
2022
\u00a3m
Total
2022
\u00a3m
Borrowings \u2013 loans and overdrafts 70.6 \u2013 \u2013 70.6
Lease liabilities 66.0 \u2013 \u2013 66.0
Trade and other payables
1
69.0 \u2013 \u2013 69.0
Other non-current liabilities Level 2/3 0.1 \u2013 \u2013 0.1
Derivative financial instruments Level 2 \u2013 \u2013 0.3 0.3
205.7 \u2013 0.3 206.0
Financial liabilities
Fair value
hierarchy
At amortised
cost
2021
\u00a3m
At fair value
through profit
or loss
2021
\u00a3m
At fair value
through OCI
2021
\u00a3m
Total
2021
\u00a3m
Borrowings \u2013 loans and overdrafts 91.7 \u2013 \u2013 91.7
Lease liabilities 64.5 \u2013 \u2013 64.5
Trade and other payables
1
55.3 \u2013 \u2013 55.3
Other non-current liabilities Level 2/3 0.5 \u2013 \u2013 0.5
212.0 \u2013 \u2013 212.0
1 Excludes payroll related accruals of \u00a331.9m (2021: \u00a331.1m) which are financial instruments held at amortised cost but are paid immediately after year end.
For information on the derivative financial instruments with a fair value of -\u00a30.3m (2021: +\u00a30.5m) refer to section (d) of note 18.
(b) Fair value measurement
There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year. The carrying values of financial
instruments at amortised cost as presented in the consolidated financial statements approximate their fair values.
(c) Financial risk management
The Group\u2019s multinational operations expose it to a variety of financial risks. In the course of its business, the Group is exposed to foreign
currency risk, interest rate risk, liquidity risk and credit risk. Financial risk management policies are set by the Board. The Group\u2019s treasury
function provides a centralised service to the Group for funding, foreign exchange, interest rate management and counterparty risk.
Treasury activities have the objective of minimising risk and treasury operations are conducted within a framework of policies and guidelines
reviewed and authorised by the Board.
In accordance with its treasury policy, the Group does not use or hold derivative financial instruments for trading or speculative purposes.
The Group may however use derivative instruments, for risk management purposes only, transacted by specialist treasury personnel. The use
of financial instruments, including derivatives, is permitted when approved by the Board, where the effect is to minimise risk for the Group.
There has been no significant change during the financial year, or since the end of the year, to the types or scope of financial risks faced by
the Group.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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18. Financial instruments continued
Liquidity risk
Liquidity risk is defined as the risk that the Group might not be able to settle or meet its obligations on time or at a reasonable price.
Liquidity risk arises as a result of mismatches between cash inflows and outflows from the business. This risk is monitored on a centralised
basis through regular cash flow forecasting, strategic planning, an annual budget agreed by the Board each year and re-forecasts undertaken
during the financial year. To mitigate the risk, the resulting forecast net cash/(debt) is measured against the liquidity headroom policy which,
at the current net cash/(debt) levels, requires committed facilities (plus term loans in excess of one year) to exceed net debt by 50% (minimum
facilities of \u00a375m).
As at 31 December 2022, the Group had \u00a3181.3m (2021: \u00a3160.6m) available on the committed Revolving Credit Facility of \u00a3250.9m
which together with cash and cash equivalents, including overdrafts, of \u00a336.2m (2021: \u00a337.9m), resulted in available funds of \u00a3217.5m
(2021: \u00a3198.5m). The Group also uses uncommitted short-term bank facilities to manage short-term liquidity but these facilities are excluded
from the liquidity headroom policy. The Group manages longer-term liquidity through its committed bank facilities and will, if appropriate, raise
funds on capital markets.
As at 31 December 2022 the Group\u2019s principal committed bank facility of \u00a3250.9m had a maturity date of 27 May 2027 (4.4 years to maturity)
and had drawings of \u00a369.6m (2021: \u00a390.3m).
Cash management pooling, netting and concentration techniques are used to minimise borrowings. As at 31 December 2022, the Group had
cash and bank balances of \u00a337.2m (2021: \u00a339.3m).
Credit risk
Credit risk primarily arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial assets
such as cash balances, derivative financial instruments and trade and other receivables.
The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of appropriate
allowances for expected credit losses based on a simplified lifetime Expected Credit Loss (ECL) model to assess trade receivables for
impairment where ECL is the present value of all cash shortfalls over the expected life of a trade receivable. An allowance for impairment
is made when one or more events have occurred that have a significant impact on the expected future cash flows of the financial asset such
that there is sufficient evidence of a reduction in the recoverability of the asset. The quantitative analysis of credit risk relating to receivables
is included in note 14.
Counterparty risk encompasses settlement risk on derivative financial instruments and credit risk on cash and term deposits. The Group
monitors its credit exposure to its counterparties via their credit ratings (where applicable) and through its policy, thereby limiting its exposure
to any one party to ensure there is no significant concentration of credit risk. The credit risk on liquid funds (cash balances) and derivative
financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies
and Group policy is to enter into such transactions only with counterparties with a long-term credit rating of A-/A3 or better. However, acquired
businesses occasionally have dealings with banks with lower credit ratings. Business with such banks is moved as soon as practicable.
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Interest rate risk
Interest rate risk arises on borrowings and cash balances (and derivative liabilities and assets) which are at floating interest rates. Changes
in interest rates could have the effect of either increasing or decreasing the Group\u2019s net profit. Under the Group\u2019s interest rate management
policy, the interest rates on each of the Group\u2019s major currency monetary assets and liabilities are managed to achieve the desired mix of fixed
and variable rates for each major net currency exposure. The major interest rate risk is to rates in the UK, Europe and USA. Measurement of
this interest rate risk and its potential impact due to volatility on the Group\u2019s reported financial performance is undertaken on a monthly basis
and the Board uses this information to determine, from time to time, an appropriate mix of fixed and floating rates.
Interest rate sensitivity
To represent management\u2019s best estimate of a reasonable range of potential outcomes, the Group has measured the estimated change to the
income statement and equity of either an instantaneous increase or decrease of 1% (100 basis points) in market interest rates, which did not
indicate any material impact on the financial statements. This analysis was for illustrative purposes only. The sensitivity analysis excludes the
impact of market risks on net post-employment benefit obligations.
The interest rate sensitivity analysis is based on the following assumptions:
\u2013 changes in market interest rates affect the interest income or expense of variable interest financial instruments; and
\u2013 changes in market interest rates affect the fair value of derivative financial instruments designated as hedging instruments.
Under these assumptions, a one percentage point fall or rise in market interest rates for all currencies in which the Group has variable net
cash or net borrowings at 31 December 2022 would increase or reduce profit before tax by approximately \u00a30.7m (2021: \u00a30.9m). There is
no significant impact on equity in the current or previous year.
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Bodycote plc annual report 2022
18. Financial instruments continued
Currency risk
Bodycote has operations in 22 countries and is therefore exposed to foreign exchange translation risk when the profits/losses and net assets
of these entities are consolidated into the Group accounts.
Ninety-three per cent of the Group\u2019s revenues are in currencies other than sterling (EUR 34%, USD 36% and SEK 7%, and others at or below
3% individually, total 16%). Cumulatively over the year, sterling rates moved such that the revenue for the year was \u00a321.6m lower than if
revenue had been translated at the rates prevailing in 2021.
It is Group policy not to hedge exposure for the translation of reported profits. Refer to section (e) for further disclosure of the Group\u2019s financial
instrument risk management activities.
The Group\u2019s balance sheet translation policy is not to actively hedge currency net assets but where appropriate the Group will still match
centrally held currency borrowings to the net assets. The Group generally borrows in Sterling, US dollars and Euros, consistent with the
locations where the majority of the Group\u2019s cash flows are generated. The Group recognises foreign exchange movements in equity for
the translation of net investment hedging instruments and balances (see section (e)).
Transactional foreign exchange exposures arise when entities within the Group enter into contracts to pay or receive funds in a currency
different from the functional currency of the entity concerned. It is Group policy to hedge exposure to cash transactions in foreign currencies
when a commitment arises, usually through the use of foreign exchange forward contracts. Even though approximately 93% of the Group\u2019s
revenues are generated outside the UK, the nature of the business is such that cross-border sales and purchases are limited and immaterial
for the Group.
Currency sensitivity
Taking the 2022 revenue by currency, a 10% weakening/strengthening in the 2022 cumulative average rates for all currencies versus sterling
would have given rise to a +\u00a376.4m /-\u00a362.5m movement in revenue respectively. The impact on headline operating profit is affected by the
mix of losses and profits in the various currencies. However, taking the 2022 operating profit mix, a 10% weakening/strengthening in 2022
cumulative average rates for all currencies would have given rise to a +\u00a310.3m/-\u00a38.4m movement in headline operating profit.
(d) Derivative financial instruments
The Group\u2019s derivative financial instruments are considered to be classified as level 2 instruments. Fair value measurements are those derived
from inputs other than quoted prices included within level 1 that are observable for the asset or liabilities, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
The Group uses foreign currency forward contracts in the management of its exchange rate exposures. The contracts are primarily
denominated in the currencies of the Group\u2019s principal markets. The losses recognised in the income statement on the contracts which
matured in 2022 amounted to \u00a30.1m (2021: \u00a3nil). The unrealised gains and losses were not material in either 2022 or 2021.
In accordance with IFRS 7 Financial Instruments: Disclosures, fair value is determined using quoted forward exchange rates and yield curves
derived from quoted interest rates matching maturities of the contracts.
The Group\u2019s interest rate risk is primarily in relation to its floating rate borrowings (cash flow risk). From time to time the Group will use
interest rate derivative contracts to manage its exposure to interest rate movements within Group policy. At the balance sheet date, the Group
has entered into an interest rate swap contract which has been classified as a level 2 instrument with a fair value of -\u00a30.3m (2021: +\u00a30.5m),
which is due to terminate on 30 June 2023. At the balance sheet date, the aggregate fair value amount of the interest rate swap contract is
\u00a30.3m (2021: \u00a30.5m) consisting of a GBP receivable and EUR payable.
The interest rate swap contract is combined with the GBP Revolving Credit Facility and designated as part of the hedging instrument for the
EUR net investment hedge. The hedged item is identified as the carrying amount of the Group\u2019s net investment in one foreign operation.
There was no material ineffectiveness in relation to interest rate derivative recorded in 2022 and 2021.
(e) Net investment hedge
The Group continues to be drawn on the Revolving Credit Facility as this was used to partly fund the Ellison acquisition in 2020 and the related
deferred consideration payments in 2021. The related loans are denominated in GBP (partly combined with a EUR cross-currency interest rate
swap), USD and EUR. Certain EUR and USD amounts are designated as net investment hedges to the Group\u2019s subsidiaries with a matching
functional currency on a 1:1 ratio. The effects and performance of the net investment hedges at 31 December 2022 are set out as follows:
EUR Net investment hedge
2022
\u00a3m
2022
\u20acm
2021
\u00a3m
2021
\u20acm
Carrying amount of the hedging instruments and
denominations
1
43.5 49.0 25.2 30.0
Carrying amount of the hedged items (net assets
of subsidiaries) and denominations 43.5 49.0 25.2 30.0
Hedge ratio 1:1 \u2013 1:1 \u2013
Change in hedging instruments carrying amount as a result
of foreign currency movements from 1 January 2022 (2.1) \u2013 1.1 \u2013
Change in value of hedged item used to determine hedge
effectiveness 2.1 \u2013 (1.1) \u2013
1 The carrying amount comprises \u00a334.9m of the EUR Revolving Credit Facility and \u00a38.6m cross currency interest rate swap-combined with the GBP RCF .
Notes to the consolidated financial statements continued
Year ended 31 December 2022
Strategic report Governance Financial statements Additional information
124
Bodycote plc annual report 2022
18. Financial instruments continued
USD Net investment hedge
2022
\u00a3m
2022
$m
2021
\u00a3m
2021
$m
Carrying amount of the hedging instruments and
denominations
1
12.0 14.5 30.3 41.0
Carrying amount of the hedged items (net assets
of subsidiaries) and denominations 12.0 14.5 30.3 41.0
Hedge ratio 1:1 \u2013 1:1 \u2013
Change in hedging instruments carrying amount as a result
of foreign currency movements from 1 January 2022 (1.0) \u2013 (0.4) \u2013
Change in value of hedged item used to determine hedge
effectiveness 1.0 \u2013 0.4 \u2013
The foreign exchange loss of \u00a33.1m (2021: \u00a30.7m gain) on translation of borrowings to GBP at the end of the reporting period is recognised
in other comprehensive income and accumulated in other reserves in shareholders\u2019 equity. There was no ineffectiveness to be recorded from
the net investment hedges.
19. Deferred tax
The following are the major deferred tax liabilities and (assets) recognised by the Group and movements thereon during the current and prior
reporting periods:
Accelerated tax
depreciation
\u00a3m
Tax losses
\u00a3m
Retirement
benefit
obligations
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1 January 2021 56.1 (2.6) (3.6) (9.6) 40.3
(Credit)/charge to the consolidated income
statement (2.7) (1.0) 0.2 7. 8 4.3
Credit to equity \u2013 \u2013 (0.1) (0.2) (0.3)
Acquisition of businesses \u2013 \u2013 \u2013 1.3 1.3
Transfers (1.6) 1.6 \u2013 \u2013 \u2013
Exchange differences (1.8) 0.1 0.2 0.5 (1.0)
Effect of change in tax rate in the income
statement \u2013 0.1 0.1 \u2013 0.2
At 1 January 2022 50.0 (1.8) (3.2) (0.2) 44.8
Charge/(credit) to the consolidated income
statement 0.5 (0.1) 0.2 (1.2) (0.6)
Debit to equity \u2013 \u2013 0.2 0.3 0.5
Transfers 1.7 (1.7) \u2013 \u2013 \u2013
Exchange differences 4.3 (0.1) (0.2) (0.1) 3.9
Effect of change in tax rate in the income
statement 1.0 \u2013 \u2013 (0.1) 0.9
At 31 December 2022 57.5 (3.7) (3.0) (1.3) 49.5
2022
\u00a3m
2021
\u00a3m
Deferred tax liabilities 51.0 47.0
Deferred tax assets (1.5) (2.2)
49.5 44.8
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities
on a net basis.
Other deferred tax assets relate to provisions recognised in the financial statements that are not yet deductible for tax purposes, in particular
in relation to restructuring charges, share-based payments and local profit differences that are expected to reverse over time.
At the balance sheet date, the Group has unused tax losses of \u00a337.6m (2021: \u00a340.4m) available for offset against future profits. A deferred
tax asset has been recognised in respect of \u00a315.7m (2021: \u00a36.6m) of such losses, based on existing taxable temporary differences generating
future taxable profits against which the assets can be recovered in the relevant jurisdictions. No deferred tax asset has been recognised
in respect of the remaining \u00a321.9m (2021: \u00a333.8m) of the losses where the likelihood that sufficient taxable profits of the appropriate type
is not probable. The majority of losses may be carried forward indefinitely.
The Group has capital losses of \u00a352.4m (2021: \u00a355.8m) which are not recognised for deferred tax as future suitable profits against which
the losses could be utilised are not probable.
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125
Bodycote plc annual report 2022
19. Deferred tax continued
A deferred tax liability of \u00a33.1m (2021: \u00a31.9m) relating to the temporary differences on unremitted earnings of overseas subsidiaries has been
recognised as the Group believes it is probable that these temporary differences will reverse in the foreseeable future. Temporary differences
arising in connection with interests in associates and joint ventures are insignificant.
The majority of the deferred tax liability is expected to reverse in over 12 months.
20. Trade and other payables
2022
\u00a3m
2021
\u00a3m
Working capital amounts falling due within one year:
Trade payables 30.8 21.7
Other taxes and social security 20.7 20.2
Other payables 4.9 8.2
Trade accruals
1
55.8 48.8
112.2 98.9
Other amounts falling due within one year:
Interest payable 1.7 0.8
Capital payables 5.6 6.0
Capital accruals 5.4 4.3
12.7 11.1
Total amounts falling due within one year: 124.9 110.0
Working capital amounts falling due after more than one year:
Other payables 1.1 1.5
1 Accruals include \u00a331.9m (2021: \u00a331.1m) of payroll-related accruals.
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period
taken for trade purchases as at 31 December 2022 is 35 days (2021: 33 days). The Directors consider the carrying value of trade payables to
approximate to their fair value.
21. Provisions
Restructuring
\u00a3m
Restructuring
environmental
\u00a3m
Environmental
\u00a3m
Legal and
operational
\u00a3m
Total
\u00a3m
At 1 January 2022 9.0 3.6 6.0 3.2 21.8
Increase in provision 1.6 0.2 3.1 4.1 9.0
Release of provision (2.9) (0.4) (0.1) (0.1) (3.5)
Utilisation of provision (6.6) (1.3) (0.7) (2.1) (10.7)
Exchange difference 0.5 0.3 0.6 0.1 1.5
At 31 December 2022 1.6 2.4 8.9 5.2 18.1
Included in current liabilities 10.2
Included in non-current liabilities 7.9
18.1
Included within the above balances are \u00a31.0m of environmental restructuring provisions, \u00a38.9m of environmental provisions and \u00a35.2m of
legal provisions which do not relate to the Group\u2019s 2020 exceptional restructuring programme.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
Strategic report Governance Financial statements Additional information
126
Bodycote plc annual report 2022
21. Provisions continued
Exceptional restructuring
At 31 December 2022, \u00a31.6m (2021: \u00a37.8m) of restructuring provisions and \u00a31.4m (2021: \u00a32.4m) of restructuring environmental provisions
remain, relating to restructuring initiatives across North America and Europe announced in 2020. Refer to the 2020 Annual Report for
more information.
In the year ended 31 December 2022, \u00a37.6m of the brought forward exceptional restructuring provisions was utilised in order to carry out
planned activities relating to employee severance and redundancy (\u00a32.9m), costs associated with closing plants (\u00a33.7m) and the remediation
of environmental issues (\u00a31.0m).
As at 31 December 2022, management has performed a detailed review of restructuring activities in order to determine the best estimate
of future expenditure required to settle the present obligations and the related timing. As a result of this assessment, the exceptional
restructuring provisions were adjusted as follows:
Restructuring
\u00a3m
Restructuring
environmental
\u00a3m
Total
\u00a3m
Increase in provision 1.6 0.2 1.8
Release of provision (1.4) (0.4) (1.8)
Net charge/(release) 0.2 (0.2) \u2013
These increases and releases to provisions have been charged/credited to exceptional items in the consolidated income statement.
Cash outflows in relation to exceptional restructuring initiatives were \u00a37.4m (2021: \u00a313.0m). The majority of the remaining cash outflows on
these activities are expected to occur in 2023 with certain environmental remediation activities expected to occur until 2026.
Of the remaining exceptional restructuring provision of \u00a33.0m at 31 December 2022, \u00a30.2m related to employee severance and redundancy,
\u00a31.4m for costs associated with closing plants and \u00a31.4m related to environmental issues.
The Group provides for the costs of environmental remediation if there is a probable outflow of economic resources that has been identified
at the time of plant closure, as part of acquisition due diligence or in other circumstances where remediation by the Group is required.
This provision is reviewed annually to determine the best estimate of expenditure required to settle the identified obligations and is separated
into restructuring environmental and environmental provisions to identify separately those provisions relating to the restructuring programme
from those arising in the ordinary course of business. The majority of cash outflows in respect of these liabilities are expected to occur within
five years.
The Group remains exposed to contingent liabilities in respect of environmental remediation liabilities. In particular, the Group could be
subjected to regulatory or legislative requirements to remediate sites in the future. However, it is not possible at this time to determine
whether and to what extent any liabilities exist, other than for those recognised above. Therefore no provision is recognised in relation to
these items.
22. Share capital
2022
\u00a3m
2021
\u00a3m
Authorised: 248,947,368 (2021: 248,947,368) ordinary shares of 17
3
/
11
p each 43.0 43.0
Issued and fully paid: 191,456,172 (2021: 191,456,172) ordinary shares of 17
3
/
11
p each 33.1 33.1
23. Acquisition of businesses
Acquisition-related costs amounted to \u00a30.9m (2021: \u00a30.7m) which have been included in the consolidated income statement. No acquisitions
were completed in the year ended 31 December 2022.
Acquisitions prior to 2022
On 1 December 2021 the Group acquired 100% of the share capital of a new business in Western Europe, for total consideration of \u00a38.2m.
The acquisition was made to strengthen the Group\u2019s network and service offering within the Group\u2019s Western European business and
complement the Group\u2019s Specialist Technologies strategy. The transaction was accounted for as a business combination under IFRS 3.
New information obtained during the measurement period has resulted in an adjustment of the fair values of the liabilities acquired as
permitted under IFRS 3 during the 12 months following the acquisition. This has resulted in an increase in the fair value of trade and other
payables acquired of \u00a30.3m to \u00a31.4m with a resulting increase in goodwill from \u00a3nil to \u00a30.3m. No restatement of prior year numbers has been
made given the immateriality of the adjustment. Further details of this acquisition and the associated fair values and cash consideration can be
found in the 2021 Annual Report.
Deferred consideration of \u00a357.8m was paid in April 2021 as agreed with the seller in relation to the acquisition of Ellison Surface Technologies
(\u2018Ellison\u2019) in which the Group acquired 100% of the share capital. Details of this acquisition can be found in the 2020 and 2021 annual reports.
Strategic report Governance Financial statements Additional information
127
Bodycote plc annual report 2022
24. Notes to the cash flow statement
2022
\u00a3m
2021
\u00a3m
Profit for the year 74.3 60.0
Adjustments for:
Finance income (0.4) (0.3)
Finance costs 7.1 6.6
Taxation charge 21.0 17.5
Operating profit 102.0 83.8
Adjustments for:
Depreciation of property, plant and equipment recognised in operating profit 60.2 58.0
Depreciation on mothballed sites due to restructuring recognised in exceptional items \u2013 0.6
Depreciation of right-of-use assets 13.0 13.6
Amortisation of other intangible assets 11.1 12.1
Profit on disposal of property, plant and equipment recognised in operating profit (1.7) \u2013
Loss/(profit) on disposal of property, plant and equipment recognised in exceptional items 0.1 (4.8)
Profit on disposal of right-of-use assets (0.1) \u2013
Share-based payments 1.7 4.7
Income from associate prior to disposal \u2013 (0.1)
Loss on disposal of associate \u2013 0.4
Impairment (reversal)/charges of property, plant and equipment and other assets
recognised in exceptional items (0.1) 5.5
Impairment of property, plant and equipment and other assets recognised in operating profit 4.8 \u2013
EBITDA (see APM definition on page 147) 191.0 173.8
Increase in inventories (8.5) (2.7)
Increase in receivables (37.4) (1.6)
Increase in payables 12.6 1.9
Decrease in provisions (3.7) (17.6 )
Cash generated by operations 154.0 153.8
Income taxes paid (15.4) (9.5)
Settlement of derivatives 0.8 \u2013
Refund of post-settlement pension surplus \u2013 see note 27 1.8 \u2013
Net exchange differences 1.7 \u2013
Net cash from operating activities 142.9 144.3
2022
\u00a3m
2021
\u00a3m
Cash and cash equivalents comprise:
Cash and bank balances 37.2 39.3
Bank overdrafts (included in borrowings) (1.0) (1.4)
36.2 37. 9
The cash and cash equivalents disclosed above in the statement of cash flows includes \u00a30.8m held in escrow relating to environmental
provisions in the USA and \u00a31.8m held in the USA related to the refund of a pension surplus. The Group intends to use this refund of pension
surplus cash to fund future pension contributions for its USA employees, otherwise the full amount will become subject to regulatory
restrictions in the USA.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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128
Bodycote plc annual report 2022
25. Share-based payments
The Company operates the Bodycote Incentive Plan (BIP) under which Executive Directors and Senior Executives receive a conditional
award of Bodycote shares up to a maximum of 175% of base salary. Vesting of awards are based upon two performance measures,
over a three-year period.
BIP
2022
BIP
2021
Other Plans
2022
Other Plans
2021
At 1 January 4,499,730 4,0 53,180 311,335 257,132
Granted during the year 2,086,698 1,562,488 242,384 133,527
Exercised during the year (75,460) (10,279) (61,377) (79,324)
Expired during the year (1,173,184) (1,105,659) (8,131) \u2013
At 31 December 5, 337,78 4 4,499,730 484,211 311,3 35
Average fair value of share awards granted during the year at
date of grant (pence) 549.5 794.2 583.8 802.1
Fair value of awards granted during the year (\u00a3) 11,465, 911 12,409,346 1,414,922 1,070,969
Fifty percent of the award is subject to a return on capital employed (ROCE) performance condition and 50% of the award is subject to
headline operating profit or headline earnings per share (EPS) performance conditions. In the event that an underpin headline EPS target
is not achieved, no awards will vest. More information on the BIP can be found in the Board report on remuneration on pages 68 to 82.
Other plans include a restricted share programme and a deferred bonus plan whereby 35% of any bonus earned is deferred into shares.
Under both plans, shares issued vest after three years from the grant date and are conditional only on continued employment.
The exercise price of shares exercised was \u00a3nil. As at year ended 31 December 2022 11,723 were exercisable, 2,750 relating to BIP plans
and 8,973 to other plans. The inputs to the Black-Scholes simulation model, used to determine the charge to the income statement for BIP,
are as follows:
BIP
2022
BIP
2021
Other Plans
2022
Other Plans
2021
Weighted average share price (pence) 592.7 880.0 616.6 802.5
Weighted average exercise price (pence) nil nil nil nil
Expected life (years) 3.0 3.0 3.0 3.0
Expected dividend yields (%) 2.5 3.4 0.0-2.5 \u2013
Weighted average remaining contractual life of shares
outstanding (years) 1.0 1.1 1.7 1.7
Average fair value of share awards granted during the year at
date of grant (pence) 549.5 794.2 583.8 802.1
Fair value of awards granted during the year (\u00a3) 11,465, 911 12,409,346 1,414,922 1,070,969
The Group recognised a total charge to the consolidated income statement of \u00a31.7m (2021: \u00a34.7m) related to equity-settled share-based
payment transactions.
