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"fact-398": {
"value": "NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1. General information
Senior plc is a Company incorporated in England and Wales under the
Companies Act 2006. The address of the registered office is given on the
inside back cover. The nature of the Group\u2019s operations and its principal
activities are set out in Note 3 and on pages 1 to 83.
Items included in the Financial Statements of each of the Group\u2019s entities
are measured using the currency of the primary economic environment in
which the entity operates (the functional currency). These Financial
Statements are presented in Pounds Sterling, which is the Company\u2019s
functional and the Group\u2019s presentation currency.
2. Significant accounting policies
Basis of accounting
These Financial Statements have been prepared in accordance with
UK-adopted international accounting standards. They have been prepared
on the historical cost basis, except for the revaluation of certain financial
instruments and retirement benefit costs measured in accordance
with IAS 19.
Going concern
In determining the appropriate basis of preparation of the Financial
Statements for the year ended 31 December 2022, the Directors are
required to consider whether the Group and Parent Company can
continue in operational existence for the foreseeable future, being a period
of at least 12 months from the date of approval of these Financial
Statements (the \u201cgoing concern period\u201d).
The Board has applied a robust process to assess the resilience of the
forecast out-turns. This assessment included applying severe but
plausible downside risks as set out in the Viability Statement on page 82.
To address these risks the Board has considered mitigating factors that
could be employed that would address the impact and provide options to
the Group and Parent Company.
The Group has two covenants for committed borrowing facilities, which
are tested at June and December: the Group\u2019s net debt to EBITDA
(defined in the Notes to the Financial Headlines on page 2) must not
exceed 3.0x and interest cover, the ratio of EBITDA to interest must
be higher than 3.5x. At 31 December 2022, the Group\u2019s net debt to
EBITDA was 1.47x and interest cover was 9.4x, both comfortably
within covenant limits.
Based on the above assessment, the Board has concluded that the Group
will continue to have adequate financial resources to realise its assets and
discharge its liabilities as they fall due over the going concern period.
Accordingly, the Directors have formed the judgement that it is
appropriate to prepare these Consolidated Financial Statements on the
going concern basis.
Changes in accounting policies
At the date of authorisation of these Financial Statements, there are no
relevant and material new standards, amendments to standards or
interpretations which are effective for the year ended 31 December 2022.
Basis of consolidation
The Consolidated Financial Statements incorporate the Financial
Statements of Senior plc and the entities controlled by it (its subsidiaries)
made up to 31 December 2022. Control is achieved when Senior plc has
the power to govern the financial and operating policies of an invested
entity so as to obtain benefits from its activities.
Acquisitions of subsidiaries and businesses are accounted for using the
acquisition method. The consideration transferred for each acquisition is
the aggregate of the fair values (at the date of exchange) of assets
transferred, liabilities incurred or assumed, and equity interests issued by
the Group. The consideration transferred includes the fair value of any
asset or liability resulting from a contingent consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed are measured
initially at their fair values at the acquisition date. On an acquisition-by-
acquisition basis, the Group recognises any non-controlling interest in the
acquiree either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
The results of subsidiaries acquired or disposed of during the year are
included in the Consolidated Income Statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
The results of joint ventures are accounted for using the equity
accounting method.
Where necessary, adjustments are made to the Financial Statements of
subsidiaries to bring the accounting policies used in line with those used
by the Group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Goodwill
Goodwill arising on consolidation, which was acquired in a business
combination, is measured as the excess of the consideration transferred,
the amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the acquiree
over the fair value of the Group\u2019s share of the identifiable net assets
acquired. Goodwill is recognised as an asset and allocated, at acquisition,
to the group of cash-generating units (CGU groups) that are expected to
benefit from that business combination. If the consideration transferred,
the amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the acquiree is
less than the fair value of the net assets acquired (i.e. bargain purchase),
the difference is credited to the Consolidated Income Statement in the
period of acquisition.
CGU groups to which goodwill has been allocated are tested for
impairment at least annually and reviewed for indicators of impairment at
the Balance sheet date. If impairment indicators exist, the individual
assets within the CGUs, and the individual CGUs excluding goodwill, are
tested for impairment before the CGU group is tested for impairment. Any
impairment is recognised immediately through the Consolidated Income
Statement and is not subsequently reversed. The determination of the
recoverable amount of the CGU group is disclosed in the Notes to the
Financial Statements (Note 13). If the recoverable amount of the CGU
group is less than its carrying amount, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to the CGU
group and then to the other assets of the CGU group pro rata on the basis
of the carrying amount of each asset in the CGU group.
On disposal of a subsidiary or part thereof, the attributable amount of
goodwill is included in the determination of the profit or loss on disposal.
Goodwill acquired in a business combination prior to the date of transition
to IFRS has been retained at the previous UK GAAP amount subject to
being tested for impairment at that date. Goodwill written off to reserves
under UK GAAP prior to 1998 has not been reinstated and is not included
in determining any subsequent profit or loss on disposal.
Revenue recognition
The Group predominantly has one revenue stream relating to engineered
components or systems (products), which are customer specific, with
a secondary revenue stream of funded development revenue. Both
streams have identifiable customer contracts and pricing specific
performance obligations.
The transaction price is the amount of consideration to which an entity
expects to be entitled in exchange for transferring promised goods or
services to a customer. Revenue is recognised net of discounts, VAT and
other sales related taxes. The determination of the transaction price is
based upon pricing specified in the customer contract i.e. a price per unit.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Revenue is recognised as the identified performance obligations are satisfied. The performance obligation for goods is a specific point in time when the customer obtains control, which is upon delivery or when available for collection. Allocation of transaction price to performance obligations is given in the contract i.e. a unit delivered or available for collection. The performance obligation for development revenue is a specific point in time when the customer obtains control of the output, for example a first article good, which is the acceptance milestone specified in the customer contract. Dividend income from investments is recognised when the shareholders\u2019 legal rights to receive payment have been established. Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of control includes whether the Group has a right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use and the right to direct the use of the asset. As a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjustment for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received. Lease payments comprise fixed payments and variable lease payments based on an index or rate. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease term includes optional extensions or terminations which are reasonably certain to be exercised by the Group. These optional terms are reassessed periodically or when there is a significant event which affects the lease. The estimated useful lives of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Periodically the right-of-use asset is reduced for impairment, if necessary, as well as re-measurements of the lease liability. The lease liability is measured at amortised cost using the effective interest method, which is initially equal to the present value of lease payments that are not paid at the commencement date, discounted using an incremental borrowing rate determined on a lease portfolio basis. The lease liability is re-measured either as a modification or reassessment. Modification occurs where there is a change in terms, such as rental payments, which did not form part of the original terms of the contract. In this case, the lease liability is re-measured using the revised terms and a revised incremental borrowing rate at the modification date. Reassessment occurs where there are changes within the scope of the original terms of the contract, such as rental payments changes with reference to an index. For reassessment changes, the lease liability is re-measured in the same way as for a modification, except for the incremental borrowing rate, which is not changed from the original commencement date of the contract. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases which have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, several indicators are assessed, such as the present value of the lease payments amounting to at least substantially all of the fair value of the asset. When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses the classification of the sub-lease with reference to the right-of-use asset arising from the head lease. The Group recognises lease payments received under operating leases as income on a straight- line basis over the lease term. Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At each Balance Sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the Balance Sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Gains and losses arising on retranslation are included in profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity, subject to meeting the requirements under IAS 21. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward exchange contracts (see section below on derivative financial instruments and hedging for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the Balance Sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange rate differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the period in which the operation is disposed. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate on the relevant Balance Sheet date. The exchange rates for the major currencies applied in the translation of results were as follows: Average rates 2022 Average rates 2021 Year-end rates 2022 Year-end rates 2021 US Dollar 1.24 1.38 1.21 1.35 Government grants Government grants received for items of a revenue nature are recognised as income over the period necessary to match them with the related costs, which are deducted in reporting the related expense and presented net of the costs to which they relate. The Group recognises a COVID-19 grant when it has reasonable assurance that it will comply with the relevant conditions and the grant will be received. If the conditions are met, then the Group recognises income in the profit or loss on a systematic basis and in line with its recognition of the expenses that the grants are intended to compensate. Government grants relating to investment in property, plant and equipment are deducted from the initial carrying value of the related capital asset. 2. Significant accounting policies continued Retirement benefit costs Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit plans are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement plan. For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Method, with full actuarial valuations being carried out on a triennial basis, and updated at each Balance Sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised outside the Consolidated Income Statement and are presented in the Statement of Comprehensive Income. Past service cost is recognised as an expense at the earlier of a plan amendment, curtailment, or restructuring. The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the present value of the defined benefit obligation, and as reduced by the fair value of scheme assets. Taxation Provisions for uncertain tax positions are included within current tax liabilities on the Consolidated Balance Sheet representing Management\u2019s best estimate of the likely cash outflow related to the uncertainty. There are transactions and activities that the Group engages in where the ultimate tax determination is uncertain and a provision may be made against the tax benefit. For example, the Group seeks to price transactions between Group companies on an arms length basis and in compliance with OECD transfer pricing principles and the laws of the relevant jurisdictions. The application of OECD principles and local tax laws require interpretation, and accordingly involves the application of judgment and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on Management\u2019s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predicter of amounts that the company is ultimately expected to settle. When making this assessment, the Group utilises specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Balance Sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows: Freehold land Nil Freehold buildings 2% Right-of-use land and buildings on the same basis as owned assets or, where shorter, over the lease term Leasehold building improvements on the same basis as owned assets or, where shorter, over the lease term Plant and equipment 5%\u201333% Right-of-use plant and equipment on the same basis as owned assets or, where shorter, over the lease term The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. 2. Significant accounting policies continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation at the rates of between one and eighteen years on a straight-line basis. Impairment of tangible and intangible assets excluding goodwill At each Balance Sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. The recoverable amount is the higher of the fair value less the costs to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Inventories Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and an appropriate allocation of production overheads. Cost is calculated using the first-in, first-out method. Net realisable value represents the estimated selling price less the estimated costs of completion and the costs to be incurred in marketing, selling and distribution. Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party to such provisions. Financial instruments are classified as cash and cash equivalents, bank overdrafts and loans, lease liabilities, trade receivables, trade payables, deferred consideration payable, contingent consideration payable, other receivables and other payables, as appropriate. Non-derivative financial assets are categorised as \u201cFinancial assets at amortised cost\u201d and non-derivative financial liabilities are categorised as \u201cFinancial liabilities at amortised cost\u201d. Derivative financial assets and liabilities that are not designated and effective as hedging instruments are categorised as \u201cfinancial assets at fair value through profit or loss\u201d and \u201cfinancial liabilities at fair value through profit or loss\u201d, respectively. The classification depends on the nature and purpose of the financial assets and liabilities and is determined at the time of initial recognition. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (\u201dECLs\u201d), which are based on quantitative and qualitative credit risk assessments, using historical and forward looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of 2. Significant accounting policies continued the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Contingent consideration payable is measured at fair value through profit or loss. Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. Assets and disposal groups held for sale Assets are classified as held for sale if their carrying amount will be recovered by sale rather than by continuing use in the business. Where a group of assets and their directly associated liabilities are to be disposed of in a single transaction, such disposal groups are also classified as held for sale. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition, and Management must be committed to and have initiated a plan to sell the asset or disposal group which, when initiated, was expected to result in a completed sale within 12 months. Assets that are classified as held for sale are not depreciated. Assets or disposal groups that are classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the Balance Sheet date, taking into account the risks and uncertainties (such as timing or amount) surrounding the obligation. They are not discounted to present value if the effect is not material. Provisions for restructuring are recognised when the Group has a detailed formal plan for the restructuring and the plan has been communicated to the affected parties. Provisions for the expected cost for warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products. Share-based payments The Group applies the requirements of IFRS 2 Share-based payments. The Group issues equity-settled share-based payments to certain employees. The fair value (excluding the effect of non-market-related conditions), as determined at the grant date, is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest and adjusted for the effect of non-market-related conditions. Fair value is measured by use of a Black-Scholes model for the share option plans, and a binomial model for the share awards under the 2005 Long-Term Incentive Plan. The liability in respect of equity-settled amounts is included in Equity . Critical accounting judgments IAS 1 requires disclosure of the judgments Management makes when applying its significant accounting policies and that have the most significant effect on amounts that are recognised in the Group\u2019s Financial Statements. In the course of preparing the Financial Statements, no significant critical judgments have been made in the process of applying the Group\u2019s accounting policies, other than leases and those involving estimations, which are dealt with separately below. Management makes other judgments in the normal course of conducting business, such as those in relation to legal claims and contractual matters (see Note 24 for further details). Leases Where a lease includes the option for an extension to the lease term, Management makes a judgment as to whether they are reasonably certain the option will be taken. This will take into account the length of 2. Significant accounting policies continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED time remaining before the option is exercisable, current and forecasted plans for utilising the asset and the level and type of planned future capital investment. As at 31 December 2022, these extension options have an approximate average remaining lease term of seven years. These judgments are reassessed at each reporting period or when there is a significant event affecting the lease, which could result in a recalculation of the lease liability and a material adjustment to the associated balances. Key sources of estimation and uncertainty When applying the Group\u2019s accounting policies, Management must make assumptions and estimates concerning the future that affect the carrying amounts of assets and liabilities at the Balance Sheet date and the amounts of revenue and expenses recognised during the period. Such assumptions are based upon factors including historical experience, the observance of trends in the industries in which the Group operates, and information available from the Group\u2019s customers and other external sources. The key sources of estimation and uncertainty at the Balance Sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year and beyond include: Income taxes In determining the Group provisions for income tax and deferred tax, it is necessary to consider transactions in a small number of key tax jurisdictions for which the ultimate tax determination is uncertain. To the extent that the final outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax provisions held in the period the determination is made. The carrying amount of net current tax liability and deferred tax asset/liability at 31 December 2022 was \u00a315.6m (2021 \u2013 \u00a312.0m) and \u00a36.2m asset (2021 \u2013 \u00a34.8m liability), respectively. Further details on these estimates are set out in Notes 10 and 21. Retirement benefits Management makes assumptions and estimates, for the next financial year and beyond, which affect the value of the carrying amount of the UK Plan retirement benefit obligation at 31 December 2022. Management follows actuarial advice from a third party when determining estimation uncertainty on the valuation of the UK gross defined benefit obligation, the significant assumptions being discount rate, inflation and life expectancy (see Note 34). The carrying amount of the UK Plan\u2019s retirement benefits at 31 December 2022 was a surplus of \u00a351.8m (2021 \u2013 surplus of \u00a372.2m), being the present value of the defined benefit obligations of \u00a3198.4m (2021 \u2013 \u00a3294.9m) and fair value of plan assets of \u00a3250.2m (2021 \u2013 \u00a3367.1m). Further details and sensitivities from changes in estimates are set out in Note 34g. Acquisition accounting On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, for total consideration of $100m split between initial, deferred and contingent payments (See Note 31 for further details). There is judgment in applying assumptions and estimates which determine the valuation of the intangible assets and associated goodwill. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows. Intangible valuation is based on a hybrid cost/income approach, which is predominantly based on future income streams of the acquiree. The contingent consideration is subject to fair valuation reviews each reporting period. Consideration of climate change In preparing the Financial Statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 26 to 31. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Useful lives of assets \u2013 The useful lives of assets could be reduced by climate-related matters, for example as a result of physical risks, obsolescence or legal restrictions. The change in useful lives would have a direct impact on the amount of depreciation or amortisation recognised each year from the date of reassessment. The Directors\u2019 review of useful lives has taken into consideration the impacts of the Group\u2019s net zero commitments and has not had a material impact on the results for the year. \u2022 Inventory valuation \u2013 Climate-related matters may affect the value of inventories as they could become obsolete as a result of a decline in selling prices or a reduction in demand. After consideration of the typical inventory days compared to the rate of change in the market the Directors consider that inventory is appropriately valued. \u2022 Going concern and viability \u2013 risks identified in the TCFD disclosures in pages 26 to 31 have been factored into the going concern and viability assessment. See page 82 further details. \u2022 Goodwill Impairment assessment \u2013 cash flow forecasts used in the impairment assessment of goodwill have considered potential changes in demand over the next 5 years as a result of changing customer preferences on Senior\u2019s products. This is not expected to have a material impact on the cashflows, with longer term growth rates based on forecasted market demand. Aerospace market rates were used for the Aerospace CGU and long-term GDP rates for advanced economies were used for the Flexonics CGU. Sensitivity analysis (See Note 13) shows that a 1 percent decrease in growth rate would not result in the carrying amount of CGU groups exceeding their recoverable amount. \u2022 Recoverability of trade receivables \u2013 After consideration of the typical receivable days compared to the rate of change in the market, the Directors consider that receivables at 31 December 2022 are not adversely affected by climate change. \u2022 Valuation of the UK Plan retirement gross benefit olibgation - there is no material impact on key financial assumptions which are set according to market yields. Mortality assumptions take account of current views of possible climate pathways that may develop. Asset values are set according to market valuations which incorporate market expectations of climate impacts. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. 3. Revenue Total revenue is disaggregated by market sectors as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Civil Aerospace 339.4 244.5 Defence 122.1 125.0 Other 92.1 69.8 Aerospace 553.6 439.3 Land Vehicles 16 4.1 118.8 Power & Energy 131.5 101.1 Flexonics 295.6 219.9 Eliminations (0.8) (0.5) Total revenue 848.4 658.7 2. Significant accounting policies continued Other Aerospace comprises space and non-military helicopters and other markets, principally including semiconductor, medical, and industrial applications. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less. 4. Segment Information The Group reports its segment information as two operating Divisions according to the market segments they serve, Aerospace and Flexonics, which is consistent with the oversight employed by the Executive Committee. The chief operating decision-maker, as defined by IFRS 8, is the Executive Committee. The Group is managed on the same basis, as two operating Divisions. The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in Note 2 and the sales between segments are carried out at arm\u2019s length. Adjusted operating profit, as described in Note 9, is the key measure reported to the Group\u2019s Executive Committee for the purpose of resource allocation and assessment of segment performance. Investment income, finance costs and tax are not allocated to segments, as this type of activity is driven by the central tax and treasury functions. Segment assets include directly attributable computer software assets, property, plant and equipment (including right-of-use assets), working capital assets, goodwill and intangible assets from acquisitions. Cash, deferred and current tax and other financial assets (except for working capital) are not allocated to segments for the purposes of reporting financial performance to the Executive Committee. Segment liabilities include directly attributable working capital liabilities and lease liabilities. Debt, retirement benefits, deferred and current tax and other financial liabilities (except for working capital) are not allocated to segments for the purposes of reporting financial performance to the Executive Committee. Central costs, assets and liabilities are corporate items not allocated to segments, which is consistent with the format used by the chief operating decision-maker. Segment information for revenue, operating profit/loss and a reconciliation to entity and profit/loss after tax is presented below: Notes Aerospace Year ended 2022 \u00a3m Flexonics Year ended 2022 \u00a3m Eliminations/ central costs Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Aerospace Year ended 2021 \u00a3m Flexonics Year ended 2021 \u00a3m Eliminations/ central costs Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m External revenue 553.0 295.4 \u2013 848.4 438.9 219.8 \u2013 658.7 Inter-segment revenue 0.6 0.2 (0.8) \u2013 0.4 0.1 (0.5) \u2013 Total revenue 553.6 295.6 (0.8) 848.4 439.3 219.9 (0.5) 658.7 Adjusted trading profit 20.3 25.4 (17.6) 28.1 7.9 12.9 (14.9) 5.9 Share of joint venture profit \u2013 0.4 \u2013 0.4 \u2013 0.2 \u2013 0.2 Adjusted operating profit 20.3 25.8 (17.6) 28.5 7.9 13.1 (14.9) 6.1 Amortisation of intangible assets from acquisitions 9 (0.2) \u2013 \u2013 (0.2) \u2013 \u2013 \u2013 \u2013 Net restructuring income 9 4.2 \u2013 \u2013 4.2 2.2 2.2 \u2013 4.4 Operating profit 24.3 25.8 (17.6) 32.5 10.1 15.3 (14.9) 10.5 Investment income 1.9 0.5 Finance costs (10.6) (8.5) Corporate undertakings 9 (1.4) 21.2 Profit before tax 22.4 23.7 Tax (charge)/credit (2.2) 0.5 Profit after tax 20.2 24.2 Trading profit and adjusted trading profit is operating profit and adjusted operating profit respectively before share of joint venture profit. See Note 9 for the derivation of adjusted operating profit. 3. Revenue continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Segment information for assets, liabilities, additions to non-current assets and depreciation and amortisation is presented below: Assets Year ended 2022 \u00a3m Year ended 2021 \u00a3m Aerospace 647.8 506.6 Flexonics 217.3 184.9 Segment assets for reportable segments 865.1 691.5 Unallocated Central 3.6 4.6 Cash 43.2 51.1 Deferred and current tax 13.0 8.3 Retirement benefits 51.8 72.2 Others 0.2 0.1 Total assets per Consolidated Balance Sheet 976.9 827.8 Liabilities Year ended 2022 \u00a3m Year ended 2021 \u00a3m Aerospace 189.5 148.1 Flexonics 79.7 63.9 Segment liabilities for reportable segments 269.2 212.0 Unallocated Central 19.2 15.4 Loans and Overdrafts 143.7 131.0 Deferred and current tax 22.4 25.1 Retirement benefits 12.1 11.0 Deferred and Contingent consideration 52.3 \u2013 Others 8.6 8.2 Total liabilities per Consolidated Balance Sheet 527.5 402.7 Additions to non-current assets Year ended 2022 \u00a3m Additions to non-current assets Year ended 2021 \u00a3m Depreciation and amortisation Year ended 2022 \u00a3m Depreciation and amortisation Year ended 2021 \u00a3m Aerospace 18.6 12.9 35.9 35.1 Flexonics 13.5 10.3 13.4 12.2 Sub total 32.1 23.2 49.3 47.3 Central 0.4 0.1 0.5 0.5 Total 32.5 23.3 49.8 47.8 The Group\u2019s revenues from its major products is presented below: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Aerospace \u2013 Structures 242.6 178.9 Aerospace \u2013 Fluid Systems 310.4 260.0 Aerospace total 553.0 438.9 Land vehicles 16 4.1 118.8 Power & Energy 131.3 101.0 Flexonics total 295.4 219.8 Group total 848.4 658.7 No individual customer accounted for more than 10% of external revenue in 2022 or 2021. 4. Segment Information continued Geographical information The Groups\u2019 operations are located principally in North America and UK. The following table provides an analysis of the Group\u2019s sales by geographical market, irrespective of the origin of the goods. The carrying values of segment non-current assets are analysed by the geographical area in which the assets are located. Sales revenue Year ended 2022 \u00a3m Sales revenue Year ended 2021 \u00a3m Segment non-current assets Year ended 2022 \u00a3m Segment non-current assets Year ended 2021 \u00a3m USA 417.1 316.4 296.5 202.5 UK 140.6 105.0 158.8 181.8 Rest of the World 290.7 237.3 144.4 140.9 Sub total 848.4 658.7 599.7 525.2 Unallocated amounts \u2013 \u2013 10.9 5.7 Total 848.4 658.7 610.6 530.9 The unallocated amounts on non-current assets relate to deferred tax assets. 5. Operating profit Operating profit can be analysed as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Revenue 848.4 658.7 Cost of sales (698.7) (555.7) Gross profit 149.7 103.0 Distribution costs (6.3) (5.4) Administrative expenses (111.4) (87.3) Profit on sale of fixed assets 0.1 \u2013 Share of joint venture profit 0.4 0.2 Operating profit 32.5 10.5 Operating profit for the period has been arrived at after charging: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Net foreign exchange losses/(gains) 4.6 (1.7) Research and design costs 19.8 19.2 Depreciation of property, plant and equipment 48.1 46.3 Amortisation of intangible assets included in administration expenses 1.7 1.5 Cost of inventories recognised as expense 698.7 555.7 Provision for loss allowance against receivables 1.5 0.6 Restructuring: provision (release)/charge for impairment of property, plant and equipment and inventories (1.4) 2.3 Restructuring: staff and other costs 1.2 2.5 COVID-19 grant (income) \u2013 (0.3) Aerospace manufacturing grant (income) (4.0) (4.2) Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with Note 2 Group\u2019s accounting policies. 4. Segment Information continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED The analysis of the Auditor\u2019s remuneration is as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts 0.5 0.3 Fees payable to the Company\u2019s Auditor and their associates for other services to the Group \u2013 The audit of the Company\u2019s subsidiaries 1.7 1.5 Total audit fees 2.2 1.8 Fees payable to Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. The Group paid \u00a30.06m (2021 \u2013 \u00a30.06m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2021 \u2013 \u00a30.1m) for non-audit related services during 2022, in line with the Company\u2019s policy on the use of Auditors for non-audit services. Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 102 to 107. No services were provided pursuant to contingent fee arrangements. 6. Staff costs The average monthly number of employees (including Directors) was: Year ended 2022 Number Year ended 2021 Number Production 5,297 4,850 Distribution 64 63 Sales 249 252 Administration 495 473 Total 6,105 5,638 The actual number of employees at 31 December 2022 was 6,361 (2021 \u2013 5,664). Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Their aggregate remuneration comprised: Wages and salaries 234.7 198.9 Social security costs 26.9 22.6 Termination benefits \u2013 1.0 Other pension costs \u2013 defined contribution 34a 8.9 8.6 Other pension costs \u2013 defined benefit 34e 0.8 0.7 Share based payments 33 4.3 3.5 Aggregate remuneration 275.6 235.3 The Group also incurred medical and other employee benefit expenses during the year of \u00a324.6m (2021 \u2013 \u00a320.9m) and received \u00a3nil (2021 \u2013 \u00a30.3m) COVID-19 grant income related to government assistance schemes to compensate for furloughing of employees. 7. Investment income Year ended 2022 \u00a3m Year ended 2021 \u00a3m Interest on bank deposits 0.7 0.1 Net finance income of retirement benefits (Note 34e) 1.2 0.4 Total income 1.9 0.5 5. Operating profit continued 8. Finance costs
Notes
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Interest on bank overdrafts and loans 2.0 1.0
Interest on other loans and other finance costs 5.8 4.9
Interest on lease liabilities 2.5 2.6
Interest unwind on acquistion consideration 9, 31 0.3 \u2013
Total finance costs 10.6 8.5
9. Adjusted operating profit and adjusted profit/(loss) before tax
The presentation of adjusted operating profit and adjusted profit before tax measures, derived in accordance with the table below, have been included
to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring income and the
costs and income associated with corporate undertakings. The Board has adopted a policy to separately disclose those items, where significant in size,
that it considers are outside the results for the particular year under review and against which the Board measures and assesses the performance of
the business.
The adjustments are made on a consistent basis and also reflect how the business is managed on a day-to-day basis.
The amortisation charge relates to acquisition of Spencer Aerospace. It is charged on a straight-line basis and reflects a non-cash item for the reported
year. The Group implemented a restructuring programme in 2019, which continued through 2020 and 2021 in response to the impact of the COVID-19
pandemic on some of the Group\u2019s end markets. Some residual restructuring activity has continued in 2022. The aerospace manufacturing grant, within
net restructuring income, represents incentives specific to only part of the Group for a limited time period. Corporate undertakings relate to business
acquisition activities, gain on disposal of a business, bid defence and other costs relating to corporate activities. None of these charges are reflective
of in year performance. Therefore, they are excluded by the Board and Executive Committee when measuring the operating performance of
the businesses.
Notes \u00a3m
Year ended
2022
\u00a3m \u00a3m
Year ended
2021
\u00a3m
Operating profit 32.5 10.5
Amortisation of intangible assets from acquisitions 0.2 \u2013
Net restructuring income (4.2) (4.4)
Adjusted operating profit 28.5 6.1
Profit before tax 22.4 23.7
Adjustments to profit/loss before tax as above (4.0) (4.4)
Corporate undertakings 31 1.4 (21.2)
Corporate undertakings \u2013 interest 0.3 \u2013
Total Corporate undertakings 1.7 (21.2)
Adjusted profit/(loss) before tax 20.1 (1.9)
Net restructuring income
In 2020 the Group had focused on taking actions to conserve cash to manage through the pandemic, including curtailing capital expenditure, tightly
managing working capital and implementing further cost cutting actions. In 2022 there were still some residual activities associated with that. The
decisive actions which we took on restructuring and cost management delivered the expected benefits. In addition, the Group has continued to review
inventory and asset exposures on programmes that have been reduced, cancelled or where the Group will no longer participate. As part of the
restructuring focus, we have assessed critically any inventory or asset exposures on these programmes and written down the carrying values on
excess holdings and assets where there is no alternate use. Where demand has picked up on previously reduced or cancelled programmes, inventory
impairments have been reversed to the extent that there are confirmed orders in place.
