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"value": "1 Accounting policies Basis of preparation The Consolidated Financial Statements have been prepared on a historical cost basis except for items that are required by International Financial Reporting Standards (IFRS) to be measured at fair value, principally certain financial instruments. The Consolidated Financial Statements have been prepared in accordance with IFRS which includes the standards and interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the United Kingdom (UK). The preparation of Financial Statements in conformity with IFRS requires the Directors to apply IAS 1 and make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The Directors have concluded that no critical judgements, apart from those involving estimations (which are dealt with separately below) have been made in the process of applying the Group\u2019s accounting policies. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are outlined below. (i) Post-retirement benefits The Group\u2019s defined benefit obligation is assessed by selecting key assumptions. The selection of mortality rates and inflation are key sources of estimation uncertainty which could lead to material adjustment in the defined benefit obligation within the next financial year. These assumptions are set with close reference to market conditions. The Group\u2019s defined benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The assumptions selected and associated sensitivity analysis are disclosed in Note 23. Climate change Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting warming by improving our energy management, reducing our carbon emissions and by helping our customers do the same. Growing awareness of climate change and customer sustainability targets will provide impetus for business growth as we provide products, services and solutions that increase efficiency and reduce customers\u2019 energy use and carbon emissions. As a result, in our view climate change does not create any further key sources of estimation uncertainty. For further detail see the Risk Management and Sustainability sections of the Strategic Report. The Group has considerable financial resources together with a diverse range of products and customers across wide geographic areas and industries. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information on the Group\u2019s business activities, performance and position, together with the financial position of the Group, its capital structure and cash flow are included in the Strategic Report from the inside front cover to page 94. In addition, Note 28 to the Financial Statements discloses details of the Group\u2019s financial risk management and credit facilities. The Consolidated Financial Statements are presented in pounds sterling, which is the Company\u2019s functional currency, rounded to the nearest one hundred thousand. The Group\u2019s Income Statement includes an adjustment column where certain items are included. Details of the items included and the reasons why they are included are disclosed in Note 2. New standards and interpretations applied in the current year During the current year, the Group has applied the following amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) effective for annual periods that begin on or after 1st January 2022. Adoption has not had a material impact on the disclosures or on the amounts reported in these Financial Statements: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework; \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2014 Proceeds before Intended Use; \u2022 Amendments to IAS 37 Onerous Contracts\u2014Cost of Fulfilling a Contract; and \u2022 Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle. 1 Accounting policies continued The Economies in Argentina and Turkey are subject to high inflation. At 31st December 2022 we have concluded that applying IAS 29 (Financial Reporting in Hyperinflationary Economies) is not required as the impact of adoption is not material. We will continue to assess the position going forward. New standards and interpretations not yet applied At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 17 Insurance Contracts; \u2022 IFRS 10 and IAS 28 (amendments): Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; \u2022 Amendments to IAS 1: Classification of liabilities as Current or Non-current; \u2022 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies; \u2022 Amendments to IAS 8: Definition of Accounting Estimates; and \u2022 Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction. The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods. Basis of accounting (i) Subsidiaries The Group Consolidated Financial Statements include the results of the Company and all its subsidiary undertakings. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over an entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. (ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense of Associates on an equity accounted basis, from the date that significant influence commenced until the date that significant influence ceases. (iii) Transactions eliminated on consolidation Intra-Group balances, and any unrealised gains and losses or income and expenses arising from intra-Group transactions, are eliminated in preparing the Group Consolidated Financial Statements. Unrealised gains arising from transactions with Associates are eliminated to the extent of the Group\u2019s interest in the entity. Foreign currency (i) On consolidation The assets and liabilities of foreign operations are translated into sterling at exchange rates ruling at the date of the Consolidated Statement of Financial Position (closing rate). The revenues, expenses and cash flows of foreign operations are translated into sterling at average rates of exchange ruling during the year. Where the Notes to the Group Consolidated Financial Statements include tables reconciling movements between opening and closing balances, opening and closing assets and liabilities are translated at closing rates and revenue, expenses and all other movements translated at average rates, with the exchange differences arising being disclosed separately. Exchange differences arising from the translation of the assets and liabilities of foreign operations are taken to a separate translation reserve within equity. They are recycled and recognised in the Income Statement upon disposal of the operation. Any differences that have arisen before 1st January 2004, the date of transition to IFRS, are not presented as a separate component of equity. (ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective currencies of the Group entities at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities at the date of the Statement of Financial Position denominated in a currency other than the functional currency of the entity are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates fair value was determined. 1 Accounting policies continued Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Interest-bearing borrowings Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective-interest basis. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis. The effective interest method is a method of calculating the amortised cost of the financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group has not participated in any supplier financing arrangements during the current or prior year. Property, plant and equipment Items of property, plant and equipment are stated at cost or deemed cost, less accumulated depreciation. Depreciation is charged to the Income Statement 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 annual principal rate are as follows: Freehold buildings 1.5-4.0% Leasehold buildings Over life of lease Plant and machinery 6.66-10% Office furniture and fittings 10% Office equipment 12.5-33.3% Motor vehicles 20% Tooling and patterns 10% The depreciation rates are reassessed annually. The Group has reviewed the principal depreciation rates and has determined a change for plant and machinery from 10-12.5% to 6.66- 10%. This is to reflect the extended usage of the large operating equipment around the Group. This impact on current and future periods is not material. Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Identified assets acquired and liabilities assumed are measured at their respective acquisition date fair values. The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as goodwill. Acquisition-related costs are expensed as incurred. The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements after the date of acquisition. The cost of the acquisition is measured as the cash paid and also includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the acquisition date. 1 Accounting policies continued Intangible assets (i) Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment (see Note 15 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of goodwill for the relevant cash-generating unit. (ii) Research and development Expenditure on R&D is charged to the Income Statement in the period in which it is incurred except that development expenditure is capitalised where the development costs relate to new or substantially improved products that are subsequently to be released for sale and will generate future economic benefits. The expenditure capitalised includes staff costs and related expenses. Capitalised development expenditure is stated at cost less accumulated amortisation (see below) and any impairment losses. (iii) Other intangible assets Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation (see below) and any impairment losses. Where computer software is cloud based and the Group does not have control of the software, the configuration and customisation costs are expensed over either: \u2022 The period the services are received, where costs are distinct from the underlying software \u2022 The period of the SaaS arrangement, where costs are not distinct from the underlying software (iv) Amortisation Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date they are available for use. The annual principal amortisation rates are as follows: Capitalised development costs 20% ERP systems and software 12-33% Brand names and trademarks 5-33% Manufacturing designs and core technology 6-50% Non-compete undertakings 20-50% Customer relationships 6-33% Inventories Inventories are measured at the lower of cost and net realisable value. Inventory cost is calculated on both a first in, first out and weighted average methodologies depending on which is deemed most appropriate. The cost of inventories includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Trade receivables and other receivables Trade receivables are carried at original invoice amount (which is considered a reasonable proxy for fair value) and are subsequently held at amortised cost less a loss allowance. Other receivables are initially measured at fair value. The loss allowance of trade receivables is based on lifetime expected credit losses. Lifetime expected credit losses are calculated by assessing historic credit loss experience, adjusted for factors specific to the receivable and operating company. The movement in the provision is recognised in the Consolidated Income Statement. Trade and other payables Trade and other payables are recognised at fair value and subsequently held at amortised cost. Provisions and contingent liabilities A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources, that to which can be reliably measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included in non-current liabilities. In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable but more than remote, or the amount of the obligation cannot be measured reliably then a contingent liability is disclosed. 1 Accounting policies continued Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less, and are held at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows. Going concern The Group\u2019s principal objective when managing liquidity is to safeguard the Group\u2019s ability to continue as a going concern for at least 12 months from the date of signing the 2022 Annual Report. The Group retains sufficient resources to remain in compliance with all the required terms and conditions within its borrowing facilities with material headroom and no material uncertainties have been identified. Having assessed the relevant business risks as discussed in our Principal Risks on pages 95 and 99 and considered the liquidity and covenant headroom available under several alternative scenarios as set out in the viability assessment on page 44, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements. The full statement on the going concern assumption is set out on pages 43 and 44 . Alternative performance measures The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures where the Board believe that they help to effectively monitor the performance of the Group and users of the Financial Statements might find them informative. Certain alternative performance measures also form a meaningful element of Executive Directors\u2019 variable remuneration. A definition of the alternative performance measures included in the Annual Report and a reconciliation to the closest IFRS equivalent are disclosed in Note 2. Adjusted performance measures are not considered to be a substitute for, or superior to, IFRS measures. Employee benefits (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Income Statement as incurred. (ii) Defined benefit plans The costs of providing pensions under defined benefit schemes are calculated in accordance with the advice of qualified actuaries and spread over the period during which benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in respect of defined benefit pensions is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Past service costs are recognised straight away. That benefit is discounted at rates reflecting the yields on AA credit rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations to determine its present value. Pension scheme assets are measured at fair value at the Statement of Financial Position date. Actuarial gains and losses, differences between the expected and actual returns, and the effect of changes in actuarial assumptions are recognised in the 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 Statement of Financial Position. The cost of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period, which benefit is expected to be derived from the employees\u2019 services, in accordance with the advice of qualified actuaries. (iii) Employee share plans Incentives in the form of shares are provided to employees under share option and share award schemes. The fair value of these options and awards at their date of grant is charged to the Income Statement over the relevant vesting periods with a corresponding increase in equity. The value of the charge is adjusted to reflect expected and actual levels of options and share awards vesting. (iv) Long-term share incentive plans The fair value of awards is measured at the date of grant and the cost spread over the vesting period. The amount recognised as an expense is not adjusted to reflect market-based performance conditions, but is adjusted for non-market-based performance conditions. Revenue The Group applies the following five-step framework when recognising revenue. Step 1: Identify the contracts with customers. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. The criteria the Group uses to identify the performance obligations within a contract are: \u2022 the customer must be able to benefit from the goods or services either on its own or in combination with other resources available to the customer; and \u2022 the entity\u2019s promise to transfer the good or service to the customer is separable from other promises in the contract. 1 Accounting policies continued The transaction price is the value that the Group expects to be entitled to from the customer and includes discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties and liquidated damages, but is not reduced for bad debts. It is net of any value-added tax (VAT) and other sales-related taxes. Variable consideration that is dependent on certain events is included in the transaction price when it is highly probable that the variable consideration will occur. Revenue is recognised over time as the product is being manufactured or a service being provided if any of the following criteria are met: \u2022 the Group is creating a bespoke item which doesn\u2019t have an alternative use to the Group (i.e. we would incur a significant loss to re-work and/ or sell to another customer) and the entity has a right to payment for work completed to date including a reasonable profit; \u2022 the customer controls the asset that is being created or enhanced during the manufacturing process i.e. the customer has the right to significantly modify and dictate how the product is built during construction; \u2022 services provided where the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Judgement is made when determining if a product is bespoke and the value of revenue to recognise over time as products are being manufactured. However due to the low value of orders for bespoke items in progress at the 31st December 2022 where we have a right to payment of costs plus a reasonable profit, this is not considered a critical judgement. The value of revenue to be recognised over time for goods being manufactured is calculated using a cost-based input approach. This is considered a faithful depiction of the transfer of the goods as the costs incurred, total costs expected to be incurred and order value are known. The value of revenue to be recognised over time for services being provided is calculated based on the stage of completion. This is assessed by reference to the contractual performance obligations with each separate customer and the costs incurred on the contract to date in comparison to the total forecast costs of the contract. If the criteria to recognise revenue over time are not met then revenue is recognised at a point in time when the customer obtains control of the asset and the performance obligation is satisfied. The customer obtains control of the asset when the customer can direct the use of the asset and obtain the benefits from the asset. Factors the Group considers when determining the point in time when control of the asset has passed to the customer and revenue recognised include: \u2022 the Group has a right to payment; \u2022 legal title is transferred to the customer; \u2022 physical possession of the asset has been transferred to the customer; \u2022 the customer has the significant risks and rewards of ownership; and \u2022 the customer has accepted the asset. Control normally passes and revenue recognised when the goods are either despatched or delivered to the customer (in accordance with the terms and conditions of the sale) or the installation and testing is completed. A large proportion of the Group\u2019s revenue qualifies for recognition on despatch or delivery of the goods to the customer as this is when the performance obligation is satisfied. This is normally the trigger point for raising an invoice per the terms and conditions of the order. Therefore invoicing for a large proportion of the Group\u2019s revenue occurs at the same time as when the performance obligation is satisfied. Contract assets at 31st December 2022 were \u00a311.7m (0.7% of total revenue) (2021: \u00a33.2m (0.2% of total revenue)). All revenue recognised by the Group is generated through contracts with customers. When the unavoidable costs of fulfilling the contract exceed the revenue to be recognised the contract is loss making and the expected loss is recognised in the Consolidated Income Statement immediately. Warranties that give assurance that a product meets agreed-upon specifications are accounted for as a cost provision and do not impact the timing and value of revenue. The Group does not have any material warranties that promise more than just providing assurance that a product meets agreed-upon specifications. Costs of obtaining a contract, that are only incurred because the contract was obtained, are capitalised and expensed at a later date. At 31st December 2022 no costs of obtaining a contract were capitalised. All other assets recognised to fulfil a contract are within the scope of other accounting standards and policies. Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of less than \u00a35,000). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. 1 Accounting policies continued For new leases entered into, the lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. The incremental borrowing rate is calculated at the rate of interest at which the company would have been able to borrow for a similar term and with a similar security the funds necessary to obtain a similar asset in a similar market. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the company under residual value guarantees; \u2022 the exercise price of purchase options, if the company is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option; and \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a residual guarantee value. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of- use asset is depreciated over the useful life of the underlying asset. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. Judgement is required when determining whether to include or exclude optional extension periods within the lease term, and estimation is required when calculating the incremental borrowing rate used to discount the future lease cash flows. These are not considered critical judgements or a key source of estimation uncertainty. Taxation The tax charge comprises current and deferred tax. Income tax expense is recognised in the Income Statement unless it relates to items recognised directly in equity or in other comprehensive income, when it is also recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable on the profit for the year and any adjustments in respect of previous years using tax rates enacted or substantively enacted at the reporting date. Tax positions are reviewed to assess whether a provision should be made on prevailing circumstances. Tax provisions are included within current taxation payable. Deferred tax is provided on temporary differences arising between the tax base of assets and liabilities, and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided using rates of tax that have been enacted or substantively enacted at the date of the Statement of Financial Position or the date that the temporary differences are expected to reverse. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Share capital and repurchased shares When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares or placed in an Employee Benefit Trust and are presented as a deduction from total equity. ",
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"value": "1 Accounting policies Basis of preparation The Consolidated Financial Statements have been prepared on a historical cost basis except for items that are required by International Financial Reporting Standards (IFRS) to be measured at fair value, principally certain financial instruments. The Consolidated Financial Statements have been prepared in accordance with IFRS which includes the standards and interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the United Kingdom (UK). The preparation of Financial Statements in conformity with IFRS requires the Directors to apply IAS 1 and make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The Directors have concluded that no critical judgements, apart from those involving estimations (which are dealt with separately below) have been made in the process of applying the Group\u2019s accounting policies. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are outlined below. (i) Post-retirement benefits The Group\u2019s defined benefit obligation is assessed by selecting key assumptions. The selection of mortality rates and inflation are key sources of estimation uncertainty which could lead to material adjustment in the defined benefit obligation within the next financial year. These assumptions are set with close reference to market conditions. The Group\u2019s defined benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The assumptions selected and associated sensitivity analysis are disclosed in Note 23. Climate change Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting warming by improving our energy management, reducing our carbon emissions and by helping our customers do the same. Growing awareness of climate change and customer sustainability targets will provide impetus for business growth as we provide products, services and solutions that increase efficiency and reduce customers\u2019 energy use and carbon emissions. As a result, in our view climate change does not create any further key sources of estimation uncertainty. For further detail see the Risk Management and Sustainability sections of the Strategic Report. The Group has considerable financial resources together with a diverse range of products and customers across wide geographic areas and industries. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information on the Group\u2019s business activities, performance and position, together with the financial position of the Group, its capital structure and cash flow are included in the Strategic Report from the inside front cover to page 94. In addition, Note 28 to the Financial Statements discloses details of the Group\u2019s financial risk management and credit facilities. The Consolidated Financial Statements are presented in pounds sterling, which is the Company\u2019s functional currency, rounded to the nearest one hundred thousand. The Group\u2019s Income Statement includes an adjustment column where certain items are included. Details of the items included and the reasons why they are included are disclosed in Note 2. New standards and interpretations applied in the current year During the current year, the Group has applied the following amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) effective for annual periods that begin on or after 1st January 2022. Adoption has not had a material impact on the disclosures or on the amounts reported in these Financial Statements: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework; \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2014 Proceeds before Intended Use; \u2022 Amendments to IAS 37 Onerous Contracts\u2014Cost of Fulfilling a Contract; and \u2022 Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle. 1 Accounting policies continued The Economies in Argentina and Turkey are subject to high inflation. At 31st December 2022 we have concluded that applying IAS 29 (Financial Reporting in Hyperinflationary Economies) is not required as the impact of adoption is not material. We will continue to assess the position going forward. New standards and interpretations not yet applied At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 17 Insurance Contracts; \u2022 IFRS 10 and IAS 28 (amendments): Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; \u2022 Amendments to IAS 1: Classification of liabilities as Current or Non-current; \u2022 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies; \u2022 Amendments to IAS 8: Definition of Accounting Estimates; and \u2022 Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction. The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods. Basis of accounting (i) Subsidiaries The Group Consolidated Financial Statements include the results of the Company and all its subsidiary undertakings. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over an entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. (ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense of Associates on an equity accounted basis, from the date that significant influence commenced until the date that significant influence ceases. (iii) Transactions eliminated on consolidation Intra-Group balances, and any unrealised gains and losses or income and expenses arising from intra-Group transactions, are eliminated in preparing the Group Consolidated Financial Statements. Unrealised gains arising from transactions with Associates are eliminated to the extent of the Group\u2019s interest in the entity. Foreign currency (i) On consolidation The assets and liabilities of foreign operations are translated into sterling at exchange rates ruling at the date of the Consolidated Statement of Financial Position (closing rate). The revenues, expenses and cash flows of foreign operations are translated into sterling at average rates of exchange ruling during the year. Where the Notes to the Group Consolidated Financial Statements include tables reconciling movements between opening and closing balances, opening and closing assets and liabilities are translated at closing rates and revenue, expenses and all other movements translated at average rates, with the exchange differences arising being disclosed separately. Exchange differences arising from the translation of the assets and liabilities of foreign operations are taken to a separate translation reserve within equity. They are recycled and recognised in the Income Statement upon disposal of the operation. Any differences that have arisen before 1st January 2004, the date of transition to IFRS, are not presented as a separate component of equity. (ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective currencies of the Group entities at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities at the date of the Statement of Financial Position denominated in a currency other than the functional currency of the entity are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates fair value was determined. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022190 1 Accounting policies continued Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Interest-bearing borrowings Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective-interest basis. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis. The effective interest method is a method of calculating the amortised cost of the financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group has not participated in any supplier financing arrangements during the current or prior year. Property, plant and equipment Items of property, plant and equipment are stated at cost or deemed cost, less accumulated depreciation. Depreciation is charged to the Income Statement 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 annual principal rate are as follows: Freehold buildings 1.5-4.0% Leasehold buildings Over life of lease Plant and machinery 6.66-10% Office furniture and fittings 10% Office equipment 12.5-33.3% Motor vehicles 20% Tooling and patterns 10% The depreciation rates are reassessed annually. The Group has reviewed the principal depreciation rates and has determined a change for plant and machinery from 10-12.5% to 6.66- 10%. This is to reflect the extended usage of the large operating equipment around the Group. This impact on current and future periods is not material. Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Identified assets acquired and liabilities assumed are measured at their respective acquisition date fair values. The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as goodwill. Acquisition-related costs are expensed as incurred. The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements after the date of acquisition. The cost of the acquisition is measured as the cash paid and also includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the acquisition date. 1 Accounting policies continued Intangible assets (i) Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment (see Note 15 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of goodwill for the relevant cash-generating unit. (ii) Research and development Expenditure on R&D is charged to the Income Statement in the period in which it is incurred except that development expenditure is capitalised where the development costs relate to new or substantially improved products that are subsequently to be released for sale and will generate future economic benefits. The expenditure capitalised includes staff costs and related expenses. Capitalised development expenditure is stated at cost less accumulated amortisation (see below) and any impairment losses. (iii) Other intangible assets Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation (see below) and any impairment losses. Where computer software is cloud based and the Group does not have control of the software, the configuration and customisation costs are expensed over either: \u2022 The period the services are received, where costs are distinct from the underlying software \u2022 The period of the SaaS arrangement, where costs are not distinct from the underlying software (iv) Amortisation Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date they are available for use. The annual principal amortisation rates are as follows: Capitalised development costs 20% ERP systems and software 12-33% Brand names and trademarks 5-33% Manufacturing designs and core technology 6-50% Non-compete undertakings 20-50% Customer relationships 6-33% Inventories Inventories are measured at the lower of cost and net realisable value. Inventory cost is calculated on both a first in, first out and weighted average methodologies depending on which is deemed most appropriate. The cost of inventories includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Trade receivables and other receivables Trade receivables are carried at original invoice amount (which is considered a reasonable proxy for fair value) and are subsequently held at amortised cost less a loss allowance. Other receivables are initially measured at fair value. The loss allowance of trade receivables is based on lifetime expected credit losses. Lifetime expected credit losses are calculated by assessing historic credit loss experience, adjusted for factors specific to the receivable and operating company. The movement in the provision is recognised in the Consolidated Income Statement. Trade and other payables Trade and other payables are recognised at fair value and subsequently held at amortised cost. Provisions and contingent liabilities A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources, that to which can be reliably measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included in non-current liabilities. In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable but more than remote, or the amount of the obligation cannot be measured reliably then a contingent liability is disclosed. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022192 1 Accounting policies continued Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less, and are held at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows. Going concern The Group\u2019s principal objective when managing liquidity is to safeguard the Group\u2019s ability to continue as a going concern for at least 12 months from the date of signing the 2022 Annual Report. The Group retains sufficient resources to remain in compliance with all the required terms and conditions within its borrowing facilities with material headroom and no material uncertainties have been identified. Having assessed the relevant business risks as discussed in our Principal Risks on pages 95 and 99 and considered the liquidity and covenant headroom available under several alternative scenarios as set out in the viability assessment on page 44, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements. The full statement on the going concern assumption is set out on pages 43 and 44 . Alternative performance measures The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures where the Board believe that they help to effectively monitor the performance of the Group and users of the Financial Statements might find them informative. Certain alternative performance measures also form a meaningful element of Executive Directors\u2019 variable remuneration. A definition of the alternative performance measures included in the Annual Report and a reconciliation to the closest IFRS equivalent are disclosed in Note 2. Adjusted performance measures are not considered to be a substitute for, or superior to, IFRS measures. Employee benefits (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Income Statement as incurred. (ii) Defined benefit plans The costs of providing pensions under defined benefit schemes are calculated in accordance with the advice of qualified actuaries and spread over the period during which benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in respect of defined benefit pensions is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Past service costs are recognised straight away. That benefit is discounted at rates reflecting the yields on AA credit rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations to determine its present value. Pension scheme assets are measured at fair value at the Statement of Financial Position date. Actuarial gains and losses, differences between the expected and actual returns, and the effect of changes in actuarial assumptions are recognised in the 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 Statement of Financial Position. The cost of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period, which benefit is expected to be derived from the employees\u2019 services, in accordance with the advice of qualified actuaries. (iii) Employee share plans Incentives in the form of shares are provided to employees under share option and share award schemes. The fair value of these options and awards at their date of grant is charged to the Income Statement over the relevant vesting periods with a corresponding increase in equity. The value of the charge is adjusted to reflect expected and actual levels of options and share awards vesting. (iv) Long-term share incentive plans The fair value of awards is measured at the date of grant and the cost spread over the vesting period. The amount recognised as an expense is not adjusted to reflect market-based performance conditions, but is adjusted for non-market-based performance conditions. Revenue The Group applies the following five-step framework when recognising revenue. Step 1: Identify the contracts with customers. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. The criteria the Group uses to identify the performance obligations within a contract are: \u2022 the customer must be able to benefit from the goods or services either on its own or in combination with other resources available to the customer; and \u2022 the entity\u2019s promise to transfer the good or service to the customer is separable from other promises in the contract. 1 Accounting policies continued The transaction price is the value that the Group expects to be entitled to from the customer and includes discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties and liquidated damages, but is not reduced for bad debts. It is net of any value-added tax (VAT) and other sales-related taxes. Variable consideration that is dependent on certain events is included in the transaction price when it is highly probable that the variable consideration will occur. Revenue is recognised over time as the product is being manufactured or a service being provided if any of the following criteria are met: \u2022 the Group is creating a bespoke item which doesn\u2019t have an alternative use to the Group (i.e. we would incur a significant loss to re-work and/ or sell to another customer) and the entity has a right to payment for work completed to date including a reasonable profit; \u2022 the customer controls the asset that is being created or enhanced during the manufacturing process i.e. the customer has the right to significantly modify and dictate how the product is built during construction; \u2022 services provided where the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Judgement is made when determining if a product is bespoke and the value of revenue to recognise over time as products are being manufactured. However due to the low value of orders for bespoke items in progress at the 31st December 2022 where we have a right to payment of costs plus a reasonable profit, this is not considered a critical judgement. The value of revenue to be recognised over time for goods being manufactured is calculated using a cost-based input approach. This is considered a faithful depiction of the transfer of the goods as the costs incurred, total costs expected to be incurred and order value are known. The value of revenue to be recognised over time for services being provided is calculated based on the stage of completion. This is assessed by reference to the contractual performance obligations with each separate customer and the costs incurred on the contract to date in comparison to the total forecast costs of the contract. If the criteria to recognise revenue over time are not met then revenue is recognised at a point in time when the customer obtains control of the asset and the performance obligation is satisfied. The customer obtains control of the asset when the customer can direct the use of the asset and obtain the benefits from the asset. Factors the Group considers when determining the point in time when control of the asset has passed to the customer and revenue recognised include: \u2022 the Group has a right to payment; \u2022 legal title is transferred to the customer; \u2022 physical possession of the asset has been transferred to the customer; \u2022 the customer has the significant risks and rewards of ownership; and \u2022 the customer has accepted the asset. Control normally passes and revenue recognised when the goods are either despatched or delivered to the customer (in accordance with the terms and conditions of the sale) or the installation and testing is completed. A large proportion of the Group\u2019s revenue qualifies for recognition on despatch or delivery of the goods to the customer as this is when the performance obligation is satisfied. This is normally the trigger point for raising an invoice per the terms and conditions of the order. Therefore invoicing for a large proportion of the Group\u2019s revenue occurs at the same time as when the performance obligation is satisfied. Contract assets at 31st December 2022 were \u00a311.7m (0.7% of total revenue) (2021: \u00a33.2m (0.2% of total revenue)). All revenue recognised by the Group is generated through contracts with customers. When the unavoidable costs of fulfilling the contract exceed the revenue to be recognised the contract is loss making and the expected loss is recognised in the Consolidated Income Statement immediately. Warranties that give assurance that a product meets agreed-upon specifications are accounted for as a cost provision and do not impact the timing and value of revenue. The Group does not have any material warranties that promise more than just providing assurance that a product meets agreed-upon specifications. Costs of obtaining a contract, that are only incurred because the contract was obtained, are capitalised and expensed at a later date. At 31st December 2022 no costs of obtaining a contract were capitalised. All other assets recognised to fulfil a contract are within the scope of other accounting standards and policies. Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of less than \u00a35,000). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022194 1 Accounting policies continued For new leases entered into, the lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. The incremental borrowing rate is calculated at the rate of interest at which the company would have been able to borrow for a similar term and with a similar security the funds necessary to obtain a similar asset in a similar market. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the company under residual value guarantees; \u2022 the exercise price of purchase options, if the company is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option; and \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a residual guarantee value. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of- use asset is depreciated over the useful life of the underlying asset. