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"decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "5300000", "decimals": -5, "dimensions": { "concept": "essentraplc:CashAcquiredRelatingToAcquisitionOfBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "3500000", "decimals": -5, "dimensions": { "concept": "essentraplc:CashAcquiredRelatingToAcquisitionOfBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "45700000", "decimals": -5, "dimensions": { "concept": "essentraplc:CashDisposedRelatingToProceedsFromSaleOfBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "400000", "decimals": -5, "dimensions": { "concept": "essentraplc:CapexAccrualMovementsClassifiedAsInvestingActivities", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-480": { "value": "Basis of Preparation and Principal Accounting Policies a Basis of preparationEssentra plc is a public company limited by shares that is incorporated and domiciled in England and Wales (registration no 05444653). The address of its registered office is Langford Locks, Kidlington, Oxford, OX5 1HX, United Kingdom. The Company\u2019s ordinary shares are publicly traded on the London Stock Exchange. For the purposes of these consolidated financial statements \u201cEssentra\u201d or \u201cthe Group\u201d means Essentra plc (the \u201cCompany\u201d) and its subsidiaries. The Group\u2019s principal activities are focused on the manufacture and distribution of a comprehensive range of components, used in diverse industrial applications and end-markets. The Group\u2019s consolidated financial statements for the year ended 31 December 2023 have been prepared in accordance with UK-adopted International Accounting Standards and comply with the requirements of the Companies Act 2006. These consolidated financial statements are prepared under the historical cost convention unless otherwise stated. The Company has elected to prepare its individual company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d); these are presented on page 208. The principal accounting policies used in the preparation of the consolidated financial statements for the year ended 31 December 2023 are detailed below. These policies, except those set out below under the heading \u2018Changes in accounting policies\u2019 adopted during the year, have been consistently applied to all periods presented. In preparing the consolidated financial statements, management have taken into account the potential effects of climate changes, including medium- to longer-term transitional risks resulting from the relative uncertainty created by the global shift towards a more sustainable, net-zero economy, which include regulatory, geopolitical and social pressures that may impact the operations of the business in future. Management have considered the potential effects of climate related changes in its assessment of going concern, and longer term viability of the business, in preparing the Group's future cash flow forecasts underpinning impairment testing, and in its assessment of the residual values of property, plant and equipment. Management have determined that, other than the expected capital expenditure due to the future spend on machine replacement and efficiency upgrades factored into the Group\u2019s cash flow forecasts, there is no material impact on these financial statements. Going concern The Directors have prepared the consolidated financial statements for the year ended 31 December 2023 on a going concern basis. In adopting the going concern basis, the Directors have considered the Group\u2019s balance sheet position, forecast earnings and cash flows for a period of 18 months from the date of approval of these consolidated financial statements. Information regarding the financial position of the Group, its cash flows, liquidity position, and borrowing facilities are described in the Financial Review on pages 16 to 18. In addition, note 19 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities and exposures to credit, market and liquidity risk. Cash balances and borrowings are detailed in note 22. At 31 December 2023, the Group\u2019s external financing arrangements amounted to \u00a3280.7m, comprising United States Private Placement Loan Notes (\u201cUSPP\u201d) of US$102.5m (with a range of expiry dates from July 2028 to July 2033) and a multi-currency revolving credit facility (\u201cRCF\u201d) of \u00a3200.0m (expiring in October 2026). \u00a315.2m was drawn under the RCF as at 31 December 2023, with the available undrawn balance amounting to \u00a3184.8m. The facility is subject to two covenants, which are tested semi-annually: net debt to EBITDA (leverage) and EBITA to net finance charges. Despite the significant economic and operational challenges in the recent years, the Group has not sought to change either of the two covenants. The Directors believe that the Group is well placed to manage its business risks and, after making enquiries including a review of forecasts and predictions, taking account of reasonably possible changes in trading performances and considering the existing borrowing facilities, including the available liquidity, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next 18 months following the date of approval of the financial statements, and no breaches of covenants are expected. As part of the going concern assessment, the Board has considered a downside scenario that includes severe, but reasonably plausible changes in macro-economic conditions. The results of this scenario show that there is sufficient liquidity in the business for a period of 18 months from the date of approval of these financial statements, and does not indicate any covenant breach during the test period. The downside scenario assumes a period of prolonged revenue decline in 2024, and subsequently delays in market recovery to 2025. The downside scenario also assumes a higher inflationary cost environment, the impacts of which are not fully offset by price increases and also includes transition risks associated with a \u201cmiddle of the road scenario\u201d without the inclusion of any opportunities from the climate change quantitative analysis. The financial impact of the severe but plausible downside scenario in 2024 and 2025 is a reduction in adjusted operating profits by 24.5% and 19.0%, respectively, compared to the Group strategic plan. The overall level of liquidity (defined as available undrawn borrowing facility plus cash and cash equivalent) at 31 December 2023 was \u00a3244.5m. Adjusting for share repurchases of \u00a336.0m under the remainder of the buyback programme of \u00a360.0m, this still leaves overall liquidity at \u00a3208.5m. Capital expenditure, sales and general overhead, and working capital will continue to be managed closely to ensure sufficient liquidity. The scenarios do not indicate a material uncertainty which may cast significant doubt over the Company\u2019s and Group\u2019s ability to continue as a going concern. Based on these, and taking into consideration the risks detailed in note 19, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and accordingly, have adopted the going concern basis in preparing the consolidated financial statements. This disclosure has been prepared in accordance with the Financial Reporting Council\u2019s UK Corporate Governance Code.Changes in accounting policies Other pronouncements The Group adopted the following new pronouncements during 2023, which did not have a material impact on the Group\u2019s financial statements: \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising froma Single Transaction;\u2022 Amendments to IAS1 \u2013 Disclosure of Accounting Policies; and\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates.The following standards and amendments, issued before 31 December 2023 with an effective date on or after 1 January 2024, have not been early adopted by the Group, they do not have a material impact on the Group\u2019s financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback;\u2022 Amendment to IAS 1 \u2013 Non-current liabilities with covenants;\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance;\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability.Impact of Pillar two rules The Organisation for Economic Cooperation and Development (\u201cOECD\u201d) Global Anti-Base Erosion Model Rules (Pillar Two rules) were initially introduced by the OECD in December 2021 and adopted by the UK in Finance Act (no. 2) Act 2023. The rules will come into effect for the Essentra Group in relation to accounting periods beginning on or after 1 January 2024. A Pillar 2 Effective Tax Rate (\u201cETR\u201d) is calculated for every jurisdiction in which the Group operates, and Pillar 2 Income Taxes will arise when the Pillar 2 ETR is less than 15%. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. Recognising that there is still uncertainty in how the Pillar Two rules will impact existing and future deferred tax positions, as well as whether the Pillar Two rules create permanent differences, both the AASB and IASB have issued amendments to IAS12 \u2018Income Taxes\u2019. The amendments contain a mandatory temporary exemption to IAS12 which exempts a company from disclosing changes to deferred tax assets / liabilities related to the Pillar Two rules. As the parent of the Essentra Group of companies, Essentra plc is applying the exemption IAS 12 for the year ended 31 December 2023. The amendments also require Essentra plc to disclose information regarding the estimated impact of the Pillar Two rules and has performed an initial analysis under the UK legislation of potential exposure to additional tax under the Pillar Two rules based on the Group\u2019s most recent finalised country-by-country reporting data, income tax return filings and consolidated accounts (for the year ended 31 December 2022). Based on the data for the year ended 31 December 2022, in most of the territories in which the Group operates it will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the Group from applying the Pillar Two rules in those territories. There are a small number of territories where, based on data for the year ended 31 December 2022, the Group may not have access to the transitional safe harbour rules, and the Group has assessed that the potential liability to additional tax under the Pillar Two rules in those territories is not expected to be material. The Group continues to refine its analysis of its potential exposure to the Pillar Two rules and will refresh its analysis based on its country-by-country reporting data, income tax return filings and consolidated accounts for the year ended 31 December 2023 once finalised.b Principal accounting policies Basis of consolidation (i) SubsidiariesSubsidiaries are entities controlled by Essentra. Control exists when Essentra is exposed, or hasrights, to variable returns from its involvement with the investee and has the ability to affectthose returns through its power over the investee. The financial statements of subsidiaries areincluded in the consolidated financial statements of the Group from the date that controlcommences until the date that control ceases. The Group\u2019s subsidiaries (including dormantentities) at 31 December 2023, are set out within the Essentra plc companies accounts onpages 213 to 215.Non-controlling interests (\u201cNCI\u201d) are measured at their proportionate share of the investee\u2019s identifiable net assets at the date of acquisition. When the group loses control of a subsidiary, it derecognises the net assets of the subsidiary together with any NCI and other related components of equity. Any resulting gain or loss on disposal is recognised in the consolidated income statement. On 3 December 2022, the Group completed the sale of Essentra Filter Holdings Limited and its respective subsidiary companies (the \u2018Filters business\u2019) which included the Group\u2019s investments in ITC Essentra Limited (India) (50% owned) and China Tobacco Essentra (Xiamen) Filters Co., Ltd (China) (49% owned). Previously, the ownership held by the Group in these companies through its holding of ordinary shares were accounted for as subsidiaries of the Group in the consolidated financial statements due to the control achieved via board membership. Following the disposal of the Group\u2019s investments in India and China as part of the wider Filters business disposal, the associated balance of NCI arising on consolidation was derecognised.(ii) Transactions eliminated on consolidation Intragroup balances and any unrealised gains and losses or income and expense arising from intragroup transactions are eliminated in preparing the consolidated financial statements. Foreign currency With the exception of the financial statements of the Group\u2019s foreign operations in hyperinflationary economies (see \u2018Adjustments for hyperinflation\u2019 below), items included in the financial statements of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (\u201cfunctional currency\u201d). The consolidated financial statements are presented in sterling (the functional currency of the Company). On disposal of a foreign operation, the deferred cumulative amount recognised in equity relating to that particular operation is recognised in the consolidated income statement as part of the gain/loss on disposal. (i) Foreign currency transactions Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into sterling at the exchange rate ruling at that date and recognised in the income statement unless hedge accounting criteria apply (see policy for financial instruments). (ii) Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated from their functional currency into sterling at the exchange rate ruling at the balance sheet date. The revenues and expenses of foreign operations are translated into sterling at average exchange rates. (iii) Net investment in foreign operations Exchange differences on retranslation at the closing rate of the opening balances of overseas entities are taken to other comprehensive income, as are exchange differences arising on related foreign currency borrowings and derivatives designated as net investment hedges, to the extent that they are effective. Other exchange differences are taken to the income statement. Differences arising prior to 1 January 2004 are included in retained earnings. (iv) Adjustments for hyperin\ufb02ation The Group applies hyperinflationary accounting to the financial statements of foreign operations that meet the requirements to be designated a hyperinflationary economy as specified in IAS 29 Financial Reporting in Hyperinflationary Economies. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, comparative amounts are not restated.Under IAS 29, the results and non-monetary asset and liability balances are revalued to present value equivalent local currency amounts, based on an inflation index, before translation to sterling at the reporting-date exchange rates. The gain or loss on net monetary assets resulting from the application of IAS 29 is recognised in the consolidated income statement within net finance expense. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented under amounts arising on translation of foreign operations within other comprehensive income. The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation as operating, investing and financing cash flows in the consolidated statement of cash flows. The Group\u2019s foreign operations in Turkey, whose functional currency is the Turkish Lira, were designated as hyperinflationary during the year ended 31 December 2022. For the year ended 31 December 2023, the Turkish economy continued to be designated as hyperinflationary, and therefore the Group has continued to apply hyperinflationary accounting using the historic cost approach to its Turkish operations for the reporting period ended 31 December 2023. The price index used to apply IAS 29 is the Turkish Consumer Price Index. At 31 December 2023, the price index was 1,860.90 (31 December 2022: 1,128.45, 31 December 2021: 686.95). Alternative performance measures The consolidated financial statements provide further disclosures and measures of financial performance, including adjusted operating profit and adjusted earnings per share, which are not defined or specified in accordance with UK adopted International Financial Reporting Standards. The presentation of alternative performance measures enables management to reflect the underlying performance of the continuing operations of the Group and provides investors with a more meaningful comparison of how the business is managed and measured on a periodic basis. Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results, such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, costs of major Software as a Service projects, defined benefit pension scheme charges that no longer pertain to the continuing operations of the Group and items which are non-recurring or one-off in nature (such as impairment of acquired intangible assets, impairment of investment property, historic indemnity claims and the costs of fundamental strategic review and reorganisation). Operating profit before adjusting items and acquired intangible amortisation is called adjusted operating profit, which forms the primary basis for management\u2019s review and assessment of the operational performance of the Group\u2019s businesses.
(i) Expense/(credit) relating to acquisitions, disposals and restructuring following
disposals of businesses
In 2023 and 2022, Essentra incurred advisory and reorganisation costs in relation to major
restructuring activities to \u201cright size\u201d the continuing operations of the business following the
disposal of the Filters and Packaging businesses. These costs do not include costs relating to
the disposal of those businesses, which form part of the result from discontinued operations
(refer to note 24).
In 2023, Essentra acquired BMP TAPPI, incurring one-off acquisition related costs (refer to
note 23).
In 2022, Essentra acquired the Wixroyd Group, incurring one-off acquisition related costs
(refer to note 23).
(ii) Acquisition integration and restructuring costs
These relate to costs incurred on the integration of acquired businesses and restructuring
associated with acquisitions.
(iii) Customisation and con\ufb01guration costs of signi\ufb01cant Software as a Service
(\u201cSaaS\u201d) arrangements
These relate to costs incurred on implementation (customisation and configuration) of
significant \u201csoftware as a service\u201d (\u201cSaaS\u201d) arrangements. In the view of management, these
are investments to upgrade the Group\u2019s technical capabilities, and therefore their costs are
excluded from adjusted operating profit.
(iv) De\ufb01ned bene\ufb01t pension scheme charges (from 2022)
These relate to costs incurred in relation to defined benefit pension scheme charges which,
following the completion of the strategic review, no longer pertain to employees of the
continuing Group and are therefore excluded from adjusted operating profit.
(v) Impairment of non-current assets
In 2023, this comprised impairment of investment property which is held in excess of the
Group\u2019s operational requirements and impairment of intangible and other non-current assets
in Hengzhu (following an impairment review in that CGU).
(vi) Other adjusting items
In 2023, this comprised professional fees relating to the capital reduction completed during
2023, and \u00a30.8m provision relating to a historic indemnity claim.