The restructuring resulted in net income of \u00a34.2m (2021 - \u00a34.4m). Of this, \u00a34.0m income (2021 - \u00a34.2m) related to an aerospace manufacturing grant
and \u00a31.2m net charge related to consultancy and other costs (2021 - \u00a30.4m net charge). For certain specific programmes, and in conjunction with the
focus on restructuring, management has also identified inventory impairment reversals of \u00a32.7m (2021 - \u00a31.4m) where customer demand has
increased, and further impairment provisions on property, plant and equipment in 2022 with a charge of \u00a31.3m (2021 - \u00a30.8m) to cover the risk where
there are no alternative uses.
Net cash inflow related to restructuring activities was \u00a32.1m (2021 - \u00a30.9m net cash outflow). At 31 December 2022, a restructuring provision of
\u00a30.2m (31 December 2021: \u00a31.3m) was recognised and is expected to be utilised in 2023.
Corporate undertakings
Costs associated with corporate undertakings were \u00a31.7m in 2022, of which \u00a31.2m of acquisition costs and \u00a30.3m interest unwind of deferred and
contingent consideration relates to the acquisition of Spencer Aerospace in November 2022 and \u00a30.2m costs relate to other corporate activities. In
2021, net income of \u00a321.2m was recognised, of which \u00a324.2m gain relates to the disposal of Senior Aerospace Connecticut in April 2021, partly offset
by \u00a33.0m bid defence and costs relating to other corporate activities. See Note 31 to the Financial Statements for further details.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
10. Taxation
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Current tax:
Current year 8.2 7.0
Adjustments in respect of prior periods (1.9) (6.0)
6.3 1.0
Deferred tax (Note 21):
Current year (3.5) (1.7)
Adjustments in respect of prior periods (0.6) 0.2
(4.1) (1.5)
Total tax charge/(credit) 2.2 (0.5)
On 24th May 2021, a future increase in UK corporation tax rate from 19% to 25% was substantially enacted with an effective date of 1 April 2023.
Deferred tax assets and liabilities are measured at the rates that are expected to apply to the year when the asset is realised or the liability is settled,
based on tax rates (and tax laws) that have been enacted or substantially enacted at the Balance Sheet date. The impact of the tax rate change to 25%
on deferred tax assets and liabilities has been reflected at the Balance Sheet date and this has resulted in a current year charge of \u00a30.2m recognised in
the Income Statement and a credit of \u00a31.4m through Other Comprehensive Income. Taxation for other jurisdictions is calculated at the rates prevailing
in the respective jurisdictions.
The total charge for the year can be reconciled to the profit before tax per the Consolidated Income Statement as follows:
Year ended
2022
\u00a3m
Year ended
2022
%
Year ended
2021
\u00a3m
Year ended
2021
%
Profit before tax 22.4 23.7
Expected tax charge/(credit) at the UK standard corporation tax rate 19% 4.3 4.5
Effect of different statutory rates in overseas jurisdictions a 0.3 0.9
Tax incentives and credits b (1.2) (1.1)
Tax losses not recognised c (0.4) 0.3
Impact of share options d 0.2 0.1
Effect of difference in treatment of financing activities between jurisdictions e (0.4) (0.3)
Non-deductible expenses and other permanent differences f 1.5 1.4
Effect of changes in UK tax rate on deferred tax items g 0.2 (0.6)
Withholding taxes h 0.2 0.1
Adjustments in respect of prior periods \u2013 current tax items i (1.9) (6.0)
Adjustments in respect of prior periods \u2013 deferred tax items j (0.6) 0.2
Tax charge / (credit) and effective tax rate for the year 2.2 9.8% (0.5) (2.1%)
a. Mainly attributable to a higher rate of tax in the US.
b. Includes a \u00a31.2m benefit from enhanced US R&D deductions and the UK capital allowance super-deduction.
c. Tax losses utilised in the year includes \u00a30.3m of UK tax losses whose use is uncertain and therefore unrecognised for deferred tax. Unrecogised amounts in 2021 included
\u00a30.5m of State tax losses in the US which have restricted use, net of tax losses utilised of \u00a30.2m.
d. Impact of non-tax deductible share based payment charges net of current tax deductions for share exercises in the year and the deferred tax asset recognition for
future exercises.
e. Effect of different rates of tax between jurisdictions on internal financing activities.
f. Non-deductible expenses and other permanent differences, includes a \u00a31.7m charge in respect of uncertain tax positions in accordance with IFRIC 23 principles.
g. Relates to the Income Statement impact of the retranslation of UK deferred tax assets and liabilities following the substantial enactment of the future 25% tax rate effective
from 1 April 2023.
h. Arises from irrecoverable withholding taxes.
i. Includes a credit in respect of the uncertain tax positions which have been been resolved, settled or released in accordance with IFRIC 23 principles of \u00a33.8m as well as prior
year items arising from the true up of tax accruals in line with local tax filings which in many cases have an equal and opposite prior year item in deferred tax.
j. Arises from the true up of deferred tax estimates following the finalisation of entity statutory accounts and local tax returns.
In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in other comprehensive income: 2022 \u00a3m 2021 \u00a3m Deferred tax: Items that will not be reclassified subsequently to profit and loss Tax on actuarial items 4.3 (3.7) Effect of change in UK tax rate 1.4 (2.7) Items that may be reclassified subsequently to profit or loss Tax on foreign exchange contracts \u2013 cash flow hedges 0.7 0.8 Total tax credit/(charge) recognised directly in other comprehensive income 6.4 (5.6) In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts relating to tax have been recognised directly in equity: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Deferred tax: Excess tax deductions related to share-based payments in exercised options \u2013 0.1 Total tax credit recognised directly in equity \u2013 0.1 Deferred tax (Note 21) 6.4 (5.5) 11. Dividends Year ended 2022 \u00a3m Year ended 2021 \u00a3m Amounts recognised as distributions to equity holders in the period: Final dividend for the year ended 31 December 2021 of \u00a3nil per share (2020 \u2013 \u00a3nil) \u2013 \u2013 Interim dividend for the year ended 31 December 2022 of 0.30p per share (2021 \u2013 \u00a3nil) 1.2 \u2013 1.2 \u2013 Proposed final dividend for the year ended 31 December 2022 of 1.00p per share (2021 \u2013 \u00a3nil) 4.1 \u2013 12. Earnings per share The calculation of the basic and diluted earnings per share is based on the following data: Number of shares Year ended 2022 Million Year ended 2021 Million Weighted average number of ordinary shares for the purposes of basic earnings per share 415.3 415.7 Effect of dilutive potential ordinary shares: Share options 11.6 6.8 Weighted average number of ordinary shares for the purposes of diluted earnings per share 426.9 422.5 10. Taxation continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 2022 Year ended 2021 Earnings and earnings per share Notes Earnings \u00a3m EPS pence Earnings \u00a3m EPS pence Profit for the period 20.2 4.86 24.2 5.82 Adjust: Amortisation of intangible assets from acquisitions net of tax of \u00a3nil (2021 \u2013 \u00a3nil) 0.2 0.05 \u2013 \u2013 Net restructuring income net of tax of \u00a30.7m (2021 \u2013 \u00a30.2m tax credit) 9 (3.5) (0.84) (4.6) (1.11) Corporate undertakings net of tax of \u00a30.5m (2021 \u2013 \u00a32.9m) 31 1.2 0.29 (18.3) (4.40) Non-cash tax credit 10 \u2013 \u2013 (0.6) (0.14) Adjusted earnings after tax 18.1 4.36 0.7 0.17 Earnings per share \u2013 basic 4.86p 5.82p \u2013 diluted 4.73p 5.73p \u2013 adjusted 4.36p 0.17p \u2013 adjusted and diluted 4.24p 0.17p The denominators used for all basic, diluted and adjusted earnings per share are as detailed in the table above. The presentation of adjusted earnings per share, derived in accordance with the table above, has been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring income, the costs and income associated with corporate undertakings and non-cash tax credit. The Board has adopted a policy to separately disclose those items, where significant in size, that it considers are outside the earnings for the particular year under review and against which the Board measures and assesses the performance of the business. See Note 9 for further details. 13. Goodwill Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Cost At 1 January 308.5 322.9 Corporate undertakings 31 42.0 (15.1) Exchange differences 9.9 0.7 At 31 December 360.4 308.5 Accumulated impairment losses At 1 January 158.3 157.9 Exchange differences 2.4 0.4 At 31 December 160.7 158.3 Carrying amount at 31 December 199.7 150.2 In 2022, goodwill has increased by \u00a349.5m, of which \u00a342.0m relates to the acquisition of Spencer Aerospace (see Note 31), with \u00a37.5m net foreign exchange differences. Goodwill is allocated to the group of CGUs (CGU groups), namely Aerospace and Flexonics, reflecting the lowest level at which management exercises oversight and monitors the Group\u2019s performance. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill. Year ended 2022 \u00a3m Year ended 2021 \u00a3m Aerospace 143.6 98.0 Flexonics 56.1 52.2 Total 199.7 150.2 The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The timing of the annual assessment at 30 September 2022 coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value in use methodology to assess impairment. The key assumptions on which the value in use calculations were based relate to business performance over the next five years, long-term growth rates beyond 2027 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating 12. Earnings per share continued margins anticipated, the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2022 to 2027 was 8% (2021 \u2013 2021 to 2026 was 9%), reflecting continued market recovery post COVID-19 pandemic. Forecasts used in the cash flow were based on the most recent financial strategy, as approved by Management for the next five years to 2027. These estimates up to 2027, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 83. Cash flows after 2027 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2027. For Aerospace, the long-term market growth rate is 3.7% per annum (2021 \u2013 3.0%), which does not exceed the long-term average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.5% per annum (2021 \u2013 1.4%), which is base d on the world long-term forecast GDP growth for advanced economies. The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 10.9% and 13.7% respectively (2021 \u2013 10.7% and 11.8%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing investment appraisals specific to each CGU group. The increase in discount rates is mainly driven by changes in 10-year UK and US government bond yields. Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations: the long-term growth rate assumption was reduced to 1 percentage point and the discount rate was increased by a 1 percentage point. Neither these sensitivities or a reasonable possible change in the cash flows results in the carrying amount of the CGU groups exceeding their recoverable amount. Further to the 30 September 2022 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2022 reporting date. The Board concluded that the market factors considered as at 30 September were largely unchanged and remained relevant for the year end reporting date, with no new triggers identified for impairment. 14. Other intangible assets Intangible assets from acquisitions Year ended 2022 \u00a3m Computer software and others Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Intangible assets from acquisitions Year ended 2021 \u00a3m Computer software and others Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Cost At 1 January 117.5 22.8 140.3 121.0 23.0 144.0 Additions \u2013 1.8 1.8 \u2013 1.1 1.1 Acquired on acquisition 31.0 \u2013 31.0 \u2013 \u2013 \u2013 Disposals \u2013 (1.2) (1.2) (3.5) (0.6) (4.1) Restructuring impairment and disposal \u2013 (0.4) (0.4) \u2013 (0.6) (0.6) Reclassification \u2013 0.6 0.6 \u2013 \u2013 \u2013 Exchange differences 8.8 1.7 10.5 \u2013 (0.1) ( 0.1) At 31 December 157.3 25.3 182.6 117.5 22.8 140.3 Amortisation At 1 January 117.5 18.6 136.1 121.0 18.2 139.2 Charge for the year 0.2 1.5 1.7 \u2013 1.5 1.5 Disposals \u2013 (1.2) (1.2) (3.5) (0.6) (4.1) Restructuring impairment and disposal \u2013 (0.4) (0.4) \u2013 (0.6) (0.6) Exchange differences 8.8 1.4 10.2 \u2013 0.1 0.1 At 31 December 126.5 19.9 146.4 117.5 18.6 136.1 Carrying amount at 31 December 30.8 5.4 36.2 \u2013 4.2 4.2 The carrying amount of intangible assets from acquisitions as at 31 December 2022 relates to the acquistion of Spencer Aerospace and consists of \u00a323.8m relating to Qualified parts list, \u00a36.5m relating to Customer relationships and \u00a30.5m relating to Order backlog. These are being amortised over periods of 18 years and 1 month, 16 years and 1 month and 1 year and 1 month respectively. 13. Goodwill continued NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
15. Investment in joint venture
The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was set up in
2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components.
The results of the joint venture are accounted for using equity accounting.
The Group\u2019s investment of \u00a34.4m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2022 (2021 \u2013 \u00a33.9m). The
following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics Technologies
(Wuhan) Limited for the years ended 31 December 2022 and December 2021.
2022
\u00a3m
2021
\u00a3m
Revenue 7.0 6.6
Expenses (6.2) (6.1)
Profit 0.8 0.5
Total assets 11.5 10.0
Total liabilities (2.6) (2.0)
Net assets 8.9 8.0
Group's share of profit 0.4 0.2
Group's share of net assets 4.4 3.9
16. Property, plant and equipment
Freehold
land and
buildings
Year ended
2022
\u00a3m
Leasehold
building
improve-
ments
Year ended
2022
\u00a3m
Plant
and
equipment
Year ended
2022
\u00a3m
Right-of-
use
Land and
Buildings
Year ended
2022
\u00a3m
Right-of-
use
Plant and
equipment
Year ended
2022
\u00a3m
Total
Year ended
2022
\u00a3m
Freehold
land and
buildings
Year ended
2021
\u00a3m
Leasehold
building
improve-
ments
Year ended
2021
\u00a3m
Plant
and
equipment
Year ended
2021
\u00a3m
Right-of-
use
Land and
Buildings
Year ended
2021
\u00a3m
Right-of-
use
Plant and
equipment
Year ended
2021
\u00a3m
Total
Year ended
2021
\u00a3m
Cost or
valuation
At 1 January 104.6 4.5 518.8 88.2 6.5 722.6 111.7 4.2 536.7 86.1 6.2 744.9
Additions 1.2 0.3 27.2 0.8 1.2 30.7 0.3 0.3 19.6 0.9 1.1 22.2
Acquired
on acquisition \u2013 \u2013 1.1 2.6 2 .1 5.8 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Lease
Modifications \u2013 \u2013 \u2013 2.7 (0.5) 2.2 \u2013 \u2013 \u2013 3.7 (0.2) 3.5
Exchange
differences 9.4 0.5 46.2 6.3 0.5 62.9 (1.1) \u2013 (5.0) (0.5) \u2013 (6.6)
Disposed
on disposal
activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3.1) \u2013 (16.6) \u2013 \u2013 (19.7)
Disposals (0.3) \u2013 (11.2) (1.5) (0.5) (13.5) (0.1) \u2013 (11.0 ) (0.4) (0.2) (11.7)
Reclassification \u2013 3.0 (6.7) \u2013 \u2013 (3.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Restructuring
impairment
and disposal (1.9) \u2013 (5.2) \u2013 \u2013 (7.1) (3.1) \u2013 (4.9) (1.6) (0.4) (10.0)
At 31 December 113.0 8.3 570.2 9 9.1 9.3 799.9 104.6 4.5 518.8 88.2 6.5 722.6
Accumulated
depreciation
and impairment
At 1 January 36.3 3.5 360.9 23.6 3.7 428.0 35.8 3.2 355.6 16.8 3.0 414.4
Charge for
the year 2.6 0.3 34.9 8.7 1.6 48.1 2.5 0.3 34.0 8 .1 1.4 46.3
Lease
Modifications \u2013 \u2013 \u2013 0.3 (0.4) (0.1) \u2013 \u2013 \u2013 \u2013 (0.1) (0.1)
Exchange
differences 3.9 0.5 32.2 1.8 0.3 38.7 (0.3) \u2013 (2.3) (0.1) \u2013 (2.7)
Eliminated on
disposal activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.9) \u2013 (11.3) \u2013 \u2013 (12.2)
Eliminated
on disposals (0.3) \u2013 (10.8) (1.5) (0.5) (13.1) (0.1) \u2013 (10.8) (0.4) (0.2) (11.5)
Reclassification \u2013 1.1 (4.2) \u2013 \u2013 (3.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Restructuring
impairment
and disposal (1.9) \u2013 (3.9) \u2013 \u2013 (5.8) (0.7) \u2013 (4.3) (0.8) (0.4) (6.2)
At 31 December 40.6 5.4 40 9.1 32.9 4.7 492.7 36.3 3.5 360.9 23.6 3.7 428.0
Carrying
amount at
31 December 72.4 2.9 161.1 66.2 4.6 307.2 68.3 1.0 157.9 64.6 2.8 294.6
As part of the restructuring programme (see Note 9), \u00a31.3m (2021 \u2013 \u00a33.8m) of property, plant and equipment has been impaired in 2022, of which
\u00a31.3m relates to Aerospace and \u00a3nil relates to Flexonics. The recoverable amount of the assets was determined based on value-in-use for assets with
confirmed orders, or fair value less costs to sell, where assets are to be disposed.
At 31 December 2022, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a31.9m
(2021 \u2013 \u00a33.4m).
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
17. Inventories
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Raw materials 77.5 56.5
Work-in-progress 80.6 60.1
Finished goods 36.2 28.6
Total 194.3 145.2
Inventory releases in 2022 were \u00a31.9m (2021 \u2013 write-down of \u00a32.5m), after releases of \u00a32.7m (2021 \u2013 \u00a31.5m) relating to restructuring (see Note 9).
18. Trade and other receivables
Trade and other receivables at 31 December comprise the following:
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Non-current assets
Foreign exchange contracts 0.3 \u2013
Other receivables 0.1 0.1
0.4 0.1
Current assets
Trade receivables 110.6 85.2
Value added tax 2.9 1.9
Foreign exchange contracts 2.4 0.8
Prepayments 10.7 10.0
Other receivables 0.1 0.1
126.7 98.0
Total trade and other receivables 127.1 9 8.1
Credit risk
The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial
instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss
allowances. There are no other credit or impairment losses for other classes of financial assets.
Further disclosures on credit risk are included in Note 20.
The average credit period taken on sales of goods is 55 days (2021 \u2013 52 days). An allowance has been made for estimated irrecoverable amounts from
the sale of goods of \u00a33.3m (2021 \u2013 \u00a32.0m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality
of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2022, the carrying amount of the receivable
from the Group\u2019s most significant customer was \u00a38.3m (2021 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of
credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit
provision risk in excess of the loss allowance.
Expected credit loss Year ended 2022 \u00a3m Year ended 2021 \u00a3m Movements in loss allowance: At 1 January 2.0 1.6 Provision for impairment 1.5 0.6 Amounts written off as uncollectible (0.2) (0.2) Amounts recovered (0.2) \u2013 Exchange differences 0.2 \u2013 At 31 December 3.3 2.0 Ageing analysis of past due, net of loss allowance: Up to 30 days past due 10.4 9.3 31 to 60 days past due 3.0 3.2 61 to 90 days past due 1.5 0.9 91 to 180 days past due 1.9 1.6 Total past due, net of loss allowance 16.8 15.0 Not past due 93.8 70.2 Total current trade receivables 110.6 85.2 There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. 19. Bank overdrafts and loans Year ended 2022 \u00a3m Year ended 2021 \u00a3m Bank overdrafts 0.5 \u2013 Bank loans 17.4 (0.5) Other loans 125.8 131.5 143.7 131.0 The borrowings are repayable as follows: On demand or within one year 0.5 14.8 In the second year \u2013 \u2013 In the third to fifth years inclusive 118.5 70.7 After five years 24.7 45.5 143.7 131.0 Less: amount due for settlement within 12 months (shown under current liabilities) (0.5) (14.8) Amount due for settlement after 12 months 143.2 116 . 2 At 31 December 2022, bank loans of \u00a318.6m are drawn and there are \u00a31.2m of capitalised revolving credit facility transaction costs. At 31 December 2021, bank loans were undrawn, and there were \u00a30.5m of capitalised revolving credit facility transaction costs. 18. Trade and other receivables continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Analysis of borrowings by currency 31 December 2022 Total \u00a3m Pound Sterling \u00a3m Euros \u00a3m US Dollars \u00a3m Bank overdrafts 0.5 \u2013 0.5 \u2013 Bank loans 17.4 (1.2) \u2013 18.6 Other loans 125.8 26.9 24.7 74.2 143.7 25.7 25.2 92.8 31 December 2021 Total \u00a3m Pound Sterling \u00a3m Euros \u00a3m US Dollars \u00a3m Bank overdrafts \u2013 \u2013 \u2013 \u2013 Bank loans (0.5) (0.5) \u2013 \u2013 Other loans 131.5 26.9 23.4 81.2 131.0 26.4 23.4 81.2 The weighted average interest rates paid were as follows: Year ended 2022 % Year ended 2021 % Bank loans and overdrafts 3.64 1.51 Other loans 3.07 3.10 Bank loans and overdrafts of \u00a319.1m (2021 \u2013 \u00a3nil) are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. Other borrowings are mainly arranged at fixed interest rates and expose the Group to fair value interest rate risk. No interest rate swaps were taken out in 2021 or 2022. The Directors estimate the fair value of the Group\u2019s borrowings to be as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Bank loans and overdrafts 17.9 (0.5) Other loans 116.3 133.8 134.2 133.3 The fair value of Other loans has been determined by applying a make-whole calculation using the prevailing treasury bill yields plus the applicable credit spread for the Group (level 2 of the fair value hierarchy as defined in Note 20). The other principal features of the Group\u2019s borrowings are as follows: Bank overdrafts are repayable on demand. The effective interest rates on bank overdrafts and loans are determined based on SONIA, SOFR and appropriate LIBOR rates plus applicable margins. The Group\u2019s main loans are unsecured guaranteed loan notes in the US private placement market and revolving credit facilities. a) Loan notes of \u20ac28m, 2022 \u00a324.8m (2021 \u2013 \u00a323.5m) were taken out in January 2017, carry interest at the rate of 1.51% and mature on 1 February 2027. b) Loan notes of $20m, 2022 \u00a3nil (2021 \u2013 \u00a314.8m) were taken out in October 2015 and were repaid in October 2022. The loan notes carried interest at the rate of 3.42% per annum. c) Loan notes of $60m, 2022 \u00a349.6m (2021 \u2013 \u00a344.5m) were taken out in October 2015 and are due for repayment in October 2025. The loan notes carry interest at the rate of 3.75% per annum. d) Loan notes of \u00a327m were drawn down in January 2018, carry interest at a rate of 2.35% and are due for repayment in January 2025. e) Loan notes of $30m, 2022 \u00a324.8m (2021 \u2013 \u00a322.2m) were taken out in September 2018, carry interest at the rate of 4.18% and are due for repayment in September 2028. Transaction costs of \u00a30.4m, directly attributable to the GBP notes (\u00a30.1m), the Euro notes (\u00a30.1m) and the US Dollar notes (\u00a30.2m), have been deducted from their carrying value. The Group also has two revolving credit facilities. 19. Bank overdrafts and loans continued A committed multi-currency revolving credit facility in the UK of \u00a3115m (2021 \u2013 \u00a3120m) was amended and extended in November 2022 and matures
in November 2026. At 31 December 2022, a loan of $20m (\u00a316.5m) with reference to USD LIBOR was outstanding under the \u00a3115m facility. At 31
December 2021, \u00a3nil was drawn under the \u00a3120m facility. The refinancing of the Group\u2019s main UK revolving credit facility demonstrates the strong
ESG commitments made by Senior and its lenders in agreeing appropriate sustainability linked Key Performance Indicators (\u201cKPIs\u201d). The first testing
period on these KPIs is not until the year ended 31 December 2023, which could have a small impact on the UK RCF interest margin.
A committed $50m single bank (\u00a341.3m) loans and letter of credit facility was extended in June 2022 and matures in June 2025. There were $2.6m
(\u00a32.1m) loans with reference to Term SOFR which are drawn under the facility on 31 December 2022 and $nil (\u00a3nil) loans drawn on 31 December 2021
and there were letters of outstanding credit of $3.1m (\u00a32.6m) (2021 \u2013 \u00a31.1m).
As at 31 December 2022, the Group had available \u00a3135.1m (2021 \u2013 \u00a3155.9m) of undrawn committed borrowing facilities in respect of which all
conditions precedent had been met. The weighted average maturity of the Group\u2019s committed facilities at 31 December is 3.5 years (2021 \u2013 3.0 years).
20. Financial instruments
Capital risk management
The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the
optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as
compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also
monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 32c. Lease
liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet.
The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the
end of 2022 was 22% (2021 \u2013 19%).
All of the Group\u2019s external borrowing facilities at 31 December 2022 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US
Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen
GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is
restated using 12-month average exchange rates (consistent with EBITDA definition).
The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in
the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x.
At 31 December 2022, the Group\u2019s net debt to EBITDA was 1.47x (31 December 2021 \u2013 1.87x) and interest cover was 9.4x (31 December 2021 \u2013
7.3x), both comfortably within the covenants limits.
Financial risk management
The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s
overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on
the Group\u2019s financial performance.
The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies
approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and
non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s
Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for
speculative purposes.
Foreign exchange risk management
The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies.
Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based
on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held
constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee.
Translation risk
The Group derived 83% of its revenue from businesses outside the United Kingdom, with 59% relating to operations in North America. Fluctuations in
the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of
the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are
denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the
Group\u2019s earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims
to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. A 10% appreciation
(or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2022 Group adjusted operating profit by \u00a34.3m
(\u00a32.6m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a331.1m (\u00a318.9m of which
would have been due to the US Dollar movement).
Transaction risk
The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and
Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis,
but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge
relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit
19. Bank overdrafts and loans continued
165SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022
FINANCIAL STATEMENTS /
165SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED after hedging in existence at 31 December 2022 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would have decreased (or increased) equity by \u00a35.3m, \u00a32.0m and \u00a31.3m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year end 2022, the percentage of debt at fixed interest was 87% (2021 \u2013 100%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2022 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.1m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.8m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2022 were \u00a324.9m (2021 \u2013 \u00a316.8m). The net impact of reverse factoring on 2022 was a cash inflow in working capital of \u00a36.2m (2021 \u2013 \u00a30.9m outflow) and the discount interest presented within other finance costs is a charge of \u00a30.6m in 2022 (2021 \u2013 \u00a30.2m). Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 78 to 81, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future. 20. Financial instruments continued Categories of financial instruments Year ended 2022 \u00a3m Year ended 2021 \u00a3m Carrying value of financial assets: Cash and cash equivalents 43.2 51.1 Trade receivables 110.6 85.2 Other receivables 0.2 0.2 Financial assets at amortised cost 154.0 136.5 Foreign exchange contracts \u2013 cash flow hedges 2.5 0.7 Foreign exchange contracts \u2013 held for trading 0.2 0.1 Total financial assets 156.7 137. 3 Carrying value of financial liabilities: Bank overdrafts and loans 143.7 131.0 Lease liabilities 78.4 73.2 Trade payables 103.4 68.3 Deferred consideration 23.4 \u2013 Other payables 65.1 54.6 Financial liabilities at amortised cost 414.0 327.1 Contingent Consideration - fair value through profit or loss 28.9 \u2013 Foreign exchange contracts \u2013 cash flow hedges 8.5 3.6 Foreign exchange contracts \u2013 held for trading 0.1 \u2013 Total financial liabilities 451.5 330.7 Undiscounted contractual maturity of financial liabilities at amortised cost: Amounts payable: On demand or within one year 228.9 152.3 In the second to fifth years inclusive 149.1 118.8 After five years 81.5 108.7 459.5 379.8 Less: future finance charges (45.5) (52.7) Financial liabilities at amortised cost 414.0 327.1 The contingent consideration which is potentially payable in more than one year but less than five years has a gross value at 31 December 2022 of $40m (\u00a333.1m) and a discounted value of $35m (\u00a328.9m). There was no contingent consideration payable as at 31 December 2021. The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. 20. Financial instruments continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Forward foreign exchange contracts The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities in foreign currencies in accordance with the Group\u2019s accounting policy as set out in Note 2. At the Balance Sheet date, total notional amounts and fair values of outstanding forward foreign exchange contracts that the Group have committed are given below: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Notional amounts: Foreign exchange contracts \u2013 cash flow hedges 159.4 128.9 Foreign exchange contracts \u2013 held for trading 0.5 4.1 Total 159.9 133.0 Less: amounts maturing within 12 months (99.4) (79.1) Amounts maturing after 12 months 60.5 53.9 Contractual maturity: Cash flow hedges balances due within one year: Outflow (101.5) (76.8) Inflow 99.9 75.2 Cash flow hedges balances due between one and two years: Outflow (22.9) (22.4) Inflow 22.0 22.0 Cash flow hedges balances due between two and five years: Outflow (42.5) (32.1) Inflow 38.6 32.1 Held for trading balances due within one year: Outflow (0.5) (4.0) Inflow 0.5 4.1 Fair values: Foreign exchange contracts \u2013 cash flow hedges (6.0) (2.9) Foreign exchange contracts \u2013 held for trading 0.1 0.1 Total liability (5.9) (2.8) These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a32.7m (2021 \u2013 \u00a30.8m) assets included in trade and other receivables and \u00a38.6m (2021 \u2013 \u00a33.6m) liabilities included in trade and other payables. The fair value of currency derivatives that are designated and effective as cash flow hedges amounting to \u00a34.9m loss (2021 \u2013 \u00a32.6m loss) has been deferred in equity. Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates. 20. Financial instruments continued 31 December 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Foreign exchange contracts \u2013 cash flow hedges \u2013 2.5 \u2013 2.5 Foreign exchange contracts \u2013 held for trading \u2013 0.2 \u2013 0.2 Total assets \u2013 2.7 \u2013 2.7 Liabilities Contingent Consideration \u2013 fair value through profit or loss \u2013 \u2013 28.9 28.9 Foreign exchange contracts \u2013 cash flow hedges \u2013 8.5 \u2013 8.5 Foreign exchange contracts \u2013 held for trading \u2013 0.1 \u2013 0.1 Total liabilities \u2013 8.6 28.9 37.5 31 December 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Foreign exchange contracts \u2013 cash flow hedges \u2013 0.7 \u2013 0.7 Foreign exchange contracts \u2013 held for trading \u2013 0.1 \u2013 0.1 Total assets \u2013 0.8 \u2013 0.8 Liabilities Contingent Consideration \u2013 fair value through profit or loss \u2013 \u2013 \u2013 Foreign exchange contracts \u2013 cash flow hedges \u2013 3.6 \u2013 3.6 Foreign exchange contracts \u2013 held for trading \u2013 \u2013 \u2013 \u2013 Total liabilities \u2013 3.6 \u2013 3.6 An amount of \u00a30.8m loss (2021 \u2013 \u00a30.1m gain) has been transferred to the Consolidated Income Statement, and is included within operating profit. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss, which is generally within 12 months from the Balance Sheet date. In 2021 and 2022 some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2021 and 31 December 2022 were presented in the balance sheet as held for trading assets. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows. 20. Financial instruments continued NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
21. Tax balance sheet
Current tax
The current tax receivable of \u00a32.1m (2021 \u2013 \u00a32.6m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by
way of offset against future tax liabilities or refund.