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. Judgement is required when determining whether to include or exclude optional extension periods within the lease term, and estimation is required when calculating the incremental borrowing rate used to discount the future lease cash flows. These are not considered critical judgements or a key source of estimation uncertainty. Taxation The tax charge comprises current and deferred tax. Income tax expense is recognised in the Income Statement unless it relates to items recognised directly in equity or in other comprehensive income, when it is also recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable on the profit for the year and any adjustments in respect of previous years using tax rates enacted or substantively enacted at the reporting date. Tax positions are reviewed to assess whether a provision should be made on prevailing circumstances. Tax provisions are included within current taxation payable. Deferred tax is provided on temporary differences arising between the tax base of assets and liabilities, and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided using rates of tax that have been enacted or substantively enacted at the date of the Statement of Financial Position or the date that the temporary differences are expected to reverse. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Share capital and repurchased shares When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares or placed in an Employee Benefit Trust and are presented as a deduction from total equity. Spirax-Sarco Engineering plc Annual Report 2022 195 Financial Statements 2 Alternative performance measures The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures where the Board believes that they help to effectively monitor the performance of the Group and users of the Financial Statements might find them informative. Certain alternative performance measures also form a meaningful element of Executive Directors\u2019 variable remuneration. Please see the Annual Report on Remuneration 2022 on pages 143 to 168 for further detail. A definition of the alternative performance measures and a reconciliation to the closest IFRS equivalent are disclosed below. The term \u2018adjusted\u2019 is not defined under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. Adjusted performance measures are not considered to be a substitute for, or superior to, IFRS measures. Adjusted operating profit Adjusted operating profit excludes items that are considered to be significant in nature and/or quantum at either a Group or an operating segment level and where treatment as an adjusted item provides all our stakeholders with additional useful information to assess the period-on- period trading performance of the Group. The Group excludes such items including those defined as follows: \u2022 amortisation and impairment of acquisition-related intangible assets; \u2022 costs associated with acquisitions and disposals; \u2022 reversal of acquisition-related fair value adjustments to inventory; \u2022 changes in deferred and contingent consideration payable on acquisitions; \u2022 gain or loss on disposal of subsidiary and disposal groups; \u2022 costs associated with a significant restructuring programme; \u2022 significant gains or losses on disposal of property; \u2022 significant non-recurring pension costs or credits; \u2022 accelerated depreciation, impairment and other related costs on one-off significant property redevelopments; and \u2022 related tax effect on adjusting items above and other tax items which do not form part of the underlying tax rate. A reconciliation between operating profit as reported under IFRS and adjusted operating profit is given below. 2022 \u00a3m 2021 \u00a3m Operating profit as reported under IFRS 318.8 320.9 Amortisation of acquisition-related intangible assets 23.7 21.4 Reversal of acquisition-related fair value adjustments to inventory 1.8 \u2212 Disposal of subsidiaries in Russia 7.1 \u2212 Restructuring costs 15.5 \u2212 Acquisition-related items 9.1 \u2212 Accelerated depreciation and other related costs on one-off property redevelopments 4.2 \u2212 Post-retirement benefit plan in Germany being closed to future accrual \u2212 (2.0) Adjusted operating profit 380.2 340.3 The related tax effects of the above are included as adjustments in taxation as disclosed in Note 9. Adjusted earnings per share 2022 2021 Profit for the period attributable to equity holders as reported under IFRS (\u00a3m) 224.7 234.6 Items excluded from adjusted profit (\u00a3m) 62.5 19.4 Tax effects on adjusted items (\u00a3m) (9.4) (4.3) Adjusted profit for the period attributable to equity holders (\u00a3m) 277.8 249.7 Weighted average shares (million) 73.6 73.7 Basic adjusted earnings per share 377.2p 338.9p Diluted weighted average shares (million) 73.8 73.9 Diluted adjusted earnings per share 376.3p 338.0p Basic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares. Basic and diluted EPS calculated on an IFRS profit basis are included in Note 10. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022196 2 Alternative performance measures continued Adjusted cash flow A reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cash flow, such as net capital expenditure, which are subject to day-to-day control by the business. 2022 \u00a3m 2021 \u00a3m Net cash from operating activities as reported under IFRS 241.1 273.4 Restructuring and acquisition-related costs 10.2 \u2212 Net capital expenditure excluding acquired intangibles from acquisitions (113.5) (62.1) Income tax paid 90.0 78.1 Repayments of principal under lease liabilities (12.9) (11.7) Adjusted cash from operations 214.9 277.7 Adjusted cash conversion in 2022 is 57% (2021: 82%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit. The adjusted cash flow is included in the Financial Review on page 42. The impact of adjustments to operating profit as reported under IFRS of \u00a361.4m (2021: \u00a319.4m) on net change in cash and cash equivalents is a total outflow of \u00a313.5m (2021: \u00a3nil). Included within cash generated from operations is acquisition-related items of \u00a37.1m, related costs on one-off property redevelopments of \u00a30.3m and disposal related costs \u00a30.1m. Included within net cash used in investing activities is restructuring costs of \u00a33.2m and disposal of subsidiaries in Russia of \u00a32.8m. Cash generation Cash generation is one of the Group\u2019s key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of two financial measures on which Executive Directors\u2019 variable remuneration is based. Cash generation is calculated as adjusted operating profit after adding back depreciation and amortisation, less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans, net capital expenditure excluding acquired intangibles, working capital changes and repayment of principal under lease liabilities. Cash generation is equivalent to adjusted cash from operations, a reconciliation between this and net cash from operating activities as reported under IFRS is shown on page 197. Return on invested capital (ROIC) and return on capital employed (ROCE) The Group distinguishes between invested capital and capital employed when calculating return on capital. Invested capital represents the total capital invested in the business and is equal to total equity plus net debt and therefore includes the impact of acquisitions and disposals. Capital employed is invested capital less certain non-current assets and non-current liabilities and therefore reflects capital that is more operational in nature. Both of these return metrics are used to ensure a full assessment of business performance. Return on invested capital (ROIC) ROIC measures the post-tax return on the total capital invested in the business. It is calculated as adjusted operating profit after tax divided by average invested capital. Average invested capital is defined as the average of the closing balance at the current and prior year end. Taxation is calculated as adjusted operating profit multiplied by the adjusted effective tax rate. An analysis of the components is as follows: 2022 \u00a3m 2021 \u00a3m Total equity 1,169.8 1,010.0 Net debt including lease liabilities 755.6 190.6 Total invested capital 1,925.4 1,200.6 Average invested capital 1,563.0 1,157.9 Average invested capital (excluding acquisitions, disposals and leases) 1,263.8 1,108.4 Operating profit as reported under IFRS 318.8 320.9 Adjustments (see adjusted operating profit) 61.4 19.4 Adjusted operating profit 380.2 340.3 Taxation (94.9) (85.5) Adjusted operating profit after tax 285.3 254.8 Adjusted operating profit after tax (excluding acquisitions, disposals and leases) 277.6 254.1 Return on invested capital 18.3% 22.0% Return on invested capital (excluding acquisitions, disposals and leases) 22.0% 22.9% Spirax-Sarco Engineering plc Annual Report 2022 197 Financial Statements 2 Alternative performance measures continued Return on capital employed (ROCE) ROCE measures effective management of fixed assets and working capital relative to the profitability of the business. It is calculated as adjusted operating profit divided by average capital employed. Average capital employed is defined as the average of the closing balance at the current and prior year end. More information on ROCE can be found in the Capital Employed and ROCE sections of the Financial Review on pages 41 and 42. An analysis of the components is as follows: 2022 \u00a3m 2021 \u00a3m Property, plant and equipment 384.5 277.4 Right-of-use assets 67.2 62.9 Software and development costs 44.5 38.9 Prepayments 2.0 1.3 Inventories 290.0 201.3 Trade receivables 341.1 272.3 Other current assets 79.6 44.7 Tax recoverable 19.0 15.7 Trade, other payables and current provisions (295.0) (222.2) Current tax payable (40.4) (33.1) Capital employed 892.5 659.2 Average capital employed 775.9 621.5 Average capital employed (excluding acquisitions, disposals and leases) 677.5 571.9 Operating profit 318.8 320.9 Adjustments (see adjusted operating profit on page 196) 61.4 19.4 Adjusted operating profit 380.2 340.3 Adjusted operating profit (excluding acquisitions, disposals and leases) 369.9 339.2 Return on capital employed 49.0% 54.7% Return on capital employed (excluding acquisitions, disposals and leases) 54.6% 59.3% A reconciliation of capital employed to net assets as reported under IFRS and disclosed on the Consolidated Statement of Financial Position is given below. 2022 \u00a3m 2021 \u00a3m Capital employed 892.5 659.2 Goodwill and acquired intangibles 1,159.1 628.0 Investment in Associate \u2212 \u2212 Post-retirement benefits (52.1) (44.7) Net deferred tax (59.1) (35.7) Non-current provisions and long-term payables (15.0) (6.2) Lease liabilities (65.2) (60.1) Net debt (690.4) (130.5) Net assets as reported under IFRS 1,169.8 1,010.0 Net debt including lease liabilities A reconciliation between net debt and net debt including lease liabilities is given below. A breakdown of the balances that are included within net debt is given within Note 24. Net debt excludes lease liabilities to be consistent with how net debt is defined for external debt covenant purposes, as well as to enable comparability with prior years. 2022 \u00a3m 2021 \u00a3m Net debt 690.4 130.5 Lease liabilities 65.2 60.1 Net debt and lease liabilities 755.6 190.6 Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022198 2 Alternative performance measures continued Net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) To assess the size of the net debt balance relative to the size of the earnings for the Group, we analyse net debt as a proportion of EBITDA. EBITDA is calculated by adding back depreciation and amortisation of owned property, plant and equipment, software and development and the 12 month pro-forma EBITDA impact of acquisitions and disposals to adjusted operating profit. Net debt is calculated as cash and cash equivalents less bank overdrafts and external borrowings (excluding lease liabilities). The net debt to EBITDA ratio is calculated as follows: 2022 \u00a3m 2021 \u00a3m Adjusted operating profit 380.2 340.3 Depreciation and amortisation of property, plant and equipment, software and development 37.4 36.2 Acquisitions and disposals pro-forma basis (EBITDA) 33.7 \u2212 Earnings before interest, tax, depreciation and amortisation 451.3 376.5 Net debt 690.4 130.5 Net debt to EBITDA 1.5 0.3 The components of net debt are disclosed in Note 24. Organic measures As we are a multi-national Group of companies, who trade in a large number of currencies and also acquire and sometimes dispose of companies, we also refer to organic performance measures throughout the Annual Report. These strip out the effects of the movement in exchange rates and of acquisitions and disposals. The Board believe that this allows users of the accounts to gain a further understanding of how the Group has performed. Exchange translation movements are assessed by re-translating prior period reported values to current period exchange rates. Exchange transaction impacts on operating profit are assessed on the basis of transactions being at constant currency between years. The incremental impact of any acquisitions that occurred in either the current period or prior period is excluded from the organic results of the current period at current period exchange rates. For any disposals that occurred in the current or prior period, the current period organic results include the difference between the current and prior period financial results only for the like-for-like period of ownership. The organic percentage movement is calculated as the organic movement divided by the prior period at current period exchange rates, excluding disposals for the non like-for-like period of ownership. The organic bps change in adjusted operating margin is the difference between the current period margin, excluding the incremental impact of acquisitions, and the prior period margin excluding disposals for the non like-for- like period of ownership at current period exchange rates. A reconciliation of the movement in revenue and adjusted operating profit compared to the prior period is given below. 2021 Exchange Organic Acquisitions and disposals 1 2022 Organic Reported Revenue \u00a31,344.5m \u00a352.5m \u00a3191.6m \u00a322.0m \u00a31,610.6m +14% +20% Adjusted operating profit \u00a3340.3m \u00a313.0m \u00a323.5m \u00a33.4m \u00a3380.2m +7% +12% Adjusted operating margin 25.3% 23.6% -160 bps -170 bps 1 Includes the impact of (i) the acquisition of Cotopaxi Limited, Durex Industries and Vulcanic and (ii) the treatment of our disposed Russian operating companies as disposed from the date at which the Group suspended all trading with and within Russia. Pro-forma Revenue Due to the disposal of our Russian operating companies and the acquisitions of Cotopaxi Limited, Vulcanic and Durex Industries, our reported financial results for 2022 only include the impact of these operations for the period of ownership by the Group. The table below reconciles between statutory revenue as reported within the Consolidated Income Statement, and the 2022 pro-forma revenue had all acquisition and disposal transactions occurred on 1st January 2022. This allows users of the accounts to see the split of revenue by operating segment on a basis that will be like-for-like against 2023. Revenue (statutory) \u00a3m Pro-forma adjustments* \u00a3m Revenue (pro-forma) \u00a3m Proportion of Group Steam Specialties 866.0 (1.2) 864.8 50% Electric Thermal Solutions 256.1 126.8 382.9 22% Watson-Marlow 488.5 (1.9) 486.6 28% Total 1,610.6 123.7 1,734.3 * includes the 2022 pre-acquisition financial results of Cotopaxi Limited, Vulcanic and Durex Industries, and the removal of the 2022 statutory results of our Russian operating companies disposed The term \u2018sales\u2019 is used interchangeably with \u2018revenue\u2019 when describing the financial performance of the business. Drop through is calculated as the organic increase in adjusted operating profit divided by the organic increase in revenue. The reconciliation for each segment is included in the Strategic Report. Spirax-Sarco Engineering plc Annual Report 2022 199 Financial Statements 3 Segmental reporting As required by IFRS 8 Operating Segments, the following segmental information is presented in a consistent format with management information considered by the Board. No changes to the structure of operating segments have been made during the current period. Analysis by operating segment 2022 Revenue \u00a3m Total operating profit \u00a3m Adjusted operating profit \u00a3m Adjusted operating margin % Steam Specialties 866.0 196.2 206.1 23.8% Electric Thermal Solutions 256.1 7.3 39.9 15.6% Watson-Marlow 488.5 154.4 160.0 32.8% Corporate expenses (39.1) (25.8) Total 1,610.6 318.8 380.2 23.6% Net financing expense (10.7) (9.6) Share of (loss)/profit of Associate \u2212 \u2212 Profit before tax 308.1 370.6 2021 Revenue \u00a3m Total operating profit \u00a3m Adjusted operating profit \u00a3m Adjusted operating margin % Steam Specialties 754.9 186.8 188.7 25.0% Electric Thermal Solutions 181.3 11.1 24.0 13.2% Watson-Marlow 408.3 145.4 150.0 36.7% Corporate expenses (22.4) (22.4) Total 1,344.5 320.9 340.3 25.3% Net financing expense (6.4) (6.4) Share of (loss)/profit of Associate \u2212 \u2212 Profit before tax 314.5 333.9 The following table details the split of revenue by geography for the combined Group: 2022 \u00a3m 2021 \u00a3m Europe, Middle East and Africa 649.6 563.3 Asia Pacific 384.3 334.2 Americas 576.7 447.0 Total revenue 1,610.6 1,344.5 Revenue generated by Group companies based in the USA is \u00a3433.0m (2021: \u00a3342.4m), in China is \u00a3213.2m (2021: \u00a3181.6m), in Germany is \u00a3134.3m (2021: \u00a3118.2m), in the UK is \u00a3115.7m (2021: \u00a399.6m) and the rest of the world is \u00a3714.4m (2021: \u00a3602.7m). Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022200 3 Segmental reporting continued The total operating profit for the period includes certain items, as analysed below: 2022 Amortisation of acquisition- related intangible assets \u00a3m Reversal of acquisition-related fair value adjustments to inventory \u00a3m Disposal of subsidiaries in Russia \u00a3m Restructuring costs \u00a3m Acquisition- related items \u00a3m Accelerated depreciation and other related costs on one-off property redevelopments \u00a3m Total \u00a3m Steam Specialties (4.6) \u2212 (5.3) \u2212 \u2212 \u2212 (9.9) Electric Thermal Solutions (15.3) (1.8) \u2212 (15.5) \u2212 \u2212 (32.6) Watson-Marlow (3.8) \u2212 (1.8) \u2212 \u2212 \u2212 (5.6) Corporate expenses \u2212 \u2212 \u2212 \u2212 (9.1) (4.2) (13.3) Total (23.7) (1.8) (7.1) (15.5) (9.1) (4.2) (61.4) 2021 Amortisation of acquisition- related intangible assets \u00a3m German pension plan closed to future accrual \u00a3m Total \u00a3m Steam Specialties (3.9) 2.0 (1.9) Electric Thermal Solutions (12.9) \u2212 (12.9) Watson-Marlow (4.6) \u2212 (4.6) Corporate expenses \u2212 \u2212 \u2212 Total (21.4) 2.0 (19.4) Net financing income and expense 2022 Income \u00a3m 2022 Expense \u00a3m 2022 Net \u00a3m 2021 Income \u00a3m 2021 Expense \u00a3m 2021 Net \u00a3m Steam Specialties 3.6 (1.8) 1.8 3.0 (2.3) 0.7 Electric Thermal Solutions 0.3 (0.5) (0.2) \u2212 (0.2) (0.2) Watson-Marlow 0.3 (0.6) (0.3) 0.1 (0.5) (0.4) Corporate expenses 1.4 (13.4) (12.0) 0.3 (6.8) (6.5) Total net financing expense 5.6 (16.3) (10.7) 3.4 (9.8) (6.4) Net assets 2022 Assets \u00a3m 2022 Liabilities \u00a3m 2021 Assets \u00a3m 2021 Liabilities \u00a3m Steam Specialties 766.4 (226.8) 658.0 (182.1) Electric Thermal Solutions 1,174.2 (78.0) 536.9 (33.0) Watson-Marlow 427.4 (57.3) 331.8 (57.9) 2,368.0 (362.1) 1,526.7 (273.0) Liabilities (362.1) (273.0) Net deferred tax (59.1) (35.7) Net tax payable (21.4) (17.4) Net debt including lease liabilities (755.6) (190.6) Net assets 1,169.8 1,010.0 Non-current assets in the USA were \u00a3686.8m (2021: \u00a3345.6m), in France were \u00a3403.1m (2021: \u00a3150.5m), in the UK were \u00a3284.1m (2021: \u00a3231.2m), in Germany were \u00a3165.6m (2021: \u00a3154.6m) and in the rest of the world were \u00a3191.8m (2021: \u00a3177.6m). Spirax-Sarco Engineering plc Annual Report 2022 201 Financial Statements 3 Segmental reporting continued Capital additions, depreciation, amortisation and impairment 2022 Capital additions \u00a3m 2022 Depreciation, amortisation and impairment \u00a3m 2021 Capital additions \u00a3m 2021 Depreciation, amortisation and impairment \u00a3m Steam Specialties 47.1 37.3 35.6 33.9 Electric Thermal Solutions 285.4 24.7 16.6 18.3 Watson-Marlow 76.4 19.0 51.0 16.8 Group total 408.9 81.0 103.2 69.0 Capital additions include property, plant and equipment of \u00a3135.0m (2021: \u00a352.8m), of which \u00a330.7m (2021: \u00a3nil) was from acquisitions in the period, and other intangible assets of \u00a3258.3m (2021: \u00a311.3m) of which \u00a3245.1m (2021: \u00a3nil) relates to acquired intangibles from acquisitions in the period. Right-of-use asset additions of \u00a315.6m (2021: \u00a339.1m) occurred during the 12-month period to 31st December 2022, of which \u00a34.1m (2021: \u00a3nil) relates to acquired leases from acquisitions in the period. Capital additions split between the USA, UK and rest of world are USA \u00a3186.4m (2021: \u00a34.7m), UK \u00a351.8m (2021: \u00a354.2m) and rest of world \u00a3170.7m (2021: \u00a344.4m). 4 Operating costs 2022 Adjusted \u00a3m 2022 Adjustments \u00a3m 2022 Total \u00a3m 2021 Adjusted \u00a3m 2021 Adjustments \u00a3m 2021 Total \u00a3m Cost of inventories recognised as an expense 381.2 3.9 385.1 304.7 \u2212 304.7 Staff costs (Note 5) 570.3 \u2212 570.3 478.5 \u2212 478.5 Depreciation, amortisation and impairment 50.9 30.1 81.0 47.6 21.4 69.0 Other operating charges 228.0 27.4 255.4 173.4 (2.0) 171.4 Total operating costs 1,230.4 61.4 1,291.8 1,004.2 19.4 1,023.6 Total cost of inventories recognised as an expense includes the reversal of acquisition-related fair value adjustments to inventory \u00a31.8m (2021: \u00a3nil) and the write down of inventory resulting from the closure of the Chromalox\u2019s manufacturing operations in Soissons (France) of \u00a32.1m (2021: \u00a3nil). Total staff costs includes a credit of \u00a32.0m (2021: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3572.3m (2021:\u00a3481.2m). Total depreciation, amortisation and impairment includes amortisation of acquisition-related intangible assets of \u00a323.7m (2021: \u00a321.4m), accelerated depreciation on one-off property redevelopments of \u00a33.9m (2021: \u00a3nil) and impairment resulting from the closure of the Chromalox\u2019s manufacturing operations in Soissons (France) \u00a32.5m (2021: \u00a3nil). Total other operating charges includes restructuring costs (including the closure of Chromalox\u2019s manufacturing operations in Soissons (France)) of \u00a310.9m (2021: \u00a3nil), acquisition-related items of \u00a39.1m (2021: \u00a3nil) relating to the acquisition of Cotopaxi Limited, Vulcanic and Durex Industries, disposal of subsidiaries in Russia of \u00a37.1m (2021: \u00a3nil) and related costs on one-off property redevelopments of \u00a30.3m (2021: \u00a3nil). Operating costs include exchange difference gains of \u00a35.1m (2021: losses of \u00a31.3m). 5 Staff costs and numbers The aggregate payroll costs of persons employed by the Group were as follows: 2022 \u00a3m 2021 \u00a3m Wages and salaries 463.2 390.3 Social security costs 79.9 70.3 Pension costs 29.2 20.6 Total payroll costs 572.3 481.2 The average number of persons employed by the Group (including Directors) during the year was as follows: 2022 2021 United Kingdom 2,699 2,225 Rest of World 6,670 5,977 Group average 9,369 8,202 Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022202 6 Net financing income and expense 2022 \u00a3m 2021 \u00a3m Financial expenses: Bank and other borrowing interest payable (14.0) (7.4) Interest expense on lease liabilities (1.5) (1.1) Net interest on pension scheme liabilities (0.8) (1.3) (16.3) (9.8) Financial income: Bank interest receivable 5.6 3.4 Net financing expense (10.7) (6.4) Net bank interest (8.4) (4.0) Interest expense on lease liabilities (1.5) (1.1) Net pension scheme financial expense (0.8) (1.3) Net financing expense (10.7) (6.4) 7 Profit before taxation Profit before taxation is shown after charging: 2022 \u00a3m 2021 \u00a3m Depreciation of property, plant and equipment (33.2) (28.3) Depreciation of right-of-use assets (13.5) (11.4) Amortisation of acquired intangibles (23.7) (21.4) Leases exempt from IFRS 16 (short-term, low value or variable lease payments) (2.5) (2.6) Exchange difference gains/(losses) 5.1 (1.3) Profit on disposal of property, plant and equipment 1.4 0.5 Research and development (15.8) (13.0) Auditor\u2019s remuneration 2022 \u00a3m 2021 \u00a3m Audit of these Financial Statements 0.4 0.3 Amounts receivable by the Company\u2019s auditor and its Associates in respect of: Audit of Financial Statements of subsidiaries of the Company 1.9 1.7 Total audit fees 2.3 2.0 Audit-related assurance services 0.1 0.2 Total non-audit fees 0.1 0.2 Total auditor\u2019s remuneration 2.4 2.2 8 Directors\u2019 emoluments Directors represent the key management personnel of the Group under the terms of IAS 24 Related Party Disclosures. Total remuneration is shown below. Further details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans are shown in the Annual Report on Remuneration 2022 on pages 143 to 168. The share-based payments charge comprises a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 23). 2022 \u00a3m 2021 \u00a3m Salaries and short-term benefits 2.9 3.3 Post-retirement benefits 0.2 0.2 Share-based payments 2.0 2.4 Total Directors\u2019 remuneration 5.1 5.9 Spirax-Sarco Engineering plc Annual Report 2022 203 Financial Statements 9 Taxation 2022 Adjusted \u00a3m 2022 Adjustments \u00a3m 2022 Total \u00a3m 2021 Adjusted \u00a3m 2021 Adjustments \u00a3m 2021 Total \u00a3m Analysis of charge in period UK corporation tax: Current tax on income for the period 7.3 (0.2) 7.1 8.7 \u2212 8.7 Adjustments in respect of prior periods (0.7) \u2212 (0.7) (1.7) \u2212 (1.7) 6.6 (0.2) 6.4 7.0 \u2212 7.0 Foreign tax: Current tax on income for the period 89.4 (0.8) 88.6 74.5 \u2212 74.5 Adjustments in respect of prior periods (1.3) \u2212 (1.3) (1.5) \u2212 (1.5) 88.1 (0.8) 87.3 73.0 \u2212 73.0 Total current tax charge 94.7 (1.0) 93.7 80.0 \u2212 80.0 Deferred tax \u2013 UK (0.4) (0.7) (1.1) 4.0 (0.3) 3.7 Deferred tax \u2013 rest of the world (1.8) (7.7) (9.5) (0.1) (4.0) (4.1) Tax on profit on ordinary activities 92.5 (9.4) 83.1 83.9 (4.3) 79.6 Reconciliation of effective tax rate 2022 Adjusted \u00a3m 2022 Adjustments \u00a3m 2022 Total \u00a3m 2021 Adjusted \u00a3m 2021 Adjustments \u00a3m 2021 Total \u00a3m Profit before tax and share of profit of Associate 370.6 (62.5) 308.1 333.9 (19.4) 314.5 Expected tax at blended rate 87.5 (14.3) 73.2 81.4 (4.1) 77.3 Increased withholding tax on overseas dividends 6.2 \u2212 6.2 5.2 \u2212 5.2 Non-deductible expenditure 0.6 3.0 3.6 2.6 \u2212 2.6 Over provided in prior years (2.3) 2.0 (0.3) (4.9) \u2212 (4.9) Other reconciling items 0.5 (0.1) 0.4 (0.4) (0.2) (0.6) Total tax in Income Statement 92.5 (9.4) 83.1 83.9 (4.3) 79.6 Effective tax rate 25.0% 15.0% 27.0% 25.1% 22.2% 25.3% The Group\u2019s tax charge in future years is likely to be affected by the proportion of profits arising and the effective tax rates in the various territories in which the Group operates. The rate may also be affected by the impact of any acquisitions. The Group monitors income tax developments in the territories in which it operates, to include the OECD Base Erosion and Profit Shifting (BEPS) initiative. This includes the setting of a new minimum global corporate tax rate of 15%. We will continue to monitor developments closely and assess whether this will lead to an increase in tax from 2024. The Group\u2019s tax charge for the year ended 31st December 2022 includes a credit of \u00a39.4m in relation to certain items excluded from adjusting operating profit (as disclosed in Note 2). The tax impacts of these items are: \u2022 Amortisation of acquisition-related intangible assets (\u00a35.6m credit); \u2022 Costs associated with the acquisition of Vulcanic (\u00a31.8m credit); \u2022 Costs associated with the acquisition of Durex Industries (\u00a31.2m credit); \u2022 Restructuring of the Chromalox manufacturing operations in Soissons (France) (\u00a30.7m credit); and \u2022 Costs associated with the redevelopment of the Group Head Office building in Cheltenham (UK) (\u00a30.1m credit). Excluding these adjustments the tax on profit and the effective tax rate are \u00a392.5m and 25.0% respectively. The UK deferred tax assets and liabilities at 31st December 2022 that are expected to reverse before 1st April 2023 have been calculated based upon the rate of 19% whilst the UK deferred tax assets and liabilities expected to reverse on or after 1st April 2023 have been calculated based upon the rate of 25%. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022204 9 Taxation continued In October 2017, the European Commission (EC) opened a State Aid investigation into the UK\u2019s Controlled Foreign Company (CFC) regime. In April 2019, the EC published its final decision that the UK CFC Finance Company Exemption (FCE) constituted State Aid in certain circumstances, following which the UK Government appealed the decision to the EU General Court. In June 2022, the EU General Court dismissed the UK Government\u2019s appeal following which the UK Government lodged a further appeal to the European Court of Justice. The UK Government\u2019s appeal has not yet been heard. Like other UK Groups, the Group submitted its own appeal against the EC\u2019s decision. The Group\u2019s benefit from the FCE in the period from 1st January 2013 to 31st December 2022 is approximately \u00a38.7m, including compound interest. To date, the Group has received, paid, and appealed Charging Notices totalling \u00a34.9m, assessed for the period from 1st January 2017 to 31st December 2018. The Group expects to recover this in the event of a successful appeal and has recognised a receivable for the full amount at the year-end balance sheet date. The Group has not received a Charging Notice for the period prior to 1st January 2017, the benefit for this period being \u00a32.8m. HMRC has enquired into the benefit received during 2019, which the Group estimates to be \u00a31.0m. No provisions have been recognised at the year-end balance sheet date for either the Charging Notice amounts or for the estimates for the other periods. No UK tax (after double tax relief for underlying tax) is expected to be payable on the future remittance of retained earnings of overseas subsidiaries. The effective tax rate is calculated as a percentage of profit before tax and a share of profits of Associates. 10 Earnings per share 2022 2021 Profit attributable to equity shareholders (\u00a3m) 224.7 234.6 Weighted average shares (million) 73.6 73.7 Dilution (million) 0.2 0.2 Diluted weighted average shares (million) 73.8 73.9 Basic earnings per share 305.1p 318.3p Diluted earnings per share 304.4p 317.5p Basic and diluted earnings per share calculated on an adjusted profit basis are included in Note 2. The dilution is in respect of the Performance Share Plan. 11 Dividends 2022 \u00a3m 2021 \u00a3m Amounts paid in the year: Final dividend for the year ended 31st December 2021 of 97.5p (2020: 84.5p) per share 71.9 62.3 Interim dividend for the year ended 31st December 2022 of 42.5p (2021: 38.5p) per share 31.2 28.4 Total dividends paid 103.1 90.7 Amounts arising in respect of the year: Interim dividend for the year ended 31st December 2022 of 42.5p (2021: 38.5p) per share 31.2 28.4 Proposed final dividend for the year ended 31st December 2022 of 109.5p (2021: 97.5p) per share 80.8 71.8 Total dividends arising 112.0 100.2 The proposed dividend is subject to approval in 2023. It is therefore not included as a liability in these Financial Statements. No scrip alternative to the cash dividend is being offered in respect of the proposed final dividend for the year ended 31st December 2022. Spirax-Sarco Engineering plc Annual Report 2022 205 Financial Statements 12 Investment in Associate Associate 2022 \u00a3m Associate 2021 \u00a3m Cost of investment 1.4 1.4 Share of equity (1.4) (1.4) Total investment in Associate \u2212 \u2212 Summarised financial information (100% of the results of the Associate): Revenue 1.8 0.6 Profit/(loss) for the period 0.1 (0.7) Current assets 1.0 0.4 Non-current assets 0.3 0.4 Current and non-current liabilities 2.1 1.7 Details of the Group\u2019s Associate at 31st December 2022 and 31st December 2021 is as follows: Name of Associate Country of incorporation and operation Proportion of ownership interest and voting power held Principal activity Econotherm (UK) Ltd UK 14.7% Manufacturing and selling The Group\u2019s share of profit/(loss) of Associate is \u00a3nil profit (2021: \u00a30.1m loss). The Group\u2019s share of profits in 2022 exceeded our total investment value by \u00a3nil. As a result, in line with IAS 28 paragraph 38, the Group did not recognise a profit in the Consolidated Income Statement. No further future profits/losses will be recognised in the Consolidated Income Statement going forward, and any share of profit will only be recognised once it has exceeded the cumulative unrecognised loss of \u00a30.3m. The proportion of ownership reduced during 2022, from 16.1% to 14.7%. 13 Property, plant and equipment 2022 Freehold land and buildings \u00a3m Leasehold land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings, tools and equipment \u00a3m Assets under construction \u00a3m Total \u00a3m Cost: At 1st January 2022 157.7 40.8 204.2 89.4 22.3 514.4 Exchange adjustments 6.1 1.7 9.0 3.1 1.8 21.7 163.8 42.5 213.2 92.5 24.1 536.1 Acquisitions 7.3 9.4 11.2 2.1 0.7 30.7 Additions 2.8 1.4 23.1 17.1 59.9 104.3 Transfers \u2212 0.7 7.9 17.5 (26.4) (0.3) Disposal of subsidiaries \u2212 (0.3) (0.6) (0.3) \u2212 (1.2) Disposals (8.8) (0.1) (10.4) (7.4) (0.1) (26.8) At 31st December 2022 165.1 53.6 244.4 121.5 58.2 642.8 Depreciation: At 1st January 2022 36.9 10.9 127.4 61.8 \u2212 237.0 Exchange adjustments 1.8 0.5 5.9 2.7 \u2212 10.9 38.7 11.4 133.3 64.5 \u2212 247.9 Charged in year 6.4 1.8 15.5 9.5 \u2212 33.2 Impairment 2.1 \u2212 0.4 \u2212 \u2212 2.5 Transfers \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 Disposals of subsidiaries \u2212 (0.3) (0.4) (0.2) \u2212 (0.9) Disposals (8.7) \u2212 (9.6) (6.1) \u2212 (24.4) At 31st December 2022 38.5 12.9 139.2 67.7 \u2212 258.3 Net book value: At 31st December 2022 126.6 40.7 105.2 53.8 58.2 384.5 All impaired assets have been impaired down to a recoverable amount of \u00a3nil. In 2022, the Group identified indicators of impairment as a result of the restructuring of the Chromalox manufacturing operations in Soissons (France). A total of \u00a32.5m was recognised within items excluded from adjusted operating profit. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022206 13 Property, plant and equipment continued The total amount of transfers relates to property, plant and equipment transferred to other intangible assets (see Note 15). 2021 Freehold land and buildings \u00a3m Leasehold land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings, tools and equipment \u00a3m Assets under construction \u00a3m Total \u00a3m Cost: At 1st January 2021 158.3 38.7 196.0 83.2 9.8 486.0 Exchange adjustments (3.9) 0.7 (3.5) (1.9) \u2212 (8.6) 154.4 39.4 192.5 81.3 9.8 477.4 Additions 1.8 0.9 18.2 10.1 21.8 52.8 Transfers 2.1 0.6 2.9 0.1 (9.2) (3.5) Disposals (0.6) (0.1) (9.4) (2.1) (0.1) (12.3) At 31st December 2021 157.7 40.8 204.2 89.4 22.3 514.4 Depreciation: At 1st January 2021 35.1 9.5 123.3 56.8 \u2212 224.7 Exchange adjustments (1.1) 0.1 (2.0) (1.2) \u2212 (4.2) 34.0 9.6 121.3 55.6 \u2212 220.5 Charged in year 3.5 1.4 15.2 8.2 \u2212 28.3 Transfers (0.2) \u2212 (0.1) (0.2) \u2212 (0.5) Disposals (0.4) (0.1) (9.0) (1.8) \u2212 (11.3) At 31st December 2021 36.9 10.9 127.4 61.8 \u2212 237.0 Net book value: At 31st December 2021 120.8 29.9 76.8 27.6 22.3 277.4 14 Leases Right-of-use assets 2022 Leased land and buildings \u00a3m Leased plant and machinery \u00a3m Leased fixtures, fittings, tools and equipment \u00a3m Total right-of- use assets \u00a3m Cost: At 1st January 2022 73.9 17.2 2.4 93.5 Exchange adjustments 3.9 1.0 0.2 5.1 77.8 18.2 2.6 98.6 Acquisitions 3.8 0.1 0.2 4.1 Additions 6.5 4.7 0.3 11.5 Disposals (1.9) (1.4) \u2212 (3.3) At 31st December 2022 86.2 21.6 3.1 110.9 Depreciation: At 1st January 2022 19.0 9.8 1.8 30.6 Exchange adjustments 1.6 0.6 0.1 2.3 20.6 10.4 1.9 32.9 Charged in the year 9.1 4.1 0.3 13.5 Disposals (1.5) (1.2) \u2212 (2.7) At 31st December 2022 28.2 13.3 2.2 43.7 Net book value: At 31st December 2022 58.0 8.3 0.9 67.2 Spirax-Sarco Engineering plc Annual Report 2022 207 Financial Statements 14 Leases continued The vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.4 years (2021: 4.3 years). 2021 Leased land and buildings \u00a3m Leased plant and machinery \u00a3m Leased fixtures, fittings, tools and equipment \u00a3m Total right-of- use assets \u00a3m Cost: At 1st January 2021 41.6 14.0 2.3 57.9 Exchange adjustments (0.9) (0.6) (0.1) (1.6) 40.7 13.4 2.2 56.3 Additions 34.4 4.5 0.2 39.1 Disposals (1.2) (0.7) \u2212 (1.9) At 31st December 2021 73.9 17.2 2.4 93.5 Depreciation: At 1st January 2021 13.3 7.0 1.3 21.6 Exchange adjustments (0.2) (0.4) \u2212 (0.6) 13.1 6.6 1.3 21.0 Charged in the year 7.0 3.9 0.5 11.4 Disposals (1.1) (0.7) \u2212 (1.8) At 31st December 2021 19.0 9.8 1.8 30.6 Net book value: At 31st December 2021 54.9 7.4 0.6 62.9 The maturity analysis of lease liabilities is presented in Note 28. Amounts recognised in Consolidated Income Statement 31st December 2022 \u00a3m 31st December 2021 \u00a3m Depreciation expense on right-of-use assets 13.5 11.4 Interest expense on lease liabilities 1.5 1.1 Expense relating to short-term leases 1.9 2.0 Expense relating to leases of low value assets 0.4 0.4 Expense relating to variable lease payments not included in the measurement of the lease liability 0.2 0.2 Income from subleases right-of-use assets (0.2) (0.1) Total impact on profit before tax 17.3 15.0 The total cash outflow for leases during 2022 was \u00a316.9m (2021: \u00a315.3m). The following cash outflows (undiscounted) are those that the Group is potentially exposed to in future periods but are currently not reflected in the measurement of lease liabilities: \u2022 \u00a30.1m relating to variable lease payments not based on an index or rate (2021: \u00a30.1m); \u2022 \u00a31.1m relating to optional extension periods that are not reasonably certain to be exercised as at 31st December 2022 (2021: \u00a31.2m); and \u2022 \u00a328.1m relating to leases that the Group are committed, but have not commenced as at 31st December 2022 (2021: \u00a337.7m). Notes to the Consolidated Financial Statements continued Financial Statements S 15 Goodwill and other intangible assets 2022 Acquired intangibles \u00a3m Development costs \u00a3m Computer software \u00a3m Total other intangibles \u00a3m Goodwill \u00a3m Cost: At 1st January 2022 359.2 30.2 78.0 467.4 418.4 Exchange and other adjustments 28.8 0.3 1.7 30.8 33.1 388.0 30.5 79.7 498.2 451.5 Acquisitions 244.6 0.1 0.4 245.1 259.3 Additions \u2212 4.3 8.9 13.2 \u2212 Transfers from property, plant and equipment \u2212 \u2212 0.3 0.3 \u2212 Disposal of subsidary \u2212 \u2212 (0.3) (0.3) \u2212 Disposals \u2212 \u2212 (0.4) (0.4) \u2212 At 31st December 2022 632.6 34.9 88.6 756.1 710.8 Amortisation: At 1st January 2022 142.4 19.5 49.8 211.7 7.2 Exchange adjustments 10.7 0.2 2.0 12.9 0.3 153.1 19.7 51.8 224.6 7.5 Amortisation 23.7 2.3 5.8 31.8 \u2212 Disposal of subsidary \u2212 \u2212 (0.3) (0.3) \u2212 Disposals \u2212 \u2212 (0.3) (0.3) \u2212 At 31st December 2022 176.8 22.0 57.0 255.8 7.5 Net book value: At 31st December 2022 455.8 12.9 31.6 500.3 703.3 2021 Acquired intangibles \u00a3m Development costs \u00a3m Computer software \u00a3m Total other intangibles \u00a3m Goodwill \u00a3m Cost: At 1st January 2021 368.6 27.1 69.8 465.5 429.8 Exchange and other adjustments (9.4) (0.2) (1.3) (10.9) (11.4) 359.2 26.9 68.5 454.6 418.4 Additions \u2212 3.2 8.1 11.3 \u2212 Transfers from property, plant and equipment \u2212 0.1 3.4 3.5 \u2212 Disposals \u2212 \u2212 (2.0) (2.0) \u2212 At 31st December 2021 359.2 30.2 78.0 467.4 418.4 Amortisation: At 1st January 2021 125.4 17.6 45.9 188.9 7.4 Exchange adjustments (4.4) (0.1) (0.9) (5.4) (0.2) 121.0 17.5 45.0 183.5 7.2 Amortisation 21.4 2.0 5.9 29.3 \u2212 Transfers from property, plant and equipment \u2212 \u2212 0.5 0.5 \u2212 Disposals \u2212 \u2212 (1.6) (1.6) \u2212 At 31st December 2021 142.4 19.5 49.8 211.7 7.2 Net book value: At 31st December 2021 216.8 10.7 28.2 255.7 411.2 Spirax-Sarco Engineering plc Annual Report 2022 209 Financial Statements 15 Goodwill and other intangible assets continued Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2022 Customer relationships \u00a3m Brand names and trademarks \u00a3m Manufacturing designs and core technology \u00a3m Non-compete undertakings and other \u00a3m Total acquired intangibles \u00a3m Cost: At 1st January 2022 87.1 190.2 60.2 21.7 359.2 Exchange and other adjustments 5.0 19.0 3.9 0.9 28.8 92.1 209.2 64.1 22.6 388.0 Acquisitions 89.8 128.9 20.1 5.8 244.6 At 31st December 2022 181.9 338.1 84.2 28.4 632.6 Amortisation and impairment: At 1st January 2022 42.2 49.9 28.6 21.7 142.4 Exchange adjustments 2.9 5.0 1.8 1.0 10.7 45.1 54.9 30.4 22.7 153.1 Amortisation and impairment 6.8 12.1 4.4 0.4 23.7 At 31st December 2022 51.9 67.0 34.8 23.1 176.8 Net book value: At 31st December 2022 130.0 271.1 49.4 5.3 455.8 Customer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance the individually material balances relate to Durex Industries \u00a383.3m (2021: \u00a3nil) and Thermocoax \u00a326.9m (2021: \u00a327.8m). The remaining amortisation periods are 14.9 years and 11.4 years respectively. Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Vulcanic \u00a3106.1m (2021: \u00a3nil), Durex Industries \u00a321.2m (2021: \u00a3nil), Chromalox \u00a3103.5m (2021: \u00a398.9m) and Gestra \u00a322.4m (2021: \u00a323.6m). The remaining amortisation periods are 19.8 years, 19.9 years, 14.5 years and 9.3 years respectively. Manufacturing designs and core technology are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within this balance. Non-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. 2021 Customer relationships \u00a3m Brand names and trademarks \u00a3m Manufacturing designs and core technology \u00a3m Non-compete undertakings and other \u00a3m Total acquired intangibles \u00a3m Cost: At 1st January 2021 91.4 192.3 61.8 23.1 368.6 Exchange and other adjustments (4.3) (2.1) (1.6) (1.4) (9.4) 87.1 190.2 60.2 21.7 359.2 Acquisitions \u2212 \u2212 \u2212 \u2212 \u2212 At 31st December 2021 87.1 190.2 60.2 21.7 359.2 Amortisation and impairment: At 1st January 2021 37.9 40.4 24.8 22.3 125.4 Exchange adjustments (1.7) (0.6) (0.7) (1.4) (4.4) 36.2 39.8 24.1 20.9 121.0 Amortisation and impairment 6.0 10.1 4.5 0.8 21.4 At 31st December 2021 42.2 49.9 28.6 21.7 142.4 Net book value: At 31st December 2021 44.9 140.3 31.6 \u2212 216.8 Impairment In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022210 15 Goodwill and other intangible assets continued
Goodwill impairment is considered based on groups of CGUs that represent the lowest level to which goodwill is monitored for internal
management purposes, being each operating segment as disclosed in Note 3. The breakdown of the goodwill value at 31st December across
these is shown below:
2022
Goodwill
\u00a3m
2021
Goodwill
\u00a3m
Steam Specialties 127.4 110.6
Electric Thermal Solutions 514.9 241.0
Watson-Marlow 61.0 59.6
Total goodwill 703.3 411.2
The goodwill balance has been tested for annual impairment on the following basis:
The carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on
forecast information for the next financial year which have been approved by the Board and then extended up to a further seven years
based on the most recent forecasts prepared by management. Cash flow forecasts extend beyond five years only for Electric Thermal
Solutions, incorporating further medium-term revenue growth expected during that period which is consistent with (i) the acquisition plan that
indicated a period of greater than five years would be required before a newly acquired segment reaches long-term expected performance
and (ii) the extension of forecasts to 2030 aligns with anticipated growth from industrial decarbonisation driven by net zero commitments
made by customers. The Group has a strong track record of consistent organic growth over many years and this, coupled with the global
decarbonisation targets to which our products support, provides a reliable basis for forecasts longer than five years. The forecast period beyond
five years, however, is not a key judgement that would impact the outcome of the impairment tests performed on the Electric Thermal Solutions
group of CGUs. The forecast period will be reduced by one year over each of the next three years, such that a five year forecast period will be
used from 2025 onwards.