In 2022, this comprised costs in respect of the write-down of centrally held IT assets following
the completion of the strategic review, and costs of restructuring activities within the
continuing European and Americas businesses, offset by a credit relating to adjustments
to the carrying value of right of use assets.
Further details of the Group\u2019s adjusting items are included in note 2. The Group has also
provided a reconciliation of its adjusted performance measures in note 27 to the consolidated
financial statements.
Discontinued operations A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a separate major line of business or geographical area of operations; or \u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Segment reporting A segment is identified on the basis of internal reports that are regularly reviewed by the Board of Directors (identified as the Chief Operating Decision Maker) in order to allocate resources to the segment and assess its performance. Revenue Revenue from the sale of component parts is recognised in the income statement with reference to the amount invoiced to the customer, net of expected discounts, rebates, refunds, credits, price concessions or other similar items, when the associated performance obligation has been satisfied, and control of the goods has been transferred to the customer. Customer volume discounts and right to return goods purchased are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and those obligations are included in other payables. The substantial majority of the Group\u2019s revenue is generated through delivery of component parts which results in revenue being recognised at a point where control has been transferred to the customer as opposed to over a performance obligation period. A significant part of the Group\u2019s businesses sell goods on an ex-works basis, where the Group, as seller, makes its goods ready for collection at its premises on an agreed upon sales date and the buyer incurs all transportation and handling costs and bears the risks for bringing the goods to their chosen destination. Where the Group operates non ex-works terms with customers, revenue is recognised when the control of the goods has been transferred to the customer. These terms include consignment stock agreements, where revenue is recognised upon the customer removing goods from consignment stock provided the relevant conditions for revenue recognition are met. Each customer arrangement/contract is assessed to identify the performance obligations being provided to the customer. Finance income and expense Finance income is recognised in the consolidated income statement as it accrues by reference to the principal outstanding and at the effective interest rate applicable. Finance expense consists of interest and other expenses that are incurred in connection with the Group\u2019s external financing arrangements and is recognised in the consolidated income statement as it accrues. Prepaid facility fees are amortised over the term of the related debt financing using the effective interest method. Finance expense includes the interest portion of lease liabilities.Income tax Income tax in the consolidated income statement comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year using the applicable tax rates enacted or substantively enacted at the balance sheet date and any adjustment to tax payable in prior years. Deferred tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases and the carrying amounts of assets and liabilities in the financial statements. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset or liability is settled, using the applicable tax rates enacted or substantively enacted at the balance sheet dates. A deferred tax asset is recognised only to the extent that it is probable that future taxable profit will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefits will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against liabilities and when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis.Business combinations Business combinations are accounted for using the acquisition method. Goodwill arising in a business combination represents the difference between the fair value of the assets given in consideration and the fair value of identifiable assets, liabilities and contingent liabilities assumed of the acquiree, at the date of acquisition. Costs attributable to acquisitions are expensed in the consolidated income statement. Given their one-off nature, these costs are generally presented within adjusting items.Where consideration for an acquisition includes any assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration amount is measured at fair value at the acquisition date. Subsequent changes in the fair value of such contingent consideration is adjusted against the cost of acquisition where they result from additional information, obtained within one year from the acquisition date, about facts and circumstances that existed at the acquisition date. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are recognised in the consolidated income statement. Intangible assets (i) Goodwill Goodwill is initially recognised as an intangible asset at cost and subsequently measured at cost less accumulated impairment. Goodwill is allocated to the cash-generating unit (\u201cCGU\u201d) or group of CGUs expected to benefit from the synergies related to the business combination. (ii) Research and development Research costs are expensed to the income statement in the year in which they are incurred. Development costs relating to new products are capitalised when the Group is able to demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.(iii) Acquired intangible assets An intangible asset acquired in a business combination is recognised at fair value to the extent it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. Intangible assets principally relate to customer relationships, which are valued using discounted cash flows based on historical customer attrition rates, and developed technology, which is valued using an income approach. The cost of intangible assets is amortised through the income statement on a straight-line basis over their estimated useful economic life. (iv) Other intangible assets Other intangible assets which are not acquired through a business combination (\u201cnon-acquired intangible assets\u201d) are recognised at cost to the extent it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably, and amortised on a straight-line basis over their estimated useful economic life. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Where costs incurred for the development of software code enhances, modifies, or creates additional capability to existing on-premise systems and meets the definition of and recognition criteria for an intangible asset, these costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Intangibles are amortised over their estimated remaining useful lives on a straight-line basis at the following annual rates: Customer relationships 6\u201312% Other intangibles \u2013 research and development 7\u201320% Other intangibles \u2013 development of e-commerce 10\u201320% Other intangibles \u2013 software and software development 10\u201320% Impairment All assets are reviewed regularly to determine whether there is any indication of impairment. Goodwill is tested for impairment annually. An impairment loss is recognised whenever the carrying amount of a non-financial asset or the CGU to which it belongs exceeds its recoverable amount, being the greater of value in use and fair value less costs to sell, and is recognised in the income statement. Value in use is estimated based on future cash flows discounted using a pre-tax discount rate based upon the Group\u2019s weighted average cost of capital. Financial assets are assessed for impairment using the expected credit loss model which requires expected credit losses and changes to expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. Changes to the expected credit loss are recognised in the income statement.Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Previously revalued properties were treated as being held at deemed cost upon transition to adopted IFRS. Where parts of an item of property, plant and equipment or other assets have different useful lives, they are accounted for as separate items. The carrying values of property, plant and equipment and other assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Property, plant and equipment are depreciated over their estimated remaining useful lives on a straight-line basis at the following annual rates: Land and buildings \u2013 Freehold land Not depreciated Land and buildings \u2013 Buildings 2% or life of lease if shorter Plant and machinery 7\u201320% Fixtures, fittings and equipment 10\u201333% The assets\u2019 useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date.Inventories Inventories are valued at the lower of standard cost and net realisable value. Cost are assigned to individual items based on first-in first-out which is approximated using a standard cost methodology in valuing the inventory. For work-in-progress and finished goods, standard cost includes an appropriate proportion of direct production labour costs and overheads attributable to bringing inventory items to their present location and condition, allocated by rates based upon a budgeted level of normal activity. Net realisable value is based on the estimated selling price net of the expected costs to sell. Provision is made for slow-moving, defective and obsolete items where appropriate. Following the disposal of its Packaging and Filters businesses in 2022, and the Group\u2019s transition to a pure-play components business, based upon the most recent reliable information, the Group has updated the inputs into its inventory provisioning calculations in order to ensure that inventories continue to be measured at the lower of cost and net realisable value. Cash and cash equivalents Cash and cash equivalents comprise cash balances and fixed term investments whose maturities are three months or less from the date of acquisition. Bank overdrafts repayable on demand form an integral part of Essentra\u2019s cash management and are included as part of cash and cash equivalents in the statement of cash flows.Loans and borrowings Loans and other borrowings are initially recorded at cost (which is equal to fair value at inception plus interest cost) and are subsequently measured at amortised cost using the effective interest method. Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, which is generally equivalent to recognition at nominal value less impairment loss calculated using the expected loss model. The Group applies the simplified model to recognise lifetime expected credit losses for its trade and other receivables, including those due in greater than 12 months, by making an accounting policy election. The expected loss rate estimated for each ageing period is as follows: Current 0.2%; Overdue 1-30 days 0.5%; Overdue 31-60 days 1%; Overdue 61-90 days 5%; Overdue 91-180 days 10%; Overdue 181-360 days 50%; and Overdue over 360 days 100%. Trade other payables Trade payables are non-interest bearing and are recognised initially at fair value and subsequently at amortised cost. Deferred consideration Deferred consideration is recognised and held at fair value. Changes in its fair value are recognised in profit or loss, within adjusting items. Financial instruments (i) Financial assetsFinancial assets comprise trade and other receivables, cash and cash equivalents, deferredconsideration receivable and derivative financial instruments. (ii) Financial liabilitiesFinancial liabilities comprise trade and other payables, deferred consideration payable, andfinancing liabilities.Interest bearing loans and borrowings and other financial liabilities (excluding derivatives) are initially measured at cost (which is equal to fair value at inception plus issuance cost) and are subsequently measured at amortised cost using the effective interest method, unless they are included in a hedge accounting relationship. See note 15 for separate disclosure of hedge types. (iii) Derivative \ufb01nancial instruments and hedge accountingDerivatives are measured initially at fair value with any related transaction costs expensed asincurred. Subsequent measurement in the financial statements depends on the classificationof the derivative as follows: Fair value hedges Where a derivative is used to hedge the foreign exchange exposure of a monetary asset or liability, any gain or loss on the derivative is recognised in the income statement. Cash \ufb02ow hedges Where a derivative is designated as a hedging instrument in a cash flow hedge, the change in fair value is recognised in other comprehensive income to the extent that it is effective and any ineffective portion is recognised in the income statement. Where the underlying transaction results in a financial asset, accumulated gains and losses are recognised in the income statement in the same period as the hedged item affects profit or loss. Where the hedged item results in a non-financial asset the accumulated gains and losses previously recognised in other comprehensive income are included in the initial carrying value of the asset. Hedges of net investment in foreign operations The gain or loss on an instrument used to hedge a net investment in a foreign operation that is deemed effective is recognised in other comprehensive income. Any ineffective portion is recognised in the income statement. Unhedged derivatives The movements in the fair value of derivatives which are not designated as an effective hedge relationships are charged/credited to the profit or loss. Lease liabilities and lease right-of-use assets Leases greater than 12 months in length, and those not of low-value, are recognised as a lease right-of-use asset with the associated future lease payment terms recognised as a lease liability. The right-of-use assets and the associated lease liabilities are recognised by discounting the future lease payments at the rate implicit to the lease or, if the rate implicit to the lease cannot be readily determined, at the relevant incremental borrowing rate. Determining the incremental borrowing rate incorporates three key elements: risk-free rate (reflecting specific country and currency); credit spread (reflecting the specific risk for each subsidiary within the Group); and an asset class adjustment (reflecting the variation in risk between asset categories). The Group has leases of certain equipment (e.g. printing and photocopying machines) that are considered of low value. Rentals associated with leases that are of low-value or less than 12 months in length are expensed to the income statement on a straight-line basis. The associated lease incentives are amortised in the income statement over the life of the lease.
(i) The Group\u2019s leasing activities
The Group leases various properties, equipment and cars. Rental contracts are typically made
for fixed periods of 1 to 20 years, but might have extension options as described below. Lease
terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets cannot be
used as security for borrowing purposes.
The finance cost is charged to profit or loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period. The right-of-
use asset is depreciated over the shorter of the right-of-use asset\u2019s useful life and the lease
term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease
incentives receivable;
\u2022 variable lease payments that are based on an index or a rate;
\u2022 amounts expected to be payable by the lessee under residual value guarantees; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee
exercising that option.
Lease right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement date less any lease
incentives received;
\u2022 any initial direct costs; and
\u2022 restoration costs.