The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments
during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a317.7m (2021 \u2013 \u00a314.6m) includes \u00a31.5m
(2021 \u2013 \u00a31.3m) tax due on profits of the current and prior years as well as \u00a316.2m (2021 \u2013 \u00a316.7m) provisions for tax uncertainties that represent
amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. Amounts receivable of \u00a32.8m (2021 \u2013
\u00a33.4m) that are considered to have a right of offset against provisions for tax uncertainties are also included within the current tax liability.
The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that
may be due thereon. The range of reasonably possible outcomes considered by the Board could increase those tax liabilities by \u00a310.4m (2021 \u2013
\u00a38.6m). These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate
arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying
amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax
authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are
established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to
best reflect the resolution of the uncertainty.
Deferred tax liabilities and assets
The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated
tax
depreciation
\u00a3m
Unrealised
FX
gains
\u00a3m
Goodwill and
intangible
amortisation
\u00a3m
Retirement
benefits
\u00a3m
R&D
tax credits
\u00a3m
Tax
losses
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2021 (16.7) (0.7) (7.5) (6.4) 6.0 3.4 21.1 (0.8)
(Charge)/credit to Consolidated
Income Statement 3.4 0.3 2.0 (2.8) (0.3) 1.4 (2.5) 1.5
(Charge)/credit to other
comprehensive income (0.1) 0.8 \u2013 (6.4) \u2013 \u2013 0.1 (5.6)
(Charge)/credit direct to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 0.1
Exchange differences 0.2 \u2013 (0.1) \u2013 0.1 (0.2) \u2013 \u2013
At 1 January 2022 (13.2) 0.4 (5.6) (15.6) 5.8 4.6 18.8 (4.8)
(Charge)/credit to Consolidated
Income Statement (2.6) \u2013 (1.4) (0.6) (3.1) 0.3 11.5 4.1
(Charge)/credit to other
comprehensive income \u2013 0.7 \u2013 5.7 \u2013 \u2013 \u2013 6.4
(Charge)/credit direct to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Exchange differences (1.7) \u2013 (0.7) 0.3 \u2013 (0.7) 3.3 0.5
Asset/(liability) at
31 December 2022 (17.5) 1.1 (7.7) (10.2) 2.7 4.2 33.6 6.2
Other temporary differences include assets in the US of \u00a315.6m (2021 \u2013 \u00a313.6m) in respect of inventory provisions, accruals and other expenses
where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a32.3m (2021 \u2013 \u00a3nil) and R&D
expenditure expected to be deductible in future periods of \u00a34.8m (2021 \u2013 \u00a3nil). Also included are assets held in respect of IFRS16 of \u00a31.9m (2021
\u2013 \u00a31.5m) and share based compensation of \u00a31.9m (2021 \u2013 \u00a31.1m).
The deferred tax liability in respect of Retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a312.9m (2021 \u2013 \u00a318.0m),
net of deferred tax assets on other schemes.
UK deferred tax assets and liabilities at the Balance Sheet date have been stated at the future rate of UK corporation tax of 25% at which assets are
expected to be realised or liabilities settled. This has resulted in an overall increase in the net deferred tax liability at 31 December 2022 of \u00a30.9m with
a current year charge of \u00a30.2m in the Income Statement, \u00a31.4m credit through Other Comprehenisive Income and a \u00a32.1m charge recognised in the
opening balance at 1 January 2022.
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Deferred tax assets 10.9 5.7
Deferred tax liabilities (4.7) (10.5)
6.2 (4.8)
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.2m (2021 \u2013 \u00a34.6m), including \u00a33.1m (2021 \u2013 \u00a33.2m) recognised against deferred tax liabilities and \u00a31.1m (2021 \u2013 \u00a31.4m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2027 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a324.0m (2021 \u2013 \u00a323.6m) of losses have not been recognised. Included in unrecognised tax losses are losses of \u00a312.2m (2021 \u2013 \u00a313.8m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. Also, at the Balance Sheet date, a deferred tax liability of \u00a30.2m (2021 \u2013 \u00a30.2m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a335.1m (2021 \u2013 \u00a334.5m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. At the Balance Sheet date, the Group had \u00a35.0m (2021 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2021 \u2013 \u00a318.0m) of unused capital losses. 22. Lease liabilities When measuring lease liabilities, the Group discounts lease payments using incremental borrowing rates, determined on a lease portfolio basis. Undiscounted contractual maturity of lease liabilities: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Amounts payable: On demand or within one year 12.9 10.8 In the second to fifth years inclusive 38.1 35.6 After five years 55.7 60.9 106.7 107.3 Less: future finance charges (28.3) ( 3 4.1) Lease liabilities 78.4 73.2 Amounts recognised in the Consolidated Income Statement: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Interest on lease liabilities 2.5 2.6 Income from sub-leasing right-of-use assets (0.1) (0.1) Expenses relating to short-term leases 0.1 0.1 Expenses relating to low value leases \u2013 \u2013 2.5 2.6 Amounts recognised in the Consolidated Cash Flow Statement Year ended 2022 \u00a3m Year ended 2021 \u00a3m Cash outflow for Leases (including interest) 11.6 11.0 23. Trade and other payables Trade and other payables at 31 December comprise the following: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Current liabilities Trade payables 103.4 68.3 Social security and PAYE 4.8 5.7 Value added tax 1.6 1.6 Foreign exchange contracts 3.9 3.6 Accrued expenses 77.5 63.8 Total trade and other payables 191.2 143.0 Foreign exchange contracts of \u00a34.7m (2021 - \u00a3nil) is included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 63 days (2021 \u2013 56 days). 21. Tax balance sheet continued NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
24. Provisions
Warranty
\u00a3m
Restructuring
\u00a3m
Legal claims
and contractual
matters
\u00a3m
Total
\u00a3m
At 1 January 2021 6.6 8.9 10.3 25.8
Additional provision in the year 1.3 2.8 2.1 6.2
Utilisation of provision (1.0) (9.8) (3.2) (14.0)
Release of unused amounts (0.1) (0.3) (1.3) (1.7)
Exchange differences 0.1 (0.3) (0.1) (0.3)
At 1 January 2022 6.9 1.3 7.8 16.0
Additional provision in the year 3.7 1.2 6.2 11.1
Utilisation of provision (0.1) (2.3) (2.5) (4.9)
Release of unused amounts (0.3) \u2013 (3.3) (3.6)
Exchange differences 0.6 \u2013 0.4 1.0
At 31 December 2022 10.8 0.2 8.6 19.6
Included in current liabilities 8.1 0.2 8.4 16.7
Warranty
Provisions for warranty costs are based on an assessment of future claims with reference to past experience. \u00a38.1m of costs are expected to settle
within the next 12 months.
Restructuring
The Group continued to implement further restructuring in 2022, discussed in further detail in Note 9. The amount recorded is expected to be fully
utilised in 2023.
Legal claims and contractual matters
Provisions at 31 December 2022 comprise \u00a38.6m (2021- \u00a37.8m) relating to contractual matters that have arisen in the ordinary course of business, the
settlement of which are subject to ongoing discussions. Management exercises judgment to determine the best estimate of the most likely outcome,
having considered each provision separately and the possible range of outcomes. Amounts are recorded for known issues based on past experience
of similar items and other known factors and circumstances. As with any judgment there is a high degree of inherent uncertainty, particularly with legal
proceedings and claims, and the actual amounts of the settlement could differ from the amount provided.
25. Share capital
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Issued and fully paid:
419.4 million ordinary shares of 10p each 41.9 41.9
No shares were issued during 2022 and 2021.
The Company has one class of ordinary shares which carry no right to fixed income.
26. Share premium account
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Balance at 1 January 14.8 14.8
Movement in year \u2013 \u2013
Balance at 31 December 14.8 14.8
27. Equity reserve
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Balance at 1 January 5.8 5.1
Transfer to retained earnings reserve (3.7) (2.8)
Movement in year 4.3 3.5
Balance at 31 December 6.4 5.8
The transfer to retained earnings reserve is in respect of equity-settled share-based payments that vested during the year.
The movement in the year of \u00a34.3m (2021 \u2013 \u00a33.5m) is in respect of the share-based payment charge for the year.
28. Hedging and translation reserves Hedging reserve Year ended 2022 \u00a3m Translation reserve Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Hedging reserve Year ended 2021 \u00a3m Translation reserve Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Balance at 1 January (37. 2) 65.8 28.6 (37.2) 75.1 37.9 Exchange differences on translation of overseas operations \u2013 24.5 24.5 \u2013 (3.8) (3.8) Foreign exchange losses/(gains) recycled to the Income Statement on disposal \u2013 \u2013 \u2013 2.6 (5.5) (2.9) Change in fair value of hedging derivatives (2.3) \u2013 (2.3) (3.4) \u2013 (3.4) Tax on foreign exchange contracts \u2013 cash flow hedges 0.7 \u2013 0.7 0.8 \u2013 0.8 Balance at 31 December (38.8) 90.3 51.5 (37.2) 65.8 28.6 Hedging Reserve At 31 December 2022, the hedging reserve comprises net investment hedging losses of \u00a335.2m (2021 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge losses of \u00a34.9m (2021 \u2013 \u00a32.6m) and related tax gains of \u00a31.3m (2021 \u2013 \u00a30.6m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges: Derivatives at fair value through Hedging Reserve Year ended 2022 \u00a3m Derivatives at fair value through Income Statement Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Derivatives at fair value through Hedging Reserve Year ended 2021 \u00a3m Derivatives at fair value through Income Statement Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Balance at 1 January (2.6) (0.2) (2.8) 0.8 (0.3) 0.5 Fair value movement recognised in Hedging reserve (4.5) \u2013 (4.5) (2.1) \u2013 (2.1) Fair value movement recognised in Income Statement \u2013 1.4 1.4 \u2013 (1.2) (1.2) Fair value movement recognised in Hedging reserve and Income Statement 2.2 (2.2) \u2013 (1.3) 1.3 \u2013 Balance at 31 December (4.9) (1.0) (5.9) (2.6) (0.2) (2.8) The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of Hedging The group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships . 29. Retained earnings Year ended 2022 \u00a3m Year ended 2021 \u00a3m Balance at 1 January 343.2 305.1 Dividends paid (1.2) \u2013 Profit for the year 20.2 24.2 Pension actuarial (loss)/gain (23.1) 19.7 Transfer from equity reserve 3.7 2.8 Transfer from own share reserve (2.0) (2.3) Tax on deductible temporary differences 5.7 (6.3) Balance at 31 December 346.5 343.2 NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
30. Own shares
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Balance at 1 January (9.2) (11.5)
Transfer to retained earnings reserve 2.0 2.3
Purchase of new shares (4.5) \u2013
Balance at 31 December (11.7) (9.2)
The own shares reserve represents the cost of shares purchased in the market and held by the Senior plc Employee Benefit Trust to satisfy options
under the Group\u2019s share option schemes (see Note 33).
At 31 December 2022, the number of own shares held by the Senior Plc Employee Benefit Trust is 5,716,834 (2021 \u2013 3,463,455).
31. Acquisition and disposal activities
Acquisition of Spencer Aerospace Manufacturing, LLC
On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, a leading manufacturer of highly
engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications, located in Valencia, California, USA. This
acquisition enhances Senior\u2019s industry leading fluid conveyance capabilities and is an important step in our strategy to optimise our portfolio and
maximise value for shareholders.
The initial consideration was $30m (\u00a324.8m) paid in cash at completion, with a net working capital adjustment of $0.2m (\u00a30.2m), of which $0.6m
(\u00a30.5m) was paid in cash initially and $0.4m (\u00a30.3m) cash adjustment was received in January 2023. A further $30m (\u00a324.8m) is to be paid 12 months
after completion. Additionally, there is contingent consideration of $40m (\u00a333.1m) potentially payable, in milestone amounts, dependent on the
financial performance of Spencer Aerospace during the period between completion and 31 December 2026. The most likely range of this contingent
element is estimated between $30m and $40m. The amortised cost of deferred consideration is \u00a323.2m and the fair value of contingent consideration
is \u00a328.7m at the acquisition date. The fair value of contingent consideration assumes expanding the relationship with Spencer\u2019s established customers
and leveraging Senior\u2019s strong relationships with OEMs, Tier 1 integrators, and aftermarket customers around the world to exploit opportunities for
Spencer Aerospace. The acquisition was funded using the Group\u2019s existing borrowing facilities.
Set out below is a summary of the fair value of identified assets acquired and liabilities assumed:
\u00a3m
Identifiable intangible assets 31.0
Property, plant and equipment 5.8
Inventories 2.2
Financial assets, excluding cash and cash equivalents 1.7
Cash and cash equivalents \u2013
Lease liabilities (4.7)
Other Financial liabilities (1.1)
Net Assets Acquired 34.9
Goodwill 42.0
Total Consideration 76.9
Consideration satisfied by:
Cash paid 25.3
Working capital adjustment receivable (0.3)
Deferred and Contingent consideration payable 51.9
Total Consideration 76.9
Net cash outflow arising on acquisition:
Cash consideration 25.3
Less: Cash and cash equivalents acquired \u2013
Net cash outflow arising on acquisition 25.3
The goodwill of \u00a342.0m represents the premium paid in anticipation of future profitability from assets that are not capable of being separately identified
and separately recognised such as the assembled workforce as well as the expectation that the Group will be able to leverage its wider market access
and strong financial position to generate sustainable financial growth beyond what Spencer would have potentially achieved as a stand-alone company.
The strong customer relationships that the Group has with OEMs, Tier 1 integrators, and aftermarket customers around the world, will open new
opportunities for Spencer Aerospace. The combined capabilities will provide greater access to developing market opportunities such as hydrogen
infrastructure and fluid handling. There are strong synergies with Senior\u2019s existing fluid conveyance businesses, and the combination of expertise will
accelerate growth in aerospace and adjacent markets. Goodwill is expected to be fully tax deductible in accordance with US tax rules.
The intangible assets acquired as part of the acquisition relate mainly to qualified parts lists and customer relationships, the fair value of which is
dependent on estimates of attributable future revenues, profitability and cash flows, and are being amortised over 18 and 16 years (see Note 14). The
fair value has also been assigned to the order backlog which are being amortised over 1 year. The financial assets acquired include trade receivables with a fair value of \u00a31.6m and a gross contractual value of \u00a31.6m, all of which is currently expected to be collectible. Acquisition-related costs of \u00a31.2m are included within corporate undertakings in the Group\u2019s Consolidated Income Statement for the 12 months ended 31 December 2022 (See Note 9). From the date of acquisition to 31 December 2022, Spencer contributed \u00a30.7m of external revenue and \u00a3(0.1)m to the Group\u2019s operating profit before amortisation of intangible assets from the acquisition of \u00a30.2m. If the acquisition had been completed on 1 January 2022, Group revenue for the 12 months ended 31 December 2022 would have been \u00a3855.9m and Group operating profit would have been \u00a331.2m. Disposal activities On 22nd April 2021, the Group sold its stand alone, build-to-print helicopter structures operating company, Senior Aerospace Connecticut, based in the USA. The decision to sell was based on its primary focus on build-to-print parts for the rotary sector, with proceeds from the sale strengthening the Group\u2019s balance sheet and providing greater flexibility for the Group to operate within its capital deployment framework. For the year ended 31 December 2021, Senior Aerospace Connecticut external revenue was \u00a38.1m and operating profit was \u00a30.8m. A gain of \u00a324.2m arose on disposal after taking fair value of net assets disposed (\u00a328.4m including \u00a315.1m of goodwill, \u00a37.5m property, plant and equipment and \u00a35.8m of working capital), offset by net cash consideration of \u00a349.7m after \u00a31.8m disposal costs, and the previously recorded foreign exchange gain that had been recycled to the Income Statement of \u00a32.9m. In 2021, the Group received \u00a30.2m deferred consideration relating to the disposal of its Aerospace business Senior Aerospace Absolute Manufacturing. 32. Notes to the consolidated cash flow statement A) Reconciliation of operating profit to net cash from operating activities Year ended 2022 \u00a3m Year ended 2021 \u00a3m Operating profit 32.5 10.5 Adjustments for: Depreciation of property, plant and equipment 48.1 46.3 Amortisation of intangible assets 1.7 1.5 Profit on sale of fixed assets (0.1) \u2013 Share-based payment charges 4.3 3.5 Pension payments in excess of service cost (1.4) (5.1) Corporate undertaking costs (1.4) (4.8) Share of joint venture (0.4) (0.2) Increase in inventories (34.2) ( 7. 2) Increase in receivables (18.8) (16.1) Increase in payables and provisions 37.5 11.6 Restructuring impairment of property, plant and equipment and software 1.3 3.8 US class action lawsuits \u2013 (2.3) Working capital and provisions currency movements 1.8 (1.1) Cash generated by operations 70.9 40.4 Income taxes paid (3.5) (5.3) Interest paid (9.7) (8.1) Net cash from operating activities 57.7 27.0 31. Acquisition and disposal activities continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED B) Free cash flow Free cash flow, a non-statutory item, enhances the reporting of the cash-generating ability of the Group prior to corporate activity such as acquisitions, restructuring, disposal activities, financing and transactions with shareholders. It is used as a performance measure by the Board and Executive Committee and is derived as follows: Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Net cash from operating activities 57.7 27.0 Corporate undertaking costs 9 1.4 4.8 Net Restructuring cash (received)/paid (2.1) 0.9 US class action lawsuits 24 \u2013 2.3 Interest received 0.7 0.1 Proceeds on disposal of property, plant and equipment 0.5 0.2 Purchases of property, plant and equipment (28.7) (20.2) Purchase of intangible assets (1.8) (1.1) Free cash flow 27.7 14.0 C) Analysis of net debt Notes At 1 January 2022 \u00a3m Net Cash flow \u00a3m Non Cash \u00a3m Exchange movement \u00a3m Other Lease Movements \u00a3m At 31 December 2022 \u00a3m Cash and bank balances 51.1 (10.8) \u2013 2.9 \u2013 43.2 Overdrafts \u2013 (0.5) \u2013 \u2013 \u2013 (0.5) Cash and cash equivalents 51.1 (11.3) \u2013 2.9 \u2013 42.7 Debt due within one year (14.8) 17. 2 \u2013 (2.4) \u2013 \u2013 Debt due after one year (116.2) (17.6) \u2013 (9.4) \u2013 (143.2) Lease liabilities (1) 22 (73.2) 9.1 \u2013 (5.3) (9.0) (78.4) Liabilities arising from financing activities (204.2) 8.7 \u2013 (17.1) (9.0) (221.6) Total (15 3.1) (2.6) \u2013 (14.2) (9.0) (178.9) (1) The change in lease liabilities in the year ended 31 December 2022 includes lease rental payments of \u00a311.6m (\u00a32.5m of these payments relates to lease interest), \u00a35.3m exchange movement and \u00a39.0m other movements, which comprise \u00a34.3m related to lease additions and modifications and \u00a34.7m related to lease acquired on acquisition. Following a review of the lease liability disclosures in 2022, the presentation of current and non-current liabilities within the Consolidated Balance Sheet for 31 December 2022 now reflects the timing of the underlying lease payments. Comparative information has not been restated as the adjustment is not deemed material. Notes At 1 January 2021 \u00a3m Net Cash flow \u00a3m Non Cash \u00a3m Exchange movement \u00a3m Other Lease Movements \u00a3m At 31 December 2021 \u00a3m Cash and bank balances 23.6 27.8 \u2013 (0.3) \u2013 51.1 Overdrafts (0.4) 0.4 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 23.2 28.2 \u2013 (0.3) \u2013 51.1 Debt due within one year \u2013 \u2013 (14.5) (0.3) \u2013 (14.8) Debt due after one year (152.6) 21.1 14.5 0.8 \u2013 (116 . 2) Lease liabilities 22 (76.5) 8.4 \u2013 0.5 (5.6) (73.2) Liabilities arising from financing activities (229.1) 29.5 \u2013 1.0 (5.6) (204.2) Total (205.9) 57.7 \u2013 0.7 (5.6) (15 3.1) Other lease movements include lease additions and modifications of \u00a35.6m. 32. Notes to the consolidated cash flow statement continued Year ended 2022 \u00a3m Year ended 2021 \u00a3m Cash and cash equivalents comprise: Cash and bank balances 43.2 51.1 Overdrafts (0.5) \u2013 Total 42.7 51.1 Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value. D) Analysis of working capital and provisions Working capital comprises the following: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Inventories 194.3 145.2 Trade and other receivables 126.7 98.0 Trade and other payables (191.2) (143.0) Working capital, including derivatives 129.8 100.2 Items excluded: Foreign exchange contracts 1.5 2.8 Total 131.3 103.0 Working capital and provisions movement, net of restructuring items, a non-statutory cash flow item, is derived as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Increase in inventories (34.2) ( 7. 2) Increase in receivables (18.8) (16.1) Increase in payables and provisions 37.5 11.6 Working capital and provisions movement, excluding currency effects (15.5) (11.7) Items excluded: Decrease in restructuring related inventory impairment 2.7 1.5 Decrease in net restructuring provision and other receivables 0.7 7.6 Total (12.1) (2.6) 33. Share-based payments The Group recognised total expenses of \u00a34.6m (2021 \u2013 \u00a33.8m) related to share-based payments, of which \u00a34.3m (2021 \u2013 \u00a33.5m) related to equity- settled share-based payments, and \u00a30.3m (2021 \u2013 \u00a30.3m) related to social security costs on share-based payments. As at 31 December 2022, the Group had a liability of \u00a30.6m (2021 \u2013 \u00a30.3m) arising from share-based payments relating to social security costs. A) 2014 Long-Term Incentive Plan Equity-settled Long-Term Incentive Plans On 8 March 2022, 4,307,035 shares were awarded under the 2014 Long-Term Incentive Plan. Awards made under this plan have a three-year vesting period, and are subject to the following equally weighted performance conditions: adjusted earnings per share (EPS), total shareholder return (TSR), and for awards granted from 2021, there is also a return on capital employed (ROCE) performance condition. The adjusted EPS and ROCE performance conditions\u2019 targets are expressed as absolute numbers for the final financial year of the three-year performance period. The threshold of the TSR performance condition requires the Company\u2019s TSR performance to fall within the top half of a comparator group at the end of the three-year performance period. Vesting levels increase with higher performance. The awards are settled by delivering shares to the participants. The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with EPS and ROCE conditions is 121.00p, which is the share price at the date of grant. The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with TSR conditions is 81.30p per share reflecting an adjustment of 33% to the fair value of the awards with EPS conditions due to the stringent TSR condition. The respective fair values for awards made to the Executive Directors is 96.80p and 65.00p reflecting the two year retention period. 32. Notes to the consolidated cash flow statement continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED These fair values were calculated by applying a binomial option pricing model. This model incorporates a technique called \u201cbootstrapping\u201d, which models the impact of the TSR condition. The model inputs at the date of grant were the share price (121.00p for the main award), expected volatility of 59% per annum, and the performance conditions as noted above. Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three years. The following share awards were outstanding as at 31 December 2022 and 2021: Year ended 2022 Number of shares Year ended 2021 Number of shares Outstanding at 1 January 9,434,241 7,0 8 9,5 67 Granted 4,307,035 4,455,281 Exercised \u2013 (58,743) Forfeited (2,703,064) (2,051,864) Outstanding at 31 December 11,038,212 9,434,241 B) Enhanced SMIS Deferred Share Award On 8 March 2022, 1,333,546 shares were awarded under the Enhanced SMIS Deferred Share Award. Shares earned under this award have a three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no performance criteria for this award. The awards are settled by delivering shares to the participants. The estimated fair value for the awards granted in the year is 121.00p per share, which is the share price at the date of grant. The following share awards were outstanding as at 31 December 2022 and 2021: Year ended 2022 Number of shares Year ended 2021 Number of shares Outstanding at 1 January 2,003,691 1,734,683 Granted 1,353,612 758,551 Exercised (677,19 3) (425,422) Forfeited (137,747) (6 4,121) Outstanding at 31 December 2,542,363 2,003,691 C) Savings-Related Share Option Plan The Company operates a Savings-Related Share Option Plan for eligible employees across the Group. There are no performance criteria for this arrangement and options are issued to all participants in accordance with the HM Revenue & Customs rules for such savings plans. Savings-Related Share Options were last issued on 26 May 2021. The following options were outstanding as at 31 December 2022 and 2021: Year ended 2022 Year ended 2021 Number of share options Weighted average exercise price Number of share options Weighted average exercise price Outstanding at 1 January 4,253,504 144.61p 1,94 4,121 217.67p Granted \u2013 \u2013 3,247,159 118. 4 0 p Exercised (1,905) 118.40p \u2013 \u2013 Forfeited (545,138) 148.81p (676,596) 204.63p Expired (749,847) 219.30p (261,18 0) 207.20p Outstanding at 31 December 2,956,614 124.90p 4,253,504 144.61p Exercisable at 31 December 190,580 219.30p \u2013 \u2013 1,905 shares were exercised in 2022. No shares were exercised in 2021. The options outstanding at 31 December 2022 had exercise prices of 118.40p and 219.30p per share, and a weighted average remaining contractual life of 1.8 years. The options outstanding at 31 December 2021 had exercise prices of 118.40p and 219.30p per share, and a weighted average remaining contractual life of 2.4 years. 33. Share-based payments continued D) Restricted Share Awards On 8 March 2022, 205,000 shares were awarded under this plan. Shares granted under this award have a three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no performance criteria for this award. The awards are settled by delivering shares to the participants. The estimated fair value for the awards granted in the year is 121.00p per share, which is the share price at the date of grant. The following share awards were outstanding as at 31 December 2022 and 2021: Year ended 2022 Number of shares Year ended 2021 Number of shares Outstanding at 1 January 1,930,115 2,208,538 Granted 205,000 110,000 Exercised (60,000) (388,423) Forfeited (251,165) \u2013 Outstanding at 31 December 1,823,950 1, 9 3 0,115 34. Retirement benefit schemes The Group operates a number of pension plans in the UK, North America and Europe. These include both defined contribution arrangements and defined benefit arrangements. The Senior plc Pension Plan (\u201dthe UK Plan\u201d), which is a funded scheme in the UK and closed to future accrual at the end of 6 April 2014, has the largest pension obligation in the Group and Company. This plan provides benefits based on final pensionable emoluments for the employees of the Group and Company. The latest full actuarial valuation was carried out as at 5 April 2022 and, for the purposes of accounting under IAS19, this valuation has been rolled forward to 31 December 2022. In addition, the Group operates two defined benefit plans in the US, one of which was closed to future accrual from October 2009. The second plan was closed to future participants from September 2013, and the Executive section was also closed to future accruals from December 2013. Separate disclosure is made for the funded UK and US defined benefit arrangements. In both the UK and US, the assets of funded plans are held in separate trustee administered funds managed by independent financial institutions and have pension costs assessed by consulting actuaries using the Projected Unit Method. The Trustees are required to act in the best interests of the plans\u2019 beneficiaries. The Group also has a small number of unfunded post-retirement plans, including a closed healthcare scheme in the US. Separate disclosure is provided for these arrangements. Further details on the arrangement of the UK Plan are given below. The Trustee of the UK Plan is Senior Trustee Limited. The appointment of the Directors to the Board is determined by the Articles of Association of Senior Trustee Limited. There are seven Trustee Directors in total and in accordance with statutory requirements under the Pensions Act 2004, at least one-third of trustees must be a Member Nominated Director. Currently, there are three Member Nominated Directors and four Directors who have been nominated by the Company, of which the Chairman and one other Director are viewed as independent. The UK Plan exposes the Company to a number of risks. In particular: \u2022 Uncertainty in benefit payments \u2013 the value of the obligations will ultimately depend on the amount of benefits paid out. This in turn will depend on factors such as the level of inflation and how long individuals live. \u2022 Volatility in asset values \u2013 the value of the assets held to meet future benefit payments is volatile, for example due to changes in stock markets and interest rates. \u2022 Uncertainty in cash funding \u2013 movements in the value of the UK Plan\u2019s obligations or assets may result in the Company being required to provide higher levels of cash funding. The investment strategy for the UK Plan is decided by the Trustee in consultation with Senior plc. The primary investment objective is for the Plan to be able to meet benefit payments as they fall due. The UK Plan\u2019s average duration is around 12 years and benefits are expected to be paid for the next 60 years. These cash flow payments are expected to reach a peak around 2031, and gradually decline thereafter as the membership matures. In setting this strategy, the Trustee considers a wide range of asset classes, the risk and rewards of a number of possible asset allocation options, the sustainability of each asset class within each strategy, and the need for appropriate diversification between different asset classes. The Trustee\u2019s current investment strategy is to invest 100% in lower risk assets, consisting of corporate bonds, liability driven investments (\u2018LDI\u2019), gilts and cash. The LDI allocation helps to mitigate investment risk for the UK Plan by minimising the fluctuations in the UK Plan\u2019s funding levels arising from changes in the value of the liabilities. This is achieved through hedging movements in the funding liabilities caused by changes in interest rates and inflation expectations. The Trustee continues to review its investment strategy and adjust it in response to changes in the Plan\u2019s funding position and/or market conditions. The UK Plan was in a surplus position of \u00a324.5m as at 5 April 2022 when measured on the Trustee\u2019s funding basis and is in a surplus position of \u00a351.8m as at 31 December 2022 (2021 \u2013 \u00a372.2m surplus) when measured on an IAS 19 basis. The difference between the triennial funding and annual IAS 19 valuation relates to the assumptions used. For example, the funding discount rate is based on the UK Plan\u2019s stated investment strategy, as opposed to the yields available on corporate bonds for the IAS 19 discount rate. 33. Share-based payments continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED The IAS 19 surplus position on the UK Plan is recognised as an asset in the Consolidated and Company Balance Sheet, with no requirement to recognise an additional liability on the UK Plan, on the grounds that the Company has an unconditional right to a refund, assuming the gradual settlement of Plan liabilities over time until all members have left. In considering this, the Company has taken into account that the Trustees do not have unilateral powers to wind up the Plan or modify benefits. Cash contributions to the UK Plan are set by agreement between the Company and the Trustee of the UK Plan. These are set in accordance with legislation and take account of the intention to further reduce the risk associated with the UK Plan\u2019s investment strategy, as set out above. The contributions were last reviewed as at 5 April 2022 and were based on a forecast surplus at that time, as part of the 2022 triennial funding valuation. The Company agreed with the Trustee of the UK Plan to make scheduled contributions in respect of administrative expenses and PPF levies from 5 April 2022 until 30 June 2022, with no further contributions after this date. The estimated contributions expected to be paid during 2023 in the US funded plans is \u00a32.3m. The Group is ultimately responsible for making up any shortfall in the UK Plan over a period agreed with the Trustees. To the extent that actual experience is different from that assumed, the funding position will be better or worse than anticipated. As such, the contributions required by the Group could vary in the future. a) Defined contribution schemes The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a38.9m (2021 \u2013 \u00a38.6m). b) Defined benefit schemes The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is set out below. 