The key assumptions on which the impairment tests are based are the discount rates and forecast cash flows which are driven by growth rates
and EBIT margins.
\u2022 pre-tax discount rates are based on estimations of the assumptions that market participants operating in similar sectors to the Group would
make, using the Group\u2019s economic profile as a starting point and adjusting appropriately; taking into account the size of the business along
with specific geographical and industry risk factors. Discount rates are not adjusted for estimated impacts of inflation, which is consistent with
the calculation of the future operating cash flows to which they are applied;
\u2022 short to medium-term growth rates based on external market growth rates (where available) and historical experience within each group of
CGUs. The short to medium-term is defined as not more than eight years;
\u2022 long-term growth rates are set using the weighted average GDP growth rates (IMF and Oxford Economics) of the group of CGUs end
markets; and
\u2022 EBIT margins are based on historical performance and expected improvements in operational efficiency and leverage from
completed projects.
The principal value in use assumptions were as follows:
Operating segment
2022
Discount rate
2022
Short to
medium-term
growth rate
2022
Long-term
growth rate
Period of
annual
cashflow
forecast
(years)
2021
Discount rate
2021
Short to
medium-term
growth rate
2021
Long-term
growth rate
Period of
annual
cashflow
forecast
(years)
Steam Specialties 14.1% 5.5% \u2013 10.5% 3.1% 5 10.7% 5.7\u20137.9% 2.5% 5
Electric Thermal Solutions 11.3% 5.9% \u2013 10.1% 2.4% 8 9.8% 3.5\u201314.9% 1.7% 9
Watson-Marlow 12.0% (1.0)% \u2013 12.4% 2.7% 5 10.2% 4.9\u201318.2% 2.0% 5
The results of the Group\u2019s impairment tests are dependent upon estimates, particularly in relation to the key assumptions described above.
Sensitivity analysis to potential changes in the key assumptions has been undertaken based on the following reasonably possible change
sensitivities in isolation:
\u2022 a 100 bps increase in the discount rate applied to each group of CGUs;
\u2022 a range of 0 bps \u2013 220 bps reduction in the short to medium-term growth rates and a 50 bps reduction in long-term growth rates used in the
cash flow projections;
\u2022 a range of 10 \u2013 170 bps reduction in the EBIT margin used in the cash flow projections; and
\u2022 a 100 bps increase in the discount rates and a 50 bps reduction in long-term growth rates, combined with a range of 0 \u2013 220 bps reduction
in the short to medium-term growth rates and a range of 10 \u2013 170 bps reduction in forecast EBIT margins specifically in relation to the Electric
Thermal Solutions group of CGU\u2019s used in the cash flow projections.
For each group of CGUs, the Directors do not consider that there are any reasonably possible change sensitivities for the business that could
arise in the next 12 months that would result in an impairment charge being recognised.
Spirax-Sarco Engineering plc Annual Report 2022 211
Financial Statements
16 Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: 2022 Assets \u00a3m 2021 Assets \u00a3m 2022 Liabilities \u00a3m 2021 Liabilities \u00a3m 2022 Net \u00a3m 2021 Net \u00a3m Accelerated capital allowances 0.6 0.5 (23.4) (12.8) (22.8) (12.3) Provisions 12.0 8.3 (0.2) (0.2) 11.8 8.1 Losses 16.2 5.6 \u2212 \u2212 16.2 5.6 Inventory 8.2 6.6 (0.9) (1.6) 7.3 5.0 Pensions 18.6 15.8 (5.4) (3.8) 13.2 12.0 Acquired intangibles \u2212 \u2212 (91.0) (55.0) (91.0) (55.0) Other temporary differences 13.4 9.3 (7.2) (8.4) 6.2 0.9 Tax assets/(liabilities) 69.0 46.1 (128.1) (81.8) (59.1) (35.7) Movement in deferred tax during the year 2022 1st January 2022 \u00a3m Recognised in income \u00a3m Recognised in OCI \u00a3m Recognised in equity \u00a3m Acquisitions \u00a3m 31st December 2022 \u00a3m Accelerated capital allowances (12.3) (9.9) \u2212 (0.4) (0.2) (22.8) Provisions 8.1 3.4 (0.4) 0.5 0.2 11.8 Losses 5.6 9.5 \u2212 0.1 1.0 16.2 Inventory 5.0 2.3 \u2212 \u2212 \u2212 7.3 Pensions 12.0 (1.5) 1.7 0.7 0.3 13.2 Acquired intangibles (55.0) 4.1 (2.3) (5.6) (32.2) (91.0) Other temporary differences 0.9 2.7 2.8 (0.4) 0.2 6.2 Group total (35.7) 10.6 1.8 (5.1) (30.7) (59.1) Movement in deferred tax during the year 2021 1st January 2021 \u00a3m Recognised in income \u00a3m Recognised in OCI \u00a3m Recognised in equity \u00a3m 31st December 2021 \u00a3m Accelerated capital allowances (8.8) (3.7) \u2212 0.2 (12.3) Provisions 8.8 (0.4) 0.1 (0.4) 8.1 Losses 3.9 1.9 \u2212 (0.2) 5.6 Inventory 4.3 0.7 0.1 (0.1) 5.0 Pensions 22.7 (1.4) (9.5) 0.2 12.0 Acquired intangibles (61.1) 4.9 \u2212 1.2 (55.0) Other temporary differences 1.7 (2.1) 1.3 \u2212 0.9 Group total (28.5) (0.1) (8.0) 0.9 (35.7) At the Balance Sheet date, the Group has deductible temporary differences, unused tax losses and unused tax creditors of \u00a330.0m (2021: \u00a314.4m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a316.2m (2021: \u00a35.6m). No deferred tax asset has been recognised in respect of the remaining \u00a313.8m (2021: \u00a38.8m) as it is not considered probable that there will be future taxable profits available against which the relevant deduction can be offset. The losses may be carried forward indefinitely. A deferred tax credit of \u00a31.7m (2021: \u00a39.5m charge) recognised in the Consolidated Statement of Comprehensive Income (page 185) associated with the measurement of defined benefit obligations comprises \u00a31.8m relating to remeasurement loss (2021: \u00a38.9m relating to remeasurement gains) offset by \u00a30.1m relating to exchange movement gains (2021: \u00a30.6m loss). Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022212 17 Inventories 2022 \u00a3m 2021 \u00a3m Raw materials, consumables and components 136.1 81.6 Work in progress 39.5 26.7 Finished goods and goods for resale 114.4 93.0 Total inventories 290.0 201.3 The write-down of inventories recognised as an expense during the year was \u00a39.0m (2021: \u00a32.0m). This comprises a cost of \u00a310.5m (2021: \u00a33.4m) to write-down inventory to net realisable value reduced by \u00a31.5m (2021: \u00a31.4m) for reversal of previous write-down reassessed as a result of customer demand. A total of \u00a32.1m was recognised within items excluded from adjusted operating profit. The value of inventories expected to be recovered after more than 12 months is \u00a312.6m (2021: \u00a313.1m). There is no material difference between the Statement of Financial Position value of inventories and their replacement cost. None of the inventory has been pledged as security. 18 Other current assets 2022 \u00a3m 2021 \u00a3m Other receivables 42.4 22.6 Contract assets 11.7 3.2 Prepayments 25.5 18.9 Total other current assets 79.6 44.7 Contract assets relate to revenue recognised that has not yet been invoiced to the customer. Other receivables comprise various assets across the Group including sales tax receivables and other non trade balances. 19 Trade and other payables 2022 \u00a3m 2021 \u00a3m Trade payables 89.9 67.8 Contract liabilities 20.6 17.1 Social security 9.4 7.3 Other payables 49.9 39.1 Accruals 113.2 85.7 Total trade and other payables 283.0 217.0 Contract liabilities relate to advance payments received from customers that have not yet been recognised as revenue. \u00a315.7m of the contract liabilities at 31st December 2021 was recognised as revenue during 2022 (2021: \u00a311.2m). Other payables comprise various balances across the Group including sales tax payable. Spirax-Sarco Engineering plc Annual Report 2022 213 Financial Statements 20 Provisions 2022 Product warranty \u00a3m Legal, contractual and other \u00a3m Total \u00a3m At 1st January 2022 2.1 4.6 6.7 Additional provision in the year 0.6 7.9 8.5 Utilised or released during the year (0.9) (2.5) (3.4) Acquisition of subsidiary 0.8 5.2 6.0 Exchange adjustments 0.1 0.3 0.4 At 31st December 2022 2.7 15.5 18.2 2021 Product warranty \u00a3m Legal, contractual and other \u00a3m Total \u00a3m At 1st January 2021 2.0 6.1 8.1 Additional provision in the year 0.7 3.1 3.8 Utilised or released during the year (0.6) (4.3) (4.9) Exchange adjustments \u2013 (0.3) (0.3) At 31st December 2021 2.1 4.6 6.7 2022 \u00a3m 2021 \u00a3m Current provisions 12.0 5.2 Non-current provisions 6.2 1.5 Total provisions 18.2 6.7 Product warranty Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business. These are expected to be incurred in the next three years. Legal, contractual and other Legal, contractual and other provisions mainly comprise amounts provided against open legal and contractual disputes arising from trade and employment. These costs are based on past experience of similar items and other known factors and represent management\u2019s best estimate of the likely outcome. The Group has taken action to enforce its rights and protect its intellectual property rights around the world. Reflecting the inherent uncertainty within many legal proceedings, the timing and amount of the outflows could differ significantly from the amount provided. Management does not expect that the outcome of such proceedings, either individually or in aggregate, will have a material adverse effect on the Group\u2019s financial condition or results of operations. Of the total legal, contractual and other provisions at 31st December 2022 \u00a39.8m (2021: \u00a33.5m) has been included within current and \u00a35.7m (2021: \u00a31.1m) within non-current provisions. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022214 21 Called-up share capital and reserves 2022 \u00a3m 2021 \u00a3m Ordinary shares of 26 12/13p (2021: 26 12/13p) each: Authorised 111,428,571 (2021: 111,428,571) 30.0 30.0 Allotted, called up and fully paid 73,776,048 (2021: 73,776,048) 19.8 19.8 28,262 (2021: 33,856) shares with a nominal value of \u00a37,609 (2021: \u00a39,155) were issued in connection with the Group\u2019s Employee Share Ownership Plan with external consideration of \u00a31.8m (2021: \u00a31.5m) received by the Group. In 2022, all shares were provided to employees through the Employee Benefit Trust and not through the issue of share capital. At 31st December 2022, 179,632 shares were held in an Employee Benefit Trust and available for use in connection with the Group\u2019s Employee Share Schemes. 108 senior employees of the Group have been granted options on Ordinary shares under the Performance Share Plan (details in Note 23). Translation reserve in the Consolidated Statement of Changes in Equity on pages 186 to 187 is made up as follows: 1st January 2022 \u00a3m Change in year \u00a3m 31st December 2022 \u00a3m Net investment hedge reserve 12.7 (15.4) (2.7) Translation reserve (53.2) 73.4 20.2 Total translation reserve (40.5) 58.0 17.5 1st January 2021 \u00a3m Change in year \u00a3m 31st December 2021 \u00a3m Net investment hedge reserve (6.1) 18.8 12.7 Translation reserve (27.6) (25.6) (53.2) Total translation reserve (33.7) (6.8) (40.5) Net investment hedge reserve The reserve records the cumulative gain or loss on hedging instruments designated in net investment hedges. Together with the translation reserve, these are the foreign currency translation reserves of the Group. Other reserves in the Consolidated Statement of Changes in Equity on pages 186 to 187 are made up as follows: 1st January 2022 \u00a3m Change in year \u00a3m 31st December 2022 \u00a3m Cash flow hedges reserve (0.2) (3.5) (3.7) Capital redemption reserve 1.8 \u2013 1.8 Employee Benefit Trust reserve (19.3) (2.2) (21.5) Total other reserves (17.7) (5.7) (23.4) 1st January 2021 \u00a3m Change in year \u00a3m 31st December 2021 \u00a3m Cash flow hedges reserve 2.6 (2.8) (0.2) Capital redemption reserve 1.8 \u2013 1.8 Employee Benefit Trust reserve (6.8) (12.5) (19.3) Total other reserves (2.4) (15.3) (17.7) Cash flow hedges reserve The reserve records the cumulative net change in the fair value of forward exchange contracts where they are designated as effective cash flow hedge relationships. Capital redemption reserve This reserve records the historical repurchase of the Group\u2019s own shares. Employee Benefit Trust reserve The Group has an Employee Benefit Trust which is used to purchase, hold and issue shares in connection with the Group\u2019s employee share schemes. The shares held in Trust are recorded in this separate reserve. Spirax-Sarco Engineering plc Annual Report 2022 215 Financial Statements 22 Capital commitments and contingent liabilities 2022 \u00a3m 2021 \u00a3m Capital expenditure contracted for but not provided 67.0 40.5 All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31st December 2022 (no material contingent liabilities existed at 31st December 2021), but does have a non-material contingent liability in relation to tax estimated at approximately \u00a33.8m (2021: \u00a33.8m). See Note 9 for further details. 23 Employee benefits Retirement benefit obligations The Group operates a wide range of retirement benefit arrangements, which are established in accordance with local conditions and practices within the countries concerned. These include funded defined contribution and funded and unfunded defined benefit schemes. Defined contribution arrangements The majority of the retirement benefit arrangements operated by the Group are of a defined contribution structure, where the employer contribution and resulting Income Statement charge is fixed at a set level or is a set percentage of employees\u2019 pay. Contributions made to defined contribution schemes and charged to the Income Statement totalled \u00a327.0m (2021: \u00a316.5m). In Germany, following the closure of the defined benefit schemes to new entrants in 2021, the main scheme for new employees is a defined contribution scheme. Defined benefit arrangements The Group operates several funded defined benefit retirement schemes where the benefits are based on employees\u2019 length of service. Whilst the Group\u2019s primary schemes are in the UK, it also operates other material benefit schemes in the USA as well as less material schemes elsewhere. In funded arrangements, the assets of defined benefit schemes are held in separate trustee-administered funds or similar structures in the countries concerned. UK defined benefit arrangements The defined benefit schemes in the UK account for 47% (2021: 22%) of the Group\u2019s net liability for defined retirement benefit schemes. Spirax-Sarco operates three UK schemes: the Spirax-Sarco Employees Pension Fund, the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme and the Watson-Marlow Pension Fund. These are all final salary pension schemes and are closed to new members. There is a mix of different inflation-dependent pension increases (in payment and deferment) which vary from member to member according to their membership history and which scheme they are a member of. All three schemes have been set up under UK law and are governed by a Trustee committee, which is responsible for the scheme\u2019s investments, administration and management. A funding valuation is carried out for the Trustees of each scheme every three years by an independent firm of actuaries. Depending on the outcome of that valuation a schedule of future contributions is negotiated with Spirax-Sarco. Further information on the contribution commitments is shown in the Financial Review on pages 38 to 45. US defined benefit schemes The Group operates a pension scheme in the USA, which is closed to new entrants and frozen to future accrual. The pension scheme defines the pension in terms of the highest average pensionable pay for any five consecutive years prior to retirement. No pension increases (in payment and deferment) are offered by this scheme. It also operates a post-retirement medical plan in the USA, which is unfunded, as is typical for these plans. Germany defined benefit scheme The Group operates an unfunded pension scheme in Germany which was closed to future accrual with effect from 1st January 2021 with active members becoming deferred at this date. This curtailment was recognised as a past service credit of \u00a32.0m in the 2021 Consolidated Income Statement . Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022216 23 Employee benefits continued Principal Risks The pension schemes create a number of risk exposures. Annual increases in benefits are, to a varying extent from scheme to scheme, dependent on inflation so the main uncertainties affecting the level of benefits payable are future inflation levels and the actual longevity of the membership. Benefits payable will also be influenced by a range of other factors including member decisions on matters such as when to retire and the possibility to draw benefits in different forms. A key risk is that additional contributions are required if the investment returns fall short of those anticipated when setting the contributions to the pension schemes. All pension schemes are regulated by the relevant jurisdictions. These include extensive legislation and regulatory mechanisms that are subject to change and may impact on the Group\u2019s pension schemes. The IAS 19 liability measurement known as Defined Benefit Obligation (DBO) and the Service Cost are sensitive to the actuarial assumptions made on a range of demographic and financial matters that are used to project the expected benefit payments, the most important of these assumptions being the future inflation levels and the assumptions made about life expectation. The DBO and Service Cost are also very sensitive to the IAS 19 discount rate, which determines the discounted value of the projected benefit payments. The discount rate depends on market yields on high-quality corporate bonds. Investment strategies are set with funding rather than IAS 19 considerations in mind and do not seek to provide a specific hedge against the IAS 19 measurement of DBO. As a result the difference between the market value of the assets and the IAS 19 DBO may be volatile. Further information on the investment strategy for the UK schemes can be found in the Financial Review on pages 38 to 45. Sensitivity analysis to changes in discount rate and inflation are included on page 220. The financial assumptions used at 31st December were: Assumptions weighted by value of liabilities % per annum UK pensions Overseas pensions and medical 2022 % 2021 % 2022 % 2021 % Rate of increase in salaries n/a n/a 2.9 3.1 Rate of increase in pensions 2.9 3.2 2.6 1.8 Rate of price inflation 3.2 3.3 2.4 2.0 Discount rate 4.7 1.8 4.7 2.5 Medical trend rate n/a n/a 7.5 7.5 The UK pensions are closed to future accrual therefore the rate of increase in salaries is not applicable. The weighted average duration of the defined benefit obligation at 31st December 2022 was approximately 15 years (2021:19 years) for the Spirax-Sarco Employees Pension Fund, 10 years (2021:12 years) for the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme and 16 years (2021:19 years) for the Watson-Marlow Pension Fund. The mortality assumptions for the material defined benefit schemes at 31st December 2022 and 31st December 2021 were: Spirax-Sarco Employees Pension Fund At 31st December 2022: 100% of SAPS 3, with CMI 2021 projections with a long-term 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. At 31st December 2021: 100% of SAPS 3, with CMI 2020 projections with a long-term 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. Spirax-Sarco Executives\u2019 Retirement Benefits Scheme At 31st December 2022: 84/87% (male/female) of SAPS S3 light normal, CMI 2021 projections with a long-term trend 1.25% and an initial addition parameter of 0.25% and w2020 parameter of 10%. At 31st December 2021: 84/87% (male/female) of SAPS S3 light normal, CMI 2020 projections with a long-term trend 1.25% and an initial addition parameter of 0.25% and w2020 parameter of 10%. Watson-Marlow Pension Fund At 31st December 2022: 102% of SAPS S3, CMI 2021 projections with a long-term trend of 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. At 31st December 2021: 102% of SAPS S2, CMI 2020 projections with a long-term trend of 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. US Pension Scheme At 31st December 2022: SOA Pri-2012 Amount-Weighted Blue Collar mortality tables with Mortality Improvement Scale MP2021. At 31st December 2021: SOA Pri-2012 Amount-Weighted Blue Collar mortality tables with Mortality Improvement Scale MP2021. By way of example the mortality tables indicate the following life expectancy across the UK schemes: 2022 Life expectancy at 65 2021 Life expectancy at 65 Current age Male Female Male Female 65 22.1 24.6 22.1 24.3 50 23.0 25.6 23.0 25.5 The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice. Spirax-Sarco Engineering plc Annual Report 2022 217 Financial Statements 23 Employee benefits continued The amounts recognised in the Consolidated Statement of Financial Position are determined as follows: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Fair value of schemes\u2019 assets 284.6 497.5 57.0 63.2 341.6 560.7 Present value of funded schemes\u2019 liabilities (309.2) (507.5) (65.5) (76.1) (374.7) (583.6) Deficit in the funded schemes (24.6) (10.0) (8.5) (12.9) (33.1) (22.9) Present value of unfunded schemes\u2019 liabilities \u2013 \u2013 (19.0) (21.8) (19.0) (21.8) Retirement benefit liability recognised in the Consolidated Statement of Financial Position (24.6) (10.0) (27.5) (34.7) (52.1) (44.7) Related deferred tax asset 6.2 2.5 7.0 9.5 13.2 12.0 Net pension liability (18.4) (7.5) (20.5) (25.2) (38.9) (32.7) Fair value of scheme assets UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Quoted equities 46.9 28.9 30.1 36.0 77.0 64.9 Quoted bonds 132.5 14.9 13.1 17.7 145.6 32.6 Other 54.4 6.8 7.4 2.7 61.8 9.5 Total with quoted market price 233.8 50.6 50.6 56.4 284.4 107.0 Cash and cash equivalents 45.9 28.3 0.6 0.8 46.5 29.1 Unquoted equities 2.8 109.5 \u2013 \u2013 2.8 109.5 Unquoted bonds \u2013 273.0 \u2013 \u2013 \u2013 273.0 Real estate 0.3 36.1 \u2013 \u2013 0.3 36.1 Other 1.8 \u2013 5.8 6.0 7.6 6.0 Total other securities 50.8 446.9 6.4 6.8 57.2 453.7 Total market value in aggregate 284.6 497.5 57.0 63.2 341.6 560.7 The actual return on plan assets was a decrease of \u00a3211.6m (2021: an increase of \u00a343.2m). The UK pensions assets include investments in Liability Driven Investment (LDI) funds. LDI funds allow the schemes to hedge a larger proportion of the underlying interest rate exposure that exists within the schemes liabilities. As a result of the structure of LDI funds the schemes may be required to provide additional cash collateral to the LDI funds in order to maintain the current level of hedging should market interest rates increase materially. The LDI funds of \u00a383.4m are included within the quoted bonds in the table above. The movements in the defined benefit obligation recognised in the Consolidated Statement of Financial Position during the year were: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Defined benefit obligation at beginning of year (507.5) (522.8) (97.9) (107.5) (605.4) (630.3) Acquisitions \u2013 \u2013 (1.5) \u2013 (1.5) \u2013 Current service cost \u2013 \u2013 (0.7) (0.1) (0.7) (0.1) Past service credit \u2013 Curtailments \u2013 \u2013 \u2013 2.0 \u2013 2.0 Interest cost (9.1) (6.7) (2.5) (2.1) (11.6) (8.8) Administration costs \u2013 \u2013 (0.7) (0.6) (0.7) (0.6) Remeasurement gain 207.0 8.7 23.0 4.9 230.0 13.6 Actual benefit payments 15.9 16.5 5.3 4.7 21.2 21.2 Experience (loss)/gain (15.5) (3.2) (0.5) 0.3 (16.0) (2.9) Currency (loss)/gain \u2013 \u2013 (9.0) 0.5 (9.0) 0.5 Defined benefit obligation at end of year (309.2) (507.5) (84.5) (97.9) (393.7) (605.4) Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022218 23 Employee benefits continued
The movements in the fair value of plan assets during the year were:
UK pensions
Overseas pensions
and medical Total
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Value of assets at beginning of year 497.5 474.7 63.2 57.0 560.7 531.7
Acquisitions \u2013 \u2013 0.4 \u2013 0.4 \u2013
Expected return on assets 9.0 6.1 1.8 1.4 10.8 7.5
Remeasurement gain (210.9) 28.6 (11.5) 7.1 (222.4) 35.7
Contributions paid by employer 5.4 5.3 1.8 1.7 7.2 7.0
Contributions paid by members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Actual benefit payments (15.9) (16.5) (5.3) (4.7) (21.2) (21.2 )
Administration costs (0.5) (0.7) \u2013 \u2013 (0.5) (0.7)
Currency gain \u2013 \u2013 6.6 0.7 6.6 0.7
Value of assets at end of year 284.6 497.5 57.0 63.2 341.6 560.7
The estimated employer contributions to be made in 2023 are \u00a36.3m.
The history of experience adjustments is as follows:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
2019
\u00a3m
2018
\u00a3m
Defined benefit obligation at end of year (393.7) (605.4) (630.3) (559.1) (526.1 )
Fair value of schemes\u2019 assets 341.6 560.7 531.7 487.8 441.0
Retirement benefit liability recognised in the Statement
of Financial Position (52.1) (44.7) (98.6) (71.3) (85.1 )
Experience adjustment on schemes\u2019 liabilities (16.0) (2.9) 11.4 \u2013 (0.6)
As a percentage of schemes\u2019 liabilities 4.1% 0.5% 1.8% 0.0% 0.1%
Experience adjustment on schemes\u2019 assets (222.4) 35.7 46.5 49.0 (27.3 )
As a percentage of schemes\u2019 assets 65.1% 6.4% 8.7% 10.0% 6.2%
The expense recognised in the Group Income Statement was as follows:
UK pensions
Overseas pensions
and medical Total
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Current service cost \u2013 \u2013 (0.7) (0.1) (0.7) (0.1)
Administration costs (0.5) (0.7) (0.7) (0.6) (1.2) (1.3 )
Past service credit \u2013 Curtailment \u2013 \u2013 \u2013 2.0 \u2013 2.0
Net interest on schemes\u2019 liabilities \u2013 (0.6) (0.8) (0.7) (0.8) (1.3)
Total expense recognised in
Income Statement (0.5) (1.3) (2.2) 0.6 (2.7) (0.7 )
The expense is recognised in the following line items in the Consolidated Income Statement:
2022
\u00a3m
2021
\u00a3m
Operating costs (1.9) (1.4)
Adjustments \u2013 closure of defined benefit schemes \u2013 2.0
Net financing expense (0.8) (1.3 )
Total expense recognised in Income Statement (2.7) (0.7 )
Spirax-Sarco Engineering plc Annual Report 2022 219
Financial Statements
Notes to the Consolidated Financial Statements continued 23 Employee benefits continued The gain or loss recognised in the Statement of Comprehensive Income (OCI) was as follows: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Remeasurement effects recognised in OCI: Due to experience on DBO (15.5) (3.2) (0.5) 0.3 (16.0) (2.9) Due to demographic assumption changes in DBO 4.3 (1.4) \u2013 (0.2) 4.3 (1.6) Due to financial assumption changes in DBO 202.8 10.1 23.0 5.0 225.8 15.1 Return on assets (210.9) 28.6 (11.5) 7.1 (222.4) 35.7 Total remeasurement (loss)/gain recognised in OCI (19.3) 34.1 11.0 12.2 (8.3) 46.3 Deferred tax on remeasurement (loss)/gain and change in rate recognised in OCI 4.8 (5.9) (3.0) (3.0) 1.8 (8.9) Cumulative loss recognised in OCI at beginning of year (39.6) (67.8) (21.1) (30.3) (60.7) (98.1) Cumulative loss recognised in OCI at end of year (54.1) (39.6) (13.1) (21.1) (67.2) (60.7 ) Sensitivity analysis The effect on the defined benefit obligation at 31st December 2022 of an increase or decrease in key assumptions is as follows: UK pensions \u00a3m Overseas pensions and medical \u00a3m Total \u00a3m (Decrease)/increase in pension deficit: Discount rate assumption being 1.0% higher (39.7) (8.5) (48.2) Discount rate assumption being 1.0% lower 46.2 10.1 56.3 Inflation assumption being 1.0% higher 29.3 1.5 30.8 Inflation assumption being 1.0% lower (26.9) (1.3) (28.2) Mortality assumption life expectancy at age 65 being one year higher 10.0 2.3 12.3 The above sensitivities reflect reasonable possible changes in the assumptions therefore have been selected on this basis. The average age of active participants in the UK schemes at 31st December 2022 was 53 years (2021: 53 years) and in the overseas schemes 47 years (2021: 47 years). Cash payments to the pension scheme greater or less than the expense to operating profit 2022 \u00a3m 2021 \u00a3m Defined benefit arrangements (1.9) 0.6 Defined contribution arrangements (27.0) (16.5 ) Total expense recognised in operating costs (28.9) (15.9) Defined benefit arrangements 7.2 7.0 Defined contribution arrangements 27.0 16.5 Total contributions paid by employer 34.2 23.5 Cash payments to the pension scheme greater than the expense to operating profit 5.3 7.6 Share-based payments Disclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2022 on pages 143 to 168. The charge to the Income Statement in respect of share-based payments is made up as follows: 2022 \u00a3m 2021 \u00a3m Performance Share Plan 7.3 7.9 Employee Share Ownership Plan 1.6 1.3 Total expense recognised in Income Statement 8.9 9.2 Financial Statements Spirax-Sarco Engineering plc Annual Report 2022220 23 Employee benefits continued Performance Share Plan Awards under the Performance Share Plan are made to Executive Directors and other senior managers and take the form of contingent rights to acquire shares, subject to the satisfaction of a performance target. To the extent that they vest, awards may be satisfied in cash, in shares or an option over shares. For the 2022 grant onwards, the performance criteria is split into three separate parts. 30% of the award is based on a TSR measure where the performance target is based on the Company\u2019s total shareholder return (TSR) relative to the TSR of other companies included in the FTSE 350 Industrial Goods and Services Supersector over a three-year performance period where awards will vest on a sliding scale. All shares within an award will vest if the Company\u2019s TSR is at or above the upper quartile. 18% will vest if the TSR is at the median and the number of shares that will vest will be calculated pro-rata on a straight-line basis between 18% and 100% if the Company\u2019s TSR falls between the median and the upper quartile. No shares will vest if the Company\u2019s TSR is below the median. The second part, amounting to 50% of the award, is subject to achievement of a target based on aggregate EPS over a three-year performance period. 18% will vest if the compound growth in EPS is equal to the growth in global industrial production (IP) plus 2% as published by CHR Economics, and 100% will vest if the compound growth in EPS is equal to or exceeds the growth in global IP plus 8% (changing to IP plus 7% from the 2023 grant onwards), there is pro-rata vesting for actual growth between these rates. The final 20% of the award compares greenhouse gas intensity emission in the base year of the three-year performance period to the final year. Performance will be measured relative to \u00a3m of sales at base year prices to ensure that efficiency savings are not distorted by inflation. 18% will vest if there is 24% reduction in GHG intensity emission, and 100% will vest if there is a reduction in GHG intensity emission equal to or exceeds 31%, there is pro-rata vesting for actual reduction between these rates. Shares awarded under the Performance Share Plan have been valued using the Monte Carlo simulation valuation methodology. The relevant disclosures in respect of the Performance Share Plan grants are set out below. 2018 Grant 2019 Grant 2020 Grant 2021 Grant 2022 Grant Grant date 4th April 15th May 12th March 5th May 14th March Mid-market share price at grant date 5,560.0p 8,161.0p 7,775.0p 11,770.0p 11,910.0p Number of employees 134 133 104 106 108 Shares under scheme 145,041 112,159 140,934 89,806 92,951 Vesting period 3 years 3 years 3 years 3 years 3 years Probability of vesting 73.5% 74.1% 74.3% 73.9% 76.1% Fair value 4,084.4p 6,048.9p 5,779.2p 8,698.0p 9,057.6p Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below. 2018 Grant 2019 Grant 2020 Grant 2021 Grant 2022 Grant Grant date 1st October 1st October 1st October 1st October 1st October Exercise price 7,240.0p 7,835.0p 11,102.0p 15,043.3p 10,348.3p Number of employees 1,294 1,318 1,373 1,400 1,671 Shares under scheme 16,687 16,820 12,480 9,429 16,832 Vesting period 3 years 3 years 3 years 3 years 3 years Expected volatility 19% 21% 25% 26.5% 28.7% Risk-free interest rate 0.8% 0.5% 0.1% 0.2% 4.0% Expected dividend yield 2.0% 1.8% 1.5% 1.0% 1.0% Fair value 7,623.7p 8,305.1p 11,956.9p 16,382.2p 11,579.7p The accumulation period for the 2022 ESOP ends in September 2023, therefore some figures are projections. Spirax-Sarco Engineering plc Annual Report 2022 221 Financial Statements 24 Analysis of changes in net debt, including changes in liabilities arising from financing activities 2022 At 1st January 2022 \u00a3m Cash flow \u00a3m Acquired debt* \u00a3m Disposal of subsidiaries \u00a3m Exchange movement \u00a3m At 31st December 2022 \u00a3m Current portion of long-term borrowings (59.6) (202.9) Non-current portion of long-term borrowings (289.9) (731.3) Total borrowings (349.5) (934.2) Comprising: Borrowings (349.5) (497.7) (67.0) \u2013 (20.0) (934.2) Changes in liabilities arising from financing (349.5) (497.7) (67.0) \u2013 (20.0) (934.2) Cash at bank 274.6 46.3 \u2013 (2.8) 10.8 328.9 Bank overdrafts (55.6) (26.7) \u2013 \u2013 (2.8) (85.1) Net cash and cash equivalents 219.0 19.6 \u2013 (2.8) 8.0 243.8 Net debt (130.5) (478.1) (67.0) (2.8) (12.0) (690.4) Lease liabilities (60.1) 12.9 (15.2) \u2013 (2.8) (65.2) Net debt including lease liabilities (190.6) (465.2) (82.2) (2.8) (14.8) (755.6) *Debt acquired includes both debt acquired due to acquisition, and debt recognised on the balance sheet due to entry into new leases. The net cashflow from borrowings of \u00a3497.7m consists of \u00a31,008.8m of new borrowings and \u00a3511.1m of repaid borrowings. New borrowings include acquisition-related short-term bank facilities of \u20ac265.0m (\u00a3232.8m) and US$185.0m (\u00a3153.5m), a US$150.0m (\u00a3124.4m) term loan, revolving credit facility drawdowns of \u00a335.0m and \u20ac90.0m (\u00a376.8m) and new private placement debt of \u20ac265.0m (\u00a3234.6m) and $185.0m (\u00a3149.8m) that was issued to repay of the acquisition related short-term bank facilities. Repaid borrowings include \u20ac70.0m (\u00a359.7m) of term loan that matured during the year, \u20ac265.0m (\u00a3234.6m) and US$185.0 (\u00a3149.8m) of acquisition related short-term bank facilities, \u20ac76.3m (\u00a367.0m) of acquired debt that was repaid on completion of the Vulcanic acquisition. At 31st December 2022, total lease liabilities consist of \u00a314.1m (2021: \u00a311.2m) short-term and \u00a351.1m (2021: \u00a348.9m) long-term. See Note 28 for further information on net debt and lease liabilities. 2021 At 1st January 2021 \u00a3m Cash flow \u00a3m Acquired debt* \u00a3m Disposal of subsidiaries \u00a3m Exchange movement \u00a3m At 31st December 2021 \u00a3m Current portion of long-term borrowings (0.6) (59.6) Non-current portion of long-term borrowings (452.2) (289.9) Total borrowings (452.8) (349.5) Comprising: Borrowings (452.8) 77.5 \u2013 \u2013 25.8 (349.5) Changes in liabilities arising from financing (452.8) 77.5 \u2013 \u2013 25.8 (349.5) Cash at bank 246.2 35.7 \u2013 \u2013 (7.3) 274.6 Bank overdrafts (22.2) (34.3) \u2013 \u2013 0.9 (55.6) Net cash and cash equivalents 224.0 1.4 \u2013 \u2013 (6.4) 219.0 Net debt (228.8) 78.9 \u2013 \u2013 19.4 (130.5) Lease liabilities (34.1) 11.7 (39.1) \u2013 1.4 (60.1) Net debt including lease liabilities (262.9) 90.6 (39.1) \u2013 20.8 (190.6) 25 Related party transactions Transactions with Directors are disclosed separately in Note 8 and are shown in the Annual Report on Remuneration 2022 on pages 143 to 168. There were no other related party transactions in either 2021 or 2022. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022222 26 Purchase of businesses
The provisional fair value accounting is shown below:
2022
Cotopaxi
fair value
\u00a3m
Vulcanic
fair value
\u00a3m
Durex
fair value
\u00a3m
Total
\u00a3m
Non-current assets:
Property, plant and equipment \u2013 15.8 14.9 30.7
Right-of-use assets \u2013 4.1 \u2013 4.1
Acquired intangibles 2.8 115.6 126.2 244.6
Software and other intangibles \u2013 0.5 \u2013 0.5
Deferred tax assets \u2013 2.9 0.5 3.4
2.8 138.9 141.6 283.3
Current assets:
Inventories \u2013 17.4 7.3 24.7
Trade receivables 0.8 24.5 9.5 34.8
Other receivables 0.4 3.5 1.2 5.1
Cash and cash equivalents 0.6 10.3 14.8 25.7
1.8 55.7 32.8 90.3
Total assets 4.6 194.6 174.4 373.6
Current liabilities:
Trade payables 0.1 7.5 1.1 8.7
Other payables, accruals and provisions 0.6 15.9 7.0 23.5
Short-term lease liabilities \u2013 1.1 \u2013 1.1
0.7 24.5 8.1 33.3
Non-current liabilities:
Long-term borrowings \u2013 67.0 \u2013 67.0
Long-term payables \u2013 3.7 \u2013 3.7
Long-term lease liabilities \u2013 3.0 \u2013 3.0
Deferred tax liabilities 0.6 33.4 0.1 34.1
Non-current provisions \u2013 4.6 0.1 4.7
Post-retirement benefit plans \u2013 1.1 \u2013 1.1
0.6 112.8 0.2 113.6
Total liabilities 1.3 137.3 8.3 146.9
Total net assets 3.3 57.3 166.1 226.7
Goodwill 10.0 119.2 130.1 259.3
Total 13.3 176.5 296.2 486.0
Satisfied by:
Cash paid 13.3 176.5 296.2 486.0
Total consideration 13.3 176.5 296.2 486.0
Cash outflow for acquired businesses in the Statement of Cash Flows:
Cash paid for businesses acquired in the period and debt repaid 13.3 243.5 296.2 553.0
Debt repaid \u2013 (67.0) \u2013 (67.0)
Cash paid for businesses acquired in the period 13.3 176.5 296.2 486.0
Less cash acquired (0.6) (10.3) (14.8) (25.7)
Net cash outflow 12.7 166.2 281.4 460.3
1. On a debt-free cash-free basis the cash outflow for acquisitions was \u00a3535.5m consisting of \u00a3486.0m paid to the vendors, \u00a367.0m of debt
acquired and repaid and \u00a38.2m of acquisition costs less cash acquired of \u00a325.7m.