(ii) Variable lease payments The Group has certain assets which may include variable lease payments based on usage, although this is a small proportion of the Group\u2019s assets. These include vehicles, with variable lease payments based on mileage or equipment such as printers, of which the lease payments vary based on their usage. The variable lease payments are not material for the Group. Any future variable payment increase that requires either speculation or an estimate is not included. Future lease payments should then be applied only when they are known, with no change to the discount rate. (iii) Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Provisions A provision is recognised when there is a probable legal or constructive obligation as a result of a past event and a reliable estimate can be made of the outflow of resources that will be required to settle the obligation. The outflow is the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the balance sheet date. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Unavoidable costs include a reasonable allocation of shared costs that can be directly linked to fulfilling contractual obligations. The provision is calculated as the lower of the termination costs payable for an early exit from the contract and the expected net cost to fulfil the Group\u2019s unavoidable contract obligations.re rRetirement bene\ufb01t obligations (i) De\ufb01ned contribution schemes Obligations for contributions to defined contribution pension schemes are expensed to the income statement as incurred. (ii) De\ufb01ned bene\ufb01t schemes The net obligations in respect of defined benefit pension schemes are calculated separately for each scheme by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the balance sheet date on AA credit-rated bonds that have maturity dates approximating to the terms of Essentra\u2019s obligations. The calculation is performed by a qualified independent actuary using the projected unit credit method. Net interest on defined benefit assets is presented within finance income, and net interest on defined benefit liabilities is presented within finance expense. Actuarial gains and losses that have arisen are recognised in full in the consolidated statement of comprehensive income. The amounts charged to operating profit are the current service cost, past service cost (including curtailments) and gains and losses on settlement. The value of a net pension asset is the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.Share-based payments Essentra operates equity-settled, share-based incentive plans. A charge is made in the income statement based on the fair value of option awards using the Monte Carlo or binomial valuation models and relevant quoted share price information with a corresponding increase in equity. The fair value is measured at grant date and spread over the period between grant date and vesting date of the options. The amount recognised as an expense will be adjusted to reflect the actual number of share options that vest with the exception of options that fail to vest because market conditions are not met. Dividends Dividends are recognised as a liability in the period in which they are approved in a general meeting by the shareholders of the Company (final dividend) or paid (interim dividend). Investment in own shares The shares held in the Essentra Employee Benefit Trust for the purpose of fulfilling obligations in respect of share option plans are treated as belonging to the Company and are deducted from its retained earnings. The cost of shares held directly (treasury shares) are also deducted from retained earnings.Net debt Net debt is defined as cash and cash equivalents, short-term liquid investments and derivatives hedging against placement loans, net of lease liabilities and interest bearing loans and borrowings. Investment properties Properties that are either owned or leased by the Group that are held to earn rental income or for capital appreciation, or both, are accounted for as investment properties. Investment properties are measured initially at cost including directly related transaction costs, and subsequently, applying the cost model. Under the cost model, the carrying value of investment properties where the Group owns the freehold to the properties, is stated at cost less accumulated depreciation (on a straight-line basis) and impairment losses. The useful lives of investment properties where the Group owns the freehold are adjusted, as appropriate, at each balance sheet date. Where an investment property is owned through a long leasehold arrangement under which the Group is a lessee rather than owning the freehold to the property, a right-of-use asset is recognised at the commencement date of the lease and accounted for as an investment property. The cost of leased investment properties recognised in right-of-use assets includes the present value of future lease payments recognised together with lease payments made before commencement of the lease, less any incentives received. A corresponding lease liability is recognised on the balance sheet. The Group transfers a property to or from its classification of investment properties only when there is a change in use. For example, when it is the Group\u2019s intention to end or commence owner-occupation is the point at which the property respectively meets or ceases to meet the definition of an investment property, the determination of which, may require the application of management judgement. Investment properties are classified as non-current assets in the consolidated balance sheet. The carrying value of investment properties is periodically reviewed for impairment when events and circumstances indicate that the carrying amount may not be recoverable. Lessor income Essentra lets out a small number of properties that are owned or held under a leased contract which is in excess of the Group\u2019s operational requirements. Lessor income from operating leases is recognised on a straight-line basis over the term of the lease. Where the Group is an intermediate lessor, the sublease income classification is assessed with reference to the head lease right of use asset. The head lease right of use asset is depreciated over the term of the sublease on a straight-line basis.Group is an intermediate lessor, the sublease income classification is assessed with reference to the head lease right of use asset. The head lease right of use asset is depreciated over the term of the sublease on a straight-line basis. Critical Accounting Judgements and Estimates The preparation of the consolidated financial statements requires the Directors and management to make judgements and estimates in respect of certain items where the choice of accounting policy and assumptions applied in determining the judgement or estimate could materially affect the Group\u2019s financial position, results, or cash flows at the reporting date. Management regularly reviews the critical accounting judgements that significantly impact the amounts recognised in the consolidated financial statements and the critical accounting estimates that due to their significant estimation uncertainty, may give rise to a material adjustment in the next financial reporting period. Although the determination of accounting estimates is based on management\u2019s best estimate considering its knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods if the revision affects both current and future reporting periods. The Group\u2019s critical accounting judgements and estimates are detailed below. Accounting Judgements Adjusting items Adjusting items are separately presented from other items of financial performance as this enables management to reflect the underlying performance of the continuing operations of the Group. Judgement is required to determine whether such items of financial performance should be included within adjusting items by virtue of their nature, size or incidence. The Group\u2019s accounting policy concerning adjusting items is detailed under alternative performance measures. Adjusting items of \u00a321.0m (2022: \u00a326.0m) have been reported in continuing operations which includes \u00a31.3m of costs incurred relating to restructuring of the continuing business following the sale of the Filters and Packaging divisions, a \u00a31.0m credit relating to acquisitions of businesses, \u00a310.8m has been incurred in relation to the customisation and configuration costs of significant \u201csoftware as a service\u201d (\u201cSaaS\u201d) arrangements, which, in management\u2019s judgement, constitute material one-off charges to upgrade the Group\u2019s technical capabilities and meets the Group\u2019s policy for being categorised as adjusting items, \u00a31.8m in relation to legacy defined benefit pension charges, \u00a30.8m in respect of indemnity provisions raised for historic claims on previous acquisitions, \u00a33.4m in relation to impairment of fixed assets following an impairment assessment and \u00a33.7m in relation to impairment of investment properties. A complete analysis of the amounts included in adjusting items is detailed in note 2.\u201cSoftware as a Service\u201d (\u201cSaaS\u201d) arrangements The recognition of customisation and configuration costs of \u00a310.8m (2022: \u00a312.4m) (which are included within adjusting items) relating to SaaS arrangements involves a number of key judgements: \u2022 whether a software arrangement is a SaaS arrangement: management considers the fact pattern of the software arrangement carefully to identify SaaS arrangements, distinguishing from other arrangements such as \u201cplatform as a service\u201d or \u201cinfrastructure as a service\u201d; \u2022 whether any cost incurred in customisation and configuration results in additional code from which the Group has the power to obtain the future economic benefits and restricts other third parties access to those benefits: management considered whether the code can be used in or transferred to another computing arrangement; \u2022 whether the customisation and configuration service provided by the SaaS provider is distinct from the regular SaaS arrangement: management considers factors such as whether the Group can benefit from the service separately from the other elements of deliverables from the SaaS provider; \u2022 whether a third party providing customisation and configuration service is in effect a subcontractor of the SaaS provider: management considers factors such as the nature of the contractual and working relationship between the SaaS provider and the third party, the obligations of the third party who has the primary responsibility for the services that it provides. Leases and lease right-of-use assets A key judgement in determining the right-of-use asset and lease liability is establishing whether it is reasonably certain that an option to extend the lease will be exercised. Distinguishing whether a lease will be extended or otherwise could have a material impact on the value of the right-of-use assets and lease liabilities recognised on the balance sheet, but may not have a material impact on the income statement. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. Recognition of Retirement bene\ufb01t assets A key judgement when recognising a retirement benefit asset is whether the Company has an unconditional right to a refund on such a surplus. A retirement benefit assets for \u00a37.9m (2022: \u00a37.9m) has been recognised on the Group\u2019s European pension surplus because it was judged that the trustees cannot use trustee\u2019s discretionary power to use this surplus to augment member benefits.Business disposals \u2013 completion accounts At 31 December 2023, the Group has recognised \u00a323.0m (2022: \u00a318.0m) in other financial liabilities in relation to the completion accounts processes in respect of the Group\u2019s business disposals in 2022. The amount recognised, based on the facts and circumstances that were present and known at the balance sheet date, represents management\u2019s best estimate of the expected settlement payable through the respective completion accounts processes and other mechanisms allowed by the share purchase agreements (\u201cSPA\u201d). Although the outcome of the completion accounts process for the Filters business remains inherently uncertain at the end of the reporting period, given that the SPA terms related to the completion accounts mechanisms are complex, and the completion accounts could be the subject of commercial negotiation and, in the absence of agreement, an expert determination process, it is therefore recognised that the final amount agreed could be materially different from the estimate. The future range of possible outcomes associated with the various assumptions and judgements applied in the determination of the total value of the financial liability recognised at 31 December 2023 could therefore lead to an increase or decrease in the value of the financial liability recognised in the next financial year. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the liability of up to \u00a32.0m or an increase of up to \u00a31.9m. Business disposals \u2013 measurement of contingent consideration During 2022, the Group recognised a net loss of \u00a316.6m on the disposal of the Filters business. The value of the loss is subject to finalisation of the deferred contingent consideration receivable which requires judgement. The maximum potential undiscounted deferred contingent consideration amount that the Group could receive is \u00a320.0m. Deferred consideration is structured as an earn-out in two tranches of up to \u00a310.0m, with each tranche contingent upon the Filters business achieving certain contractual profit performance targets in its financial years ending 31 December 2023 and 31 December 2024 (the \u201cearn-out years\u201d), respectively. Management has, with the assistance of an external valuation specialist, determined the fair value of contingent consideration receivable using an option pricing model which applies prudent assumptions to risk-free cash flows in each of the earn-out years. For valuation purposes, as inputs into the model are intended to be risk-neutral, profit forecasts for the earn-out years are discounted to neutralise forecast risk by applying a risk-adjusted rate to expected cash flows based on an industry specific and geographically derived weighted average cost of capital. The resulting risk-adjusted profit for each earn-out year has been modelled against the respective contractually agreed profit performance target with the calculated earn-out achieved discounted to present value by applying a rate that reflects counterparty credit risk and the timing of future cash flows.
At 31 December 2023, deferred contingent consideration receivable with a fair value of \u00a39.3m
(2022: \u00a310.6m) has been classified as a long-term receivable and \u00a39.7m (2022: \u00a3nil) has been
classified as trade and other receivables in the consolidated financial statements (refer to
note 19). The actual earn-out receivable when the contingent consideration is finalised may
differ materially from the fair value estimate at 31 December 2023 as a result of reasonable
changes to assumptions applied.
Based on information available at the reporting date, the assessed range of possible future
outcomes could potentially lead to an increase of up to \u00a3nil in the earn-out receivable being
recognised in the next financial year, or a decrease of \u00a39.3m were the conditions for the earn-
out to fail in their entirety, representing the resolution of the uncertainty inherent in the cash
flows. Any future movements in fair value of the deferred contingent consideration when
remeasured at subsequent reporting period end dates will be taken through the consolidated
income statement, and recognised as part of the result from discontinued operations.
Taxation
Liabilities for tax contingencies require management judgements and estimates in respect of
tax audit issues and exposures in each of the jurisdictions in which it operates. Management
is also required to make an estimate of the current tax liability together with an assessment
of the temporary differences which arise as a consequence of different accounting and tax
treatments. Where Management conclude a tax position is uncertain, a current tax liability is
held for anticipated taxes that are considered probable based on the information available.
Key judgement areas for the Group include the pricing of intercompany goods and services
as well as the tax consequences arising from restructuring operations. Management may
engage with professional advisers in making their assessment and, if appropriate, will liaise
with the relevant taxation authorities to resolve the matter. The tax liability is reassessed in
each period to reflect Management\u2019s best estimate in light of information available. If the
final outcome of these matters differs to the liability held in the financial statements, the
difference may impact the income tax charge / (credit) in the year the matter is concluded.
Uncertain tax provisions
At 31 December 2023, included in the tax payable is a liability of \u00a34.0m (2022: \u00a34.4m)
for transfer pricing matters and \u00a35.8m (2022: \u00a311.7m) for other uncertain tax positions.
The reduction in each provision is primarily due to the expiry of statute of limitations following
the passage of time, favourable agreements reached with tax authorities on previous matters
and part of the liability transferring with disposed entities. Adjustments for current year
transactions and foreign exchange movements complete the movement in the year. Of the
amount recognised at the end of the reporting period, a possible range of outcomes could
potentially see between \u00a33.7m and \u00a34.8m resolved in the next financial year as a result of
expiring statute of limitations and completion of tax audits.
UK Deferred tax assets
The Group has recognised a net deferred tax asset of \u00a35.7m in the UK. The assessed range of
possible future outcomes in the next financial year could potentially lead to a decrease in the
deferred tax asset of up to \u00a31.9m or an increase of up to \u00a34.0m. For more details see note 16.
Retirement bene\ufb01t obligations At 31 December 2023, the net retirement benefit liability was \u00a39.6m (2022: \u00a310.6m), including a retirement benefit liability of \u00a317.5m (2022: \u00a318.5m). The measurement of defined benefit obligations requires the application of judgement in relation to the key assumptions used, particularly in determining the discount rate, inflation rate, and mortality rates. In consultation with Essentra\u2019s actuaries, management determines the point within the range of possible outcomes for those assumptions applied at the balance sheet date that most appropriately reflects Essentra\u2019s circumstances. Small changes to these assumptions can have a material impact on the valuation and consequently reported amounts. Accordingly, the Group performs a sensitivity analysis for the key assumptions applied in determining post-employment costs and liabilities, as detailed in note 18. Provision for contractual obligations The provision for contractual obligations represents amounts that the Group may be liable to pay arising from the disposal of the Packaging and Filters businesses during the year. At 31 December 2023 provisions for contractual obligations amounted to \u00a33.4m (2022: \u00a35.5m), representing the Group\u2019s estimate of ongoing obligations due to each of the buyers under the respective Share Purchase Agreements. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the provision of up to \u00a32m or an increase of up to \u00a31.0m. Business combinations and intangible assets IFRS 3 Business Combinations requires the identification of acquired intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates and judgements such as customer attrition, cash flow generation from the existing relationships with customers and returns on other assets. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the income statement and balance sheet. Goodwill is not amortised but is tested annually for impairment, along with the finite-lived intangible assets and other assets of the Group\u2019s cash-generating units. Tests for impairment are based on discounted cash flows and assumptions (including discount rates, timing and growth prospects) which are inherently subjective. An estimate is also required in identifying the events which indicate potential impairment, and in assessing fair value of individual assets when allocating an impairment loss in a cash-generating unit or groups of cash-generating units. The Group performs various sensitivity analyses in respect of the tests for impairment and recognises impairments when required. The critical estimates made for the year ended 31 December 2023 are related to the APAC region, as detailed in note 8. The useful lives of the Group\u2019s finite-lived intangible assets are reviewed following the tests for impairment annually.
Estimate of inventory obsolescence
Inventories represent a material proportion of the Group\u2019s net assets. At 31 December 2023,
the Group had \u00a364.7m (2022: \u00a365.0m) of inventories on the balance sheet.
The Group estimates the net realisable value of inventories in order to determine the value of
any provision required. These estimations are based on recent experience and knowledge of
the products held in inventory estimations, include any impact of obsolescence including that
related to regulatory changes including climate change, are made in relation to the number
of years of sales of each product and the value recoverable from those inventories.
The Group undertakes periodic reviews of inventory levels and quality, and following those
reviews provides for all inventory that is considered obsolete. Furthermore, the Group provides
in full for unsold or slow moving inventory.