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Present value of defined benefit obligations (198.4) (49.4) (5.4) (253.2) (294.9) (56.2) (5.7) (356.8) Fair value of plan assets 250.2 42.7 \u2013 292.9 3 67.1 50.9 \u2013 418.0 Plan surplus/(deficit) per Consolidated Balance Sheet 51.8 (6.7) (5.4) 39.7 72.2 (5.3) (5.7) 61.2 c) Movements in the present value of defined benefit obligations were as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m At 1 January 294.9 56.2 5.7 356.8 317.7 58.8 6.2 382.7 Current service cost \u2013 0.5 0.3 0.8 \u2013 0.4 0.3 0.7 Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest cost 5.5 1.7 \u2013 7. 2 3.8 1.5 \u2013 5.3 Experience on benefit obligations 0.8 1.2 \u2013 2.0 2.5 \u2013 \u2013 2.5 Actuarial (gains)/losses \u2013 financial (89.6) (12.1) (0.5) (102.2) (15.8) (1.8) \u2013 (17.6) Actuarial (gains)/losses \u2013 demographic (1.4) \u2013 \u2013 (1.4) (0.3) 0.2 \u2013 (0.1) Benefits paid (11.8) (4.3) (0.4) (16.5) (13.0) (3.7) (0.4) (17.1) Disposal activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Exchange differences \u2013 6.2 0.3 6.5 \u2013 0.8 (0.4) 0.4 At 31 December 198.4 49.4 5.4 253.2 294.9 56.2 5.7 356.8 34. Retirement benefit schemes continued d) Movements in the fair value of plan assets were as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m At 1 January 367.1 50.9 \u2013 418.0 364.2 54.1 \u2013 418.3 Interest on plan assets 6.9 1.5 \u2013 8.4 4.4 1.3 \u2013 5.7 Actual return on plan assets less interest (113.4) (11.3) \u2013 (124.7) 6.1 (1.6) \u2013 4.5 Contributions from employer 2.1 0.4 \u2013 2.5 6.0 \u2013 \u2013 6.0 Benefits paid (11.8) (4.3) \u2013 (16.1) (13.0) (3.7) \u2013 (16.7) Running costs (0.7) \u2013 \u2013 (0.7) (0.6) \u2013 \u2013 (0.6) Exchange differences \u2013 5.5 \u2013 5.5 \u2013 0.8 \u2013 0.8 At 31 December 250.2 42.7 \u2013 292.9 3 67.1 50.9 \u2013 418.0 e) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Current service cost included within operating profit \u2013 0.5 0.3 0.8 \u2013 0.4 0.3 0.7 Running costs 0.7 \u2013 \u2013 0.7 0.6 \u2013 \u2013 0.6 Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Charge included within operating profit 0.7 0.5 0.3 1.5 0.6 0.4 0.3 1.3 Included within finance income (1.4) 0.2 \u2013 (1.2) (0.6) 0.2 \u2013 (0.4) Amount recognised in the Income Statement (0.7) 0.7 0.3 0.3 \u2013 0.6 0.3 0.9 f) Amounts recognised in other comprehensive income are as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Net actuarial (losses)/gain in the year due to: \u2013 Change in financial assumptions 89.6 12.1 0.5 102.2 15.8 1.8 \u2013 17.6 \u2013 Change in demographic assumptions 1.4 \u2013 \u2013 1.4 0.3 (0.2) \u2013 0.1 \u2013 Experience adjustments on benefit obligations (0.8) (1.2) \u2013 (2.0) (2.5) \u2013 \u2013 (2.5) Actual return on plan assets less interest on benefit obligations (113.4) (11.3) \u2013 (124.7) 6 .1 (1.6) \u2013 4.5 (Losses)/gains recognised in other comprehensive income (23.2) (0.4) 0.5 (23.1) 19.7 \u2013 \u2013 19.7 Actuarial losses of \u00a323.1m (2021 \u2013 gains of \u00a319.7m) have been recognised in the Statement of Comprehensive Income. The cumulative amount of actuarial losses recognised in the Statement of Comprehensive Income as at 31 December 2022 is \u00a346.1m (2021 \u2013 \u00a323.0m). g) Assets and assumptions in funded plans UK plans funded US plans funded 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Fair value of plan assets Equities \u2013 28.6 \u2013 \u2013 Bonds 102.4 126.6 42.7 50.9 Gilts 139.3 157.9 \u2013 \u2013 Diversified growth fund \u2013 37.7 \u2013 \u2013 Cash and other assets 8.5 16.3 \u2013 \u2013 Total 250.2 3 67.1 42.7 50.9 Actual return on plan assets (106.5) 10.5 (9.8) (0.3) 34. Retirement benefit schemes continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED The UK Plan\u2019s assets are invested in pooled funds, which are invested exclusively within instruments with quoted market prices in an active market, with the exception of the Plan\u2019s holdings in insurance annuity policies, valued at \u00a34.0m (2021 \u2013 \u00a34.7m). The value of the invested assets has been measured at bid value and the value of the scheme benefits covered by the insurance annuity policies has been set equal to the value of the corresponding obligations. The Plan\u2019s corporate bond allocation is split between an actively managed mandate and a \u201cbuy and maintain\u201d mandate, which seeks to hold a high quality portfolio while minimising portfolio turnover. Both mandates are predominantly invested in investment grade UK corporate bonds and are exposed to a fairly typical range of UK businesses. The majority of the Plan\u2019s gilts are passively invested in a range of UK fixed-interest and index-linked government bonds, with the remainder actively invested in a range of swap instruments linked to movements in government bond prices. The risks associated with the Plan\u2019s bond and gilt investments are largely offset by corresponding risks present within the pricing of the Plan\u2019s benefit obligations. The UK Plan does not invest directly in property occupied by the Company or in financial securities issued by the Company. UK plans funded US plans funded 2022 2021 2022 2021 Major assumptions (per annum %) Inflation 3.40% 3.50% N/A N/A Increase in salaries N/A N/A N/A N/A Increase in pensions 3.20% 3.30% 0.00% 0.00% Increase in deferred pensions 3.40% 3.50% 0.00% 0.00% Rate used to discount plan liabilities 4.80% 1.90% 4.78% 2.76% Life expectancy of a male aged 65 at the year-end 20.6 20.8 19.7 19.6 Life expectancy of a male aged 65, 20 years after the year-end 22.0 22.2 21.2 21.2 Benefits under the US funded plans are not linked to inflation. The UK Plan retirement 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. Estimation is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. 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 assumption for estimating future Retail Prices Index (RPI) inflation is based on the difference in yields on fixed- interest and index-linked gilts. Demographic assumptions are set broadly in line with the most recent actuarial valuation of the UK plan. The mortality assumption is 95% of the standard mortality tables with an allowance for future improvements in line with the CMI 2021 enhanced projections, with a long-term annual rate of improvement of 1.25% for males and for females, with no weighting on 2020 mortality data and a 10% weighting on 2021 mortality data to make an allowance for the impact of Covid-19. For the UK Plan, the estimated impact on the plan surplus at 31 December 2022 for changes in assumptions is as follows: Increase/ (decrease) in plan surplus \u00a3m 0.5% decrease in the discount rate (11.7 ) One-year increase in life expectancy (7.7) 0.5% increase in inflation (7. 2) These sensitivities have been calculated to show the movement in the surplus, including allowance for an increase to the value of insured annuity assets, but assuming no other changes in assets as at 31 December 2022. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the Plan. h) Other post-retirement liabilities This balance comprises an unfunded German pension plan of \u00a32.7m (2021 \u2013 \u00a33.3m), unfunded closed pension and post-retirement healthcare plans in the US of \u00a30.3m (2021 \u2013 \u00a30.3m), a provision for post-retirement payments in France of \u00a31.5m (2021 \u2013 \u00a31.4m) and \u00a30.9m for post-retirement payments in Thailand (2021 \u2013 \u00a30.7m). The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate of 4.8% (2021 \u2013 2.8%). No participants were eligible for medical benefits under the healthcare plan in 2022. The German plan has been subject to formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.5%, salary growth nil% and pension increase 2.2% (2021 \u2013 1.1%, nil% and 1.8%). In France, the provision arises from a legal obligation to make payments to retirees in the first two years post-retirement. Hence, it is not subject to discounting to the same extent as the other longer-term post-retirement liabilities. The Thailand plan has been subject to a formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 2.8%, inflation rate 2.8% and salary growth 6.0% (2021 \u2013 2.8%, 2.8% and 6.0%). 34. Retirement benefit schemes continued 35. Contingent liabilities
The Group is subject to various claims which arise from time to time in the course of its business including, for example, in relation to commercial
matters, product quality or liability, and tax audits. Where the Board has assessed there to be a more likely than not outflow of economic benefits,
provision has been made for the best estimate as at 31 December 2022 (see Note 24). For all other matters, the Board has concluded that it is not
more likely than not that there will be an economic outflow of benefits. While the outcome of some of these matters cannot be predicted with any
certainty, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made where appropriate,
to result in significant loss to the Group.
",
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"fact-400": {
"value": "1. General information Senior plc is a Company incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the inside back cover. The nature of the Group\u2019s operations and its principal activities are set out in Note 3 and on pages 1 to 83. Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). These Financial Statements are presented in Pounds Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. ",
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"fact-397": {
"value": "Senior plc",
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"entity": "scheme:5493002HQHWN5JQHKQ51",
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"fact-1": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"entity": "scheme:5493002HQHWN5JQHKQ51",
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"fact-2": {
"value": "England and Wales",
"dimensions": {
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"fact-399": {
"value": "2. Significant accounting policies Basis of accounting These Financial Statements have been prepared in accordance with UK-adopted international accounting standards. They have been prepared on the historical cost basis, except for the revaluation of certain financial instruments and retirement benefit costs measured in accordance with IAS 19. Going concern In determining the appropriate basis of preparation of the Financial Statements for the year ended 31 December 2022, the Directors are required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these Financial Statements (the \u201cgoing concern period\u201d). The Board has applied a robust process to assess the resilience of the forecast out-turns. This assessment included applying severe but plausible downside risks as set out in the Viability Statement on page 82. To address these risks the Board has considered mitigating factors that could be employed that would address the impact and provide options to the Group and Parent Company. The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines on page 2) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2022, the Group\u2019s net debt to EBITDA was 1.47x and interest cover was 9.4x, both comfortably within covenant limits. Based on the above assessment, the Board has concluded that the Group will continue to have adequate financial resources to realise its assets and discharge its liabilities as they fall due over the going concern period. Accordingly, the Directors have formed the judgement that it is appropriate to prepare these Consolidated Financial Statements on the going concern basis. Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2022. Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of Senior plc and the entities controlled by it (its subsidiaries) made up to 31 December 2022. Control is achieved when Senior plc has the power to govern the financial and operating policies of an invested entity so as to obtain benefits from its activities. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred for each acquisition is the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities incurred or assumed, and equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The results of joint ventures are accounted for using the equity accounting method. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Goodwill Goodwill arising on consolidation, which was acquired in a business combination, is measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. Goodwill is recognised as an asset and allocated, at acquisition, to the group of cash-generating units (CGU groups) that are expected to benefit from that business combination. If the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree is less than the fair value of the net assets acquired (i.e. bargain purchase), the difference is credited to the Consolidated Income Statement in the period of acquisition. CGU groups to which goodwill has been allocated are tested for impairment at least annually and reviewed for indicators of impairment at the Balance sheet date. If impairment indicators exist, the individual assets within the CGUs, and the individual CGUs excluding goodwill, are tested for impairment before the CGU group is tested for impairment. Any impairment is recognised immediately through the Consolidated Income Statement and is not subsequently reversed. The determination of the recoverable amount of the CGU group is disclosed in the Notes to the Financial Statements (Note 13). If the recoverable amount of the CGU group is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU group and then to the other assets of the CGU group pro rata on the basis of the carrying amount of each asset in the CGU group. On disposal of a subsidiary or part thereof, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill acquired in a business combination prior to the date of transition to IFRS has been retained at the previous UK GAAP amount subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. Revenue recognition The Group predominantly has one revenue stream relating to engineered components or systems (products), which are customer specific, with a secondary revenue stream of funded development revenue. Both streams have identifiable customer contracts and pricing specific performance obligations. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognised net of discounts, VAT and other sales related taxes. The determination of the transaction price is based upon pricing specified in the customer contract i.e. a price per unit. Revenue is recognised as the identified performance obligations are satisfied. The performance obligation for goods is a specific point in time when the customer obtains control, which is upon delivery or when available for collection. Allocation of transaction price to performance obligations is given in the contract i.e. a unit delivered or available for collection. The performance obligation for development revenue is a specific point in time when the customer obtains control of the output, for example a first article good, which is the acceptance milestone specified in the customer contract. Dividend income from investments is recognised when the shareholders\u2019 legal rights to receive payment have been established. Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of control includes whether the Group has a right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use and the right to direct the use of the asset. As a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjustment for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received. Lease payments comprise fixed payments and variable lease payments based on an index or rate. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease term includes optional extensions or terminations which are reasonably certain to be exercised by the Group. These optional terms are reassessed periodically or when there is a significant event which affects the lease. The estimated useful lives of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Periodically the right-of-use asset is reduced for impairment, if necessary, as well as re-measurements of the lease liability. The lease liability is measured at amortised cost using the effective interest method, which is initially equal to the present value of lease payments that are not paid at the commencement date, discounted using an incremental borrowing rate determined on a lease portfolio basis. The lease liability is re-measured either as a modification or reassessment. Modification occurs where there is a change in terms, such as rental payments, which did not form part of the original terms of the contract. In this case, the lease liability is re-measured using the revised terms and a revised incremental borrowing rate at the modification date. Reassessment occurs where there are changes within the scope of the original terms of the contract, such as rental payments changes with reference to an index. For reassessment changes, the lease liability is re-measured in the same way as for a modification, except for the incremental borrowing rate, which is not changed from the original commencement date of the contract. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases which have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, several indicators are assessed, such as the present value of the lease payments amounting to at least substantially all of the fair value of the asset. When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses the classification of the sub-lease with reference to the right-of-use asset arising from the head lease. The Group recognises lease payments received under operating leases as income on a straight- line basis over the lease term. Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At each Balance Sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the Balance Sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Gains and losses arising on retranslation are included in profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity, subject to meeting the requirements under IAS 21. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward exchange contracts (see section below on derivative financial instruments and hedging for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the Balance Sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange rate differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the period in which the operation is disposed. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate on the relevant Balance Sheet date. The exchange rates for the major currencies applied in the translation of results were as follows: Average rates 2022 Average rates 2021 Year-end rates 2022 Year-end rates 2021 US Dollar 1.24 1.38 1.21 1.35 Government grants Government grants received for items of a revenue nature are recognised as income over the period necessary to match them with the related costs, which are deducted in reporting the related expense and presented net of the costs to which they relate. The Group recognises a COVID-19 grant when it has reasonable assurance that it will comply with the relevant conditions and the grant will be received. If the conditions are met, then the Group recognises income in the profit or loss on a systematic basis and in line with its recognition of the expenses that the grants are intended to compensate. Government grants relating to investment in property, plant and equipment are deducted from the initial carrying value of the related capital asset. 2. Significant accounting policies continued Retirement benefit costs Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit plans are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement plan. For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Method, with full actuarial valuations being carried out on a triennial basis, and updated at each Balance Sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised outside the Consolidated Income Statement and are presented in the Statement of Comprehensive Income. Past service cost is recognised as an expense at the earlier of a plan amendment, curtailment, or restructuring. The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the present value of the defined benefit obligation, and as reduced by the fair value of scheme assets. Taxation Provisions for uncertain tax positions are included within current tax liabilities on the Consolidated Balance Sheet representing Management\u2019s best estimate of the likely cash outflow related to the uncertainty. There are transactions and activities that the Group engages in where the ultimate tax determination is uncertain and a provision may be made against the tax benefit. For example, the Group seeks to price transactions between Group companies on an arms length basis and in compliance with OECD transfer pricing principles and the laws of the relevant jurisdictions. The application of OECD principles and local tax laws require interpretation, and accordingly involves the application of judgment and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on Management\u2019s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predicter of amounts that the company is ultimately expected to settle. When making this assessment, the Group utilises specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Balance Sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows: Freehold land Nil Freehold buildings 2% Right-of-use land and buildings on the same basis as owned assets or, where shorter, over the lease term Leasehold building improvements on the same basis as owned assets or, where shorter, over the lease term Plant and equipment 5%\u201333% Right-of-use plant and equipment on the same basis as owned assets or, where shorter, over the lease term The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. 2. Significant accounting policies continued Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation at the rates of between one and eighteen years on a straight-line basis. Impairment of tangible and intangible assets excluding goodwill At each Balance Sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. The recoverable amount is the higher of the fair value less the costs to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Inventories Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and an appropriate allocation of production overheads. Cost is calculated using the first-in, first-out method. Net realisable value represents the estimated selling price less the estimated costs of completion and the costs to be incurred in marketing, selling and distribution. Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party to such provisions. Financial instruments are classified as cash and cash equivalents, bank overdrafts and loans, lease liabilities, trade receivables, trade payables, deferred consideration payable, contingent consideration payable, other receivables and other payables, as appropriate. Non-derivative financial assets are categorised as \u201cFinancial assets at amortised cost\u201d and non-derivative financial liabilities are categorised as \u201cFinancial liabilities at amortised cost\u201d. Derivative financial assets and liabilities that are not designated and effective as hedging instruments are categorised as \u201cfinancial assets at fair value through profit or loss\u201d and \u201cfinancial liabilities at fair value through profit or loss\u201d, respectively. The classification depends on the nature and purpose of the financial assets and liabilities and is determined at the time of initial recognition. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (\u201dECLs\u201d), which are based on quantitative and qualitative credit risk assessments, using historical and forward looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of 2. Significant accounting policies continued the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Contingent consideration payable is measured at fair value through profit or loss. Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. Assets and disposal groups held for sale Assets are classified as held for sale if their carrying amount will be recovered by sale rather than by continuing use in the business. Where a group of assets and their directly associated liabilities are to be disposed of in a single transaction, such disposal groups are also classified as held for sale. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition, and Management must be committed to and have initiated a plan to sell the asset or disposal group which, when initiated, was expected to result in a completed sale within 12 months. Assets that are classified as held for sale are not depreciated. Assets or disposal groups that are classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the Balance Sheet date, taking into account the risks and uncertainties (such as timing or amount) surrounding the obligation. They are not discounted to present value if the effect is not material. Provisions for restructuring are recognised when the Group has a detailed formal plan for the restructuring and the plan has been communicated to the affected parties. Provisions for the expected cost for warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products. Share-based payments The Group applies the requirements of IFRS 2 Share-based payments. The Group issues equity-settled share-based payments to certain employees. The fair value (excluding the effect of non-market-related conditions), as determined at the grant date, is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest and adjusted for the effect of non-market-related conditions. Fair value is measured by use of a Black-Scholes model for the share option plans, and a binomial model for the share awards under the 2005 Long-Term Incentive Plan. The liability in respect of equity-settled amounts is included in Equity . Critical accounting judgments IAS 1 requires disclosure of the judgments Management makes when applying its significant accounting policies and that have the most significant effect on amounts that are recognised in the Group\u2019s Financial Statements. In the course of preparing the Financial Statements, no significant critical judgments have been made in the process of applying the Group\u2019s accounting policies, other than leases and those involving estimations, which are dealt with separately below. Management makes other judgments in the normal course of conducting business, such as those in relation to legal claims and contractual matters (see Note 24 for further details). Leases Where a lease includes the option for an extension to the lease term, Management makes a judgment as to whether they are reasonably certain the option will be taken. This will take into account the length of 2. Significant accounting policies continued time remaining before the option is exercisable, current and forecasted plans for utilising the asset and the level and type of planned future capital investment. As at 31 December 2022, these extension options have an approximate average remaining lease term of seven years. These judgments are reassessed at each reporting period or when there is a significant event affecting the lease, which could result in a recalculation of the lease liability and a material adjustment to the associated balances. Key sources of estimation and uncertainty When applying the Group\u2019s accounting policies, Management must make assumptions and estimates concerning the future that affect the carrying amounts of assets and liabilities at the Balance Sheet date and the amounts of revenue and expenses recognised during the period. Such assumptions are based upon factors including historical experience, the observance of trends in the industries in which the Group operates, and information available from the Group\u2019s customers and other external sources. The key sources of estimation and uncertainty at the Balance Sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year and beyond include: Income taxes In determining the Group provisions for income tax and deferred tax, it is necessary to consider transactions in a small number of key tax jurisdictions for which the ultimate tax determination is uncertain. To the extent that the final outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax provisions held in the period the determination is made. The carrying amount of net current tax liability and deferred tax asset/liability at 31 December 2022 was \u00a315.6m (2021 \u2013 \u00a312.0m) and \u00a36.2m asset (2021 \u2013 \u00a34.8m liability), respectively. Further details on these estimates are set out in Notes 10 and 21. Retirement benefits Management makes assumptions and estimates, for the next financial year and beyond, which affect the value of the carrying amount of the UK Plan retirement benefit obligation at 31 December 2022. Management follows actuarial advice from a third party when determining estimation uncertainty on the valuation of the UK gross defined benefit obligation, the significant assumptions being discount rate, inflation and life expectancy (see Note 34). The carrying amount of the UK Plan\u2019s retirement benefits at 31 December 2022 was a surplus of \u00a351.8m (2021 \u2013 surplus of \u00a372.2m), being the present value of the defined benefit obligations of \u00a3198.4m (2021 \u2013 \u00a3294.9m) and fair value of plan assets of \u00a3250.2m (2021 \u2013 \u00a3367.1m). Further details and sensitivities from changes in estimates are set out in Note 34g. Acquisition accounting On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, for total consideration of $100m split between initial, deferred and contingent payments (See Note 31 for further details). There is judgment in applying assumptions and estimates which determine the valuation of the intangible assets and associated goodwill. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows. Intangible valuation is based on a hybrid cost/income approach, which is predominantly based on future income streams of the acquiree. The contingent consideration is subject to fair valuation reviews each reporting period. Consideration of climate change In preparing the Financial Statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 26 to 31. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Useful lives of assets \u2013 The useful lives of assets could be reduced by climate-related matters, for example as a result of physical risks, obsolescence or legal restrictions. The change in useful lives would have a direct impact on the amount of depreciation or amortisation recognised each year from the date of reassessment. The Directors\u2019 review of useful lives has taken into consideration the impacts of the Group\u2019s net zero commitments and has not had a material impact on the results for the year. \u2022 Inventory valuation \u2013 Climate-related matters may affect the value of inventories as they could become obsolete as a result of a decline in selling prices or a reduction in demand. After consideration of the typical inventory days compared to the rate of change in the market the Directors consider that inventory is appropriately valued. \u2022 Going concern and viability \u2013 risks identified in the TCFD disclosures in pages 26 to 31 have been factored into the going concern and viability assessment. See page 82 further details. \u2022 Goodwill Impairment assessment \u2013 cash flow forecasts used in the impairment assessment of goodwill have considered potential changes in demand over the next 5 years as a result of changing customer preferences on Senior\u2019s products. This is not expected to have a material impact on the cashflows, with longer term growth rates based on forecasted market demand. Aerospace market rates were used for the Aerospace CGU and long-term GDP rates for advanced economies were used for the Flexonics CGU. Sensitivity analysis (See Note 13) shows that a 1 percent decrease in growth rate would not result in the carrying amount of CGU groups exceeding their recoverable amount. \u2022 Recoverability of trade receivables \u2013 After consideration of the typical receivable days compared to the rate of change in the market, the Directors consider that receivables at 31 December 2022 are not adversely affected by climate change. \u2022 Valuation of the UK Plan retirement gross benefit olibgation - there is no material impact on key financial assumptions which are set according to market yields. Mortality assumptions take account of current views of possible climate pathways that may develop. Asset values are set according to market valuations which incorporate market expectations of climate impacts. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. ",