26. Related party transactions
Transactions between subsidiaries of the Group, which are related parties to each other, have been eliminated on consolidation and are not
disclosed in this note. For information on defined benefit retirement pension schemes that the Group operates see note 27.
The remuneration of the Board of Directors, who are considered key management personnel of the Group, was as follows:
2022
\u00a3m
2021
\u00a3m
Short-term employee benefits 2.5 2.8
Share based payments 0.2 1.2
Pensions 0.2 0.2
2.9 4.2
Further information about the remuneration of the individual Directors is provided in the Board report on remuneration on pages 68 to 82.
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129
Bodycote plc annual report 2022
27. Retirement benefit schemes
Defined contribution schemes
The Group operates defined contribution retirement benefit schemes for employees in the UK, France, Belgium, Canada. The assets
of the schemes are held separately from those of the Group in funds under the control of trustees. Where there are employees who
leave the schemes prior to vesting fully in the contributions, the contributions payable by the Group are reduced by the amount of
forfeited contributions.
The Group\u2019s employees in Denmark, Finland, Sweden, Italy, Slovakia, Switzerland and the Netherlands are members of state-managed
retirement benefit schemes operated by the governments of each country. The relevant subsidiaries are required to contribute a specified
percentage of payroll costs to the retirement benefit schemes to fund the benefits. The only obligation of the Group with respect to these
retirement benefit schemes is to make the specified contributions.
The total cost charged to the consolidated income statement of \u00a37.8m (2021: \u00a36.4m) represents contributions payable to these schemes
by the Group at rates specified in the rules of the plans. As at 31 December 2022 contributions of \u00a30.4m (2021: \u00a30.3m) due in respect
of the current reporting period had not been paid over to the schemes.
Defined benefit schemes
The Group operated a number of pension schemes and provided leaving service benefits to certain employees during the year. The defined
benefit obligation less fair value of assets at the end of the year and total expense recognised in the income statement are summarised below
as follows:
Defined benefit obligation less fair value of assets
2022
\u00a3m
2021
\u00a3m
UK Scheme \u2013 \u2013
Non-UK Schemes 10.9 13.9
10.9 13.9
Total expense recognised in the income statement
2022
\u00a3m
2021
\u00a3m
UK Scheme
1
0.5 0.5
Non-UK Schemes
1
0.7 1.2
1.2 1.7
1 The UK Scheme is closed to new members and the accrual of benefits and the costs represent administrative costs only. Costs associated with the non-UK schemes relate to employee
service and related costs (see note 3) and administrative costs (see note 2).
UK Scheme
The Group sponsors the Bodycote UK Pension Scheme (\u2018the Scheme\u2019) which is a funded defined benefit arrangement for certain former
UK employees, and pays out pensions at retirement based on service, final pensionable pay and price inflation. The Scheme is funded by
the Group. The Scheme exposes the Group to actuarial risks such as longevity risk, interest rate risk and market (investment) risk.
The Scheme operates under UK trust law and the trust is a separate legal entity from the Group. The Scheme is governed by a board of
trustees, composed of two member representatives, two employer representatives and one independent trustee. The trustees are required
by law to act in the best interests of scheme members and are responsible for setting certain policies (e.g. investment, funding) together
with the Group.
Funding of the Scheme is based on a separate actuarial valuation for funding purposes for which the assumptions may differ from the
assumptions above. Funding requirements are formally set out in the Statement of Funding Principles, Schedule of Contributions and
Recovery Plan agreed between the Trustees and the Group in respect of the 6 April 2017 actuarial valuation. The actuarial valuation of the
Scheme as at 6 April 2020 was completed by a qualified independent actuary and the results of this have been updated on an approximate
basis to 31 December 2022.
The contributions made by the employer over the financial year have been \u00a30.5m in respect of ongoing expenses. It is the policy of the
Group to recognise all actuarial gains and losses in the year in which they occur outside of the consolidated income statement and in the
consolidated statement of comprehensive income. The UK Scheme was closed to new entrants and future accrual in 2019.
The Group acknowledges that the recognition of a pension scheme surplus is an area of accounting judgement, which depends on the
interpretation of the wording of the Scheme Rules and the relevant accounting standard, IFRIC 14. In the Group\u2019s view there is uncertainty
over whether the wording of the Scheme Rules provides the Group with an unconditional right to a refund of any surplus from the Scheme
either on an ongoing basis or assuming the full settlement of Scheme liabilities. The Group\u2019s interpretation of the Scheme Rules is that there
is material uncertainty over whether the power to wind up the Scheme is wholly within the Group\u2019s control as would be required under the
terms of IFRIC 14 in order to recognise a surplus on the balance sheet. Consistent with previous years, given this uncertainty the Group has
adopted the provisions of IFRIC 14 and the associated additional reporting requirements. As the Scheme is in surplus as at 31 December 2022
a restriction has been applied to the balance sheet, and the net surplus recognised on the balance sheet has been restricted to \u00a3nil.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
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130
Bodycote plc annual report 2022
27. Retirement benefit schemes continued
Reconciliation of opening and closing balances of the present value of the defined benefit obligation (UK Scheme)
2022
\u00a3m
2021
\u00a3m
Defined benefit obligation at start of year 101.9 124.9
Interest expense 1.8 1.6
Actuarial gains arising from changes in demographic assumptions (0.5) (5.7)
Actuarial gains arising from changes in financial assumptions (35.4) (5.8)
Experience (losses)/gains 3.3 (3.9)
Benefits paid, death in service insurance premiums and expenses (6.8) (9.2)
Past service cost 0.1 \u2013
Defined benefit obligation at end of year 64.4 101.9
Reconciliation of opening and closing balances of the fair value of the assets (UK Scheme)
2022
\u00a3m
2021
\u00a3m
Fair value of assets at start of year 115.9 127. 2
Interest income 2.0 1.6
Return on scheme assets excluding interest income (43.7) (3.6)
Scheme administration expenses (0.4) (0.5)
Contributions by employer 0.4 0.4
Benefits paid, death in service insurance premiums and expenses (6.8) (9.2)
Fair value of assets at end of year 67.4 115. 9
Total expense recognised in the income statement (UK Scheme)
2022
\u00a3m
2021
\u00a3m
Past service cost 0.1 \u2013
Scheme administration expenses 0.4 0.5
0.5 0.5
Assets (UK Scheme)
2022
Quoted
1
\u00a3m
2022
Unquoted
\u00a3m
2021
Quoted
1
\u00a3m
2021
Unquoted
\u00a3m
Bonds 12.8 6.0 32.9 5.7
Liability Driven Investment 15.4 \u2013 27.6 \u2013
Diversified credit funds 12.0 11.8 36.1 12.9
Cash and cash equivalents 9.4 \u2013 0.7 \u2013
49.6 17.8 97. 3 18.6
1 Quoted scheme assets include assets which have a quoted market price in active markets held within investment trusts.
None of the fair value of the assets shown above include any of the Group\u2019s own financial instruments or any property occupied by, or other
assets used by the Group.
The Scheme investment strategy is currently under review following the period of heightened market volatility towards the end of September
2022 and into October 2022, in particular within the UK government bond market. Over the period, the Scheme took several actions to
aid its liquidity position and its ability to provide collateral to support the Liability Driven Investment (LDI) mandate. These actions included
redemptions from non-LDI investments. This has meant that the current asset allocation has deviated from the existing target asset allocation
with around 60% of assets currently held in \u2018liability-matching\u2019 portfolio (target 81%), comprising LDI, money market and shorter-term
credit-based investments, and around 40% of assets currently held in \u2018non-matching\u2019 asset classes (target 19%), predominantly longer-term
credit-based investments.
The LDI portion of the strategy has been put in place to reduce interest and inflation risk. LDIs are held in pooled investment vehicles and
include over the counter derivatives and quoted equities designated to move in line with the defined benefit liability. In the final quarter of the
year rising gilt yields led to both a decline in the defined benefit liability and the value of LDIs as expected resulting in a decline in Scheme
assets during the year leading to a need to hold a greater amount in liquid assets, such as cash, to use for collateral purposes. Despite the
decline in asset values the Scheme still remains in a surplus position.
Strategic report Governance Financial statements Additional information
131
Bodycote plc annual report 2022
RPI inflation 3.25 3.40 CPI inflation 2.95 3.10 Salary increases n/a n/a Rate of discount 4.70 1.80 Allowance for pension in payment increases of RPI or 3% p.a. if more 2.12 2.61 Allowance for revaluation of deferred pensions 2.95 3.10 Mortality \u2013 current pensioners (UK Scheme) Actuarial tables used 2022 S 3 PxA YoB CMI 2021 1.5% long-term trend 2021 S 3 PxA YoB CMI 2020 1.5% long-term trend Life expectancy for members currently aged 65 21.3 21.3 Mortality \u2013 future pensioners (UK Scheme) Actuarial tables used 2022 S 3 PxA YoB CMI 2021 1.5% long-term trend 2021 S 3 PxA YoB CMI 2020 1.5% long-term trend Life expectancy at age 65 for members currently aged 45 22.9 23.0 2022 All members commute 75% of maximum permitted 2021 All members commute 75% of maximum permittedCash commutation: The weighted average duration of the defined benefit obligation at 31 December 2022 is approximately 15 years (31 December 2021: 18 years). The defined benefit obligation at 31 December 2022 can be approximately attributed to the scheme members as follows: \u2013 Active members: 0% (31 December 2021: 0%) \u2013 Deferred members: 40% (31 December 2021: 49%) \u2013 Pensioner members: 60% (31 December 2021: 51%) All benefits are vested at 31 December 2022 (unchanged from 31 December 2021). Present value of defined benefit obligations, fair value of assets and deficit (UK Scheme) 2022 \u00a3m 2021 \u00a3m Present value of defined benefit obligation 64.4 101.9 Fair value of plan assets (67.4) (115.9) Scheme surplus (3.0) (14.0) Adjustment relating to asset ceilings and minimum funding requirements 3.0 14.0 Net defined benefit asset before deferred tax \u2013 \u2013 Reconciliation of asset ceiling (UK Scheme) 2022 \u00a3m 2021 \u00a3m Restriction due to asset ceiling at beginning of period 14.0 2.3 Interest on asset restriction 0.2 \u2013 Other changes in asset restriction (11.2) 11.7 Restriction due to asset ceiling at end of period 3.0 14.0 Notes to the consolidated financial statements continued Year ended 31 December 2022 Strategic report Governance Financial statements Additional information 132 Bodycote plc annual report 2022 27. Retirement benefit schemes continued
The best estimate of contributions to be paid into the plan for the year ending 31 December 2023 is \u00a30.4m.
Amounts recognised in other comprehensive income (UK Scheme)
2022
\u00a3m
2021
\u00a3m
Return on scheme assets excluding interest income (43.7) (3.6)
Actuarial gains arising from changes in financial assumptions 35.4 5.8
Actuarial gains arising from changes in demographic assumptions 0.5 5.7
Experience(losses)/gains on liabilities (3.3) 3.9
Gain/(loss) due to change in asset restriction 11.2 (11.7)
Total gain recognised in other comprehensive income 0.1 0.1
Impact of changes to assumptions (UK Scheme)
2022 2021
Increase
\u00a3m
Decrease
\u00a3m
Increase
\u00a3m
Decrease
\u00a3m
0.5% change in discount rate (4.1) 4.5 (8.1) 8 .1
0.5% change in price inflation (and associated assumptions) 1.6 (1.5) 3.7 (3.7)
One-year change in life expectancy at age 65 2.2 (2.2) (4.4) 4.4
The sensitivity table is based on an illustrative 0.5% change, although the assumptions may vary by greater amounts. Therefore, the Group
considers the retirement benefit obligations a key source of estimation uncertainty.
Combined non-UK disclosures
The Group operates defined benefit schemes in the USA and continental Europe.
In Europe the Group operates defined benefit pension, post-retirement and long-service arrangements for certain employees in France,
Germany, Italy, Turkey, Switzerland and Liechtenstein.
During the year, the US defined benefit pension scheme was settled. The settlement resulted in a loss of \u00a30.1m which has been recognised
in the consolidated income statement. After full settlement, the scheme held surplus cash of \u00a31.8m. Following plan settlement, all remaining
obligations have been settled and Bodycote has no further legal or constructive obligations to pay any benefits to previous plan members.
This surplus has therefore been recognised on the consolidated balance sheet as a cash equivalent with a corresponding credit to other
comprehensive income.
Reconciliation of opening and closing balances of the present value of the defined benefit obligation (non-UK schemes)
2022
\u00a3m
2021
\u00a3m
Defined benefit obligation at start of year 24.0 26.4
Current service cost 0.5 0.8
Interest expense 0.2 0.2
Actuarial losses/(gains) arising from changes in demographic assumptions 0.5 (0.3)
Actuarial gains arising from changes in financial assumptions (4.1) (1.3)
Experience gains on liabilities (1.5) (0.4)
Benefits paid, death in service insurance premiums and expenses (1.6) (0.9)
Employee contributions 0.1 0.1
Settlements (3.8) \u2013
Curtailments \u2013 0.3
Exchange rate loss/(gain) 1.9 (0.9)
Defined benefit obligation at end of year 16.2 24.0
Strategic report Governance Financial statements Additional information
133
Bodycote plc annual report 2022
27. Retirement benefit schemes continued
Reconciliation of opening and closing balances of the fair value of plan assets (non-UK schemes)
2022
\u00a3m
2021
\u00a3m
Fair value of assets at start of year 12.2 11.2
Interest income 0.1 0.1
Return on scheme assets excluding interest income (1.7) 1.2
Scheme administration expenses (0.2) \u2013
Contributions by employer 0.1 0.1
Contributions by employees 0.1 0.1
Benefits paid, death in service insurance premiums and expenses (0.9) (0.5)
Settlements (5.4) \u2013
Exchange rate gain/(loss) 1.0 \u2013
Fair value of assets at end of year 5.3 12.2
Total expense recognised in the income statement (non-UK schemes)
2022
\u00a3m
2021
\u00a3m
Current service cost 0.5 0.8
Net interest on the defined benefit liability 0.1 0.1
Scheme administration expenses 0.2 \u2013
Settlements (0.1) \u2013
Curtailments \u2013 0.3
Total expense 0.7 1.2
Assets (non-UK schemes)
2022
Quoted
1
\u00a3m
2022
Unquoted
\u00a3m
2021
Quoted
1
\u00a3m
2021
Unquoted
\u00a3m
Cash and cash equivalents 1.7 \u2013 \u2013 \u2013
Equities \u2013 \u2013 6.0 \u2013
Collective Foundation receivables \u2013 5.3 \u2013 6.2
Total 1.7 5.3 6.0 6.2
1 Quoted scheme assets include assets which have a quoted market price in active markets held within investment trusts.
None of the fair values of the assets shown above include any of the Group\u2019s own financial instruments or any property occupied by, or other
assets used by, the Group.
Assumptions for 2022 (non-UK schemes)
Salary increases
% per annum
Rate of discount
% per annum
Inflation
% per annum
Pension
increases
% per annum
USA n/a n/a n/a n/a
France 3.0 3.2 2.0 1.0
Germany 2.5 4.2 n/a 2.3
Italy 2.5 3.8 2.5 n/a
Turkey 10.5 15.0 10.5 n/a
Liechtenstein 2.5 2.3 n/a n/a
Switzerland n/a 2.3 n/a n/a
There were no significant changes to these assumptions compared to the prior year.
Notes to the consolidated financial statements continued
Year ended 31 December 2022
Strategic report Governance Financial statements Additional information
134
Bodycote plc annual report 2022
27. Retirement benefit schemes continued
Duration
The weighted average durations of the defined benefit obligations of the overseas schemes at 31 December 2022 range from 8 years to 17
years. The durations ranged from 11 years to 20 years as at 31 December 2021.
Present value of defined benefit obligations, fair value of assets and deficit (non-UK schemes)
2022
\u00a3m
2021
\u00a3m
Present value of defined benefit obligation 16.2 24.0
Fair value of plan assets (5.3) (12.2)
Deficit in the schemes 10.9 11. 8
Adjustment relating to asset ceilings and minimum funding requirements \u2013 2.1
Net defined benefit liability, before deferred tax 10.9 13.9
As all actuarial gains and losses are recognised, the deficit shown above at 31 December 2022 is that recognised in the balance sheet.
Amounts recognised in other comprehensive income (non-UK schemes)
\u00a3m \u00a3m
Return on scheme assets excluding interest income (1.7) 1.2
Actuarial gains arising from changes in financial assumptions 4.1 1.3
Actuarial (loss)/gains arising from changes in demographic assumptions (0.5) 0.3
Experience gains on liabilities 1.5 0.4
Gain/(loss) due to change in asset restriction 2.3 (1.2)
Total gain recognised in other comprehensive income 5.7 2.0
The only funded plans are those operated in France, Switzerland and Liechtenstein. The best estimate of contributions to be paid into the
plans for the year ending 31 December 2023 is \u00a30.2m.
Sensitivities (changes to total defined benefit obligations) (non-UK schemes)
2022 2021
Increase
\u00a3m
Decrease
\u00a3m
Increase
\u00a3m
Decrease
\u00a3m
0.25% change in discount rate (0.5) 0.5 (0.8) 0.8
0.25% change in price inflation (and associated assumptions) 0.3 (0.3) 0.4 (0.4)
The sensitivity table is based on an illustrative 0.25% change, although the assumptions may vary by greater amounts. Therefore, the Group
considers the retirement benefit obligations a key source of estimation uncertainty.
28. Contingent liabilities
The Group is subject to certain legal proceedings, claims, complaints and investigations arising out of the ordinary course of business.