2. The acquisitions of 100% of Vulcanic (completed on 29th September 2022 for consideration of \u20ac200.8m or \u00a3176.5m), 100% of Durex
Industries (completed on 30th November 2022 for consideration of US$357.1m or \u00a3296.2m) and 100% of Cotopaxi Limited (completed
on 30th January 2022 for consideration of \u00a313.3m) have all been accounted for under the acquisition method. The separately identified
intangibles of all three acquisitions are recorded as part of the provisional fair value adjustment. The acquired intangibles relate to brand
names and trademarks, manufacturing designs and core technology and customer relationships. The goodwill recognised represents the
skilled workforce acquired and the opportunity to achieve synergies from being part of a larger Group.
Spirax-Sarco Engineering plc Annual Report 2022 223
Financial Statements
26 Purchase of businesses continued 3. Vulcanic is a European leader in industrial process heating solutions and is highly complementary to Chromalox within our ETS Business. As the lead brands within ETS for electric process heating, Chromalox and Vulcanic will support the effective deployment of our industry- leading decarbonisation solutions alongside Steam Specialties. Goodwill arising on the acquisition of Vulcanic is not expected to be tax deductible. Following completion of the acquisition, Vulcanic generated \u20ac34.8m (\u00a329.7m) of revenue and \u20ac8.3m (\u00a37.1m) of adjusted pre-tax profit. Had the acquisition been made on 1st January 2022, Vulcanic revenue and adjusted pre-tax profit would have been approximately \u20ac111.9m (\u00a395.5m) and \u20ac21.1m (\u00a318.0m) respectively. 4. Durex Industries, located in Illinois (USA), is a specialist in custom electric thermal solutions for ultra-high criticality industrial equipment and is highly complementary to Thermocoax within our ETS Business. Together, Thermocoax and Durex Industries are well positioned to capitalise on the growing demand for increasingly stringent thermal energy requirements in high-technology equipment within market sectors with high barriers to entry. Goodwill arising on the acquisition of Durex Industries is expected to be tax deductible in the USA. Following completion of the acquisition, Durex Industries generated US$5.6m (\u00a34.5m) of revenue and US$1.2m (\u00a31.0m) of adjusted pre- tax profit. Had the acquisition been made on 1st January 2022, Durex Industries revenue and adjusted pre-tax profit would have been approximately US$81.3m (\u00a365.5m) and US$26.4m (\u00a321.3m) respectively. 5. Cotopaxi Limited is a UK based digitally-enabled global energy consulting and optimisation company, which will enable Steam Specialties to digitally enhance its customer bonding through the provision of physical and digital connections to customers\u2019 infrastructure and equipment. Goodwill arising on the acquisition of Cotopaxi is not expected to be tax deductible. Following completion of the acquisition, Cotopaxi generated \u00a32.9m of revenue and \u00a30.5m of pre-tax profit. Had the acquisition been made on 1st January 2022, Cotopaxi revenue and pre-tax profit would not have been materially different from the figure disclosed. 6. As at the date of approval of the Financial Statements, the accounting for all current year acquisitions is provisional relating to the finalisation of the acquired intangible assets valuation and certain other provisional balances. Due to their contractual dates, the fair value of receivables acquired approximate to the gross contractual amounts receivable. The amount of gross contractual receivables not expected to be recovered is immaterial. 2021 No subsidiaries were acquired during 2021. 27 Disposal of subsidiary The loss on disposal of subsidiaries relates wholly to the disposal of 100% of Spirax Sarco Russia and Watson-Marlow Russia on 6th July 2022. The consideration amounted to \u00a3nil which resulted in a loss on disposal for Spirax Sarco Russia of \u00a32.2m and \u00a31.7m for Watson-Marlow Russia, including \u00a30.1m of legal fees, and cumulative currency translation losses recycled to the income statement of \u00a33.2m. \u00a32.8m of cash and cash equivalents were disposed as part of the transaction. These disposals did not meet the definition of a discontinued operation given in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, and therefore, no disclosures in relation to discontinued operations have been made. 2021 No subsidiaries were disposed of during 2021. Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022224 28 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is, and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity date s in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The capital structure comprises of debt and borrowings (see Note 24), cash and cash equivalents (see Note 24) along with equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs Net Investment Hedge Accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2022 and 2021. The loss on net investment hedges during 2022 included in the Consolidated Statement of Comprehensive income was \u00a315.4m (2021: \u00a318.8m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 21). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counter-parties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2022 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. Spirax-Sarco Engineering plc Annual Report 2022 225 Financial Statements 28 Derivatives and other financial instruments continued The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities: 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial assets: Cash and cash equivalents 328.9 328.9 274.6 274.6 Trade, other receivables and contract assets 395.2 395.2 298.1 298.1 Total financial assets 724.1 724.1 572.7 572.7 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial liabilities: Borrowings 934.2 918.1 349.5 358.3 Lease liabilities 65.2 65.2 60.1 60.1 Bank overdrafts 85.1 85.1 55.6 55.6 Trade payables 89.9 89.9 67.8 67.8 Other payables and contract liabilities 70.5 70.5 56.2 56.2 Long-term payables 8.8 8.8 4.7 4.7 Accruals 113.2 113.2 85.7 85.7 Total financial liabilities 1,366.9 1,350.8 679.6 688.4 There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities; \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability; and \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data. With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings are estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. We consider that the derivative financial instruments also fall into Level 2. Interest rate risk profile of financial liabilities The interest rate profile of the financial liabilities of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 762.9 642.2 44.9 75.8 US dollar 341.9 283.6 3.0 55.3 Sterling 107.3 21.0 36.3 50.0 Renminbi 46.3 2.0 \u2013 44.3 Other 108.5 18.3 36.1 54.1 Group total 1,366.9 967.1 120.3 279.5 Notes to the Consolidated Financial Statements continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022226 28 Derivatives and other financial instruments continued
2021
Total
\u00a3m
Fixed rate
financial
liabilities
\u00a3m
Floating rate
financial
liabilities
\u00a3m
Financial
liabilities on
which no
interest is paid
\u00a3m
Euro 452.8 366.8 45.0 41.0
US dollar 49.8 8.9 4.0 36.9
Sterling 65.1 20.0 \u2013 45.1
Renminbi 51.6 1.8 \u2013 49.8
Other 60.3 14.6 \u2013 45.7
Group total 679.6 412.1 49.0 218.5
Terms and debt repayment schedule
The terms and conditions of outstanding borrowings were as follows:
Currency
Nominal
interest rate
Year
of maturity
2022
Carrying value
\u00a3m
2021
Carrying value
\u00a3m
Unsecured private placement \u2013 \u20ac225.0m \u20ac 1.1% 2023 202.0 189.6
Unsecured private placement \u2013 $185.0m $ 5.3% 2028 152.9 \u2013
Unsecured bank facility \u2013 $150.0m $ 5.5% 2025 124.0 \u2013
Unsecured private placement \u2013 \u20ac140.0m \u20ac 3.9% 2027 123.9 \u2013
Unsecured private placement \u2013 \u20ac125.0m \u20ac 4.2% 2029 110.6 \u2013
Unsecured private placement \u2013 \u20ac120.0m \u20ac 2.4% 2026 106.2 101.1
Unsecured bank facility \u20ac 3.5% 2027 79.6 \u2013
Unsecured bank facility \u00a3 0.0% 2023 39.3 4.0
Unsecured bank facility \u20ac 0.0% 2023 38.5 45.0
Unsecured bank facility \u00a3 4.0% 2027 35.0 \u2013
Unsecured bank facility \u20ac 0.0% 2023 5.2 \u2013
Unsecured bank facility \u20ac 0.5% 2023 2.0 \u2013
Unsecured bank facility \u20ac 1.4% 2023 0.1 0.1
Unsecured bank facility SEK 0.0% 2022 \u2013 0.6
Unsecured bank facility \u2013 \u20ac160.0m \u20ac 0.7% 2022 \u2013 58.8
Unsecured bank facility CNY 3.5% 2022 \u2013 5.8
Unsecured bank facility PLN 0.0% 2023 \u2013 0.1
Total outstanding borrowings 1,019.3 405.1
New private placement borrowings of \u20ac265.0m (\u00a3234.6m) and US$185.0m (\u00a3149.8m) along with a term loan of US$150.0m (\u00a3124.4m) all
relate to the funding of acquisitions made during the year.
The weighted average interest rate paid during the year was 3.3% (2021: 1.2%) .
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group as at 31st December was as follows:
2022
Total
\u00a3m
Fixed rate
financial
assets
\u00a3m
Floating rate
financial
assets
\u00a3m
Financial assets
on which no
interest is
earned
\u00a3m
Sterling 49.5 0.1 19.6 29.8
Euro 205.8 0.2 62.2 143.4
US dollar 186.3 0.8 36.4 149.1
Renminbi 92.4 6.4 41.1 44.9
Other 190.1 8.6 22.7 158.8
Group total 724.1 16.1 182.0 526.0
Spirax-Sarco Engineering plc Annual Report 2022 227
Financial Statements
2021 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 63.9 0.1 43.3 20.5 Euro 119.2 0.1 23.4 95.7 US dollar 124.2 \u2013 16.0 108.2 Renminbi 91.2 4.0 40.9 46.3 Other 174.2 12.8 17.3 144.1 Group total 572.7 17.0 140.9 414.8 Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed rate financial assets comprise cash at bank or cash placed on deposit. Currency exposures As explained on page 225, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, it\u2019s structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs Net Investment Hedge Accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31st December 2022 the currency exposures in respect of the euro was a net monetary liability of \u00a3280.8m (2021: \u00a3176.4m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3225.0m (2021: \u00a3121.4m net monetary asset). At 31st December 2022, the percentage of debt to net assets, excluding debt was 53% (2021: 28%) for the euro, 7% (2021: 1%) for the US dollar and nil% (2021: 1%) for the Chinese renminbi. Maturity of financial liabilities The Group\u2019s financial liabilities at 31st December mature in the following periods: 2022 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 271.0 85.1 7.9 37.3 401.3 In more than six months but no more than twelve 6.8 \u2013 7.0 201.4 215.2 In more than one year but no more than two 1.7 \u2013 10.9 84.2 96.8 In more than two years but no more than three 1.3 \u2013 7.7 147.0 156.0 In more than three years but no more than four 0.8 \u2013 5.6 107.5 113.9 In more than four years but no more than five \u2013 \u2013 4.2 341.5 345.7 In more than five years 0.8 \u2013 28.1 142.6 171.5 Total contractual cash flows 282.4 85.1 71.4 1,061.5 1,500.4 Statement of Financial Position values 282.4 85.1 65.2 934.2 1,366.9 2021 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 201.8 55.6 6.4 67.0 330.8 In more than six months but no more than twelve 8.0 \u2013 5.8 2.1 15.9 In more than one year but no more than two 2.4 \u2013 11.0 193.4 206.8 In more than two years but no more than three 1.1 \u2013 6.9 2.4 10.4 In more than three years but no more than four 0.6 \u2013 4.7 2.3 7.6 In more than four years but no more than five \u2013 \u2013 3.6 102.1 105.7 In more than five years 0.5 \u2013 28.3 \u2013 28.8 Total contractual cash flows 214.4 55.6 66.7 369.3 706.0 Statement of Financial Position values 214.4 55.6 60.1 349.5 679.6 Notes to the Consolidated Financial Statements continued 28 Derivatives and other financial instruments continued Financial Statements Spirax-Sarco Engineering plc Annual Report 2022228 28 Derivatives and other financial instruments continued The Group did not employ any supply chain or similar forms of financing during 2022 or 2021. Cash flow hedges The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward contracts are designated as hedging instruments in a cash flow hedging relationship. At 31st December 2022 the Group had contracts outstanding to economically hedge or to purchase \u00a338.9m (2021: \u00a345.5m), and \u20ac12.9m (2021: \u20ac20.3m) with US dollars, \u00a370.4m (2021: \u00a374.3m) with euros, \u00a320.3m (2021: \u00a318.9m), and \u20ac8.4m (2021: \u20ac13.1m) with Chinese renminbi, \u00a310.6m (2021: \u00a37.7m) and \u20ac3.4m (2021: \u20ac3.1m) with Korean won, \u00a32.5m (2021: \u00a36.3m) with Singapore dollar and DKK54.2m (2021: DKK31.6m) with euros. The fair values at the end of the reporting period were a liability of \u00a33.7m (2021: \u00a30.2m liability), included within Trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow using readily available market data. The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity. The cash flows shown are on a gross basis and are not discounted. 2022 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 72.8 70.0 \u2013 142.8 Euro (30.4) (26.2) \u2013 (56.6) US dollar (23.7) (27.9) \u2013 (51.6) Other (22.8) (20.8) \u2013 (43.6) Total contractual cash flows (4.1) (4.9) \u2013 (9.0) 2021 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 61.5 62.1 21.4 145.0 Euro (21.6) (16.8) (8.0) (46.4) US dollar (24.0) (30.5) (9.7) (64.2) Other (14.6) (15.4) (3.6) (33.6) Total contractual cash flows 1.3 (0.6) 0.1 0.8 It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this time the amount deferred in equity will be reclassified to profit or loss. All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected to occur. A loss on derivative financial instruments of \u00a33.5m (2021: \u00a32.8m loss) was recognised in other comprehensive income during the period. As at 31st December 2022 no ineffectiveness has been recognised in profit or loss arising from hedging foreign currency transactions. Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31st December in respect of which all conditions precedent had been met at that date were as follows: 2022 \u00a3m 2021 \u00a3m Expiring in one year or less \u2013 \u2212 Expiring in more than one year but no more than two years \u2013 \u2212 Expiring in more than two years but no more than three years \u2013 350.0 Expiring in more than three years 285.4 \u2212 Total Group undrawn committed facilities 285.4 350.0 At 31st December 2022, the Group had available \u00a3285.4m (2021: \u00a3350.0m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2021: \u00a3350.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13th April 2027. Spirax-Sarco Engineering plc Annual Report 2022 229 Financial Statements 28 Derivatives and other financial instruments continued Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a31,019.3m (2021: \u00a3405.1m). At 31st December 2022, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.7m (2021: \u00a30.1m). For the year ended 31st December 2022, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have increased the Group\u2019s profit before tax by approximately \u00a317.0m (2021: \u00a313.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was: Gross 2022 \u00a3m Impairment 2022 \u00a3m Net 2022 \u00a3m Gross 2021 \u00a3m Impairment 2021 \u00a3m Net 2021 \u00a3m Not past due date 236.2 (1.8) 234.4 197.6 (1.9) 195.7 0\u201330 days past due date 48.8 (0.1) 48.7 40.9 (0.2) 40.7 31\u201390 days past due date 29.0 (0.1) 28.9 22.9 (0.5) 22.4 91 days to one year past due date 26.9 (1.3) 25.6 15.4 (1.9) 13.5 More than one year 13.9 (10.4) 3.5 8.4 (8.4) \u2013 Group total 354.8 (13.7) 341.1 285.2 (12.9) 272.3 Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2022. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. All contracts with customers do not contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2022 \u00a3m 2021 \u00a3m Balance at 1st January 12.9 17.8 Additional impairment 1.0 2.0 Amounts written off as uncollectable (0.3) (1.2 ) Amounts recovered (0.6) (1.2 ) Impairment losses reversed (0.3) (4.3 Exchange differences 1.0 (0.2 ) Balance at 31st December 13.7 12.9 Notes to the Consolidated Financial Statements continued",
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"fact-503": {
"value": "Basis of preparation The Consolidated Financial Statements have been prepared on a historical cost basis except for items that are required by International Financial Reporting Standards (IFRS) to be measured at fair value, principally certain financial instruments. The Consolidated Financial Statements have been prepared in accordance with IFRS which includes the standards and interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the United Kingdom (UK). The preparation of Financial Statements in conformity with IFRS requires the Directors to apply IAS 1 and make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-505": {
"value": "Critical judgements in applying the Group\u2019s accounting policies The Directors have concluded that no critical judgements, apart from those involving estimations (which are dealt with separately below) have been made in the process of applying the Group\u2019s accounting policies. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are outlined below. (i) Post-retirement benefits The Group\u2019s defined benefit obligation is assessed by selecting key assumptions. The selection of mortality rates and inflation are key sources of estimation uncertainty which could lead to material adjustment in the defined benefit obligation within the next financial year. These assumptions are set with close reference to market conditions. The Group\u2019s defined benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The assumptions selected and associated sensitivity analysis are disclosed in Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "Climate change Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting warming by improving our energy management, reducing our carbon emissions and by helping our customers do the same. Growing awareness of climate change and customer sustainability targets will provide impetus for business growth as we provide products, services and solutions that increase efficiency and reduce customers\u2019 energy use and carbon emissions. As a result, in our view climate change does not create any further key sources of estimation uncertainty. For further detail see the Risk Management and Sustainability sections of the Strategic Report. ",
"dimensions": {
"concept": "spiraxsarco:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "The Group has considerable financial resources together with a diverse range of products and customers across wide geographic areas and industries. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information on the Group\u2019s business activities, performance and position, together with the financial position of the Group, its capital structure and cash flow are included in the Strategic Report from the inside front cover to page 94. In addition, Note 28 to the Financial Statements discloses details of the Group\u2019s financial risk management and credit facilities. The Consolidated Financial Statements are presented in pounds sterling, which is the Company\u2019s functional currency, rounded to the nearest one hundred thousand. The Group\u2019s Income Statement includes an adjustment column where certain items are included. Details of the items included and the reasons why they are included are disclosed in Note 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-555": {
"value": "The Consolidated Financial Statements are presented in pounds sterling, which is the Company\u2019s functional currency, rounded to the nearest one hundred thousand. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "New standards and interpretations applied in the current year During the current year, the Group has applied the following amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) effective for annual periods that begin on or after 1st January 2022. Adoption has not had a material impact on the disclosures or on the amounts reported in these Financial Statements: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework; \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2014 Proceeds before Intended Use; \u2022 Amendments to IAS 37 Onerous Contracts\u2014Cost of Fulfilling a Contract; and \u2022 Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle. The Economies in Argentina and Turkey are subject to high inflation. At 31st December 2022 we have concluded that applying IAS 29 (Financial Reporting in Hyperinflationary Economies) is not required as the impact of adoption is not material. We will continue to assess the position going forward. New standards and interpretations not yet applied At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 17 Insurance Contracts; \u2022 IFRS 10 and IAS 28 (amendments): Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; \u2022 Amendments to IAS 1: Classification of liabilities as Current or Non-current; \u2022 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies; \u2022 Amendments to IAS 8: Definition of Accounting Estimates; and \u2022 Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction. The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "Basis of accounting (i) Subsidiaries The Group Consolidated Financial Statements include the results of the Company and all its subsidiary undertakings. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over an entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. (ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense of Associates on an equity accounted basis, from the date that significant influence commenced until the date that significant influence ceases. (iii) Transactions eliminated on consolidation Intra-Group balances, and any unrealised gains and losses or income and expenses arising from intra-Group transactions, are eliminated in preparing the Group Consolidated Financial Statements. Unrealised gains arising from transactions with Associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "Foreign currency (i) On consolidation The assets and liabilities of foreign operations are translated into sterling at exchange rates ruling at the date of the Consolidated Statement of Financial Position (closing rate). The revenues, expenses and cash flows of foreign operations are translated into sterling at average rates of exchange ruling during the year. Where the Notes to the Group Consolidated Financial Statements include tables reconciling movements between opening and closing balances, opening and closing assets and liabilities are translated at closing rates and revenue, expenses and all other movements translated at average rates, with the exchange differences arising being disclosed separately. Exchange differences arising from the translation of the assets and liabilities of foreign operations are taken to a separate translation reserve within equity. They are recycled and recognised in the Income Statement upon disposal of the operation. Any differences that have arisen before 1st January 2004, the date of transition to IFRS, are not presented as a separate component of equity. (ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective currencies of the Group entities at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities at the date of the Statement of Financial Position denominated in a currency other than the functional currency of the entity are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates fair value was determined. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity and recognised in the Income Statement in the period in which the transaction to which it relates occurs. Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "Interest-bearing borrowings Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective-interest basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis. The effective interest method is a method of calculating the amortised cost of the financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group has not participated in any supplier financing arrangements during the current or prior year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "Property, plant and equipment Items of property, plant and equipment are stated at cost or deemed cost, less accumulated depreciation. Depreciation is charged to the Income Statement 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 annual principal rate are as follows: Freehold buildings 1.5-4.0% Leasehold buildings Over life of lease Plant and machinery 6.66-10% Office furniture and fittings 10% Office equipment 12.5-33.3% Motor vehicles 20% Tooling and patterns 10% The depreciation rates are reassessed annually. The Group has reviewed the principal depreciation rates and has determined a change for plant and machinery from 10-12.5% to 6.66- 10%. This is to reflect the extended usage of the large operating equipment around the Group. This impact on current and future periods is not material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Identified assets acquired and liabilities assumed are measured at their respective acquisition date fair values. The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as goodwill. Acquisition-related costs are expensed as incurred. The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements after the date of acquisition. The cost of the acquisition is measured as the cash paid and also includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the acquisition date. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-515": {
"value": "Intangible assets
(i) Goodwill
Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is
stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested
annually for impairment (see Note 15 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value
with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate,
of future cash flows in respect of goodwill for the relevant cash-generating unit.
(ii) Research and development
Expenditure on R&D is charged to the Income Statement in the period in which it is incurred except that development expenditure is
capitalised where the development costs relate to new or substantially improved products that are subsequently to be released for sale
and will generate future economic benefits. The expenditure capitalised includes staff costs and related expenses. Capitalised development
expenditure is stated at cost less accumulated amortisation (see below) and any impairment losses.
(iii) Other intangible assets
Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation (see below) and any
impairment losses.