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"fact-401": {
"value": "Basis of accounting These Financial Statements have been prepared in accordance with UK-adopted international accounting standards. They have been prepared on the historical cost basis, except for the revaluation of certain financial instruments and retirement benefit costs measured in accordance with IAS 19. ",
"dimensions": {
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"fact-402": {
"value": "Going concern In determining the appropriate basis of preparation of the Financial Statements for the year ended 31 December 2022, the Directors are required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these Financial Statements (the \u201cgoing concern period\u201d). The Board has applied a robust process to assess the resilience of the forecast out-turns. This assessment included applying severe but plausible downside risks as set out in the Viability Statement on page 82. To address these risks the Board has considered mitigating factors that could be employed that would address the impact and provide options to the Group and Parent Company. The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines on page 2) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2022, the Group\u2019s net debt to EBITDA was 1.47x and interest cover was 9.4x, both comfortably within covenant limits. Based on the above assessment, the Board has concluded that the Group will continue to have adequate financial resources to realise its assets and discharge its liabilities as they fall due over the going concern period. Accordingly, the Directors have formed the judgement that it is appropriate to prepare these Consolidated Financial Statements on the going concern basis. ",
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"fact-453": {
"value": "Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
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"fact-403": {
"value": "Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
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"fact-404": {
"value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of Senior plc and the entities controlled by it (its subsidiaries) made up to 31 December 2022. Control is achieved when Senior plc has the power to govern the financial and operating policies of an invested entity so as to obtain benefits from its activities. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred for each acquisition is the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities incurred or assumed, and equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The results of joint ventures are accounted for using the equity accounting method. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ",
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"fact-405": {
"value": "Goodwill Goodwill arising on consolidation, which was acquired in a business combination, is measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. Goodwill is recognised as an asset and allocated, at acquisition, to the group of cash-generating units (CGU groups) that are expected to benefit from that business combination. If the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree is less than the fair value of the net assets acquired (i.e. bargain purchase), the difference is credited to the Consolidated Income Statement in the period of acquisition. CGU groups to which goodwill has been allocated are tested for impairment at least annually and reviewed for indicators of impairment at the Balance sheet date. If impairment indicators exist, the individual assets within the CGUs, and the individual CGUs excluding goodwill, are tested for impairment before the CGU group is tested for impairment. Any impairment is recognised immediately through the Consolidated Income Statement and is not subsequently reversed. The determination of the recoverable amount of the CGU group is disclosed in the Notes to the Financial Statements (Note 13). If the recoverable amount of the CGU group is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU group and then to the other assets of the CGU group pro rata on the basis of the carrying amount of each asset in the CGU group. On disposal of a subsidiary or part thereof, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill acquired in a business combination prior to the date of transition to IFRS has been retained at the previous UK GAAP amount subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-406": {
"value": "Revenue recognition The Group predominantly has one revenue stream relating to engineered components or systems (products), which are customer specific, with a secondary revenue stream of funded development revenue. Both streams have identifiable customer contracts and pricing specific performance obligations. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognised net of discounts, VAT and other sales related taxes. The determination of the transaction price is based upon pricing specified in the customer contract i.e. a price per unit. Revenue is recognised as the identified performance obligations are satisfied. The performance obligation for goods is a specific point in time when the customer obtains control, which is upon delivery or when available for collection. Allocation of transaction price to performance obligations is given in the contract i.e. a unit delivered or available for collection. The performance obligation for development revenue is a specific point in time when the customer obtains control of the output, for example a first article good, which is the acceptance milestone specified in the customer contract. Dividend income from investments is recognised when the shareholders\u2019 legal rights to receive payment have been established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of control includes whether the Group has a right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use and the right to direct the use of the asset. As a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjustment for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received. Lease payments comprise fixed payments and variable lease payments based on an index or rate. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease term includes optional extensions or terminations which are reasonably certain to be exercised by the Group. These optional terms are reassessed periodically or when there is a significant event which affects the lease. The estimated useful lives of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Periodically the right-of-use asset is reduced for impairment, if necessary, as well as re-measurements of the lease liability. The lease liability is measured at amortised cost using the effective interest method, which is initially equal to the present value of lease payments that are not paid at the commencement date, discounted using an incremental borrowing rate determined on a lease portfolio basis. The lease liability is re-measured either as a modification or reassessment. Modification occurs where there is a change in terms, such as rental payments, which did not form part of the original terms of the contract. In this case, the lease liability is re-measured using the revised terms and a revised incremental borrowing rate at the modification date. Reassessment occurs where there are changes within the scope of the original terms of the contract, such as rental payments changes with reference to an index. For reassessment changes, the lease liability is re-measured in the same way as for a modification, except for the incremental borrowing rate, which is not changed from the original commencement date of the contract. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases which have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, several indicators are assessed, such as the present value of the lease payments amounting to at least substantially all of the fair value of the asset. When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses the classification of the sub-lease with reference to the right-of-use asset arising from the head lease. The Group recognises lease payments received under operating leases as income on a straight- line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At each Balance Sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the Balance Sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Gains and losses arising on retranslation are included in profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity, subject to meeting the requirements under IAS 21. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward exchange contracts (see section below on derivative financial instruments and hedging for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the Balance Sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange rate differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the period in which the operation is disposed. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate on the relevant Balance Sheet date. The exchange rates for the major currencies applied in the translation of results were as follows: Average rates 2022 Average rates 2021 Year-end rates 2022 Year-end rates 2021 US Dollar 1.24 1.38 1.21 1.35 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Government grants Government grants received for items of a revenue nature are recognised as income over the period necessary to match them with the related costs, which are deducted in reporting the related expense and presented net of the costs to which they relate. The Group recognises a COVID-19 grant when it has reasonable assurance that it will comply with the relevant conditions and the grant will be received. If the conditions are met, then the Group recognises income in the profit or loss on a systematic basis and in line with its recognition of the expenses that the grants are intended to compensate. Government grants relating to investment in property, plant and equipment are deducted from the initial carrying value of the related capital asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Retirement benefit costs Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit plans are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement plan. For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Method, with full actuarial valuations being carried out on a triennial basis, and updated at each Balance Sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised outside the Consolidated Income Statement and are presented in the Statement of Comprehensive Income. Past service cost is recognised as an expense at the earlier of a plan amendment, curtailment, or restructuring. The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the present value of the defined benefit obligation, and as reduced by the fair value of scheme assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Taxation Provisions for uncertain tax positions are included within current tax liabilities on the Consolidated Balance Sheet representing Management\u2019s best estimate of the likely cash outflow related to the uncertainty. There are transactions and activities that the Group engages in where the ultimate tax determination is uncertain and a provision may be made against the tax benefit. For example, the Group seeks to price transactions between Group companies on an arms length basis and in compliance with OECD transfer pricing principles and the laws of the relevant jurisdictions. The application of OECD principles and local tax laws require interpretation, and accordingly involves the application of judgment and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on Management\u2019s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predicter of amounts that the company is ultimately expected to settle. When making this assessment, the Group utilises specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Balance Sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Balance Sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows: Freehold land Nil Freehold buildings 2% Right-of-use land and buildings on the same basis as owned assets or, where shorter, over the lease term Leasehold building improvements on the same basis as owned assets or, where shorter, over the lease term Plant and equipment 5%\u201333% Right-of-use plant and equipment on the same basis as owned assets or, where shorter, over the lease term The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation at the rates of between one and eighteen years on a straight-line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "Impairment of tangible and intangible assets excluding goodwill At each Balance Sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. The recoverable amount is the higher of the fair value less the costs to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and an appropriate allocation of production overheads. Cost is calculated using the first-in, first-out method. Net realisable value represents the estimated selling price less the estimated costs of completion and the costs to be incurred in marketing, selling and distribution. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party to such provisions. Financial instruments are classified as cash and cash equivalents, bank overdrafts and loans, lease liabilities, trade receivables, trade payables, deferred consideration payable, contingent consideration payable, other receivables and other payables, as appropriate. Non-derivative financial assets are categorised as \u201cFinancial assets at amortised cost\u201d and non-derivative financial liabilities are categorised as \u201cFinancial liabilities at amortised cost\u201d. Derivative financial assets and liabilities that are not designated and effective as hedging instruments are categorised as \u201cfinancial assets at fair value through profit or loss\u201d and \u201cfinancial liabilities at fair value through profit or loss\u201d, respectively. The classification depends on the nature and purpose of the financial assets and liabilities and is determined at the time of initial recognition. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (\u201dECLs\u201d), which are based on quantitative and qualitative credit risk assessments, using historical and forward looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest 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. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Contingent consideration payable is measured at fair value through profit or loss. Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (\u201dECLs\u201d), which are based on quantitative and qualitative credit risk assessments, using historical and forward looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest 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. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Contingent consideration payable is measured at fair value through profit or loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "Assets and disposal groups held for sale Assets are classified as held for sale if their carrying amount will be recovered by sale rather than by continuing use in the business. Where a group of assets and their directly associated liabilities are to be disposed of in a single transaction, such disposal groups are also classified as held for sale. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition, and Management must be committed to and have initiated a plan to sell the asset or disposal group which, when initiated, was expected to result in a completed sale within 12 months. Assets that are classified as held for sale are not depreciated. Assets or disposal groups that are classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the Balance Sheet date, taking into account the risks and uncertainties (such as timing or amount) surrounding the obligation. They are not discounted to present value if the effect is not material. Provisions for restructuring are recognised when the Group has a detailed formal plan for the restructuring and the plan has been communicated to the affected parties. Provisions for the expected cost for warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "Share-based payments The Group applies the requirements of IFRS 2 Share-based payments. The Group issues equity-settled share-based payments to certain employees. The fair value (excluding the effect of non-market-related conditions), as determined at the grant date, is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest and adjusted for the effect of non-market-related conditions. Fair value is measured by use of a Black-Scholes model for the share option plans, and a binomial model for the share awards under the 2005 Long-Term Incentive Plan. The liability in respect of equity-settled amounts is included in Equity ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "Critical accounting judgments IAS 1 requires disclosure of the judgments Management makes when applying its significant accounting policies and that have the most significant effect on amounts that are recognised in the Group\u2019s Financial Statements. In the course of preparing the Financial Statements, no significant critical judgments have been made in the process of applying the Group\u2019s accounting policies, other than leases and those involving estimations, which are dealt with separately below. Management makes other judgments in the normal course of conducting business, such as those in relation to legal claims and contractual matters (see Note 24 for further details). Leases Where a lease includes the option for an extension to the lease term, Management makes a judgment as to whether they are reasonably certain the option will be taken. This will take into account the length of time remaining before the option is exercisable, current and forecasted plans for utilising the asset and the level and type of planned future capital investment. As at 31 December 2022, these extension options have an approximate average remaining lease term of seven years. These judgments are reassessed at each reporting period or when there is a significant event affecting the lease, which could result in a recalculation of the lease liability and a material adjustment to the associated balances. Key sources of estimation and uncertainty When applying the Group\u2019s accounting policies, Management must make assumptions and estimates concerning the future that affect the carrying amounts of assets and liabilities at the Balance Sheet date and the amounts of revenue and expenses recognised during the period. Such assumptions are based upon factors including historical experience, the observance of trends in the industries in which the Group operates, and information available from the Group\u2019s customers and other external sources. The key sources of estimation and uncertainty at the Balance Sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year and beyond include: Income taxes In determining the Group provisions for income tax and deferred tax, it is necessary to consider transactions in a small number of key tax jurisdictions for which the ultimate tax determination is uncertain. To the extent that the final outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax provisions held in the period the determination is made. The carrying amount of net current tax liability and deferred tax asset/liability at 31 December 2022 was \u00a315.6m (2021 \u2013 \u00a312.0m) and \u00a36.2m asset (2021 \u2013 \u00a34.8m liability), respectively. Further details on these estimates are set out in Notes 10 and 21. Retirement benefits Management makes assumptions and estimates, for the next financial year and beyond, which affect the value of the carrying amount of the UK Plan retirement benefit obligation at 31 December 2022. Management follows actuarial advice from a third party when determining estimation uncertainty on the valuation of the UK gross defined benefit obligation, the significant assumptions being discount rate, inflation and life expectancy (see Note 34). The carrying amount of the UK Plan\u2019s retirement benefits at 31 December 2022 was a surplus of \u00a351.8m (2021 \u2013 surplus of \u00a372.2m), being the present value of the defined benefit obligations of \u00a3198.4m (2021 \u2013 \u00a3294.9m) and fair value of plan assets of \u00a3250.2m (2021 \u2013 \u00a3367.1m). Further details and sensitivities from changes in estimates are set out in Note 34g. Acquisition accounting On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, for total consideration of $100m split between initial, deferred and contingent payments (See Note 31 for further details). There is judgment in applying assumptions and estimates which determine the valuation of the intangible assets and associated goodwill. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows. Intangible valuation is based on a hybrid cost/income approach, which is predominantly based on future income streams of the acquiree. The contingent consideration is subject to fair valuation reviews each reporting period. Consideration of climate change In preparing the Financial Statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 26 to 31. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Useful lives of assets \u2013 The useful lives of assets could be reduced by climate-related matters, for example as a result of physical risks, obsolescence or legal restrictions. The change in useful lives would have a direct impact on the amount of depreciation or amortisation recognised each year from the date of reassessment. The Directors\u2019 review of useful lives has taken into consideration the impacts of the Group\u2019s net zero commitments and has not had a material impact on the results for the year. \u2022 Inventory valuation \u2013 Climate-related matters may affect the value of inventories as they could become obsolete as a result of a decline in selling prices or a reduction in demand. After consideration of the typical inventory days compared to the rate of change in the market the Directors consider that inventory is appropriately valued. \u2022 Going concern and viability \u2013 risks identified in the TCFD disclosures in pages 26 to 31 have been factored into the going concern and viability assessment. See page 82 further details. \u2022 Goodwill Impairment assessment \u2013 cash flow forecasts used in the impairment assessment of goodwill have considered potential changes in demand over the next 5 years as a result of changing customer preferences on Senior\u2019s products. This is not expected to have a material impact on the cashflows, with longer term growth rates based on forecasted market demand. Aerospace market rates were used for the Aerospace CGU and long-term GDP rates for advanced economies were used for the Flexonics CGU. Sensitivity analysis (See Note 13) shows that a 1 percent decrease in growth rate would not result in the carrying amount of CGU groups exceeding their recoverable amount. \u2022 Recoverability of trade receivables \u2013 After consideration of the typical receivable days compared to the rate of change in the market, the Directors consider that receivables at 31 December 2022 are not adversely affected by climate change. \u2022 Valuation of the UK Plan retirement gross benefit olibgation - there is no material impact on key financial assumptions which are set according to market yields. Mortality assumptions take account of current views of possible climate pathways that may develop. Asset values are set according to market valuations which incorporate market expectations of climate impacts. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "3. Revenue
Total revenue is disaggregated by market sectors as follows:
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Civil Aerospace 339.4 244.5
Defence 122.1 125.0
Other 92.1 69.8
Aerospace 553.6 439.3
Land Vehicles 16 4.1 118.8
Power & Energy 131.5 101.1
Flexonics 295.6 219.9
Eliminations (0.8) (0.5)
Total revenue 848.4 658.7
Other Aerospace comprises space and non-military helicopters and other markets, principally including semiconductor, medical, and industrial applications. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less. 3. Revenue continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "4. Segment Information
The Group reports its segment information as two operating Divisions according to the market segments they serve, Aerospace and Flexonics, which
is consistent with the oversight employed by the Executive Committee. The chief operating decision-maker, as defined by IFRS 8, is the Executive
Committee. The Group is managed on the same basis, as two operating Divisions.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in Note 2 and the sales between
segments are carried out at arm\u2019s length. Adjusted operating profit, as described in Note 9, is the key measure reported to the Group\u2019s Executive
Committee for the purpose of resource allocation and assessment of segment performance. Investment income, finance costs and tax are not
allocated to segments, as this type of activity is driven by the central tax and treasury functions.
Segment assets include directly attributable computer software assets, property, plant and equipment (including right-of-use assets), working capital
assets, goodwill and intangible assets from acquisitions. Cash, deferred and current tax and other financial assets (except for working capital) are not
allocated to segments for the purposes of reporting financial performance to the Executive Committee.
Segment liabilities include directly attributable working capital liabilities and lease liabilities. Debt, retirement benefits, deferred and current tax
and other financial liabilities (except for working capital) are not allocated to segments for the purposes of reporting financial performance to the
Executive Committee.
Central costs, assets and liabilities are corporate items not allocated to segments, which is consistent with the format used by the chief operating
decision-maker.
Segment information for revenue, operating profit/loss and a reconciliation to entity and profit/loss after tax is presented below:
Notes
Aerospace
Year ended
2022
\u00a3m
Flexonics
Year ended
2022
\u00a3m
Eliminations/
central
costs
Year ended
2022
\u00a3m
Total
Year ended
2022
\u00a3m
Aerospace
Year ended
2021
\u00a3m
Flexonics
Year ended
2021
\u00a3m
Eliminations/
central
costs
Year ended
2021
\u00a3m
Total
Year ended
2021
\u00a3m
External revenue 553.0 295.4 \u2013 848.4 438.9 219.8 \u2013 658.7
Inter-segment revenue 0.6 0.2 (0.8) \u2013 0.4 0.1 (0.5) \u2013
Total revenue 553.6 295.6 (0.8) 848.4 439.3 219.9 (0.5) 658.7
Adjusted trading profit 20.3 25.4 (17.6) 28.1 7.9 12.9 (14.9) 5.9
Share of joint venture profit \u2013 0.4 \u2013 0.4 \u2013 0.2 \u2013 0.2
Adjusted operating profit 20.3 25.8 (17.6) 28.5 7.9 13.1 (14.9) 6.1
Amortisation of intangible assets
from acquisitions 9 (0.2) \u2013 \u2013 (0.2) \u2013 \u2013 \u2013 \u2013
Net restructuring income 9 4.2 \u2013 \u2013 4.2 2.2 2.2 \u2013 4.4
Operating profit 24.3 25.8 (17.6) 32.5 10.1 15.3 (14.9) 10.5
Investment income 1.9 0.5
Finance costs (10.6) (8.5)
Corporate undertakings 9 (1.4) 21.2
Profit before tax 22.4 23.7
Tax (charge)/credit (2.2) 0.5
Profit after tax 20.2 24.2
Trading profit and adjusted trading profit is operating profit and adjusted operating profit respectively before share of joint venture profit. See Note 9 for
the derivation of adjusted operating profit.
Segment information for assets, liabilities, additions to non-current assets and depreciation and amortisation is presented below:
Assets
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Aerospace 647.8 506.6
Flexonics 217.3 184.9
Segment assets for reportable segments 865.1 691.5
Unallocated
Central 3.6 4.6
Cash 43.2 51.1
Deferred and current tax 13.0 8.3
Retirement benefits 51.8 72.2
Others 0.2 0.1
Total assets per Consolidated Balance Sheet 976.9 827.8
Liabilities
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Aerospace 189.5 148.1
Flexonics 79.7 63.9
Segment liabilities for reportable segments 269.2 212.0
Unallocated
Central 19.2 15.4
Loans and Overdrafts 143.7 131.0
Deferred and current tax 22.4 25.1
Retirement benefits 12.1 11.0
Deferred and Contingent consideration 52.3 \u2013
Others 8.6 8.2
Total liabilities per Consolidated Balance Sheet 527.5 402.7
Additions to
non-current
assets
Year ended
2022
\u00a3m
Additions to
non-current
assets
Year ended
2021
\u00a3m
Depreciation
and
amortisation
Year ended
2022
\u00a3m
Depreciation
and
amortisation
Year ended
2021
\u00a3m
Aerospace 18.6 12.9 35.9 35.1
Flexonics 13.5 10.3 13.4 12.2
Sub total 32.1 23.2 49.3 47.3
Central 0.4 0.1 0.5 0.5
Total 32.5 23.3 49.8 47.8
The Group\u2019s revenues from its major products is presented below:
Year ended
2022
\u00a3m
Year ended
2021
\u00a3m
Aerospace \u2013 Structures 242.6 178.9
Aerospace \u2013 Fluid Systems 310.4 260.0
Aerospace total 553.0 438.9
Land vehicles 16 4.1 118.8
Power & Energy 131.3 101.0
Flexonics total 295.4 219.8
Group total 848.4 658.7
No individual customer accounted for more than 10% of external revenue in 2022 or 2021.
4. Segment Information continued