Legal proceedings may include, but are not limited to, alleged breach of contract and alleged breach of environmental, competition, securities
and health and safety laws. The Group may not be insured fully, or at all, in respect of such risks. The Group cannot predict the outcome
of individual legal actions or claims or complaints or investigations. The Group may settle litigation or regulatory proceedings prior to a final
judgment or determination of liability. The Group may do so to avoid the cost, management efforts or negative business, regulatory or
reputational consequences of continuing to contest liability, even when it considers it has valid defences to liability. The Group considers that
no material loss is expected to result from these legal proceedings, claims, complaints and investigations. Provision is made for all liabilities
that are expected to materialise through legal and tax claims against the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Basis of preparation The financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under these standards. The Group has adopted Standards and Interpretations issued by the IASB and the International Financial Reporting Interpretations Committee of the IASB (IFRS IC). Individual standards and interpretations have to be adopted by the UK Endorsement Board (UKEB) before being applied in the UK. International Financial Reporting Standards (IFRS) are subject to ongoing amendment by the IASB and subsequent endorsement by the UKEB and are therefore subject to change. The financial statements have been prepared on the historical cost basis, except for items that are required by IFRS to be measured at fair value, principally certain financial instruments measured at fair value, and retirement benefit assets. Historical cost is generally based on the fair value of the consideration given up in exchange for the assets. In preparing the consolidated financial statements, the Directors have considered the impact of climate change particularly in the context of the disclosures included in the Sustainability section of the Strategic report. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the conclusion that climate change is not expected to have a significant impact on the Group\u2019s cash flows, including those considered in the going concern and viability assessments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "Basis of preparation The financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under these standards. The Group has adopted Standards and Interpretations issued by the IASB and the International Financial Reporting Interpretations Committee of the IASB (IFRS IC). Individual standards and interpretations have to be adopted by the UK Endorsement Board (UKEB) before being applied in the UK. International Financial Reporting Standards (IFRS) are subject to ongoing amendment by the IASB and subsequent endorsement by the UKEB and are therefore subject to change. The financial statements have been prepared on the historical cost basis, except for items that are required by IFRS to be measured at fair value, principally certain financial instruments measured at fair value, and retirement benefit assets. Historical cost is generally based on the fair value of the consideration given up in exchange for the assets. In preparing the consolidated financial statements, the Directors have considered the impact of climate change particularly in the context of the disclosures included in the Sustainability section of the Strategic report. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the conclusion that climate change is not expected to have a significant impact on the Group\u2019s cash flows, including those considered in the going concern and viability assessments. Basis of consolidation The consolidated financial statements incorporate the financial statements of Bodycote plc (\u2018the Company\u2019) and entities controlled by the Company (its subsidiaries and together, \u2018the Group\u2019) made up to 31 December each year. A subsidiary is an entity controlled, directly or indirectly, by Bodycote plc. Control exists when the Group has power over the subsidiary, has exposure or rights to the variable returns from its involvement with a subsidiary and then holds ability to use its power to affect its returns. The results of subsidiaries acquired or disposed during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to subsidiary financial statements to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non- controlling interests\u2019 share of profits and losses less any distributions made. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. Going concern In determining the basis of preparation for the consolidated financial statements, the Directors have considered the Group\u2019s business activities, together with the factors likely to affect its future development, performance and position. The Chief Financial Officer\u2019s report included in this Annual Report includes a summary of the Group\u2019s financial position, cash flows, liquidity position and borrowings. The current and plausible impact of macroeconomic factors, including the war in Ukraine, energy and price inflation, the ongoing COVID-19 impacts and global supply chain impacts on the Group\u2019s activities, performance and revenue, in addition to other factors and risks, have been considered by the Directors in preparing its going concern assessment. The Group has modelled a base case, which reflects the Directors\u2019 current expectations of future trading in addition to potential severe but plausible impacts on revenues, profits and cash flows in a downside scenario. Management\u2019s base case scenario is built upon the budgeting and forecasting processes for 2023 and the period up to June 2024. This model shows an improvement in performance in both revenue and profits compared to 2022, albeit with operating profit remaining below 2019 levels. The Group\u2019s record of cash conversion was used to estimate the cash generation and level of net debt over that period. The severe but plausible downside scenario assumes a significant decline in revenues of around 18% below the base case modelled through to the end of June 2024. In performing the scenarios, the assessment has considered both liquidity and compliance with the Group\u2019s covenants. The key covenants attached to the Group\u2019s Revolving Credit Facility relate to financial gearing (net debt to EBITDA) and interest cover, which are measured on a pre-IFRS 16 basis. The maximum financial gearing ratio permitted under the covenants is 3.0x (with a one-time acquisition spike at 3.5x) and the minimum interest cover ratio permitted is 4.0x. In both the base case and the severe but plausible downside scenario modelled, the Group continues to maintain sufficient liquidity and meet its gearing and interest cover covenants under the Revolving Credit Facility with substantial headroom. Management also performed a reverse stress test. This indicated that 2023 revenues would need to decline by over 30% compared to 2022 levels and with no growth in 2024 before the Group\u2019s loan covenants were breached at the June 2024 test date. In this scenario, minimum liquidity was over \u00a380m throughout the entire period. This scenario did not include the benefit of any mitigating actions management would undertake, including among other actions, the restructuring of the cost base, a reduction in capital expenditure and a reduction of dividends . The Group meets its working capital requirements through a combination of committed and uncommitted facilities and overdrafts. For the purposes of the going concern assessment, the Directors have only taken into account the capacity under existing committed facilities, being predominantly the Group\u2019s Revolving Credit Facility. The Group has access to a \u00a3250.9m Revolving Credit Facility maturing in May 2027. The Group\u2019s committed facilities at 31 December 2022 totalled \u00a3255.4m while uncommitted facilities totalled \u00a346.6m. At 31 December 2022, the Group\u2019s Revolving Credit Facility had drawings of \u00a369.6m (2021: \u00a390.3m) and the Group\u2019s net debt was \u00a333.4m (2021: \u00a351.9m). The liquidity headroom was \u00a3222.0m at 31 December 2022 (2021: \u00a3204.3m), excluding uncommitted facilities. Following this assessment, the Directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that cast significant doubt on the Group\u2019s going concern status and that it is a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the next 12 months from the approval date of the consolidated financial statements. For this reason, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. Critical accounting judgements and significant accounting estimates In the course of preparing the consolidated financial statements certain estimates, assumptions and judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the financial statements. Although the estimates and judgements are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ and result in material variances. Critical accounting judgements \u2013 The Group operates in a number of countries and is subject to taxes in numerous jurisdictions. The recognition of a provision for taxes is a significant judgement that is based upon the interpretation of applicable tax legislation on a country-by-country basis and an assessment of the likely outcome of any open tax computations. Refer to notes 6, 19 and 28. \u2013 In line with previous years the Group continues to take the decision not to recognise an asset in relation to the surplus on the UK defined benefit pension scheme, regardless of value. See note 27. \u2013 Certain items have been disclosed as exceptional costs where the Directors consider that they meet this definition as outlined in the Group\u2019s accounting policy below and in note 4. Significant accounting estimates \u2013 Accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with actuarial assumptions. The discount rate and the mortality rates applied in the calculation of scheme liabilities are a key source of estimation uncertainty for the Group. Details of the accounting policies applied in respect of retirement benefit schemes are set out in note 27. Other areas of judgement and accounting estimates \u2013 The Group has considered whether the valuation of goodwill and the related value-in-use calculation assumptions used for the annual impairment testing were significant estimates and has concluded that there is no reasonably possible material change expected in the carrying amount of these balances due to a change in these assumptions in the next financial year. This estimate is therefore not considered a key source of estimation uncertainty. Refer to note 9. \u2013 The economy in Turkey is subject to high inflation and has qualified as a hyperinflationary economy as of 1 April 2022 for accounting periods ending on or after 30 June 2022. The Group has concluded that applying IAS 29 (Financial Reporting in Hyperinflationary Economies) is not required as the impact of adopting this standard is not material, but will continue to assess the position going forward. \u2013 Climate change is referred to in the Principal Risks and uncertainties and Sustainability sections of the Strategic report. Growing awareness of climate change and customer sustainability targets will provide opportunities for growth as we provide services and solutions that increase efficiency and reduce energy use. The Group\u2019s view is that climate change does not create any further key source of estimation uncertainty at this time. Refer to note 9. Revenue recognition The Group predominantly has one revenue stream relating to thermal processing services with either identifiable customer contracts or specific terms and conditions that constitute a contract. Revenue is recognised net of discounts, VAT and other sales-related taxes. The Group\u2019s right to consideration equates to the value of the services provided, the transaction price of which is based upon pricing as agreed with the customer. In general, the services provided to the Group\u2019s customers consist of one performance obligation, being the delivery of a service which happens either at a point in time or over a short time frame. Revenue is recognised on completion of the service rendered as any spreading of revenue over a short time frame during which some services are performed would not have a material impact on revenue recognition. Where multiple performance obligations are determined to exist in one transaction, the allocation of transaction price and delivery of services are considered on a case-by-case basis. The determination of the transaction price is based upon pricing as agreed with the customer. In general, there are limited instances of judgements made in assessing revenue recognition under IFRS 15 given the relative simplicity of the contracts, and that revenue is recognised at a point in time. In certain cases, the Group will use third parties as part of delivering customer contracts. When a third party is involved in providing goods or services, the Group determines if there is a principal or an agency relationship with that third party. Due to the nature of the contractual arrangements, it is initially assumed that the Group enters into a principal relationship with third-party contractors and thus recognises the related revenue on a gross basis with related costs included in cost of sales and overheads in the consolidated income statement. In some circumstances, third party work arranged for a customer of the Group should validly be considered as agency activity. In such cases, the revenue and direct costs of sale are recorded on a net basis in revenue in the consolidated income statement. Other operating income Other operating income represents asset sales, profit on disposal of investment in associates, scrap sales and other items of operating income not generated in the normal course of business. Foreign currencies Transactions in currencies other than the 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. Gains and losses arising on retranslation are included in net profit or loss for the period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise except for: \u2013 exchange differences on transactions entered into to hedge certain foreign currency risks (see page 124); and \u2013 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation). These exchange differences are recognised initially in the consolidated statement of comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. 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. Government assistance Economic support provided to the Group as part of government and state initiatives to support local economies is recorded in the consolidated income statement on the date at which the conditions attached to the receipt of such assistance have been met, in the period it becomes receivable. The income is presented net against the applicable costs within cost of sales and overheads. Any general economic support is presented within other operating income in the consolidated income statement. Operating profit Operating profit is stated after charging restructuring costs, goodwill impairment, impairment of tangible and intangible assets, amortisation of acquired intangible assets, support from government grants and after the post-tax share of results of associates and any gains or losses on disposal of investments in associates, but before finance income and finance costs. Dividends Interim dividend distributions (ordinary and special) to Bodycote plc\u2019s ordinary shareholders are recognised when paid and final dividends are accrued when approved by the ordinary shareholders at the Group\u2019s Annual General Meeting. Borrowing costs Borrowing costs are recognised in the consolidated income statement in the period in which they are incurred as finance costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. Interest costs on borrowings are expensed to the consolidated income statement as they fall due and accounted for as financing cash flows as they are settled. Exceptional items The Group considers exceptional items to be those which derive from events or transactions which are significant for separate disclosure by virtue of their collective size or incidence in order for the user to obtain a proper understanding of the Group\u2019s financial performance. These items include, but are not limited to, costs associated with significant restructuring and reorganisation costs, impairment charges, significant profits and losses on disposal of subsidiaries and other one-off items which meet this definition. Subsequent adjustments to items previously recognised as exceptional will normally also be reflected as exceptional items in future periods. Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary or associate at the date of acquisition. If the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the consolidated income statement. Goodwill is allocated to cash generating units and is not amortised but tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to assets of the unit on a pro-rata basis. Any impairment loss recognised for goodwill cannot be reversed in a subsequent period. On disposal of an associate or subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets under development are carried at cost (less any accumulated impairment losses) until available for use. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these assets is recognised in the consolidated income statement on a straight-line basis over their estimated useful lives, on the following bases: Software 10%-33% Non-compete agreements 20%-33% Customer relationships 7%-10% Amortisation is recognised within administration expenses, which is included in cost of sales and overheads. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets and are amortised from the month in which the asset is available for its intended use. Directly attributable costs that are capitalised as part of the software asset include third-party costs, employee costs and an appropriate portion of relevant overheads. Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if the Group has both a contractual right to the software and the ability to run the software independently of the host vendor. Customisation and configuration costs related to the implementation of a Cloud-based solution is expensed unless it creates an asset that is separate and identifiable from the software. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to the income statement either to costs of sales or administrative expenses, depending on the use of the asset, on a straight-line basis at rates which write down the value of assets to their residual values over their estimated useful lives. Land is not depreciated. The principal rates are as follows: Freehold buildings 2% Leasehold improvements over the projected life of the lease Fixtures and fittings 10%-20% Plant and machinery 5%-20% Motor vehicles 20%-33% The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in other operating income in the consolidated income statement. Assets in the course of construction are carried at cost, plus appropriate borrowing costs, less any recognised impairment loss. Depreciation commences when the assets are ready for their intended use and they have been transferred to the relevant asset class. Business combinations Acquisitions of subsidiaries and businesses are generally accounted for under IFRS 3, where appropriate. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of any contingent consideration classified as an asset or liability are accounted for in accordance with relevant IFRS standards. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except that: \u2013 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; and \u2013 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. Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists or an asset is not in use and therefore requires an annual test, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash inflows that are largely independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to dispose and value-in-use. In assessing value-in-use, the estimated future nominal cash flows are discounted to their present value using a nominal discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the consolidated income statement. Group accounting policies continued Year ended 31 December 2022 Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash generating unit) in prior years. A reversal of an impairment loss is recognised as income in the consolidated income statement immediately. Retirement benefit schemes Obligations for contributions to defined contribution pension plans are recognised as an expense in the consolidated income statement as incurred. The cost of providing pensions under defined benefit schemes is calculated in accordance with a qualified actuarial evaluation and spread over the period during which the benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in respect of defined benefit pension schemes is calculated separately for each scheme by a qualified actuary using the projected unit method by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods less the fair value of the scheme\u2019s assets. Past service costs resulting from scheme amendments or curtailments and gains or losses on settlements are charged to the consolidated income statement. If the calculation results in a surplus, the recognised asset is limited, under the provisions of IFRIC 14, to the present value of benefits available in the form of future refunds from the plan or reductions to future contributions. The average discount rate for the schemes\u2019 liabilities is based on investment grade rated corporate bonds or similar government bonds of suitable duration and currency. Scheme assets are measured using market values at the end of the reporting period. Actuarial gains and losses, differences between the expected and actual returns, and the effect of changes in actuarial assumptions are recognised in the consolidated statement of comprehensive income in the year they arise. Any scheme surplus (to the extent it is considered recoverable under the provisions of IFRIC 14) or deficit is recognised in full in the consolidated balance sheet. On plan settlement, a gain or loss on settlement is calculated as the difference between the present value of the defined benefit obligation being settled as determined on the date of the settlement and the settlement price including any plan assets transferred, and any payments made directly by the Group in connection with the settlement. This gain or loss is recognised in the income statement or other comprehensive income at the time of settlement, depending on the nature of how the gain or loss arises. Right-of-use assets and lease liabilities To the extent that a right-of-control exists over an asset subject to a lease, with a lease term exceeding one year, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease payments, are recognised in the Group\u2019s balance sheet at the commencement of the lease. The right-of-use asset is measured at cost and includes the amount of initial measurement of the lease liability and any direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required by the terms and conditions of the lease. Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. They are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is charged to the consolidated income statement to depreciate the right-of-use asset from the commencement date until the earlier of the end of the useful life of the right-to-use asset or the end of the lease term. The lease term shall include the period of any extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including fixed payments less any lease incentives receivable, amounts expected to be payable by the Group under residual value guarantees and the exercise price of purchased options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if easily determinable. If the rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the consolidated income statement over the period of the lease. Lease arrangements that are short-term in nature in relation to low value assets are charged directly to the consolidated income statement when incurred. Short-term leases are leases with a lease term of 12 months or less and low value assets are defined based on quantitative criteria as outlined in IFRS 16. Assets held for sale Assets are classified and presented as held for sale at the lower of carrying amount and fair value less cost to sell if their carrying amount will be recovered through a sale transaction rather than through 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. Assets categorised as held for sale are not depreciated. Inventories Inventories are stated at the lower of cost and net realisable value and are accounted for on a first in, first out basis or, in some cases, a weighted-average basis, if deemed more appropriate for the business. For finished goods and work-in-progress, cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. With the exception of the Group\u2019s borrowings, financial liabilities are not generally interest-bearing. Receivables Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as \u2018receivables\u2019. Receivables are measured at original invoice amount (which is considered fair value) and are subsequently held at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate where applicable, except for trade receivables which do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for expected credit losses and estimated irrecoverable amounts. For trade receivables initially recognised at fair value less allowance for impairments, a simplified lifetime Expected Credit Loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of all cash shortfalls over the expected life of a trade receivable. Expected credit losses are based on historical loss experience on trade receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment in the consolidated income statement. Cash and bank balances Cash and bank balances comprise cash in 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 changes in value. Overdrafts are presented as gross or offset against cash and bank balances depending on whether the Group has the right and intention to settle the balances as net. Derivative financial instruments The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of derivative financial instruments. The Group uses derivative financial instruments, in particular foreign currency swaps, forward exchange contracts and cross-currency interest rate swaps to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially recognised as assets and liabilities measured at their fair value on the balance sheet date. Changes in the fair value of any derivative instruments that do not fulfil the criteria for hedge accounting contained in IFRS 9 Financial Instruments are recognised immediately in the consolidated income statement. A derivative is presented as a non-current asset or a non- current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Net investment hedge The Group uses foreign currency denominated borrowings to hedge its exposure to changes in the underlying value of net assets (translation exposure) in certain of its overseas operations arising from foreign exchange rate movements. The Group maintains documentation of the relationship between the hedged item and the hedging instrument at the inception of a hedging transaction together with the risk management objective and the strategy underlying the designated hedge. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the nominal value of the hedged items. To the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognised in the consolidated statement of comprehensive income and accumulated in other reserves. The gain or loss relating to any ineffective portion is recognised immediately in the consolidated income statement and is included in other operating income and expenses. Cash flow hedge The Group maintains documentation of the relationship between the hedged item and the hedging instrument at the inception of a hedging transaction together with the risk management objective and the strategy underlying the designated hedge. Bodycote utilises cross-currency interest rate swaps where possible to manage the cash flow exposures of borrowings denominated in foreign currencies. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the fair values or cash flows of the hedged items. To the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognised in the consolidated statement of comprehensive income and accumulated in other reserves. Any gain or loss relating to any ineffective portion is recognised immediately in the consolidated income statement and is included in other operating income and expenses. If the hedged item results in the recognition of a non-financial asset, the accumulated gains or losses are included within the initial cost of the asset at the time that the asset is recognised. Hedge accounting is discontinued when the instrument expires or is sold, exercised or if it no longer meets the criteria for hedge accounting. If a forecasted transaction subject to hedge accounting is no longer expected to occur, the accumulated gain or loss in the hedging and translation reserve is recognised immediately in the consolidated income statement. Trade and other payables Trade and other payables are recognised at the amounts expected to be paid to counterparties and subsequently held at amortised cost. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year or tax assessment adjustments made to prior years. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s asset and liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Group accounting policies continued Year ended 31 December 2022 Deferred tax is the tax 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 that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, 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. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to 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, based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current and deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Bank borrowings Interest-bearing bank loans and overdrafts are recorded at fair value, net of transaction costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual\u2019s basis to the consolidated 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. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is probable that the Group will be required to settle that obligation and when a reliable estimate can be made of the amount of the obligation. If the obligation is expected to be settled within 12 months of the reporting date the provisions are included within current liabilities and if expected to be settled after 12 months included in non-current liabilities. 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 cash flows estimated to settle the present obligation, and the difference between the carrying amount and the present value of those cash flows is material to the financial statements, the carrying amount is the present value of those cash flows. Share-based payments The Group has applied the requirements of IFRS 2 Share-based Payments. The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the consolidated income statement such that the cumulative expense reflects the revised estimates with a corresponding adjustment to the equity-settled share-based payments reserve. Adoption of new and revised standards and interpretations applied in the current year A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual reporting periods commencing on or after 1 January 2022, and did not have a material impact, were: \u2013 IFRS 3 Reference to the conceptual framework. \u2013 IAS 16 PPE prohibits a company from deducting from the cost of PPE amounts received from selling items produced while the company is preparing the asset for its intended use. Such sales proceeds and related costs are to be recognised in the income statement. \u2013 IAS 37 Onerous contracts \u2013 specifies which costs a company includes when assessing an onerous contract. \u2013 IFRS 1, IFRS 9 and IFRS 16 Annual improvements to IFRS standards. \u2013 IFRIC Agenda decision regarding lessor forgiveness of lease payments (IFRS 9 and IFRS 16). New standards and interpretations not yet applied At the date of authorisation of these consolidated financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. All the below revisions are effective from 1 January 2023. They are not expected to have a material impact on the Group. \u2013 IFRS 17 Insurance contracts; \u2013 Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 1 Non-current liabilities with covenants; and \u2013 Amendment to IFRS 16 Leases on sale and leaseback. General information Bodycote plc is a Company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given on page 47. The nature of the Group\u2019s operations and its principal activities, and information on the Group\u2019s objectives, are included within the Group\u2019s Strategic report. Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in pounds sterling, which is the functional and presentation currency of the Company. Foreign operations are included in accordance with the policies set out in the Foreign Currencies accounting policy on page 98. ",