Where computer software is cloud based and the Group does not have control of the software, the configuration and customisation costs
are expensed over either:
\u2022 The period the services are received, where costs are distinct from the underlying software
\u2022 The period of the SaaS arrangement, where costs are not distinct from the underlying software
(iv) Amortisation
Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful lives of intangible assets, other than
goodwill, from the date they are available for use. The annual principal amortisation rates are as follows:
Capitalised development costs 20%
ERP systems and software 12-33%
Brand names and trademarks 5-33%
Manufacturing designs and core technology 6-50%
Non-compete undertakings 20-50%
Customer relationships 6-33%
",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "(i) Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment (see Note 15 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of goodwill for the relevant cash-generating unit. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "(ii) Research and development Expenditure on R&D is charged to the Income Statement in the period in which it is incurred except that development expenditure is capitalised where the development costs relate to new or substantially improved products that are subsequently to be released for sale and will generate future economic benefits. The expenditure capitalised includes staff costs and related expenses. Capitalised development expenditure is stated at cost less accumulated amortisation (see below) and any impairment losses. (iii) Other intangible assets Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation (see below) and any impairment losses. Where computer software is cloud based and the Group does not have control of the software, the configuration and customisation costs are expensed over either: \u2022 The period the services are received, where costs are distinct from the underlying software \u2022 The period of the SaaS arrangement, where costs are not distinct from the underlying software (iv) Amortisation Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date they are available for use. The annual principal amortisation rates are as follows: Capitalised development costs 20% ERP systems and software 12-33% Brand names and trademarks 5-33% Manufacturing designs and core technology 6-50% Non-compete undertakings 20-50% Customer relationships 6-33% ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-516": {
"value": "Inventories Inventories are measured at the lower of cost and net realisable value. Inventory cost is calculated on both a first in, first out and weighted average methodologies depending on which is deemed most appropriate. The cost of inventories includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-517": {
"value": "Trade receivables and other receivables Trade receivables are carried at original invoice amount (which is considered a reasonable proxy for fair value) and are subsequently held at amortised cost less a loss allowance. Other receivables are initially measured at fair value. The loss allowance of trade receivables is based on lifetime expected credit losses. Lifetime expected credit losses are calculated by assessing historic credit loss experience, adjusted for factors specific to the receivable and operating company. The movement in the provision is recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-518": {
"value": "Trade and other payables Trade and other payables are recognised at fair value and subsequently held at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-519": {
"value": "Provisions and contingent liabilities A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources, that to which can be reliably measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included in non-current liabilities. In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable but more than remote, or the amount of the obligation cannot be measured reliably then a contingent liability is disclosed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-558": {
"value": "Provisions and contingent liabilities A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources, that to which can be reliably measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included in non-current liabilities. In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable but more than remote, or the amount of the obligation cannot be measured reliably then a contingent liability is disclosed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-524": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less, and are held at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-523": {
"value": "Going concern The Group\u2019s principal objective when managing liquidity is to safeguard the Group\u2019s ability to continue as a going concern for at least 12 months from the date of signing the 2022 Annual Report. The Group retains sufficient resources to remain in compliance with all the required terms and conditions within its borrowing facilities with material headroom and no material uncertainties have been identified. Having assessed the relevant business risks as discussed in our Principal Risks on pages 95 and 99 and considered the liquidity and covenant headroom available under several alternative scenarios as set out in the viability assessment on page 44, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements. The full statement on the going concern assumption is set out on pages 43 and 44 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-520": {
"value": "Alternative performance measures The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures where the Board believe that they help to effectively monitor the performance of the Group and users of the Financial Statements might find them informative. Certain alternative performance measures also form a meaningful element of Executive Directors\u2019 variable remuneration. A definition of the alternative performance measures included in the Annual Report and a reconciliation to the closest IFRS equivalent are disclosed in Note 2. Adjusted performance measures are not considered to be a substitute for, or superior to, IFRS measures. ",
"dimensions": {
"concept": "spiraxsarco:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-521": {
"value": "Employee benefits (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Income Statement as incurred. (ii) Defined benefit plans The costs of providing pensions under defined benefit schemes are calculated in accordance with the advice of qualified actuaries and spread over the period during which benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in respect of defined benefit pensions is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Past service costs are recognised straight away. That benefit is discounted at rates reflecting the yields on AA credit rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations to determine its present value. Pension scheme assets are measured at fair value at the Statement of Financial Position date. Actuarial gains and losses, differences between the expected and actual returns, and the effect of changes in actuarial assumptions are recognised in the 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 Statement of Financial Position. The cost of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period, which benefit is expected to be derived from the employees\u2019 services, in accordance with the advice of qualified actuaries. (iii) Employee share plans Incentives in the form of shares are provided to employees under share option and share award schemes. The fair value of these options and awards at their date of grant is charged to the Income Statement over the relevant vesting periods with a corresponding increase in equity. The value of the charge is adjusted to reflect expected and actual levels of options and share awards vesting. (iv) Long-term share incentive plans The fair value of awards is measured at the date of grant and the cost spread over the vesting period. The amount recognised as an expense is not adjusted to reflect market-based performance conditions, but is adjusted for non-market-based performance conditions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-522": {
"value": "Revenue The Group applies the following five-step framework when recognising revenue. Step 1: Identify the contracts with customers. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. The criteria the Group uses to identify the performance obligations within a contract are: \u2022 the customer must be able to benefit from the goods or services either on its own or in combination with other resources available to the customer; and \u2022 the entity\u2019s promise to transfer the good or service to the customer is separable from other promises in the contract. The transaction price is the value that the Group expects to be entitled to from the customer and includes discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties and liquidated damages, but is not reduced for bad debts. It is net of any value-added tax (VAT) and other sales-related taxes. Variable consideration that is dependent on certain events is included in the transaction price when it is highly probable that the variable consideration will occur. Revenue is recognised over time as the product is being manufactured or a service being provided if any of the following criteria are met: \u2022 the Group is creating a bespoke item which doesn\u2019t have an alternative use to the Group (i.e. we would incur a significant loss to re-work and/ or sell to another customer) and the entity has a right to payment for work completed to date including a reasonable profit; \u2022 the customer controls the asset that is being created or enhanced during the manufacturing process i.e. the customer has the right to significantly modify and dictate how the product is built during construction; \u2022 services provided where the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Judgement is made when determining if a product is bespoke and the value of revenue to recognise over time as products are being manufactured. However due to the low value of orders for bespoke items in progress at the 31st December 2022 where we have a right to payment of costs plus a reasonable profit, this is not considered a critical judgement. The value of revenue to be recognised over time for goods being manufactured is calculated using a cost-based input approach. This is considered a faithful depiction of the transfer of the goods as the costs incurred, total costs expected to be incurred and order value are known. The value of revenue to be recognised over time for services being provided is calculated based on the stage of completion. This is assessed by reference to the contractual performance obligations with each separate customer and the costs incurred on the contract to date in comparison to the total forecast costs of the contract. If the criteria to recognise revenue over time are not met then revenue is recognised at a point in time when the customer obtains control of the asset and the performance obligation is satisfied. The customer obtains control of the asset when the customer can direct the use of the asset and obtain the benefits from the asset. Factors the Group considers when determining the point in time when control of the asset has passed to the customer and revenue recognised include: \u2022 the Group has a right to payment; \u2022 legal title is transferred to the customer; \u2022 physical possession of the asset has been transferred to the customer; \u2022 the customer has the significant risks and rewards of ownership; and \u2022 the customer has accepted the asset. Control normally passes and revenue recognised when the goods are either despatched or delivered to the customer (in accordance with the terms and conditions of the sale) or the installation and testing is completed. A large proportion of the Group\u2019s revenue qualifies for recognition on despatch or delivery of the goods to the customer as this is when the performance obligation is satisfied. This is normally the trigger point for raising an invoice per the terms and conditions of the order. Therefore invoicing for a large proportion of the Group\u2019s revenue occurs at the same time as when the performance obligation is satisfied. Contract assets at 31st December 2022 were \u00a311.7m (0.7% of total revenue) (2021: \u00a33.2m (0.2% of total revenue)). All revenue recognised by the Group is generated through contracts with customers. When the unavoidable costs of fulfilling the contract exceed the revenue to be recognised the contract is loss making and the expected loss is recognised in the Consolidated Income Statement immediately. Warranties that give assurance that a product meets agreed-upon specifications are accounted for as a cost provision and do not impact the timing and value of revenue. The Group does not have any material warranties that promise more than just providing assurance that a product meets agreed-upon specifications. Costs of obtaining a contract, that are only incurred because the contract was obtained, are capitalised and expensed at a later date. At 31st December 2022 no costs of obtaining a contract were capitalised. All other assets recognised to fulfil a contract are within the scope of other accounting standards and policies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-525": {
"value": "Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of less than \u00a35,000). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. For new leases entered into, the lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. The incremental borrowing rate is calculated at the rate of interest at which the company would have been able to borrow for a similar term and with a similar security the funds necessary to obtain a similar asset in a similar market. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the company under residual value guarantees; \u2022 the exercise price of purchase options, if the company is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option; and \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a residual guarantee value. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of- use asset is depreciated over the useful life of the underlying asset. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. Judgement is required when determining whether to include or exclude optional extension periods within the lease term, and estimation is required when calculating the incremental borrowing rate used to discount the future lease cash flows. These are not considered critical judgements or a key source of estimation uncertainty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-526": {
"value": "Taxation The tax charge comprises current and deferred tax. Income tax expense is recognised in the Income Statement unless it relates to items recognised directly in equity or in other comprehensive income, when it is also recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable on the profit for the year and any adjustments in respect of previous years using tax rates enacted or substantively enacted at the reporting date. Tax positions are reviewed to assess whether a provision should be made on prevailing circumstances. Tax provisions are included within current taxation payable. Deferred tax is provided on temporary differences arising between the tax base of assets and liabilities, and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided using rates of tax that have been enacted or substantively enacted at the date of the Statement of Financial Position or the date that the temporary differences are expected to reverse. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-527": {
"value": "Share capital and repurchased shares When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares or placed in an Employee Benefit Trust and are presented as a deduction from total equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-528": {
"value": "2 Alternative performance measures The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures where the Board believes that they help to effectively monitor the performance of the Group and users of the Financial Statements might find them informative. Certain alternative performance measures also form a meaningful element of Executive Directors\u2019 variable remuneration. Please see the Annual Report on Remuneration 2022 on pages 143 to 168 for further detail. A definition of the alternative performance measures and a reconciliation to the closest IFRS equivalent are disclosed below. The term \u2018adjusted\u2019 is not defined under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. Adjusted performance measures are not considered to be a substitute for, or superior to, IFRS measures. Adjusted operating profit Adjusted operating profit excludes items that are considered to be significant in nature and/or quantum at either a Group or an operating segment level and where treatment as an adjusted item provides all our stakeholders with additional useful information to assess the period-on- period trading performance of the Group. The Group excludes such items including those defined as follows: \u2022 amortisation and impairment of acquisition-related intangible assets; \u2022 costs associated with acquisitions and disposals; \u2022 reversal of acquisition-related fair value adjustments to inventory; \u2022 changes in deferred and contingent consideration payable on acquisitions; \u2022 gain or loss on disposal of subsidiary and disposal groups; \u2022 costs associated with a significant restructuring programme; \u2022 significant gains or losses on disposal of property; \u2022 significant non-recurring pension costs or credits; \u2022 accelerated depreciation, impairment and other related costs on one-off significant property redevelopments; and \u2022 related tax effect on adjusting items above and other tax items which do not form part of the underlying tax rate. A reconciliation between operating profit as reported under IFRS and adjusted operating profit is given below. 2022 \u00a3m 2021 \u00a3m Operating profit as reported under IFRS 318.8 320.9 Amortisation of acquisition-related intangible assets 23.7 21.4 Reversal of acquisition-related fair value adjustments to inventory 1.8 \u2212 Disposal of subsidiaries in Russia 7.1 \u2212 Restructuring costs 15.5 \u2212 Acquisition-related items 9.1 \u2212 Accelerated depreciation and other related costs on one-off property redevelopments 4.2 \u2212 Post-retirement benefit plan in Germany being closed to future accrual \u2212 (2.0) Adjusted operating profit 380.2 340.3 The related tax effects of the above are included as adjustments in taxation as disclosed in Note 9. Adjusted earnings per share 2022 2021 Profit for the period attributable to equity holders as reported under IFRS (\u00a3m) 224.7 234.6 Items excluded from adjusted profit (\u00a3m) 62.5 19.4 Tax effects on adjusted items (\u00a3m) (9.4) (4.3) Adjusted profit for the period attributable to equity holders (\u00a3m) 277.8 249.7 Weighted average shares (million) 73.6 73.7 Basic adjusted earnings per share 377.2p 338.9p Diluted weighted average shares (million) 73.8 73.9 Diluted adjusted earnings per share 376.3p 338.0p Basic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares. Basic and diluted EPS calculated on an IFRS profit basis are included in Note 10. 2 Alternative performance measures continued Adjusted cash flow A reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cash flow, such as net capital expenditure, which are subject to day-to-day control by the business. 2022 \u00a3m 2021 \u00a3m Net cash from operating activities as reported under IFRS 241.1 273.4 Restructuring and acquisition-related costs 10.2 \u2212 Net capital expenditure excluding acquired intangibles from acquisitions (113.5) (62.1) Income tax paid 90.0 78.1 Repayments of principal under lease liabilities (12.9) (11.7) Adjusted cash from operations 214.9 277.7 Adjusted cash conversion in 2022 is 57% (2021: 82%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit. The adjusted cash flow is included in the Financial Review on page 42. The impact of adjustments to operating profit as reported under IFRS of \u00a361.4m (2021: \u00a319.4m) on net change in cash and cash equivalents is a total outflow of \u00a313.5m (2021: \u00a3nil). Included within cash generated from operations is acquisition-related items of \u00a37.1m, related costs on one-off property redevelopments of \u00a30.3m and disposal related costs \u00a30.1m. Included within net cash used in investing activities is restructuring costs of \u00a33.2m and disposal of subsidiaries in Russia of \u00a32.8m. Cash generation Cash generation is one of the Group\u2019s key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of two financial measures on which Executive Directors\u2019 variable remuneration is based. Cash generation is calculated as adjusted operating profit after adding back depreciation and amortisation, less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans, net capital expenditure excluding acquired intangibles, working capital changes and repayment of principal under lease liabilities. Cash generation is equivalent to adjusted cash from operations, a reconciliation between this and net cash from operating activities as reported under IFRS is shown on page 197. Return on invested capital (ROIC) and return on capital employed (ROCE) The Group distinguishes between invested capital and capital employed when calculating return on capital. Invested capital represents the total capital invested in the business and is equal to total equity plus net debt and therefore includes the impact of acquisitions and disposals. Capital employed is invested capital less certain non-current assets and non-current liabilities and therefore reflects capital that is more operational in nature. Both of these return metrics are used to ensure a full assessment of business performance. Return on invested capital (ROIC) ROIC measures the post-tax return on the total capital invested in the business. It is calculated as adjusted operating profit after tax divided by average invested capital. Average invested capital is defined as the average of the closing balance at the current and prior year end. Taxation is calculated as adjusted operating profit multiplied by the adjusted effective tax rate. An analysis of the components is as follows: 2022 \u00a3m 2021 \u00a3m Total equity 1,169.8 1,010.0 Net debt including lease liabilities 755.6 190.6 Total invested capital 1,925.4 1,200.6 Average invested capital 1,563.0 1,157.9 Average invested capital (excluding acquisitions, disposals and leases) 1,263.8 1,108.4 Operating profit as reported under IFRS 318.8 320.9 Adjustments (see adjusted operating profit) 61.4 19.4 Adjusted operating profit 380.2 340.3 Taxation (94.9) (85.5) Adjusted operating profit after tax 285.3 254.8 Adjusted operating profit after tax (excluding acquisitions, disposals and leases) 277.6 254.1 Return on invested capital 18.3% 22.0% Return on invested capital (excluding acquisitions, disposals and leases) 22.0% 22.9% 2 Alternative performance measures continued Return on capital employed (ROCE) ROCE measures effective management of fixed assets and working capital relative to the profitability of the business. It is calculated as adjusted operating profit divided by average capital employed. Average capital employed is defined as the average of the closing balance at the current and prior year end. More information on ROCE can be found in the Capital Employed and ROCE sections of the Financial Review on pages 41 and 42. An analysis of the components is as follows: 2022 \u00a3m 2021 \u00a3m Property, plant and equipment 384.5 277.4 Right-of-use assets 67.2 62.9 Software and development costs 44.5 38.9 Prepayments 2.0 1.3 Inventories 290.0 201.3 Trade receivables 341.1 272.3 Other current assets 79.6 44.7 Tax recoverable 19.0 15.7 Trade, other payables and current provisions (295.0) (222.2) Current tax payable (40.4) (33.1) Capital employed 892.5 659.2 Average capital employed 775.9 621.5 Average capital employed (excluding acquisitions, disposals and leases) 677.5 571.9 Operating profit 318.8 320.9 Adjustments (see adjusted operating profit on page 196) 61.4 19.4 Adjusted operating profit 380.2 340.3 Adjusted operating profit (excluding acquisitions, disposals and leases) 369.9 339.2 Return on capital employed 49.0% 54.7% Return on capital employed (excluding acquisitions, disposals and leases) 54.6% 59.3% A reconciliation of capital employed to net assets as reported under IFRS and disclosed on the Consolidated Statement of Financial Position is given below. 2022 \u00a3m 2021 \u00a3m Capital employed 892.5 659.2 Goodwill and acquired intangibles 1,159.1 628.0 Investment in Associate \u2212 \u2212 Post-retirement benefits (52.1) (44.7) Net deferred tax (59.1) (35.7) Non-current provisions and long-term payables (15.0) (6.2) Lease liabilities (65.2) (60.1) Net debt (690.4) (130.5) Net assets as reported under IFRS 1,169.8 1,010.0 Net debt including lease liabilities A reconciliation between net debt and net debt including lease liabilities is given below. A breakdown of the balances that are included within net debt is given within Note 24. Net debt excludes lease liabilities to be consistent with how net debt is defined for external debt covenant purposes, as well as to enable comparability with prior years. 2022 \u00a3m 2021 \u00a3m Net debt 690.4 130.5 Lease liabilities 65.2 60.1 Net debt and lease liabilities 755.6 190.6 2 Alternative performance measures continued Net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) To assess the size of the net debt balance relative to the size of the earnings for the Group, we analyse net debt as a proportion of EBITDA. EBITDA is calculated by adding back depreciation and amortisation of owned property, plant and equipment, software and development and the 12 month pro-forma EBITDA impact of acquisitions and disposals to adjusted operating profit. Net debt is calculated as cash and cash equivalents less bank overdrafts and external borrowings (excluding lease liabilities). The net debt to EBITDA ratio is calculated as follows: 2022 \u00a3m 2021 \u00a3m Adjusted operating profit 380.2 340.3 Depreciation and amortisation of property, plant and equipment, software and development 37.4 36.2 Acquisitions and disposals pro-forma basis (EBITDA) 33.7 \u2212 Earnings before interest, tax, depreciation and amortisation 451.3 376.5 Net debt 690.4 130.5 Net debt to EBITDA 1.5 0.3 The components of net debt are disclosed in Note 24. Organic measures As we are a multi-national Group of companies, who trade in a large number of currencies and also acquire and sometimes dispose of companies, we also refer to organic performance measures throughout the Annual Report. These strip out the effects of the movement in exchange rates and of acquisitions and disposals. The Board believe that this allows users of the accounts to gain a further understanding of how the Group has performed. Exchange translation movements are assessed by re-translating prior period reported values to current period exchange rates. Exchange transaction impacts on operating profit are assessed on the basis of transactions being at constant currency between years. The incremental impact of any acquisitions that occurred in either the current period or prior period is excluded from the organic results of the current period at current period exchange rates. For any disposals that occurred in the current or prior period, the current period organic results include the difference between the current and prior period financial results only for the like-for-like period of ownership. The organic percentage movement is calculated as the organic movement divided by the prior period at current period exchange rates, excluding disposals for the non like-for-like period of ownership. The organic bps change in adjusted operating margin is the difference between the current period margin, excluding the incremental impact of acquisitions, and the prior period margin excluding disposals for the non like-for- like period of ownership at current period exchange rates. A reconciliation of the movement in revenue and adjusted operating profit compared to the prior period is given below. 2021 Exchange Organic Acquisitions and disposals 1 2022 Organic Reported Revenue \u00a31,344.5m \u00a352.5m \u00a3191.6m \u00a322.0m \u00a31,610.6m +14% +20% Adjusted operating profit \u00a3340.3m \u00a313.0m \u00a323.5m \u00a33.4m \u00a3380.2m +7% +12% Adjusted operating margin 25.3% 23.6% -160 bps -170 bps 1 Includes the impact of (i) the acquisition of Cotopaxi Limited, Durex Industries and Vulcanic and (ii) the treatment of our disposed Russian operating companies as disposed from the date at which the Group suspended all trading with and within Russia. Pro-forma Revenue Due to the disposal of our Russian operating companies and the acquisitions of Cotopaxi Limited, Vulcanic and Durex Industries, our reported financial results for 2022 only include the impact of these operations for the period of ownership by the Group. The table below reconciles between statutory revenue as reported within the Consolidated Income Statement, and the 2022 pro-forma revenue had all acquisition and disposal transactions occurred on 1st January 2022. This allows users of the accounts to see the split of revenue by operating segment on a basis that will be like-for-like against 2023. Revenue (statutory) \u00a3m Pro-forma adjustments* \u00a3m Revenue (pro-forma) \u00a3m Proportion of Group Steam Specialties 866.0 (1.2) 864.8 50% Electric Thermal Solutions 256.1 126.8 382.9 22% Watson-Marlow 488.5 (1.9) 486.6 28% Total 1,610.6 123.7 1,734.3 * includes the 2022 pre-acquisition financial results of Cotopaxi Limited, Vulcanic and Durex Industries, and the removal of the 2022 statutory results of our Russian operating companies disposed The term \u2018sales\u2019 is used interchangeably with \u2018revenue\u2019 when describing the financial performance of the business. Drop through is calculated as the organic increase in adjusted operating profit divided by the organic increase in revenue. The reconciliation for each segment is included in the Strategic Report. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-529": {
"value": "3 Segmental reporting As required by IFRS 8 Operating Segments, the following segmental information is presented in a consistent format with management information considered by the Board. No changes to the structure of operating segments have been made during the current period. Analysis by operating segment 2022 Revenue \u00a3m Total operating profit \u00a3m Adjusted operating profit \u00a3m Adjusted operating margin % Steam Specialties 866.0 196.2 206.1 23.8% Electric Thermal Solutions 256.1 7.3 39.9 15.6% Watson-Marlow 488.5 154.4 160.0 32.8% Corporate expenses (39.1) (25.8) Total 1,610.6 318.8 380.2 23.6% Net financing expense (10.7) (9.6) Share of (loss)/profit of Associate \u2212 \u2212 Profit before tax 308.1 370.6 2021 Revenue \u00a3m Total operating profit \u00a3m Adjusted operating profit \u00a3m Adjusted operating margin % Steam Specialties 754.9 186.8 188.7 25.0% Electric Thermal Solutions 181.3 11.1 24.0 13.2% Watson-Marlow 408.3 145.4 150.0 36.7% Corporate expenses (22.4) (22.4) Total 1,344.5 320.9 340.3 25.3% Net financing expense (6.4) (6.4) Share of (loss)/profit of Associate \u2212 \u2212 Profit before tax 314.5 333.9 The following table details the split of revenue by geography for the combined Group: 2022 \u00a3m 2021 \u00a3m Europe, Middle East and Africa 649.6 563.3 Asia Pacific 384.3 334.2 Americas 576.7 447.0 Total revenue 1,610.6 1,344.5 Revenue generated by Group companies based in the USA is \u00a3433.0m (2021: \u00a3342.4m), in China is \u00a3213.2m (2021: \u00a3181.6m), in Germany is \u00a3134.3m (2021: \u00a3118.2m), in the UK is \u00a3115.7m (2021: \u00a399.6m) and the rest of the world is \u00a3714.4m (2021: \u00a3602.7m). 3 Segmental reporting continued The total operating profit for the period includes certain items, as analysed below: 2022 Amortisation of acquisition- related intangible assets \u00a3m Reversal of acquisition-related fair value adjustments to inventory \u00a3m Disposal of subsidiaries in Russia \u00a3m Restructuring costs \u00a3m Acquisition- related items \u00a3m Accelerated depreciation and other related costs on one-off property redevelopments \u00a3m Total \u00a3m Steam Specialties (4.6) \u2212 (5.3) \u2212 \u2212 \u2212 (9.9) Electric Thermal Solutions (15.3) (1.8) \u2212 (15.5) \u2212 \u2212 (32.6) Watson-Marlow (3.8) \u2212 (1.8) \u2212 \u2212 \u2212 (5.6) Corporate expenses \u2212 \u2212 \u2212 \u2212 (9.1) (4.2) (13.3) Total (23.7) (1.8) (7.1) (15.5) (9.1) (4.2) (61.4) 2021 Amortisation of acquisition- related intangible assets \u00a3m German pension plan closed to future accrual \u00a3m Total \u00a3m Steam Specialties (3.9) 2.0 (1.9) Electric Thermal Solutions (12.9) \u2212 (12.9) Watson-Marlow (4.6) \u2212 (4.6) Corporate expenses \u2212 \u2212 \u2212 Total (21.4) 2.0 (19.4) Net financing income and expense 2022 Income \u00a3m 2022 Expense \u00a3m 2022 Net \u00a3m 2021 Income \u00a3m 2021 Expense \u00a3m 2021 Net \u00a3m Steam Specialties 3.6 (1.8) 1.8 3.0 (2.3) 0.7 Electric Thermal Solutions 0.3 (0.5) (0.2) \u2212 (0.2) (0.2) Watson-Marlow 0.3 (0.6) (0.3) 0.1 (0.5) (0.4) Corporate expenses 1.4 (13.4) (12.0) 0.3 (6.8) (6.5) Total net financing expense 5.6 (16.3) (10.7) 3.4 (9.8) (6.4) Net assets 2022 Assets \u00a3m 2022 Liabilities \u00a3m 2021 Assets \u00a3m 2021 Liabilities \u00a3m Steam Specialties 766.4 (226.8) 658.0 (182.1) Electric Thermal Solutions 1,174.2 (78.0) 536.9 (33.0) Watson-Marlow 427.4 (57.3) 331.8 (57.9) 2,368.0 (362.1) 1,526.7 (273.0) Liabilities (362.1) (273.0) Net deferred tax (59.1) (35.7) Net tax payable (21.4) (17.4) Net debt including lease liabilities (755.6) (190.6) Net assets 1,169.8 1,010.0 Non-current assets in the USA were \u00a3686.8m (2021: \u00a3345.6m), in France were \u00a3403.1m (2021: \u00a3150.5m), in the UK were \u00a3284.1m (2021: \u00a3231.2m), in Germany were \u00a3165.6m (2021: \u00a3154.6m) and in the rest of the world were \u00a3191.8m (2021: \u00a3177.6m). 3 Segmental reporting continued Capital additions, depreciation, amortisation and impairment 2022 Capital additions \u00a3m 2022 Depreciation, amortisation and impairment \u00a3m 2021 Capital additions \u00a3m 2021 Depreciation, amortisation and impairment \u00a3m Steam Specialties 47.1 37.3 35.6 33.9 Electric Thermal Solutions 285.4 24.7 16.6 18.3 Watson-Marlow 76.4 19.0 51.0 16.8 Group total 408.9 81.0 103.2 69.0 Capital additions include property, plant and equipment of \u00a3135.0m (2021: \u00a352.8m), of which \u00a330.7m (2021: \u00a3nil) was from acquisitions in the period, and other intangible assets of \u00a3258.3m (2021: \u00a311.3m) of which \u00a3245.1m (2021: \u00a3nil) relates to acquired intangibles from acquisitions in the period. Right-of-use asset additions of \u00a315.6m (2021: \u00a339.1m) occurred during the 12-month period to 31st December 2022, of which \u00a34.1m (2021: \u00a3nil) relates to acquired leases from acquisitions in the period. Capital additions split between the USA, UK and rest of world are USA \u00a3186.4m (2021: \u00a34.7m), UK \u00a351.8m (2021: \u00a354.2m) and rest of world \u00a3170.7m (2021: \u00a344.4m). ",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-531": {
"value": "4 Operating costs 2022 Adjusted \u00a3m 2022 Adjustments \u00a3m 2022 Total \u00a3m 2021 Adjusted \u00a3m 2021 Adjustments \u00a3m 2021 Total \u00a3m Cost of inventories recognised as an expense 381.2 3.9 385.1 304.7 \u2212 304.7 Staff costs (Note 5) 570.3 \u2212 570.3 478.5 \u2212 478.5 Depreciation, amortisation and impairment 50.9 30.1 81.0 47.6 21.4 69.0 Other operating charges 228.0 27.4 255.4 173.4 (2.0) 171.4 Total operating costs 1,230.4 61.4 1,291.8 1,004.2 19.4 1,023.6 Total cost of inventories recognised as an expense includes the reversal of acquisition-related fair value adjustments to inventory \u00a31.8m (2021: \u00a3nil) and the write down of inventory resulting from the closure of the Chromalox\u2019s manufacturing operations in Soissons (France) of \u00a32.1m (2021: \u00a3nil). Total staff costs includes a credit of \u00a32.0m (2021: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3572.3m (2021:\u00a3481.2m). Total depreciation, amortisation and impairment includes amortisation of acquisition-related intangible assets of \u00a323.7m (2021: \u00a321.4m), accelerated depreciation on one-off property redevelopments of \u00a33.9m (2021: \u00a3nil) and impairment resulting from the closure of the Chromalox\u2019s manufacturing operations in Soissons (France) \u00a32.5m (2021: \u00a3nil). Total other operating charges includes restructuring costs (including the closure of Chromalox\u2019s manufacturing operations in Soissons (France)) of \u00a310.9m (2021: \u00a3nil), acquisition-related items of \u00a39.1m (2021: \u00a3nil) relating to the acquisition of Cotopaxi Limited, Vulcanic and Durex Industries, disposal of subsidiaries in Russia of \u00a37.1m (2021: \u00a3nil) and related costs on one-off property redevelopments of \u00a30.3m (2021: \u00a3nil). Operating costs include exchange difference gains of \u00a35.1m (2021: losses of \u00a31.3m). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "5 Staff costs and numbers The aggregate payroll costs of persons employed by the Group were as follows: 2022 \u00a3m 2021 \u00a3m Wages and salaries 463.2 390.3 Social security costs 79.9 70.3 Pension costs 29.2 20.6 Total payroll costs 572.3 481.2 The average number of persons employed by the Group (including Directors) during the year was as follows: 2022 2021 United Kingdom 2,699 2,225 Rest of World 6,670 5,977 Group average 9,369 8,202 ",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-532": {
"value": "6 Net financing income and expense 2022 \u00a3m 2021 \u00a3m Financial expenses: Bank and other borrowing interest payable (14.0) (7.4) Interest expense on lease liabilities (1.5) (1.1) Net interest on pension scheme liabilities (0.8) (1.3) (16.3) (9.8) Financial income: Bank interest receivable 5.6 3.4 Net financing expense (10.7) (6.4) Net bank interest (8.4) (4.0) Interest expense on lease liabilities (1.5) (1.1) Net pension scheme financial expense (0.8) (1.3) Net financing expense (10.7) (6.4) ",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "6 Net financing income and expense 2022 \u00a3m 2021 \u00a3m Financial expenses: Bank and other borrowing interest payable (14.0) (7.4) Interest expense on lease liabilities (1.5) (1.1) Net interest on pension scheme liabilities (0.8) (1.3) (16.3) (9.8) Financial income: Bank interest receivable 5.6 3.4 Net financing expense (10.7) (6.4) Net bank interest (8.4) (4.0) Interest expense on lease liabilities (1.5) (1.1) Net pension scheme financial expense (0.8) (1.3) Net financing expense (10.7) (6.4) ",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-560": {
"value": "6 Net financing income and expense 2022 \u00a3m 2021 \u00a3m Financial expenses: Bank and other borrowing interest payable (14.0) (7.4) Interest expense on lease liabilities (1.5) (1.1) Net interest on pension scheme liabilities (0.8) (1.3) (16.3) (9.8) Financial income: Bank interest receivable 5.6 3.4 Net financing expense (10.7) (6.4) Net bank interest (8.4) (4.0) Interest expense on lease liabilities (1.5) (1.1) Net pension scheme financial expense (0.8) (1.3) Net financing expense (10.7) (6.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-533": {
"value": "7 Profit before taxation Profit before taxation is shown after charging: 2022 \u00a3m 2021 \u00a3m Depreciation of property, plant and equipment (33.2) (28.3) Depreciation of right-of-use assets (13.5) (11.4) Amortisation of acquired intangibles (23.7) (21.4) Leases exempt from IFRS 16 (short-term, low value or variable lease payments) (2.5) (2.6) Exchange difference gains/(losses) 5.1 (1.3) Profit on disposal of property, plant and equipment 1.4 0.5 Research and development (15.8) (13.0) Auditor\u2019s remuneration 2022 \u00a3m 2021 \u00a3m Audit of these Financial Statements 0.4 0.3 Amounts receivable by the Company\u2019s auditor and its Associates in respect of: Audit of Financial Statements of subsidiaries of the Company 1.9 1.7 Total audit fees 2.3 2.0 Audit-related assurance services 0.1 0.2 Total non-audit fees 0.1 0.2 Total auditor\u2019s remuneration 2.4 2.2 ",