Geographical information The Groups\u2019 operations are located principally in North America and UK. The following table provides an analysis of the Group\u2019s sales by geographical market, irrespective of the origin of the goods. The carrying values of segment non-current assets are analysed by the geographical area in which the assets are located. Sales revenue Year ended 2022 \u00a3m Sales revenue Year ended 2021 \u00a3m Segment non-current assets Year ended 2022 \u00a3m Segment non-current assets Year ended 2021 \u00a3m USA 417.1 316.4 296.5 202.5 UK 140.6 105.0 158.8 181.8 Rest of the World 290.7 237.3 144.4 140.9 Sub total 848.4 658.7 599.7 525.2 Unallocated amounts \u2013 \u2013 10.9 5.7 Total 848.4 658.7 610.6 530.9 The unallocated amounts on non-current assets relate to deferred tax assets. 4. Segment Information continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "5. Operating profit Operating profit can be analysed as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Revenue 848.4 658.7 Cost of sales (698.7) (555.7) Gross profit 149.7 103.0 Distribution costs (6.3) (5.4) Administrative expenses (111.4) (87.3) Profit on sale of fixed assets 0.1 \u2013 Share of joint venture profit 0.4 0.2 Operating profit 32.5 10.5 Operating profit for the period has been arrived at after charging: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Net foreign exchange losses/(gains) 4.6 (1.7) Research and design costs 19.8 19.2 Depreciation of property, plant and equipment 48.1 46.3 Amortisation of intangible assets included in administration expenses 1.7 1.5 Cost of inventories recognised as expense 698.7 555.7 Provision for loss allowance against receivables 1.5 0.6 Restructuring: provision (release)/charge for impairment of property, plant and equipment and inventories (1.4) 2.3 Restructuring: staff and other costs 1.2 2.5 COVID-19 grant (income) \u2013 (0.3) Aerospace manufacturing grant (income) (4.0) (4.2) Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with Note 2 Group\u2019s accounting policies. The analysis of the Auditor\u2019s remuneration is as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts 0.5 0.3 Fees payable to the Company\u2019s Auditor and their associates for other services to the Group \u2013 The audit of the Company\u2019s subsidiaries 1.7 1.5 Total audit fees 2.2 1.8 Fees payable to Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. The Group paid \u00a30.06m (2021 \u2013 \u00a30.06m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2021 \u2013 \u00a30.1m) for non-audit related services during 2022, in line with the Company\u2019s policy on the use of Auditors for non-audit services. Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 102 to 107. No services were provided pursuant to contingent fee arrangements. 5. Operating profit continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "6. Staff costs The average monthly number of employees (including Directors) was: Year ended 2022 Number Year ended 2021 Number Production 5,297 4,850 Distribution 64 63 Sales 249 252 Administration 495 473 Total 6,105 5,638 The actual number of employees at 31 December 2022 was 6,361 (2021 \u2013 5,664). Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Their aggregate remuneration comprised: Wages and salaries 234.7 198.9 Social security costs 26.9 22.6 Termination benefits \u2013 1.0 Other pension costs \u2013 defined contribution 34a 8.9 8.6 Other pension costs \u2013 defined benefit 34e 0.8 0.7 Share based payments 33 4.3 3.5 Aggregate remuneration 275.6 235.3 The Group also incurred medical and other employee benefit expenses during the year of \u00a324.6m (2021 \u2013 \u00a320.9m) and received \u00a3nil (2021 \u2013 \u00a30.3m) COVID-19 grant income related to government assistance schemes to compensate for furloughing of employees. 34. Retirement benefit schemes The Group operates a number of pension plans in the UK, North America and Europe. These include both defined contribution arrangements and defined benefit arrangements. The Senior plc Pension Plan (\u201dthe UK Plan\u201d), which is a funded scheme in the UK and closed to future accrual at the end of 6 April 2014, has the largest pension obligation in the Group and Company. This plan provides benefits based on final pensionable emoluments for the employees of the Group and Company. The latest full actuarial valuation was carried out as at 5 April 2022 and, for the purposes of accounting under IAS19, this valuation has been rolled forward to 31 December 2022. In addition, the Group operates two defined benefit plans in the US, one of which was closed to future accrual from October 2009. The second plan was closed to future participants from September 2013, and the Executive section was also closed to future accruals from December 2013. Separate disclosure is made for the funded UK and US defined benefit arrangements. In both the UK and US, the assets of funded plans are held in separate trustee administered funds managed by independent financial institutions and have pension costs assessed by consulting actuaries using the Projected Unit Method. The Trustees are required to act in the best interests of the plans\u2019 beneficiaries. The Group also has a small number of unfunded post-retirement plans, including a closed healthcare scheme in the US. Separate disclosure is provided for these arrangements. Further details on the arrangement of the UK Plan are given below. The Trustee of the UK Plan is Senior Trustee Limited. The appointment of the Directors to the Board is determined by the Articles of Association of Senior Trustee Limited. There are seven Trustee Directors in total and in accordance with statutory requirements under the Pensions Act 2004, at least one-third of trustees must be a Member Nominated Director. Currently, there are three Member Nominated Directors and four Directors who have been nominated by the Company, of which the Chairman and one other Director are viewed as independent. The UK Plan exposes the Company to a number of risks. In particular: \u2022 Uncertainty in benefit payments \u2013 the value of the obligations will ultimately depend on the amount of benefits paid out. This in turn will depend on factors such as the level of inflation and how long individuals live. \u2022 Volatility in asset values \u2013 the value of the assets held to meet future benefit payments is volatile, for example due to changes in stock markets and interest rates. \u2022 Uncertainty in cash funding \u2013 movements in the value of the UK Plan\u2019s obligations or assets may result in the Company being required to provide higher levels of cash funding. The investment strategy for the UK Plan is decided by the Trustee in consultation with Senior plc. The primary investment objective is for the Plan to be able to meet benefit payments as they fall due. The UK Plan\u2019s average duration is around 12 years and benefits are expected to be paid for the next 60 years. These cash flow payments are expected to reach a peak around 2031, and gradually decline thereafter as the membership matures. In setting this strategy, the Trustee considers a wide range of asset classes, the risk and rewards of a number of possible asset allocation options, the sustainability of each asset class within each strategy, and the need for appropriate diversification between different asset classes. The Trustee\u2019s current investment strategy is to invest 100% in lower risk assets, consisting of corporate bonds, liability driven investments (\u2018LDI\u2019), gilts and cash. The LDI allocation helps to mitigate investment risk for the UK Plan by minimising the fluctuations in the UK Plan\u2019s funding levels arising from changes in the value of the liabilities. This is achieved through hedging movements in the funding liabilities caused by changes in interest rates and inflation expectations. The Trustee continues to review its investment strategy and adjust it in response to changes in the Plan\u2019s funding position and/or market conditions. The UK Plan was in a surplus position of \u00a324.5m as at 5 April 2022 when measured on the Trustee\u2019s funding basis and is in a surplus position of \u00a351.8m as at 31 December 2022 (2021 \u2013 \u00a372.2m surplus) when measured on an IAS 19 basis. The difference between the triennial funding and annual IAS 19 valuation relates to the assumptions used. For example, the funding discount rate is based on the UK Plan\u2019s stated investment strategy, as opposed to the yields available on corporate bonds for the IAS 19 discount rate. The IAS 19 surplus position on the UK Plan is recognised as an asset in the Consolidated and Company Balance Sheet, with no requirement to recognise an additional liability on the UK Plan, on the grounds that the Company has an unconditional right to a refund, assuming the gradual settlement of Plan liabilities over time until all members have left. In considering this, the Company has taken into account that the Trustees do not have unilateral powers to wind up the Plan or modify benefits. Cash contributions to the UK Plan are set by agreement between the Company and the Trustee of the UK Plan. These are set in accordance with legislation and take account of the intention to further reduce the risk associated with the UK Plan\u2019s investment strategy, as set out above. The contributions were last reviewed as at 5 April 2022 and were based on a forecast surplus at that time, as part of the 2022 triennial funding valuation. The Company agreed with the Trustee of the UK Plan to make scheduled contributions in respect of administrative expenses and PPF levies from 5 April 2022 until 30 June 2022, with no further contributions after this date. The estimated contributions expected to be paid during 2023 in the US funded plans is \u00a32.3m. The Group is ultimately responsible for making up any shortfall in the UK Plan over a period agreed with the Trustees. To the extent that actual experience is different from that assumed, the funding position will be better or worse than anticipated. As such, the contributions required by the Group could vary in the future. a) Defined contribution schemes The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a38.9m (2021 \u2013 \u00a38.6m). b) Defined benefit schemes The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is set out below. 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Present value of defined benefit obligations (198.4) (49.4) (5.4) (253.2) (294.9) (56.2) (5.7) (356.8) Fair value of plan assets 250.2 42.7 \u2013 292.9 3 67.1 50.9 \u2013 418.0 Plan surplus/(deficit) per Consolidated Balance Sheet 51.8 (6.7) (5.4) 39.7 72.2 (5.3) (5.7) 61.2 c) Movements in the present value of defined benefit obligations were as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m At 1 January 294.9 56.2 5.7 356.8 317.7 58.8 6.2 382.7 Current service cost \u2013 0.5 0.3 0.8 \u2013 0.4 0.3 0.7 Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest cost 5.5 1.7 \u2013 7. 2 3.8 1.5 \u2013 5.3 Experience on benefit obligations 0.8 1.2 \u2013 2.0 2.5 \u2013 \u2013 2.5 Actuarial (gains)/losses \u2013 financial (89.6) (12.1) (0.5) (102.2) (15.8) (1.8) \u2013 (17.6) Actuarial (gains)/losses \u2013 demographic (1.4) \u2013 \u2013 (1.4) (0.3) 0.2 \u2013 (0.1) Benefits paid (11.8) (4.3) (0.4) (16.5) (13.0) (3.7) (0.4) (17.1) Disposal activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Exchange differences \u2013 6.2 0.3 6.5 \u2013 0.8 (0.4) 0.4 At 31 December 198.4 49.4 5.4 253.2 294.9 56.2 5.7 356.8 34. Retirement benefit schemes continued d) Movements in the fair value of plan assets were as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m At 1 January 367.1 50.9 \u2013 418.0 364.2 54.1 \u2013 418.3 Interest on plan assets 6.9 1.5 \u2013 8.4 4.4 1.3 \u2013 5.7 Actual return on plan assets less interest (113.4) (11.3) \u2013 (124.7) 6.1 (1.6) \u2013 4.5 Contributions from employer 2.1 0.4 \u2013 2.5 6.0 \u2013 \u2013 6.0 Benefits paid (11.8) (4.3) \u2013 (16.1) (13.0) (3.7) \u2013 (16.7) Running costs (0.7) \u2013 \u2013 (0.7) (0.6) \u2013 \u2013 (0.6) Exchange differences \u2013 5.5 \u2013 5.5 \u2013 0.8 \u2013 0.8 At 31 December 250.2 42.7 \u2013 292.9 3 67.1 50.9 \u2013 418.0 e) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Current service cost included within operating profit \u2013 0.5 0.3 0.8 \u2013 0.4 0.3 0.7 Running costs 0.7 \u2013 \u2013 0.7 0.6 \u2013 \u2013 0.6 Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Charge included within operating profit 0.7 0.5 0.3 1.5 0.6 0.4 0.3 1.3 Included within finance income (1.4) 0.2 \u2013 (1.2) (0.6) 0.2 \u2013 (0.4) Amount recognised in the Income Statement (0.7) 0.7 0.3 0.3 \u2013 0.6 0.3 0.9 f) Amounts recognised in other comprehensive income are as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Net actuarial (losses)/gain in the year due to: \u2013 Change in financial assumptions 89.6 12.1 0.5 102.2 15.8 1.8 \u2013 17.6 \u2013 Change in demographic assumptions 1.4 \u2013 \u2013 1.4 0.3 (0.2) \u2013 0.1 \u2013 Experience adjustments on benefit obligations (0.8) (1.2) \u2013 (2.0) (2.5) \u2013 \u2013 (2.5) Actual return on plan assets less interest on benefit obligations (113.4) (11.3) \u2013 (124.7) 6 .1 (1.6) \u2013 4.5 (Losses)/gains recognised in other comprehensive income (23.2) (0.4) 0.5 (23.1) 19.7 \u2013 \u2013 19.7 Actuarial losses of \u00a323.1m (2021 \u2013 gains of \u00a319.7m) have been recognised in the Statement of Comprehensive Income. The cumulative amount of actuarial losses recognised in the Statement of Comprehensive Income as at 31 December 2022 is \u00a346.1m (2021 \u2013 \u00a323.0m). g) Assets and assumptions in funded plans UK plans funded US plans funded 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Fair value of plan assets Equities \u2013 28.6 \u2013 \u2013 Bonds 102.4 126.6 42.7 50.9 Gilts 139.3 157.9 \u2013 \u2013 Diversified growth fund \u2013 37.7 \u2013 \u2013 Cash and other assets 8.5 16.3 \u2013 \u2013 Total 250.2 3 67.1 42.7 50.9 Actual return on plan assets (106.5) 10.5 (9.8) (0.3) 34. Retirement benefit schemes continued The UK Plan\u2019s assets are invested in pooled funds, which are invested exclusively within instruments with quoted market prices in an active market, with the exception of the Plan\u2019s holdings in insurance annuity policies, valued at \u00a34.0m (2021 \u2013 \u00a34.7m). The value of the invested assets has been measured at bid value and the value of the scheme benefits covered by the insurance annuity policies has been set equal to the value of the corresponding obligations. The Plan\u2019s corporate bond allocation is split between an actively managed mandate and a \u201cbuy and maintain\u201d mandate, which seeks to hold a high quality portfolio while minimising portfolio turnover. Both mandates are predominantly invested in investment grade UK corporate bonds and are exposed to a fairly typical range of UK businesses. The majority of the Plan\u2019s gilts are passively invested in a range of UK fixed-interest and index-linked government bonds, with the remainder actively invested in a range of swap instruments linked to movements in government bond prices. The risks associated with the Plan\u2019s bond and gilt investments are largely offset by corresponding risks present within the pricing of the Plan\u2019s benefit obligations. The UK Plan does not invest directly in property occupied by the Company or in financial securities issued by the Company. UK plans funded US plans funded 2022 2021 2022 2021 Major assumptions (per annum %) Inflation 3.40% 3.50% N/A N/A Increase in salaries N/A N/A N/A N/A Increase in pensions 3.20% 3.30% 0.00% 0.00% Increase in deferred pensions 3.40% 3.50% 0.00% 0.00% Rate used to discount plan liabilities 4.80% 1.90% 4.78% 2.76% Life expectancy of a male aged 65 at the year-end 20.6 20.8 19.7 19.6 Life expectancy of a male aged 65, 20 years after the year-end 22.0 22.2 21.2 21.2 Benefits under the US funded plans are not linked to inflation. The UK Plan retirement 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. Estimation is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. 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 assumption for estimating future Retail Prices Index (RPI) inflation is based on the difference in yields on fixed- interest and index-linked gilts. Demographic assumptions are set broadly in line with the most recent actuarial valuation of the UK plan. The mortality assumption is 95% of the standard mortality tables with an allowance for future improvements in line with the CMI 2021 enhanced projections, with a long-term annual rate of improvement of 1.25% for males and for females, with no weighting on 2020 mortality data and a 10% weighting on 2021 mortality data to make an allowance for the impact of Covid-19. For the UK Plan, the estimated impact on the plan surplus at 31 December 2022 for changes in assumptions is as follows: Increase/ (decrease) in plan surplus \u00a3m 0.5% decrease in the discount rate (11.7 ) One-year increase in life expectancy (7.7) 0.5% increase in inflation (7. 2) These sensitivities have been calculated to show the movement in the surplus, including allowance for an increase to the value of insured annuity assets, but assuming no other changes in assets as at 31 December 2022. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the Plan. h) Other post-retirement liabilities This balance comprises an unfunded German pension plan of \u00a32.7m (2021 \u2013 \u00a33.3m), unfunded closed pension and post-retirement healthcare plans in the US of \u00a30.3m (2021 \u2013 \u00a30.3m), a provision for post-retirement payments in France of \u00a31.5m (2021 \u2013 \u00a31.4m) and \u00a30.9m for post-retirement payments in Thailand (2021 \u2013 \u00a30.7m). The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate of 4.8% (2021 \u2013 2.8%). No participants were eligible for medical benefits under the healthcare plan in 2022. The German plan has been subject to formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.5%, salary growth nil% and pension increase 2.2% (2021 \u2013 1.1%, nil% and 1.8%). In France, the provision arises from a legal obligation to make payments to retirees in the first two years post-retirement. Hence, it is not subject to discounting to the same extent as the other longer-term post-retirement liabilities. The Thailand plan has been subject to a formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 2.8%, inflation rate 2.8% and salary growth 6.0% (2021 \u2013 2.8%, 2.8% and 6.0%). 34. Retirement benefit schemes continued ",
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"fact-460": {
"value": "6. Staff costs The average monthly number of employees (including Directors) was: Year ended 2022 Number Year ended 2021 Number Production 5,297 4,850 Distribution 64 63 Sales 249 252 Administration 495 473 Total 6,105 5,638 The actual number of employees at 31 December 2022 was 6,361 (2021 \u2013 5,664). Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Their aggregate remuneration comprised: Wages and salaries 234.7 198.9 Social security costs 26.9 22.6 Termination benefits \u2013 1.0 Other pension costs \u2013 defined contribution 34a 8.9 8.6 Other pension costs \u2013 defined benefit 34e 0.8 0.7 Share based payments 33 4.3 3.5 Aggregate remuneration 275.6 235.3 The Group also incurred medical and other employee benefit expenses during the year of \u00a324.6m (2021 \u2013 \u00a320.9m) and received \u00a3nil (2021 \u2013 \u00a30.3m) COVID-19 grant income related to government assistance schemes to compensate for furloughing of employees. ",
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"fact-426": {
"value": "7. Investment income Year ended 2022 \u00a3m Year ended 2021 \u00a3m Interest on bank deposits 0.7 0.1 Net finance income of retirement benefits (Note 34e) 1.2 0.4 Total income 1.9 0.5 ",
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"fact-427": {
"value": "8. Finance costs Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Interest on bank overdrafts and loans 2.0 1.0 Interest on other loans and other finance costs 5.8 4.9 Interest on lease liabilities 2.5 2.6 Interest unwind on acquistion consideration 9, 31 0.3 \u2013 Total finance costs 10.6 8.5 ",
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"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-428": {
"value": "9. Adjusted operating profit and adjusted profit/(loss) before tax The presentation of adjusted operating profit and adjusted profit before tax measures, derived in accordance with the table below, have been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring income and the costs and income associated with corporate undertakings. The Board has adopted a policy to separately disclose those items, where significant in size, that it considers are outside the results for the particular year under review and against which the Board measures and assesses the performance of the business. The adjustments are made on a consistent basis and also reflect how the business is managed on a day-to-day basis. The amortisation charge relates to acquisition of Spencer Aerospace. It is charged on a straight-line basis and reflects a non-cash item for the reported year. The Group implemented a restructuring programme in 2019, which continued through 2020 and 2021 in response to the impact of the COVID-19 pandemic on some of the Group\u2019s end markets. Some residual restructuring activity has continued in 2022. The aerospace manufacturing grant, within net restructuring income, represents incentives specific to only part of the Group for a limited time period. Corporate undertakings relate to business acquisition activities, gain on disposal of a business, bid defence and other costs relating to corporate activities. None of these charges are reflective of in year performance. Therefore, they are excluded by the Board and Executive Committee when measuring the operating performance of the businesses. Notes \u00a3m Year ended 2022 \u00a3m \u00a3m Year ended 2021 \u00a3m Operating profit 32.5 10.5 Amortisation of intangible assets from acquisitions 0.2 \u2013 Net restructuring income (4.2) (4.4) Adjusted operating profit 28.5 6.1 Profit before tax 22.4 23.7 Adjustments to profit/loss before tax as above (4.0) (4.4) Corporate undertakings 31 1.4 (21.2) Corporate undertakings \u2013 interest 0.3 \u2013 Total Corporate undertakings 1.7 (21.2) Adjusted profit/(loss) before tax 20.1 (1.9) Net restructuring income In 2020 the Group had focused on taking actions to conserve cash to manage through the pandemic, including curtailing capital expenditure, tightly managing working capital and implementing further cost cutting actions. In 2022 there were still some residual activities associated with that. The decisive actions which we took on restructuring and cost management delivered the expected benefits. In addition, the Group has continued to review inventory and asset exposures on programmes that have been reduced, cancelled or where the Group will no longer participate. As part of the restructuring focus, we have assessed critically any inventory or asset exposures on these programmes and written down the carrying values on excess holdings and assets where there is no alternate use. Where demand has picked up on previously reduced or cancelled programmes, inventory impairments have been reversed to the extent that there are confirmed orders in place. The restructuring resulted in net income of \u00a34.2m (2021 - \u00a34.4m). Of this, \u00a34.0m income (2021 - \u00a34.2m) related to an aerospace manufacturing grant and \u00a31.2m net charge related to consultancy and other costs (2021 - \u00a30.4m net charge). For certain specific programmes, and in conjunction with the focus on restructuring, management has also identified inventory impairment reversals of \u00a32.7m (2021 - \u00a31.4m) where customer demand has increased, and further impairment provisions on property, plant and equipment in 2022 with a charge of \u00a31.3m (2021 - \u00a30.8m) to cover the risk where there are no alternative uses. Net cash inflow related to restructuring activities was \u00a32.1m (2021 - \u00a30.9m net cash outflow). At 31 December 2022, a restructuring provision of \u00a30.2m (31 December 2021: \u00a31.3m) was recognised and is expected to be utilised in 2023. Corporate undertakings Costs associated with corporate undertakings were \u00a31.7m in 2022, of which \u00a31.2m of acquisition costs and \u00a30.3m interest unwind of deferred and contingent consideration relates to the acquisition of Spencer Aerospace in November 2022 and \u00a30.2m costs relate to other corporate activities. In 2021, net income of \u00a321.2m was recognised, of which \u00a324.2m gain relates to the disposal of Senior Aerospace Connecticut in April 2021, partly offset by \u00a33.0m bid defence and costs relating to other corporate activities. See Note 31 to the Financial Statements for further details. ",
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"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-429": {
"value": "10. Taxation Year ended 2022 \u00a3m Year ended 2021 \u00a3m Current tax: Current year 8.2 7.0 Adjustments in respect of prior periods (1.9) (6.0) 6.3 1.0 Deferred tax (Note 21): Current year (3.5) (1.7) Adjustments in respect of prior periods (0.6) 0.2 (4.1) (1.5) Total tax charge/(credit) 2.2 (0.5) On 24th May 2021, a future increase in UK corporation tax rate from 19% to 25% was substantially enacted with an effective date of 1 April 2023. Deferred tax assets and liabilities are measured at the rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the Balance Sheet date. The impact of the tax rate change to 25% on deferred tax assets and liabilities has been reflected at the Balance Sheet date and this has resulted in a current year charge of \u00a30.2m recognised in the Income Statement and a credit of \u00a31.4m through Other Comprehensive Income. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The total charge for the year can be reconciled to the profit before tax per the Consolidated Income Statement as follows: Year ended 2022 \u00a3m Year ended 2022 % Year ended 2021 \u00a3m Year ended 2021 % Profit before tax 22.4 23.7 Expected tax charge/(credit) at the UK standard corporation tax rate 19% 4.3 4.5 Effect of different statutory rates in overseas jurisdictions a 0.3 0.9 Tax incentives and credits b (1.2) (1.1) Tax losses not recognised c (0.4) 0.3 Impact of share options d 0.2 0.1 Effect of difference in treatment of financing activities between jurisdictions e (0.4) (0.3) Non-deductible expenses and other permanent differences f 1.5 1.4 Effect of changes in UK tax rate on deferred tax items g 0.2 (0.6) Withholding taxes h 0.2 0.1 Adjustments in respect of prior periods \u2013 current tax items i (1.9) (6.0) Adjustments in respect of prior periods \u2013 deferred tax items j (0.6) 0.2 Tax charge / (credit) and effective tax rate for the year 2.2 9.8% (0.5) (2.1%) a. Mainly attributable to a higher rate of tax in the US. b. Includes a \u00a31.2m benefit from enhanced US R&D deductions and the UK capital allowance super-deduction. c. Tax losses utilised in the year includes \u00a30.3m of UK tax losses whose use is uncertain and therefore unrecognised for deferred tax. Unrecogised amounts in 2021 included \u00a30.5m of State tax losses in the US which have restricted use, net of tax losses utilised of \u00a30.2m. d. Impact of non-tax deductible share based payment charges net of current tax deductions for share exercises in the year and the deferred tax asset recognition for future exercises. e. Effect of different rates of tax between jurisdictions on internal financing activities. f. Non-deductible expenses and other permanent differences, includes a \u00a31.7m charge in respect of uncertain tax positions in accordance with IFRIC 23 principles. g. Relates to the Income Statement impact of the retranslation of UK deferred tax assets and liabilities following the substantial enactment of the future 25% tax rate effective from 1 April 2023. h. Arises from irrecoverable withholding taxes. i. Includes a credit in respect of the uncertain tax positions which have been been resolved, settled or released in accordance with IFRIC 23 principles of \u00a33.8m as well as prior year items arising from the true up of tax accruals in line with local tax filings which in many cases have an equal and opposite prior year item in deferred tax. j. Arises from the true up of deferred tax estimates following the finalisation of entity statutory accounts and local tax returns. In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in other comprehensive income: 2022 \u00a3m 2021 \u00a3m Deferred tax: Items that will not be reclassified subsequently to profit and loss Tax on actuarial items 4.3 (3.7) Effect of change in UK tax rate 1.4 (2.7) Items that may be reclassified subsequently to profit or loss Tax on foreign exchange contracts \u2013 cash flow hedges 0.7 0.8 Total tax credit/(charge) recognised directly in other comprehensive income 6.4 (5.6) In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts relating to tax have been recognised directly in equity: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Deferred tax: Excess tax deductions related to share-based payments in exercised options \u2013 0.1 Total tax credit recognised directly in equity \u2013 0.1 Deferred tax (Note 21) 6.4 (5.5) 10. Taxation continued FINANCIAL ST FINANCIAL ST",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-461": {
"value": "In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in other comprehensive income: 2022 \u00a3m 2021 \u00a3m Deferred tax: Items that will not be reclassified subsequently to profit and loss Tax on actuarial items 4.3 (3.7) Effect of change in UK tax rate 1.4 (2.7) Items that may be reclassified subsequently to profit or loss Tax on foreign exchange contracts \u2013 cash flow hedges 0.7 0.8 Total tax credit/(charge) recognised directly in other comprehensive income 6.4 (5.6) In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts relating to tax have been recognised directly in equity: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Deferred tax: Excess tax deductions related to share-based payments in exercised options \u2013 0.1 Total tax credit recognised directly in equity \u2013 0.1 Deferred tax (Note 21) 6.4 (5.5) ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-430": {
"value": "11. Dividends Year ended 2022 \u00a3m Year ended 2021 \u00a3m Amounts recognised as distributions to equity holders in the period: Final dividend for the year ended 31 December 2021 of \u00a3nil per share (2020 \u2013 \u00a3nil) \u2013 \u2013 Interim dividend for the year ended 31 December 2022 of 0.30p per share (2021 \u2013 \u00a3nil) 1.2 \u2013 1.2 \u2013 Proposed final dividend for the year ended 31 December 2022 of 1.00p per share (2021 \u2013 \u00a3nil) 4.1 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-431": {
"value": "12. Earnings per share The calculation of the basic and diluted earnings per share is based on the following data: Number of shares Year ended 2022 Million Year ended 2021 Million Weighted average number of ordinary shares for the purposes of basic earnings per share 415.3 415.7 Effect of dilutive potential ordinary shares: Share options 11.6 6.8 Weighted average number of ordinary shares for the purposes of diluted earnings per share 426.9 422.5 Year ended 2022 Year ended 2021 Earnings and earnings per share Notes Earnings \u00a3m EPS pence Earnings \u00a3m EPS pence Profit for the period 20.2 4.86 24.2 5.82 Adjust: Amortisation of intangible assets from acquisitions net of tax of \u00a3nil (2021 \u2013 \u00a3nil) 0.2 0.05 \u2013 \u2013 Net restructuring income net of tax of \u00a30.7m (2021 \u2013 \u00a30.2m tax credit) 9 (3.5) (0.84) (4.6) (1.11) Corporate undertakings net of tax of \u00a30.5m (2021 \u2013 \u00a32.9m) 31 1.2 0.29 (18.3) (4.40) Non-cash tax credit 10 \u2013 \u2013 (0.6) (0.14) Adjusted earnings after tax 18.1 4.36 0.7 0.17 Earnings per share \u2013 basic 4.86p 5.82p \u2013 diluted 4.73p 5.73p \u2013 adjusted 4.36p 0.17p \u2013 adjusted and diluted 4.24p 0.17p The denominators used for all basic, diluted and adjusted earnings per share are as detailed in the table above. The presentation of adjusted earnings per share, derived in accordance with the table above, has been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring income, the costs and income associated with corporate undertakings and non-cash tax credit. The Board has adopted a policy to separately disclose those items, where significant in size, that it considers are outside the earnings for the particular year under review and against which the Board measures and assesses the performance of the business. See Note 9 for further details. 12. Earnings per share continued ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-432": {
"value": "13. Goodwill Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Cost At 1 January 308.5 322.9 Corporate undertakings 31 42.0 (15.1) Exchange differences 9.9 0.7 At 31 December 360.4 308.5 Accumulated impairment losses At 1 January 158.3 157.9 Exchange differences 2.4 0.4 At 31 December 160.7 158.3 Carrying amount at 31 December 199.7 150.2 In 2022, goodwill has increased by \u00a349.5m, of which \u00a342.0m relates to the acquisition of Spencer Aerospace (see Note 31), with \u00a37.5m net foreign exchange differences. Goodwill is allocated to the group of CGUs (CGU groups), namely Aerospace and Flexonics, reflecting the lowest level at which management exercises oversight and monitors the Group\u2019s performance. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill. Year ended 2022 \u00a3m Year ended 2021 \u00a3m Aerospace 143.6 98.0 Flexonics 56.1 52.2 Total 199.7 150.2 The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The timing of the annual assessment at 30 September 2022 coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value in use methodology to assess impairment. The key assumptions on which the value in use calculations were based relate to business performance over the next five years, long-term growth rates beyond 2027 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating margins anticipated, the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2022 to 2027 was 8% (2021 \u2013 2021 to 2026 was 9%), reflecting continued market recovery post COVID-19 pandemic. Forecasts used in the cash flow were based on the most recent financial strategy, as approved by Management for the next five years to 2027. These estimates up to 2027, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 83. Cash flows after 2027 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2027. For Aerospace, the long-term market growth rate is 3.7% per annum (2021 \u2013 3.0%), which does not exceed the long-term average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.5% per annum (2021 \u2013 1.4%), which is base on the world long-term forecast GDP growth for advanced economies. The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 10.9% and 13.7% respectively (2021 \u2013 10.7% and 11.8%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing investment appraisals specific to each CGU group. The increase in discount rates is mainly driven by changes in 10-year UK and US government bond yields. Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations: the long-term growth rate assumption was reduced to 1 percentage point and the discount rate was increased by a 1 percentage point. Neither these sensitivities or a reasonable possible change in the cash flows results in the carrying amount of the CGU groups exceeding their recoverable amount. Further to the 30 September 2022 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2022 reporting date. The Board concluded that the market factors considered as at 30 September were largely unchanged and remained relevant for the year end reporting date, with no new triggers identified for impairment. 13. Goodwill continued ",
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"fact-433": {