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"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-400": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of Bodycote plc (\u2018the Company\u2019) and entities controlled by the Company (its subsidiaries and together, \u2018the Group\u2019) made up to 31 December each year. A subsidiary is an entity controlled, directly or indirectly, by Bodycote plc. Control exists when the Group has power over the subsidiary, has exposure or rights to the variable returns from its involvement with a subsidiary and then holds ability to use its power to affect its returns. The results of subsidiaries acquired or disposed during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to subsidiary financial statements to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non- controlling interests\u2019 share of profits and losses less any distributions made. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. ",
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"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-401": {
"value": "Going concern In determining the basis of preparation for the consolidated financial statements, the Directors have considered the Group\u2019s business activities, together with the factors likely to affect its future development, performance and position. The Chief Financial Officer\u2019s report included in this Annual Report includes a summary of the Group\u2019s financial position, cash flows, liquidity position and borrowings. The current and plausible impact of macroeconomic factors, including the war in Ukraine, energy and price inflation, the ongoing COVID-19 impacts and global supply chain impacts on the Group\u2019s activities, performance and revenue, in addition to other factors and risks, have been considered by the Directors in preparing its going concern assessment. The Group has modelled a base case, which reflects the Directors\u2019 current expectations of future trading in addition to potential severe but plausible impacts on revenues, profits and cash flows in a downside scenario. Management\u2019s base case scenario is built upon the budgeting and forecasting processes for 2023 and the period up to June 2024. This model shows an improvement in performance in both revenue and profits compared to 2022, albeit with operating profit remaining below 2019 levels. The Group\u2019s record of cash conversion was used to estimate the cash generation and level of net debt over that period. The severe but plausible downside scenario assumes a significant decline in revenues of around 18% below the base case modelled through to the end of June 2024. In performing the scenarios, the assessment has considered both liquidity and compliance with the Group\u2019s covenants. The key covenants attached to the Group\u2019s Revolving Credit Facility relate to financial gearing (net debt to EBITDA) and interest cover, which are measured on a pre-IFRS 16 basis. The maximum financial gearing ratio permitted under the covenants is 3.0x (with a one-time acquisition spike at 3.5x) and the minimum interest cover ratio permitted is 4.0x. In both the base case and the severe but plausible downside scenario modelled, the Group continues to maintain sufficient liquidity and meet its gearing and interest cover covenants under the Revolving Credit Facility with substantial headroom. Management also performed a reverse stress test. This indicated that 2023 revenues would need to decline by over 30% compared to 2022 levels and with no growth in 2024 before the Group\u2019s loan covenants were breached at the June 2024 test date. In this scenario, minimum liquidity was over \u00a380m throughout the entire period. This scenario did not include the benefit of any mitigating actions management would undertake, including among other actions, the restructuring of the cost base, a reduction in capital expenditure and a reduction of dividends The Group meets its working capital requirements through a combination of committed and uncommitted facilities and overdrafts. For the purposes of the going concern assessment, the Directors have only taken into account the capacity under existing committed facilities, being predominantly the Group\u2019s Revolving Credit Facility. The Group has access to a \u00a3250.9m Revolving Credit Facility maturing in May 2027. The Group\u2019s committed facilities at 31 December 2022 totalled \u00a3255.4m while uncommitted facilities totalled \u00a346.6m. At 31 December 2022, the Group\u2019s Revolving Credit Facility had drawings of \u00a369.6m (2021: \u00a390.3m) and the Group\u2019s net debt was \u00a333.4m (2021: \u00a351.9m). The liquidity headroom was \u00a3222.0m at 31 December 2022 (2021: \u00a3204.3m), excluding uncommitted facilities. Following this assessment, the Directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that cast significant doubt on the Group\u2019s going concern status and that it is a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the next 12 months from the approval date of the consolidated financial statements. For this reason, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. ",
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"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-402": {
"value": "Critical accounting judgements and significant accounting estimates In the course of preparing the consolidated financial statements certain estimates, assumptions and judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the financial statements. Although the estimates and judgements are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ and result in material variances. Critical accounting judgements \u2013 The Group operates in a number of countries and is subject to taxes in numerous jurisdictions. The recognition of a provision for taxes is a significant judgement that is based upon the interpretation of applicable tax legislation on a country-by-country basis and an assessment of the likely outcome of any open tax computations. Refer to notes 6, 19 and 28. \u2013 In line with previous years the Group continues to take the decision not to recognise an asset in relation to the surplus on the UK defined benefit pension scheme, regardless of value. See note 27. \u2013 Certain items have been disclosed as exceptional costs where the Directors consider that they meet this definition as outlined in the Group\u2019s accounting policy below and in note 4. Significant accounting estimates \u2013 Accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with actuarial assumptions. The discount rate and the mortality rates applied in the calculation of scheme liabilities are a key source of estimation uncertainty for the Group. Details of the accounting policies applied in respect of retirement benefit schemes are set out in note 27. Other areas of judgement and accounting estimates \u2013 The Group has considered whether the valuation of goodwill and the related value-in-use calculation assumptions used for the annual impairment testing were significant estimates and has concluded that there is no reasonably possible material change expected in the carrying amount of these balances due to a change in these assumptions in the next financial year. This estimate is therefore not considered a key source of estimation uncertainty. Refer to note 9. \u2013 The economy in Turkey is subject to high inflation and has qualified as a hyperinflationary economy as of 1 April 2022 for accounting periods ending on or after 30 June 2022. The Group has concluded that applying IAS 29 (Financial Reporting in Hyperinflationary Economies) is not required as the impact of adopting this standard is not material, but will continue to assess the position going forward. \u2013 Climate change is referred to in the Principal Risks and uncertainties and Sustainability sections of the Strategic report. Growing awareness of climate change and customer sustainability targets will provide opportunities for growth as we provide services and solutions that increase efficiency and reduce energy use. The Group\u2019s view is that climate change does not create any further key source of estimation uncertainty at this time. Refer to note 9. ",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-403": {
"value": "Revenue recognition The Group predominantly has one revenue stream relating to thermal processing services with either identifiable customer contracts or specific terms and conditions that constitute a contract. Revenue is recognised net of discounts, VAT and other sales-related taxes. The Group\u2019s right to consideration equates to the value of the services provided, the transaction price of which is based upon pricing as agreed with the customer. In general, the services provided to the Group\u2019s customers consist of one performance obligation, being the delivery of a service which happens either at a point in time or over a short time frame. Revenue is recognised on completion of the service rendered as any spreading of revenue over a short time frame during which some services are performed would not have a material impact on revenue recognition. Where multiple performance obligations are determined to exist in one transaction, the allocation of transaction price and delivery of services are considered on a case-by-case basis. The determination of the transaction price is based upon pricing as agreed with the customer. In general, there are limited instances of judgements made in assessing revenue recognition under IFRS 15 given the relative simplicity of the contracts, and that revenue is recognised at a point in time. In certain cases, the Group will use third parties as part of delivering customer contracts. When a third party is involved in providing goods or services, the Group determines if there is a principal or an agency relationship with that third party. Due to the nature of the contractual arrangements, it is initially assumed that the Group enters into a principal relationship with third-party contractors and thus recognises the related revenue on a gross basis with related costs included in cost of sales and overheads in the consolidated income statement. In some circumstances, third party work arranged for a customer of the Group should validly be considered as agency activity. In such cases, the revenue and direct costs of sale are recorded on a net basis in revenue in the consolidated income statement. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-404": {
"value": "income not generated in the normal course of business. ",
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"concept": "bodycoteplc:DescriptionOfAccountingPolicyForOtherOperatingIncome",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-412": {
"value": "Foreign currencies Transactions in currencies other than the 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. Gains and losses arising on retranslation are included in net profit or loss for the period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise except for: \u2013 exchange differences on transactions entered into to hedge certain foreign currency risks (see page 124); and \u2013 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation). These exchange differences are recognised initially in the consolidated statement of comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. 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:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Government assistance Economic support provided to the Group as part of government and state initiatives to support local economies is recorded in the consolidated income statement on the date at which the conditions attached to the receipt of such assistance have been met, in the period it becomes receivable. The income is presented net against the applicable costs within cost of sales and overheads. Any general economic support is presented within other operating income in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Operating profit Operating profit is stated after charging restructuring costs, goodwill impairment, impairment of tangible and intangible assets, amortisation of acquired intangible assets, support from government grants and after the post-tax share of results of associates and any gains or losses on disposal of investments in associates, but before finance income and finance costs. ",
"dimensions": {
"concept": "bodycoteplc:DescriptionOfAccountingPolicyForOperatingProfit",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Dividends Interim dividend distributions (ordinary and special) to Bodycote plc\u2019s ordinary shareholders are recognised when paid and final dividends are accrued when approved by the ordinary shareholders at the Group\u2019s Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Borrowing costs Borrowing costs are recognised in the consolidated income statement in the period in which they are incurred as finance costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. Interest costs on borrowings are expensed to the consolidated income statement as they fall due and accounted for as financing cash flows as they are settled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Exceptional items The Group considers exceptional items to be those which derive from events or transactions which are significant for separate disclosure by virtue of their collective size or incidence in order for the user to obtain a proper understanding of the Group\u2019s financial performance. These items include, but are not limited to, costs associated with significant restructuring and reorganisation costs, impairment charges, significant profits and losses on disposal of subsidiaries and other one-off items which meet this definition. Subsequent adjustments to items previously recognised as exceptional will normally also be reflected as exceptional items in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary or associate at the date of acquisition. If the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the consolidated income statement. Goodwill is allocated to cash generating units and is not amortised but tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to assets of the unit on a pro-rata basis. Any impairment loss recognised for goodwill cannot be reversed in a subsequent period. On disposal of an associate or subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary or associate at the date of acquisition. If the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the consolidated income statement. Goodwill is allocated to cash generating units and is not amortised but tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to assets of the unit on a pro-rata basis. Any impairment loss recognised for goodwill cannot be reversed in a subsequent period. On disposal of an associate or subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets under development are carried at cost (less any accumulated impairment losses) until available for use. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these assets is recognised in the consolidated income statement on a straight-line basis over their estimated useful lives, on the following bases: Software 10%-33% Non-compete agreements 20%-33% Customer relationships 7%-10% Amortisation is recognised within administration expenses, which is included in cost of sales and overheads. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets and are amortised from the month in which the asset is available for its intended use. Directly attributable costs that are capitalised as part of the software asset include third-party costs, employee costs and an appropriate portion of relevant overheads. Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if the Group has both a contractual right to the software and the ability to run the software independently of the host vendor. Customisation and configuration costs related to the implementation of a Cloud-based solution is expensed unless it creates an asset that is separate and identifiable from the software. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Other intangible assets Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets under development are carried at cost (less any accumulated impairment losses) until available for use. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these assets is recognised in the consolidated income statement on a straight-line basis over their estimated useful lives, on the following bases: Software 10%-33% Non-compete agreements 20%-33% Customer relationships 7%-10% Amortisation is recognised within administration expenses, which is included in cost of sales and overheads. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets and are amortised from the month in which the asset is available for its intended use. Directly attributable costs that are capitalised as part of the software asset include third-party costs, employee costs and an appropriate portion of relevant overheads. Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if the Group has both a contractual right to the software and the ability to run the software independently of the host vendor. Customisation and configuration costs related to the implementation of a Cloud-based solution is expensed unless it creates an asset that is separate and identifiable from the software. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to the income statement either to costs of sales or administrative expenses, depending on the use of the asset, on a straight-line basis at rates which write down the value of assets to their residual values over their estimated useful lives. Land is not depreciated. The principal rates are as follows: Freehold buildings 2% Leasehold improvements over the projected life of the lease Fixtures and fittings 10%-20% Plant and machinery 5%-20% Motor vehicles 20%-33% The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in other operating income in the consolidated income statement. Assets in the course of construction are carried at cost, plus appropriate borrowing costs, less any recognised impairment loss. Depreciation commences when the assets are ready for their intended use and they have been transferred to the relevant asset class. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Business combinations Acquisitions of subsidiaries and businesses are generally accounted for under IFRS 3, where appropriate. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of any contingent consideration classified as an asset or liability are accounted for in accordance with relevant IFRS standards. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except that: \u2013 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; and \u2013 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists or an asset is not in use and therefore requires an annual test, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash inflows that are largely independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to dispose and value-in-use. In assessing value-in-use, the estimated future nominal cash flows are discounted to their present value using a nominal discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the consolidated income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash generating unit) in prior years. A reversal of an impairment loss is recognised as income in the consolidated income statement immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Retirement benefit schemes Obligations for contributions to defined contribution pension plans are recognised as an expense in the consolidated income statement as incurred. The cost of providing pensions under defined benefit schemes is calculated in accordance with a qualified actuarial evaluation and spread over the period during which the benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in respect of defined benefit pension schemes is calculated separately for each scheme by a qualified actuary using the projected unit method by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods less the fair value of the scheme\u2019s assets. Past service costs resulting from scheme amendments or curtailments and gains or losses on settlements are charged to the consolidated income statement. If the calculation results in a surplus, the recognised asset is limited, under the provisions of IFRIC 14, to the present value of benefits available in the form of future refunds from the plan or reductions to future contributions. The average discount rate for the schemes\u2019 liabilities is based on investment grade rated corporate bonds or similar government bonds of suitable duration and currency. Scheme assets are measured using market values at the end of the reporting period. Actuarial gains and losses, differences between the expected and actual returns, and the effect of changes in actuarial assumptions are recognised in the consolidated statement of comprehensive income in the year they arise. Any scheme surplus (to the extent it is considered recoverable under the provisions of IFRIC 14) or deficit is recognised in full in the consolidated balance sheet. On plan settlement, a gain or loss on settlement is calculated as the difference between the present value of the defined benefit obligation being settled as determined on the date of the settlement and the settlement price including any plan assets transferred, and any payments made directly by the Group in connection with the settlement. This gain or loss is recognised in the income statement or other comprehensive income at the time of settlement, depending on the nature of how the gain or loss arises. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "Right-of-use assets and lease liabilities To the extent that a right-of-control exists over an asset subject to a lease, with a lease term exceeding one year, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease payments, are recognised in the Group\u2019s balance sheet at the commencement of the lease. The right-of-use asset is measured at cost and includes the amount of initial measurement of the lease liability and any direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required by the terms and conditions of the lease. Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. They are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is charged to the consolidated income statement to depreciate the right-of-use asset from the commencement date until the earlier of the end of the useful life of the right-to-use asset or the end of the lease term. The lease term shall include the period of any extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including fixed payments less any lease incentives receivable, amounts expected to be payable by the Group under residual value guarantees and the exercise price of purchased options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if easily determinable. If the rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the consolidated income statement over the period of the lease. Lease arrangements that are short-term in nature in relation to low value assets are charged directly to the consolidated income statement when incurred. Short-term leases are leases with a lease term of 12 months or less and low value assets are defined based on quantitative criteria as outlined in IFRS 16. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "Right-of-use assets and lease liabilities To the extent that a right-of-control exists over an asset subject to a lease, with a lease term exceeding one year, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease payments, are recognised in the Group\u2019s balance sheet at the commencement of the lease. The right-of-use asset is measured at cost and includes the amount of initial measurement of the lease liability and any direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required by the terms and conditions of the lease. Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. They are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is charged to the consolidated income statement to depreciate the right-of-use asset from the commencement date until the earlier of the end of the useful life of the right-to-use asset or the end of the lease term. The lease term shall include the period of any extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including fixed payments less any lease incentives receivable, amounts expected to be payable by the Group under residual value guarantees and the exercise price of purchased options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if easily determinable. If the rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the consolidated income statement over the period of the lease. Lease arrangements that are short-term in nature in relation to low value assets are charged directly to the consolidated income statement when incurred. Short-term leases are leases with a lease term of 12 months or less and low value assets are defined based on quantitative criteria as outlined in IFRS 16. ",
"dimensions": {
"concept": "bodycoteplc:DescriptionOfAccountingPolicyForRightOfUseAssets",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "Assets held for sale Assets are classified and presented as held for sale at the lower of carrying amount and fair value less cost to sell if their carrying amount will be recovered through a sale transaction rather than through 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. Assets categorised as held for sale are not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value and are accounted for on a first in, first out basis or, in some cases, a weighted-average basis, if deemed more appropriate for the business. For finished goods and work-in-progress, cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. With the exception of the Group\u2019s borrowings, financial liabilities are not generally interest-bearing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "Receivables Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as \u2018receivables\u2019. Receivables are measured at original invoice amount (which is considered fair value) and are subsequently held at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate where applicable, except for trade receivables which do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for expected credit losses and estimated irrecoverable amounts. For trade receivables initially recognised at fair value less allowance for impairments, a simplified lifetime Expected Credit Loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of all cash shortfalls over the expected life of a trade receivable. Expected credit losses are based on historical loss experience on trade receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "Cash and bank balances Cash and bank balances comprise cash in 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 changes in value. Overdrafts are presented as gross or offset against cash and bank balances depending on whether the Group has the right and intention to settle the balances as net. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "Derivative financial instruments The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of derivative financial instruments. The Group uses derivative financial instruments, in particular foreign currency swaps, forward exchange contracts and cross-currency interest rate swaps to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially recognised as assets and liabilities measured at their fair value on the balance sheet date. Changes in the fair value of any derivative instruments that do not fulfil the criteria for hedge accounting contained in IFRS 9 Financial Instruments are recognised immediately in the consolidated income statement. A derivative is presented as a non-current asset or a non- current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "Net investment hedge The Group uses foreign currency denominated borrowings to hedge its exposure to changes in the underlying value of net assets (translation exposure) in certain of its overseas operations arising from foreign exchange rate movements. The Group maintains documentation of the relationship between the hedged item and the hedging instrument at the inception of a hedging transaction together with the risk management objective and the strategy underlying the designated hedge. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the nominal value of the hedged items. To the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognised in the consolidated statement of comprehensive income and accumulated in other reserves. The gain or loss relating to any ineffective portion is recognised immediately in the consolidated income statement and is included in other operating income and expenses. Cash flow hedge The Group maintains documentation of the relationship between the hedged item and the hedging instrument at the inception of a hedging transaction together with the risk management objective and the strategy underlying the designated hedge. Bodycote utilises cross-currency interest rate swaps where possible to manage the cash flow exposures of borrowings denominated in foreign currencies. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the fair values or cash flows of the hedged items. To the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognised in the consolidated statement of comprehensive income and accumulated in other reserves. Any gain or loss relating to any ineffective portion is recognised immediately in the consolidated income statement and is included in other operating income and expenses. If the hedged item results in the recognition of a non-financial asset, the accumulated gains or losses are included within the initial cost of the asset at the time that the asset is recognised. Hedge accounting is discontinued when the instrument expires or is sold, exercised or if it no longer meets the criteria for hedge accounting. If a forecasted transaction subject to hedge accounting is no longer expected to occur, the accumulated gain or loss in the hedging and translation reserve is recognised immediately in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "Trade and other payables Trade and other payables are recognised at the amounts expected to be paid to counterparties and subsequently held at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year or tax assessment adjustments made to prior years. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s asset and liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax 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 that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, 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. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to 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, based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current and deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "Deferred tax is the tax 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 that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, 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. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to 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, based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current and deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Bank borrowings Interest-bearing bank loans and overdrafts are recorded at fair value, net of transaction costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual\u2019s basis to the consolidated 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:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is probable that the Group will be required to settle that obligation and when a reliable estimate can be made of the amount of the obligation. If the obligation is expected to be settled within 12 months of the reporting date the provisions are included within current liabilities and if expected to be settled after 12 months included in non-current liabilities. 