"dimensions": {
"concept": "spiraxsarco:DisclosureOfProfitBeforeTaxation",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-559": {
"value": "Auditor\u2019s remuneration 2022 \u00a3m 2021 \u00a3m Audit of these Financial Statements 0.4 0.3 Amounts receivable by the Company\u2019s auditor and its Associates in respect of: Audit of Financial Statements of subsidiaries of the Company 1.9 1.7 Total audit fees 2.3 2.0 Audit-related assurance services 0.1 0.2 Total non-audit fees 0.1 0.2 Total auditor\u2019s remuneration 2.4 2.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-534": {
"value": "8 Directors\u2019 emoluments Directors represent the key management personnel of the Group under the terms of IAS 24 Related Party Disclosures. Total remuneration is shown below. Further details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans are shown in the Annual Report on Remuneration 2022 on pages 143 to 168. The share-based payments charge comprises a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 23). 2022 \u00a3m 2021 \u00a3m Salaries and short-term benefits 2.9 3.3 Post-retirement benefits 0.2 0.2 Share-based payments 2.0 2.4 Total Directors\u2019 remuneration 5.1 5.9 ",
"dimensions": {
"concept": "spiraxsarco:DisclosureOfDirectorsEmoluments",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-535": {
"value": "9 Taxation 2022 Adjusted \u00a3m 2022 Adjustments \u00a3m 2022 Total \u00a3m 2021 Adjusted \u00a3m 2021 Adjustments \u00a3m 2021 Total \u00a3m Analysis of charge in period UK corporation tax: Current tax on income for the period 7.3 (0.2) 7.1 8.7 \u2212 8.7 Adjustments in respect of prior periods (0.7) \u2212 (0.7) (1.7) \u2212 (1.7) 6.6 (0.2) 6.4 7.0 \u2212 7.0 Foreign tax: Current tax on income for the period 89.4 (0.8) 88.6 74.5 \u2212 74.5 Adjustments in respect of prior periods (1.3) \u2212 (1.3) (1.5) \u2212 (1.5) 88.1 (0.8) 87.3 73.0 \u2212 73.0 Total current tax charge 94.7 (1.0) 93.7 80.0 \u2212 80.0 Deferred tax \u2013 UK (0.4) (0.7) (1.1) 4.0 (0.3) 3.7 Deferred tax \u2013 rest of the world (1.8) (7.7) (9.5) (0.1) (4.0) (4.1) Tax on profit on ordinary activities 92.5 (9.4) 83.1 83.9 (4.3) 79.6 Reconciliation of effective tax rate 2022 Adjusted \u00a3m 2022 Adjustments \u00a3m 2022 Total \u00a3m 2021 Adjusted \u00a3m 2021 Adjustments \u00a3m 2021 Total \u00a3m Profit before tax and share of profit of Associate 370.6 (62.5) 308.1 333.9 (19.4) 314.5 Expected tax at blended rate 87.5 (14.3) 73.2 81.4 (4.1) 77.3 Increased withholding tax on overseas dividends 6.2 \u2212 6.2 5.2 \u2212 5.2 Non-deductible expenditure 0.6 3.0 3.6 2.6 \u2212 2.6 Over provided in prior years (2.3) 2.0 (0.3) (4.9) \u2212 (4.9) Other reconciling items 0.5 (0.1) 0.4 (0.4) (0.2) (0.6) Total tax in Income Statement 92.5 (9.4) 83.1 83.9 (4.3) 79.6 Effective tax rate 25.0% 15.0% 27.0% 25.1% 22.2% 25.3% The Group\u2019s tax charge in future years is likely to be affected by the proportion of profits arising and the effective tax rates in the various territories in which the Group operates. The rate may also be affected by the impact of any acquisitions. The Group monitors income tax developments in the territories in which it operates, to include the OECD Base Erosion and Profit Shifting (BEPS) initiative. This includes the setting of a new minimum global corporate tax rate of 15%. We will continue to monitor developments closely and assess whether this will lead to an increase in tax from 2024. The Group\u2019s tax charge for the year ended 31st December 2022 includes a credit of \u00a39.4m in relation to certain items excluded from adjusting operating profit (as disclosed in Note 2). The tax impacts of these items are: \u2022 Amortisation of acquisition-related intangible assets (\u00a35.6m credit); \u2022 Costs associated with the acquisition of Vulcanic (\u00a31.8m credit); \u2022 Costs associated with the acquisition of Durex Industries (\u00a31.2m credit); \u2022 Restructuring of the Chromalox manufacturing operations in Soissons (France) (\u00a30.7m credit); and \u2022 Costs associated with the redevelopment of the Group Head Office building in Cheltenham (UK) (\u00a30.1m credit). Excluding these adjustments the tax on profit and the effective tax rate are \u00a392.5m and 25.0% respectively. The UK deferred tax assets and liabilities at 31st December 2022 that are expected to reverse before 1st April 2023 have been calculated based upon the rate of 19% whilst the UK deferred tax assets and liabilities expected to reverse on or after 1st April 2023 have been calculated based upon the rate of 25%. 9 Taxation continued In October 2017, the European Commission (EC) opened a State Aid investigation into the UK\u2019s Controlled Foreign Company (CFC) regime. In April 2019, the EC published its final decision that the UK CFC Finance Company Exemption (FCE) constituted State Aid in certain circumstances, following which the UK Government appealed the decision to the EU General Court. In June 2022, the EU General Court dismissed the UK Government\u2019s appeal following which the UK Government lodged a further appeal to the European Court of Justice. The UK Government\u2019s appeal has not yet been heard. Like other UK Groups, the Group submitted its own appeal against the EC\u2019s decision. The Group\u2019s benefit from the FCE in the period from 1st January 2013 to 31st December 2022 is approximately \u00a38.7m, including compound interest. To date, the Group has received, paid, and appealed Charging Notices totalling \u00a34.9m, assessed for the period from 1st January 2017 to 31st December 2018. The Group expects to recover this in the event of a successful appeal and has recognised a receivable for the full amount at the year-end balance sheet date. The Group has not received a Charging Notice for the period prior to 1st January 2017, the benefit for this period being \u00a32.8m. HMRC has enquired into the benefit received during 2019, which the Group estimates to be \u00a31.0m. No provisions have been recognised at the year-end balance sheet date for either the Charging Notice amounts or for the estimates for the other periods. No UK tax (after double tax relief for underlying tax) is expected to be payable on the future remittance of retained earnings of overseas subsidiaries. The effective tax rate is calculated as a percentage of profit before tax and a share of profits of Associates. ",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-536": {
"value": "10 Earnings per share 2022 2021 Profit attributable to equity shareholders (\u00a3m) 224.7 234.6 Weighted average shares (million) 73.6 73.7 Dilution (million) 0.2 0.2 Diluted weighted average shares (million) 73.8 73.9 Basic earnings per share 305.1p 318.3p Diluted earnings per share 304.4p 317.5p Basic and diluted earnings per share calculated on an adjusted profit basis are included in Note 2. The dilution is in respect of the Performance Share Plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-537": {
"value": "11 Dividends 2022 \u00a3m 2021 \u00a3m Amounts paid in the year: Final dividend for the year ended 31st December 2021 of 97.5p (2020: 84.5p) per share 71.9 62.3 Interim dividend for the year ended 31st December 2022 of 42.5p (2021: 38.5p) per share 31.2 28.4 Total dividends paid 103.1 90.7 Amounts arising in respect of the year: Interim dividend for the year ended 31st December 2022 of 42.5p (2021: 38.5p) per share 31.2 28.4 Proposed final dividend for the year ended 31st December 2022 of 109.5p (2021: 97.5p) per share 80.8 71.8 Total dividends arising 112.0 100.2 The proposed dividend is subject to approval in 2023. It is therefore not included as a liability in these Financial Statements. No scrip alternative to the cash dividend is being offered in respect of the proposed final dividend for the year ended 31st December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-538": {
"value": "12 Investment in Associate Associate 2022 \u00a3m Associate 2021 \u00a3m Cost of investment 1.4 1.4 Share of equity (1.4) (1.4) Total investment in Associate \u2212 \u2212 Summarised financial information (100% of the results of the Associate): Revenue 1.8 0.6 Profit/(loss) for the period 0.1 (0.7) Current assets 1.0 0.4 Non-current assets 0.3 0.4 Current and non-current liabilities 2.1 1.7 Details of the Group\u2019s Associate at 31st December 2022 and 31st December 2021 is as follows: Name of Associate Country of incorporation and operation Proportion of ownership interest and voting power held Principal activity Econotherm (UK) Ltd UK 14.7% Manufacturing and selling The Group\u2019s share of profit/(loss) of Associate is \u00a3nil profit (2021: \u00a30.1m loss). The Group\u2019s share of profits in 2022 exceeded our total investment value by \u00a3nil. As a result, in line with IAS 28 paragraph 38, the Group did not recognise a profit in the Consolidated Income Statement. No further future profits/losses will be recognised in the Consolidated Income Statement going forward, and any share of profit will only be recognised once it has exceeded the cumulative unrecognised loss of \u00a30.3m. The proportion of ownership reduced during 2022, from 16.1% to 14.7%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-539": {
"value": "13 Property, plant and equipment 2022 Freehold land and buildings \u00a3m Leasehold land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings, tools and equipment \u00a3m Assets under construction \u00a3m Total \u00a3m Cost: At 1st January 2022 157.7 40.8 204.2 89.4 22.3 514.4 Exchange adjustments 6.1 1.7 9.0 3.1 1.8 21.7 163.8 42.5 213.2 92.5 24.1 536.1 Acquisitions 7.3 9.4 11.2 2.1 0.7 30.7 Additions 2.8 1.4 23.1 17.1 59.9 104.3 Transfers \u2212 0.7 7.9 17.5 (26.4) (0.3) Disposal of subsidiaries \u2212 (0.3) (0.6) (0.3) \u2212 (1.2) Disposals (8.8) (0.1) (10.4) (7.4) (0.1) (26.8) At 31st December 2022 165.1 53.6 244.4 121.5 58.2 642.8 Depreciation: At 1st January 2022 36.9 10.9 127.4 61.8 \u2212 237.0 Exchange adjustments 1.8 0.5 5.9 2.7 \u2212 10.9 38.7 11.4 133.3 64.5 \u2212 247.9 Charged in year 6.4 1.8 15.5 9.5 \u2212 33.2 Impairment 2.1 \u2212 0.4 \u2212 \u2212 2.5 Transfers \u2212 \u2212 \u2212 \u2212 \u2212 \u2212 Disposals of subsidiaries \u2212 (0.3) (0.4) (0.2) \u2212 (0.9) Disposals (8.7) \u2212 (9.6) (6.1) \u2212 (24.4) At 31st December 2022 38.5 12.9 139.2 67.7 \u2212 258.3 Net book value: At 31st December 2022 126.6 40.7 105.2 53.8 58.2 384.5 All impaired assets have been impaired down to a recoverable amount of \u00a3nil. In 2022, the Group identified indicators of impairment as a result of the restructuring of the Chromalox manufacturing operations in Soissons (France). A total of \u00a32.5m was recognised within items excluded from adjusted operating profit. 13 Property, plant and equipment continued The total amount of transfers relates to property, plant and equipment transferred to other intangible assets (see Note 15). 2021 Freehold land and buildings \u00a3m Leasehold land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings, tools and equipment \u00a3m Assets under construction \u00a3m Total \u00a3m Cost: At 1st January 2021 158.3 38.7 196.0 83.2 9.8 486.0 Exchange adjustments (3.9) 0.7 (3.5) (1.9) \u2212 (8.6) 154.4 39.4 192.5 81.3 9.8 477.4 Additions 1.8 0.9 18.2 10.1 21.8 52.8 Transfers 2.1 0.6 2.9 0.1 (9.2) (3.5) Disposals (0.6) (0.1) (9.4) (2.1) (0.1) (12.3) At 31st December 2021 157.7 40.8 204.2 89.4 22.3 514.4 Depreciation: At 1st January 2021 35.1 9.5 123.3 56.8 \u2212 224.7 Exchange adjustments (1.1) 0.1 (2.0) (1.2) \u2212 (4.2) 34.0 9.6 121.3 55.6 \u2212 220.5 Charged in year 3.5 1.4 15.2 8.2 \u2212 28.3 Transfers (0.2) \u2212 (0.1) (0.2) \u2212 (0.5) Disposals (0.4) (0.1) (9.0) (1.8) \u2212 (11.3) At 31st December 2021 36.9 10.9 127.4 61.8 \u2212 237.0 Net book value: At 31st December 2021 120.8 29.9 76.8 27.6 22.3 277.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-540": {
"value": "14 Leases Right-of-use assets 2022 Leased land and buildings \u00a3m Leased plant and machinery \u00a3m Leased fixtures, fittings, tools and equipment \u00a3m Total right-of- use assets \u00a3m Cost: At 1st January 2022 73.9 17.2 2.4 93.5 Exchange adjustments 3.9 1.0 0.2 5.1 77.8 18.2 2.6 98.6 Acquisitions 3.8 0.1 0.2 4.1 Additions 6.5 4.7 0.3 11.5 Disposals (1.9) (1.4) \u2212 (3.3) At 31st December 2022 86.2 21.6 3.1 110.9 Depreciation: At 1st January 2022 19.0 9.8 1.8 30.6 Exchange adjustments 1.6 0.6 0.1 2.3 20.6 10.4 1.9 32.9 Charged in the year 9.1 4.1 0.3 13.5 Disposals (1.5) (1.2) \u2212 (2.7) At 31st December 2022 28.2 13.3 2.2 43.7 Net book value: At 31st December 2022 58.0 8.3 0.9 67.2 14 Leases continued The vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.4 years (2021: 4.3 years). 2021 Leased land and buildings \u00a3m Leased plant and machinery \u00a3m Leased fixtures, fittings, tools and equipment \u00a3m Total right-of- use assets \u00a3m Cost: At 1st January 2021 41.6 14.0 2.3 57.9 Exchange adjustments (0.9) (0.6) (0.1) (1.6) 40.7 13.4 2.2 56.3 Additions 34.4 4.5 0.2 39.1 Disposals (1.2) (0.7) \u2212 (1.9) At 31st December 2021 73.9 17.2 2.4 93.5 Depreciation: At 1st January 2021 13.3 7.0 1.3 21.6 Exchange adjustments (0.2) (0.4) \u2212 (0.6) 13.1 6.6 1.3 21.0 Charged in the year 7.0 3.9 0.5 11.4 Disposals (1.1) (0.7) \u2212 (1.8) At 31st December 2021 19.0 9.8 1.8 30.6 Net book value: At 31st December 2021 54.9 7.4 0.6 62.9 The maturity analysis of lease liabilities is presented in Note 28. Amounts recognised in Consolidated Income Statement 31st December 2022 \u00a3m 31st December 2021 \u00a3m Depreciation expense on right-of-use assets 13.5 11.4 Interest expense on lease liabilities 1.5 1.1 Expense relating to short-term leases 1.9 2.0 Expense relating to leases of low value assets 0.4 0.4 Expense relating to variable lease payments not included in the measurement of the lease liability 0.2 0.2 Income from subleases right-of-use assets (0.2) (0.1) Total impact on profit before tax 17.3 15.0 The total cash outflow for leases during 2022 was \u00a316.9m (2021: \u00a315.3m). The following cash outflows (undiscounted) are those that the Group is potentially exposed to in future periods but are currently not reflected in the measurement of lease liabilities: \u2022 \u00a30.1m relating to variable lease payments not based on an index or rate (2021: \u00a30.1m); \u2022 \u00a31.1m relating to optional extension periods that are not reasonably certain to be exercised as at 31st December 2022 (2021: \u00a31.2m); and \u2022 \u00a328.1m relating to leases that the Group are committed, but have not commenced as at 31st December 2022 (2021: \u00a337.7m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-561": {
"value": "Right-of-use assets 2022 Leased land and buildings \u00a3m Leased plant and machinery \u00a3m Leased fixtures, fittings, tools and equipment \u00a3m Total right-of- use assets \u00a3m Cost: At 1st January 2022 73.9 17.2 2.4 93.5 Exchange adjustments 3.9 1.0 0.2 5.1 77.8 18.2 2.6 98.6 Acquisitions 3.8 0.1 0.2 4.1 Additions 6.5 4.7 0.3 11.5 Disposals (1.9) (1.4) \u2212 (3.3) At 31st December 2022 86.2 21.6 3.1 110.9 Depreciation: At 1st January 2022 19.0 9.8 1.8 30.6 Exchange adjustments 1.6 0.6 0.1 2.3 20.6 10.4 1.9 32.9 Charged in the year 9.1 4.1 0.3 13.5 Disposals (1.5) (1.2) \u2212 (2.7) At 31st December 2022 28.2 13.3 2.2 43.7 Net book value: At 31st December 2022 58.0 8.3 0.9 67.2 The vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.4 years (2021: 4.3 years). 2021 Leased land and buildings \u00a3m Leased plant and machinery \u00a3m Leased fixtures, fittings, tools and equipment \u00a3m Total right-of- use assets \u00a3m Cost: At 1st January 2021 41.6 14.0 2.3 57.9 Exchange adjustments (0.9) (0.6) (0.1) (1.6) 40.7 13.4 2.2 56.3 Additions 34.4 4.5 0.2 39.1 Disposals (1.2) (0.7) \u2212 (1.9) At 31st December 2021 73.9 17.2 2.4 93.5 Depreciation: At 1st January 2021 13.3 7.0 1.3 21.6 Exchange adjustments (0.2) (0.4) \u2212 (0.6) 13.1 6.6 1.3 21.0 Charged in the year 7.0 3.9 0.5 11.4 Disposals (1.1) (0.7) \u2212 (1.8) At 31st December 2021 19.0 9.8 1.8 30.6 Net book value: At 31st December 2021 54.9 7.4 0.6 62.9 The maturity analysis of lease liabilities is presented in Note 28. Amounts recognised in Consolidated Income Statement 31st December 2022 \u00a3m 31st December 2021 \u00a3m Depreciation expense on right-of-use assets 13.5 11.4 Interest expense on lease liabilities 1.5 1.1 Expense relating to short-term leases 1.9 2.0 Expense relating to leases of low value assets 0.4 0.4 Expense relating to variable lease payments not included in the measurement of the lease liability 0.2 0.2 Income from subleases right-of-use assets (0.2) (0.1) Total impact on profit before tax 17.3 15.0 The total cash outflow for leases during 2022 was \u00a316.9m (2021: \u00a315.3m). The following cash outflows (undiscounted) are those that the Group is potentially exposed to in future periods but are currently not reflected in the measurement of lease liabilities: \u2022 \u00a30.1m relating to variable lease payments not based on an index or rate (2021: \u00a30.1m); \u2022 \u00a31.1m relating to optional extension periods that are not reasonably certain to be exercised as at 31st December 2022 (2021: \u00a31.2m); and \u2022 \u00a328.1m relating to leases that the Group are committed, but have not commenced as at 31st December 2022 (2021: \u00a337.7m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-541": {
"value": "15 Goodwill and other intangible assets 2022 Acquired intangibles \u00a3m Development costs \u00a3m Computer software \u00a3m Total other intangibles \u00a3m Goodwill \u00a3m Cost: At 1st January 2022 359.2 30.2 78.0 467.4 418.4 Exchange and other adjustments 28.8 0.3 1.7 30.8 33.1 388.0 30.5 79.7 498.2 451.5 Acquisitions 244.6 0.1 0.4 245.1 259.3 Additions \u2212 4.3 8.9 13.2 \u2212 Transfers from property, plant and equipment \u2212 \u2212 0.3 0.3 \u2212 Disposal of subsidary \u2212 \u2212 (0.3) (0.3) \u2212 Disposals \u2212 \u2212 (0.4) (0.4) \u2212 At 31st December 2022 632.6 34.9 88.6 756.1 710.8 Amortisation: At 1st January 2022 142.4 19.5 49.8 211.7 7.2 Exchange adjustments 10.7 0.2 2.0 12.9 0.3 153.1 19.7 51.8 224.6 7.5 Amortisation 23.7 2.3 5.8 31.8 \u2212 Disposal of subsidary \u2212 \u2212 (0.3) (0.3) \u2212 Disposals \u2212 \u2212 (0.3) (0.3) \u2212 At 31st December 2022 176.8 22.0 57.0 255.8 7.5 Net book value: At 31st December 2022 455.8 12.9 31.6 500.3 703.3 2021 Acquired intangibles \u00a3m Development costs \u00a3m Computer software \u00a3m Total other intangibles \u00a3m Goodwill \u00a3m Cost: At 1st January 2021 368.6 27.1 69.8 465.5 429.8 Exchange and other adjustments (9.4) (0.2) (1.3) (10.9) (11.4) 359.2 26.9 68.5 454.6 418.4 Additions \u2212 3.2 8.1 11.3 \u2212 Transfers from property, plant and equipment \u2212 0.1 3.4 3.5 \u2212 Disposals \u2212 \u2212 (2.0) (2.0) \u2212 At 31st December 2021 359.2 30.2 78.0 467.4 418.4 Amortisation: At 1st January 2021 125.4 17.6 45.9 188.9 7.4 Exchange adjustments (4.4) (0.1) (0.9) (5.4) (0.2) 121.0 17.5 45.0 183.5 7.2 Amortisation 21.4 2.0 5.9 29.3 \u2212 Transfers from property, plant and equipment \u2212 \u2212 0.5 0.5 \u2212 Disposals \u2212 \u2212 (1.6) (1.6) \u2212 At 31st December 2021 142.4 19.5 49.8 211.7 7.2 Net book value: At 31st December 2021 216.8 10.7 28.2 255.7 411.2 15 Goodwill and other intangible assets continued Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2022 Customer relationships \u00a3m Brand names and trademarks \u00a3m Manufacturing designs and core technology \u00a3m Non-compete undertakings and other \u00a3m Total acquired intangibles \u00a3m Cost: At 1st January 2022 87.1 190.2 60.2 21.7 359.2 Exchange and other adjustments 5.0 19.0 3.9 0.9 28.8 92.1 209.2 64.1 22.6 388.0 Acquisitions 89.8 128.9 20.1 5.8 244.6 At 31st December 2022 181.9 338.1 84.2 28.4 632.6 Amortisation and impairment: At 1st January 2022 42.2 49.9 28.6 21.7 142.4 Exchange adjustments 2.9 5.0 1.8 1.0 10.7 45.1 54.9 30.4 22.7 153.1 Amortisation and impairment 6.8 12.1 4.4 0.4 23.7 At 31st December 2022 51.9 67.0 34.8 23.1 176.8 Net book value: At 31st December 2022 130.0 271.1 49.4 5.3 455.8 Customer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance the individually material balances relate to Durex Industries \u00a383.3m (2021: \u00a3nil) and Thermocoax \u00a326.9m (2021: \u00a327.8m). The remaining amortisation periods are 14.9 years and 11.4 years respectively. Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Vulcanic \u00a3106.1m (2021: \u00a3nil), Durex Industries \u00a321.2m (2021: \u00a3nil), Chromalox \u00a3103.5m (2021: \u00a398.9m) and Gestra \u00a322.4m (2021: \u00a323.6m). The remaining amortisation periods are 19.8 years, 19.9 years, 14.5 years and 9.3 years respectively. Manufacturing designs and core technology are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within this balance. Non-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. 2021 Customer relationships \u00a3m Brand names and trademarks \u00a3m Manufacturing designs and core technology \u00a3m Non-compete undertakings and other \u00a3m Total acquired intangibles \u00a3m Cost: At 1st January 2021 91.4 192.3 61.8 23.1 368.6 Exchange and other adjustments (4.3) (2.1) (1.6) (1.4) (9.4) 87.1 190.2 60.2 21.7 359.2 Acquisitions \u2212 \u2212 \u2212 \u2212 \u2212 At 31st December 2021 87.1 190.2 60.2 21.7 359.2 Amortisation and impairment: At 1st January 2021 37.9 40.4 24.8 22.3 125.4 Exchange adjustments (1.7) (0.6) (0.7) (1.4) (4.4) 36.2 39.8 24.1 20.9 121.0 Amortisation and impairment 6.0 10.1 4.5 0.8 21.4 At 31st December 2021 42.2 49.9 28.6 21.7 142.4 Net book value: At 31st December 2021 44.9 140.3 31.6 \u2212 216.8 Impairment In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill. 15 Goodwill and other intangible assets continued Goodwill impairment is considered based on groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3. The breakdown of the goodwill value at 31st December across these is shown below: 2022 Goodwill \u00a3m 2021 Goodwill \u00a3m Steam Specialties 127.4 110.6 Electric Thermal Solutions 514.9 241.0 Watson-Marlow 61.0 59.6 Total goodwill 703.3 411.2 The goodwill balance has been tested for annual impairment on the following basis: The carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further seven years based on the most recent forecasts prepared by management. Cash flow forecasts extend beyond five years only for Electric Thermal Solutions, incorporating further medium-term revenue growth expected during that period which is consistent with (i) the acquisition plan that indicated a period of greater than five years would be required before a newly acquired segment reaches long-term expected performance and (ii) the extension of forecasts to 2030 aligns with anticipated growth from industrial decarbonisation driven by net zero commitments made by customers. The Group has a strong track record of consistent organic growth over many years and this, coupled with the global decarbonisation targets to which our products support, provides a reliable basis for forecasts longer than five years. The forecast period beyond five years, however, is not a key judgement that would impact the outcome of the impairment tests performed on the Electric Thermal Solutions group of CGUs. The forecast period will be reduced by one year over each of the next three years, such that a five year forecast period will be used from 2025 onwards. The key assumptions on which the impairment tests are based are the discount rates and forecast cash flows which are driven by growth rates and EBIT margins. \u2022 pre-tax discount rates are based on estimations of the assumptions that market participants operating in similar sectors to the Group would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately; taking into account the size of the business along with specific geographical and industry risk factors. Discount rates are not adjusted for estimated impacts of inflation, which is consistent with the calculation of the future operating cash flows to which they are applied; \u2022 short to medium-term growth rates based on external market growth rates (where available) and historical experience within each group of CGUs. The short to medium-term is defined as not more than eight years; \u2022 long-term growth rates are set using the weighted average GDP growth rates (IMF and Oxford Economics) of the group of CGUs end markets; and \u2022 EBIT margins are based on historical performance and expected improvements in operational efficiency and leverage from completed projects. The principal value in use assumptions were as follows: Operating segment 2022 Discount rate 2022 Short to medium-term growth rate 2022 Long-term growth rate Period of annual cashflow forecast (years) 2021 Discount rate 2021 Short to medium-term growth rate 2021 Long-term growth rate Period of annual cashflow forecast (years) Steam Specialties 14.1% 5.5% \u2013 10.5% 3.1% 5 10.7% 5.7\u20137.9% 2.5% 5 Electric Thermal Solutions 11.3% 5.9% \u2013 10.1% 2.4% 8 9.8% 3.5\u201314.9% 1.7% 9 Watson-Marlow 12.0% (1.0)% \u2013 12.4% 2.7% 5 10.2% 4.9\u201318.2% 2.0% 5 The results of the Group\u2019s impairment tests are dependent upon estimates, particularly in relation to the key assumptions described above. Sensitivity analysis to potential changes in the key assumptions has been undertaken based on the following reasonably possible change sensitivities in isolation: \u2022 a 100 bps increase in the discount rate applied to each group of CGUs; \u2022 a range of 0 bps \u2013 220 bps reduction in the short to medium-term growth rates and a 50 bps reduction in long-term growth rates used in the cash flow projections; \u2022 a range of 10 \u2013 170 bps reduction in the EBIT margin used in the cash flow projections; and \u2022 a 100 bps increase in the discount rates and a 50 bps reduction in long-term growth rates, combined with a range of 0 \u2013 220 bps reduction in the short to medium-term growth rates and a range of 10 \u2013 170 bps reduction in forecast EBIT margins specifically in relation to the Electric Thermal Solutions group of CGU\u2019s used in the cash flow projections. For each group of CGUs, the Directors do not consider that there are any reasonably possible change sensitivities for the business that could arise in the next 12 months that would result in an impairment charge being recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2022 Customer relationships \u00a3m Brand names and trademarks \u00a3m Manufacturing designs and core technology \u00a3m Non-compete undertakings and other \u00a3m Total acquired intangibles \u00a3m Cost: At 1st January 2022 87.1 190.2 60.2 21.7 359.2 Exchange and other adjustments 5.0 19.0 3.9 0.9 28.8 92.1 209.2 64.1 22.6 388.0 Acquisitions 89.8 128.9 20.1 5.8 244.6 At 31st December 2022 181.9 338.1 84.2 28.4 632.6 Amortisation and impairment: At 1st January 2022 42.2 49.9 28.6 21.7 142.4 Exchange adjustments 2.9 5.0 1.8 1.0 10.7 45.1 54.9 30.4 22.7 153.1 Amortisation and impairment 6.8 12.1 4.4 0.4 23.7 At 31st December 2022 51.9 67.0 34.8 23.1 176.8 Net book value: At 31st December 2022 130.0 271.1 49.4 5.3 455.8 Customer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance the individually material balances relate to Durex Industries \u00a383.3m (2021: \u00a3nil) and Thermocoax \u00a326.9m (2021: \u00a327.8m). The remaining amortisation periods are 14.9 years and 11.4 years respectively. Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Vulcanic \u00a3106.1m (2021: \u00a3nil), Durex Industries \u00a321.2m (2021: \u00a3nil), Chromalox \u00a3103.5m (2021: \u00a398.9m) and Gestra \u00a322.4m (2021: \u00a323.6m). The remaining amortisation periods are 19.8 years, 19.9 years, 14.5 years and 9.3 years respectively. Manufacturing designs and core technology are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within this balance. Non-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. 2021 Customer relationships \u00a3m Brand names and trademarks \u00a3m Manufacturing designs and core technology \u00a3m Non-compete undertakings and other \u00a3m Total acquired intangibles \u00a3m Cost: At 1st January 2021 91.4 192.3 61.8 23.1 368.6 Exchange and other adjustments (4.3) (2.1) (1.6) (1.4) (9.4) 87.1 190.2 60.2 21.7 359.2 Acquisitions \u2212 \u2212 \u2212 \u2212 \u2212 At 31st December 2021 87.1 190.2 60.2 21.7 359.2 Amortisation and impairment: At 1st January 2021 37.9 40.4 24.8 22.3 125.4 Exchange adjustments (1.7) (0.6) (0.7) (1.4) (4.4) 36.2 39.8 24.1 20.9 121.0 Amortisation and impairment 6.0 10.1 4.5 0.8 21.4 At 31st December 2021 42.2 49.9 28.6 21.7 142.4 Net book value: At 31st December 2021 44.9 140.3 31.6 \u2212 216.8 Impairment In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "Goodwill impairment is considered based on groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3. The breakdown of the goodwill value at 31st December across these is shown below: 2022 Goodwill \u00a3m 2021 Goodwill \u00a3m Steam Specialties 127.4 110.6 Electric Thermal Solutions 514.9 241.0 Watson-Marlow 61.0 59.6 Total goodwill 703.3 411.2 The goodwill balance has been tested for annual impairment on the following basis: The carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further seven years based on the most recent forecasts prepared by management. Cash flow forecasts extend beyond five years only for Electric Thermal Solutions, incorporating further medium-term revenue growth expected during that period which is consistent with (i) the acquisition plan that indicated a period of greater than five years would be required before a newly acquired segment reaches long-term expected performance and (ii) the extension of forecasts to 2030 aligns with anticipated growth from industrial decarbonisation driven by net zero commitments made by customers. The Group has a strong track record of consistent organic growth over many years and this, coupled with the global decarbonisation targets to which our products support, provides a reliable basis for forecasts longer than five years. The forecast period beyond five years, however, is not a key judgement that would impact the outcome of the impairment tests performed on the Electric Thermal Solutions group of CGUs. The forecast period will be reduced by one year over each of the next three years, such that a five year forecast period will be used from 2025 onwards. The key assumptions on which the impairment tests are based are the discount rates and forecast cash flows which are driven by growth rates and EBIT margins. \u2022 pre-tax discount rates are based on estimations of the assumptions that market participants operating in similar sectors to the Group would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately; taking into account the size of the business along with specific geographical and industry risk factors. Discount rates are not adjusted for estimated impacts of inflation, which is consistent with the calculation of the future operating cash flows to which they are applied; \u2022 short to medium-term growth rates based on external market growth rates (where available) and historical experience within each group of CGUs. The short to medium-term is defined as not more than eight years; \u2022 long-term growth rates are set using the weighted average GDP growth rates (IMF and Oxford Economics) of the group of CGUs end markets; and \u2022 EBIT margins are based on historical performance and expected improvements in operational efficiency and leverage from completed projects. The principal value in use assumptions were as follows: Operating segment 2022 Discount rate 2022 Short to medium-term growth rate 2022 Long-term growth rate Period of annual cashflow forecast (years) 2021 Discount rate 2021 Short to medium-term growth rate 2021 Long-term growth rate Period of annual cashflow forecast (years) Steam Specialties 14.1% 5.5% \u2013 10.5% 3.1% 5 10.7% 5.7\u20137.9% 2.5% 5 Electric Thermal Solutions 11.3% 5.9% \u2013 10.1% 2.4% 8 9.8% 3.5\u201314.9% 1.7% 9 Watson-Marlow 12.0% (1.0)% \u2013 12.4% 2.7% 5 10.2% 4.9\u201318.2% 2.0% 5 The results of the Group\u2019s impairment tests are dependent upon estimates, particularly in relation to the key assumptions described above. Sensitivity analysis to potential changes in the key assumptions has been undertaken based on the following reasonably possible change sensitivities in isolation: \u2022 a 100 bps increase in the discount rate applied to each group of CGUs; \u2022 a range of 0 bps \u2013 220 bps reduction in the short to medium-term growth rates and a 50 bps reduction in long-term growth rates used in the cash flow projections; \u2022 a range of 10 \u2013 170 bps reduction in the EBIT margin used in the cash flow projections; and \u2022 a 100 bps increase in the discount rates and a 50 bps reduction in long-term growth rates, combined with a range of 0 \u2013 220 bps reduction in the short to medium-term growth rates and a range of 10 \u2013 170 bps reduction in forecast EBIT margins specifically in relation to the Electric Thermal Solutions group of CGU\u2019s used in the cash flow projections. For each group of CGUs, the Directors do not consider that there are any reasonably possible change sensitivities for the business that could arise in the next 12 months that would result in an impairment charge being recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-542": {
"value": "16 Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: 2022 Assets \u00a3m 2021 Assets \u00a3m 2022 Liabilities \u00a3m 2021 Liabilities \u00a3m 2022 Net \u00a3m 2021 Net \u00a3m Accelerated capital allowances 0.6 0.5 (23.4) (12.8) (22.8) (12.3) Provisions 12.0 8.3 (0.2) (0.2) 11.8 8.1 Losses 16.2 5.6 \u2212 \u2212 16.2 5.6 Inventory 8.2 6.6 (0.9) (1.6) 7.3 5.0 Pensions 18.6 15.8 (5.4) (3.8) 13.2 12.0 Acquired intangibles \u2212 \u2212 (91.0) (55.0) (91.0) (55.0) Other temporary differences 13.4 9.3 (7.2) (8.4) 6.2 0.9 Tax assets/(liabilities) 69.0 46.1 (128.1) (81.8) (59.1) (35.7) Movement in deferred tax during the year 2022 1st January 2022 \u00a3m Recognised in income \u00a3m Recognised in OCI \u00a3m Recognised in equity \u00a3m Acquisitions \u00a3m 31st December 2022 \u00a3m Accelerated capital allowances (12.3) (9.9) \u2212 (0.4) (0.2) (22.8) Provisions 8.1 3.4 (0.4) 0.5 0.2 11.8 Losses 5.6 9.5 \u2212 0.1 1.0 16.2 Inventory 5.0 2.3 \u2212 \u2212 \u2212 7.3 Pensions 12.0 (1.5) 1.7 0.7 0.3 13.2 Acquired intangibles (55.0) 4.1 (2.3) (5.6) (32.2) (91.0) Other temporary differences 0.9 2.7 2.8 (0.4) 0.2 6.2 Group total (35.7) 10.6 1.8 (5.1) (30.7) (59.1) Movement in deferred tax during the year 2021 1st January 2021 \u00a3m Recognised in income \u00a3m Recognised in OCI \u00a3m Recognised in equity \u00a3m 31st December 2021 \u00a3m Accelerated capital allowances (8.8) (3.7) \u2212 0.2 (12.3) Provisions 8.8 (0.4) 0.1 (0.4) 8.1 Losses 3.9 1.9 \u2212 (0.2) 5.6 Inventory 4.3 0.7 0.1 (0.1) 5.0 Pensions 22.7 (1.4) (9.5) 0.2 12.0 Acquired intangibles (61.1) 4.9 \u2212 1.2 (55.0) Other temporary differences 1.7 (2.1) 1.3 \u2212 0.9 Group total (28.5) (0.1) (8.0) 0.9 (35.7) At the Balance Sheet date, the Group has deductible temporary differences, unused tax losses and unused tax creditors of \u00a330.0m (2021: \u00a314.4m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a316.2m (2021: \u00a35.6m). No deferred tax asset has been recognised in respect of the remaining \u00a313.8m (2021: \u00a38.8m) as it is not considered probable that there will be future taxable profits available against which the relevant deduction can be offset. The losses may be carried forward indefinitely. A deferred tax credit of \u00a31.7m (2021: \u00a39.5m charge) recognised in the Consolidated Statement of Comprehensive Income (page 185) associated with the measurement of defined benefit obligations comprises \u00a31.8m relating to remeasurement loss (2021: \u00a38.9m relating to remeasurement gains) offset by \u00a30.1m relating to exchange movement gains (2021: \u00a30.6m loss). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-543": {
"value": "17 Inventories 2022 \u00a3m 2021 \u00a3m Raw materials, consumables and components 136.1 81.6 Work in progress 39.5 26.7 Finished goods and goods for resale 114.4 93.0 Total inventories 290.0 201.3 The write-down of inventories recognised as an expense during the year was \u00a39.0m (2021: \u00a32.0m). This comprises a cost of \u00a310.5m (2021: \u00a33.4m) to write-down inventory to net realisable value reduced by \u00a31.5m (2021: \u00a31.4m) for reversal of previous write-down reassessed as a result of customer demand. A total of \u00a32.1m was recognised within items excluded from adjusted operating profit. The value of inventories expected to be recovered after more than 12 months is \u00a312.6m (2021: \u00a313.1m). There is no material difference between the Statement of Financial Position value of inventories and their replacement cost. None of the inventory has been pledged as security. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-544": {
"value": "18 Other current assets 2022 \u00a3m 2021 \u00a3m Other receivables 42.4 22.6 Contract assets 11.7 3.2 Prepayments 25.5 18.9 Total other current assets 79.6 44.7 Contract assets relate to revenue recognised that has not yet been invoiced to the customer. Other receivables comprise various assets across the Group including sales tax receivables and other non trade balances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-545": {
"value": "19 Trade and other payables 2022 \u00a3m 2021 \u00a3m Trade payables 89.9 67.8 Contract liabilities 20.6 17.1 Social security 9.4 7.3 Other payables 49.9 39.1 Accruals 113.2 85.7 Total trade and other payables 283.0 217.0 Contract liabilities relate to advance payments received from customers that have not yet been recognised as revenue. \u00a315.7m of the contract liabilities at 31st December 2021 was recognised as revenue during 2022 (2021: \u00a311.2m). Other payables comprise various balances across the Group including sales tax payable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-546": {
"value": "20 Provisions 2022 Product warranty \u00a3m Legal, contractual and other \u00a3m Total \u00a3m At 1st January 2022 2.1 4.6 6.7 Additional provision in the year 0.6 7.9 8.5 Utilised or released during the year (0.9) (2.5) (3.4) Acquisition of subsidiary 0.8 5.2 6.0 Exchange adjustments 0.1 0.3 0.4 At 31st December 2022 2.7 15.5 18.2 2021 Product warranty \u00a3m Legal, contractual and other \u00a3m Total \u00a3m At 1st January 2021 2.0 6.1 8.1 Additional provision in the year 0.7 3.1 3.8 Utilised or released during the year (0.6) (4.3) (4.9) Exchange adjustments \u2013 (0.3) (0.3) At 31st December 2021 2.1 4.6 6.7 2022 \u00a3m 2021 \u00a3m Current provisions 12.0 5.2 Non-current provisions 6.2 1.5 Total provisions 18.2 6.7 Product warranty Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business. These are expected to be incurred in the next three years. Legal, contractual and other Legal, contractual and other provisions mainly comprise amounts provided against open legal and contractual disputes arising from trade and employment. These costs are based on past experience of similar items and other known factors and represent management\u2019s best estimate of the likely outcome. The Group has taken action to enforce its rights and protect its intellectual property rights around the world. Reflecting the inherent uncertainty within many legal proceedings, the timing and amount of the outflows could differ significantly from the amount provided. Management does not expect that the outcome of such proceedings, either individually or in aggregate, will have a material adverse effect on the Group\u2019s financial condition or results of operations. Of the total legal, contractual and other provisions at 31st December 2022 \u00a39.8m (2021: \u00a33.5m) has been included within current and \u00a35.7m (2021: \u00a31.1m) within non-current provisions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-547": {