"value": "14. Other intangible assets Intangible assets from acquisitions Year ended 2022 \u00a3m Computer software and others Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Intangible assets from acquisitions Year ended 2021 \u00a3m Computer software and others Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Cost At 1 January 117.5 22.8 140.3 121.0 23.0 144.0 Additions \u2013 1.8 1.8 \u2013 1.1 1.1 Acquired on acquisition 31.0 \u2013 31.0 \u2013 \u2013 \u2013 Disposals \u2013 (1.2) (1.2) (3.5) (0.6) (4.1) Restructuring impairment and disposal \u2013 (0.4) (0.4) \u2013 (0.6) (0.6) Reclassification \u2013 0.6 0.6 \u2013 \u2013 \u2013 Exchange differences 8.8 1.7 10.5 \u2013 (0.1) ( 0.1) At 31 December 157.3 25.3 182.6 117.5 22.8 140.3 Amortisation At 1 January 117.5 18.6 136.1 121.0 18.2 139.2 Charge for the year 0.2 1.5 1.7 \u2013 1.5 1.5 Disposals \u2013 (1.2) (1.2) (3.5) (0.6) (4.1) Restructuring impairment and disposal \u2013 (0.4) (0.4) \u2013 (0.6) (0.6) Exchange differences 8.8 1.4 10.2 \u2013 0.1 0.1 At 31 December 126.5 19.9 146.4 117.5 18.6 136.1 Carrying amount at 31 December 30.8 5.4 36.2 \u2013 4.2 4.2 The carrying amount of intangible assets from acquisitions as at 31 December 2022 relates to the acquistion of Spencer Aerospace and consists of \u00a323.8m relating to Qualified parts list, \u00a36.5m relating to Customer relationships and \u00a30.5m relating to Order backlog. These are being amortised over periods of 18 years and 1 month, 16 years and 1 month and 1 year and 1 month respectively. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-434": {
"value": "15. Investment in joint venture The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components. The results of the joint venture are accounted for using equity accounting. The Group\u2019s investment of \u00a34.4m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2022 (2021 \u2013 \u00a33.9m). The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics Technologies (Wuhan) Limited for the years ended 31 December 2022 and December 2021. 2022 \u00a3m 2021 \u00a3m Revenue 7.0 6.6 Expenses (6.2) (6.1) Profit 0.8 0.5 Total assets 11.5 10.0 Total liabilities (2.6) (2.0) Net assets 8.9 8.0 Group's share of profit 0.4 0.2 Group's share of net assets 4.4 3.9 ",
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"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "16. Property, plant and equipment Freehold land and buildings Year ended 2022 \u00a3m Leasehold building improve- ments Year ended 2022 \u00a3m Plant and equipment Year ended 2022 \u00a3m Right-of- use Land and Buildings Year ended 2022 \u00a3m Right-of- use Plant and equipment Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Freehold land and buildings Year ended 2021 \u00a3m Leasehold building improve- ments Year ended 2021 \u00a3m Plant and equipment Year ended 2021 \u00a3m Right-of- use Land and Buildings Year ended 2021 \u00a3m Right-of- use Plant and equipment Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Cost or valuation At 1 January 104.6 4.5 518.8 88.2 6.5 722.6 111.7 4.2 536.7 86.1 6.2 744.9 Additions 1.2 0.3 27.2 0.8 1.2 30.7 0.3 0.3 19.6 0.9 1.1 22.2 Acquired on acquisition \u2013 \u2013 1.1 2.6 2 .1 5.8 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Lease Modifications \u2013 \u2013 \u2013 2.7 (0.5) 2.2 \u2013 \u2013 \u2013 3.7 (0.2) 3.5 Exchange differences 9.4 0.5 46.2 6.3 0.5 62.9 (1.1) \u2013 (5.0) (0.5) \u2013 (6.6) Disposed on disposal activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3.1) \u2013 (16.6) \u2013 \u2013 (19.7) Disposals (0.3) \u2013 (11.2) (1.5) (0.5) (13.5) (0.1) \u2013 (11.0 ) (0.4) (0.2) (11.7) Reclassification \u2013 3.0 (6.7) \u2013 \u2013 (3.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Restructuring impairment and disposal (1.9) \u2013 (5.2) \u2013 \u2013 (7.1) (3.1) \u2013 (4.9) (1.6) (0.4) (10.0) At 31 December 113.0 8.3 570.2 9 9.1 9.3 799.9 104.6 4.5 518.8 88.2 6.5 722.6 Accumulated depreciation and impairment At 1 January 36.3 3.5 360.9 23.6 3.7 428.0 35.8 3.2 355.6 16.8 3.0 414.4 Charge for the year 2.6 0.3 34.9 8.7 1.6 48.1 2.5 0.3 34.0 8 .1 1.4 46.3 Lease Modifications \u2013 \u2013 \u2013 0.3 (0.4) (0.1) \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) Exchange differences 3.9 0.5 32.2 1.8 0.3 38.7 (0.3) \u2013 (2.3) (0.1) \u2013 (2.7) Eliminated on disposal activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.9) \u2013 (11.3) \u2013 \u2013 (12.2) Eliminated on disposals (0.3) \u2013 (10.8) (1.5) (0.5) (13.1) (0.1) \u2013 (10.8) (0.4) (0.2) (11.5) Reclassification \u2013 1.1 (4.2) \u2013 \u2013 (3.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Restructuring impairment and disposal (1.9) \u2013 (3.9) \u2013 \u2013 (5.8) (0.7) \u2013 (4.3) (0.8) (0.4) (6.2) At 31 December 40.6 5.4 40 9.1 32.9 4.7 492.7 36.3 3.5 360.9 23.6 3.7 428.0 Carrying amount at 31 December 72.4 2.9 161.1 66.2 4.6 307.2 68.3 1.0 157.9 64.6 2.8 294.6 As part of the restructuring programme (see Note 9), \u00a31.3m (2021 \u2013 \u00a33.8m) of property, plant and equipment has been impaired in 2022, of which \u00a31.3m relates to Aerospace and \u00a3nil relates to Flexonics. The recoverable amount of the assets was determined based on value-in-use for assets with confirmed orders, or fair value less costs to sell, where assets are to be disposed. At 31 December 2022, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a31.9m (2021 \u2013 \u00a33.4m). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-436": {
"value": "17. Inventories Year ended 2022 \u00a3m Year ended 2021 \u00a3m Raw materials 77.5 56.5 Work-in-progress 80.6 60.1 Finished goods 36.2 28.6 Total 194.3 145.2 Inventory releases in 2022 were \u00a31.9m (2021 \u2013 write-down of \u00a32.5m), after releases of \u00a32.7m (2021 \u2013 \u00a31.5m) relating to restructuring (see Note 9). ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-437": {
"value": "18. Trade and other receivables Trade and other receivables at 31 December comprise the following: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Non-current assets Foreign exchange contracts 0.3 \u2013 Other receivables 0.1 0.1 0.4 0.1 Current assets Trade receivables 110.6 85.2 Value added tax 2.9 1.9 Foreign exchange contracts 2.4 0.8 Prepayments 10.7 10.0 Other receivables 0.1 0.1 126.7 98.0 Total trade and other receivables 127.1 9 8.1 Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 55 days (2021 \u2013 52 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a33.3m (2021 \u2013 \u00a32.0m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2022, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a38.3m (2021 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss Year ended 2022 \u00a3m Year ended 2021 \u00a3m Movements in loss allowance: At 1 January 2.0 1.6 Provision for impairment 1.5 0.6 Amounts written off as uncollectible (0.2) (0.2) Amounts recovered (0.2) \u2013 Exchange differences 0.2 \u2013 At 31 December 3.3 2.0 Ageing analysis of past due, net of loss allowance: Up to 30 days past due 10.4 9.3 31 to 60 days past due 3.0 3.2 61 to 90 days past due 1.5 0.9 91 to 180 days past due 1.9 1.6 Total past due, net of loss allowance 16.8 15.0 Not past due 93.8 70.2 Total current trade receivables 110.6 85.2 There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. 18. Trade and other receivables continued ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-472": {
"value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 55 days (2021 \u2013 52 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a33.3m (2021 \u2013 \u00a32.0m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2022, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a38.3m (2021 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2022 were \u00a324.9m (2021 \u2013 \u00a316.8m). The net impact of reverse factoring on 2022 was a cash inflow in working capital of \u00a36.2m (2021 \u2013 \u00a30.9m outflow) and the discount interest presented within other finance costs is a charge of \u00a30.6m in 2022 (2021 \u2013 \u00a30.2m). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-438": {
"value": "19. Bank overdrafts and loans Year ended 2022 \u00a3m Year ended 2021 \u00a3m Bank overdrafts 0.5 \u2013 Bank loans 17.4 (0.5) Other loans 125.8 131.5 143.7 131.0 The borrowings are repayable as follows: On demand or within one year 0.5 14.8 In the second year \u2013 \u2013 In the third to fifth years inclusive 118.5 70.7 After five years 24.7 45.5 143.7 131.0 Less: amount due for settlement within 12 months (shown under current liabilities) (0.5) (14.8) Amount due for settlement after 12 months 143.2 116 . 2 At 31 December 2022, bank loans of \u00a318.6m are drawn and there are \u00a31.2m of capitalised revolving credit facility transaction costs. At 31 December 2021, bank loans were undrawn, and there were \u00a30.5m of capitalised revolving credit facility transaction costs. Analysis of borrowings by currency 31 December 2022 Total \u00a3m Pound Sterling \u00a3m Euros \u00a3m US Dollars \u00a3m Bank overdrafts 0.5 \u2013 0.5 \u2013 Bank loans 17.4 (1.2) \u2013 18.6 Other loans 125.8 26.9 24.7 74.2 143.7 25.7 25.2 92.8 31 December 2021 Total \u00a3m Pound Sterling \u00a3m Euros \u00a3m US Dollars \u00a3m Bank overdrafts \u2013 \u2013 \u2013 \u2013 Bank loans (0.5) (0.5) \u2013 \u2013 Other loans 131.5 26.9 23.4 81.2 131.0 26.4 23.4 81.2 The weighted average interest rates paid were as follows: Year ended 2022 % Year ended 2021 % Bank loans and overdrafts 3.64 1.51 Other loans 3.07 3.10 Bank loans and overdrafts of \u00a319.1m (2021 \u2013 \u00a3nil) are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. Other borrowings are mainly arranged at fixed interest rates and expose the Group to fair value interest rate risk. No interest rate swaps were taken out in 2021 or 2022. The Directors estimate the fair value of the Group\u2019s borrowings to be as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Bank loans and overdrafts 17.9 (0.5) Other loans 116.3 133.8 134.2 133.3 The fair value of Other loans has been determined by applying a make-whole calculation using the prevailing treasury bill yields plus the applicable credit spread for the Group (level 2 of the fair value hierarchy as defined in Note 20). The other principal features of the Group\u2019s borrowings are as follows: Bank overdrafts are repayable on demand. The effective interest rates on bank overdrafts and loans are determined based on SONIA, SOFR and appropriate LIBOR rates plus applicable margins. The Group\u2019s main loans are unsecured guaranteed loan notes in the US private placement market and revolving credit facilities. a) Loan notes of \u20ac28m, 2022 \u00a324.8m (2021 \u2013 \u00a323.5m) were taken out in January 2017, carry interest at the rate of 1.51% and mature on 1 February 2027. b) Loan notes of $20m, 2022 \u00a3nil (2021 \u2013 \u00a314.8m) were taken out in October 2015 and were repaid in October 2022. The loan notes carried interest at the rate of 3.42% per annum. c) Loan notes of $60m, 2022 \u00a349.6m (2021 \u2013 \u00a344.5m) were taken out in October 2015 and are due for repayment in October 2025. The loan notes carry interest at the rate of 3.75% per annum. d) Loan notes of \u00a327m were drawn down in January 2018, carry interest at a rate of 2.35% and are due for repayment in January 2025. e) Loan notes of $30m, 2022 \u00a324.8m (2021 \u2013 \u00a322.2m) were taken out in September 2018, carry interest at the rate of 4.18% and are due for repayment in September 2028. Transaction costs of \u00a30.4m, directly attributable to the GBP notes (\u00a30.1m), the Euro notes (\u00a30.1m) and the US Dollar notes (\u00a30.2m), have been deducted from their carrying value. The Group also has two revolving credit facilities. 19. Bank overdrafts and loans continued A committed multi-currency revolving credit facility in the UK of \u00a3115m (2021 \u2013 \u00a3120m) was amended and extended in November 2022 and matures in November 2026. At 31 December 2022, a loan of $20m (\u00a316.5m) with reference to USD LIBOR was outstanding under the \u00a3115m facility. At 31 December 2021, \u00a3nil was drawn under the \u00a3120m facility. The refinancing of the Group\u2019s main UK revolving credit facility demonstrates the strong ESG commitments made by Senior and its lenders in agreeing appropriate sustainability linked Key Performance Indicators (\u201cKPIs\u201d). The first testing period on these KPIs is not until the year ended 31 December 2023, which could have a small impact on the UK RCF interest margin. A committed $50m single bank (\u00a341.3m) loans and letter of credit facility was extended in June 2022 and matures in June 2025. There were $2.6m (\u00a32.1m) loans with reference to Term SOFR which are drawn under the facility on 31 December 2022 and $nil (\u00a3nil) loans drawn on 31 December 2021 and there were letters of outstanding credit of $3.1m (\u00a32.6m) (2021 \u2013 \u00a31.1m). As at 31 December 2022, the Group had available \u00a3135.1m (2021 \u2013 \u00a3155.9m) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The weighted average maturity of the Group\u2019s committed facilities at 31 December is 3.5 years (2021 \u2013 3.0 years). 19. Bank overdrafts and loans continued ",
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"fact-439": {
"value": "20. Financial instruments Capital risk management The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 32c. Lease liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet. The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the end of 2022 was 22% (2021 \u2013 19%). All of the Group\u2019s external borrowing facilities at 31 December 2022 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with EBITDA definition). The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2022, the Group\u2019s net debt to EBITDA was 1.47x (31 December 2021 \u2013 1.87x) and interest cover was 9.4x (31 December 2021 \u2013 7.3x), both comfortably within the covenants limits. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 83% of its revenue from businesses outside the United Kingdom, with 59% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2022 Group adjusted operating profit by \u00a34.3m (\u00a32.6m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a331.1m (\u00a318.9m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2022 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would have decreased (or increased) equity by \u00a35.3m, \u00a32.0m and \u00a31.3m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year end 2022, the percentage of debt at fixed interest was 87% (2021 \u2013 100%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2022 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.1m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.8m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2022 were \u00a324.9m (2021 \u2013 \u00a316.8m). The net impact of reverse factoring on 2022 was a cash inflow in working capital of \u00a36.2m (2021 \u2013 \u00a30.9m outflow) and the discount interest presented within other finance costs is a charge of \u00a30.6m in 2022 (2021 \u2013 \u00a30.2m). Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 78 to 81, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future. 20. Financial instruments continued Categories of financial instruments Year ended 2022 \u00a3m Year ended 2021 \u00a3m Carrying value of financial assets: Cash and cash equivalents 43.2 51.1 Trade receivables 110.6 85.2 Other receivables 0.2 0.2 Financial assets at amortised cost 154.0 136.5 Foreign exchange contracts \u2013 cash flow hedges 2.5 0.7 Foreign exchange contracts \u2013 held for trading 0.2 0.1 Total financial assets 156.7 137. 3 Carrying value of financial liabilities: Bank overdrafts and loans 143.7 131.0 Lease liabilities 78.4 73.2 Trade payables 103.4 68.3 Deferred consideration 23.4 \u2013 Other payables 65.1 54.6 Financial liabilities at amortised cost 414.0 327.1 Contingent Consideration - fair value through profit or loss 28.9 \u2013 Foreign exchange contracts \u2013 cash flow hedges 8.5 3.6 Foreign exchange contracts \u2013 held for trading 0.1 \u2013 Total financial liabilities 451.5 330.7 Undiscounted contractual maturity of financial liabilities at amortised cost: Amounts payable: On demand or within one year 228.9 152.3 In the second to fifth years inclusive 149.1 118.8 After five years 81.5 108.7 459.5 379.8 Less: future finance charges (45.5) (52.7) Financial liabilities at amortised cost 414.0 327.1 The contingent consideration which is potentially payable in more than one year but less than five years has a gross value at 31 December 2022 of $40m (\u00a333.1m) and a discounted value of $35m (\u00a328.9m). There was no contingent consideration payable as at 31 December 2021. The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. 20. Financial instruments continued Forward foreign exchange contracts The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities in foreign currencies in accordance with the Group\u2019s accounting policy as set out in Note 2. At the Balance Sheet date, total notional amounts and fair values of outstanding forward foreign exchange contracts that the Group have committed are given below: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Notional amounts: Foreign exchange contracts \u2013 cash flow hedges 159.4 128.9 Foreign exchange contracts \u2013 held for trading 0.5 4.1 Total 159.9 133.0 Less: amounts maturing within 12 months (99.4) (79.1) Amounts maturing after 12 months 60.5 53.9 Contractual maturity: Cash flow hedges balances due within one year: Outflow (101.5) (76.8) Inflow 99.9 75.2 Cash flow hedges balances due between one and two years: Outflow (22.9) (22.4) Inflow 22.0 22.0 Cash flow hedges balances due between two and five years: Outflow (42.5) (32.1) Inflow 38.6 32.1 Held for trading balances due within one year: Outflow (0.5) (4.0) Inflow 0.5 4.1 Fair values: Foreign exchange contracts \u2013 cash flow hedges (6.0) (2.9) Foreign exchange contracts \u2013 held for trading 0.1 0.1 Total liability (5.9) (2.8) These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a32.7m (2021 \u2013 \u00a30.8m) assets included in trade and other receivables and \u00a38.6m (2021 \u2013 \u00a33.6m) liabilities included in trade and other payables. The fair value of currency derivatives that are designated and effective as cash flow hedges amounting to \u00a34.9m loss (2021 \u2013 \u00a32.6m loss) has been deferred in equity. Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates. 20. Financial instruments continued 31 December 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Foreign exchange contracts \u2013 cash flow hedges \u2013 2.5 \u2013 2.5 Foreign exchange contracts \u2013 held for trading \u2013 0.2 \u2013 0.2 Total assets \u2013 2.7 \u2013 2.7 Liabilities Contingent Consideration \u2013 fair value through profit or loss \u2013 \u2013 28.9 28.9 Foreign exchange contracts \u2013 cash flow hedges \u2013 8.5 \u2013 8.5 Foreign exchange contracts \u2013 held for trading \u2013 0.1 \u2013 0.1 Total liabilities \u2013 8.6 28.9 37.5 31 December 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Foreign exchange contracts \u2013 cash flow hedges \u2013 0.7 \u2013 0.7 Foreign exchange contracts \u2013 held for trading \u2013 0.1 \u2013 0.1 Total assets \u2013 0.8 \u2013 0.8 Liabilities Contingent Consideration \u2013 fair value through profit or loss \u2013 \u2013 \u2013 Foreign exchange contracts \u2013 cash flow hedges \u2013 3.6 \u2013 3.6 Foreign exchange contracts \u2013 held for trading \u2013 \u2013 \u2013 \u2013 Total liabilities \u2013 3.6 \u2013 3.6 An amount of \u00a30.8m loss (2021 \u2013 \u00a30.1m gain) has been transferred to the Consolidated Income Statement, and is included within operating profit. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss, which is generally within 12 months from the Balance Sheet date. In 2021 and 2022 some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2021 and 31 December 2022 were presented in the balance sheet as held for trading assets. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows. 20. Financial instruments continued ",
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"value": "Capital risk management The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 32c. Lease liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet. The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the end of 2022 was 22% (2021 \u2013 19%). All of the Group\u2019s external borrowing facilities at 31 December 2022 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with EBITDA definition). The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2022, the Group\u2019s net debt to EBITDA was 1.47x (31 December 2021 \u2013 1.87x) and interest cover was 9.4x (31 December 2021 \u2013 7.3x), both comfortably within the covenants limits. ",
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"fact-463": {
"value": "Financial risk management The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. ",
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"fact-464": {
"value": "Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 83% of its revenue from businesses outside the United Kingdom, with 59% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2022 Group adjusted operating profit by \u00a34.3m (\u00a32.6m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a331.1m (\u00a318.9m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2022 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would have decreased (or increased) equity by \u00a35.3m, \u00a32.0m and \u00a31.3m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year end 2022, the percentage of debt at fixed interest was 87% (2021 \u2013 100%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2022 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.1m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.8m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. 28. Hedging and translation reserves Hedging reserve Year ended 2022 \u00a3m Translation reserve Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Hedging reserve Year ended 2021 \u00a3m Translation reserve Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Balance at 1 January (37. 2) 65.8 28.6 (37.2) 75.1 37.9 Exchange differences on translation of overseas operations \u2013 24.5 24.5 \u2013 (3.8) (3.8) Foreign exchange losses/(gains) recycled to the Income Statement on disposal \u2013 \u2013 \u2013 2.6 (5.5) (2.9) Change in fair value of hedging derivatives (2.3) \u2013 (2.3) (3.4) \u2013 (3.4) Tax on foreign exchange contracts \u2013 cash flow hedges 0.7 \u2013 0.7 0.8 \u2013 0.8 Balance at 31 December (38.8) 90.3 51.5 (37.2) 65.8 28.6 Hedging Reserve At 31 December 2022, the hedging reserve comprises net investment hedging losses of \u00a335.2m (2021 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge losses of \u00a34.9m (2021 \u2013 \u00a32.6m) and related tax gains of \u00a31.3m (2021 \u2013 \u00a30.6m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges: Derivatives at fair value through Hedging Reserve Year ended 2022 \u00a3m Derivatives at fair value through Income Statement Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Derivatives at fair value through Hedging Reserve Year ended 2021 \u00a3m Derivatives at fair value through Income Statement Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Balance at 1 January (2.6) (0.2) (2.8) 0.8 (0.3) 0.5 Fair value movement recognised in Hedging reserve (4.5) \u2013 (4.5) (2.1) \u2013 (2.1) Fair value movement recognised in Income Statement \u2013 1.4 1.4 \u2013 (1.2) (1.2) Fair value movement recognised in Hedging reserve and Income Statement 2.2 (2.2) \u2013 (1.3) 1.3 \u2013 Balance at 31 December (4.9) (1.0) (5.9) (2.6) (0.2) (2.8) The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of Hedging The group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships . ",
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"fact-465": {
"value": "Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2022 were \u00a324.9m (2021 \u2013 \u00a316.8m). The net impact of reverse factoring on 2022 was a cash inflow in working capital of \u00a36.2m (2021 \u2013 \u00a30.9m outflow) and the discount interest presented within other finance costs is a charge of \u00a30.6m in 2022 (2021 \u2013 \u00a30.2m). ",
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"fact-466": {
"value": "Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 78 to 81, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future. Categories of financial instruments Year ended 2022 \u00a3m Year ended 2021 \u00a3m Carrying value of financial assets: Cash and cash equivalents 43.2 51.1 Trade receivables 110.6 85.2 Other receivables 0.2 0.2 Financial assets at amortised cost 154.0 136.5 Foreign exchange contracts \u2013 cash flow hedges 2.5 0.7 Foreign exchange contracts \u2013 held for trading 0.2 0.1 Total financial assets 156.7 137. 3 Carrying value of financial liabilities: Bank overdrafts and loans 143.7 131.0 Lease liabilities 78.4 73.2 Trade payables 103.4 68.3 Deferred consideration 23.4 \u2013 Other payables 65.1 54.6 Financial liabilities at amortised cost 414.0 327.1 Contingent Consideration - fair value through profit or loss 28.9 \u2013 Foreign exchange contracts \u2013 cash flow hedges 8.5 3.6 Foreign exchange contracts \u2013 held for trading 0.1 \u2013 Total financial liabilities 451.5 330.7 Undiscounted contractual maturity of financial liabilities at amortised cost: Amounts payable: On demand or within one year 228.9 152.3 In the second to fifth years inclusive 149.1 118.8 After five years 81.5 108.7 459.5 379.8 Less: future finance charges (45.5) (52.7) Financial liabilities at amortised cost 414.0 327.1 The contingent consideration which is potentially payable in more than one year but less than five years has a gross value at 31 December 2022 of $40m (\u00a333.1m) and a discounted value of $35m (\u00a328.9m). There was no contingent consideration payable as at 31 December 2021. The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. ",
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"fact-467": {
"value": "Forward foreign exchange contracts The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities in foreign currencies in accordance with the Group\u2019s accounting policy as set out in Note 2. At the Balance Sheet date, total notional amounts and fair values of outstanding forward foreign exchange contracts that the Group have committed are given below: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Notional amounts: Foreign exchange contracts \u2013 cash flow hedges 159.4 128.9 Foreign exchange contracts \u2013 held for trading 0.5 4.1 Total 159.9 133.0 Less: amounts maturing within 12 months (99.4) (79.1) Amounts maturing after 12 months 60.5 53.9 Contractual maturity: Cash flow hedges balances due within one year: Outflow (101.5) (76.8) Inflow 99.9 75.2 Cash flow hedges balances due between one and two years: Outflow (22.9) (22.4) Inflow 22.0 22.0 Cash flow hedges balances due between two and five years: Outflow (42.5) (32.1) Inflow 38.6 32.1 Held for trading balances due within one year: Outflow (0.5) (4.0) Inflow 0.5 4.1 Fair values: Foreign exchange contracts \u2013 cash flow hedges (6.0) (2.9) Foreign exchange contracts \u2013 held for trading 0.1 0.1 Total liability (5.9) (2.8) These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a32.7m (2021 \u2013 \u00a30.8m) assets included in trade and other receivables and \u00a38.6m (2021 \u2013 \u00a33.6m) liabilities included in trade and other payables. The fair value of currency derivatives that are designated and effective as cash flow hedges amounting to \u00a34.9m loss (2021 \u2013 \u00a32.6m loss) has been deferred in equity. ",
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},
"fact-468": {
"value": "Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates. 31 December 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Foreign exchange contracts \u2013 cash flow hedges \u2013 2.5 \u2013 2.5 Foreign exchange contracts \u2013 held for trading \u2013 0.2 \u2013 0.2 Total assets \u2013 2.7 \u2013 2.7 Liabilities Contingent Consideration \u2013 fair value through profit or loss \u2013 \u2013 28.9 28.9 Foreign exchange contracts \u2013 cash flow hedges \u2013 8.5 \u2013 8.5 Foreign exchange contracts \u2013 held for trading \u2013 0.1 \u2013 0.1 Total liabilities \u2013 8.6 28.9 37.5 31 December 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Foreign exchange contracts \u2013 cash flow hedges \u2013 0.7 \u2013 0.7 Foreign exchange contracts \u2013 held for trading \u2013 0.1 \u2013 0.1 Total assets \u2013 0.8 \u2013 0.8 Liabilities Contingent Consideration \u2013 fair value through profit or loss \u2013 \u2013 \u2013 Foreign exchange contracts \u2013 cash flow hedges \u2013 3.6 \u2013 3.6 Foreign exchange contracts \u2013 held for trading \u2013 \u2013 \u2013 \u2013 Total liabilities \u2013 3.6 \u2013 3.6 An amount of \u00a30.8m loss (2021 \u2013 \u00a30.1m gain) has been transferred to the Consolidated Income Statement, and is included within operating profit. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss, which is generally within 12 months from the Balance Sheet date. In 2021 and 2022 some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2021 and 31 December 2022 were presented in the balance sheet as held for trading assets. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "21. Tax balance sheet Current tax The current tax receivable of \u00a32.1m (2021 \u2013 \u00a32.6m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a317.7m (2021 \u2013 \u00a314.6m) includes \u00a31.5m (2021 \u2013 \u00a31.3m) tax due on profits of the current and prior years as well as \u00a316.2m (2021 \u2013 \u00a316.7m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. Amounts receivable of \u00a32.8m (2021 \u2013 \u00a33.4m) that are considered to have a right of offset against provisions for tax uncertainties are also included within the current tax liability. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. The range of reasonably possible outcomes considered by the Board could increase those tax liabilities by \u00a310.4m (2021 \u2013 \u00a38.6m). These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period: Accelerated tax depreciation \u00a3m Unrealised FX gains \u00a3m Goodwill and intangible amortisation \u00a3m Retirement benefits \u00a3m R&D tax credits \u00a3m Tax losses \u00a3m Other temporary differences \u00a3m Total \u00a3m At 1 January 2021 (16.7) (0.7) (7.5) (6.4) 6.0 3.4 21.1 (0.8) (Charge)/credit to Consolidated Income Statement 3.4 0.3 2.0 (2.8) (0.3) 1.4 (2.5) 1.5 (Charge)/credit to other comprehensive income (0.1) 0.8 \u2013 (6.4) \u2013 \u2013 0.1 (5.6) (Charge)/credit direct to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 0.1 Exchange differences 0.2 \u2013 (0.1) \u2013 0.1 (0.2) \u2013 \u2013 At 1 January 2022 (13.2) 0.4 (5.6) (15.6) 5.8 4.6 18.8 (4.8) (Charge)/credit to Consolidated Income Statement (2.6) \u2013 (1.4) (0.6) (3.1) 0.3 11.5 4.1 (Charge)/credit to other comprehensive income \u2013 0.7 \u2013 5.7 \u2013 \u2013 \u2013 6.4 (Charge)/credit direct to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Exchange differences (1.7) \u2013 (0.7) 0.3 \u2013 (0.7) 3.3 0.5 Asset/(liability) at 31 December 2022 (17.5) 1.1 (7.7) (10.2) 2.7 4.2 33.6 6.2 Other temporary differences include assets in the US of \u00a315.6m (2021 \u2013 \u00a313.6m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a32.3m (2021 \u2013 \u00a3nil) and R&D expenditure expected to be deductible in future periods of \u00a34.8m (2021 \u2013 \u00a3nil). Also included are assets held in respect of IFRS16 of \u00a31.9m (2021 \u2013 \u00a31.5m) and share based compensation of \u00a31.9m (2021 \u2013 \u00a31.1m). The deferred tax liability in respect of Retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a312.9m (2021 \u2013 \u00a318.0m), net of deferred tax assets on other schemes. UK deferred tax assets and liabilities at the Balance Sheet date have been stated at the future rate of UK corporation tax of 25% at which assets are expected to be realised or liabilities settled. This has resulted in an overall increase in the net deferred tax liability at 31 December 2022 of \u00a30.9m with a current year charge of \u00a30.2m in the Income Statement, \u00a31.4m credit through Other Comprehenisive Income and a \u00a32.1m charge recognised in the opening balance at 1 January 2022. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Deferred tax assets 10.9 5.7 Deferred tax liabilities (4.7) (10.5) 6.2 (4.8) Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.2m (2021 \u2013 \u00a34.6m), including \u00a33.1m (2021 \u2013 \u00a33.2m) recognised against deferred tax liabilities and \u00a31.1m (2021 \u2013 \u00a31.4m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2027 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a324.0m (2021 \u2013 \u00a323.6m) of losses have not been recognised. Included in unrecognised tax losses are losses of \u00a312.2m (2021 \u2013 \u00a313.8m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. Also, at the Balance Sheet date, a deferred tax liability of \u00a30.2m (2021 \u2013 \u00a30.2m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a335.1m (2021 \u2013 \u00a334.5m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. At the Balance Sheet date, the Group had \u00a35.0m (2021 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2021 \u2013 \u00a318.0m) of unused capital losses. 