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 cash flows estimated to settle the present obligation, and the difference between the carrying amount and the present value of those cash flows is material to the financial statements, the carrying amount is the present value of those cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "Share-based payments The Group has applied the requirements of IFRS 2 Share-based Payments. The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the consolidated income statement such that the cumulative expense reflects the revised estimates with a corresponding adjustment to the equity-settled share-based payments reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "Adoption of new and revised standards and interpretations applied in the current year A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual reporting periods commencing on or after 1 January 2022, and did not have a material impact, were: \u2013 IFRS 3 Reference to the conceptual framework. \u2013 IAS 16 PPE prohibits a company from deducting from the cost of PPE amounts received from selling items produced while the company is preparing the asset for its intended use. Such sales proceeds and related costs are to be recognised in the income statement. \u2013 IAS 37 Onerous contracts \u2013 specifies which costs a company includes when assessing an onerous contract. \u2013 IFRS 1, IFRS 9 and IFRS 16 Annual improvements to IFRS standards. \u2013 IFRIC Agenda decision regarding lessor forgiveness of lease payments (IFRS 9 and IFRS 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "New standards and interpretations not yet applied At the date of authorisation of these consolidated financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. All the below revisions are effective from 1 January 2023. They are not expected to have a material impact on the Group. \u2013 IFRS 17 Insurance contracts; \u2013 Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 1 Non-current liabilities with covenants; and \u2013 Amendment to IFRS 16 Leases on sale and leaseback. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "General information Bodycote plc is a Company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given on page 47. The nature of the Group\u2019s operations and its principal activities, and information on the Group\u2019s objectives, are included within the Group\u2019s Strategic report. Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in pounds sterling, which is the functional and presentation currency of the Company. Foreign operations are included in accordance with the policies set out in the Foreign Currencies accounting policy on page 98. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "1. Business and geographical segments The Group has more than 165 facilities across the world serving a range of market sectors with various thermal processing services. The range and type of services offered is common to all market sectors. In accordance with IFRS 8 Operating Segments, the segmentation of Group activity reflects the way the Group is managed by the chief operating decision maker, being the Group Chief Executive, who regularly reviews the operating performance of six operating segments, split between the Aerospace, Defence & Energy (ADE) and Automotive & General Industrial (AGI) business areas, as follows: \u2013 ADE \u2013 Western Europe; \u2013 ADE \u2013 North America; \u2013 ADE \u2013 Emerging Markets; \u2013 AGI \u2013 Western Europe; \u2013 AGI \u2013 North America; and \u2013 AGI \u2013 Emerging Markets. The split of operating segments by geography reflects the business reporting structure of the Group. We have also presented combined results of our two key business areas, ADE and AGI. The split being driven by customer behaviour and requirements, geography and services provided. Customers in the ADE segment tend to operate and purchase more globally and have long supply chains, whilst customers in the AGI segment tend to purchase more locally and have shorter supply chains. Bodycote plants do not exclusively supply services to customers of a given market sector. Allocations of plants between ADE and AGI is therefore derived by reference to the preponderance of markets served. Group ADE 2022 \u00a3m AGI 2022 \u00a3m Central costs and eliminations 2022 \u00a3m Consolidated 2022 \u00a3m Revenue Total revenue 312.7 430.9 \u2013 743.6 Result Headline operating profit prior to share-based payments and unallocated central costs 52.1 81.1 \u2013 133.2 Share-based payments (including social charges)1 (1.3) (0.3) \u2013 (1.6) Unallocated central costs \u2013 \u2013 (19.4) (19.4) Headline operating profit/(loss) 50.8 80.8 (19.4) 112.2 Amortisation of acquired intangible assets (6.9) (2.4) \u2013 (9.3) Acquisition costs \u2013 \u2013 (0.9) (0.9) Operating profit/(loss) prior to exceptional items 43.9 78.4 (20.3) 102.0 Exceptional items 0.1 (0.2) 0.1 \u2013 Segment result 44.0 78.2 (20.2) 102.0 Finance income 0.4 Finance costs (7.1) Profit before taxation 95.3 Taxation (21.0) Profit for the year 74.3 1 \u00a31.7m (2021: \u00a34.7m) IFRS 2 share-based payment charge in the year less \u00a30.1m credit (2021: plus a \u00a30.3m charge) for social security charges. Inter-segment revenues are not material in either year. The Group does not have any one customer that contributes more than 10% of revenue. 1. Business and geographical segments continued Aerospace, Defence & Energy Western Europe 2022 \u00a3m North America 2022 \u00a3m Emerging markets 2022 \u00a3m Total ADE 2022 \u00a3m Revenue Total revenue 137.1 168.6 7.0 312.7 Result Headline operating profit prior to share-based payments 24.5 27.4 0.2 52 .1 Share-based payments (including social charges) (0.4) (0.9) \u2013 (1.3) Headline operating profit 24.1 26.5 0.2 50.8 Amortisation of acquired intangible assets (0.4) (6.5) \u2013 (6.9) Operating profit prior to exceptional items 23.7 20.0 0.2 43.9 Exceptional items 0.7 (0.6) \u2013 0.1 Segment result 24.4 19.4 0.2 44.0 Automotive & General Industrial Western Europe 2022 \u00a3m North America 2022 \u00a3m Emerging markets 2022 \u00a3m Total AGI 2022 \u00a3m Revenue Total revenue 241.6 103.0 86.3 430.9 Result Headline operating profit prior to share-based payments 51.6 12.1 17.4 81.1 Share-based payments (including social charges) (0.6) 0.2 0.1 (0.3) Headline operating profit 51.0 12.3 17.5 80.8 Amortisation of acquired intangible assets (0.5) (1.5) (0.4) (2.4) Operating profit prior to exceptional items 50.5 10.8 17.1 78.4 Exceptional items 0.2 (0.3) (0.1) (0.2) Segment result 50.7 10.5 17.0 78.2 1. Business and geographical segments continued Group ADE 2021 \u00a3m AGI 2021 \u00a3m Central costs and eliminations 2021 \u00a3m Consolidated 2021 \u00a3m Revenue Total revenue 245.6 370.2 \u2013 615.8 Result Headline operating profit prior to share-based payments and unallocated central costs 45.2 72.5 \u2013 117.7 Share-based payments (including social charges) (1.0) (3.0) (1.0) (5.0) Unallocated central costs \u2013 \u2013 (17.9) (17.9 ) Headline operating profit/(loss) 44.2 69.5 (18.9) 94.8 Amortisation of acquired intangible assets (6.7) (3.6) \u2013 (10.3) Acquisition costs (0.5) \u2013 (0.2) (0.7) Operating profit/(loss) prior to exceptional items 37.0 65.9 (19.1) 83.8 Exceptional items (4.2) (0.6) 4.8 \u2013 Segment result 32.8 65.3 (14.3) 83.8 Finance income 0.3 Finance costs (6.6) Profit before taxation 77.5 Taxation (17.5) Profit for the year 60.0 Aerospace, Defence & Energy Western Europe 2021 \u00a3m North America 2021 \u00a3m Emerging markets 2021 \u00a3m Total ADE 2021 \u00a3m Revenue Total revenue 105.3 136.0 4.3 245.6 Result Headline operating profit prior to share-based payments 21.7 23.3 0.2 45.2 Share-based payments (including social charges) (0.4) (0.6) \u2013 (1.0) Headline operating profit 21.3 22.7 0.2 44.2 Amortisation of acquired intangible assets \u2013 (6.7) \u2013 (6.7) Acquisition costs (0.5) \u2013 \u2013 (0.5) Operating profit prior to exceptional items 20.8 16.0 0.2 37.0 Exceptional items (1.7) (2.5) \u2013 (4.2) Segment result 19.1 13.5 0.2 32.8 Automotive & General Industrial Western Europe 2021 \u00a3m North America 2021 \u00a3m Emerging markets 2021 \u00a3m Total AGI 2021 \u00a3m Revenue Total revenue 217.0 85.3 67.9 370.2 Result Headline operating profit prior to share-based payments 47.8 7.9 16.8 72.5 Share-based payments (including social charges) (1.8) (0.5) (0.7) (3.0) Headline operating profit 46.0 7. 4 16.1 69.5 Amortisation of acquired intangible assets (0.5) (2.7) (0.4) (3.6) Operating profit prior to exceptional items 45.5 4.7 15.7 65.9 Exceptional items (0.3) (0.1) (0.2) (0.6) Segment result 45.2 4.6 15.5 65.3 1. Business and geographical segments continued Other information Group ADE 2022 \u00a3m AGI 2022 \u00a3m Central costs and eliminations 2022 \u00a3m Consolidated 2022 \u00a3m Gross capital additions 30.8 38.2 10.6 79.6 Depreciation and amortisation 34.1 47.0 3.2 84.3 Balance sheet Segment assets 526.9 569.8 71.0 1,167.7 Segment liabilities (96.0) (134.9) (154.8) (385.7) Segment net assets 430.9 434.9 (83.8) 782.0 Aerospace, Defence & Energy Western Europe 2022 \u00a3m North America 2022 \u00a3m Emerging markets 2022 \u00a3m Total ADE 2022 \u00a3m Gross capital additions 10.2 20.4 0.2 30.8 Depreciation and amortisation 12.5 20.9 0.7 3 4.1 Balance sheet Segment assets 18 3.1 337.7 6.1 526.9 Segment liabilities (51.6) (43.5) (0.9) (96.0) Segment net assets 131.5 294.2 5.2 430.9 Automotive & General Industrial Western Europe 2022 \u00a3m North America 2022 \u00a3m Emerging markets 2022 \u00a3m Total AGI 2022 \u00a3m Gross capital additions 20.1 10.0 8.1 38.2 Depreciation and amortisation 22.5 13.2 11.3 47.0 Balance sheet Segment assets 248.4 177.4 144.0 569.8 Segment liabilities (79.4) (21.2) (34.3) (134.9) Segment net assets 169.0 156.2 109.7 434.9 Group ADE 2021 \u00a3m AGI 2021 \u00a3m Central costs and eliminations 2021 \u00a3m Consolidated 2021 \u00a3m Gross capital additions 14.5 38.5 7.5 60.5 Depreciation and amortisation 33.8 47.7 2.8 84.3 Balance sheet Segment assets 48 0.1 527.4 62.3 1,069.8 Segment liabilities (91.3) (133.3) (159.8) (384.4) Segment net assets 388.8 39 4.1 ( 97.5) 685.4 1. Business and geographical segments continued Aerospace, Defence & Energy Western Europe 2021 \u00a3m North America 2021 \u00a3m Emerging markets 2021 \u00a3m Total ADE 2021 \u00a3m Gross capital additions 6.0 8.4 0.1 14.5 Depreciation and amortisation 12.7 20.5 0.6 33.8 Balance sheet Segment assets 170.3 304.7 5.1 480.1 Segment liabilities (46.2) (44.1) (1.0) (91.3) Segment net assets 124.1 260.6 4.1 388.8 Automotive & General Industrial Western Europe 2021 \u00a3m North America 2021 \u00a3m Emerging markets 2021 \u00a3m Total AGI 2021 \u00a3m Gross capital additions 20.3 10.5 7.7 38.5 Depreciation and amortisation 23.5 13.5 10.7 47.7 Balance sheet Segment assets 232.0 16 7. 4 128.0 527.4 Segment liabilities (79.0) (24.3) (30.0) (133.3) Segment net assets 153.0 143.1 98.0 39 4.1 Geographical information The Group\u2019s revenue from external customers and information about its assets (non-current assets excluding financial instruments, deferred tax assets and other financial assets) by country are detailed below: Revenue from external customers Non-current assets 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m USA 258.2 210.9 450.6 413.4 France 90.8 80.8 64.4 63.4 Germany 79.0 71.1 71.3 6 8.1 UK 55.6 45.2 88.1 79.9 Sweden 48.1 4 0.1 35.2 36.6 Netherlands 32.8 27.8 23.1 23.1 Others 179.1 139.9 187.9 184.4 743.6 615.8 920.6 868.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "Geographical information The Group\u2019s revenue from external customers and information about its assets (non-current assets excluding financial instruments, deferred tax assets and other financial assets) by country are detailed below: Revenue from external customers Non-current assets 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m USA 258.2 210.9 450.6 413.4 France 90.8 80.8 64.4 63.4 Germany 79.0 71.1 71.3 6 8.1 UK 55.6 45.2 88.1 79.9 Sweden 48.1 4 0.1 35.2 36.6 Netherlands 32.8 27.8 23.1 23.1 Others 179.1 139.9 187.9 184.4 743.6 615.8 920.6 868.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "2. Operating profit 2022 \u00a3m 2021 \u00a3m Revenue 743.6 615.8 Cost of sales (473.9) (379.8) Gross profit 269.7 236.0 Other operating income 9.2 3.8 Distribution costs (21.1) (17.4) Administration expenses (151.2) (138.6) Other operating expenses (4.5) (1.2) Net impairment (losses)/gains on financial assets (0.1) 1.2 Operating profit prior to exceptional items 102.0 83.8 Exceptional items (see note 4) \u2013 \u2013 Operating profit 102.0 83.8 2. Operating profit continued Operating profit for the year has been arrived at after charging/(crediting): 2022 \u00a3m 2021 \u00a3m Net foreign exchange loss/(gain) 0.1 (0.2) Inventory expensed 69.2 48.4 Depreciation of property, plant and equipment 60.2 58.0 Depreciation on mothballed sites due to restructuring recognised in exceptional items \u2013 0.6 Depreciation of right-of-use assets 13.0 13.6 Amortisation of other intangible assets 11.1 12.1 Gain on disposal of property, plant and equipment recognised in operating profit (1.7) \u2013 Loss/(profit) on disposal of property, plant and equipment recognised in exceptional items (see note 4) 0.1 (4.8) Gain on disposal of right-of-use assets (0.1) \u2013 Employee costs (see note 3) 276.5 252.5 Pension scheme administration expenses 0.6 0.5 Utility costs 95.6 57.2 Government assistance support received 1 (2.6) (1.5) Acquisition costs 0.9 0.7 Impairment loss/(gain) on trade receivables 0.1 (1.2) Impairment (reversal)/charges \u2013 recognised in exceptional items (see note 4) (0.1) 5.5 Impairment of property, plant and equipment and other assets \u2013 recognised in operating profit 4.8 \u2013 Share of profit of associate undertaking up to disposal \u2013 (0.1) Loss on sale of associate \u2013 0.4 1 Government grants consist of support towards utility expenditure of \u00a31.7m (2021: \u00a3nil), R&D support of \u00a30.7m (2021: \u00a3nil) and \u00a30.2m (2021: \u00a31.5m) in respect of COVID-19 and other support programmes. The analysis of auditors\u2019 remuneration on a worldwide basis is as follows: 2022 \u00a3m 2021 \u00a3m Fees payable to the auditor for the audit of the annual accounts 0.9 0.8 Fees payable to the auditor and its associates for other services: The audit of the Group\u2019s subsidiaries 1.2 1.4 Total audit fees 2.1 2.2 Audit related assurance services1 0.1 0.1 Other non-audit fees 2 \u2013 0.1 Total fees payable to the auditor 2.2 2.4 1 This includes \u00a30.1m for the review of the half year report (2021: \u00a30.1m for the review of the half year report). 2 2021 includes \u00a30.1m for a mandatory assurance requirement by the Dutch government concerning COVID-19 assistance (NOW), required as part of the programme conditions. The audit fees disclosed for 2022 include \u00a30.1m of fees in connection with the 2021 audit. The audit fees disclosed for 2021 include \u00a30.1m of fees in connection with the 2020 audit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "The analysis of auditors\u2019 remuneration on a worldwide basis is as follows: 2022 \u00a3m 2021 \u00a3m Fees payable to the auditor for the audit of the annual accounts 0.9 0.8 Fees payable to the auditor and its associates for other services: The audit of the Group\u2019s subsidiaries 1.2 1.4 Total audit fees 2.1 2.2 Audit related assurance services1 0.1 0.1 Other non-audit fees 2 \u2013 0.1 Total fees payable to the auditor 2.2 2.4 1 This includes \u00a30.1m for the review of the half year report (2021: \u00a30.1m for the review of the half year report). 2 2021 includes \u00a30.1m for a mandatory assurance requirement by the Dutch government concerning COVID-19 assistance (NOW), required as part of the programme conditions. The audit fees disclosed for 2022 include \u00a30.1m of fees in connection with the 2021 audit. The audit fees disclosed for 2021 include \u00a30.1m of fees in connection with the 2020 audit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "3. Employees The average monthly number of employees (including Executive Directors) was: 2022 Number 2021 Number ADE: Western Europe 740 698 North America 868 799 Emerging markets 73 62 AGI: Western Europe 1,490 1,490 North America 626 641 Emerging markets 815 775 Shared services 278 243 Head office 43 42 4,933 4,750 2022 \u00a3m 2021 \u00a3m Their aggregate remuneration comprised: Wages and salaries1 235.6 214.6 Social security costs 32.6 30.9 Pension costs 8.3 7.1 276.5 252.5 1 For the year ended 31 December 2022 the Group received government and state employee support towards wages and salaries of \u00a3nil (2021: \u00a31.1m) which are presented net against staff costs. Included in wages and salaries are share-based payments (excluding social charges) resulting in a charge of \u00a31.7m (2021: \u00a34.7m). Included in pension costs are \u00a37.8m relating to defined contribution schemes (2021: \u00a36.4m) and a \u00a30.5m charge relating to defined benefit schemes (2021: \u00a30.7m). Pension administrative costs not included above were \u00a30.6m (2021: \u00a30.5m) and interest costs not included above were \u00a30.1m (2021: \u00a30.1m) \u2013 see notes 2 and 27. Disclosure of individual Directors\u2019 remuneration, share interests, share options, long-term incentive schemes, pension contributions and pension entitlements are shown in the tables in the Board report on remuneration on pages 68 to 82. See also note 26 for information on share-based payments. For information on retirement benefit schemes see note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "4. Exceptional items 2022 \u00a3m 2021 \u00a3m Severance and redundancy provision release (0.8) (2.7) Net impairment (reversal)/charges (0.1) 5.5 Site closure costs 1.0 1.9 Losses/(gains) on sales of property, plant and equipment recognised in exceptional items 0.1 (4.8) Environmental provisions (credit)/charge \u2013 see note 21 (0.2) 0.1 Total exceptional items1 \u2013 \u2013 1 Non exceptional costs relating to severance and redundancy, impairment charges and reversals, site closure costs and environmental provisions are booked to other operating expenses. Gains and losses on sales of property, plant and equipment are booked to other operating income In 2020, the Group announced an organisation restructuring initiative which was driven by a combination of both macroeconomic uncertainties and longer-term automobile and aerospace market structural shifts. A number of plants were closed as a result of these restructuring activities. The related costs were recorded as exceptional items in line with the Group\u2019s accounting policy for exceptional items. At 31 December 2022, management performed a detailed review of the remaining restructuring activities in order to determine the best estimate of future expenditure required to settle the present obligation, resulting in a net overall charge to exceptional items of \u00a3nil. At 31 December 2022, \u00a33.0m (2021: \u00a310.2m) was held as exceptional provisions. Refer to note 21 for more information.",
"dimensions": {
"concept": "bodycoteplc:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "5. Net finance charge 2022 \u00a3m 2021 \u00a3m Interest on bank loans and overdrafts 2.3 1.3 Interest on deferred consideration \u2013 0.2 Interest on lease liabilities 1.8 1.8 Total interest expense 4.1 3.3 Net interest on the defined benefit pension liability 0.1 0.1 Other finance charges 2.9 3.2 Total finance charge 7.1 6.6 Interest received on bank deposits 0.1 0.1 Other interest receivable 0.3 0.2 Total finance income 0.4 0.3 Net finance charge 6.7 6.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "5. Net finance charge 2022 \u00a3m 2021 \u00a3m Interest on bank loans and overdrafts 2.3 1.3 Interest on deferred consideration \u2013 0.2 Interest on lease liabilities 1.8 1.8 Total interest expense 4.1 3.3 Net interest on the defined benefit pension liability 0.1 0.1 Other finance charges 2.9 3.2 Total finance charge 7.1 6.6 Interest received on bank deposits 0.1 0.1 Other interest receivable 0.3 0.2 Total finance income 0.4 0.3 Net finance charge 6.7 6.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "5. Net finance charge 2022 \u00a3m 2021 \u00a3m Interest on bank loans and overdrafts 2.3 1.3 Interest on deferred consideration \u2013 0.2 Interest on lease liabilities 1.8 1.8 Total interest expense 4.1 3.3 Net interest on the defined benefit pension liability 0.1 0.1 Other finance charges 2.9 3.2 Total finance charge 7.1 6.6 Interest received on bank deposits 0.1 0.1 Other interest receivable 0.3 0.2 Total finance income 0.4 0.3 Net finance charge 6.7 6.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "6. Taxation charge 2022 \u00a3m 2021 \u00a3m Current taxation \u2013 charge for the year 21.3 18.9 Current taxation \u2013 adjustments in respect of previous years (0.6) (5.9) Deferred tax (see note 19) 0.3 4.5 Total taxation charge 21.0 17.5 The Group uses a weighted average country tax rate rather than the UK tax rate for the reconciliation of the charge for the year to the profit before taxation per the consolidated income statement. The Group operates in several jurisdictions, many of which have a tax rate in excess of the UK tax rate. As such, a weighted average country tax rate is believed to provide the most meaningful information to the users of the financial statements. The appropriate tax rate for this comparison in 2022 is 24.8% (2021: 24.7%). The effect of changes in statutory tax rates reflects the impact on deferred tax balances of the increase in the future UK tax rate from 19.0% to 25.0% which will take effect from 1 April 2023 as per the Finance Act 2021. Consequently, the deferred tax balances on the consolidated balance sheet relating to the UK have been measured using these revised rates. During 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational groups. On 20 July 2022, HM Treasury released draft legislation to implement these \u2018Pillar II\u2019 rules with effect for years beginning on or after 31 December 2023. The Group is reviewing these draft rules to assess any potential impacts. The charge for the year can be reconciled to the profit before taxation per the consolidated income statement as follows: 2022 \u00a3m 2021 \u00a3m Profit before taxation 95.3 77. 5 Tax at the weighted average country tax rate of 24.8% (2021: 24.7%) 23.6 19.1 Tax effect of expenses not deductible in determining taxable profit1 1.7 2.3 Impact of recognition or derecognition of deferred tax balances (2.0) (0.9) Tax effect of other adjustments in respect of previous years: Current tax2 (0.6) (5.9) Deferred tax 2 (3.4) 0.1 Effect of financing activities between jurisdictions 3 (0.6) 1.3 Impact of trade and minimum corporate taxes 0.5 0.6 Effect of changes in statutory tax rates on deferred tax assets and liabilities 0.9 0.2 Other tax risk provision movements4 0.9 0.7 Tax expense for the year 21.0 17.5 Tax on items taken directly to equity is a charge of \u00a30.5m (2021: credit of \u00a30.3m). 1 Those costs in various jurisdictions that are not deductible in calculating taxable profits. 2 2022 and 2021 adjustments in current and deferred tax in respect of previous years relate mainly to changes in assumptions and outcomes in UK and overseas tax positions. 3 The Group is externally financed by a mix of cash flows from operations and short-term borrowings. Internally, operating subsidiaries are predominantly financed via intercompany loans. The effect is net of provisions based on management\u2019s estimation of tax risk relating to the potential disallowance of interest. \u00a39.1m of interest deductions were restricted in the US in 2022 (2021: \u00a35.1m). 4 Includes provisions for local tax risks and non-financing cross-border transactions. 6. Taxation charge continued As part of the calculation of the tax charge, the Group recognises a number of tax risk provisions in respect of ongoing tax enquiries and in recognition of the multinational tax environment that Bodycote operates in where the nature of the tax positions that are taken is often complex and subject to change. Tax provisions totalling \u00a328.1m were recognised at 31 December 2022 (2021: \u00a324.0m), of which \u00a35.3m (2021: \u00a31.8m) are expected to crystallise within 12 months. The provisions are based on an assessment of a range of possible outcomes to determine reasonable estimates of the consequences of tax authority audits in the various tax jurisdictions in which the Group operates. The material provisions relate to the financing of the Group\u2019s operations where management\u2019s judgement is exercised to determine the quantum of the tax risk provisions based on an understanding of the appropriate local tax legislation, taking into consideration the differences of interpretation that can arise on a wide variety of issues including the nature of ongoing tax audits and the experience from earlier enquiries, and determining whether any possible liability is probable. The Group\u2019s provisions vary in quantum from \u00a30.4m to \u00a38.9m each. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "7. Dividends 2022 \u00a3m 2021 \u00a3m Amounts recognised as distributions to equity holders in the year: Interim dividend for the year ended 31 December 2020 of 6.0p per share \u2013 11. 4 Final dividend for the year ended 31 December 2020 of 13.4p per share \u2013 25.7 Interim dividend for the year ended 31 December 2021 of 6.2p per share \u2013 11.9 Final dividend for the year ended 31 December 2021 of 13.8p per share 26.3 \u2013 Interim dividend for the year ended 31 December 2022 of 6.4p per share 12.2 \u2013 38.5 49.0 Proposed final dividend for the year ended 31 December 2022 of 14.9p per share 28.4 \u2013 The Board approved the payment of an interim dividend for 2021 of 6.2p on 27 July 2021 to those shareholders on the register of Bodycote plc on 8 October 2021 and a final ordinary dividend for 2021 of 13.8p to shareholders on the register of Bodycote plc on 22 April 2022. The 2021 interim dividend was paid on 5 November 2021 and the final ordinary dividend on 1 June 2022. The Board approved the payment of an interim dividend for 2022 of 6.4p on 29 July 2022 to those shareholders on the register of Bodycote plc on 7 October 2022 and has proposed a final ordinary dividend of 14.9p per share to be paid on 2 June 2023 to shareholders on the register at close of business at 21 April 2023 subject to approval by shareholders at the Annual General Meeting. The 2022 interim dividend was paid on 4 November 2022. As the proposed final dividend is subject to shareholder approval in 2023, it is not included as a liability in these financial statements. The dividends are waived on shares held by the Bodycote International Employee Benefit Trust.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "8. Earnings per share The calculation of the basic and diluted earnings per share is based on the following data: 2022 \u00a3m 2021 \u00a3m Earnings Earnings for the purpose of basic earnings per share being net profit attributable to equity holders of the parent 73.7 59.5 Number Number Number of shares Weighted average number of ordinary shares for the purpose of basic earnings per share 190,779,615 190,651,774 Effect of dilutive potential ordinary shares: Shares subject to performance conditions1 384,848 79,678 Shares subject to vesting conditions 191,502 192,117 Weighted average number of ordinary shares for the purpose of diluted earnings per share 191,355,965 190,923,569 Pence Pence Earnings per share: Basic 38.6 31.2 Diluted1 38.5 31.2 2022 \u00a3m 2021 \u00a3m Headline earnings Net profit attributable to equity holders of the parent 73.7 59.5 Add back: Amortisation of acquired intangible assets (net of tax) 7.0 7.8 Acquisition costs (net of tax) 0.7 1.0 Headline earnings 81.4 68.3 Pence Pence Headline earnings per share: Basic 42.7 35.8 Diluted1 42.5 35.8 1 As at 31 December 2022, in accordance with IAS 33, the related performance conditions for most open plans have not been met resulting in 0.2p dilution of earnings per share (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "9. Goodwill 2022 \u00a3m 2021 \u00a3m Cost At 1 January 274.5 276.3 Exchange differences 14.1 (1.8) Recognised on acquisition of businesses 0.3 \u2013 At 31 December 288.9 274.5 Accumulated impairment At 1 January 60.6 60.8 Exchange differences 0.5 (0.2) At 31 December 61.1 60.6 Carrying amount 227.8 213.9 9. Goodwill continued Goodwill acquired through business combinations is allocated to the cash generating units (CGUs) that are expected to benefit from the synergies of the combination. The recoverable amounts of these CGUs are the higher of fair value less costs to dispose and value-in-use. Goodwill is allocated across the Group\u2019s segments as follows: 2022 \u00a3m 2021 \u00a3m ADE: Western Europe 27.2 26.8 North America 100.9 93.2 AGI: Western Europe 28.2 27.6 North America 59.4 54.7 Emerging Markets 12.1 11.6 227.8 213.9 Goodwill is tested for impairment at least annually, or more frequently if there are indications that the carrying value may not be recoverable. The recoverable amounts of the CGUs are determined from value-in-use calculations. In assessing value-in-use, estimated post-tax future cash flows for each CGU are discounted to their present value using a post-tax discount rate which reflects current market assessments of the time value of money and the risks specific to the CGUs, including country risk premium. The cash flows for each CGU have been derived from the FY23 budget, and five-year financial plan, both of which have been approved by the Board. They have then been extrapolated for a further five years (until 2032) using a medium-term growth rate, before applying a long-term growth rate into perpetuity from the terminal year. The key assumptions applied in determining the value-in-use of each CGU were as follows: \u2013 Revenue: Sales for 2023\u20132027 were projected based on management\u2019s expectations of the growth of the underlying market sectors served by each CGU. These were benchmarked against external sector projections to ensure these expectations were supportable. \u2013 Operational gearing: Operational gearing represents the correlation between movements in revenue and operating profits. The gearing levels assumed reflect management\u2019s expectations of the performance of the business, and are informed by past performance. \u2013 Capital expenditure: The future cash flows include estimates of capital expenditure required to maintain the existing asset base of each CGU, and are based on historical experience. In the terminal year, maintenance capital expenditure is assumed to be 100% of depreciation. Expansionary capital expenditure, and the associated revenues and cash flows, are only included to the extent that they have been approved as at the balance sheet date and work on the project is already underway. \u2013 Medium-term growth rates: The cash flows for each CGU have been extrapolated between 2027 (the final year of the financial plan) and 2032 reflecting market-based nominal GDP growth rates forecasts that range from 4% for the Western Europe and North American CGUs, to 6% for the Emerging Markets CGU. A medium-term growth rate has been used as management believe that the current inflationary environment will lead to higher growth in the medium term, before reverting to a long-term growth rate. \u2013 Long-term growth rate: For the Group\u2019s value-in-use calculations, a long-term growth rate into perpetuity was applied. These growth rates were based on the long-term average GDP growth projections of the geographies relevant to each CGU, and are in the range of 2.0% (2021: 2.1%) to 2.3% (2021: 2.4%). \u2013 Discount rate: The discount rates have been derived from a weighted average cost of capital, adjusted for the geographies in which each CGU operates. The post-tax discount rates range between 8.6% (2021: 6.4%) and 9.9% (2021: 9.2%). This increase in discount rates compared with last year mainly reflects the increased risk-free rates derived from generally higher government bond yields during the last year, which, in turn, reflect an expectation of a generally higher inflationary environment in many of our geographies over the medium term. The pre-tax discount rates are the rates which, when applied to the pre-tax cash flows, result in the same NPV as calculated by the post-tax discount rate applied to the post-tax cash flows. These pre-tax discount rates range from 10.5% (2021: 7.5%) to 12.0% (2021: 11.6%). The majority of goodwill is allocated to two of the CGUs, being North America ADE and North America AGI. The long-term growth rates and the rates used to discount the projected cash flows for these CGUs are shown below: Goodwill carrying value 2022 \u00a3m Long-term growth rate 2022 % Post-tax discount rate 2022 % Pre-tax discount rate 2022 % Cash generating units North America ADE 100.9 2 .1 9.6 11.8 North America AGI 59.4 2.1 9.6 12.0 9. Goodwill continued Expected future cash flows are inherently uncertain and could change materially over time. They are affected by several factors, including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates, estimates of production costs, and future maintenance capital expenditure, and therefore the Group has conducted sensitivity analysis on the key assumptions applied to the value-in-use calculations for the CGUs. This uncertainty is especially relevant in light of events currently impacting global economies including, but not confined to, inflationary and recessionary pressures facing many countries, volatile energy prices, and the continued COVID-19 pandemic impact across many economies. These uncertainties have been reflected in the sensitivity analyses performed of reasonably possible changes in the underlying assumptions on future cash flows for the CGUs. The following sensitivities were applied: \u2013 zero revenue growth in FY23 for the AGI CGUs, and 5% for the ADE CGUs, reflecting the risk of recession in key geographies in which the Group operates, together with a reduction in the annual sales growth assumed in the base case of 35% in 2024 reducing to 30% by 2027; \u2013 a 25% reduction in both the medium- and long-term growth rates applied; \u2013 a 5% reduction in operational gearing; and \u2013 a 1% increase in the post-tax discount rates. None of these scenarios resulted in an impairment. In determining the sensitivities to apply, consideration was given to the impact that climate change may have on the Group\u2019s businesses which is considered to present both opportunities and risks to the organisation. Whilst specific scenarios were not modelled, the impact of the above sensitivities was deemed sufficiently significant to cover a range of potential risks, some of which are difficult to estimate with current known information. The Group\u2019s assessment of the impact of climate change is set out on pages 42 to 44 of the Annual Report. While the reasonably possible changes summarised above do not indicate an impairment, it is difficult in the current environment to predict how and when the world\u2019s economies will recover from the macro-economic impacts of COVID-19 and the war in Ukraine. In the event that profits and cash flows do not ultimately return to historical levels when anticipated, or the Group is unable to maintain or realise expected operating gearing ratios, a risk of impairment may arise in the future, absent further mitigating actions. However based on current available information, the Directors do not consider that there are any reasonably possible scenarios that could arise that would result in a material impairment charge being recognised in the next 12 months. The Directors have concluded that no impairment charge is required as at 31 December 2022. 