"value": "21 Called-up share capital and reserves 2022 \u00a3m 2021 \u00a3m Ordinary shares of 26 12/13p (2021: 26 12/13p) each: Authorised 111,428,571 (2021: 111,428,571) 30.0 30.0 Allotted, called up and fully paid 73,776,048 (2021: 73,776,048) 19.8 19.8 28,262 (2021: 33,856) shares with a nominal value of \u00a37,609 (2021: \u00a39,155) were issued in connection with the Group\u2019s Employee Share Ownership Plan with external consideration of \u00a31.8m (2021: \u00a31.5m) received by the Group. In 2022, all shares were provided to employees through the Employee Benefit Trust and not through the issue of share capital. At 31st December 2022, 179,632 shares were held in an Employee Benefit Trust and available for use in connection with the Group\u2019s Employee Share Schemes. 108 senior employees of the Group have been granted options on Ordinary shares under the Performance Share Plan (details in Note 23). Translation reserve in the Consolidated Statement of Changes in Equity on pages 186 to 187 is made up as follows: 1st January 2022 \u00a3m Change in year \u00a3m 31st December 2022 \u00a3m Net investment hedge reserve 12.7 (15.4) (2.7) Translation reserve (53.2) 73.4 20.2 Total translation reserve (40.5) 58.0 17.5 1st January 2021 \u00a3m Change in year \u00a3m 31st December 2021 \u00a3m Net investment hedge reserve (6.1) 18.8 12.7 Translation reserve (27.6) (25.6) (53.2) Total translation reserve (33.7) (6.8) (40.5) Net investment hedge reserve The reserve records the cumulative gain or loss on hedging instruments designated in net investment hedges. Together with the translation reserve, these are the foreign currency translation reserves of the Group. Other reserves in the Consolidated Statement of Changes in Equity on pages 186 to 187 are made up as follows: 1st January 2022 \u00a3m Change in year \u00a3m 31st December 2022 \u00a3m Cash flow hedges reserve (0.2) (3.5) (3.7) Capital redemption reserve 1.8 \u2013 1.8 Employee Benefit Trust reserve (19.3) (2.2) (21.5) Total other reserves (17.7) (5.7) (23.4) 1st January 2021 \u00a3m Change in year \u00a3m 31st December 2021 \u00a3m Cash flow hedges reserve 2.6 (2.8) (0.2) Capital redemption reserve 1.8 \u2013 1.8 Employee Benefit Trust reserve (6.8) (12.5) (19.3) Total other reserves (2.4) (15.3) (17.7) Cash flow hedges reserve The reserve records the cumulative net change in the fair value of forward exchange contracts where they are designated as effective cash flow hedge relationships. Capital redemption reserve This reserve records the historical repurchase of the Group\u2019s own shares. Employee Benefit Trust reserve The Group has an Employee Benefit Trust which is used to purchase, hold and issue shares in connection with the Group\u2019s employee share schemes. The shares held in Trust are recorded in this separate reserve. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-548": {
"value": "22 Capital commitments and contingent liabilities 2022 \u00a3m 2021 \u00a3m Capital expenditure contracted for but not provided 67.0 40.5 All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31st December 2022 (no material contingent liabilities existed at 31st December 2021), but does have a non-material contingent liability in relation to tax estimated at approximately \u00a33.8m (2021: \u00a33.8m). See Note 9 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "22 Capital commitments and contingent liabilities 2022 \u00a3m 2021 \u00a3m Capital expenditure contracted for but not provided 67.0 40.5 All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31st December 2022 (no material contingent liabilities existed at 31st December 2021), but does have a non-material contingent liability in relation to tax estimated at approximately \u00a33.8m (2021: \u00a33.8m). See Note 9 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "22 Capital commitments and contingent liabilities 2022 \u00a3m 2021 \u00a3m Capital expenditure contracted for but not provided 67.0 40.5 All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31st December 2022 (no material contingent liabilities existed at 31st December 2021), but does have a non-material contingent liability in relation to tax estimated at approximately \u00a33.8m (2021: \u00a33.8m). See Note 9 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-549": {
"value": "23 Employee benefits Retirement benefit obligations The Group operates a wide range of retirement benefit arrangements, which are established in accordance with local conditions and practices within the countries concerned. These include funded defined contribution and funded and unfunded defined benefit schemes. Defined contribution arrangements The majority of the retirement benefit arrangements operated by the Group are of a defined contribution structure, where the employer contribution and resulting Income Statement charge is fixed at a set level or is a set percentage of employees\u2019 pay. Contributions made to defined contribution schemes and charged to the Income Statement totalled \u00a327.0m (2021: \u00a316.5m). In Germany, following the closure of the defined benefit schemes to new entrants in 2021, the main scheme for new employees is a defined contribution scheme. Defined benefit arrangements The Group operates several funded defined benefit retirement schemes where the benefits are based on employees\u2019 length of service. Whilst the Group\u2019s primary schemes are in the UK, it also operates other material benefit schemes in the USA as well as less material schemes elsewhere. In funded arrangements, the assets of defined benefit schemes are held in separate trustee-administered funds or similar structures in the countries concerned. UK defined benefit arrangements The defined benefit schemes in the UK account for 47% (2021: 22%) of the Group\u2019s net liability for defined retirement benefit schemes. Spirax-Sarco operates three UK schemes: the Spirax-Sarco Employees Pension Fund, the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme and the Watson-Marlow Pension Fund. These are all final salary pension schemes and are closed to new members. There is a mix of different inflation-dependent pension increases (in payment and deferment) which vary from member to member according to their membership history and which scheme they are a member of. All three schemes have been set up under UK law and are governed by a Trustee committee, which is responsible for the scheme\u2019s investments, administration and management. A funding valuation is carried out for the Trustees of each scheme every three years by an independent firm of actuaries. Depending on the outcome of that valuation a schedule of future contributions is negotiated with Spirax-Sarco. Further information on the contribution commitments is shown in the Financial Review on pages 38 to 45. US defined benefit schemes The Group operates a pension scheme in the USA, which is closed to new entrants and frozen to future accrual. The pension scheme defines the pension in terms of the highest average pensionable pay for any five consecutive years prior to retirement. No pension increases (in payment and deferment) are offered by this scheme. It also operates a post-retirement medical plan in the USA, which is unfunded, as is typical for these plans. Germany defined benefit scheme The Group operates an unfunded pension scheme in Germany which was closed to future accrual with effect from 1st January 2021 with active members becoming deferred at this date. This curtailment was recognised as a past service credit of \u00a32.0m in the 2021 Consolidated Income Statement . 23 Employee benefits continued Principal Risks The pension schemes create a number of risk exposures. Annual increases in benefits are, to a varying extent from scheme to scheme, dependent on inflation so the main uncertainties affecting the level of benefits payable are future inflation levels and the actual longevity of the membership. Benefits payable will also be influenced by a range of other factors including member decisions on matters such as when to retire and the possibility to draw benefits in different forms. A key risk is that additional contributions are required if the investment returns fall short of those anticipated when setting the contributions to the pension schemes. All pension schemes are regulated by the relevant jurisdictions. These include extensive legislation and regulatory mechanisms that are subject to change and may impact on the Group\u2019s pension schemes. The IAS 19 liability measurement known as Defined Benefit Obligation (DBO) and the Service Cost are sensitive to the actuarial assumptions made on a range of demographic and financial matters that are used to project the expected benefit payments, the most important of these assumptions being the future inflation levels and the assumptions made about life expectation. The DBO and Service Cost are also very sensitive to the IAS 19 discount rate, which determines the discounted value of the projected benefit payments. The discount rate depends on market yields on high-quality corporate bonds. Investment strategies are set with funding rather than IAS 19 considerations in mind and do not seek to provide a specific hedge against the IAS 19 measurement of DBO. As a result the difference between the market value of the assets and the IAS 19 DBO may be volatile. Further information on the investment strategy for the UK schemes can be found in the Financial Review on pages 38 to 45. Sensitivity analysis to changes in discount rate and inflation are included on page 220. The financial assumptions used at 31st December were: Assumptions weighted by value of liabilities % per annum UK pensions Overseas pensions and medical 2022 % 2021 % 2022 % 2021 % Rate of increase in salaries n/a n/a 2.9 3.1 Rate of increase in pensions 2.9 3.2 2.6 1.8 Rate of price inflation 3.2 3.3 2.4 2.0 Discount rate 4.7 1.8 4.7 2.5 Medical trend rate n/a n/a 7.5 7.5 The UK pensions are closed to future accrual therefore the rate of increase in salaries is not applicable. The weighted average duration of the defined benefit obligation at 31st December 2022 was approximately 15 years (2021:19 years) for the Spirax-Sarco Employees Pension Fund, 10 years (2021:12 years) for the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme and 16 years (2021:19 years) for the Watson-Marlow Pension Fund. The mortality assumptions for the material defined benefit schemes at 31st December 2022 and 31st December 2021 were: Spirax-Sarco Employees Pension Fund At 31st December 2022: 100% of SAPS 3, with CMI 2021 projections with a long-term 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. At 31st December 2021: 100% of SAPS 3, with CMI 2020 projections with a long-term 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. Spirax-Sarco Executives\u2019 Retirement Benefits Scheme At 31st December 2022: 84/87% (male/female) of SAPS S3 light normal, CMI 2021 projections with a long-term trend 1.25% and an initial addition parameter of 0.25% and w2020 parameter of 10%. At 31st December 2021: 84/87% (male/female) of SAPS S3 light normal, CMI 2020 projections with a long-term trend 1.25% and an initial addition parameter of 0.25% and w2020 parameter of 10%. Watson-Marlow Pension Fund At 31st December 2022: 102% of SAPS S3, CMI 2021 projections with a long-term trend of 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. At 31st December 2021: 102% of SAPS S2, CMI 2020 projections with a long-term trend of 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of 10%. US Pension Scheme At 31st December 2022: SOA Pri-2012 Amount-Weighted Blue Collar mortality tables with Mortality Improvement Scale MP2021. At 31st December 2021: SOA Pri-2012 Amount-Weighted Blue Collar mortality tables with Mortality Improvement Scale MP2021. By way of example the mortality tables indicate the following life expectancy across the UK schemes: 2022 Life expectancy at 65 2021 Life expectancy at 65 Current age Male Female Male Female 65 22.1 24.6 22.1 24.3 50 23.0 25.6 23.0 25.5 The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice. 23 Employee benefits continued The amounts recognised in the Consolidated Statement of Financial Position are determined as follows: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Fair value of schemes\u2019 assets 284.6 497.5 57.0 63.2 341.6 560.7 Present value of funded schemes\u2019 liabilities (309.2) (507.5) (65.5) (76.1) (374.7) (583.6) Deficit in the funded schemes (24.6) (10.0) (8.5) (12.9) (33.1) (22.9) Present value of unfunded schemes\u2019 liabilities \u2013 \u2013 (19.0) (21.8) (19.0) (21.8) Retirement benefit liability recognised in the Consolidated Statement of Financial Position (24.6) (10.0) (27.5) (34.7) (52.1) (44.7) Related deferred tax asset 6.2 2.5 7.0 9.5 13.2 12.0 Net pension liability (18.4) (7.5) (20.5) (25.2) (38.9) (32.7) Fair value of scheme assets UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Quoted equities 46.9 28.9 30.1 36.0 77.0 64.9 Quoted bonds 132.5 14.9 13.1 17.7 145.6 32.6 Other 54.4 6.8 7.4 2.7 61.8 9.5 Total with quoted market price 233.8 50.6 50.6 56.4 284.4 107.0 Cash and cash equivalents 45.9 28.3 0.6 0.8 46.5 29.1 Unquoted equities 2.8 109.5 \u2013 \u2013 2.8 109.5 Unquoted bonds \u2013 273.0 \u2013 \u2013 \u2013 273.0 Real estate 0.3 36.1 \u2013 \u2013 0.3 36.1 Other 1.8 \u2013 5.8 6.0 7.6 6.0 Total other securities 50.8 446.9 6.4 6.8 57.2 453.7 Total market value in aggregate 284.6 497.5 57.0 63.2 341.6 560.7 The actual return on plan assets was a decrease of \u00a3211.6m (2021: an increase of \u00a343.2m). The UK pensions assets include investments in Liability Driven Investment (LDI) funds. LDI funds allow the schemes to hedge a larger proportion of the underlying interest rate exposure that exists within the schemes liabilities. As a result of the structure of LDI funds the schemes may be required to provide additional cash collateral to the LDI funds in order to maintain the current level of hedging should market interest rates increase materially. The LDI funds of \u00a383.4m are included within the quoted bonds in the table above. The movements in the defined benefit obligation recognised in the Consolidated Statement of Financial Position during the year were: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Defined benefit obligation at beginning of year (507.5) (522.8) (97.9) (107.5) (605.4) (630.3) Acquisitions \u2013 \u2013 (1.5) \u2013 (1.5) \u2013 Current service cost \u2013 \u2013 (0.7) (0.1) (0.7) (0.1) Past service credit \u2013 Curtailments \u2013 \u2013 \u2013 2.0 \u2013 2.0 Interest cost (9.1) (6.7) (2.5) (2.1) (11.6) (8.8) Administration costs \u2013 \u2013 (0.7) (0.6) (0.7) (0.6) Remeasurement gain 207.0 8.7 23.0 4.9 230.0 13.6 Actual benefit payments 15.9 16.5 5.3 4.7 21.2 21.2 Experience (loss)/gain (15.5) (3.2) (0.5) 0.3 (16.0) (2.9) Currency (loss)/gain \u2013 \u2013 (9.0) 0.5 (9.0) 0.5 Defined benefit obligation at end of year (309.2) (507.5) (84.5) (97.9) (393.7) (605.4) 23 Employee benefits continued The movements in the fair value of plan assets during the year were: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Value of assets at beginning of year 497.5 474.7 63.2 57.0 560.7 531.7 Acquisitions \u2013 \u2013 0.4 \u2013 0.4 \u2013 Expected return on assets 9.0 6.1 1.8 1.4 10.8 7.5 Remeasurement gain (210.9) 28.6 (11.5) 7.1 (222.4) 35.7 Contributions paid by employer 5.4 5.3 1.8 1.7 7.2 7.0 Contributions paid by members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Actual benefit payments (15.9) (16.5) (5.3) (4.7) (21.2) (21.2 Administration costs (0.5) (0.7) \u2013 \u2013 (0.5) (0.7) Currency gain \u2013 \u2013 6.6 0.7 6.6 0.7 Value of assets at end of year 284.6 497.5 57.0 63.2 341.6 560.7 The estimated employer contributions to be made in 2023 are \u00a36.3m. The history of experience adjustments is as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2019 \u00a3m 2018 \u00a3m Defined benefit obligation at end of year (393.7) (605.4) (630.3) (559.1) (526.1 Fair value of schemes\u2019 assets 341.6 560.7 531.7 487.8 441.0 Retirement benefit liability recognised in the Statement of Financial Position (52.1) (44.7) (98.6) (71.3) (85.1 Experience adjustment on schemes\u2019 liabilities (16.0) (2.9) 11.4 \u2013 (0.6) As a percentage of schemes\u2019 liabilities 4.1% 0.5% 1.8% 0.0% 0.1% Experience adjustment on schemes\u2019 assets (222.4) 35.7 46.5 49.0 (27.3 As a percentage of schemes\u2019 assets 65.1% 6.4% 8.7% 10.0% 6.2% The expense recognised in the Group Income Statement was as follows: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current service cost \u2013 \u2013 (0.7) (0.1) (0.7) (0.1) Administration costs (0.5) (0.7) (0.7) (0.6) (1.2) (1.3 Past service credit \u2013 Curtailment \u2013 \u2013 \u2013 2.0 \u2013 2.0 Net interest on schemes\u2019 liabilities \u2013 (0.6) (0.8) (0.7) (0.8) (1.3) Total expense recognised in Income Statement (0.5) (1.3) (2.2) 0.6 (2.7) (0.7 The expense is recognised in the following line items in the Consolidated Income Statement: 2022 \u00a3m 2021 \u00a3m Operating costs (1.9) (1.4) Adjustments \u2013 closure of defined benefit schemes \u2013 2.0 Net financing expense (0.8) (1.3 Total expense recognised in Income Statement (2.7) (0.7 23 Employee benefits continued The gain or loss recognised in the Statement of Comprehensive Income (OCI) was as follows: UK pensions Overseas pensions and medical Total 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Remeasurement effects recognised in OCI: Due to experience on DBO (15.5) (3.2) (0.5) 0.3 (16.0) (2.9) Due to demographic assumption changes in DBO 4.3 (1.4) \u2013 (0.2) 4.3 (1.6) Due to financial assumption changes in DBO 202.8 10.1 23.0 5.0 225.8 15.1 Return on assets (210.9) 28.6 (11.5) 7.1 (222.4) 35.7 Total remeasurement (loss)/gain recognised in OCI (19.3) 34.1 11.0 12.2 (8.3) 46.3 Deferred tax on remeasurement (loss)/gain and change in rate recognised in OCI 4.8 (5.9) (3.0) (3.0) 1.8 (8.9) Cumulative loss recognised in OCI at beginning of year (39.6) (67.8) (21.1) (30.3) (60.7) (98.1) Cumulative loss recognised in OCI at end of year (54.1) (39.6) (13.1) (21.1) (67.2) (60.7 Sensitivity analysis The effect on the defined benefit obligation at 31st December 2022 of an increase or decrease in key assumptions is as follows: UK pensions \u00a3m Overseas pensions and medical \u00a3m Total \u00a3m (Decrease)/increase in pension deficit: Discount rate assumption being 1.0% higher (39.7) (8.5) (48.2) Discount rate assumption being 1.0% lower 46.2 10.1 56.3 Inflation assumption being 1.0% higher 29.3 1.5 30.8 Inflation assumption being 1.0% lower (26.9) (1.3) (28.2) Mortality assumption life expectancy at age 65 being one year higher 10.0 2.3 12.3 The above sensitivities reflect reasonable possible changes in the assumptions therefore have been selected on this basis. The average age of active participants in the UK schemes at 31st December 2022 was 53 years (2021: 53 years) and in the overseas schemes 47 years (2021: 47 years). Cash payments to the pension scheme greater or less than the expense to operating profit 2022 \u00a3m 2021 \u00a3m Defined benefit arrangements (1.9) 0.6 Defined contribution arrangements (27.0) (16.5 Total expense recognised in operating costs (28.9) (15.9) Defined benefit arrangements 7.2 7.0 Defined contribution arrangements 27.0 16.5 Total contributions paid by employer 34.2 23.5 Cash payments to the pension scheme greater than the expense to operating profit 5.3 7.6 Share-based payments Disclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2022 on pages 143 to 168. The charge to the Income Statement in respect of share-based payments is made up as follows: 2022 \u00a3m 2021 \u00a3m Performance Share Plan 7.3 7.9 Employee Share Ownership Plan 1.6 1.3 Total expense recognised in Income Statement 8.9 9.2 23 Employee benefits continued Performance Share Plan Awards under the Performance Share Plan are made to Executive Directors and other senior managers and take the form of contingent rights to acquire shares, subject to the satisfaction of a performance target. To the extent that they vest, awards may be satisfied in cash, in shares or an option over shares. For the 2022 grant onwards, the performance criteria is split into three separate parts. 30% of the award is based on a TSR measure where the performance target is based on the Company\u2019s total shareholder return (TSR) relative to the TSR of other companies included in the FTSE 350 Industrial Goods and Services Supersector over a three-year performance period where awards will vest on a sliding scale. All shares within an award will vest if the Company\u2019s TSR is at or above the upper quartile. 18% will vest if the TSR is at the median and the number of shares that will vest will be calculated pro-rata on a straight-line basis between 18% and 100% if the Company\u2019s TSR falls between the median and the upper quartile. No shares will vest if the Company\u2019s TSR is below the median. The second part, amounting to 50% of the award, is subject to achievement of a target based on aggregate EPS over a three-year performance period. 18% will vest if the compound growth in EPS is equal to the growth in global industrial production (IP) plus 2% as published by CHR Economics, and 100% will vest if the compound growth in EPS is equal to or exceeds the growth in global IP plus 8% (changing to IP plus 7% from the 2023 grant onwards), there is pro-rata vesting for actual growth between these rates. The final 20% of the award compares greenhouse gas intensity emission in the base year of the three-year performance period to the final year. Performance will be measured relative to \u00a3m of sales at base year prices to ensure that efficiency savings are not distorted by inflation. 18% will vest if there is 24% reduction in GHG intensity emission, and 100% will vest if there is a reduction in GHG intensity emission equal to or exceeds 31%, there is pro-rata vesting for actual reduction between these rates. Shares awarded under the Performance Share Plan have been valued using the Monte Carlo simulation valuation methodology. The relevant disclosures in respect of the Performance Share Plan grants are set out below. 2018 Grant 2019 Grant 2020 Grant 2021 Grant 2022 Grant Grant date 4th April 15th May 12th March 5th May 14th March Mid-market share price at grant date 5,560.0p 8,161.0p 7,775.0p 11,770.0p 11,910.0p Number of employees 134 133 104 106 108 Shares under scheme 145,041 112,159 140,934 89,806 92,951 Vesting period 3 years 3 years 3 years 3 years 3 years Probability of vesting 73.5% 74.1% 74.3% 73.9% 76.1% Fair value 4,084.4p 6,048.9p 5,779.2p 8,698.0p 9,057.6p Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below. 2018 Grant 2019 Grant 2020 Grant 2021 Grant 2022 Grant Grant date 1st October 1st October 1st October 1st October 1st October Exercise price 7,240.0p 7,835.0p 11,102.0p 15,043.3p 10,348.3p Number of employees 1,294 1,318 1,373 1,400 1,671 Shares under scheme 16,687 16,820 12,480 9,429 16,832 Vesting period 3 years 3 years 3 years 3 years 3 years Expected volatility 19% 21% 25% 26.5% 28.7% Risk-free interest rate 0.8% 0.5% 0.1% 0.2% 4.0% Expected dividend yield 2.0% 1.8% 1.5% 1.0% 1.0% Fair value 7,623.7p 8,305.1p 11,956.9p 16,382.2p 11,579.7p The accumulation period for the 2022 ESOP ends in September 2023, therefore some figures are projections. ",
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"fact-565": {
"value": "Defined contribution arrangements The majority of the retirement benefit arrangements operated by the Group are of a defined contribution structure, where the employer contribution and resulting Income Statement charge is fixed at a set level or is a set percentage of employees\u2019 pay. Contributions made to defined contribution schemes and charged to the Income Statement totalled \u00a327.0m (2021: \u00a316.5m). In Germany, following the closure of the defined benefit schemes to new entrants in 2021, the main scheme for new employees is a defined contribution scheme. ",
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"fact-566": {
"value": "Defined benefit arrangements The Group operates several funded defined benefit retirement schemes where the benefits are based on employees\u2019 length of service. Whilst the Group\u2019s primary schemes are in the UK, it also operates other material benefit schemes in the USA as well as less material schemes elsewhere. In funded arrangements, the assets of defined benefit schemes are held in separate trustee-administered funds or similar structures in the countries concerned. UK defined benefit arrangements The defined benefit schemes in the UK account for 47% (2021: 22%) of the Group\u2019s net liability for defined retirement benefit schemes. Spirax-Sarco operates three UK schemes: the Spirax-Sarco Employees Pension Fund, the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme and the Watson-Marlow Pension Fund. These are all final salary pension schemes and are closed to new members. There is a mix of different inflation-dependent pension increases (in payment and deferment) which vary from member to member according to their membership history and which scheme they are a member of. All three schemes have been set up under UK law and are governed by a Trustee committee, which is responsible for the scheme\u2019s investments, administration and management. A funding valuation is carried out for the Trustees of each scheme every three years by an independent firm of actuaries. Depending on the outcome of that valuation a schedule of future contributions is negotiated with Spirax-Sarco. Further information on the contribution commitments is shown in the Financial Review on pages 38 to 45. US defined benefit schemes The Group operates a pension scheme in the USA, which is closed to new entrants and frozen to future accrual. The pension scheme defines the pension in terms of the highest average pensionable pay for any five consecutive years prior to retirement. No pension increases (in payment and deferment) are offered by this scheme. It also operates a post-retirement medical plan in the USA, which is unfunded, as is typical for these plans. Germany defined benefit scheme The Group operates an unfunded pension scheme in Germany which was closed to future accrual with effect from 1st January 2021 with active members becoming deferred at this date. This curtailment was recognised as a past service credit of \u00a32.0m in the 2021 Consolidated Income Statement ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-567": {
"value": "Share-based payments Disclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2022 on pages 143 to 168. The charge to the Income Statement in respect of share-based payments is made up as follows: 2022 \u00a3m 2021 \u00a3m Performance Share Plan 7.3 7.9 Employee Share Ownership Plan 1.6 1.3 Total expense recognised in Income Statement 8.9 9.2 Performance Share Plan Awards under the Performance Share Plan are made to Executive Directors and other senior managers and take the form of contingent rights to acquire shares, subject to the satisfaction of a performance target. To the extent that they vest, awards may be satisfied in cash, in shares or an option over shares. For the 2022 grant onwards, the performance criteria is split into three separate parts. 30% of the award is based on a TSR measure where the performance target is based on the Company\u2019s total shareholder return (TSR) relative to the TSR of other companies included in the FTSE 350 Industrial Goods and Services Supersector over a three-year performance period where awards will vest on a sliding scale. All shares within an award will vest if the Company\u2019s TSR is at or above the upper quartile. 18% will vest if the TSR is at the median and the number of shares that will vest will be calculated pro-rata on a straight-line basis between 18% and 100% if the Company\u2019s TSR falls between the median and the upper quartile. No shares will vest if the Company\u2019s TSR is below the median. The second part, amounting to 50% of the award, is subject to achievement of a target based on aggregate EPS over a three-year performance period. 18% will vest if the compound growth in EPS is equal to the growth in global industrial production (IP) plus 2% as published by CHR Economics, and 100% will vest if the compound growth in EPS is equal to or exceeds the growth in global IP plus 8% (changing to IP plus 7% from the 2023 grant onwards), there is pro-rata vesting for actual growth between these rates. The final 20% of the award compares greenhouse gas intensity emission in the base year of the three-year performance period to the final year. Performance will be measured relative to \u00a3m of sales at base year prices to ensure that efficiency savings are not distorted by inflation. 18% will vest if there is 24% reduction in GHG intensity emission, and 100% will vest if there is a reduction in GHG intensity emission equal to or exceeds 31%, there is pro-rata vesting for actual reduction between these rates. Shares awarded under the Performance Share Plan have been valued using the Monte Carlo simulation valuation methodology. The relevant disclosures in respect of the Performance Share Plan grants are set out below. 2018 Grant 2019 Grant 2020 Grant 2021 Grant 2022 Grant Grant date 4th April 15th May 12th March 5th May 14th March Mid-market share price at grant date 5,560.0p 8,161.0p 7,775.0p 11,770.0p 11,910.0p Number of employees 134 133 104 106 108 Shares under scheme 145,041 112,159 140,934 89,806 92,951 Vesting period 3 years 3 years 3 years 3 years 3 years Probability of vesting 73.5% 74.1% 74.3% 73.9% 76.1% Fair value 4,084.4p 6,048.9p 5,779.2p 8,698.0p 9,057.6p Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below. 2018 Grant 2019 Grant 2020 Grant 2021 Grant 2022 Grant Grant date 1st October 1st October 1st October 1st October 1st October Exercise price 7,240.0p 7,835.0p 11,102.0p 15,043.3p 10,348.3p Number of employees 1,294 1,318 1,373 1,400 1,671 Shares under scheme 16,687 16,820 12,480 9,429 16,832 Vesting period 3 years 3 years 3 years 3 years 3 years Expected volatility 19% 21% 25% 26.5% 28.7% Risk-free interest rate 0.8% 0.5% 0.1% 0.2% 4.0% Expected dividend yield 2.0% 1.8% 1.5% 1.0% 1.0% Fair value 7,623.7p 8,305.1p 11,956.9p 16,382.2p 11,579.7p The accumulation period for the 2022 ESOP ends in September 2023, therefore some figures are projections. ",
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"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-551": {
"value": "24 Analysis of changes in net debt, including changes in liabilities arising from financing activities 2022 At 1st January 2022 \u00a3m Cash flow \u00a3m Acquired debt* \u00a3m Disposal of subsidiaries \u00a3m Exchange movement \u00a3m At 31st December 2022 \u00a3m Current portion of long-term borrowings (59.6) (202.9) Non-current portion of long-term borrowings (289.9) (731.3) Total borrowings (349.5) (934.2) Comprising: Borrowings (349.5) (497.7) (67.0) \u2013 (20.0) (934.2) Changes in liabilities arising from financing (349.5) (497.7) (67.0) \u2013 (20.0) (934.2) Cash at bank 274.6 46.3 \u2013 (2.8) 10.8 328.9 Bank overdrafts (55.6) (26.7) \u2013 \u2013 (2.8) (85.1) Net cash and cash equivalents 219.0 19.6 \u2013 (2.8) 8.0 243.8 Net debt (130.5) (478.1) (67.0) (2.8) (12.0) (690.4) Lease liabilities (60.1) 12.9 (15.2) \u2013 (2.8) (65.2) Net debt including lease liabilities (190.6) (465.2) (82.2) (2.8) (14.8) (755.6) *Debt acquired includes both debt acquired due to acquisition, and debt recognised on the balance sheet due to entry into new leases. The net cashflow from borrowings of \u00a3497.7m consists of \u00a31,008.8m of new borrowings and \u00a3511.1m of repaid borrowings. New borrowings include acquisition-related short-term bank facilities of \u20ac265.0m (\u00a3232.8m) and US$185.0m (\u00a3153.5m), a US$150.0m (\u00a3124.4m) term loan, revolving credit facility drawdowns of \u00a335.0m and \u20ac90.0m (\u00a376.8m) and new private placement debt of \u20ac265.0m (\u00a3234.6m) and $185.0m (\u00a3149.8m) that was issued to repay of the acquisition related short-term bank facilities. Repaid borrowings include \u20ac70.0m (\u00a359.7m) of term loan that matured during the year, \u20ac265.0m (\u00a3234.6m) and US$185.0 (\u00a3149.8m) of acquisition related short-term bank facilities, \u20ac76.3m (\u00a367.0m) of acquired debt that was repaid on completion of the Vulcanic acquisition. At 31st December 2022, total lease liabilities consist of \u00a314.1m (2021: \u00a311.2m) short-term and \u00a351.1m (2021: \u00a348.9m) long-term. See Note 28 for further information on net debt and lease liabilities. 2021 At 1st January 2021 \u00a3m Cash flow \u00a3m Acquired debt* \u00a3m Disposal of subsidiaries \u00a3m Exchange movement \u00a3m At 31st December 2021 \u00a3m Current portion of long-term borrowings (0.6) (59.6) Non-current portion of long-term borrowings (452.2) (289.9) Total borrowings (452.8) (349.5) Comprising: Borrowings (452.8) 77.5 \u2013 \u2013 25.8 (349.5) Changes in liabilities arising from financing (452.8) 77.5 \u2013 \u2013 25.8 (349.5) Cash at bank 246.2 35.7 \u2013 \u2013 (7.3) 274.6 Bank overdrafts (22.2) (34.3) \u2013 \u2013 0.9 (55.6) Net cash and cash equivalents 224.0 1.4 \u2013 \u2013 (6.4) 219.0 Net debt (228.8) 78.9 \u2013 \u2013 19.4 (130.5) Lease liabilities (34.1) 11.7 (39.1) \u2013 1.4 (60.1) Net debt including lease liabilities (262.9) 90.6 (39.1) \u2013 20.8 (190.6) ",
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"concept": "spiraxsarco:DisclosureOfAnalysisOfChangesInNetDebtIncludingChangesInLiabilitiesArisingFromFinancingActivities",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-550": {
"value": "25 Related party transactions Transactions with Directors are disclosed separately in Note 8 and are shown in the Annual Report on Remuneration 2022 on pages 143 to 168. There were no other related party transactions in either 2021 or 2022. ",
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"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-552": {
"value": "26 Purchase of businesses The provisional fair value accounting is shown below: 2022 Cotopaxi fair value \u00a3m Vulcanic fair value \u00a3m Durex fair value \u00a3m Total \u00a3m Non-current assets: Property, plant and equipment \u2013 15.8 14.9 30.7 Right-of-use assets \u2013 4.1 \u2013 4.1 Acquired intangibles 2.8 115.6 126.2 244.6 Software and other intangibles \u2013 0.5 \u2013 0.5 Deferred tax assets \u2013 2.9 0.5 3.4 2.8 138.9 141.6 283.3 Current assets: Inventories \u2013 17.4 7.3 24.7 Trade receivables 0.8 24.5 9.5 34.8 Other receivables 0.4 3.5 1.2 5.1 Cash and cash equivalents 0.6 10.3 14.8 25.7 1.8 55.7 32.8 90.3 Total assets 4.6 194.6 174.4 373.6 Current liabilities: Trade payables 0.1 7.5 1.1 8.7 Other payables, accruals and provisions 0.6 15.9 7.0 23.5 Short-term lease liabilities \u2013 1.1 \u2013 1.1 0.7 24.5 8.1 33.3 Non-current liabilities: Long-term borrowings \u2013 67.0 \u2013 67.0 Long-term payables \u2013 3.7 \u2013 3.7 Long-term lease liabilities \u2013 3.0 \u2013 3.0 Deferred tax liabilities 0.6 33.4 0.1 34.1 Non-current provisions \u2013 4.6 0.1 4.7 Post-retirement benefit plans \u2013 1.1 \u2013 1.1 0.6 112.8 0.2 113.6 Total liabilities 1.3 137.3 8.3 146.9 Total net assets 3.3 57.3 166.1 226.7 Goodwill 10.0 119.2 130.1 259.3 Total 13.3 176.5 296.2 486.0 Satisfied by: Cash paid 13.3 176.5 296.2 486.0 Total consideration 13.3 176.5 296.2 486.0 Cash outflow for acquired businesses in the Statement of Cash Flows: Cash paid for businesses acquired in the period and debt repaid 13.3 243.5 296.2 553.0 Debt repaid \u2013 (67.0) \u2013 (67.0) Cash paid for businesses acquired in the period 13.3 176.5 296.2 486.0 Less cash acquired (0.6) (10.3) (14.8) (25.7) Net cash outflow 12.7 166.2 281.4 460.3 1. On a debt-free cash-free basis the cash outflow for acquisitions was \u00a3535.5m consisting of \u00a3486.0m paid to the vendors, \u00a367.0m of debt acquired and repaid and \u00a38.2m of acquisition costs less cash acquired of \u00a325.7m. 2. The acquisitions of 100% of Vulcanic (completed on 29th September 2022 for consideration of \u20ac200.8m or \u00a3176.5m), 100% of Durex Industries (completed on 30th November 2022 for consideration of US$357.1m or \u00a3296.2m) and 100% of Cotopaxi Limited (completed on 30th January 2022 for consideration of \u00a313.3m) have all been accounted for under the acquisition method. The separately identified intangibles of all three acquisitions are recorded as part of the provisional fair value adjustment. The acquired intangibles relate to brand names and trademarks, manufacturing designs and core technology and customer relationships. The goodwill recognised represents the skilled workforce acquired and the opportunity to achieve synergies from being part of a larger Group. 26 Purchase of businesses continued 3. Vulcanic is a European leader in industrial process heating solutions and is highly complementary to Chromalox within our ETS Business. As the lead brands within ETS for electric process heating, Chromalox and Vulcanic will support the effective deployment of our industry- leading decarbonisation solutions alongside Steam Specialties. Goodwill arising on the acquisition of Vulcanic is not expected to be tax deductible. Following completion of the acquisition, Vulcanic generated \u20ac34.8m (\u00a329.7m) of revenue and \u20ac8.3m (\u00a37.1m) of adjusted pre-tax profit. Had the acquisition been made on 1st January 2022, Vulcanic revenue and adjusted pre-tax profit would have been approximately \u20ac111.9m (\u00a395.5m) and \u20ac21.1m (\u00a318.0m) respectively. 4. Durex Industries, located in Illinois (USA), is a specialist in custom electric thermal solutions for ultra-high criticality industrial equipment and is highly complementary to Thermocoax within our ETS Business. Together, Thermocoax and Durex Industries are well positioned to capitalise on the growing demand for increasingly stringent thermal energy requirements in high-technology equipment within market sectors with high barriers to entry. Goodwill arising on the acquisition of Durex Industries is expected to be tax deductible in the USA. Following completion of the acquisition, Durex Industries generated US$5.6m (\u00a34.5m) of revenue and US$1.2m (\u00a31.0m) of adjusted pre- tax profit. Had the acquisition been made on 1st January 2022, Durex Industries revenue and adjusted pre-tax profit would have been approximately US$81.3m (\u00a365.5m) and US$26.4m (\u00a321.3m) respectively. 5. Cotopaxi Limited is a UK based digitally-enabled global energy consulting and optimisation company, which will enable Steam Specialties to digitally enhance its customer bonding through the provision of physical and digital connections to customers\u2019 infrastructure and equipment. Goodwill arising on the acquisition of Cotopaxi is not expected to be tax deductible. Following completion of the acquisition, Cotopaxi generated \u00a32.9m of revenue and \u00a30.5m of pre-tax profit. Had the acquisition been made on 1st January 2022, Cotopaxi revenue and pre-tax profit would not have been materially different from the figure disclosed. 6. As at the date of approval of the Financial Statements, the accounting for all current year acquisitions is provisional relating to the finalisation of the acquired intangible assets valuation and certain other provisional balances. Due to their contractual dates, the fair value of receivables acquired approximate to the gross contractual amounts receivable. The amount of gross contractual receivables not expected to be recovered is immaterial. 2021 No subsidiaries were acquired during 2021. ",
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"fact-553": {
"value": "27 Disposal of subsidiary The loss on disposal of subsidiaries relates wholly to the disposal of 100% of Spirax Sarco Russia and Watson-Marlow Russia on 6th July 2022. The consideration amounted to \u00a3nil which resulted in a loss on disposal for Spirax Sarco Russia of \u00a32.2m and \u00a31.7m for Watson-Marlow Russia, including \u00a30.1m of legal fees, and cumulative currency translation losses recycled to the income statement of \u00a33.2m. \u00a32.8m of cash and cash equivalents were disposed as part of the transaction. These disposals did not meet the definition of a discontinued operation given in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, and therefore, no disclosures in relation to discontinued operations have been made. 2021 No subsidiaries were disposed of during 2021. ",
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"fact-554": {