21. Tax balance sheet continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "22. Lease liabilities When measuring lease liabilities, the Group discounts lease payments using incremental borrowing rates, determined on a lease portfolio basis. Undiscounted contractual maturity of lease liabilities: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Amounts payable: On demand or within one year 12.9 10.8 In the second to fifth years inclusive 38.1 35.6 After five years 55.7 60.9 106.7 107.3 Less: future finance charges (28.3) ( 3 4.1) Lease liabilities 78.4 73.2 Amounts recognised in the Consolidated Income Statement: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Interest on lease liabilities 2.5 2.6 Income from sub-leasing right-of-use assets (0.1) (0.1) Expenses relating to short-term leases 0.1 0.1 Expenses relating to low value leases \u2013 \u2013 2.5 2.6 Amounts recognised in the Consolidated Cash Flow Statement Year ended 2022 \u00a3m Year ended 2021 \u00a3m Cash outflow for Leases (including interest) 11.6 11.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "23. Trade and other payables Trade and other payables at 31 December comprise the following: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Current liabilities Trade payables 103.4 68.3 Social security and PAYE 4.8 5.7 Value added tax 1.6 1.6 Foreign exchange contracts 3.9 3.6 Accrued expenses 77.5 63.8 Total trade and other payables 191.2 143.0 Foreign exchange contracts of \u00a34.7m (2021 - \u00a3nil) is included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 63 days (2021 \u2013 56 days). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "24. Provisions Warranty \u00a3m Restructuring \u00a3m Legal claims and contractual matters \u00a3m Total \u00a3m At 1 January 2021 6.6 8.9 10.3 25.8 Additional provision in the year 1.3 2.8 2.1 6.2 Utilisation of provision (1.0) (9.8) (3.2) (14.0) Release of unused amounts (0.1) (0.3) (1.3) (1.7) Exchange differences 0.1 (0.3) (0.1) (0.3) At 1 January 2022 6.9 1.3 7.8 16.0 Additional provision in the year 3.7 1.2 6.2 11.1 Utilisation of provision (0.1) (2.3) (2.5) (4.9) Release of unused amounts (0.3) \u2013 (3.3) (3.6) Exchange differences 0.6 \u2013 0.4 1.0 At 31 December 2022 10.8 0.2 8.6 19.6 Included in current liabilities 8.1 0.2 8.4 16.7 Warranty Provisions for warranty costs are based on an assessment of future claims with reference to past experience. \u00a38.1m of costs are expected to settle within the next 12 months. Restructuring The Group continued to implement further restructuring in 2022, discussed in further detail in Note 9. The amount recorded is expected to be fully utilised in 2023. Legal claims and contractual matters Provisions at 31 December 2022 comprise \u00a38.6m (2021- \u00a37.8m) relating to contractual matters that have arisen in the ordinary course of business, the settlement of which are subject to ongoing discussions. Management exercises judgment to determine the best estimate of the most likely outcome, having considered each provision separately and the possible range of outcomes. Amounts are recorded for known issues based on past experience of similar items and other known factors and circumstances. As with any judgment there is a high degree of inherent uncertainty, particularly with legal proceedings and claims, and the actual amounts of the settlement could differ from the amount provided. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "25. Share capital Year ended 2022 \u00a3m Year ended 2021 \u00a3m Issued and fully paid: 419.4 million ordinary shares of 10p each 41.9 41.9 No shares were issued during 2022 and 2021. The Company has one class of ordinary shares which carry no right to fixed income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "26. Share premium account Year ended 2022 \u00a3m Year ended 2021 \u00a3m Balance at 1 January 14.8 14.8 Movement in year \u2013 \u2013 Balance at 31 December 14.8 14.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "27. Equity reserve Year ended 2022 \u00a3m Year ended 2021 \u00a3m Balance at 1 January 5.8 5.1 Transfer to retained earnings reserve (3.7) (2.8) Movement in year 4.3 3.5 Balance at 31 December 6.4 5.8 The transfer to retained earnings reserve is in respect of equity-settled share-based payments that vested during the year. The movement in the year of \u00a34.3m (2021 \u2013 \u00a33.5m) is in respect of the share-based payment charge for the year. 29. Retained earnings Year ended 2022 \u00a3m Year ended 2021 \u00a3m Balance at 1 January 343.2 305.1 Dividends paid (1.2) \u2013 Profit for the year 20.2 24.2 Pension actuarial (loss)/gain (23.1) 19.7 Transfer from equity reserve 3.7 2.8 Transfer from own share reserve (2.0) (2.3) Tax on deductible temporary differences 5.7 (6.3) Balance at 31 December 346.5 343.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "28. Hedging and translation reserves Hedging reserve Year ended 2022 \u00a3m Translation reserve Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Hedging reserve Year ended 2021 \u00a3m Translation reserve Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Balance at 1 January (37. 2) 65.8 28.6 (37.2) 75.1 37.9 Exchange differences on translation of overseas operations \u2013 24.5 24.5 \u2013 (3.8) (3.8) Foreign exchange losses/(gains) recycled to the Income Statement on disposal \u2013 \u2013 \u2013 2.6 (5.5) (2.9) Change in fair value of hedging derivatives (2.3) \u2013 (2.3) (3.4) \u2013 (3.4) Tax on foreign exchange contracts \u2013 cash flow hedges 0.7 \u2013 0.7 0.8 \u2013 0.8 Balance at 31 December (38.8) 90.3 51.5 (37.2) 65.8 28.6 Hedging Reserve At 31 December 2022, the hedging reserve comprises net investment hedging losses of \u00a335.2m (2021 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge losses of \u00a34.9m (2021 \u2013 \u00a32.6m) and related tax gains of \u00a31.3m (2021 \u2013 \u00a30.6m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges: Derivatives at fair value through Hedging Reserve Year ended 2022 \u00a3m Derivatives at fair value through Income Statement Year ended 2022 \u00a3m Total Year ended 2022 \u00a3m Derivatives at fair value through Hedging Reserve Year ended 2021 \u00a3m Derivatives at fair value through Income Statement Year ended 2021 \u00a3m Total Year ended 2021 \u00a3m Balance at 1 January (2.6) (0.2) (2.8) 0.8 (0.3) 0.5 Fair value movement recognised in Hedging reserve (4.5) \u2013 (4.5) (2.1) \u2013 (2.1) Fair value movement recognised in Income Statement \u2013 1.4 1.4 \u2013 (1.2) (1.2) Fair value movement recognised in Hedging reserve and Income Statement 2.2 (2.2) \u2013 (1.3) 1.3 \u2013 Balance at 31 December (4.9) (1.0) (5.9) (2.6) (0.2) (2.8) The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of Hedging The group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "30. Own shares Year ended 2022 \u00a3m Year ended 2021 \u00a3m Balance at 1 January (9.2) (11.5) Transfer to retained earnings reserve 2.0 2.3 Purchase of new shares (4.5) \u2013 Balance at 31 December (11.7) (9.2) The own shares reserve represents the cost of shares purchased in the market and held by the Senior plc Employee Benefit Trust to satisfy options under the Group\u2019s share option schemes (see Note 33). At 31 December 2022, the number of own shares held by the Senior Plc Employee Benefit Trust is 5,716,834 (2021 \u2013 3,463,455). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "31. Acquisition and disposal activities Acquisition of Spencer Aerospace Manufacturing, LLC On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, a leading manufacturer of highly engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications, located in Valencia, California, USA. This acquisition enhances Senior\u2019s industry leading fluid conveyance capabilities and is an important step in our strategy to optimise our portfolio and maximise value for shareholders. The initial consideration was $30m (\u00a324.8m) paid in cash at completion, with a net working capital adjustment of $0.2m (\u00a30.2m), of which $0.6m (\u00a30.5m) was paid in cash initially and $0.4m (\u00a30.3m) cash adjustment was received in January 2023. A further $30m (\u00a324.8m) is to be paid 12 months after completion. Additionally, there is contingent consideration of $40m (\u00a333.1m) potentially payable, in milestone amounts, dependent on the financial performance of Spencer Aerospace during the period between completion and 31 December 2026. The most likely range of this contingent element is estimated between $30m and $40m. The amortised cost of deferred consideration is \u00a323.2m and the fair value of contingent consideration is \u00a328.7m at the acquisition date. The fair value of contingent consideration assumes expanding the relationship with Spencer\u2019s established customers and leveraging Senior\u2019s strong relationships with OEMs, Tier 1 integrators, and aftermarket customers around the world to exploit opportunities for Spencer Aerospace. The acquisition was funded using the Group\u2019s existing borrowing facilities. Set out below is a summary of the fair value of identified assets acquired and liabilities assumed: \u00a3m Identifiable intangible assets 31.0 Property, plant and equipment 5.8 Inventories 2.2 Financial assets, excluding cash and cash equivalents 1.7 Cash and cash equivalents \u2013 Lease liabilities (4.7) Other Financial liabilities (1.1) Net Assets Acquired 34.9 Goodwill 42.0 Total Consideration 76.9 Consideration satisfied by: Cash paid 25.3 Working capital adjustment receivable (0.3) Deferred and Contingent consideration payable 51.9 Total Consideration 76.9 Net cash outflow arising on acquisition: Cash consideration 25.3 Less: Cash and cash equivalents acquired \u2013 Net cash outflow arising on acquisition 25.3 The goodwill of \u00a342.0m represents the premium paid in anticipation of future profitability from assets that are not capable of being separately identified and separately recognised such as the assembled workforce as well as the expectation that the Group will be able to leverage its wider market access and strong financial position to generate sustainable financial growth beyond what Spencer would have potentially achieved as a stand-alone company. The strong customer relationships that the Group has with OEMs, Tier 1 integrators, and aftermarket customers around the world, will open new opportunities for Spencer Aerospace. The combined capabilities will provide greater access to developing market opportunities such as hydrogen infrastructure and fluid handling. There are strong synergies with Senior\u2019s existing fluid conveyance businesses, and the combination of expertise will accelerate growth in aerospace and adjacent markets. Goodwill is expected to be fully tax deductible in accordance with US tax rules. The intangible assets acquired as part of the acquisition relate mainly to qualified parts lists and customer relationships, the fair value of which is dependent on estimates of attributable future revenues, profitability and cash flows, and are being amortised over 18 and 16 years (see Note 14). The fair value has also been assigned to the order backlog which are being amortised over 1 year. The financial assets acquired include trade receivables with a fair value of \u00a31.6m and a gross contractual value of \u00a31.6m, all of which is currently expected to be collectible. Acquisition-related costs of \u00a31.2m are included within corporate undertakings in the Group\u2019s Consolidated Income Statement for the 12 months ended 31 December 2022 (See Note 9). From the date of acquisition to 31 December 2022, Spencer contributed \u00a30.7m of external revenue and \u00a3(0.1)m to the Group\u2019s operating profit before amortisation of intangible assets from the acquisition of \u00a30.2m. If the acquisition had been completed on 1 January 2022, Group revenue for the 12 months ended 31 December 2022 would have been \u00a3855.9m and Group operating profit would have been \u00a331.2m. 31. Acquisition and disposal activities continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "Disposal activities On 22nd April 2021, the Group sold its stand alone, build-to-print helicopter structures operating company, Senior Aerospace Connecticut, based in the USA. The decision to sell was based on its primary focus on build-to-print parts for the rotary sector, with proceeds from the sale strengthening the Group\u2019s balance sheet and providing greater flexibility for the Group to operate within its capital deployment framework. For the year ended 31 December 2021, Senior Aerospace Connecticut external revenue was \u00a38.1m and operating profit was \u00a30.8m. A gain of \u00a324.2m arose on disposal after taking fair value of net assets disposed (\u00a328.4m including \u00a315.1m of goodwill, \u00a37.5m property, plant and equipment and \u00a35.8m of working capital), offset by net cash consideration of \u00a349.7m after \u00a31.8m disposal costs, and the previously recorded foreign exchange gain that had been recycled to the Income Statement of \u00a32.9m. In 2021, the Group received \u00a30.2m deferred consideration relating to the disposal of its Aerospace business Senior Aerospace Absolute Manufacturing. ",
"dimensions": {
"concept": "seniorplc:DisclosureOfDisposalActivities",
"language": "en",
"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "32. Notes to the consolidated cash flow statement A) Reconciliation of operating profit to net cash from operating activities Year ended 2022 \u00a3m Year ended 2021 \u00a3m Operating profit 32.5 10.5 Adjustments for: Depreciation of property, plant and equipment 48.1 46.3 Amortisation of intangible assets 1.7 1.5 Profit on sale of fixed assets (0.1) \u2013 Share-based payment charges 4.3 3.5 Pension payments in excess of service cost (1.4) (5.1) Corporate undertaking costs (1.4) (4.8) Share of joint venture (0.4) (0.2) Increase in inventories (34.2) ( 7. 2) Increase in receivables (18.8) (16.1) Increase in payables and provisions 37.5 11.6 Restructuring impairment of property, plant and equipment and software 1.3 3.8 US class action lawsuits \u2013 (2.3) Working capital and provisions currency movements 1.8 (1.1) Cash generated by operations 70.9 40.4 Income taxes paid (3.5) (5.3) Interest paid (9.7) (8.1) Net cash from operating activities 57.7 27.0 B) Free cash flow Free cash flow, a non-statutory item, enhances the reporting of the cash-generating ability of the Group prior to corporate activity such as acquisitions, restructuring, disposal activities, financing and transactions with shareholders. It is used as a performance measure by the Board and Executive Committee and is derived as follows: Notes Year ended 2022 \u00a3m Year ended 2021 \u00a3m Net cash from operating activities 57.7 27.0 Corporate undertaking costs 9 1.4 4.8 Net Restructuring cash (received)/paid (2.1) 0.9 US class action lawsuits 24 \u2013 2.3 Interest received 0.7 0.1 Proceeds on disposal of property, plant and equipment 0.5 0.2 Purchases of property, plant and equipment (28.7) (20.2) Purchase of intangible assets (1.8) (1.1) Free cash flow 27.7 14.0 C) Analysis of net debt Notes At 1 January 2022 \u00a3m Net Cash flow \u00a3m Non Cash \u00a3m Exchange movement \u00a3m Other Lease Movements \u00a3m At 31 December 2022 \u00a3m Cash and bank balances 51.1 (10.8) \u2013 2.9 \u2013 43.2 Overdrafts \u2013 (0.5) \u2013 \u2013 \u2013 (0.5) Cash and cash equivalents 51.1 (11.3) \u2013 2.9 \u2013 42.7 Debt due within one year (14.8) 17. 2 \u2013 (2.4) \u2013 \u2013 Debt due after one year (116.2) (17.6) \u2013 (9.4) \u2013 (143.2) Lease liabilities (1) 22 (73.2) 9.1 \u2013 (5.3) (9.0) (78.4) Liabilities arising from financing activities (204.2) 8.7 \u2013 (17.1) (9.0) (221.6) Total (15 3.1) (2.6) \u2013 (14.2) (9.0) (178.9) (1) The change in lease liabilities in the year ended 31 December 2022 includes lease rental payments of \u00a311.6m (\u00a32.5m of these payments relates to lease interest), \u00a35.3m exchange movement and \u00a39.0m other movements, which comprise \u00a34.3m related to lease additions and modifications and \u00a34.7m related to lease acquired on acquisition. Following a review of the lease liability disclosures in 2022, the presentation of current and non-current liabilities within the Consolidated Balance Sheet for 31 December 2022 now reflects the timing of the underlying lease payments. Comparative information has not been restated as the adjustment is not deemed material. Notes At 1 January 2021 \u00a3m Net Cash flow \u00a3m Non Cash \u00a3m Exchange movement \u00a3m Other Lease Movements \u00a3m At 31 December 2021 \u00a3m Cash and bank balances 23.6 27.8 \u2013 (0.3) \u2013 51.1 Overdrafts (0.4) 0.4 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 23.2 28.2 \u2013 (0.3) \u2013 51.1 Debt due within one year \u2013 \u2013 (14.5) (0.3) \u2013 (14.8) Debt due after one year (152.6) 21.1 14.5 0.8 \u2013 (116 . 2) Lease liabilities 22 (76.5) 8.4 \u2013 0.5 (5.6) (73.2) Liabilities arising from financing activities (229.1) 29.5 \u2013 1.0 (5.6) (204.2) Total (205.9) 57.7 \u2013 0.7 (5.6) (15 3.1) Other lease movements include lease additions and modifications of \u00a35.6m. 32. Notes to the consolidated cash flow statement continued Year ended 2022 \u00a3m Year ended 2021 \u00a3m Cash and cash equivalents comprise: Cash and bank balances 43.2 51.1 Overdrafts (0.5) \u2013 Total 42.7 51.1 Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value. D) Analysis of working capital and provisions Working capital comprises the following: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Inventories 194.3 145.2 Trade and other receivables 126.7 98.0 Trade and other payables (191.2) (143.0) Working capital, including derivatives 129.8 100.2 Items excluded: Foreign exchange contracts 1.5 2.8 Total 131.3 103.0 Working capital and provisions movement, net of restructuring items, a non-statutory cash flow item, is derived as follows: Year ended 2022 \u00a3m Year ended 2021 \u00a3m Increase in inventories (34.2) ( 7. 2) Increase in receivables (18.8) (16.1) Increase in payables and provisions 37.5 11.6 Working capital and provisions movement, excluding currency effects (15.5) (11.7) Items excluded: Decrease in restructuring related inventory impairment 2.7 1.5 Decrease in net restructuring provision and other receivables 0.7 7.6 Total (12.1) (2.6) 32. Notes to the consolidated cash flow statement continued ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-451": {
"value": "33. Share-based payments
The Group recognised total expenses of \u00a34.6m (2021 \u2013 \u00a33.8m) related to share-based payments, of which \u00a34.3m (2021 \u2013 \u00a33.5m) related to equity-
settled share-based payments, and \u00a30.3m (2021 \u2013 \u00a30.3m) related to social security costs on share-based payments. As at 31 December 2022, the
Group had a liability of \u00a30.6m (2021 \u2013 \u00a30.3m) arising from share-based payments relating to social security costs.
A) 2014 Long-Term Incentive Plan
Equity-settled Long-Term Incentive Plans
On 8 March 2022, 4,307,035 shares were awarded under the 2014 Long-Term Incentive Plan. Awards made under this plan have a three-year vesting
period, and are subject to the following equally weighted performance conditions: adjusted earnings per share (EPS), total shareholder return (TSR),
and for awards granted from 2021, there is also a return on capital employed (ROCE) performance condition. The adjusted EPS and ROCE
performance conditions\u2019 targets are expressed as absolute numbers for the final financial year of the three-year performance period. The threshold
of the TSR performance condition requires the Company\u2019s TSR performance to fall within the top half of a comparator group at the end of the
three-year performance period. Vesting levels increase with higher performance. The awards are settled by delivering shares to the participants.
The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with EPS and ROCE conditions is 121.00p, which
is the share price at the date of grant. The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with TSR
conditions is 81.30p per share reflecting an adjustment of 33% to the fair value of the awards with EPS conditions due to the stringent TSR condition.
The respective fair values for awards made to the Executive Directors is 96.80p and 65.00p reflecting the two year retention period.
These fair values were calculated by applying a binomial option pricing model. This model incorporates a technique called \u201cbootstrapping\u201d, which
models the impact of the TSR condition. The model inputs at the date of grant were the share price (121.00p for the main award), expected volatility of
59% per annum, and the performance conditions as noted above. Expected volatility was determined by calculating the historical volatility of the
Group\u2019s share price over the previous three years.
The following share awards were outstanding as at 31 December 2022 and 2021:
Year ended
2022
Number of
shares
Year ended
2021
Number of
shares
Outstanding at 1 January 9,434,241 7,0 8 9,5 67
Granted 4,307,035 4,455,281
Exercised \u2013 (58,743)
Forfeited (2,703,064) (2,051,864)
Outstanding at 31 December 11,038,212 9,434,241
B) Enhanced SMIS Deferred Share Award
On 8 March 2022, 1,333,546 shares were awarded under the Enhanced SMIS Deferred Share Award. Shares earned under this award have a
three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no performance criteria for this
award. The awards are settled by delivering shares to the participants.
The estimated fair value for the awards granted in the year is 121.00p per share, which is the share price at the date of grant.
The following share awards were outstanding as at 31 December 2022 and 2021:
Year ended
2022
Number of
shares
Year ended
2021
Number of
shares
Outstanding at 1 January 2,003,691 1,734,683
Granted 1,353,612 758,551
Exercised (677,19 3) (425,422)
Forfeited (137,747) (6 4,121)
Outstanding at 31 December 2,542,363 2,003,691
C) Savings-Related Share Option Plan
The Company operates a Savings-Related Share Option Plan for eligible employees across the Group. There are no performance criteria for this
arrangement and options are issued to all participants in accordance with the HM Revenue & Customs rules for such savings plans. Savings-Related
Share Options were last issued on 26 May 2021.
The following options were outstanding as at 31 December 2022 and 2021:
Year ended 2022 Year ended 2021
Number of
share
options
Weighted
average
exercise
price
Number of
share
options
Weighted
average
exercise
price
Outstanding at 1 January 4,253,504 144.61p 1,94 4,121 217.67p
Granted \u2013 \u2013 3,247,159 118. 4 0 p
Exercised (1,905) 118.40p \u2013 \u2013
Forfeited (545,138) 148.81p (676,596) 204.63p
Expired (749,847) 219.30p (261,18 0) 207.20p
Outstanding at 31 December 2,956,614 124.90p 4,253,504 144.61p
Exercisable at 31 December 190,580 219.30p \u2013 \u2013
1,905 shares were exercised in 2022. No shares were exercised in 2021. The options outstanding at 31 December 2022 had exercise prices of
118.40p and 219.30p per share, and a weighted average remaining contractual life of 1.8 years. The options outstanding at 31 December 2021 had
exercise prices of 118.40p and 219.30p per share, and a weighted average remaining contractual life of 2.4 years.
33. Share-based payments continued
D) Restricted Share Awards On 8 March 2022, 205,000 shares were awarded under this plan. Shares granted under this award have a three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no performance criteria for this award. The awards are settled by delivering shares to the participants. The estimated fair value for the awards granted in the year is 121.00p per share, which is the share price at the date of grant. The following share awards were outstanding as at 31 December 2022 and 2021: Year ended 2022 Number of shares Year ended 2021 Number of shares Outstanding at 1 January 1,930,115 2,208,538 Granted 205,000 110,000 Exercised (60,000) (388,423) Forfeited (251,165) \u2013 Outstanding at 31 December 1,823,950 1, 9 3 0,115 33. Share-based payments continued ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "a) Defined contribution schemes The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a38.9m (2021 \u2013 \u00a38.6m). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-471": {
"value": "b) Defined benefit schemes The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is set out below. 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Present value of defined benefit obligations (198.4) (49.4) (5.4) (253.2) (294.9) (56.2) (5.7) (356.8) Fair value of plan assets 250.2 42.7 \u2013 292.9 3 67.1 50.9 \u2013 418.0 Plan surplus/(deficit) per Consolidated Balance Sheet 51.8 (6.7) (5.4) 39.7 72.2 (5.3) (5.7) 61.2 c) Movements in the present value of defined benefit obligations were as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m At 1 January 294.9 56.2 5.7 356.8 317.7 58.8 6.2 382.7 Current service cost \u2013 0.5 0.3 0.8 \u2013 0.4 0.3 0.7 Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest cost 5.5 1.7 \u2013 7. 2 3.8 1.5 \u2013 5.3 Experience on benefit obligations 0.8 1.2 \u2013 2.0 2.5 \u2013 \u2013 2.5 Actuarial (gains)/losses \u2013 financial (89.6) (12.1) (0.5) (102.2) (15.8) (1.8) \u2013 (17.6) Actuarial (gains)/losses \u2013 demographic (1.4) \u2013 \u2013 (1.4) (0.3) 0.2 \u2013 (0.1) Benefits paid (11.8) (4.3) (0.4) (16.5) (13.0) (3.7) (0.4) (17.1) Disposal activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Exchange differences \u2013 6.2 0.3 6.5 \u2013 0.8 (0.4) 0.4 At 31 December 198.4 49.4 5.4 253.2 294.9 56.2 5.7 356.8 d) Movements in the fair value of plan assets were as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m At 1 January 367.1 50.9 \u2013 418.0 364.2 54.1 \u2013 418.3 Interest on plan assets 6.9 1.5 \u2013 8.4 4.4 1.3 \u2013 5.7 Actual return on plan assets less interest (113.4) (11.3) \u2013 (124.7) 6.1 (1.6) \u2013 4.5 Contributions from employer 2.1 0.4 \u2013 2.5 6.0 \u2013 \u2013 6.0 Benefits paid (11.8) (4.3) \u2013 (16.1) (13.0) (3.7) \u2013 (16.7) Running costs (0.7) \u2013 \u2013 (0.7) (0.6) \u2013 \u2013 (0.6) Exchange differences \u2013 5.5 \u2013 5.5 \u2013 0.8 \u2013 0.8 At 31 December 250.2 42.7 \u2013 292.9 3 67.1 50.9 \u2013 418.0 e) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Current service cost included within operating profit \u2013 0.5 0.3 0.8 \u2013 0.4 0.3 0.7 Running costs 0.7 \u2013 \u2013 0.7 0.6 \u2013 \u2013 0.6 Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Charge included within operating profit 0.7 0.5 0.3 1.5 0.6 0.4 0.3 1.3 Included within finance income (1.4) 0.2 \u2013 (1.2) (0.6) 0.2 \u2013 (0.4) Amount recognised in the Income Statement (0.7) 0.7 0.3 0.3 \u2013 0.6 0.3 0.9 f) Amounts recognised in other comprehensive income are as follows: 31 December 2022 31 December 2021 UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m UK plans funded \u00a3m US plans funded \u00a3m Unfunded plans \u00a3m Total \u00a3m Net actuarial (losses)/gain in the year due to: \u2013 Change in financial assumptions 89.6 12.1 0.5 102.2 15.8 1.8 \u2013 17.6 \u2013 Change in demographic assumptions 1.4 \u2013 \u2013 1.4 0.3 (0.2) \u2013 0.1 \u2013 Experience adjustments on benefit obligations (0.8) (1.2) \u2013 (2.0) (2.5) \u2013 \u2013 (2.5) Actual return on plan assets less interest on benefit obligations (113.4) (11.3) \u2013 (124.7) 6 .1 (1.6) \u2013 4.5 (Losses)/gains recognised in other comprehensive income (23.2) (0.4) 0.5 (23.1) 19.7 \u2013 \u2013 19.7 Actuarial losses of \u00a323.1m (2021 \u2013 gains of \u00a319.7m) have been recognised in the Statement of Comprehensive Income. The cumulative amount of actuarial losses recognised in the Statement of Comprehensive Income as at 31 December 2022 is \u00a346.1m (2021 \u2013 \u00a323.0m). g) Assets and assumptions in funded plans UK plans funded US plans funded 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Fair value of plan assets Equities \u2013 28.6 \u2013 \u2013 Bonds 102.4 126.6 42.7 50.9 Gilts 139.3 157.9 \u2013 \u2013 Diversified growth fund \u2013 37.7 \u2013 \u2013 Cash and other assets 8.5 16.3 \u2013 \u2013 Total 250.2 3 67.1 42.7 50.9 Actual return on plan assets (106.5) 10.5 (9.8) (0.3) The UK Plan\u2019s assets are invested in pooled funds, which are invested exclusively within instruments with quoted market prices in an active market, with the exception of the Plan\u2019s holdings in insurance annuity policies, valued at \u00a34.0m (2021 \u2013 \u00a34.7m). The value of the invested assets has been measured at bid value and the value of the scheme benefits covered by the insurance annuity policies has been set equal to the value of the corresponding obligations. The Plan\u2019s corporate bond allocation is split between an actively managed mandate and a \u201cbuy and maintain\u201d mandate, which seeks to hold a high quality portfolio while minimising portfolio turnover. Both mandates are predominantly invested in investment grade UK corporate bonds and are exposed to a fairly typical range of UK businesses. The majority of the Plan\u2019s gilts are passively invested in a range of UK fixed-interest and index-linked government bonds, with the remainder actively invested in a range of swap instruments linked to movements in government bond prices. The risks associated with the Plan\u2019s bond and gilt investments are largely offset by corresponding risks present within the pricing of the Plan\u2019s benefit obligations. The UK Plan does not invest directly in property occupied by the Company or in financial securities issued by the Company. UK plans funded US plans funded 2022 2021 2022 2021 Major assumptions (per annum %) Inflation 3.40% 3.50% N/A N/A Increase in salaries N/A N/A N/A N/A Increase in pensions 3.20% 3.30% 0.00% 0.00% Increase in deferred pensions 3.40% 3.50% 0.00% 0.00% Rate used to discount plan liabilities 4.80% 1.90% 4.78% 2.76% Life expectancy of a male aged 65 at the year-end 20.6 20.8 19.7 19.6 Life expectancy of a male aged 65, 20 years after the year-end 22.0 22.2 21.2 21.2 Benefits under the US funded plans are not linked to inflation. The UK Plan retirement 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. Estimation is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. 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 assumption for estimating future Retail Prices Index (RPI) inflation is based on the difference in yields on fixed- interest and index-linked gilts. Demographic assumptions are set broadly in line with the most recent actuarial valuation of the UK plan. The mortality assumption is 95% of the standard mortality tables with an allowance for future improvements in line with the CMI 2021 enhanced projections, with a long-term annual rate of improvement of 1.25% for males and for females, with no weighting on 2020 mortality data and a 10% weighting on 2021 mortality data to make an allowance for the impact of Covid-19. For the UK Plan, the estimated impact on the plan surplus at 31 December 2022 for changes in assumptions is as follows: Increase/ (decrease) in plan surplus \u00a3m 0.5% decrease in the discount rate (11.7 ) One-year increase in life expectancy (7.7) 0.5% increase in inflation (7. 2) These sensitivities have been calculated to show the movement in the surplus, including allowance for an increase to the value of insured annuity assets, but assuming no other changes in assets as at 31 December 2022. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the Plan. h) Other post-retirement liabilities This balance comprises an unfunded German pension plan of \u00a32.7m (2021 \u2013 \u00a33.3m), unfunded closed pension and post-retirement healthcare plans in the US of \u00a30.3m (2021 \u2013 \u00a30.3m), a provision for post-retirement payments in France of \u00a31.5m (2021 \u2013 \u00a31.4m) and \u00a30.9m for post-retirement payments in Thailand (2021 \u2013 \u00a30.7m). The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate of 4.8% (2021 \u2013 2.8%). No participants were eligible for medical benefits under the healthcare plan in 2022. The German plan has been subject to formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.5%, salary growth nil% and pension increase 2.2% (2021 \u2013 1.1%, nil% and 1.8%). In France, the provision arises from a legal obligation to make payments to retirees in the first two years post-retirement. Hence, it is not subject to discounting to the same extent as the other longer-term post-retirement liabilities. The Thailand plan has been subject to a formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 2.8%, inflation rate 2.8% and salary growth 6.0% (2021 \u2013 2.8%, 2.8% and 6.0%). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-452": {
"value": "35. Contingent liabilities The Group is subject to various claims which arise from time to time in the course of its business including, for example, in relation to commercial matters, product quality or liability, and tax audits. Where the Board has assessed there to be a more likely than not outflow of economic benefits, provision has been made for the best estimate as at 31 December 2022 (see Note 24). For all other matters, the Board has concluded that it is not more likely than not that there will be an economic outflow of benefits. While the outcome of some of these matters cannot be predicted with any certainty, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made where appropriate, to result in significant loss to the Group.",
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"entity": "scheme:5493002HQHWN5JQHKQ51",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-3": {
"value": "59/61 High Street, Rickmansworth, Hertfordshire WD3 1RH",
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