10. Other intangible assets Software \u00a3m Customer relationships \u00a3m Non-compete agreements \u00a3m Total \u00a3m Cost At 1 January 2021 41.5 133.2 3.8 178.5 Exchange differences (0.3) \u2013 \u2013 (0.3) Additions 6.9 \u2013 \u2013 6.9 Acquired on acquisition of businesses \u2013 5.0 \u2013 5.0 Eliminated on disposals (1.5) \u2013 \u2013 (1.5) At 1 January 2022 46.6 138.2 3.8 188.6 Exchange differences 0.5 16.3 \u2013 16.8 Additions 9.8 \u2013 \u2013 9.8 Eliminated on disposals (3.3) \u2013 \u2013 (3.3) At 31 December 2022 53.6 154.5 3.8 211.9 Amortisation At 1 January 2021 25.4 42.0 3.1 70.5 Exchange differences (0.3) (0.3) \u2013 (0.6) Charge for the year 1.8 10.3 \u2013 12.1 Eliminated on disposals (1.5) \u2013 \u2013 (1.5) At 1 January 2022 25.4 52.0 3.1 80.5 Exchange differences 0.4 6.3 \u2013 6.7 Charge for the year 1.7 9.3 0.1 11.1 Eliminated on disposals (3.3) \u2013 \u2013 (3.3) At 31 December 2022 24.2 67.6 3.2 95.0 Carrying amount At 31 December 2022 29.4 86.9 0.6 116.9 At 31 December 2021 21.2 86.2 0.7 10 8.1 Included in intangible software assets are carrying values related to the Group\u2019s existing ERP software module totalling \u00a34.0m (2021: \u00a35.6m) which are currently being amortised over the remaining useful life. 10. Other intangible assets continued The Group is currently developing and implementing a new ERP software solution, assets of which will be held centrally. During the year, the Group has capitalised \u00a39.6m (2021: \u00a36.6m), of which \u00a34.7m (2021: \u00a32.4m) relates to internally generated capital costs for the development of this ERP solution. Included in intangible assets are \u00a324.0m (2021: \u00a314.4m) that is not yet available for use and is therefore not yet being amortised. Contractual commitments related to the ERP software development were \u00a31.9m at 31 December 2022 (2021: \u00a32.1m). These costs will be capitalised as incurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "9. Goodwill 2022 \u00a3m 2021 \u00a3m Cost At 1 January 274.5 276.3 Exchange differences 14.1 (1.8) Recognised on acquisition of businesses 0.3 \u2013 At 31 December 288.9 274.5 Accumulated impairment At 1 January 60.6 60.8 Exchange differences 0.5 (0.2) At 31 December 61.1 60.6 Carrying amount 227.8 213.9 9. Goodwill continued Goodwill acquired through business combinations is allocated to the cash generating units (CGUs) that are expected to benefit from the synergies of the combination. The recoverable amounts of these CGUs are the higher of fair value less costs to dispose and value-in-use. Goodwill is allocated across the Group\u2019s segments as follows: 2022 \u00a3m 2021 \u00a3m ADE: Western Europe 27.2 26.8 North America 100.9 93.2 AGI: Western Europe 28.2 27.6 North America 59.4 54.7 Emerging Markets 12.1 11.6 227.8 213.9 Goodwill is tested for impairment at least annually, or more frequently if there are indications that the carrying value may not be recoverable. The recoverable amounts of the CGUs are determined from value-in-use calculations. In assessing value-in-use, estimated post-tax future cash flows for each CGU are discounted to their present value using a post-tax discount rate which reflects current market assessments of the time value of money and the risks specific to the CGUs, including country risk premium. The cash flows for each CGU have been derived from the FY23 budget, and five-year financial plan, both of which have been approved by the Board. They have then been extrapolated for a further five years (until 2032) using a medium-term growth rate, before applying a long-term growth rate into perpetuity from the terminal year. The key assumptions applied in determining the value-in-use of each CGU were as follows: \u2013 Revenue: Sales for 2023\u20132027 were projected based on management\u2019s expectations of the growth of the underlying market sectors served by each CGU. These were benchmarked against external sector projections to ensure these expectations were supportable. \u2013 Operational gearing: Operational gearing represents the correlation between movements in revenue and operating profits. The gearing levels assumed reflect management\u2019s expectations of the performance of the business, and are informed by past performance. \u2013 Capital expenditure: The future cash flows include estimates of capital expenditure required to maintain the existing asset base of each CGU, and are based on historical experience. In the terminal year, maintenance capital expenditure is assumed to be 100% of depreciation. Expansionary capital expenditure, and the associated revenues and cash flows, are only included to the extent that they have been approved as at the balance sheet date and work on the project is already underway. \u2013 Medium-term growth rates: The cash flows for each CGU have been extrapolated between 2027 (the final year of the financial plan) and 2032 reflecting market-based nominal GDP growth rates forecasts that range from 4% for the Western Europe and North American CGUs, to 6% for the Emerging Markets CGU. A medium-term growth rate has been used as management believe that the current inflationary environment will lead to higher growth in the medium term, before reverting to a long-term growth rate. \u2013 Long-term growth rate: For the Group\u2019s value-in-use calculations, a long-term growth rate into perpetuity was applied. These growth rates were based on the long-term average GDP growth projections of the geographies relevant to each CGU, and are in the range of 2.0% (2021: 2.1%) to 2.3% (2021: 2.4%). \u2013 Discount rate: The discount rates have been derived from a weighted average cost of capital, adjusted for the geographies in which each CGU operates. The post-tax discount rates range between 8.6% (2021: 6.4%) and 9.9% (2021: 9.2%). This increase in discount rates compared with last year mainly reflects the increased risk-free rates derived from generally higher government bond yields during the last year, which, in turn, reflect an expectation of a generally higher inflationary environment in many of our geographies over the medium term. The pre-tax discount rates are the rates which, when applied to the pre-tax cash flows, result in the same NPV as calculated by the post-tax discount rate applied to the post-tax cash flows. These pre-tax discount rates range from 10.5% (2021: 7.5%) to 12.0% (2021: 11.6%). The majority of goodwill is allocated to two of the CGUs, being North America ADE and North America AGI. The long-term growth rates and the rates used to discount the projected cash flows for these CGUs are shown below: Goodwill carrying value 2022 \u00a3m Long-term growth rate 2022 % Post-tax discount rate 2022 % Pre-tax discount rate 2022 % Cash generating units North America ADE 100.9 2 .1 9.6 11.8 North America AGI 59.4 2.1 9.6 12.0 9. Goodwill continued Expected future cash flows are inherently uncertain and could change materially over time. They are affected by several factors, including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates, estimates of production costs, and future maintenance capital expenditure, and therefore the Group has conducted sensitivity analysis on the key assumptions applied to the value-in-use calculations for the CGUs. This uncertainty is especially relevant in light of events currently impacting global economies including, but not confined to, inflationary and recessionary pressures facing many countries, volatile energy prices, and the continued COVID-19 pandemic impact across many economies. These uncertainties have been reflected in the sensitivity analyses performed of reasonably possible changes in the underlying assumptions on future cash flows for the CGUs. The following sensitivities were applied: \u2013 zero revenue growth in FY23 for the AGI CGUs, and 5% for the ADE CGUs, reflecting the risk of recession in key geographies in which the Group operates, together with a reduction in the annual sales growth assumed in the base case of 35% in 2024 reducing to 30% by 2027; \u2013 a 25% reduction in both the medium- and long-term growth rates applied; \u2013 a 5% reduction in operational gearing; and \u2013 a 1% increase in the post-tax discount rates. None of these scenarios resulted in an impairment. In determining the sensitivities to apply, consideration was given to the impact that climate change may have on the Group\u2019s businesses which is considered to present both opportunities and risks to the organisation. Whilst specific scenarios were not modelled, the impact of the above sensitivities was deemed sufficiently significant to cover a range of potential risks, some of which are difficult to estimate with current known information. The Group\u2019s assessment of the impact of climate change is set out on pages 42 to 44 of the Annual Report. While the reasonably possible changes summarised above do not indicate an impairment, it is difficult in the current environment to predict how and when the world\u2019s economies will recover from the macro-economic impacts of COVID-19 and the war in Ukraine. In the event that profits and cash flows do not ultimately return to historical levels when anticipated, or the Group is unable to maintain or realise expected operating gearing ratios, a risk of impairment may arise in the future, absent further mitigating actions. However based on current available information, the Directors do not consider that there are any reasonably possible scenarios that could arise that would result in a material impairment charge being recognised in the next 12 months. The Directors have concluded that no impairment charge is required as at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "10. Other intangible assets Software \u00a3m Customer relationships \u00a3m Non-compete agreements \u00a3m Total \u00a3m Cost At 1 January 2021 41.5 133.2 3.8 178.5 Exchange differences (0.3) \u2013 \u2013 (0.3) Additions 6.9 \u2013 \u2013 6.9 Acquired on acquisition of businesses \u2013 5.0 \u2013 5.0 Eliminated on disposals (1.5) \u2013 \u2013 (1.5) At 1 January 2022 46.6 138.2 3.8 188.6 Exchange differences 0.5 16.3 \u2013 16.8 Additions 9.8 \u2013 \u2013 9.8 Eliminated on disposals (3.3) \u2013 \u2013 (3.3) At 31 December 2022 53.6 154.5 3.8 211.9 Amortisation At 1 January 2021 25.4 42.0 3.1 70.5 Exchange differences (0.3) (0.3) \u2013 (0.6) Charge for the year 1.8 10.3 \u2013 12.1 Eliminated on disposals (1.5) \u2013 \u2013 (1.5) At 1 January 2022 25.4 52.0 3.1 80.5 Exchange differences 0.4 6.3 \u2013 6.7 Charge for the year 1.7 9.3 0.1 11.1 Eliminated on disposals (3.3) \u2013 \u2013 (3.3) At 31 December 2022 24.2 67.6 3.2 95.0 Carrying amount At 31 December 2022 29.4 86.9 0.6 116.9 At 31 December 2021 21.2 86.2 0.7 10 8.1 Included in intangible software assets are carrying values related to the Group\u2019s existing ERP software module totalling \u00a34.0m (2021: \u00a35.6m) which are currently being amortised over the remaining useful life. 10. Other intangible assets continued The Group is currently developing and implementing a new ERP software solution, assets of which will be held centrally. During the year, the Group has capitalised \u00a39.6m (2021: \u00a36.6m), of which \u00a34.7m (2021: \u00a32.4m) relates to internally generated capital costs for the development of this ERP solution. Included in intangible assets are \u00a324.0m (2021: \u00a314.4m) that is not yet available for use and is therefore not yet being amortised. Contractual commitments related to the ERP software development were \u00a31.9m at 31 December 2022 (2021: \u00a32.1m). These costs will be capitalised as incurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "Contractual commitments related to the ERP software development were \u00a31.9m at 31 December 2022 (2021: \u00a32.1m). These costs will be capitalised as incurred. At 31 December 2022 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a39.4m (2021: \u00a35.8m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "11. Property, plant and equipment Land and buildings Freehold \u00a3m Long leasehold improvements \u00a3m Short leasehold improvements \u00a3m Plant and machinery \u00a3m Fixtures and fittings \u00a3m Assets under construction \u00a3m Total \u00a3m Cost or valuation At 1 January 2021 254.4 10.1 18.2 1,020.0 28.6 59.2 1,390.5 Additions 0.2 0.4 0.6 3.8 0.3 41.0 46.3 Acquisition of businesses 1.2 \u2013 \u2013 1.1 \u2013 \u2013 2.3 Exchange differences (9.6) 0.1 (0.4) (31.2) (1.1) (1.2) (43.4) Transfer to assets held for sale (1.7) \u2013 \u2013 \u2013 \u2013 \u2013 (1.7) Recategorisation 9.9 (0.2) 1.6 31.7 0.2 (43.2) \u2013 Eliminated on disposals (6.0) (0.4) (0.2) (36.0) (1.2) (0.8) (44.6) At 1 January 2022 248.4 10.0 19.8 989.4 26.8 55.0 1,349.4 Additions1 0.1 0.1 0.1 4.9 0.5 52.2 57.9 Exchange differences 17.5 0.2 1.9 71.2 1.9 5.0 97.7 Recategorisation 10.1 (0.5) 0.8 39.5 2.0 (51.9) \u2013 Eliminated on disposals (3.6) (0.4) (1.2) (17.2) (1.2) (1.2) (24.8) At 31 December 2022 272.5 9.4 21.4 1,087.8 30.0 59.1 1,480.2 Accumulated depreciation and impairment At 1 January 2021 123.1 5.4 8.9 707.5 22.9 0.1 8 6 7.9 Charge for the year 6.6 1.0 1.3 48.5 1.2 \u2013 58.6 Impairment losses incurred 0.2 \u2013 0.3 3.7 \u2013 \u2013 4.2 Exchange differences (5.2) 0.1 (0.3) (22.5) (0.8) \u2013 (28.7) Transfer to assets held for sale (1.2) \u2013 \u2013 \u2013 \u2013 \u2013 (1.2) Recategorisation 0.3 (0.1) \u2013 (0.1) (0.1) \u2013 \u2013 Eliminated on disposals (3.9) (0.4) (0.1) (35.1) (1.2) \u2013 (40.7) At 1 January 2022 119.9 6.0 10.1 702.0 22.0 0.1 8 60.1 Charge for the year 7.0 1.0 1.5 49.1 1.6 \u2013 60.2 Impairment losses incurred 1.2 \u2013 0.1 3.3 0.1 \u2013 4.7 Exchange differences 8.3 0.1 0.9 49.9 1.5 \u2013 60.7 Recategorisation (0.5) 0.2 \u2013 0.3 \u2013 \u2013 \u2013 Eliminated on disposals (2.6) (0.4) (1.2) (16.4) (1.2) \u2013 (21.8) At 31 December 2022 133.3 6.9 11.4 788.2 24.0 0.1 963.9 Carrying amount At 31 December 2022 139.2 2.5 10.0 299.6 6.0 59.0 516.3 At 31 December 2021 128.5 4.0 9.7 287.4 4.8 54.9 489.3 1 For further information on capital payables and accruals see note 20. At 31 December 2022 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a39.4m (2021: \u00a35.8m). 11. Property, plant and equipment continued Property, plant and equipment impairments of \u00a34.8m incurred in the year relate to assets that were deemed to no longer be required. A \u00a30.1m asset impairment reversal was booked in the year related to the disposal of assets. Asset impairments incurred in 2021 of \u00a34.2m were booked to exceptional items as they were a consequence of the restructuring programme announced in 2020. All impairments in 2022 and 2021 were written to \u00a3nil carrying value. Net asset impairments broken down by business segment are shown in the table below. 2022 \u00a3m 2021 \u00a3m ADE: Western Europe \u2013 0.7 North America 0.1 2.3 AGI: Western Europe \u2013 0.8 North America 4.6 0.4 4.7 4.2 As at 31 December property assets with a net book value of \u00a30.3m were classified as held for sale (2021: \u00a30.4m) (see note 16 for details). The Group also disposed of certain assets with proceeds recorded of \u00a33.2m (2021: \u00a311.7m). A gain on sale was recorded in operating profit in the consolidated income statement of \u00a31.7m (2021: nil) and a loss on sale of certain assets related to the 2020 restructuring programme included in exceptional items of \u00a30.1m (2021: \u00a34.8m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "Property, plant and equipment impairments of \u00a34.8m incurred in the year relate to assets that were deemed to no longer be required. A \u00a30.1m asset impairment reversal was booked in the year related to the disposal of assets. Asset impairments incurred in 2021 of \u00a34.2m were booked to exceptional items as they were a consequence of the restructuring programme announced in 2020. All impairments in 2022 and 2021 were written to \u00a3nil carrying value. Net asset impairments broken down by business segment are shown in the table below. 2022 \u00a3m 2021 \u00a3m ADE: Western Europe \u2013 0.7 North America 0.1 2.3 AGI: Western Europe \u2013 0.8 North America 4.6 0.4 4.7 4.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "12. Right-of-use assets As a lessee Information about leases for which the Group is the lessee is presented below: Land, buildings, fixtures and fittings1 \u00a3m Plant and machinery \u00a3m Vehicles \u00a3m Total \u00a3m Cost or valuation At 1 January 2021 130.0 21.1 18.4 169.5 Additions 4.1 1.4 1.8 7. 3 Eliminated on disposals (5.2) (1.3) (1.7) (8.2) Exchange differences (3.6) (0.6) (0.7) (4.9) At 1 January 2022 125.3 20.6 17.8 163.7 Additions 9.0 1.3 1.6 11.9 Eliminated on disposals (1.2) (0.8) (1.5) (3.5) Exchange differences 9.3 1.5 1.2 12.0 At 31 December 2022 142.4 22.6 19.1 184.1 Accumulated depreciation and impairment At 1 January 2021 72.6 15.0 12.9 100.5 Charge for the year 8.3 2.6 2.7 13.6 Impairment losses incurred 2.3 \u2013 \u2013 2.3 Eliminated on disposals (5.0) (1.0) (1.5) (7.5) Exchange differences (2.0) (0.4) (0.4) (2.8) At 1 January 2022 76.2 16.2 13.7 106.1 Charge for the year 8.4 2.2 2.4 13.0 Eliminated on disposals (0.9) (0.8) (1.3) (3.0) Exchange differences 6.1 1.3 1.0 8.4 At 31 December 2022 89.8 18.9 15.8 124.5 Carrying amount At 31 December 2022 52.6 3.7 3.3 59.6 At 31 December 2021 49.1 4.4 4.1 5 7.6 1 The carrying amount of fixtures and fittings as at 31 December was \u00a3nil (2021: \u00a30.2m). In the year to 31 December 2022 total lease payments charged directly to the consolidated income statement amounted to \u00a31.1m (2021: \u00a30.5m) for short-term leases and \u00a30.7m (2021: \u00a30.6m) for leases of low value in line with Group policy. 12. Right-of-use assets continued Lease liabilities Maturity analysis \u2013 contractual undiscounted cash flows 2022 \u00a3m 2021 \u00a3m Less than one year 14.3 15.8 One to five years 33.9 32.8 More than five years 55.7 54.2 Total undiscounted cash flows 103.9 102.8 2022 \u00a3m 2021 \u00a3m At 1 January 64.5 75.6 Additions 11.7 6.3 Disposals (0.7) (0.6) Principal and interest repayments (13.8) (14.4) Exchange differences 4.3 (2.4) At 31 December 66.0 64.5 Current 12.3 12.9 Non-current 53.7 51.6 Amounts recognised in the consolidated income statement 2022 \u00a3m 2021 \u00a3m Depreciation charge 13.0 13.6 Interest on lease liabilities 1.8 1.8 Variable lease payments not included in the measurement of lease liabilities \u2013 0.1 Expenses relating to short-term leases 1.1 0.5 Expenses relating to leases of low value assets 0.7 0.6 Gain on disposal of right-of-use assets (0.1) \u2013 Right-of-use asset impairment charge \u2013 2.3 Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. As a lessor The Group sub-leases a small number of properties. There were no material arrangements where the Group is the lessor. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "Lease liabilities Maturity analysis \u2013 contractual undiscounted cash flows 2022 \u00a3m 2021 \u00a3m Less than one year 14.3 15.8 One to five years 33.9 32.8 More than five years 55.7 54.2 Total undiscounted cash flows 103.9 102.8 2022 \u00a3m 2021 \u00a3m At 1 January 64.5 75.6 Additions 11.7 6.3 Disposals (0.7) (0.6) Principal and interest repayments (13.8) (14.4) Exchange differences 4.3 (2.4) At 31 December 66.0 64.5 Current 12.3 12.9 Non-current 53.7 51.6 Amounts recognised in the consolidated income statement 2022 \u00a3m 2021 \u00a3m Depreciation charge 13.0 13.6 Interest on lease liabilities 1.8 1.8 Variable lease payments not included in the measurement of lease liabilities \u2013 0.1 Expenses relating to short-term leases 1.1 0.5 Expenses relating to leases of low value assets 0.7 0.6 Gain on disposal of right-of-use assets (0.1) \u2013 Right-of-use asset impairment charge \u2013 2.3 Contracts may contain both lease and non-lease components such as administrative charges and taxes. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. As a lessor The Group sub-leases a small number of properties. There were no material arrangements where the Group is the lessor. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "13. Inventories 2022 \u00a3m 2021 \u00a3m Raw materials 23.9 17.5 Work-in-progress 4.1 2.3 Finished goods and goods for resale 0.9 0.7 Less: obsolescence provision (1.1) (1.2) 27.8 19.3 Inventory expensed in the years ended 31 December 2022 and 2021 is disclosed in note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "14. Trade and other receivables 2022 \u00a3m 2021 \u00a3m Amounts falling due within one year: Amounts receivable for the supply of services 135.8 102.9 Allowance for expected credit loss (2.9) (2.8) Net trade receivables 132.9 10 0.1 Other receivables 11.7 8.8 Prepayments 9.8 8.1 154.4 117.0 Amounts falling due after more than one year: Trade and other receivables 1.5 1.6 The credit period given to customers for the supply of services as at 31 December 2022 is 62.6 days (2021: 63.0 days). An allowance has been made for estimated irrecoverable amounts from the supply of services of \u00a32.9m (2021: \u00a32.8m). This allowance has been determined by reference to expected credit losses as set out in the Group\u2019s accounting policies. The carrying amount of trade and other receivables approximates their fair value. Included in the Group\u2019s trade receivables balance are specific debtor balances with a carrying amount of \u00a332.0m (2021: \u00a321.3m) which are past due but not impaired at the reporting date, reflecting the increase in revenues. The Group has assessed these balances for recoverability and considers the credit quality intact and that any impairment would be de minimis for recognition. Ageing analysis of net trade receivables. 2022 \u00a3m 2021 \u00a3m Trade receivables within terms 100.9 78.8 Ageing of past due but not impaired receivables: 31-60 days 17.0 12.4 61-90 days 10.3 6.1 91-120 days 3.2 2.0 Greater than 120 days 1.5 0.8 132.9 10 0.1 Movement in the allowance for expected credit loss: 2022 \u00a3m 2021 \u00a3m At 1 January 2.8 4.5 Impairment losses recognised 1.3 0.9 Amounts written off as uncollectable (0.2) (0.3) Impairment losses reversed (1.2) (2.1) Exchange differences 0.2 (0.2) At 31 December 2.9 2.8 In determining the recoverability of a trade receivable the Group considers any change in the quality of the trade receivable from the date credit was initially granted up to the reporting date. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s recent history and existing market conditions, as well as forward-looking estimates at the end of each reporting period. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the Directors believe that there is no further credit provision required in excess of the allowance for expected credit loss. Included in the allowance for expected credit loss are individually impaired trade receivables with a gross balance of \u00a36.5m (2021: \u00a34.9m). Impairments recognised represent the difference between the carrying amount of the trade receivables and the present value of the expected proceeds. The Group does not hold any collateral over these balances. 14. Trade and other receivables continued Ageing of impaired trade receivables: 2022 \u00a3m 2021 \u00a3m Less than 3 months 0.3 0.2 3-12 months 2.2 1.2 Over 12 months 4.0 3.5 6.5 4.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "Movement in the allowance for expected credit loss: 2022 \u00a3m 2021 \u00a3m At 1 January 2.8 4.5 Impairment losses recognised 1.3 0.9 Amounts written off as uncollectable (0.2) (0.3) Impairment losses reversed (1.2) (2.1) Exchange differences 0.2 (0.2) At 31 December 2.9 2.8 In determining the recoverability of a trade receivable the Group considers any change in the quality of the trade receivable from the date credit was initially granted up to the reporting date. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s recent history and existing market conditions, as well as forward-looking estimates at the end of each reporting period. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the Directors believe that there is no further credit provision required in excess of the allowance for expected credit loss. Included in the allowance for expected credit loss are individually impaired trade receivables with a gross balance of \u00a36.5m (2021: \u00a34.9m). Impairments recognised represent the difference between the carrying amount of the trade receivables and the present value of the expected proceeds. The Group does not hold any collateral over these balances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "15. Cash and bank balances Cash and bank balances comprise cash held by the Group and a breakdown of significant cash and bank balances by currency is as follows: 2022 \u00a3m 2021 \u00a3m US dollar 10.6 10.5 Euro 7.3 8.7 Sterling 3.1 6.2 Chinese yuan 10.3 7.4 Swedish krona 1.9 2.0 Other 4.0 4.5 Total cash and bank balances1 37.2 39.3 1 Refer to note 17 for an analysis of overdraft by currency. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "16. Assets held for sale Included in assets held for sale are \u00a30.3m (2021: \u00a30.4m) of assets that are actively being marketed for sale. During the year assets of \u00a30.1m previously recorded as held for sale as at 31 December 2021 were sold. Assets classified as held for sale are recorded at the lower of their carrying amount and fair value less costs to sell. Current assets held for sale are analysed between operating segments as follows: 2022 \u00a3m 2021 \u00a3m AGI: Western Europe 0.3 0.3 North America \u2013 0.1 0.3 0.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "17. Borrowings 2022 \u00a3m 2021 \u00a3m Revolving Credit Facility 69.6 90.3 Bank overdrafts 1.0 1.4 Total borrowings 70.6 91.7 Weighted average interest rate paid 4.2% 1.7% Analysis of Revolving Credit Facility drawdowns by currency: US dollar 12.0 30.3 Euro 34.6 \u2013 Sterling 23.0 60.0 69.6 90.3 Analysis of bank overdrafts by currency: US dollar 1.0 0.6 Other \u2013 0.8 1.0 1.4 17. Borrowings continued Bank overdrafts are repayable on demand. No overdrafts are secured. During the year the Group extended its \u00a3250.9m Revolving Credit Facility by one year. The facility that commenced on 27 May 2020 will now expire on 27 May 2027. At 31 December 2022, the Group\u2019s Revolving Credit Facility had total drawings of \u00a369.6m (2021: \u00a390.3m). During the year the Group utilised \u00a350.7m (2021: \u00a3155.5m) under the committed facility, and \u00a375.1m was repaid during the year (2021: \u00a3116.9m). The RCF is a combination of GBP, EUR, and USD borrowings and as such was subject to foreign exchange movements of \u00a33.3m in the year. All borrowings are classified as financial liabilities measured at amortised cost. Given their short-term nature, the carrying amount of bank overdrafts approximate their fair value. Other financial liabilities The following table details the Group\u2019s remaining contractual maturity for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay or has the intention to pay. The table includes both interest and principal cash flows. Less than 1 year 2022 \u00a3m 1-2 years 2022 \u00a3m 2-5 years 2022 \u00a3m 5+ years 2022 \u00a3m Total 2022 \u00a3m Non-interest-bearing financial liabilities1 72.2 0.2 \u2013 \u2013 72.4 Bank loans and overdrafts 70.6 \u2013 \u2013 \u2013 70.6 Lease liabilities 14.3 11.6 22.3 55.7 103.9 Derivative financial instruments 0.3 \u2013 \u2013 \u2013 0.3 157.4 11.8 22.3 55.7 247.2 Less than 1 year 2021 \u00a3m 1-2 years 2021 \u00a3m 2-5 years 2021 \u00a3m 5+ years 2021 \u00a3m Total 2021 \u00a3m Non-interest-bearing financial liabilities1 55.3 0.3 \u2013 0.2 55.8 Bank loans and overdrafts 91.7 \u2013 \u2013 \u2013 91.7 Lease liabilities 15.8 11.4 21.4 54.2 102.8 162.8 11.7 21.4 54.4 250.3 1 Excludes payroll related accruals of \u00a331.9m (2021: \u00a331.1m) which are financial instruments held at amortised cost but are paid immediately after year end. Of the \u00a370.6m (2021: \u00a391.7m) bank loans and overdrafts outflows disclosed above, \u00a369.6m (2021: \u00a390.3m) of bank loans are drawn under the committed facility maturing on 27 May 2027. The overdrafts are repayable on demand and some are part of pooling arrangements, which include offsetting cash balances. The net impact on the balance sheet of derivative cash flows was a liability of \u00a30.3m (2021: asset of \u00a30.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "18. Financial instruments (a) Financial instruments by category In accordance with IFRS 9, the Group categorises its financial instruments into those measured at \u2018amortised cost\u2019, \u2018fair value through profit or loss\u2019 and \u2018fair value through other comprehensive income\u2019. Financial assets Fair value hierarchy At amortised cost 2022 \u00a3m At fair value through profit or loss 2022 \u00a3m At fair value through OCI 2022 \u00a3m Total 2022 \u00a3m Trade and other receivables 141.4 \u2013 \u2013 141.4 Cash and bank balances 37. 2 \u2013 \u2013 37.2 178.6 \u2013 \u2013 178.6 Financial assets Fair value hierarchy At amortised cost 2021 \u00a3m At fair value through profit or loss 2021 \u00a3m At fair value through OCI 2021 \u00a3m Total 2021 \u00a3m Trade and other receivables 107. 2 \u2013 \u2013 107. 