Following the disposal of its Packaging and Filters businesses in 2022, and based upon
the most recent reliable information, the Group has updated the inputs into its inventory
provisioning calculations in order to ensure that inventories continue to be measured at the
lower of cost and net realisable value. The impact on inventory provisioning resulted in an
increase in inventories and a resultant credit to gross profit (see note 10).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "a Basis of preparationEssentra plc is a public company limited by shares that is incorporated and domiciled in England and Wales (registration no 05444653). The address of its registered office is Langford Locks, Kidlington, Oxford, OX5 1HX, United Kingdom. The Company\u2019s ordinary shares are publicly traded on the London Stock Exchange. For the purposes of these consolidated financial statements \u201cEssentra\u201d or \u201cthe Group\u201d means Essentra plc (the \u201cCompany\u201d) and its subsidiaries. The Group\u2019s principal activities are focused on the manufacture and distribution of a comprehensive range of components, used in diverse industrial applications and end-markets. The Group\u2019s consolidated financial statements for the year ended 31 December 2023 have been prepared in accordance with UK-adopted International Accounting Standards and comply with the requirements of the Companies Act 2006. These consolidated financial statements are prepared under the historical cost convention unless otherwise stated. The Company has elected to prepare its individual company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d); these are presented on page 208. The principal accounting policies used in the preparation of the consolidated financial statements for the year ended 31 December 2023 are detailed below. These policies, except those set out below under the heading \u2018Changes in accounting policies\u2019 adopted during the year, have been consistently applied to all periods presented. In preparing the consolidated financial statements, management have taken into account the potential effects of climate changes, including medium- to longer-term transitional risks resulting from the relative uncertainty created by the global shift towards a more sustainable, net-zero economy, which include regulatory, geopolitical and social pressures that may impact the operations of the business in future. Management have considered the potential effects of climate related changes in its assessment of going concern, and longer term viability of the business, in preparing the Group's future cash flow forecasts underpinning impairment testing, and in its assessment of the residual values of property, plant and equipment. Management have determined that, other than the expected capital expenditure due to the future spend on machine replacement and efficiency upgrades factored into the Group\u2019s cash flow forecasts, there is no material impact on these financial statements. Going concern The Directors have prepared the consolidated financial statements for the year ended 31 December 2023 on a going concern basis. In adopting the going concern basis, the Directors have considered the Group\u2019s balance sheet position, forecast earnings and cash flows for a period of 18 months from the date of approval of these consolidated financial statements. Information regarding the financial position of the Group, its cash flows, liquidity position, and borrowing facilities are described in the Financial Review on pages 16 to 18. In addition, note 19 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities and exposures to credit, market and liquidity risk. Cash balances and borrowings are detailed in note 22. At 31 December 2023, the Group\u2019s external financing arrangements amounted to \u00a3280.7m, comprising United States Private Placement Loan Notes (\u201cUSPP\u201d) of US$102.5m (with a range of expiry dates from July 2028 to July 2033) and a multi-currency revolving credit facility (\u201cRCF\u201d) of \u00a3200.0m (expiring in October 2026). \u00a315.2m was drawn under the RCF as at 31 December 2023, with the available undrawn balance amounting to \u00a3184.8m. The facility is subject to two covenants, which are tested semi-annually: net debt to EBITDA (leverage) and EBITA to net finance charges. Despite the significant economic and operational challenges in the recent years, the Group has not sought to change either of the two covenants. The Directors believe that the Group is well placed to manage its business risks and, after making enquiries including a review of forecasts and predictions, taking account of reasonably possible changes in trading performances and considering the existing borrowing facilities, including the available liquidity, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next 18 months following the date of approval of the financial statements, and no breaches of covenants are expected. As part of the going concern assessment, the Board has considered a downside scenario that includes severe, but reasonably plausible changes in macro-economic conditions. The results of this scenario show that there is sufficient liquidity in the business for a period of 18 months from the date of approval of these financial statements, and does not indicate any covenant breach during the test period. The downside scenario assumes a period of prolonged revenue decline in 2024, and subsequently delays in market recovery to 2025. The downside scenario also assumes a higher inflationary cost environment, the impacts of which are not fully offset by price increases and also includes transition risks associated with a \u201cmiddle of the road scenario\u201d without the inclusion of any opportunities from the climate change quantitative analysis. The financial impact of the severe but plausible downside scenario in 2024 and 2025 is a reduction in adjusted operating profits by 24.5% and 19.0%, respectively, compared to the Group strategic plan. The overall level of liquidity (defined as available undrawn borrowing facility plus cash and cash equivalent) at 31 December 2023 was \u00a3244.5m. Adjusting for share repurchases of \u00a336.0m under the remainder of the buyback programme of \u00a360.0m, this still leaves overall liquidity at \u00a3208.5m. Capital expenditure, sales and general overhead, and working capital will continue to be managed closely to ensure sufficient liquidity. The scenarios do not indicate a material uncertainty which may cast significant doubt over the Company\u2019s and Group\u2019s ability to continue as a going concern. Based on these, and taking into consideration the risks detailed in note 19, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and accordingly, have adopted the going concern basis in preparing the consolidated financial statements. This disclosure has been prepared in accordance with the Financial Reporting Council\u2019s UK Corporate Governance Code.Changes in accounting policies Other pronouncements The Group adopted the following new pronouncements during 2023, which did not have a material impact on the Group\u2019s financial statements: \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising froma Single Transaction;\u2022 Amendments to IAS1 \u2013 Disclosure of Accounting Policies; and\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates.The following standards and amendments, issued before 31 December 2023 with an effective date on or after 1 January 2024, have not been early adopted by the Group, they do not have a material impact on the Group\u2019s financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback;\u2022 Amendment to IAS 1 \u2013 Non-current liabilities with covenants;\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance;\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability.Impact of Pillar two rules The Organisation for Economic Cooperation and Development (\u201cOECD\u201d) Global Anti-Base Erosion Model Rules (Pillar Two rules) were initially introduced by the OECD in December 2021 and adopted by the UK in Finance Act (no. 2) Act 2023. The rules will come into effect for the Essentra Group in relation to accounting periods beginning on or after 1 January 2024. A Pillar 2 Effective Tax Rate (\u201cETR\u201d) is calculated for every jurisdiction in which the Group operates, and Pillar 2 Income Taxes will arise when the Pillar 2 ETR is less than 15%. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. Recognising that there is still uncertainty in how the Pillar Two rules will impact existing and future deferred tax positions, as well as whether the Pillar Two rules create permanent differences, both the AASB and IASB have issued amendments to IAS12 \u2018Income Taxes\u2019. The amendments contain a mandatory temporary exemption to IAS12 which exempts a company from disclosing changes to deferred tax assets / liabilities related to the Pillar Two rules. As the parent of the Essentra Group of companies, Essentra plc is applying the exemption IAS 12 for the year ended 31 December 2023. The amendments also require Essentra plc to disclose information regarding the estimated impact of the Pillar Two rules and has performed an initial analysis under the UK legislation of potential exposure to additional tax under the Pillar Two rules based on the Group\u2019s most recent finalised country-by-country reporting data, income tax return filings and consolidated accounts (for the year ended 31 December 2022). Based on the data for the year ended 31 December 2022, in most of the territories in which the Group operates it will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the Group from applying the Pillar Two rules in those territories. There are a small number of territories where, based on data for the year ended 31 December 2022, the Group may not have access to the transitional safe harbour rules, and the Group has assessed that the potential liability to additional tax under the Pillar Two rules in those territories is not expected to be material. The Group continues to refine its analysis of its potential exposure to the Pillar Two rules and will refresh its analysis based on its country-by-country reporting data, income tax return filings and consolidated accounts for the year ended 31 December 2023 once finalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "Essentra plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "Langford Locks, Kidlington, Oxford, OX5 1HX, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "The Group\u2019s principal activities are focused on the manufacture and distribution of a comprehensive range of components, used in diverse industrial applications and end-markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "value": "
The Group\u2019s consolidated financial statements for the year ended 31 December 2023 have
been prepared in accordance with UK-adopted International Accounting Standards and
comply with the requirements of the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "Going concern The Directors have prepared the consolidated financial statements for the year ended 31 December 2023 on a going concern basis. In adopting the going concern basis, the Directors have considered the Group\u2019s balance sheet position, forecast earnings and cash flows for a period of 18 months from the date of approval of these consolidated financial statements. Information regarding the financial position of the Group, its cash flows, liquidity position, and borrowing facilities are described in the Financial Review on pages 16 to 18. In addition, note 19 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities and exposures to credit, market and liquidity risk. Cash balances and borrowings are detailed in note 22. At 31 December 2023, the Group\u2019s external financing arrangements amounted to \u00a3280.7m, comprising United States Private Placement Loan Notes (\u201cUSPP\u201d) of US$102.5m (with a range of expiry dates from July 2028 to July 2033) and a multi-currency revolving credit facility (\u201cRCF\u201d) of \u00a3200.0m (expiring in October 2026). \u00a315.2m was drawn under the RCF as at 31 December 2023, with the available undrawn balance amounting to \u00a3184.8m. The facility is subject to two covenants, which are tested semi-annually: net debt to EBITDA (leverage) and EBITA to net finance charges. Despite the significant economic and operational challenges in the recent years, the Group has not sought to change either of the two covenants. The Directors believe that the Group is well placed to manage its business risks and, after making enquiries including a review of forecasts and predictions, taking account of reasonably possible changes in trading performances and considering the existing borrowing facilities, including the available liquidity, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next 18 months following the date of approval of the financial statements, and no breaches of covenants are expected. As part of the going concern assessment, the Board has considered a downside scenario that includes severe, but reasonably plausible changes in macro-economic conditions. The results of this scenario show that there is sufficient liquidity in the business for a period of 18 months from the date of approval of these financial statements, and does not indicate any covenant breach during the test period. The downside scenario assumes a period of prolonged revenue decline in 2024, and subsequently delays in market recovery to 2025. The downside scenario also assumes a higher inflationary cost environment, the impacts of which are not fully offset by price increases and also includes transition risks associated with a \u201cmiddle of the road scenario\u201d without the inclusion of any opportunities from the climate change quantitative analysis. The financial impact of the severe but plausible downside scenario in 2024 and 2025 is a reduction in adjusted operating profits by 24.5% and 19.0%, respectively, compared to the Group strategic plan. The overall level of liquidity (defined as available undrawn borrowing facility plus cash and cash equivalent) at 31 December 2023 was \u00a3244.5m. Adjusting for share repurchases of \u00a336.0m under the remainder of the buyback programme of \u00a360.0m, this still leaves overall liquidity at \u00a3208.5m. Capital expenditure, sales and general overhead, and working capital will continue to be managed closely to ensure sufficient liquidity. The scenarios do not indicate a material uncertainty which may cast significant doubt over the Company\u2019s and Group\u2019s ability to continue as a going concern. Based on these, and taking into consideration the risks detailed in note 19, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and accordingly, have adopted the going concern basis in preparing the consolidated financial statements. This disclosure has been prepared in accordance with the Financial Reporting Council\u2019s UK Corporate Governance Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "value": "Changes in accounting policies Other pronouncements The Group adopted the following new pronouncements during 2023, which did not have a material impact on the Group\u2019s financial statements: \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising froma Single Transaction;\u2022 Amendments to IAS1 \u2013 Disclosure of Accounting Policies; and\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates.The following standards and amendments, issued before 31 December 2023 with an effective date on or after 1 January 2024, have not been early adopted by the Group, they do not have a material impact on the Group\u2019s financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback;\u2022 Amendment to IAS 1 \u2013 Non-current liabilities with covenants;\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance;\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability.Impact of Pillar two rules The Organisation for Economic Cooperation and Development (\u201cOECD\u201d) Global Anti-Base Erosion Model Rules (Pillar Two rules) were initially introduced by the OECD in December 2021 and adopted by the UK in Finance Act (no. 2) Act 2023. The rules will come into effect for the Essentra Group in relation to accounting periods beginning on or after 1 January 2024. A Pillar 2 Effective Tax Rate (\u201cETR\u201d) is calculated for every jurisdiction in which the Group operates, and Pillar 2 Income Taxes will arise when the Pillar 2 ETR is less than 15%. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. Recognising that there is still uncertainty in how the Pillar Two rules will impact existing and future deferred tax positions, as well as whether the Pillar Two rules create permanent differences, both the AASB and IASB have issued amendments to IAS12 \u2018Income Taxes\u2019. The amendments contain a mandatory temporary exemption to IAS12 which exempts a company from disclosing changes to deferred tax assets / liabilities related to the Pillar Two rules. As the parent of the Essentra Group of companies, Essentra plc is applying the exemption IAS 12 for the year ended 31 December 2023. The amendments also require Essentra plc to disclose information regarding the estimated impact of the Pillar Two rules and has performed an initial analysis under the UK legislation of potential exposure to additional tax under the Pillar Two rules based on the Group\u2019s most recent finalised country-by-country reporting data, income tax return filings and consolidated accounts (for the year ended 31 December 2022). Based on the data for the year ended 31 December 2022, in most of the territories in which the Group operates it will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the Group from applying the Pillar Two rules in those territories. There are a small number of territories where, based on data for the year ended 31 December 2022, the Group may not have access to the transitional safe harbour rules, and the Group has assessed that the potential liability to additional tax under the Pillar Two rules in those territories is not expected to be material. The Group continues to refine its analysis of its potential exposure to the Pillar Two rules and will refresh its analysis based on its country-by-country reporting data, income tax return filings and consolidated accounts for the year ended 31 December 2023 once finalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "Changes in accounting policies Other pronouncements The Group adopted the following new pronouncements during 2023, which did not have a material impact on the Group\u2019s financial statements: \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising froma Single Transaction;\u2022 Amendments to IAS1 \u2013 Disclosure of Accounting Policies; and\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates.The following standards and amendments, issued before 31 December 2023 with an effective date on or after 1 January 2024, have not been early adopted by the Group, they do not have a material impact on the Group\u2019s financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback;\u2022 Amendment to IAS 1 \u2013 Non-current liabilities with covenants;\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance;\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability.Impact of Pillar two rules The Organisation for Economic Cooperation and Development (\u201cOECD\u201d) Global Anti-Base Erosion Model Rules (Pillar Two rules) were initially introduced by the OECD in December 2021 and adopted by the UK in Finance Act (no. 2) Act 2023. The rules will come into effect for the Essentra Group in relation to accounting periods beginning on or after 1 January 2024. A Pillar 2 Effective Tax Rate (\u201cETR\u201d) is calculated for every jurisdiction in which the Group operates, and Pillar 2 Income Taxes will arise when the Pillar 2 ETR is less than 15%. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. Recognising that there is still uncertainty in how the Pillar Two rules will impact existing and future deferred tax positions, as well as whether the Pillar Two rules create permanent differences, both the AASB and IASB have issued amendments to IAS12 \u2018Income Taxes\u2019. The amendments contain a mandatory temporary exemption to IAS12 which exempts a company from disclosing changes to deferred tax assets / liabilities related to the Pillar Two rules. As the parent of the Essentra Group of companies, Essentra plc is applying the exemption IAS 12 for the year ended 31 December 2023. The amendments also require Essentra plc to disclose information regarding the estimated impact of the Pillar Two rules and has performed an initial analysis under the UK legislation of potential exposure to additional tax under the Pillar Two rules based on the Group\u2019s most recent finalised country-by-country reporting data, income tax return filings and consolidated accounts (for the year ended 31 December 2022). Based on the data for the year ended 31 December 2022, in most of the territories in which the Group operates it will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the Group from applying the Pillar Two rules in those territories. There are a small number of territories where, based on data for the year ended 31 December 2022, the Group may not have access to the transitional safe harbour rules, and the Group has assessed that the potential liability to additional tax under the Pillar Two rules in those territories is not expected to be material. The Group continues to refine its analysis of its potential exposure to the Pillar Two rules and will refresh its analysis based on its country-by-country reporting data, income tax return filings and consolidated accounts for the year ended 31 December 2023 once finalised.