"value": "28 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is, and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity date s in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The capital structure comprises of debt and borrowings (see Note 24), cash and cash equivalents (see Note 24) along with equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs Net Investment Hedge Accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2022 and 2021. The loss on net investment hedges during 2022 included in the Consolidated Statement of Comprehensive income was \u00a315.4m (2021: \u00a318.8m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 21). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counter-parties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2022 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. 28 Derivatives and other financial instruments continued The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities: 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial assets: Cash and cash equivalents 328.9 328.9 274.6 274.6 Trade, other receivables and contract assets 395.2 395.2 298.1 298.1 Total financial assets 724.1 724.1 572.7 572.7 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial liabilities: Borrowings 934.2 918.1 349.5 358.3 Lease liabilities 65.2 65.2 60.1 60.1 Bank overdrafts 85.1 85.1 55.6 55.6 Trade payables 89.9 89.9 67.8 67.8 Other payables and contract liabilities 70.5 70.5 56.2 56.2 Long-term payables 8.8 8.8 4.7 4.7 Accruals 113.2 113.2 85.7 85.7 Total financial liabilities 1,366.9 1,350.8 679.6 688.4 There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities; \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability; and \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data. With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings are estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. We consider that the derivative financial instruments also fall into Level 2. Interest rate risk profile of financial liabilities The interest rate profile of the financial liabilities of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 762.9 642.2 44.9 75.8 US dollar 341.9 283.6 3.0 55.3 Sterling 107.3 21.0 36.3 50.0 Renminbi 46.3 2.0 \u2013 44.3 Other 108.5 18.3 36.1 54.1 Group total 1,366.9 967.1 120.3 279.5 28 Derivatives and other financial instruments continued 2021 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 452.8 366.8 45.0 41.0 US dollar 49.8 8.9 4.0 36.9 Sterling 65.1 20.0 \u2013 45.1 Renminbi 51.6 1.8 \u2013 49.8 Other 60.3 14.6 \u2013 45.7 Group total 679.6 412.1 49.0 218.5 Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows: Currency Nominal interest rate Year of maturity 2022 Carrying value \u00a3m 2021 Carrying value \u00a3m Unsecured private placement \u2013 \u20ac225.0m \u20ac 1.1% 2023 202.0 189.6 Unsecured private placement \u2013 $185.0m $ 5.3% 2028 152.9 \u2013 Unsecured bank facility \u2013 $150.0m $ 5.5% 2025 124.0 \u2013 Unsecured private placement \u2013 \u20ac140.0m \u20ac 3.9% 2027 123.9 \u2013 Unsecured private placement \u2013 \u20ac125.0m \u20ac 4.2% 2029 110.6 \u2013 Unsecured private placement \u2013 \u20ac120.0m \u20ac 2.4% 2026 106.2 101.1 Unsecured bank facility \u20ac 3.5% 2027 79.6 \u2013 Unsecured bank facility \u00a3 0.0% 2023 39.3 4.0 Unsecured bank facility \u20ac 0.0% 2023 38.5 45.0 Unsecured bank facility \u00a3 4.0% 2027 35.0 \u2013 Unsecured bank facility \u20ac 0.0% 2023 5.2 \u2013 Unsecured bank facility \u20ac 0.5% 2023 2.0 \u2013 Unsecured bank facility \u20ac 1.4% 2023 0.1 0.1 Unsecured bank facility SEK 0.0% 2022 \u2013 0.6 Unsecured bank facility \u2013 \u20ac160.0m \u20ac 0.7% 2022 \u2013 58.8 Unsecured bank facility CNY 3.5% 2022 \u2013 5.8 Unsecured bank facility PLN 0.0% 2023 \u2013 0.1 Total outstanding borrowings 1,019.3 405.1 New private placement borrowings of \u20ac265.0m (\u00a3234.6m) and US$185.0m (\u00a3149.8m) along with a term loan of US$150.0m (\u00a3124.4m) all relate to the funding of acquisitions made during the year. The weighted average interest rate paid during the year was 3.3% (2021: 1.2%) . Interest rate risk profile of financial assets The interest rate profile of the financial assets of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 49.5 0.1 19.6 29.8 Euro 205.8 0.2 62.2 143.4 US dollar 186.3 0.8 36.4 149.1 Renminbi 92.4 6.4 41.1 44.9 Other 190.1 8.6 22.7 158.8 Group total 724.1 16.1 182.0 526.0 2021 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 63.9 0.1 43.3 20.5 Euro 119.2 0.1 23.4 95.7 US dollar 124.2 \u2013 16.0 108.2 Renminbi 91.2 4.0 40.9 46.3 Other 174.2 12.8 17.3 144.1 Group total 572.7 17.0 140.9 414.8 Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed rate financial assets comprise cash at bank or cash placed on deposit. Currency exposures As explained on page 225, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, it\u2019s structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs Net Investment Hedge Accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31st December 2022 the currency exposures in respect of the euro was a net monetary liability of \u00a3280.8m (2021: \u00a3176.4m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3225.0m (2021: \u00a3121.4m net monetary asset). At 31st December 2022, the percentage of debt to net assets, excluding debt was 53% (2021: 28%) for the euro, 7% (2021: 1%) for the US dollar and nil% (2021: 1%) for the Chinese renminbi. Maturity of financial liabilities The Group\u2019s financial liabilities at 31st December mature in the following periods: 2022 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 271.0 85.1 7.9 37.3 401.3 In more than six months but no more than twelve 6.8 \u2013 7.0 201.4 215.2 In more than one year but no more than two 1.7 \u2013 10.9 84.2 96.8 In more than two years but no more than three 1.3 \u2013 7.7 147.0 156.0 In more than three years but no more than four 0.8 \u2013 5.6 107.5 113.9 In more than four years but no more than five \u2013 \u2013 4.2 341.5 345.7 In more than five years 0.8 \u2013 28.1 142.6 171.5 Total contractual cash flows 282.4 85.1 71.4 1,061.5 1,500.4 Statement of Financial Position values 282.4 85.1 65.2 934.2 1,366.9 2021 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 201.8 55.6 6.4 67.0 330.8 In more than six months but no more than twelve 8.0 \u2013 5.8 2.1 15.9 In more than one year but no more than two 2.4 \u2013 11.0 193.4 206.8 In more than two years but no more than three 1.1 \u2013 6.9 2.4 10.4 In more than three years but no more than four 0.6 \u2013 4.7 2.3 7.6 In more than four years but no more than five \u2013 \u2013 3.6 102.1 105.7 In more than five years 0.5 \u2013 28.3 \u2013 28.8 Total contractual cash flows 214.4 55.6 66.7 369.3 706.0 Statement of Financial Position values 214.4 55.6 60.1 349.5 679.6 28 Derivatives and other financial instruments continued 28 Derivatives and other financial instruments continued The Group did not employ any supply chain or similar forms of financing during 2022 or 2021. Cash flow hedges The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward contracts are designated as hedging instruments in a cash flow hedging relationship. At 31st December 2022 the Group had contracts outstanding to economically hedge or to purchase \u00a338.9m (2021: \u00a345.5m), and \u20ac12.9m (2021: \u20ac20.3m) with US dollars, \u00a370.4m (2021: \u00a374.3m) with euros, \u00a320.3m (2021: \u00a318.9m), and \u20ac8.4m (2021: \u20ac13.1m) with Chinese renminbi, \u00a310.6m (2021: \u00a37.7m) and \u20ac3.4m (2021: \u20ac3.1m) with Korean won, \u00a32.5m (2021: \u00a36.3m) with Singapore dollar and DKK54.2m (2021: DKK31.6m) with euros. The fair values at the end of the reporting period were a liability of \u00a33.7m (2021: \u00a30.2m liability), included within Trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow using readily available market data. The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity. The cash flows shown are on a gross basis and are not discounted. 2022 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 72.8 70.0 \u2013 142.8 Euro (30.4) (26.2) \u2013 (56.6) US dollar (23.7) (27.9) \u2013 (51.6) Other (22.8) (20.8) \u2013 (43.6) Total contractual cash flows (4.1) (4.9) \u2013 (9.0) 2021 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 61.5 62.1 21.4 145.0 Euro (21.6) (16.8) (8.0) (46.4) US dollar (24.0) (30.5) (9.7) (64.2) Other (14.6) (15.4) (3.6) (33.6) Total contractual cash flows 1.3 (0.6) 0.1 0.8 It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this time the amount deferred in equity will be reclassified to profit or loss. All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected to occur. A loss on derivative financial instruments of \u00a33.5m (2021: \u00a32.8m loss) was recognised in other comprehensive income during the period. As at 31st December 2022 no ineffectiveness has been recognised in profit or loss arising from hedging foreign currency transactions. Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31st December in respect of which all conditions precedent had been met at that date were as follows: 2022 \u00a3m 2021 \u00a3m Expiring in one year or less \u2013 \u2212 Expiring in more than one year but no more than two years \u2013 \u2212 Expiring in more than two years but no more than three years \u2013 350.0 Expiring in more than three years 285.4 \u2212 Total Group undrawn committed facilities 285.4 350.0 At 31st December 2022, the Group had available \u00a3285.4m (2021: \u00a3350.0m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2021: \u00a3350.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13th April 2027. 28 Derivatives and other financial instruments continued Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a31,019.3m (2021: \u00a3405.1m). At 31st December 2022, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.7m (2021: \u00a30.1m). For the year ended 31st December 2022, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have increased the Group\u2019s profit before tax by approximately \u00a317.0m (2021: \u00a313.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was: Gross 2022 \u00a3m Impairment 2022 \u00a3m Net 2022 \u00a3m Gross 2021 \u00a3m Impairment 2021 \u00a3m Net 2021 \u00a3m Not past due date 236.2 (1.8) 234.4 197.6 (1.9) 195.7 0\u201330 days past due date 48.8 (0.1) 48.7 40.9 (0.2) 40.7 31\u201390 days past due date 29.0 (0.1) 28.9 22.9 (0.5) 22.4 91 days to one year past due date 26.9 (1.3) 25.6 15.4 (1.9) 13.5 More than one year 13.9 (10.4) 3.5 8.4 (8.4) \u2013 Group total 354.8 (13.7) 341.1 285.2 (12.9) 272.3 Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2022. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. All contracts with customers do not contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2022 \u00a3m 2021 \u00a3m Balance at 1st January 12.9 17.8 Additional impairment 1.0 2.0 Amounts written off as uncollectable (0.3) (1.2 ) Amounts recovered (0.6) (1.2 ) Impairment losses reversed (0.3) (4.3 ) Exchange differences 1.0 (0.2 ) Balance at 31st December 13.7 12.9 ",
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"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-568": {
"value": "28 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is, and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity date s in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The capital structure comprises of debt and borrowings (see Note 24), cash and cash equivalents (see Note 24) along with equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs Net Investment Hedge Accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2022 and 2021. The loss on net investment hedges during 2022 included in the Consolidated Statement of Comprehensive income was \u00a315.4m (2021: \u00a318.8m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 21). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counter-parties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2022 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. 28 Derivatives and other financial instruments continued The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities: 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial assets: Cash and cash equivalents 328.9 328.9 274.6 274.6 Trade, other receivables and contract assets 395.2 395.2 298.1 298.1 Total financial assets 724.1 724.1 572.7 572.7 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial liabilities: Borrowings 934.2 918.1 349.5 358.3 Lease liabilities 65.2 65.2 60.1 60.1 Bank overdrafts 85.1 85.1 55.6 55.6 Trade payables 89.9 89.9 67.8 67.8 Other payables and contract liabilities 70.5 70.5 56.2 56.2 Long-term payables 8.8 8.8 4.7 4.7 Accruals 113.2 113.2 85.7 85.7 Total financial liabilities 1,366.9 1,350.8 679.6 688.4 There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities; \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability; and \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data. With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings are estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. We consider that the derivative financial instruments also fall into Level 2. Interest rate risk profile of financial liabilities The interest rate profile of the financial liabilities of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 762.9 642.2 44.9 75.8 US dollar 341.9 283.6 3.0 55.3 Sterling 107.3 21.0 36.3 50.0 Renminbi 46.3 2.0 \u2013 44.3 Other 108.5 18.3 36.1 54.1 Group total 1,366.9 967.1 120.3 279.5 28 Derivatives and other financial instruments continued 2021 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 452.8 366.8 45.0 41.0 US dollar 49.8 8.9 4.0 36.9 Sterling 65.1 20.0 \u2013 45.1 Renminbi 51.6 1.8 \u2013 49.8 Other 60.3 14.6 \u2013 45.7 Group total 679.6 412.1 49.0 218.5 Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows: Currency Nominal interest rate Year of maturity 2022 Carrying value \u00a3m 2021 Carrying value \u00a3m Unsecured private placement \u2013 \u20ac225.0m \u20ac 1.1% 2023 202.0 189.6 Unsecured private placement \u2013 $185.0m $ 5.3% 2028 152.9 \u2013 Unsecured bank facility \u2013 $150.0m $ 5.5% 2025 124.0 \u2013 Unsecured private placement \u2013 \u20ac140.0m \u20ac 3.9% 2027 123.9 \u2013 Unsecured private placement \u2013 \u20ac125.0m \u20ac 4.2% 2029 110.6 \u2013 Unsecured private placement \u2013 \u20ac120.0m \u20ac 2.4% 2026 106.2 101.1 Unsecured bank facility \u20ac 3.5% 2027 79.6 \u2013 Unsecured bank facility \u00a3 0.0% 2023 39.3 4.0 Unsecured bank facility \u20ac 0.0% 2023 38.5 45.0 Unsecured bank facility \u00a3 4.0% 2027 35.0 \u2013 Unsecured bank facility \u20ac 0.0% 2023 5.2 \u2013 Unsecured bank facility \u20ac 0.5% 2023 2.0 \u2013 Unsecured bank facility \u20ac 1.4% 2023 0.1 0.1 Unsecured bank facility SEK 0.0% 2022 \u2013 0.6 Unsecured bank facility \u2013 \u20ac160.0m \u20ac 0.7% 2022 \u2013 58.8 Unsecured bank facility CNY 3.5% 2022 \u2013 5.8 Unsecured bank facility PLN 0.0% 2023 \u2013 0.1 Total outstanding borrowings 1,019.3 405.1 New private placement borrowings of \u20ac265.0m (\u00a3234.6m) and US$185.0m (\u00a3149.8m) along with a term loan of US$150.0m (\u00a3124.4m) all relate to the funding of acquisitions made during the year. The weighted average interest rate paid during the year was 3.3% (2021: 1.2%) . Interest rate risk profile of financial assets The interest rate profile of the financial assets of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 49.5 0.1 19.6 29.8 Euro 205.8 0.2 62.2 143.4 US dollar 186.3 0.8 36.4 149.1 Renminbi 92.4 6.4 41.1 44.9 Other 190.1 8.6 22.7 158.8 Group total 724.1 16.1 182.0 526.0 2021 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 63.9 0.1 43.3 20.5 Euro 119.2 0.1 23.4 95.7 US dollar 124.2 \u2013 16.0 108.2 Renminbi 91.2 4.0 40.9 46.3 Other 174.2 12.8 17.3 144.1 Group total 572.7 17.0 140.9 414.8 Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed rate financial assets comprise cash at bank or cash placed on deposit. Currency exposures As explained on page 225, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, it\u2019s structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs Net Investment Hedge Accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31st December 2022 the currency exposures in respect of the euro was a net monetary liability of \u00a3280.8m (2021: \u00a3176.4m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3225.0m (2021: \u00a3121.4m net monetary asset). At 31st December 2022, the percentage of debt to net assets, excluding debt was 53% (2021: 28%) for the euro, 7% (2021: 1%) for the US dollar and nil% (2021: 1%) for the Chinese renminbi. Maturity of financial liabilities The Group\u2019s financial liabilities at 31st December mature in the following periods: 2022 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 271.0 85.1 7.9 37.3 401.3 In more than six months but no more than twelve 6.8 \u2013 7.0 201.4 215.2 In more than one year but no more than two 1.7 \u2013 10.9 84.2 96.8 In more than two years but no more than three 1.3 \u2013 7.7 147.0 156.0 In more than three years but no more than four 0.8 \u2013 5.6 107.5 113.9 In more than four years but no more than five \u2013 \u2013 4.2 341.5 345.7 In more than five years 0.8 \u2013 28.1 142.6 171.5 Total contractual cash flows 282.4 85.1 71.4 1,061.5 1,500.4 Statement of Financial Position values 282.4 85.1 65.2 934.2 1,366.9 2021 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 201.8 55.6 6.4 67.0 330.8 In more than six months but no more than twelve 8.0 \u2013 5.8 2.1 15.9 In more than one year but no more than two 2.4 \u2013 11.0 193.4 206.8 In more than two years but no more than three 1.1 \u2013 6.9 2.4 10.4 In more than three years but no more than four 0.6 \u2013 4.7 2.3 7.6 In more than four years but no more than five \u2013 \u2013 3.6 102.1 105.7 In more than five years 0.5 \u2013 28.3 \u2013 28.8 Total contractual cash flows 214.4 55.6 66.7 369.3 706.0 Statement of Financial Position values 214.4 55.6 60.1 349.5 679.6 28 Derivatives and other financial instruments continued 28 Derivatives and other financial instruments continued The Group did not employ any supply chain or similar forms of financing during 2022 or 2021. Cash flow hedges The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward contracts are designated as hedging instruments in a cash flow hedging relationship. At 31st December 2022 the Group had contracts outstanding to economically hedge or to purchase \u00a338.9m (2021: \u00a345.5m), and \u20ac12.9m (2021: \u20ac20.3m) with US dollars, \u00a370.4m (2021: \u00a374.3m) with euros, \u00a320.3m (2021: \u00a318.9m), and \u20ac8.4m (2021: \u20ac13.1m) with Chinese renminbi, \u00a310.6m (2021: \u00a37.7m) and \u20ac3.4m (2021: \u20ac3.1m) with Korean won, \u00a32.5m (2021: \u00a36.3m) with Singapore dollar and DKK54.2m (2021: DKK31.6m) with euros. The fair values at the end of the reporting period were a liability of \u00a33.7m (2021: \u00a30.2m liability), included within Trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow using readily available market data. The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity. The cash flows shown are on a gross basis and are not discounted. 2022 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 72.8 70.0 \u2013 142.8 Euro (30.4) (26.2) \u2013 (56.6) US dollar (23.7) (27.9) \u2013 (51.6) Other (22.8) (20.8) \u2013 (43.6) Total contractual cash flows (4.1) (4.9) \u2013 (9.0) 2021 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 61.5 62.1 21.4 145.0 Euro (21.6) (16.8) (8.0) (46.4) US dollar (24.0) (30.5) (9.7) (64.2) Other (14.6) (15.4) (3.6) (33.6) Total contractual cash flows 1.3 (0.6) 0.1 0.8 It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this time the amount deferred in equity will be reclassified to profit or loss. All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected to occur. A loss on derivative financial instruments of \u00a33.5m (2021: \u00a32.8m loss) was recognised in other comprehensive income during the period. As at 31st December 2022 no ineffectiveness has been recognised in profit or loss arising from hedging foreign currency transactions. Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31st December in respect of which all conditions precedent had been met at that date were as follows: 2022 \u00a3m 2021 \u00a3m Expiring in one year or less \u2013 \u2212 Expiring in more than one year but no more than two years \u2013 \u2212 Expiring in more than two years but no more than three years \u2013 350.0 Expiring in more than three years 285.4 \u2212 Total Group undrawn committed facilities 285.4 350.0 At 31st December 2022, the Group had available \u00a3285.4m (2021: \u00a3350.0m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2021: \u00a3350.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13th April 2027. 28 Derivatives and other financial instruments continued Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a31,019.3m (2021: \u00a3405.1m). At 31st December 2022, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.7m (2021: \u00a30.1m). For the year ended 31st December 2022, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have increased the Group\u2019s profit before tax by approximately \u00a317.0m (2021: \u00a313.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was: Gross 2022 \u00a3m Impairment 2022 \u00a3m Net 2022 \u00a3m Gross 2021 \u00a3m Impairment 2021 \u00a3m Net 2021 \u00a3m Not past due date 236.2 (1.8) 234.4 197.6 (1.9) 195.7 0\u201330 days past due date 48.8 (0.1) 48.7 40.9 (0.2) 40.7 31\u201390 days past due date 29.0 (0.1) 28.9 22.9 (0.5) 22.4 91 days to one year past due date 26.9 (1.3) 25.6 15.4 (1.9) 13.5 More than one year 13.9 (10.4) 3.5 8.4 (8.4) \u2013 Group total 354.8 (13.7) 341.1 285.2 (12.9) 272.3 Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2022. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. All contracts with customers do not contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2022 \u00a3m 2021 \u00a3m Balance at 1st January 12.9 17.8 Additional impairment 1.0 2.0 Amounts written off as uncollectable (0.3) (1.2 ) Amounts recovered (0.6) (1.2 ) Impairment losses reversed (0.3) (4.3 Exchange differences 1.0 (0.2 ) Balance at 31st December 13.7 12.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "28 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is, and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity date in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The capital structure comprises of debt and borrowings (see Note 24), cash and cash equivalents (see Note 24) along with equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs Net Investment Hedge Accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2022 and 2021. The loss on net investment hedges during 2022 included in the Consolidated Statement of Comprehensive income was \u00a315.4m (2021: \u00a318.8m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 21). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counter-parties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2022 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. 28 Derivatives and other financial instruments continued The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities: 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial assets: Cash and cash equivalents 328.9 328.9 274.6 274.6 Trade, other receivables and contract assets 395.2 395.2 298.1 298.1 Total financial assets 724.1 724.1 572.7 572.7 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial liabilities: Borrowings 934.2 918.1 349.5 358.3 Lease liabilities 65.2 65.2 60.1 60.1 Bank overdrafts 85.1 85.1 55.6 55.6 Trade payables 89.9 89.9 67.8 67.8 Other payables and contract liabilities 70.5 70.5 56.2 56.2 Long-term payables 8.8 8.8 4.7 4.7 Accruals 113.2 113.2 85.7 85.7 Total financial liabilities 1,366.9 1,350.8 679.6 688.4 There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities; \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability; and \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data. With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings are estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. We consider that the derivative financial instruments also fall into Level 2. Interest rate risk profile of financial liabilities The interest rate profile of the financial liabilities of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 762.9 642.2 44.9 75.8 US dollar 341.9 283.6 3.0 55.3 Sterling 107.3 21.0 36.3 50.0 Renminbi 46.3 2.0 \u2013 44.3 Other 108.5 18.3 36.1 54.1 Group total 1,366.9 967.1 120.3 279.5 28 Derivatives and other financial instruments continued 2021 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 452.8 366.8 45.0 41.0 US dollar 49.8 8.9 4.0 36.9 Sterling 65.1 20.0 \u2013 45.1 Renminbi 51.6 1.8 \u2013 49.8 Other 60.3 14.6 \u2013 45.7 Group total 679.6 412.1 49.0 218.5 Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows: Currency Nominal interest rate Year of maturity 2022 Carrying value \u00a3m 2021 Carrying value \u00a3m Unsecured private placement \u2013 \u20ac225.0m \u20ac 1.1% 2023 202.0 189.6 Unsecured private placement \u2013 $185.0m $ 5.3% 2028 152.9 \u2013 Unsecured bank facility \u2013 $150.0m $ 5.5% 2025 124.0 \u2013 Unsecured private placement \u2013 \u20ac140.0m \u20ac 3.9% 2027 123.9 \u2013 Unsecured private placement \u2013 \u20ac125.0m \u20ac 4.2% 2029 110.6 \u2013 Unsecured private placement \u2013 \u20ac120.0m \u20ac 2.4% 2026 106.2 101.1 Unsecured bank facility \u20ac 3.5% 2027 79.6 \u2013 Unsecured bank facility \u00a3 0.0% 2023 39.3 4.0 Unsecured bank facility \u20ac 0.0% 2023 38.5 45.0 Unsecured bank facility \u00a3 4.0% 2027 35.0 \u2013 Unsecured bank facility \u20ac 0.0% 2023 5.2 \u2013 Unsecured bank facility \u20ac 0.5% 2023 2.0 \u2013 Unsecured bank facility \u20ac 1.4% 2023 0.1 0.1 Unsecured bank facility SEK 0.0% 2022 \u2013 0.6 Unsecured bank facility \u2013 \u20ac160.0m \u20ac 0.7% 2022 \u2013 58.8 Unsecured bank facility CNY 3.5% 2022 \u2013 5.8 Unsecured bank facility PLN 0.0% 2023 \u2013 0.1 Total outstanding borrowings 1,019.3 405.1 New private placement borrowings of \u20ac265.0m (\u00a3234.6m) and US$185.0m (\u00a3149.8m) along with a term loan of US$150.0m (\u00a3124.4m) all relate to the funding of acquisitions made during the year. The weighted average interest rate paid during the year was 3.3% (2021: 1.2%) . Interest rate risk profile of financial assets The interest rate profile of the financial assets of the Group as at 31st December was as follows: 2022 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 49.5 0.1 19.6 29.8 Euro 205.8 0.2 62.2 143.4 US dollar 186.3 0.8 36.4 149.1 Renminbi 92.4 6.4 41.1 44.9 Other 190.1 8.6 22.7 158.8 Group total 724.1 16.1 182.0 526.0 2021 Total \u00a3m Fixed rate financial assets \u00a3m Floating rate financial assets \u00a3m Financial assets on which no interest is earned \u00a3m Sterling 63.9 0.1 43.3 20.5 Euro 119.2 0.1 23.4 95.7 US dollar 124.2 \u2013 16.0 108.2 Renminbi 91.2 4.0 40.9 46.3 Other 174.2 12.8 17.3 144.1 Group total 572.7 17.0 140.9 414.8 Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed rate financial assets comprise cash at bank or cash placed on deposit. Currency exposures As explained on page 225, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, it\u2019s structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs Net Investment Hedge Accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31st December 2022 the currency exposures in respect of the euro was a net monetary liability of \u00a3280.8m (2021: \u00a3176.4m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3225.0m (2021: \u00a3121.4m net monetary asset). At 31st December 2022, the percentage of debt to net assets, excluding debt was 53% (2021: 28%) for the euro, 7% (2021: 1%) for the US dollar and nil% (2021: 1%) for the Chinese renminbi. Maturity of financial liabilities The Group\u2019s financial liabilities at 31st December mature in the following periods: 2022 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 271.0 85.1 7.9 37.3 401.3 In more than six months but no more than twelve 6.8 \u2013 7.0 201.4 215.2 In more than one year but no more than two 1.7 \u2013 10.9 84.2 96.8 In more than two years but no more than three 1.3 \u2013 7.7 147.0 156.0 In more than three years but no more than four 0.8 \u2013 5.6 107.5 113.9 In more than four years but no more than five \u2013 \u2013 4.2 341.5 345.7 In more than five years 0.8 \u2013 28.1 142.6 171.5 Total contractual cash flows 282.4 85.1 71.4 1,061.5 1,500.4 Statement of Financial Position values 282.4 85.1 65.2 934.2 1,366.9 2021 Trade, other payables and contract liabilities \u00a3m Overdrafts \u00a3m Lease liabilities \u00a3m Long-term borrowings \u00a3m Total \u00a3m In six months or less, or on demand 201.8 55.6 6.4 67.0 330.8 In more than six months but no more than twelve 8.0 \u2013 5.8 2.1 15.9 In more than one year but no more than two 2.4 \u2013 11.0 193.4 206.8 In more than two years but no more than three 1.1 \u2013 6.9 2.4 10.4 In more than three years but no more than four 0.6 \u2013 4.7 2.3 7.6 In more than four years but no more than five \u2013 \u2013 3.6 102.1 105.7 In more than five years 0.5 \u2013 28.3 \u2013 28.8 Total contractual cash flows 214.4 55.6 66.7 369.3 706.0 Statement of Financial Position values 214.4 55.6 60.1 349.5 679.6 28 Derivatives and other financial instruments continued 28 Derivatives and other financial instruments continued The Group did not employ any supply chain or similar forms of financing during 2022 or 2021. Cash flow hedges The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward contracts are designated as hedging instruments in a cash flow hedging relationship. At 31st December 2022 the Group had contracts outstanding to economically hedge or to purchase \u00a338.9m (2021: \u00a345.5m), and \u20ac12.9m (2021: \u20ac20.3m) with US dollars, \u00a370.4m (2021: \u00a374.3m) with euros, \u00a320.3m (2021: \u00a318.9m), and \u20ac8.4m (2021: \u20ac13.1m) with Chinese renminbi, \u00a310.6m (2021: \u00a37.7m) and \u20ac3.4m (2021: \u20ac3.1m) with Korean won, \u00a32.5m (2021: \u00a36.3m) with Singapore dollar and DKK54.2m (2021: DKK31.6m) with euros. The fair values at the end of the reporting period were a liability of \u00a33.7m (2021: \u00a30.2m liability), included within Trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow using readily available market data. The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity. The cash flows shown are on a gross basis and are not discounted. 2022 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 72.8 70.0 \u2013 142.8 Euro (30.4) (26.2) \u2013 (56.6) US dollar (23.7) (27.9) \u2013 (51.6) Other (22.8) (20.8) \u2013 (43.6) Total contractual cash flows (4.1) (4.9) \u2013 (9.0) 2021 Less than 6 months \u00a3m 6 to 12 months \u00a3m More than 12 months \u00a3m Total \u00a3m Contracted cash in/(out): Sterling 61.5 62.1 21.4 145.0 Euro (21.6) (16.8) (8.0) (46.4) US dollar (24.0) (30.5) (9.7) (64.2) Other (14.6) (15.4) (3.6) (33.6) Total contractual cash flows 1.3 (0.6) 0.1 0.8 It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this time the amount deferred in equity will be reclassified to profit or loss. All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected to occur. A loss on derivative financial instruments of \u00a33.5m (2021: \u00a32.8m loss) was recognised in other comprehensive income during the period. As at 31st December 2022 no ineffectiveness has been recognised in profit or loss arising from hedging foreign currency transactions. Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31st December in respect of which all conditions precedent had been met at that date were as follows: 2022 \u00a3m 2021 \u00a3m Expiring in one year or less \u2013 \u2212 Expiring in more than one year but no more than two years \u2013 \u2212 Expiring in more than two years but no more than three years \u2013 350.0 Expiring in more than three years 285.4 \u2212 Total Group undrawn committed facilities 285.4 350.0 At 31st December 2022, the Group had available \u00a3285.4m (2021: \u00a3350.0m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2021: \u00a3350.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13th April 2027. 28 Derivatives and other financial instruments continued Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a31,019.3m (2021: \u00a3405.1m). At 31st December 2022, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.7m (2021: \u00a30.1m). For the year ended 31st December 2022, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have increased the Group\u2019s profit before tax by approximately \u00a317.0m (2021: \u00a313.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was: Gross 2022 \u00a3m Impairment 2022 \u00a3m Net 2022 \u00a3m Gross 2021 \u00a3m Impairment 2021 \u00a3m Net 2021 \u00a3m Not past due date 236.2 (1.8) 234.4 197.6 (1.9) 195.7 0\u201330 days past due date 48.8 (0.1) 48.7 40.9 (0.2) 40.7 31\u201390 days past due date 29.0 (0.1) 28.9 22.9 (0.5) 22.4 91 days to one year past due date 26.9 (1.3) 25.6 15.4 (1.9) 13.5 More than one year 13.9 (10.4) 3.5 8.4 (8.4) \u2013 Group total 354.8 (13.7) 341.1 285.2 (12.9) 272.3 Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2022. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. All contracts with customers do not contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2022 \u00a3m 2021 \u00a3m Balance at 1st January 12.9 17.8 Additional impairment 1.0 2.0 Amounts written off as uncollectable (0.3) (1.2 ) Amounts recovered (0.6) (1.2 ) Impairment losses reversed (0.3) (4.3 Exchange differences 1.0 (0.2 ) Balance at 31st December 13.7 12.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity date s in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. ",
"dimensions": {
"concept": "spiraxsarco:DisclosureOfInterestRateRisk",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The capital structure comprises of debt and borrowings (see Note 24), cash and cash equivalents (see Note 24) along with equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs Net Investment Hedge Accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2022 and 2021. The loss on net investment hedges during 2022 included in the Consolidated Statement of Comprehensive income was \u00a315.4m (2021: \u00a318.8m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 21). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counter-parties. Currency exposures As explained on page 225, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, it\u2019s structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs Net Investment Hedge Accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31st December 2022 the currency exposures in respect of the euro was a net monetary liability of \u00a3280.8m (2021: \u00a3176.4m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3225.0m (2021: \u00a3121.4m net monetary asset). At 31st December 2022, the percentage of debt to net assets, excluding debt was 53% (2021: 28%) for the euro, 7% (2021: 1%) for the US dollar and nil% (2021: 1%) for the Chinese renminbi. ",
"dimensions": {
"concept": "spiraxsarco:DisclosureOfForeignCurrencyRisk",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2022 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "28 Derivatives and other financial instruments continued The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities: 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial assets: Cash and cash equivalents 328.9 328.9 274.6 274.6 Trade, other receivables and contract assets 395.2 395.2 298.1 298.1 Total financial assets 724.1 724.1 572.7 572.7 2022 Carrying value \u00a3m 2022 Fair value \u00a3m 2021 Carrying value \u00a3m 2021 Fair value \u00a3m Financial liabilities: Borrowings 934.2 918.1 349.5 358.3 Lease liabilities 65.2 65.2 60.1 60.1 Bank overdrafts 85.1 85.1 55.6 55.6 Trade payables 89.9 89.9 67.8 67.8 Other payables and contract liabilities 70.5 70.5 56.2 56.2 Long-term payables 8.8 8.8 4.7 4.7 Accruals 113.2 113.2 85.7 85.7 Total financial liabilities 1,366.9 1,350.8 679.6 688.4 There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities; \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability; and \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data. With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings are estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. We consider that the derivative financial instruments also fall into Level 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-578": {
"value": "2021 Total \u00a3m Fixed rate financial liabilities \u00a3m Floating rate financial liabilities \u00a3m Financial liabilities on which no interest is paid \u00a3m Euro 452.8 366.8 45.0 41.0 US dollar 49.8 8.9 4.0 36.9 Sterling 65.1 20.0 \u2013 45.1 Renminbi 51.6 1.8 \u2013 49.8 Other 60.3 14.6 \u2013 45.7 Group total 679.6 412.1 49.0 218.5 Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows: Currency Nominal interest rate Year of maturity 2022 Carrying value \u00a3m 2021 Carrying value \u00a3m Unsecured private placement \u2013 \u20ac225.0m \u20ac 1.1% 2023 202.0 189.6 Unsecured private placement \u2013 $185.0m $ 5.3% 2028 152.9 \u2013 Unsecured bank facility \u2013 $150.0m $ 5.5% 2025 124.0 \u2013 Unsecured private placement \u2013 \u20ac140.0m \u20ac 3.9% 2027 123.9 \u2013 Unsecured private placement \u2013 \u20ac125.0m \u20ac 4.2% 2029 110.6 \u2013 Unsecured private placement \u2013 \u20ac120.0m \u20ac 2.4% 2026 106.2 101.1 Unsecured bank facility \u20ac 3.5% 2027 79.6 \u2013 Unsecured bank facility \u00a3 0.0% 2023 39.3 4.0 Unsecured bank facility \u20ac 0.0% 2023 38.5 45.0 Unsecured bank facility \u00a3 4.0% 2027 35.0 \u2013 Unsecured bank facility \u20ac 0.0% 2023 5.2 \u2013 Unsecured bank facility \u20ac 0.5% 2023 2.0 \u2013 Unsecured bank facility \u20ac 1.4% 2023 0.1 0.1 Unsecured bank facility SEK 0.0% 2022 \u2013 0.6 Unsecured bank facility \u2013 \u20ac160.0m \u20ac 0.7% 2022 \u2013 58.8 Unsecured bank facility CNY 3.5% 2022 \u2013 5.8 Unsecured bank facility PLN 0.0% 2023 \u2013 0.1 Total outstanding borrowings 1,019.3 405.1 New private placement borrowings of \u20ac265.0m (\u00a3234.6m) and US$185.0m (\u00a3149.8m) along with a term loan of US$150.0m (\u00a3124.4m) all relate to the funding of acquisitions made during the year. The weighted average interest rate paid during the year was 3.3% (2021: 1.2%) Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31st December in respect of which all conditions precedent had been met at that date were as follows: 2022 \u00a3m 2021 \u00a3m Expiring in one year or less \u2013 \u2212 Expiring in more than one year but no more than two years \u2013 \u2212 Expiring in more than two years but no more than three years \u2013 350.0 Expiring in more than three years 285.4 \u2212 Total Group undrawn committed facilities 285.4 350.0 At 31st December 2022, the Group had available \u00a3285.4m (2021: \u00a3350.0m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2021: \u00a3350.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13th April 2027. Spirax-Sarco Engineering plc Annual Report 2022 229 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-579": {
"value": "The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was: Gross 2022 \u00a3m Impairment 2022 \u00a3m Net 2022 \u00a3m Gross 2021 \u00a3m Impairment 2021 \u00a3m Net 2021 \u00a3m Not past due date 236.2 (1.8) 234.4 197.6 (1.9) 195.7 0\u201330 days past due date 48.8 (0.1) 48.7 40.9 (0.2) 40.7 31\u201390 days past due date 29.0 (0.1) 28.9 22.9 (0.5) 22.4 91 days to one year past due date 26.9 (1.3) 25.6 15.4 (1.9) 13.5 More than one year 13.9 (10.4) 3.5 8.4 (8.4) \u2013 Group total 354.8 (13.7) 341.1 285.2 (12.9) 272.3 Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2022. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. All contracts with customers do not contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2022 \u00a3m 2021 \u00a3m Balance at 1st January 12.9 17.8 Additional impairment 1.0 2.0 Amounts written off as uncollectable (0.3) (1.2 Amounts recovered (0.6) (1.2 Impairment losses reversed (0.3) (4.3 Exchange differences 1.0 (0.2 Balance at 31st December 13.7 12.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "Spirax-Sarco Engineering plc Charlton House Cirencester Road Cheltenham Gloucestershire GL53 8ER",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800WFVZQMHOZP2W17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}