2 Cash and bank balances 39.3 \u2013 \u2013 39.3 Derivative financial instruments Level 2 \u2013 \u2013 0.5 0.5 146.5 \u2013 0.5 147.0 Financial liabilities Fair value hierarchy At amortised cost 2022 \u00a3m At fair value through profit or loss 2022 \u00a3m At fair value through OCI 2022 \u00a3m Total 2022 \u00a3m Borrowings \u2013 loans and overdrafts 70.6 \u2013 \u2013 70.6 Lease liabilities 66.0 \u2013 \u2013 66.0 Trade and other payables1 69.0 \u2013 \u2013 69.0 Other non-current liabilities Level 2/3 0.1 \u2013 \u2013 0.1 Derivative financial instruments Level 2 \u2013 \u2013 0.3 0.3 205.7 \u2013 0.3 206.0 Financial liabilities Fair value hierarchy At amortised cost 2021 \u00a3m At fair value through profit or loss 2021 \u00a3m At fair value through OCI 2021 \u00a3m Total 2021 \u00a3m Borrowings \u2013 loans and overdrafts 91.7 \u2013 \u2013 91.7 Lease liabilities 64.5 \u2013 \u2013 64.5 Trade and other payables1 55.3 \u2013 \u2013 55.3 Other non-current liabilities Level 2/3 0.5 \u2013 \u2013 0.5 212.0 \u2013 \u2013 212.0 1 Excludes payroll related accruals of \u00a331.9m (2021: \u00a331.1m) which are financial instruments held at amortised cost but are paid immediately after year end. For information on the derivative financial instruments with a fair value of -\u00a30.3m (2021: +\u00a30.5m) refer to section (d) of note 18. (b) Fair value measurement There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year. The carrying values of financial instruments at amortised cost as presented in the consolidated financial statements approximate their fair values. (c) Financial risk management The Group\u2019s multinational operations expose it to a variety of financial risks. In the course of its business, the Group is exposed to foreign currency risk, interest rate risk, liquidity risk and credit risk. Financial risk management policies are set by the Board. The Group\u2019s treasury function provides a centralised service to the Group for funding, foreign exchange, interest rate management and counterparty risk. Treasury activities have the objective of minimising risk and treasury operations are conducted within a framework of policies and guidelines reviewed and authorised by the Board. In accordance with its treasury policy, the Group does not use or hold derivative financial instruments for trading or speculative purposes. The Group may however use derivative instruments, for risk management purposes only, transacted by specialist treasury personnel. The use of financial instruments, including derivatives, is permitted when approved by the Board, where the effect is to minimise risk for the Group. There has been no significant change during the financial year, or since the end of the year, to the types or scope of financial risks faced by the Group. 18. Financial instruments continued Liquidity risk Liquidity risk is defined as the risk that the Group might not be able to settle or meet its obligations on time or at a reasonable price. Liquidity risk arises as a result of mismatches between cash inflows and outflows from the business. This risk is monitored on a centralised basis through regular cash flow forecasting, strategic planning, an annual budget agreed by the Board each year and re-forecasts undertaken during the financial year. To mitigate the risk, the resulting forecast net cash/(debt) is measured against the liquidity headroom policy which, at the current net cash/(debt) levels, requires committed facilities (plus term loans in excess of one year) to exceed net debt by 50% (minimum facilities of \u00a375m). As at 31 December 2022, the Group had \u00a3181.3m (2021: \u00a3160.6m) available on the committed Revolving Credit Facility of \u00a3250.9m which together with cash and cash equivalents, including overdrafts, of \u00a336.2m (2021: \u00a337.9m), resulted in available funds of \u00a3217.5m (2021: \u00a3198.5m). The Group also uses uncommitted short-term bank facilities to manage short-term liquidity but these facilities are excluded from the liquidity headroom policy. The Group manages longer-term liquidity through its committed bank facilities and will, if appropriate, raise funds on capital markets. As at 31 December 2022 the Group\u2019s principal committed bank facility of \u00a3250.9m had a maturity date of 27 May 2027 (4.4 years to maturity) and had drawings of \u00a369.6m (2021: \u00a390.3m). Cash management pooling, netting and concentration techniques are used to minimise borrowings. As at 31 December 2022, the Group had cash and bank balances of \u00a337.2m (2021: \u00a339.3m). Credit risk Credit risk primarily arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial assets such as cash balances, derivative financial instruments and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of appropriate allowances for expected credit losses based on a simplified lifetime Expected Credit Loss (ECL) model to assess trade receivables for impairment where ECL is the present value of all cash shortfalls over the expected life of a trade receivable. An allowance for impairment is made when one or more events have occurred that have a significant impact on the expected future cash flows of the financial asset such that there is sufficient evidence of a reduction in the recoverability of the asset. The quantitative analysis of credit risk relating to receivables is included in note 14. Counterparty risk encompasses settlement risk on derivative financial instruments and credit risk on cash and term deposits. The Group monitors its credit exposure to its counterparties via their credit ratings (where applicable) and through its policy, thereby limiting its exposure to any one party to ensure there is no significant concentration of credit risk. The credit risk on liquid funds (cash balances) and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies and Group policy is to enter into such transactions only with counterparties with a long-term credit rating of A-/A3 or better. However, acquired businesses occasionally have dealings with banks with lower credit ratings. Business with such banks is moved as soon as practicable. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Interest rate risk Interest rate risk arises on borrowings and cash balances (and derivative liabilities and assets) which are at floating interest rates. Changes in interest rates could have the effect of either increasing or decreasing the Group\u2019s net profit. Under the Group\u2019s interest rate management policy, the interest rates on each of the Group\u2019s major currency monetary assets and liabilities are managed to achieve the desired mix of fixed and variable rates for each major net currency exposure. The major interest rate risk is to rates in the UK, Europe and USA. Measurement of this interest rate risk and its potential impact due to volatility on the Group\u2019s reported financial performance is undertaken on a monthly basis and the Board uses this information to determine, from time to time, an appropriate mix of fixed and floating rates. Interest rate sensitivity To represent management\u2019s best estimate of a reasonable range of potential outcomes, the Group has measured the estimated change to the income statement and equity of either an instantaneous increase or decrease of 1% (100 basis points) in market interest rates, which did not indicate any material impact on the financial statements. This analysis was for illustrative purposes only. The sensitivity analysis excludes the impact of market risks on net post-employment benefit obligations. The interest rate sensitivity analysis is based on the following assumptions: \u2013 changes in market interest rates affect the interest income or expense of variable interest financial instruments; and \u2013 changes in market interest rates affect the fair value of derivative financial instruments designated as hedging instruments. Under these assumptions, a one percentage point fall or rise in market interest rates for all currencies in which the Group has variable net cash or net borrowings at 31 December 2022 would increase or reduce profit before tax by approximately \u00a30.7m (2021: \u00a30.9m). There is no significant impact on equity in the current or previous year. 18. Financial instruments continued Currency risk Bodycote has operations in 22 countries and is therefore exposed to foreign exchange translation risk when the profits/losses and net assets of these entities are consolidated into the Group accounts. Ninety-three per cent of the Group\u2019s revenues are in currencies other than sterling (EUR 34%, USD 36% and SEK 7%, and others at or below 3% individually, total 16%). Cumulatively over the year, sterling rates moved such that the revenue for the year was \u00a321.6m lower than if revenue had been translated at the rates prevailing in 2021. It is Group policy not to hedge exposure for the translation of reported profits. Refer to section (e) for further disclosure of the Group\u2019s financial instrument risk management activities. The Group\u2019s balance sheet translation policy is not to actively hedge currency net assets but where appropriate the Group will still match centrally held currency borrowings to the net assets. The Group generally borrows in Sterling, US dollars and Euros, consistent with the locations where the majority of the Group\u2019s cash flows are generated. The Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances (see section (e)). Transactional foreign exchange exposures arise when entities within the Group enter into contracts to pay or receive funds in a currency different from the functional currency of the entity concerned. It is Group policy to hedge exposure to cash transactions in foreign currencies when a commitment arises, usually through the use of foreign exchange forward contracts. Even though approximately 93% of the Group\u2019s revenues are generated outside the UK, the nature of the business is such that cross-border sales and purchases are limited and immaterial for the Group. Currency sensitivity Taking the 2022 revenue by currency, a 10% weakening/strengthening in the 2022 cumulative average rates for all currencies versus sterling would have given rise to a +\u00a376.4m /-\u00a362.5m movement in revenue respectively. The impact on headline operating profit is affected by the mix of losses and profits in the various currencies. However, taking the 2022 operating profit mix, a 10% weakening/strengthening in 2022 cumulative average rates for all currencies would have given rise to a +\u00a310.3m/-\u00a38.4m movement in headline operating profit. (d) Derivative financial instruments The Group\u2019s derivative financial instruments are considered to be classified as level 2 instruments. Fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The Group uses foreign currency forward contracts in the management of its exchange rate exposures. The contracts are primarily denominated in the currencies of the Group\u2019s principal markets. The losses recognised in the income statement on the contracts which matured in 2022 amounted to \u00a30.1m (2021: \u00a3nil). The unrealised gains and losses were not material in either 2022 or 2021. In accordance with IFRS 7 Financial Instruments: Disclosures, fair value is determined using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. The Group\u2019s interest rate risk is primarily in relation to its floating rate borrowings (cash flow risk). From time to time the Group will use interest rate derivative contracts to manage its exposure to interest rate movements within Group policy. At the balance sheet date, the Group has entered into an interest rate swap contract which has been classified as a level 2 instrument with a fair value of -\u00a30.3m (2021: +\u00a30.5m), which is due to terminate on 30 June 2023. At the balance sheet date, the aggregate fair value amount of the interest rate swap contract is \u00a30.3m (2021: \u00a30.5m) consisting of a GBP receivable and EUR payable. The interest rate swap contract is combined with the GBP Revolving Credit Facility and designated as part of the hedging instrument for the EUR net investment hedge. The hedged item is identified as the carrying amount of the Group\u2019s net investment in one foreign operation. There was no material ineffectiveness in relation to interest rate derivative recorded in 2022 and 2021. (e) Net investment hedge The Group continues to be drawn on the Revolving Credit Facility as this was used to partly fund the Ellison acquisition in 2020 and the related deferred consideration payments in 2021. The related loans are denominated in GBP (partly combined with a EUR cross-currency interest rate swap), USD and EUR. Certain EUR and USD amounts are designated as net investment hedges to the Group\u2019s subsidiaries with a matching functional currency on a 1:1 ratio. The effects and performance of the net investment hedges at 31 December 2022 are set out as follows: EUR Net investment hedge 2022 \u00a3m 2022 \u20acm 2021 \u00a3m 2021 \u20acm Carrying amount of the hedging instruments and denominations1 43.5 49.0 25.2 30.0 Carrying amount of the hedged items (net assets of subsidiaries) and denominations 43.5 49.0 25.2 30.0 Hedge ratio 1:1 \u2013 1:1 \u2013 Change in hedging instruments carrying amount as a result of foreign currency movements from 1 January 2022 (2.1) \u2013 1.1 \u2013 Change in value of hedged item used to determine hedge effectiveness 2.1 \u2013 (1.1) \u2013 1 The carrying amount comprises \u00a334.9m of the EUR Revolving Credit Facility and \u00a38.6m cross currency interest rate swap-combined with the GBP RCF . 18. Financial instruments continued USD Net investment hedge 2022 \u00a3m 2022 $m 2021 \u00a3m 2021 $m Carrying amount of the hedging instruments and denominations1 12.0 14.5 30.3 41.0 Carrying amount of the hedged items (net assets of subsidiaries) and denominations 12.0 14.5 30.3 41.0 Hedge ratio 1:1 \u2013 1:1 \u2013 Change in hedging instruments carrying amount as a result of foreign currency movements from 1 January 2022 (1.0) \u2013 (0.4) \u2013 Change in value of hedged item used to determine hedge effectiveness 1.0 \u2013 0.4 \u2013 The foreign exchange loss of \u00a33.1m (2021: \u00a30.7m gain) on translation of borrowings to GBP at the end of the reporting period is recognised in other comprehensive income and accumulated in other reserves in shareholders\u2019 equity. There was no ineffectiveness to be recorded from the net investment hedges. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-470": {
"value": "(a) Financial instruments by category In accordance with IFRS 9, the Group categorises its financial instruments into those measured at \u2018amortised cost\u2019, \u2018fair value through profit or loss\u2019 and \u2018fair value through other comprehensive income\u2019. Financial assets Fair value hierarchy At amortised cost 2022 \u00a3m At fair value through profit or loss 2022 \u00a3m At fair value through OCI 2022 \u00a3m Total 2022 \u00a3m Trade and other receivables 141.4 \u2013 \u2013 141.4 Cash and bank balances 37. 2 \u2013 \u2013 37.2 178.6 \u2013 \u2013 178.6 Financial assets Fair value hierarchy At amortised cost 2021 \u00a3m At fair value through profit or loss 2021 \u00a3m At fair value through OCI 2021 \u00a3m Total 2021 \u00a3m Trade and other receivables 107. 2 \u2013 \u2013 107. 2 Cash and bank balances 39.3 \u2013 \u2013 39.3 Derivative financial instruments Level 2 \u2013 \u2013 0.5 0.5 146.5 \u2013 0.5 147.0 Financial liabilities Fair value hierarchy At amortised cost 2022 \u00a3m At fair value through profit or loss 2022 \u00a3m At fair value through OCI 2022 \u00a3m Total 2022 \u00a3m Borrowings \u2013 loans and overdrafts 70.6 \u2013 \u2013 70.6 Lease liabilities 66.0 \u2013 \u2013 66.0 Trade and other payables1 69.0 \u2013 \u2013 69.0 Other non-current liabilities Level 2/3 0.1 \u2013 \u2013 0.1 Derivative financial instruments Level 2 \u2013 \u2013 0.3 0.3 205.7 \u2013 0.3 206.0 Financial liabilities Fair value hierarchy At amortised cost 2021 \u00a3m At fair value through profit or loss 2021 \u00a3m At fair value through OCI 2021 \u00a3m Total 2021 \u00a3m Borrowings \u2013 loans and overdrafts 91.7 \u2013 \u2013 91.7 Lease liabilities 64.5 \u2013 \u2013 64.5 Trade and other payables1 55.3 \u2013 \u2013 55.3 Other non-current liabilities Level 2/3 0.5 \u2013 \u2013 0.5 212.0 \u2013 \u2013 212.0 1 Excludes payroll related accruals of \u00a331.9m (2021: \u00a331.1m) which are financial instruments held at amortised cost but are paid immediately after year end. For information on the derivative financial instruments with a fair value of -\u00a30.3m (2021: +\u00a30.5m) refer to section (d) of note 18. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-471": {
"value": "(b) Fair value measurement There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year. The carrying values of financial instruments at amortised cost as presented in the consolidated financial statements approximate their fair values. ",
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}
},
"fact-472": {
"value": "(c) Financial risk management The Group\u2019s multinational operations expose it to a variety of financial risks. In the course of its business, the Group is exposed to foreign currency risk, interest rate risk, liquidity risk and credit risk. Financial risk management policies are set by the Board. The Group\u2019s treasury function provides a centralised service to the Group for funding, foreign exchange, interest rate management and counterparty risk. Treasury activities have the objective of minimising risk and treasury operations are conducted within a framework of policies and guidelines reviewed and authorised by the Board. In accordance with its treasury policy, the Group does not use or hold derivative financial instruments for trading or speculative purposes. The Group may however use derivative instruments, for risk management purposes only, transacted by specialist treasury personnel. The use of financial instruments, including derivatives, is permitted when approved by the Board, where the effect is to minimise risk for the Group. There has been no significant change during the financial year, or since the end of the year, to the types or scope of financial risks faced by the Group. 18. Financial instruments continued Liquidity risk Liquidity risk is defined as the risk that the Group might not be able to settle or meet its obligations on time or at a reasonable price. Liquidity risk arises as a result of mismatches between cash inflows and outflows from the business. This risk is monitored on a centralised basis through regular cash flow forecasting, strategic planning, an annual budget agreed by the Board each year and re-forecasts undertaken during the financial year. To mitigate the risk, the resulting forecast net cash/(debt) is measured against the liquidity headroom policy which, at the current net cash/(debt) levels, requires committed facilities (plus term loans in excess of one year) to exceed net debt by 50% (minimum facilities of \u00a375m). As at 31 December 2022, the Group had \u00a3181.3m (2021: \u00a3160.6m) available on the committed Revolving Credit Facility of \u00a3250.9m which together with cash and cash equivalents, including overdrafts, of \u00a336.2m (2021: \u00a337.9m), resulted in available funds of \u00a3217.5m (2021: \u00a3198.5m). The Group also uses uncommitted short-term bank facilities to manage short-term liquidity but these facilities are excluded from the liquidity headroom policy. The Group manages longer-term liquidity through its committed bank facilities and will, if appropriate, raise funds on capital markets. As at 31 December 2022 the Group\u2019s principal committed bank facility of \u00a3250.9m had a maturity date of 27 May 2027 (4.4 years to maturity) and had drawings of \u00a369.6m (2021: \u00a390.3m). Cash management pooling, netting and concentration techniques are used to minimise borrowings. As at 31 December 2022, the Group had cash and bank balances of \u00a337.2m (2021: \u00a339.3m). Credit risk Credit risk primarily arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial assets such as cash balances, derivative financial instruments and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of appropriate allowances for expected credit losses based on a simplified lifetime Expected Credit Loss (ECL) model to assess trade receivables for impairment where ECL is the present value of all cash shortfalls over the expected life of a trade receivable. An allowance for impairment is made when one or more events have occurred that have a significant impact on the expected future cash flows of the financial asset such that there is sufficient evidence of a reduction in the recoverability of the asset. The quantitative analysis of credit risk relating to receivables is included in note 14. Counterparty risk encompasses settlement risk on derivative financial instruments and credit risk on cash and term deposits. The Group monitors its credit exposure to its counterparties via their credit ratings (where applicable) and through its policy, thereby limiting its exposure to any one party to ensure there is no significant concentration of credit risk. The credit risk on liquid funds (cash balances) and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies and Group policy is to enter into such transactions only with counterparties with a long-term credit rating of A-/A3 or better. However, acquired businesses occasionally have dealings with banks with lower credit ratings. Business with such banks is moved as soon as practicable. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Interest rate risk Interest rate risk arises on borrowings and cash balances (and derivative liabilities and assets) which are at floating interest rates. Changes in interest rates could have the effect of either increasing or decreasing the Group\u2019s net profit. Under the Group\u2019s interest rate management policy, the interest rates on each of the Group\u2019s major currency monetary assets and liabilities are managed to achieve the desired mix of fixed and variable rates for each major net currency exposure. The major interest rate risk is to rates in the UK, Europe and USA. Measurement of this interest rate risk and its potential impact due to volatility on the Group\u2019s reported financial performance is undertaken on a monthly basis and the Board uses this information to determine, from time to time, an appropriate mix of fixed and floating rates. Interest rate sensitivity To represent management\u2019s best estimate of a reasonable range of potential outcomes, the Group has measured the estimated change to the income statement and equity of either an instantaneous increase or decrease of 1% (100 basis points) in market interest rates, which did not indicate any material impact on the financial statements. This analysis was for illustrative purposes only. The sensitivity analysis excludes the impact of market risks on net post-employment benefit obligations. The interest rate sensitivity analysis is based on the following assumptions: \u2013 changes in market interest rates affect the interest income or expense of variable interest financial instruments; and \u2013 changes in market interest rates affect the fair value of derivative financial instruments designated as hedging instruments. Under these assumptions, a one percentage point fall or rise in market interest rates for all currencies in which the Group has variable net cash or net borrowings at 31 December 2022 would increase or reduce profit before tax by approximately \u00a30.7m (2021: \u00a30.9m). There is no significant impact on equity in the current or previous year. 18. Financial instruments continued Currency risk Bodycote has operations in 22 countries and is therefore exposed to foreign exchange translation risk when the profits/losses and net assets of these entities are consolidated into the Group accounts. Ninety-three per cent of the Group\u2019s revenues are in currencies other than sterling (EUR 34%, USD 36% and SEK 7%, and others at or below 3% individually, total 16%). Cumulatively over the year, sterling rates moved such that the revenue for the year was \u00a321.6m lower than if revenue had been translated at the rates prevailing in 2021. It is Group policy not to hedge exposure for the translation of reported profits. Refer to section (e) for further disclosure of the Group\u2019s financial instrument risk management activities. The Group\u2019s balance sheet translation policy is not to actively hedge currency net assets but where appropriate the Group will still match centrally held currency borrowings to the net assets. The Group generally borrows in Sterling, US dollars and Euros, consistent with the locations where the majority of the Group\u2019s cash flows are generated. The Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances (see section (e)). Transactional foreign exchange exposures arise when entities within the Group enter into contracts to pay or receive funds in a currency different from the functional currency of the entity concerned. It is Group policy to hedge exposure to cash transactions in foreign currencies when a commitment arises, usually through the use of foreign exchange forward contracts. Even though approximately 93% of the Group\u2019s revenues are generated outside the UK, the nature of the business is such that cross-border sales and purchases are limited and immaterial for the Group. Currency sensitivity Taking the 2022 revenue by currency, a 10% weakening/strengthening in the 2022 cumulative average rates for all currencies versus sterling would have given rise to a +\u00a376.4m /-\u00a362.5m movement in revenue respectively. The impact on headline operating profit is affected by the mix of losses and profits in the various currencies. However, taking the 2022 operating profit mix, a 10% weakening/strengthening in 2022 cumulative average rates for all currencies would have given rise to a +\u00a310.3m/-\u00a38.4m movement in headline operating profit. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "Liquidity risk Liquidity risk is defined as the risk that the Group might not be able to settle or meet its obligations on time or at a reasonable price. Liquidity risk arises as a result of mismatches between cash inflows and outflows from the business. This risk is monitored on a centralised basis through regular cash flow forecasting, strategic planning, an annual budget agreed by the Board each year and re-forecasts undertaken during the financial year. To mitigate the risk, the resulting forecast net cash/(debt) is measured against the liquidity headroom policy which, at the current net cash/(debt) levels, requires committed facilities (plus term loans in excess of one year) to exceed net debt by 50% (minimum facilities of \u00a375m). As at 31 December 2022, the Group had \u00a3181.3m (2021: \u00a3160.6m) available on the committed Revolving Credit Facility of \u00a3250.9m which together with cash and cash equivalents, including overdrafts, of \u00a336.2m (2021: \u00a337.9m), resulted in available funds of \u00a3217.5m (2021: \u00a3198.5m). The Group also uses uncommitted short-term bank facilities to manage short-term liquidity but these facilities are excluded from the liquidity headroom policy. The Group manages longer-term liquidity through its committed bank facilities and will, if appropriate, raise funds on capital markets. As at 31 December 2022 the Group\u2019s principal committed bank facility of \u00a3250.9m had a maturity date of 27 May 2027 (4.4 years to maturity) and had drawings of \u00a369.6m (2021: \u00a390.3m). Cash management pooling, netting and concentration techniques are used to minimise borrowings. As at 31 December 2022, the Group had cash and bank balances of \u00a337.2m (2021: \u00a339.3m). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "Credit risk Credit risk primarily arises because a counterparty may fail to perform its obligations. The Group is exposed to credit risk on financial assets such as cash balances, derivative financial instruments and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of appropriate allowances for expected credit losses based on a simplified lifetime Expected Credit Loss (ECL) model to assess trade receivables for impairment where ECL is the present value of all cash shortfalls over the expected life of a trade receivable. An allowance for impairment is made when one or more events have occurred that have a significant impact on the expected future cash flows of the financial asset such that there is sufficient evidence of a reduction in the recoverability of the asset. The quantitative analysis of credit risk relating to receivables is included in note 14. Counterparty risk encompasses settlement risk on derivative financial instruments and credit risk on cash and term deposits. The Group monitors its credit exposure to its counterparties via their credit ratings (where applicable) and through its policy, thereby limiting its exposure to any one party to ensure there is no significant concentration of credit risk. The credit risk on liquid funds (cash balances) and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies and Group policy is to enter into such transactions only with counterparties with a long-term credit rating of A-/A3 or better. However, acquired businesses occasionally have dealings with banks with lower credit ratings. Business with such banks is moved as soon as practicable. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. ",
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"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "(d) Derivative financial instruments The Group\u2019s derivative financial instruments are considered to be classified as level 2 instruments. Fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The Group uses foreign currency forward contracts in the management of its exchange rate exposures. The contracts are primarily denominated in the currencies of the Group\u2019s principal markets. The losses recognised in the income statement on the contracts which matured in 2022 amounted to \u00a30.1m (2021: \u00a3nil). The unrealised gains and losses were not material in either 2022 or 2021. In accordance with IFRS 7 Financial Instruments: Disclosures, fair value is determined using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. The Group\u2019s interest rate risk is primarily in relation to its floating rate borrowings (cash flow risk). From time to time the Group will use interest rate derivative contracts to manage its exposure to interest rate movements within Group policy. At the balance sheet date, the Group has entered into an interest rate swap contract which has been classified as a level 2 instrument with a fair value of -\u00a30.3m (2021: +\u00a30.5m), which is due to terminate on 30 June 2023. At the balance sheet date, the aggregate fair value amount of the interest rate swap contract is \u00a30.3m (2021: \u00a30.5m) consisting of a GBP receivable and EUR payable. The interest rate swap contract is combined with the GBP Revolving Credit Facility and designated as part of the hedging instrument for the EUR net investment hedge. The hedged item is identified as the carrying amount of the Group\u2019s net investment in one foreign operation. There was no material ineffectiveness in relation to interest rate derivative recorded in 2022 and 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "(e) Net investment hedge The Group continues to be drawn on the Revolving Credit Facility as this was used to partly fund the Ellison acquisition in 2020 and the related deferred consideration payments in 2021. The related loans are denominated in GBP (partly combined with a EUR cross-currency interest rate swap), USD and EUR. Certain EUR and USD amounts are designated as net investment hedges to the Group\u2019s subsidiaries with a matching functional currency on a 1:1 ratio. The effects and performance of the net investment hedges at 31 December 2022 are set out as follows: EUR Net investment hedge 2022 \u00a3m 2022 \u20acm 2021 \u00a3m 2021 \u20acm Carrying amount of the hedging instruments and denominations1 43.5 49.0 25.2 30.0 Carrying amount of the hedged items (net assets of subsidiaries) and denominations 43.5 49.0 25.2 30.0 Hedge ratio 1:1 \u2013 1:1 \u2013 Change in hedging instruments carrying amount as a result of foreign currency movements from 1 January 2022 (2.1) \u2013 1.1 \u2013 Change in value of hedged item used to determine hedge effectiveness 2.1 \u2013 (1.1) \u2013 1 The carrying amount comprises \u00a334.9m of the EUR Revolving Credit Facility and \u00a38.6m cross currency interest rate swap-combined with the GBP RCF 18. Financial instruments continued USD Net investment hedge 2022 \u00a3m 2022 $m 2021 \u00a3m 2021 $m Carrying amount of the hedging instruments and denominations1 12.0 14.5 30.3 41.0 Carrying amount of the hedged items (net assets of subsidiaries) and denominations 12.0 14.5 30.3 41.0 Hedge ratio 1:1 \u2013 1:1 \u2013 Change in hedging instruments carrying amount as a result of foreign currency movements from 1 January 2022 (1.0) \u2013 (0.4) \u2013 Change in value of hedged item used to determine hedge effectiveness 1.0 \u2013 0.4 \u2013 The foreign exchange loss of \u00a33.1m (2021: \u00a30.7m gain) on translation of borrowings to GBP at the end of the reporting period is recognised in other comprehensive income and accumulated in other reserves in shareholders\u2019 equity. There was no ineffectiveness to be recorded from the net investment hedges. ",
"dimensions": {