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "Changes in accounting policies Other pronouncements The Group adopted the following new pronouncements during 2023, which did not have a material impact on the Group\u2019s financial statements: \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising froma Single Transaction;\u2022 Amendments to IAS1 \u2013 Disclosure of Accounting Policies; and\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates.The following standards and amendments, issued before 31 December 2023 with an effective date on or after 1 January 2024, have not been early adopted by the Group, they do not have a material impact on the Group\u2019s financial statements: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback;\u2022 Amendment to IAS 1 \u2013 Non-current liabilities with covenants;\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance;\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability.Impact of Pillar two rules The Organisation for Economic Cooperation and Development (\u201cOECD\u201d) Global Anti-Base Erosion Model Rules (Pillar Two rules) were initially introduced by the OECD in December 2021 and adopted by the UK in Finance Act (no. 2) Act 2023. The rules will come into effect for the Essentra Group in relation to accounting periods beginning on or after 1 January 2024. A Pillar 2 Effective Tax Rate (\u201cETR\u201d) is calculated for every jurisdiction in which the Group operates, and Pillar 2 Income Taxes will arise when the Pillar 2 ETR is less than 15%. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. Recognising that there is still uncertainty in how the Pillar Two rules will impact existing and future deferred tax positions, as well as whether the Pillar Two rules create permanent differences, both the AASB and IASB have issued amendments to IAS12 \u2018Income Taxes\u2019. The amendments contain a mandatory temporary exemption to IAS12 which exempts a company from disclosing changes to deferred tax assets / liabilities related to the Pillar Two rules. As the parent of the Essentra Group of companies, Essentra plc is applying the exemption IAS 12 for the year ended 31 December 2023. The amendments also require Essentra plc to disclose information regarding the estimated impact of the Pillar Two rules and has performed an initial analysis under the UK legislation of potential exposure to additional tax under the Pillar Two rules based on the Group\u2019s most recent finalised country-by-country reporting data, income tax return filings and consolidated accounts (for the year ended 31 December 2022). Based on the data for the year ended 31 December 2022, in most of the territories in which the Group operates it will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the Group from applying the Pillar Two rules in those territories. There are a small number of territories where, based on data for the year ended 31 December 2022, the Group may not have access to the transitional safe harbour rules, and the Group has assessed that the potential liability to additional tax under the Pillar Two rules in those territories is not expected to be material. The Group continues to refine its analysis of its potential exposure to the Pillar Two rules and will refresh its analysis based on its country-by-country reporting data, income tax return filings and consolidated accounts for the year ended 31 December 2023 once finalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "Basis of consolidation (i) SubsidiariesSubsidiaries are entities controlled by Essentra. Control exists when Essentra is exposed, or hasrights, to variable returns from its involvement with the investee and has the ability to affectthose returns through its power over the investee. The financial statements of subsidiaries areincluded in the consolidated financial statements of the Group from the date that controlcommences until the date that control ceases. The Group\u2019s subsidiaries (including dormantentities) at 31 December 2023, are set out within the Essentra plc companies accounts onpages 213 to 215.Non-controlling interests (\u201cNCI\u201d) are measured at their proportionate share of the investee\u2019s identifiable net assets at the date of acquisition. When the group loses control of a subsidiary, it derecognises the net assets of the subsidiary together with any NCI and other related components of equity. Any resulting gain or loss on disposal is recognised in the consolidated income statement. On 3 December 2022, the Group completed the sale of Essentra Filter Holdings Limited and its respective subsidiary companies (the \u2018Filters business\u2019) which included the Group\u2019s investments in ITC Essentra Limited (India) (50% owned) and China Tobacco Essentra (Xiamen) Filters Co., Ltd (China) (49% owned). Previously, the ownership held by the Group in these companies through its holding of ordinary shares were accounted for as subsidiaries of the Group in the consolidated financial statements due to the control achieved via board membership. Following the disposal of the Group\u2019s investments in India and China as part of the wider Filters business disposal, the associated balance of NCI arising on consolidation was derecognised.(ii) Transactions eliminated on consolidation Intragroup balances and any unrealised gains and losses or income and expense arising from intragroup transactions are eliminated in preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "(i) SubsidiariesSubsidiaries are entities controlled by Essentra. Control exists when Essentra is exposed, or hasrights, to variable returns from its involvement with the investee and has the ability to affectthose returns through its power over the investee. The financial statements of subsidiaries areincluded in the consolidated financial statements of the Group from the date that controlcommences until the date that control ceases. The Group\u2019s subsidiaries (including dormantentities) at 31 December 2023, are set out within the Essentra plc companies accounts onpages 213 to 215.Non-controlling interests (\u201cNCI\u201d) are measured at their proportionate share of the investee\u2019s identifiable net assets at the date of acquisition. When the group loses control of a subsidiary, it derecognises the net assets of the subsidiary together with any NCI and other related components of equity. Any resulting gain or loss on disposal is recognised in the consolidated income statement. On 3 December 2022, the Group completed the sale of Essentra Filter Holdings Limited and its respective subsidiary companies (the \u2018Filters business\u2019) which included the Group\u2019s investments in ITC Essentra Limited (India) (50% owned) and China Tobacco Essentra (Xiamen) Filters Co., Ltd (China) (49% owned). Previously, the ownership held by the Group in these companies through its holding of ordinary shares were accounted for as subsidiaries of the Group in the consolidated financial statements due to the control achieved via board membership. Following the disposal of the Group\u2019s investments in India and China as part of the wider Filters business disposal, the associated balance of NCI arising on consolidation was derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "Foreign currency With the exception of the financial statements of the Group\u2019s foreign operations in hyperinflationary economies (see \u2018Adjustments for hyperinflation\u2019 below), items included in the financial statements of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (\u201cfunctional currency\u201d). The consolidated financial statements are presented in sterling (the functional currency of the Company). On disposal of a foreign operation, the deferred cumulative amount recognised in equity relating to that particular operation is recognised in the consolidated income statement as part of the gain/loss on disposal. (i) Foreign currency transactions Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into sterling at the exchange rate ruling at that date and recognised in the income statement unless hedge accounting criteria apply (see policy for financial instruments). (ii) Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated from their functional currency into sterling at the exchange rate ruling at the balance sheet date. The revenues and expenses of foreign operations are translated into sterling at average exchange rates. (iii) Net investment in foreign operations Exchange differences on retranslation at the closing rate of the opening balances of overseas entities are taken to other comprehensive income, as are exchange differences arising on related foreign currency borrowings and derivatives designated as net investment hedges, to the extent that they are effective. Other exchange differences are taken to the income statement. Differences arising prior to 1 January 2004 are included in retained earnings. (iv) Adjustments for hyperin\ufb02ation The Group applies hyperinflationary accounting to the financial statements of foreign operations that meet the requirements to be designated a hyperinflationary economy as specified in IAS 29 Financial Reporting in Hyperinflationary Economies. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, comparative amounts are not restated. Under IAS 29, the results and non-monetary asset and liability balances are revalued to present value equivalent local currency amounts, based on an inflation index, before translation to sterling at the reporting-date exchange rates. The gain or loss on net monetary assets resulting from the application of IAS 29 is recognised in the consolidated income statement within net finance expense. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented under amounts arising on translation of foreign operations within other comprehensive income. The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation as operating, investing and financing cash flows in the consolidated statement of cash flows. The Group\u2019s foreign operations in Turkey, whose functional currency is the Turkish Lira, were designated as hyperinflationary during the year ended 31 December 2022. For the year ended 31 December 2023, the Turkish economy continued to be designated as hyperinflationary, and therefore the Group has continued to apply hyperinflationary accounting using the historic cost approach to its Turkish operations for the reporting period ended 31 December 2023. The price index used to apply IAS 29 is the Turkish Consumer Price Index. At 31 December 2023, the price index was 1,860.90 (31 December 2022: 1,128.45, 31 December 2021: 686.95). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "items included in the financial statements of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (\u201cfunctional currency\u201d). The consolidated financial statements are presented in sterling (the functional currency of the Company).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "Alternative performance measures The consolidated financial statements provide further disclosures and measures of financial performance, including adjusted operating profit and adjusted earnings per share, which are not defined or specified in accordance with UK adopted International Financial Reporting Standards. The presentation of alternative performance measures enables management to reflect the underlying performance of the continuing operations of the Group and provides investors with a more meaningful comparison of how the business is managed and measured on a periodic basis. Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results, such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, costs of major Software as a Service projects, defined benefit pension scheme charges that no longer pertain to the continuing operations of the Group and items which are non-recurring or one-off in nature (such as impairment of acquired intangible assets, impairment of investment property, historic indemnity claims and the costs of fundamental strategic review and reorganisation). Operating profit before adjusting items and acquired intangible amortisation is called adjusted operating profit, which forms the primary basis for management\u2019s review and assessment of the operational performance of the Group\u2019s businesses.(i) Expense/(credit) relating to acquisitions, disposals and restructuring following disposals of businesses In 2023 and 2022, Essentra incurred advisory and reorganisation costs in relation to major restructuring activities to \u201cright size\u201d the continuing operations of the business following the disposal of the Filters and Packaging businesses. These costs do not include costs relating to the disposal of those businesses, which form part of the result from discontinued operations (refer to note 24). In 2023, Essentra acquired BMP TAPPI, incurring one-off acquisition related costs (refer to note 23). In 2022, Essentra acquired the Wixroyd Group, incurring one-off acquisition related costs (refer to note 23). (ii) Acquisition integration and restructuring costs These relate to costs incurred on the integration of acquired businesses and restructuring associated with acquisitions. (iii) Customisation and con\ufb01guration costs of signi\ufb01cant Software as a Service (\u201cSaaS\u201d) arrangements These relate to costs incurred on implementation (customisation and configuration) of significant \u201csoftware as a service\u201d (\u201cSaaS\u201d) arrangements. In the view of management, these are investments to upgrade the Group\u2019s technical capabilities, and therefore their costs are excluded from adjusted operating profit. (iv) De\ufb01ned bene\ufb01t pension scheme charges (from 2022) These relate to costs incurred in relation to defined benefit pension scheme charges which, following the completion of the strategic review, no longer pertain to employees of the continuing Group and are therefore excluded from adjusted operating profit. (v) Impairment of non-current assets In 2023, this comprised impairment of investment property which is held in excess of the Group\u2019s operational requirements and impairment of intangible and other non-current assets in Hengzhu (following an impairment review in that CGU). (vi) Other adjusting items In 2023, this comprised professional fees relating to the capital reduction completed during 2023, and \u00a30.8m provision relating to a historic indemnity claim. In 2022, this comprised costs in respect of the write-down of centrally held IT assets following the completion of the strategic review, and costs of restructuring activities within the continuing European and Americas businesses, offset by a credit relating to adjustments to the carrying value of right of use assets. Further details of the Group\u2019s adjusting items are included in note 2. The Group has also provided a reconciliation of its adjusted performance measures in note 27 to the consolidated financial statements. ", "dimensions": { "concept": "essentraplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "f inFinance income and expense Finance income is recognised in the consolidated income statement as it accrues by reference to the principal outstanding and at the effective interest rate applicable. Finance expense consists of interest and other expenses that are incurred in connection with the Group\u2019s external financing arrangements and is recognised in the consolidated income statement as it accrues. Prepaid facility fees are amortised over the term of the related debt financing using the effective interest method. Finance expense includes the interest portion of lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "Discontinued operations A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a separate major line of business or geographical area of operations; or \u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "Discontinued operations A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a separate major line of business or geographical area of operations; or \u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "Discontinued operations A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a separate major line of business or geographical area of operations; or \u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "Segment reporting A segment is identified on the basis of internal reports that are regularly reviewed by the Board of Directors (identified as the Chief Operating Decision Maker) in order to allocate resources to the segment and assess its performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "Revenue Revenue from the sale of component parts is recognised in the income statement with reference to the amount invoiced to the customer, net of expected discounts, rebates, refunds, credits, price concessions or other similar items, when the associated performance obligation has been satisfied, and control of the goods has been transferred to the customer. Customer volume discounts and right to return goods purchased are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and those obligations are included in other payables. The substantial majority of the Group\u2019s revenue is generated through delivery of component parts which results in revenue being recognised at a point where control has been transferred to the customer as opposed to over a performance obligation period. A significant part of the Group\u2019s businesses sell goods on an ex-works basis, where the Group, as seller, makes its goods ready for collection at its premises on an agreed upon sales date and the buyer incurs all transportation and handling costs and bears the risks for bringing the goods to their chosen destination. Where the Group operates non ex-works terms with customers, revenue is recognised when the control of the goods has been transferred to the customer. These terms include consignment stock agreements, where revenue is recognised upon the customer removing goods from consignment stock provided the relevant conditions for revenue recognition are met. Each customer arrangement/contract is assessed to identify the performance obligations being provided to the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "Finance income and expense Finance income is recognised in the consolidated income statement as it accrues by reference to the principal outstanding and at the effective interest rate applicable. Finance expense consists of interest and other expenses that are incurred in connection with the Group\u2019s external financing arrangements and is recognised in the consolidated income statement as it accrues. Prepaid facility fees are amortised over the term of the related debt financing using the effective interest method. Finance expense includes the interest portion of lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "Finance income and expense Finance income is recognised in the consolidated income statement as it accrues by reference to the principal outstanding and at the effective interest rate applicable. Finance expense consists of interest and other expenses that are incurred in connection with the Group\u2019s external financing arrangements and is recognised in the consolidated income statement as it accrues. Prepaid facility fees are amortised over the term of the related debt financing using the effective interest method. Finance expense includes the interest portion of lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "Income tax Income tax in the consolidated income statement comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year using the applicable tax rates enacted or substantively enacted at the balance sheet date and any adjustment to tax payable in prior years. Deferred tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases and the carrying amounts of assets and liabilities in the financial statements. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset or liability is settled, using the applicable tax rates enacted or substantively enacted at the balance sheet dates. A deferred tax asset is recognised only to the extent that it is probable that future taxable profit will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefits will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against liabilities and when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "Income tax Income tax in the consolidated income statement comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year using the applicable tax rates enacted or substantively enacted at the balance sheet date and any adjustment to tax payable in prior years. Deferred tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases and the carrying amounts of assets and liabilities in the financial statements. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset or liability is settled, using the applicable tax rates enacted or substantively enacted at the balance sheet dates. A deferred tax asset is recognised only to the extent that it is probable that future taxable profit will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefits will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against liabilities and when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "
Business combinations
Business combinations are accounted for using the acquisition method. Goodwill arising in
a business combination represents the difference between the fair value of the assets given
in consideration and the fair value of identifiable assets, liabilities and contingent liabilities
assumed of the acquiree, at the date of acquisition.
Costs attributable to acquisitions are expensed in the consolidated income statement.
Given their one-off nature, these costs are generally presented within adjusting items.