"concept": "bodycoteplc:DisclosureOfNetInvestmentHedge",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "19. Deferred tax The following are the major deferred tax liabilities and (assets) recognised by the Group and movements thereon during the current and prior reporting periods: Accelerated tax depreciation \u00a3m Tax losses \u00a3m Retirement benefit obligations \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 56.1 (2.6) (3.6) (9.6) 40.3 (Credit)/charge to the consolidated income statement (2.7) (1.0) 0.2 7. 8 4.3 Credit to equity \u2013 \u2013 (0.1) (0.2) (0.3) Acquisition of businesses \u2013 \u2013 \u2013 1.3 1.3 Transfers (1.6) 1.6 \u2013 \u2013 \u2013 Exchange differences (1.8) 0.1 0.2 0.5 (1.0) Effect of change in tax rate in the income statement \u2013 0.1 0.1 \u2013 0.2 At 1 January 2022 50.0 (1.8) (3.2) (0.2) 44.8 Charge/(credit) to the consolidated income statement 0.5 (0.1) 0.2 (1.2) (0.6) Debit to equity \u2013 \u2013 0.2 0.3 0.5 Transfers 1.7 (1.7) \u2013 \u2013 \u2013 Exchange differences 4.3 (0.1) (0.2) (0.1) 3.9 Effect of change in tax rate in the income statement 1.0 \u2013 \u2013 (0.1) 0.9 At 31 December 2022 57.5 (3.7) (3.0) (1.3) 49.5 2022 \u00a3m 2021 \u00a3m Deferred tax liabilities 51.0 47.0 Deferred tax assets (1.5) (2.2) 49.5 44.8 Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Other deferred tax assets relate to provisions recognised in the financial statements that are not yet deductible for tax purposes, in particular in relation to restructuring charges, share-based payments and local profit differences that are expected to reverse over time. At the balance sheet date, the Group has unused tax losses of \u00a337.6m (2021: \u00a340.4m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a315.7m (2021: \u00a36.6m) of such losses, based on existing taxable temporary differences generating future taxable profits against which the assets can be recovered in the relevant jurisdictions. No deferred tax asset has been recognised in respect of the remaining \u00a321.9m (2021: \u00a333.8m) of the losses where the likelihood that sufficient taxable profits of the appropriate type is not probable. The majority of losses may be carried forward indefinitely. The Group has capital losses of \u00a352.4m (2021: \u00a355.8m) which are not recognised for deferred tax as future suitable profits against which the losses could be utilised are not probable. 19. Deferred tax continued A deferred tax liability of \u00a33.1m (2021: \u00a31.9m) relating to the temporary differences on unremitted earnings of overseas subsidiaries has been recognised as the Group believes it is probable that these temporary differences will reverse in the foreseeable future. Temporary differences arising in connection with interests in associates and joint ventures are insignificant. The majority of the deferred tax liability is expected to reverse in over 12 months. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "20. Trade and other payables 2022 \u00a3m 2021 \u00a3m Working capital amounts falling due within one year: Trade payables 30.8 21.7 Other taxes and social security 20.7 20.2 Other payables 4.9 8.2 Trade accruals1 55.8 48.8 112.2 98.9 Other amounts falling due within one year: Interest payable 1.7 0.8 Capital payables 5.6 6.0 Capital accruals 5.4 4.3 12.7 11.1 Total amounts falling due within one year: 124.9 110.0 Working capital amounts falling due after more than one year: Other payables 1.1 1.5 1 Accruals include \u00a331.9m (2021: \u00a331.1m) of payroll-related accruals. Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases as at 31 December 2022 is 35 days (2021: 33 days). The Directors consider the carrying value of trade payables to approximate to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "21. Provisions Restructuring \u00a3m Restructuring environmental \u00a3m Environmental \u00a3m Legal and operational \u00a3m Total \u00a3m At 1 January 2022 9.0 3.6 6.0 3.2 21.8 Increase in provision 1.6 0.2 3.1 4.1 9.0 Release of provision (2.9) (0.4) (0.1) (0.1) (3.5) Utilisation of provision (6.6) (1.3) (0.7) (2.1) (10.7) Exchange difference 0.5 0.3 0.6 0.1 1.5 At 31 December 2022 1.6 2.4 8.9 5.2 18.1 Included in current liabilities 10.2 Included in non-current liabilities 7.9 18.1 Included within the above balances are \u00a31.0m of environmental restructuring provisions, \u00a38.9m of environmental provisions and \u00a35.2m of legal provisions which do not relate to the Group\u2019s 2020 exceptional restructuring programme. 21. Provisions continued Exceptional restructuring At 31 December 2022, \u00a31.6m (2021: \u00a37.8m) of restructuring provisions and \u00a31.4m (2021: \u00a32.4m) of restructuring environmental provisions remain, relating to restructuring initiatives across North America and Europe announced in 2020. Refer to the 2020 Annual Report for more information. In the year ended 31 December 2022, \u00a37.6m of the brought forward exceptional restructuring provisions was utilised in order to carry out planned activities relating to employee severance and redundancy (\u00a32.9m), costs associated with closing plants (\u00a33.7m) and the remediation of environmental issues (\u00a31.0m). As at 31 December 2022, management has performed a detailed review of restructuring activities in order to determine the best estimate of future expenditure required to settle the present obligations and the related timing. As a result of this assessment, the exceptional restructuring provisions were adjusted as follows: Restructuring \u00a3m Restructuring environmental \u00a3m Total \u00a3m Increase in provision 1.6 0.2 1.8 Release of provision (1.4) (0.4) (1.8) Net charge/(release) 0.2 (0.2) \u2013 These increases and releases to provisions have been charged/credited to exceptional items in the consolidated income statement. Cash outflows in relation to exceptional restructuring initiatives were \u00a37.4m (2021: \u00a313.0m). The majority of the remaining cash outflows on these activities are expected to occur in 2023 with certain environmental remediation activities expected to occur until 2026. Of the remaining exceptional restructuring provision of \u00a33.0m at 31 December 2022, \u00a30.2m related to employee severance and redundancy, \u00a31.4m for costs associated with closing plants and \u00a31.4m related to environmental issues. The Group provides for the costs of environmental remediation if there is a probable outflow of economic resources that has been identified at the time of plant closure, as part of acquisition due diligence or in other circumstances where remediation by the Group is required. This provision is reviewed annually to determine the best estimate of expenditure required to settle the identified obligations and is separated into restructuring environmental and environmental provisions to identify separately those provisions relating to the restructuring programme from those arising in the ordinary course of business. The majority of cash outflows in respect of these liabilities are expected to occur within five years. The Group remains exposed to contingent liabilities in respect of environmental remediation liabilities. In particular, the Group could be subjected to regulatory or legislative requirements to remediate sites in the future. However, it is not possible at this time to determine whether and to what extent any liabilities exist, other than for those recognised above. Therefore no provision is recognised in relation to these items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "22. Share capital 2022 \u00a3m 2021 \u00a3m Authorised: 248,947,368 (2021: 248,947,368) ordinary shares of 17 3/11 p each 43.0 43.0 Issued and fully paid: 191,456,172 (2021: 191,456,172) ordinary shares of 17 3/ 11 p each 33.1 33.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "23. Acquisition of businesses Acquisition-related costs amounted to \u00a30.9m (2021: \u00a30.7m) which have been included in the consolidated income statement. No acquisitions were completed in the year ended 31 December 2022. Acquisitions prior to 2022 On 1 December 2021 the Group acquired 100% of the share capital of a new business in Western Europe, for total consideration of \u00a38.2m. The acquisition was made to strengthen the Group\u2019s network and service offering within the Group\u2019s Western European business and complement the Group\u2019s Specialist Technologies strategy. The transaction was accounted for as a business combination under IFRS 3. New information obtained during the measurement period has resulted in an adjustment of the fair values of the liabilities acquired as permitted under IFRS 3 during the 12 months following the acquisition. This has resulted in an increase in the fair value of trade and other payables acquired of \u00a30.3m to \u00a31.4m with a resulting increase in goodwill from \u00a3nil to \u00a30.3m. No restatement of prior year numbers has been made given the immateriality of the adjustment. Further details of this acquisition and the associated fair values and cash consideration can be found in the 2021 Annual Report. Deferred consideration of \u00a357.8m was paid in April 2021 as agreed with the seller in relation to the acquisition of Ellison Surface Technologies (\u2018Ellison\u2019) in which the Group acquired 100% of the share capital. Details of this acquisition can be found in the 2020 and 2021 annual reports. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "24. Notes to the cash flow statement 2022 \u00a3m 2021 \u00a3m Profit for the year 74.3 60.0 Adjustments for: Finance income (0.4) (0.3) Finance costs 7.1 6.6 Taxation charge 21.0 17.5 Operating profit 102.0 83.8 Adjustments for: Depreciation of property, plant and equipment recognised in operating profit 60.2 58.0 Depreciation on mothballed sites due to restructuring recognised in exceptional items \u2013 0.6 Depreciation of right-of-use assets 13.0 13.6 Amortisation of other intangible assets 11.1 12.1 Profit on disposal of property, plant and equipment recognised in operating profit (1.7) \u2013 Loss/(profit) on disposal of property, plant and equipment recognised in exceptional items 0.1 (4.8) Profit on disposal of right-of-use assets (0.1) \u2013 Share-based payments 1.7 4.7 Income from associate prior to disposal \u2013 (0.1) Loss on disposal of associate \u2013 0.4 Impairment (reversal)/charges of property, plant and equipment and other assets recognised in exceptional items (0.1) 5.5 Impairment of property, plant and equipment and other assets recognised in operating profit 4.8 \u2013 EBITDA (see APM definition on page 147) 191.0 173.8 Increase in inventories (8.5) (2.7) Increase in receivables (37.4) (1.6) Increase in payables 12.6 1.9 Decrease in provisions (3.7) (17.6 ) Cash generated by operations 154.0 153.8 Income taxes paid (15.4) (9.5) Settlement of derivatives 0.8 \u2013 Refund of post-settlement pension surplus \u2013 see note 27 1.8 \u2013 Net exchange differences 1.7 \u2013 Net cash from operating activities 142.9 144.3 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents comprise: Cash and bank balances 37.2 39.3 Bank overdrafts (included in borrowings) (1.0) (1.4) 36.2 37. 9 The cash and cash equivalents disclosed above in the statement of cash flows includes \u00a30.8m held in escrow relating to environmental provisions in the USA and \u00a31.8m held in the USA related to the refund of a pension surplus. The Group intends to use this refund of pension surplus cash to fund future pension contributions for its USA employees, otherwise the full amount will become subject to regulatory restrictions in the USA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "25. Share-based payments The Company operates the Bodycote Incentive Plan (BIP) under which Executive Directors and Senior Executives receive a conditional award of Bodycote shares up to a maximum of 175% of base salary. Vesting of awards are based upon two performance measures, over a three-year period. BIP 2022 BIP 2021 Other Plans 2022 Other Plans 2021 At 1 January 4,499,730 4,0 53,180 311,335 257,132 Granted during the year 2,086,698 1,562,488 242,384 133,527 Exercised during the year (75,460) (10,279) (61,377) (79,324) Expired during the year (1,173,184) (1,105,659) (8,131) \u2013 At 31 December 5, 337,78 4 4,499,730 484,211 311,3 35 Average fair value of share awards granted during the year at date of grant (pence) 549.5 794.2 583.8 802.1 Fair value of awards granted during the year (\u00a3) 11,465, 911 12,409,346 1,414,922 1,070,969 Fifty percent of the award is subject to a return on capital employed (ROCE) performance condition and 50% of the award is subject to headline operating profit or headline earnings per share (EPS) performance conditions. In the event that an underpin headline EPS target is not achieved, no awards will vest. More information on the BIP can be found in the Board report on remuneration on pages 68 to 82. Other plans include a restricted share programme and a deferred bonus plan whereby 35% of any bonus earned is deferred into shares. Under both plans, shares issued vest after three years from the grant date and are conditional only on continued employment. The exercise price of shares exercised was \u00a3nil. As at year ended 31 December 2022 11,723 were exercisable, 2,750 relating to BIP plans and 8,973 to other plans. The inputs to the Black-Scholes simulation model, used to determine the charge to the income statement for BIP, are as follows: BIP 2022 BIP 2021 Other Plans 2022 Other Plans 2021 Weighted average share price (pence) 592.7 880.0 616.6 802.5 Weighted average exercise price (pence) nil nil nil nil Expected life (years) 3.0 3.0 3.0 3.0 Expected dividend yields (%) 2.5 3.4 0.0-2.5 \u2013 Weighted average remaining contractual life of shares outstanding (years) 1.0 1.1 1.7 1.7 Average fair value of share awards granted during the year at date of grant (pence) 549.5 794.2 583.8 802.1 Fair value of awards granted during the year (\u00a3) 11,465, 911 12,409,346 1,414,922 1,070,969 The Group recognised a total charge to the consolidated income statement of \u00a31.7m (2021: \u00a34.7m) related to equity-settled share-based payment transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "26. Related party transactions Transactions between subsidiaries of the Group, which are related parties to each other, have been eliminated on consolidation and are not disclosed in this note. For information on defined benefit retirement pension schemes that the Group operates see note 27. The remuneration of the Board of Directors, who are considered key management personnel of the Group, was as follows: 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 2.5 2.8 Share based payments 0.2 1.2 Pensions 0.2 0.2 2.9 4.2 Further information about the remuneration of the individual Directors is provided in the Board report on remuneration on pages 68 to 82. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "2022 \u00a3m 2021 \u00a3m Short-term employee benefits 2.5 2.8 Share based payments 0.2 1.2 Pensions 0.2 0.2 2.9 4.2 Further information about the remuneration of the individual Directors is provided in the Board report on remuneration on pages 68 to 82. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800V93QFW53NB7Y29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "27. Retirement benefit schemes Defined contribution schemes The Group operates defined contribution retirement benefit schemes for employees in the UK, France, Belgium, Canada. The assets of the schemes are held separately from those of the Group in funds under the control of trustees. Where there are employees who leave the schemes prior to vesting fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions. The Group\u2019s employees in Denmark, Finland, Sweden, Italy, Slovakia, Switzerland and the Netherlands are members of state-managed retirement benefit schemes operated by the governments of each country. The relevant subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit schemes to fund the benefits. The only obligation of the Group with respect to these retirement benefit schemes is to make the specified contributions. The total cost charged to the consolidated income statement of \u00a37.8m (2021: \u00a36.4m) represents contributions payable to these schemes by the Group at rates specified in the rules of the plans. As at 31 December 2022 contributions of \u00a30.4m (2021: \u00a30.3m) due in respect of the current reporting period had not been paid over to the schemes. Defined benefit schemes The Group operated a number of pension schemes and provided leaving service benefits to certain employees during the year. The defined benefit obligation less fair value of assets at the end of the year and total expense recognised in the income statement are summarised below as follows: Defined benefit obligation less fair value of assets 2022 \u00a3m 2021 \u00a3m UK Scheme \u2013 \u2013 Non-UK Schemes 10.9 13.9 10.9 13.9 Total expense recognised in the income statement 2022 \u00a3m 2021 \u00a3m UK Scheme1 0.5 0.5 Non-UK Schemes1 0.7 1.2 1.2 1.7 1 The UK Scheme is closed to new members and the accrual of benefits and the costs represent administrative costs only. Costs associated with the non-UK schemes relate to employee service and related costs (see note 3) and administrative costs (see note 2). UK Scheme The Group sponsors the Bodycote UK Pension Scheme (\u2018the Scheme\u2019) which is a funded defined benefit arrangement for certain former UK employees, and pays out pensions at retirement based on service, final pensionable pay and price inflation. The Scheme is funded by the Group. The Scheme exposes the Group to actuarial risks such as longevity risk, interest rate risk and market (investment) risk. The Scheme operates under UK trust law and the trust is a separate legal entity from the Group. The Scheme is governed by a board of trustees, composed of two member representatives, two employer representatives and one independent trustee. The trustees are required by law to act in the best interests of scheme members and are responsible for setting certain policies (e.g. investment, funding) together with the Group. Funding of the Scheme is based on a separate actuarial valuation for funding purposes for which the assumptions may differ from the assumptions above. Funding requirements are formally set out in the Statement of Funding Principles, Schedule of Contributions and Recovery Plan agreed between the Trustees and the Group in respect of the 6 April 2017 actuarial valuation. The actuarial valuation of the Scheme as at 6 April 2020 was completed by a qualified independent actuary and the results of this have been updated on an approximate basis to 31 December 2022. The contributions made by the employer over the financial year have been \u00a30.5m in respect of ongoing expenses. It is the policy of the Group to recognise all actuarial gains and losses in the year in which they occur outside of the consolidated income statement and in the consolidated statement of comprehensive income. The UK Scheme was closed to new entrants and future accrual in 2019. The Group acknowledges that the recognition of a pension scheme surplus is an area of accounting judgement, which depends on the interpretation of the wording of the Scheme Rules and the relevant accounting standard, IFRIC 14. In the Group\u2019s view there is uncertainty over whether the wording of the Scheme Rules provides the Group with an unconditional right to a refund of any surplus from the Scheme either on an ongoing basis or assuming the full settlement of Scheme liabilities. The Group\u2019s interpretation of the Scheme Rules is that there is material uncertainty over whether the power to wind up the Scheme is wholly within the Group\u2019s control as would be required under the terms of IFRIC 14 in order to recognise a surplus on the balance sheet. Consistent with previous years, given this uncertainty the Group has adopted the provisions of IFRIC 14 and the associated additional reporting requirements. As the Scheme is in surplus as at 31 December 2022 a restriction has been applied to the balance sheet, and the net surplus recognised on the balance sheet has been restricted to \u00a3nil. 27. Retirement benefit schemes continued Reconciliation of opening and closing balances of the present value of the defined benefit obligation (UK Scheme) 2022 \u00a3m 2021 \u00a3m Defined benefit obligation at start of year 101.9 124.9 Interest expense 1.8 1.6 Actuarial gains arising from changes in demographic assumptions (0.5) (5.7) Actuarial gains arising from changes in financial assumptions (35.4) (5.8) Experience (losses)/gains 3.3 (3.9) Benefits paid, death in service insurance premiums and expenses (6.8) (9.2) Past service cost 0.1 \u2013 Defined benefit obligation at end of year 64.4 101.9 Reconciliation of opening and closing balances of the fair value of the assets (UK Scheme) 2022 \u00a3m 2021 \u00a3m Fair value of assets at start of year 115.9 127. 2 Interest income 2.0 1.6 Return on scheme assets excluding interest income (43.7) (3.6) Scheme administration expenses (0.4) (0.5) Contributions by employer 0.4 0.4 Benefits paid, death in service insurance premiums and expenses (6.8) (9.2) Fair value of assets at end of year 67.4 115. 9 Total expense recognised in the income statement (UK Scheme) 2022 \u00a3m 2021 \u00a3m Past service cost 0.1 \u2013 Scheme administration expenses 0.4 0.5 0.5 0.5 Assets (UK Scheme) 2022 Quoted1 \u00a3m 2022 Unquoted \u00a3m 2021 Quoted 1 \u00a3m 2021 Unquoted \u00a3m Bonds 12.8 6.0 32.9 5.7 Liability Driven Investment 15.4 \u2013 27.6 \u2013 Diversified credit funds 12.0 11.8 36.1 12.9 Cash and cash equivalents 9.4 \u2013 0.7 \u2013 49.6 17.8 97. 3 18.6 1 Quoted scheme assets include assets which have a quoted market price in active markets held within investment trusts. None of the fair value of the assets shown above include any of the Group\u2019s own financial instruments or any property occupied by, or other assets used by the Group. The Scheme investment strategy is currently under review following the period of heightened market volatility towards the end of September 2022 and into October 2022, in particular within the UK government bond market. Over the period, the Scheme took several actions to aid its liquidity position and its ability to provide collateral to support the Liability Driven Investment (LDI) mandate. These actions included redemptions from non-LDI investments. This has meant that the current asset allocation has deviated from the existing target asset allocation with around 60% of assets currently held in \u2018liability-matching\u2019 portfolio (target 81%), comprising LDI, money market and shorter-term credit-based investments, and around 40% of assets currently held in \u2018non-matching\u2019 asset classes (target 19%), predominantly longer-term credit-based investments. The LDI portion of the strategy has been put in place to reduce interest and inflation risk. LDIs are held in pooled investment vehicles and include over the counter derivatives and quoted equities designated to move in line with the defined benefit liability. In the final quarter of the year rising gilt yields led to both a decline in the defined benefit liability and the value of LDIs as expected resulting in a decline in Scheme assets during the year leading to a need to hold a greater amount in liquid assets, such as cash, to use for collateral purposes. Despite the decline in asset values the Scheme still remains in a surplus position. RPI inflation 3.25 3.40 CPI inflation 2.95 3.10 Salary increases n/a n/a Rate of discount 4.70 1.80 Allowance for pension in payment increases of RPI or 3% p.a. if more 2.12 2.61 Allowance for revaluation of deferred pensions 2.95 3.10 Mortality \u2013 current pensioners (UK Scheme) Actuarial tables used 2022 S 3 PxA YoB CMI 2021 1.5% long-term trend 2021 S 3 PxA YoB CMI 2020 1.5% long-term trend Life expectancy for members currently aged 65 21.3 21.3 Mortality \u2013 future pensioners (UK Scheme) Actuarial tables used 2022 S 3 PxA YoB CMI 2021 1.5% long-term trend 2021 S 3 PxA YoB CMI 2020 1.5% long-term trend Life expectancy at age 65 for members currently aged 45 22.9 23.0 2022 All members commute 75% of maximum permitted 2021 All members commute 75% of maximum permittedCash commutation: The weighted average duration of the defined benefit obligation at 31 December 2022 is approximately 15 years (31 December 2021: 18 years). The defined benefit obligation at 31 December 2022 can be approximately attributed to the scheme members as follows: \u2013 Active members: 0% (31 December 2021: 0%) \u2013 Deferred members: 40% (31 December 2021: 49%) \u2013 Pensioner members: 60% (31 December 2021: 51%) All benefits are vested at 31 December 2022 (unchanged from 31 December 2021). Present value of defined benefit obligations, fair value of assets and deficit (UK Scheme) 2022 \u00a3m 2021 \u00a3m Present value of defined benefit obligation 64.4 101.9 Fair value of plan assets (67.4) (115.9) Scheme surplus (3.0) (14.0) Adjustment relating to asset ceilings and minimum funding requirements 3.0 14.0 Net defined benefit asset before deferred tax \u2013 \u2013 Reconciliation of asset ceiling (UK Scheme) 2022 \u00a3m 2021 \u00a3m Restriction due to asset ceiling at beginning of period 14.0 2.3 Interest on asset restriction 0.2 \u2013 Other changes in asset restriction (11.2) 11.7 Restriction due to asset ceiling at end of period 3.0 14.0 Notes 27. Retirement benefit schemes continued The best estimate of contributions to be paid into the plan for the year ending 31 December 2023 is \u00a30.4m. Amounts recognised in other comprehensive income (UK Scheme) 2022 \u00a3m 2021 \u00a3m Return on scheme assets excluding interest income (43.7) (3.6) Actuarial gains arising from changes in financial assumptions 35.4 5.8 Actuarial gains arising from changes in demographic assumptions 0.5 5.7 Experience(losses)/gains on liabilities (3.3) 3.9 Gain/(loss) due to change in asset restriction 11.2 (11.7) Total gain recognised in other comprehensive income 0.1 0.1 Impact of changes to assumptions (UK Scheme) 2022 2021 Increase \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m 0.5% change in discount rate (4.1) 4.5 (8.1) 8 .1 0.5% change in price inflation (and associated assumptions) 1.6 (1.5) 3.7 (3.7) One-year change in life expectancy at age 65 2.2 (2.2) (4.4) 4.4 The sensitivity table is based on an illustrative 0.5% change, although the assumptions may vary by greater amounts. Therefore, the Group considers the retirement benefit obligations a key source of estimation uncertainty. Combined non-UK disclosures The Group operates defined benefit schemes in the USA and continental Europe. In Europe the Group operates defined benefit pension, post-retirement and long-service arrangements for certain employees in France, Germany, Italy, Turkey, Switzerland and Liechtenstein. During the year, the US defined benefit pension scheme was settled. The settlement resulted in a loss of \u00a30.1m which has been recognised in the consolidated income statement. After full settlement, the scheme held surplus cash of \u00a31.8m. Following plan settlement, all remaining obligations have been settled and Bodycote has no further legal or constructive obligations to pay any benefits to previous plan members. This surplus has therefore been recognised on the consolidated balance sheet as a cash equivalent with a corresponding credit to other comprehensive income. Reconciliation of opening and closing balances of the present value of the defined benefit obligation (non-UK schemes) 2022 \u00a3m 2021 \u00a3m Defined benefit obligation at start of year 24.0 26.4 Current service cost 0.5 0.8 Interest expense 0.2 0.2 Actuarial losses/(gains) arising from changes in demographic assumptions 0.5 (0.3) Actuarial gains arising from changes in financial assumptions (4.1) (1.3) Experience gains on liabilities (1.5) (0.4) Benefits paid, death in service insurance premiums and expenses (1.6) (0.9) Employee contributions 0.1 0.1 Settlements (3.8) \u2013 Curtailments \u2013 0.3 Exchange rate loss/(gain) 1.9 (0.9) Defined benefit obligation at end of year 16.2 24.0 27. Retirement benefit schemes continued Reconciliation of opening and closing balances of the fair value of plan assets (non-UK schemes) 2022 \u00a3m 2021 \u00a3m Fair value of assets at start of year 12.2 11.2 Interest income 0.1 0.1 Return on scheme assets excluding interest income (1.7) 1.2 Scheme administration expenses (0.2) \u2013 Contributions by employer 0.1 0.1 Contributions by employees 0.1 0.1 Benefits paid, death in service insurance premiums and expenses (0.9) (0.5) Settlements (5.4) \u2013 Exchange rate gain/(loss) 1.0 \u2013 Fair value of assets at end of year 5.3 12.2 Total expense recognised in the income statement (non-UK schemes) 2022 \u00a3m 2021 \u00a3m Current service cost 0.5 0.8 Net interest on the defined benefit liability 0.1 0.1 Scheme administration expenses 0.2 \u2013 Settlements (0.1) \u2013 Curtailments \u2013 0.3 Total expense 0.7 1.2 Assets (non-UK schemes) 2022 Quoted1 \u00a3m 2022 Unquoted \u00a3m 2021 Quoted 1 \u00a3m 2021 Unquoted \u00a3m Cash and cash equivalents 1.7 \u2013 \u2013 \u2013 Equities \u2013 \u2013 6.0 \u2013 Collective Foundation receivables \u2013 5.3 \u2013 6.2 Total 1.7 5.3 6.0 6.2 1 Quoted scheme assets include assets which have a quoted market price in active markets held within investment trusts. None of the fair values of the assets shown above include any of the Group\u2019s own financial instruments or any property occupied by, or other assets used by, the Group. Assumptions for 2022 (non-UK schemes) Salary increases % per annum Rate of discount % per annum Inflation % per annum Pension increases % per annum USA n/a n/a n/a n/a France 3.0 3.2 2.0 1.0 Germany 2.5 4.2 n/a 2.3 Italy 2.5 3.8 2.5 n/a Turkey 10.5 15.0 10.5 n/a Liechtenstein 2.5 2.3 n/a n/a Switzerland n/a 2.3 n/a n/a There were no significant changes to these assumptions compared to the prior year. 27. Retirement benefit schemes continued Duration The weighted average durations of the defined benefit obligations of the overseas schemes at 31 December 2022 range from 8 years to 17 years. The durations ranged from 11 years to 20 years as at 31 December 2021. Present value of defined benefit obligations, fair value of assets and deficit (non-UK schemes) 2022 \u00a3m 2021 \u00a3m Present value of defined benefit obligation 16.2 24.0 Fair value of plan assets (5.3) (12.2) Deficit in the schemes 10.9 11. 8 Adjustment relating to asset ceilings and minimum funding requirements \u2013 2.1 Net defined benefit liability, before deferred tax 10.9 13.9 As all actuarial gains and losses are recognised, the deficit shown above at 31 December 2022 is that recognised in the balance sheet. Amounts recognised in other comprehensive income (non-UK schemes) \u00a3m \u00a3m Return on scheme assets excluding interest income (1.7) 1.2 Actuarial gains arising from changes in financial assumptions 4.1 1.3 Actuarial (loss)/gains arising from changes in demographic assumptions (0.5) 0.3 Experience gains on liabilities 1.5 0.4 Gain/(loss) due to change in asset restriction 2.3 (1.2) Total gain recognised in other comprehensive income 5.7 2.0 The only funded plans are those operated in France, Switzerland and Liechtenstein. The best estimate of contributions to be paid into the plans for the year ending 31 December 2023 is \u00a30.2m. Sensitivities (changes to total defined benefit obligations) (non-UK schemes) 2022 2021 Increase \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m 0.25% change in discount rate (0.5) 0.5 (0.8) 0.8 0.25% change in price inflation (and associated assumptions) 0.3 (0.3) 0.4 (0.4) The sensitivity table is based on an illustrative 0.25% change, although the assumptions may vary by greater amounts. Therefore, the Group considers the retirement benefit obligations a key source of estimation uncertainty. ",
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"value": "28. Contingent liabilities The Group is subject to certain legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. Legal proceedings may include, but are not limited to, alleged breach of contract and alleged breach of environmental, competition, securities and health and safety laws. The Group may not be insured fully, or at all, in respect of such risks. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. The Group may settle litigation or regulatory proceedings prior to a final judgment or determination of liability. The Group may do so to avoid the cost, management efforts or negative business, regulatory or reputational consequences of continuing to contest liability, even when it considers it has valid defences to liability. The Group considers that no material loss is expected to result from these legal proceedings, claims, complaints and investigations. Provision is made for all liabilities that are expected to materialise through legal and tax claims against the Group.",
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