Where consideration for an acquisition includes any assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration amount is measured at fair value at the acquisition date. Subsequent changes in the fair value of such contingent consideration is adjusted against the cost of acquisition where they result from additional information, obtained within one year from the acquisition date, about facts and circumstances that existed at the acquisition date. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "Business combinations Business combinations are accounted for using the acquisition method. Goodwill arising in a business combination represents the difference between the fair value of the assets given in consideration and the fair value of identifiable assets, liabilities and contingent liabilities assumed of the acquiree, at the date of acquisition. Costs attributable to acquisitions are expensed in the consolidated income statement. Given their one-off nature, these costs are generally presented within adjusting items.Where consideration for an acquisition includes any assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration amount is measured at fair value at the acquisition date. Subsequent changes in the fair value of such contingent consideration is adjusted against the cost of acquisition where they result from additional information, obtained within one year from the acquisition date, about facts and circumstances that existed at the acquisition date. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "Intangible assets (i) Goodwill Goodwill is initially recognised as an intangible asset at cost and subsequently measured at cost less accumulated impairment. Goodwill is allocated to the cash-generating unit (\u201cCGU\u201d) or group of CGUs expected to benefit from the synergies related to the business combination. (ii) Research and development Research costs are expensed to the income statement in the year in which they are incurred. Development costs relating to new products are capitalised when the Group is able to demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.(iii) Acquired intangible assets An intangible asset acquired in a business combination is recognised at fair value to the extent it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. Intangible assets principally relate to customer relationships, which are valued using discounted cash flows based on historical customer attrition rates, and developed technology, which is valued using an income approach. The cost of intangible assets is amortised through the income statement on a straight-line basis over their estimated useful economic life.
(iv) Other intangible assets
Other intangible assets which are not acquired through a business combination (\u201cnon-
acquired intangible assets\u201d) are recognised at cost to the extent it is probable that the
expected future economic benefits attributable to the asset will flow to the Group and that
its cost can be measured reliably, and amortised on a straight-line basis over their estimated
useful economic life.
SaaS arrangements are service contracts providing the Group with the right to access the
cloud provider\u2019s application software over the contract period. Costs incurred to configure
or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application
software, are recognised as operating expenses when the services are received. Where costs
incurred for the development of software code enhances, modifies, or creates additional
capability to existing on-premise systems and meets the definition of and recognition criteria
for an intangible asset, these costs are recognised as intangible software assets and
amortised over the useful life of the software on a straight-line basis.
Intangibles are amortised over their estimated remaining useful lives on a straight-line basis
at the following annual rates:
Customer relationships 6\u201312%
Other intangibles \u2013 research and development 7\u201320%
Other intangibles \u2013 development of e-commerce 10\u201320%
Other intangibles \u2013 software and software development 10\u201320%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-540": { "value": "(i) Goodwill Goodwill is initially recognised as an intangible asset at cost and subsequently measured at cost less accumulated impairment. Goodwill is allocated to the cash-generating unit (\u201cCGU\u201d) or group of CGUs expected to benefit from the synergies related to the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "(ii) Research and development Research costs are expensed to the income statement in the year in which they are incurred. Development costs relating to new products are capitalised when the Group is able to demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "(ii) Research and development Research costs are expensed to the income statement in the year in which they are incurred. Development costs relating to new products are capitalised when the Group is able to demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.(iii) Acquired intangible assets An intangible asset acquired in a business combination is recognised at fair value to the extent it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. Intangible assets principally relate to customer relationships, which are valued using discounted cash flows based on historical customer attrition rates, and developed technology, which is valued using an income approach. The cost of intangible assets is amortised through the income statement on a straight-line basis over their estimated useful economic life.(iv) Other intangible assets Other intangible assets which are not acquired through a business combination (\u201cnon-acquired intangible assets\u201d) are recognised at cost to the extent it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably, and amortised on a straight-line basis over their estimated useful economic life. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Where costs incurred for the development of software code enhances, modifies, or creates additional capability to existing on-premise systems and meets the definition of and recognition criteria for an intangible asset, these costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Intangibles are amortised over their estimated remaining useful lives on a straight-line basis at the following annual rates: Customer relationships 6\u201312% Other intangibles \u2013 research and development 7\u201320% Other intangibles \u2013 development of e-commerce 10\u201320% Other intangibles \u2013 software and software development 10\u201320%", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "Impairment All assets are reviewed regularly to determine whether there is any indication of impairment. Goodwill is tested for impairment annually. An impairment loss is recognised whenever the carrying amount of a non-financial asset or the CGU to which it belongs exceeds its recoverable amount, being the greater of value in use and fair value less costs to sell, and is recognised in the income statement. Value in use is estimated based on future cash flows discounted using a pre-tax discount rate based upon the Group\u2019s weighted average cost of capital. Financial assets are assessed for impairment using the expected credit loss model which requires expected credit losses and changes to expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. Changes to the expected credit loss are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Previously revalued properties were treated as being held at deemed cost upon transition to adopted IFRS. Where parts of an item of property, plant and equipment or other assets have different useful lives, they are accounted for as separate items. The carrying values of property, plant and equipment and other assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Property, plant and equipment are depreciated over their estimated remaining useful lives on a straight-line basis at the following annual rates: Land and buildings \u2013 Freehold land Not depreciated Land and buildings \u2013 Buildings 2% or life of lease if shorter Plant and machinery 7\u201320% Fixtures, fittings and equipment 10\u201333% The assets\u2019 useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Previously revalued properties were treated as being held at deemed cost upon transition to adopted IFRS. Where parts of an item of property, plant and equipment or other assets have different useful lives, they are accounted for as separate items. The carrying values of property, plant and equipment and other assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Property, plant and equipment are depreciated over their estimated remaining useful lives on a straight-line basis at the following annual rates: Land and buildings \u2013 Freehold land Not depreciated Land and buildings \u2013 Buildings 2% or life of lease if shorter Plant and machinery 7\u201320% Fixtures, fittings and equipment 10\u201333% The assets\u2019 useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Inventories Inventories are valued at the lower of standard cost and net realisable value. Cost are assigned to individual items based on first-in first-out which is approximated using a standard cost methodology in valuing the inventory. For work-in-progress and finished goods, standard cost includes an appropriate proportion of direct production labour costs and overheads attributable to bringing inventory items to their present location and condition, allocated by rates based upon a budgeted level of normal activity. Net realisable value is based on the estimated selling price net of the expected costs to sell. Provision is made for slow-moving, defective and obsolete items where appropriate. Following the disposal of its Packaging and Filters businesses in 2022, and the Group\u2019s transition to a pure-play components business, based upon the most recent reliable information, the Group has updated the inputs into its inventory provisioning calculations in order to ensure that inventories continue to be measured at the lower of cost and net realisable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and fixed term investments whose maturities are three months or less from the date of acquisition. Bank overdrafts repayable on demand form an integral part of Essentra\u2019s cash management and are included as part of cash and cash equivalents in the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "
Loans and borrowings
Loans and other borrowings are initially recorded at cost (which is equal to fair value at
inception plus interest cost) and are subsequently measured at amortised cost using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, which is generally equivalent to recognition at nominal value less impairment loss calculated using the expected loss model. The Group applies the simplified model to recognise lifetime expected credit losses for its trade and other receivables, including those due in greater than 12 months, by making an accounting policy election. The expected loss rate estimated for each ageing period is as follows: Current 0.2%; Overdue 1-30 days 0.5%; Overdue 31-60 days 1%; Overdue 61-90 days 5%; Overdue 91-180 days 10%; Overdue 181-360 days 50%; and Overdue over 360 days 100%.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "
Trade other payables
Trade payables are non-interest bearing and are recognised initially at fair value and
subsequently at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "
Deferred consideration
Deferred consideration is recognised and held at fair value. Changes in its fair value are
recognised in profit or loss, within adjusting items.
", "dimensions": { "concept": "essentraplc:DescriptionOfAccountingPolicyForDeferredConsideration", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "Financial instruments (i) Financial assetsFinancial assets comprise trade and other receivables, cash and cash equivalents, deferredconsideration receivable and derivative financial instruments.(ii) Financial liabilitiesFinancial liabilities comprise trade and other payables, deferred consideration payable, andfinancing liabilities.Interest bearing loans and borrowings and other financial liabilities (excluding derivatives) are initially measured at cost (which is equal to fair value at inception plus issuance cost) and are subsequently measured at amortised cost using the effective interest method, unless they are included in a hedge accounting relationship. See note 15 for separate disclosure of hedge types.(iii) Derivative \ufb01nancial instruments and hedge accountingDerivatives are measured initially at fair value with any related transaction costs expensed asincurred. Subsequent measurement in the financial statements depends on the classificationof the derivative as follows: Fair value hedges Where a derivative is used to hedge the foreign exchange exposure of a monetary asset or liability, any gain or loss on the derivative is recognised in the income statement. Cash \ufb02ow hedges Where a derivative is designated as a hedging instrument in a cash flow hedge, the change in fair value is recognised in other comprehensive income to the extent that it is effective and any ineffective portion is recognised in the income statement. Where the underlying transaction results in a financial asset, accumulated gains and losses are recognised in the income statement in the same period as the hedged item affects profit or loss. Where the hedged item results in a non-financial asset the accumulated gains and losses previously recognised in other comprehensive income are included in the initial carrying value of the asset. Hedges of net investment in foreign operations The gain or loss on an instrument used to hedge a net investment in a foreign operation that is deemed effective is recognised in other comprehensive income. Any ineffective portion is recognised in the income statement. Unhedged derivatives The movements in the fair value of derivatives which are not designated as an effective hedge relationships are charged/credited to the profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "value": "(i) Financial assetsFinancial assets comprise trade and other receivables, cash and cash equivalents, deferredconsideration receivable and derivative financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "
(ii) Financial liabilities
Financial liabilities comprise trade and other payables, deferred consideration payable, and
financing liabilities.
Interest bearing loans and borrowings and other financial liabilities (excluding derivatives)
are initially measured at cost (which is equal to fair value at inception plus issuance cost)
and are subsequently measured at amortised cost using the effective interest method, unless
they are included in a hedge accounting relationship. See note 15 for separate disclosure of
hedge types.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "value": "(iii) Derivative \ufb01nancial instruments and hedge accountingDerivatives are measured initially at fair value with any related transaction costs expensed asincurred. Subsequent measurement in the financial statements depends on the classificationof the derivative as follows: Fair value hedges Where a derivative is used to hedge the foreign exchange exposure of a monetary asset or liability, any gain or loss on the derivative is recognised in the income statement. Cash \ufb02ow hedges Where a derivative is designated as a hedging instrument in a cash flow hedge, the change in fair value is recognised in other comprehensive income to the extent that it is effective and any ineffective portion is recognised in the income statement. Where the underlying transaction results in a financial asset, accumulated gains and losses are recognised in the income statement in the same period as the hedged item affects profit or loss. Where the hedged item results in a non-financial asset the accumulated gains and losses previously recognised in other comprehensive income are included in the initial carrying value of the asset. Hedges of net investment in foreign operations The gain or loss on an instrument used to hedge a net investment in a foreign operation that is deemed effective is recognised in other comprehensive income. Any ineffective portion is recognised in the income statement. Unhedged derivatives The movements in the fair value of derivatives which are not designated as an effective hedge relationships are charged/credited to the profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "(iii) Derivative \ufb01nancial instruments and hedge accountingDerivatives are measured initially at fair value with any related transaction costs expensed asincurred. Subsequent measurement in the financial statements depends on the classificationof the derivative as follows: Fair value hedges Where a derivative is used to hedge the foreign exchange exposure of a monetary asset or liability, any gain or loss on the derivative is recognised in the income statement. Cash \ufb02ow hedges Where a derivative is designated as a hedging instrument in a cash flow hedge, the change in fair value is recognised in other comprehensive income to the extent that it is effective and any ineffective portion is recognised in the income statement. Where the underlying transaction results in a financial asset, accumulated gains and losses are recognised in the income statement in the same period as the hedged item affects profit or loss. Where the hedged item results in a non-financial asset the accumulated gains and losses previously recognised in other comprehensive income are included in the initial carrying value of the asset. Hedges of net investment in foreign operations The gain or loss on an instrument used to hedge a net investment in a foreign operation that is deemed effective is recognised in other comprehensive income. Any ineffective portion is recognised in the income statement. Unhedged derivatives The movements in the fair value of derivatives which are not designated as an effective hedge relationships are charged/credited to the profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "(iii) Derivative \ufb01nancial instruments and hedge accountingDerivatives are measured initially at fair value with any related transaction costs expensed asincurred. Subsequent measurement in the financial statements depends on the classificationof the derivative as follows: Fair value hedges Where a derivative is used to hedge the foreign exchange exposure of a monetary asset or liability, any gain or loss on the derivative is recognised in the income statement. Cash \ufb02ow hedges Where a derivative is designated as a hedging instrument in a cash flow hedge, the change in fair value is recognised in other comprehensive income to the extent that it is effective and any ineffective portion is recognised in the income statement. Where the underlying transaction results in a financial asset, accumulated gains and losses are recognised in the income statement in the same period as the hedged item affects profit or loss. Where the hedged item results in a non-financial asset the accumulated gains and losses previously recognised in other comprehensive income are included in the initial carrying value of the asset. Hedges of net investment in foreign operations The gain or loss on an instrument used to hedge a net investment in a foreign operation that is deemed effective is recognised in other comprehensive income. Any ineffective portion is recognised in the income statement. Unhedged derivatives The movements in the fair value of derivatives which are not designated as an effective hedge relationships are charged/credited to the profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "Lease liabilities and lease right-of-use assets Leases greater than 12 months in length, and those not of low-value, are recognised as a lease right-of-use asset with the associated future lease payment terms recognised as a lease liability. The right-of-use assets and the associated lease liabilities are recognised by discounting the future lease payments at the rate implicit to the lease or, if the rate implicit to the lease cannot be readily determined, at the relevant incremental borrowing rate. Determining the incremental borrowing rate incorporates three key elements: risk-free rate (reflecting specific country and currency); credit spread (reflecting the specific risk for each subsidiary within the Group); and an asset class adjustment (reflecting the variation in risk between asset categories). The Group has leases of certain equipment (e.g. printing and photocopying machines) that are considered of low value. Rentals associated with leases that are of low-value or less than 12 months in length are expensed to the income statement on a straight-line basis. The associated lease incentives are amortised in the income statement over the life of the lease. (i) The Group\u2019s leasing activities The Group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 20 years, but might have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets cannot be used as security for borrowing purposes. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the right-of-use asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs.(ii) Variable lease payments The Group has certain assets which may include variable lease payments based on usage, although this is a small proportion of the Group\u2019s assets. These include vehicles, with variable lease payments based on mileage or equipment such as printers, of which the lease payments vary based on their usage. The variable lease payments are not material for the Group. Any future variable payment increase that requires either speculation or an estimate is not included. Future lease payments should then be applied only when they are known, with no change to the discount rate. (iii) Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Lessor income Essentra lets out a small number of properties that are owned or held under a leased contract which is in excess of the Group\u2019s operational requirements. Lessor income from operating leases is recognised on a straight-line basis over the term of the lease. Where the Group is an intermediate lessor, the sublease income classification is assessed with reference to the head lease right of use asset. The head lease right of use asset is depreciated over the term of the sublease on a straight-line basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "re rRetirement bene\ufb01t obligations (i) De\ufb01ned contribution schemes Obligations for contributions to defined contribution pension schemes are expensed to the income statement as incurred. (ii) De\ufb01ned bene\ufb01t schemes The net obligations in respect of defined benefit pension schemes are calculated separately for each scheme by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the balance sheet date on AA credit-rated bonds that have maturity dates approximating to the terms of Essentra\u2019s obligations. The calculation is performed by a qualified independent actuary using the projected unit credit method. Net interest on defined benefit assets is presented within finance income, and net interest on defined benefit liabilities is presented within finance expense. Actuarial gains and losses that have arisen are recognised in full in the consolidated statement of comprehensive income. The amounts charged to operating profit are the current service cost, past service cost (including curtailments) and gains and losses on settlement. The value of a net pension asset is the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "
Provisions
A provision is recognised when there is a probable legal or constructive obligation as a
result of a past event and a reliable estimate can be made of the outflow of resources that
will be required to settle the obligation. The outflow is the present value of management\u2019s
best estimate of the expenditure required to settle the present obligation at the balance
sheet date.
A provision for onerous contracts is recognised when the expected benefits to be derived by
the Group from a contract are lower than the unavoidable cost of meeting its obligations
under the contract. Unavoidable costs include a reasonable allocation of shared costs that
can be directly linked to fulfilling contractual obligations. The provision is calculated as the
lower of the termination costs payable for an early exit from the contract and the expected
net cost to fulfil the Group\u2019s unavoidable contract obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "
Share-based payments
Essentra operates equity-settled, share-based incentive plans. A charge is made in the
income statement based on the fair value of option awards using the Monte Carlo or
binomial valuation models and relevant quoted share price information with a corresponding
increase in equity. The fair value is measured at grant date and spread over the period
between grant date and vesting date of the options. The amount recognised as an expense
will be adjusted to reflect the actual number of share options that vest with the exception of
options that fail to vest because market conditions are not met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "
Dividends
Dividends are recognised as a liability in the period in which they are approved in a general
meeting by the shareholders of the Company (final dividend) or paid (interim dividend).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "Investment in own shares The shares held in the Essentra Employee Benefit Trust for the purpose of fulfilling obligations in respect of share option plans are treated as belonging to the Company and are deducted from its retained earnings. The cost of shares held directly (treasury shares) are also deducted from retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "Net debt Net debt is defined as cash and cash equivalents, short-term liquid investments and derivatives hedging against placement loans, net of lease liabilities and interest bearing loans and borrowings.", "dimensions": { "concept": "essentraplc:DescriptionOfAccountingPolicyForNetDebt", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "Investment properties Properties that are either owned or leased by the Group that are held to earn rental income or for capital appreciation, or both, are accounted for as investment properties. Investment properties are measured initially at cost including directly related transaction costs, and subsequently, applying the cost model. Under the cost model, the carrying value of investment properties where the Group owns the freehold to the properties, is stated at cost less accumulated depreciation (on a straight-line basis) and impairment losses. The useful lives of investment properties where the Group owns the freehold are adjusted, as appropriate, at each balance sheet date. Where an investment property is owned through a long leasehold arrangement under which the Group is a lessee rather than owning the freehold to the property, a right-of-use asset is recognised at the commencement date of the lease and accounted for as an investment property. The cost of leased investment properties recognised in right-of-use assets includes the present value of future lease payments recognised together with lease payments made before commencement of the lease, less any incentives received. A corresponding lease liability is recognised on the balance sheet. The Group transfers a property to or from its classification of investment properties only when there is a change in use. For example, when it is the Group\u2019s intention to end or commence owner-occupation is the point at which the property respectively meets or ceases to meet the definition of an investment property, the determination of which, may require the application of management judgement. Investment properties are classified as non-current assets in the consolidated balance sheet. The carrying value of investment properties is periodically reviewed for impairment when events and circumstances indicate that the carrying amount may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "value": "Group is an intermediate lessor, the sublease income classification is assessed with reference to the head lease right of use asset. The head lease right of use asset is depreciated over the term of the sublease on a straight-line basis. Critical Accounting Judgements and Estimates The preparation of the consolidated financial statements requires the Directors and management to make judgements and estimates in respect of certain items where the choice of accounting policy and assumptions applied in determining the judgement or estimate could materially affect the Group\u2019s financial position, results, or cash flows at the reporting date. Management regularly reviews the critical accounting judgements that significantly impact the amounts recognised in the consolidated financial statements and the critical accounting estimates that due to their significant estimation uncertainty, may give rise to a material adjustment in the next financial reporting period. Although the determination of accounting estimates is based on management\u2019s best estimate considering its knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods if the revision affects both current and future reporting periods. The Group\u2019s critical accounting judgements and estimates are detailed below. Accounting Judgements Adjusting items Adjusting items are separately presented from other items of financial performance as this enables management to reflect the underlying performance of the continuing operations of the Group. Judgement is required to determine whether such items of financial performance should be included within adjusting items by virtue of their nature, size or incidence. The Group\u2019s accounting policy concerning adjusting items is detailed under alternative performance measures. Adjusting items of \u00a321.0m (2022: \u00a326.0m) have been reported in continuing operations which includes \u00a31.3m of costs incurred relating to restructuring of the continuing business following the sale of the Filters and Packaging divisions, a \u00a31.0m credit relating to acquisitions of businesses, \u00a310.8m has been incurred in relation to the customisation and configuration costs of significant \u201csoftware as a service\u201d (\u201cSaaS\u201d) arrangements, which, in management\u2019s judgement, constitute material one-off charges to upgrade the Group\u2019s technical capabilities and meets the Group\u2019s policy for being categorised as adjusting items, \u00a31.8m in relation to legacy defined benefit pension charges, \u00a30.8m in respect of indemnity provisions raised for historic claims on previous acquisitions, \u00a33.4m in relation to impairment of fixed assets following an impairment assessment and \u00a33.7m in relation to impairment of investment properties. A complete analysis of the amounts included in adjusting items is detailed in note 2.\u201cSoftware as a Service\u201d (\u201cSaaS\u201d) arrangements The recognition of customisation and configuration costs of \u00a310.8m (2022: \u00a312.4m) (which are included within adjusting items) relating to SaaS arrangements involves a number of key judgements: \u2022 whether a software arrangement is a SaaS arrangement: management considers the fact pattern of the software arrangement carefully to identify SaaS arrangements, distinguishing from other arrangements such as \u201cplatform as a service\u201d or \u201cinfrastructure as a service\u201d; \u2022 whether any cost incurred in customisation and configuration results in additional code from which the Group has the power to obtain the future economic benefits and restricts other third parties access to those benefits: management considered whether the code can be used in or transferred to another computing arrangement; \u2022 whether the customisation and configuration service provided by the SaaS provider is distinct from the regular SaaS arrangement: management considers factors such as whether the Group can benefit from the service separately from the other elements of deliverables from the SaaS provider; \u2022 whether a third party providing customisation and configuration service is in effect a subcontractor of the SaaS provider: management considers factors such as the nature of the contractual and working relationship between the SaaS provider and the third party, the obligations of the third party who has the primary responsibility for the services that it provides. Leases and lease right-of-use assets A key judgement in determining the right-of-use asset and lease liability is establishing whether it is reasonably certain that an option to extend the lease will be exercised. Distinguishing whether a lease will be extended or otherwise could have a material impact on the value of the right-of-use assets and lease liabilities recognised on the balance sheet, but may not have a material impact on the income statement. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. Recognition of Retirement bene\ufb01t assets A key judgement when recognising a retirement benefit asset is whether the Company has an unconditional right to a refund on such a surplus. A retirement benefit assets for \u00a37.9m (2022: \u00a37.9m) has been recognised on the Group\u2019s European pension surplus because it was judged that the trustees cannot use trustee\u2019s discretionary power to use this surplus to augment member benefits. Accounting Estimates Business disposals \u2013 completion accounts At 31 December 2023, the Group has recognised \u00a323.0m (2022: \u00a318.0m) in other financial liabilities in relation to the completion accounts processes in respect of the Group\u2019s business disposals in 2022. The amount recognised, based on the facts and circumstances that were present and known at the balance sheet date, represents management\u2019s best estimate of the expected settlement payable through the respective completion accounts processes and other mechanisms allowed by the share purchase agreements (\u201cSPA\u201d). Although the outcome of the completion accounts process for the Filters business remains inherently uncertain at the end of the reporting period, given that the SPA terms related to the completion accounts mechanisms are complex, and the completion accounts could be the subject of commercial negotiation and, in the absence of agreement, an expert determination process, it is therefore recognised that the final amount agreed could be materially different from the estimate. The future range of possible outcomes associated with the various assumptions and judgements applied in the determination of the total value of the financial liability recognised at 31 December 2023 could therefore lead to an increase or decrease in the value of the financial liability recognised in the next financial year. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the liability of up to \u00a32.0m or an increase of up to \u00a31.9m. Business disposals \u2013 measurement of contingent consideration During 2022, the Group recognised a net loss of \u00a316.6m on the disposal of the Filters business. The value of the loss is subject to finalisation of the deferred contingent consideration receivable which requires judgement. The maximum potential undiscounted deferred contingent consideration amount that the Group could receive is \u00a320.0m. Deferred consideration is structured as an earn-out in two tranches of up to \u00a310.0m, with each tranche contingent upon the Filters business achieving certain contractual profit performance targets in its financial years ending 31 December 2023 and 31 December 2024 (the \u201cearn-out years\u201d), respectively. Management has, with the assistance of an external valuation specialist, determined the fair value of contingent consideration receivable using an option pricing model which applies prudent assumptions to risk-free cash flows in each of the earn-out years. For valuation purposes, as inputs into the model are intended to be risk-neutral, profit forecasts for the earn-out years are discounted to neutralise forecast risk by applying a risk-adjusted rate to expected cash flows based on an industry specific and geographically derived weighted average cost of capital. The resulting risk-adjusted profit for each earn-out year has been modelled against the respective contractually agreed profit performance target with the calculated earn-out achieved discounted to present value by applying a rate that reflects counterparty credit risk and the timing of future cash flows. At 31 December 2023, deferred contingent consideration receivable with a fair value of \u00a39.3m (2022: \u00a310.6m) has been classified as a long-term receivable and \u00a39.7m (2022: \u00a3nil) has been classified as trade and other receivables in the consolidated financial statements (refer to note 19). The actual earn-out receivable when the contingent consideration is finalised may differ materially from the fair value estimate at 31 December 2023 as a result of reasonable changes to assumptions applied. Based on information available at the reporting date, the assessed range of possible future outcomes could potentially lead to an increase of up to \u00a3nil in the earn-out receivable being recognised in the next financial year, or a decrease of \u00a39.3m were the conditions for the earn-out to fail in their entirety, representing the resolution of the uncertainty inherent in the cash flows. Any future movements in fair value of the deferred contingent consideration when remeasured at subsequent reporting period end dates will be taken through the consolidated income statement, and recognised as part of the result from discontinued operations. Taxation Liabilities for tax contingencies require management judgements and estimates in respect of tax audit issues and exposures in each of the jurisdictions in which it operates. Management is also required to make an estimate of the current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. Where Management conclude a tax position is uncertain, a current tax liability is held for anticipated taxes that are considered probable based on the information available. Key judgement areas for the Group include the pricing of intercompany goods and services as well as the tax consequences arising from restructuring operations. Management may engage with professional advisers in making their assessment and, if appropriate, will liaise with the relevant taxation authorities to resolve the matter. The tax liability is reassessed in each period to reflect Management\u2019s best estimate in light of information available. If the final outcome of these matters differs to the liability held in the financial statements, the difference may impact the income tax charge / (credit) in the year the matter is concluded. Uncertain tax provisions At 31 December 2023, included in the tax payable is a liability of \u00a34.0m (2022: \u00a34.4m) for transfer pricing matters and \u00a35.8m (2022: \u00a311.7m) for other uncertain tax positions. The reduction in each provision is primarily due to the expiry of statute of limitations following the passage of time, favourable agreements reached with tax authorities on previous matters and part of the liability transferring with disposed entities. Adjustments for current year transactions and foreign exchange movements complete the movement in the year. Of the amount recognised at the end of the reporting period, a possible range of outcomes could potentially see between \u00a33.7m and \u00a34.8m resolved in the next financial year as a result of expiring statute of limitations and completion of tax audits. UK Deferred tax assets The Group has recognised a net deferred tax asset of \u00a35.7m in the UK. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the deferred tax asset of up to \u00a31.9m or an increase of up to \u00a34.0m. For more details see note 16.Retirement bene\ufb01t obligations At 31 December 2023, the net retirement benefit liability was \u00a39.6m (2022: \u00a310.6m), including a retirement benefit liability of \u00a317.5m (2022: \u00a318.5m). The measurement of defined benefit obligations requires the application of judgement in relation to the key assumptions used, particularly in determining the discount rate, inflation rate, and mortality rates. In consultation with Essentra\u2019s actuaries, management determines the point within the range of possible outcomes for those assumptions applied at the balance sheet date that most appropriately reflects Essentra\u2019s circumstances. Small changes to these assumptions can have a material impact on the valuation and consequently reported amounts. Accordingly, the Group performs a sensitivity analysis for the key assumptions applied in determining post-employment costs and liabilities, as detailed in note 18. Provision for contractual obligations The provision for contractual obligations represents amounts that the Group may be liable to pay arising from the disposal of the Packaging and Filters businesses during the year. At 31 December 2023 provisions for contractual obligations amounted to \u00a33.4m (2022: \u00a35.5m), representing the Group\u2019s estimate of ongoing obligations due to each of the buyers under the respective Share Purchase Agreements. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the provision of up to \u00a32m or an increase of up to \u00a31.0m. Business combinations and intangible assets IFRS 3 Business Combinations requires the identification of acquired intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates and judgements such as customer attrition, cash flow generation from the existing relationships with customers and returns on other assets. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the income statement and balance sheet. Goodwill is not amortised but is tested annually for impairment, along with the finite-lived intangible assets and other assets of the Group\u2019s cash-generating units. Tests for impairment are based on discounted cash flows and assumptions (including discount rates, timing and growth prospects) which are inherently subjective. An estimate is also required in identifying the events which indicate potential impairment, and in assessing fair value of individual assets when allocating an impairment loss in a cash-generating unit or groups of cash-generating units. The Group performs various sensitivity analyses in respect of the tests for impairment and recognises impairments when required. The critical estimates made for the year ended 31 December 2023 are related to the APAC region, as detailed in note 8. The useful lives of the Group\u2019s finite-lived intangible assets are reviewed following the tests for impairment annually. Estimate of inventory obsolescence Inventories represent a material proportion of the Group\u2019s net assets. At 31 December 2023, the Group had \u00a364.7m (2022: \u00a365.0m) of inventories on the balance sheet. The Group estimates the net realisable value of inventories in order to determine the value of any provision required. These estimations are based on recent experience and knowledge of the products held in inventory estimations, include any impact of obsolescence including that related to regulatory changes including climate change, are made in relation to the number of years of sales of each product and the value recoverable from those inventories. The Group undertakes periodic reviews of inventory levels and quality, and following those reviews provides for all inventory that is considered obsolete. Furthermore, the Group provides in full for unsold or slow moving inventory. Following the disposal of its Packaging and Filters businesses in 2022, and based upon the most recent reliable information, the Group has updated the inputs into its inventory provisioning calculations in order to ensure that inventories continue to be measured at the lower of cost and net realisable value. The impact on inventory provisioning resulted in an increase in inventories and a resultant credit to gross profit (see note 10).", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "Group is an intermediate lessor, the sublease income classification is assessed with reference to the head lease right of use asset. The head lease right of use asset is depreciated over the term of the sublease on a straight-line basis. Critical Accounting Judgements and Estimates The preparation of the consolidated financial statements requires the Directors and management to make judgements and estimates in respect of certain items where the choice of accounting policy and assumptions applied in determining the judgement or estimate could materially affect the Group\u2019s financial position, results, or cash flows at the reporting date. Management regularly reviews the critical accounting judgements that significantly impact the amounts recognised in the consolidated financial statements and the critical accounting estimates that due to their significant estimation uncertainty, may give rise to a material adjustment in the next financial reporting period. Although the determination of accounting estimates is based on management\u2019s best estimate considering its knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods if the revision affects both current and future reporting periods. The Group\u2019s critical accounting judgements and estimates are detailed below. Accounting Judgements Adjusting items Adjusting items are separately presented from other items of financial performance as this enables management to reflect the underlying performance of the continuing operations of the Group. Judgement is required to determine whether such items of financial performance should be included within adjusting items by virtue of their nature, size or incidence. The Group\u2019s accounting policy concerning adjusting items is detailed under alternative performance measures. Adjusting items of \u00a321.0m (2022: \u00a326.0m) have been reported in continuing operations which includes \u00a31.3m of costs incurred relating to restructuring of the continuing business following the sale of the Filters and Packaging divisions, a \u00a31.0m credit relating to acquisitions of businesses, \u00a310.8m has been incurred in relation to the customisation and configuration costs of significant \u201csoftware as a service\u201d (\u201cSaaS\u201d) arrangements, which, in management\u2019s judgement, constitute material one-off charges to upgrade the Group\u2019s technical capabilities and meets the Group\u2019s policy for being categorised as adjusting items, \u00a31.8m in relation to legacy defined benefit pension charges, \u00a30.8m in respect of indemnity provisions raised for historic claims on previous acquisitions, \u00a33.4m in relation to impairment of fixed assets following an impairment assessment and \u00a33.7m in relation to impairment of investment properties. A complete analysis of the amounts included in adjusting items is detailed in note 2.\u201cSoftware as a Service\u201d (\u201cSaaS\u201d) arrangements The recognition of customisation and configuration costs of \u00a310.8m (2022: \u00a312.4m) (which are included within adjusting items) relating to SaaS arrangements involves a number of key judgements: \u2022 whether a software arrangement is a SaaS arrangement: management considers the fact pattern of the software arrangement carefully to identify SaaS arrangements, distinguishing from other arrangements such as \u201cplatform as a service\u201d or \u201cinfrastructure as a service\u201d; \u2022 whether any cost incurred in customisation and configuration results in additional code from which the Group has the power to obtain the future economic benefits and restricts other third parties access to those benefits: management considered whether the code can be used in or transferred to another computing arrangement; \u2022 whether the customisation and configuration service provided by the SaaS provider is distinct from the regular SaaS arrangement: management considers factors such as whether the Group can benefit from the service separately from the other elements of deliverables from the SaaS provider; \u2022 whether a third party providing customisation and configuration service is in effect a subcontractor of the SaaS provider: management considers factors such as the nature of the contractual and working relationship between the SaaS provider and the third party, the obligations of the third party who has the primary responsibility for the services that it provides. Leases and lease right-of-use assets A key judgement in determining the right-of-use asset and lease liability is establishing whether it is reasonably certain that an option to extend the lease will be exercised. Distinguishing whether a lease will be extended or otherwise could have a material impact on the value of the right-of-use assets and lease liabilities recognised on the balance sheet, but may not have a material impact on the income statement. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. Recognition of Retirement bene\ufb01t assets A key judgement when recognising a retirement benefit asset is whether the Company has an unconditional right to a refund on such a surplus. A retirement benefit assets for \u00a37.9m (2022: \u00a37.9m) has been recognised on the Group\u2019s European pension surplus because it was judged that the trustees cannot use trustee\u2019s discretionary power to use this surplus to augment member benefits. Accounting Estimates Business disposals \u2013 completion accounts At 31 December 2023, the Group has recognised \u00a323.0m (2022: \u00a318.0m) in other financial liabilities in relation to the completion accounts processes in respect of the Group\u2019s business disposals in 2022. The amount recognised, based on the facts and circumstances that were present and known at the balance sheet date, represents management\u2019s best estimate of the expected settlement payable through the respective completion accounts processes and other mechanisms allowed by the share purchase agreements (\u201cSPA\u201d). Although the outcome of the completion accounts process for the Filters business remains inherently uncertain at the end of the reporting period, given that the SPA terms related to the completion accounts mechanisms are complex, and the completion accounts could be the subject of commercial negotiation and, in the absence of agreement, an expert determination process, it is therefore recognised that the final amount agreed could be materially different from the estimate. The future range of possible outcomes associated with the various assumptions and judgements applied in the determination of the total value of the financial liability recognised at 31 December 2023 could therefore lead to an increase or decrease in the value of the financial liability recognised in the next financial year. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the liability of up to \u00a32.0m or an increase of up to \u00a31.9m. Business disposals \u2013 measurement of contingent consideration During 2022, the Group recognised a net loss of \u00a316.6m on the disposal of the Filters business. The value of the loss is subject to finalisation of the deferred contingent consideration receivable which requires judgement. The maximum potential undiscounted deferred contingent consideration amount that the Group could receive is \u00a320.0m. Deferred consideration is structured as an earn-out in two tranches of up to \u00a310.0m, with each tranche contingent upon the Filters business achieving certain contractual profit performance targets in its financial years ending 31 December 2023 and 31 December 2024 (the \u201cearn-out years\u201d), respectively. Management has, with the assistance of an external valuation specialist, determined the fair value of contingent consideration receivable using an option pricing model which applies prudent assumptions to risk-free cash flows in each of the earn-out years. For valuation purposes, as inputs into the model are intended to be risk-neutral, profit forecasts for the earn-out years are discounted to neutralise forecast risk by applying a risk-adjusted rate to expected cash flows based on an industry specific and geographically derived weighted average cost of capital. The resulting risk-adjusted profit for each earn-out year has been modelled against the respective contractually agreed profit performance target with the calculated earn-out achieved discounted to present value by applying a rate that reflects counterparty credit risk and the timing of future cash flows. At 31 December 2023, deferred contingent consideration receivable with a fair value of \u00a39.3m (2022: \u00a310.6m) has been classified as a long-term receivable and \u00a39.7m (2022: \u00a3nil) has been classified as trade and other receivables in the consolidated financial statements (refer to note 19). The actual earn-out receivable when the contingent consideration is finalised may differ materially from the fair value estimate at 31 December 2023 as a result of reasonable changes to assumptions applied. Based on information available at the reporting date, the assessed range of possible future outcomes could potentially lead to an increase of up to \u00a3nil in the earn-out receivable being recognised in the next financial year, or a decrease of \u00a39.3m were the conditions for the earn-out to fail in their entirety, representing the resolution of the uncertainty inherent in the cash flows. Any future movements in fair value of the deferred contingent consideration when remeasured at subsequent reporting period end dates will be taken through the consolidated income statement, and recognised as part of the result from discontinued operations. Taxation Liabilities for tax contingencies require management judgements and estimates in respect of tax audit issues and exposures in each of the jurisdictions in which it operates. Management is also required to make an estimate of the current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. Where Management conclude a tax position is uncertain, a current tax liability is held for anticipated taxes that are considered probable based on the information available. Key judgement areas for the Group include the pricing of intercompany goods and services as well as the tax consequences arising from restructuring operations. Management may engage with professional advisers in making their assessment and, if appropriate, will liaise with the relevant taxation authorities to resolve the matter. The tax liability is reassessed in each period to reflect Management\u2019s best estimate in light of information available. If the final outcome of these matters differs to the liability held in the financial statements, the difference may impact the income tax charge / (credit) in the year the matter is concluded. Uncertain tax provisions At 31 December 2023, included in the tax payable is a liability of \u00a34.0m (2022: \u00a34.4m) for transfer pricing matters and \u00a35.8m (2022: \u00a311.7m) for other uncertain tax positions. The reduction in each provision is primarily due to the expiry of statute of limitations following the passage of time, favourable agreements reached with tax authorities on previous matters and part of the liability transferring with disposed entities. Adjustments for current year transactions and foreign exchange movements complete the movement in the year. Of the amount recognised at the end of the reporting period, a possible range of outcomes could potentially see between \u00a33.7m and \u00a34.8m resolved in the next financial year as a result of expiring statute of limitations and completion of tax audits. UK Deferred tax assets The Group has recognised a net deferred tax asset of \u00a35.7m in the UK. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the deferred tax asset of up to \u00a31.9m or an increase of up to \u00a34.0m. For more details see note 16.Retirement bene\ufb01t obligations At 31 December 2023, the net retirement benefit liability was \u00a39.6m (2022: \u00a310.6m), including a retirement benefit liability of \u00a317.5m (2022: \u00a318.5m). The measurement of defined benefit obligations requires the application of judgement in relation to the key assumptions used, particularly in determining the discount rate, inflation rate, and mortality rates. In consultation with Essentra\u2019s actuaries, management determines the point within the range of possible outcomes for those assumptions applied at the balance sheet date that most appropriately reflects Essentra\u2019s circumstances. Small changes to these assumptions can have a material impact on the valuation and consequently reported amounts. Accordingly, the Group performs a sensitivity analysis for the key assumptions applied in determining post-employment costs and liabilities, as detailed in note 18. Provision for contractual obligations The provision for contractual obligations represents amounts that the Group may be liable to pay arising from the disposal of the Packaging and Filters businesses during the year. At 31 December 2023 provisions for contractual obligations amounted to \u00a33.4m (2022: \u00a35.5m), representing the Group\u2019s estimate of ongoing obligations due to each of the buyers under the respective Share Purchase Agreements. The assessed range of possible future outcomes in the next financial year could potentially lead to a decrease in the provision of up to \u00a32m or an increase of up to \u00a31.0m. Business combinations and intangible assets IFRS 3 Business Combinations requires the identification of acquired intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates and judgements such as customer attrition, cash flow generation from the existing relationships with customers and returns on other assets. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the income statement and balance sheet. Goodwill is not amortised but is tested annually for impairment, along with the finite-lived intangible assets and other assets of the Group\u2019s cash-generating units. Tests for impairment are based on discounted cash flows and assumptions (including discount rates, timing and growth prospects) which are inherently subjective. An estimate is also required in identifying the events which indicate potential impairment, and in assessing fair value of individual assets when allocating an impairment loss in a cash-generating unit or groups of cash-generating units. The Group performs various sensitivity analyses in respect of the tests for impairment and recognises impairments when required. The critical estimates made for the year ended 31 December 2023 are related to the APAC region, as detailed in note 8. The useful lives of the Group\u2019s finite-lived intangible assets are reviewed following the tests for impairment annually. Estimate of inventory obsolescence Inventories represent a material proportion of the Group\u2019s net assets. At 31 December 2023, the Group had \u00a364.7m (2022: \u00a365.0m) of inventories on the balance sheet. The Group estimates the net realisable value of inventories in order to determine the value of any provision required. These estimations are based on recent experience and knowledge of the products held in inventory estimations, include any impact of obsolescence including that related to regulatory changes including climate change, are made in relation to the number of years of sales of each product and the value recoverable from those inventories. The Group undertakes periodic reviews of inventory levels and quality, and following those reviews provides for all inventory that is considered obsolete. Furthermore, the Group provides in full for unsold or slow moving inventory. Following the disposal of its Packaging and Filters businesses in 2022, and based upon the most recent reliable information, the Group has updated the inputs into its inventory provisioning calculations in order to ensure that inventories continue to be measured at the lower of cost and net realisable value. The impact on inventory provisioning resulted in an increase in inventories and a resultant credit to gross profit (see note 10).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "
1. Segment analysis
The Group has determined its operating segments based upon the information reported to the Board of Directors (\u201cBoard\u201d), which is the Group\u2019s Chief Operating Decision Maker.
Segment information is reported on a geographical basis consistent with the basis upon which the Group manages its operations, allocates resources, and assesses performance.
Central corporate costs include executive and non-executive management, investor relations, corporate development, corporate reward, governance, risk and assurance, group finance,
tax, treasury and related information technology costs.
Following the disposal of the Packaging and Filters businesses during the year ended 31 December 2022, the Group has changed the way its information is reported to the Board.
Previously performance was reported on a divisional basis. Performance is now managed on a geographical basis with Gross profit introduced as an additional segment profit measure.
Central corporate costs (previously disclosed as Central Services) now exclude certain costs that are now regarded as attributable to the operating segments.
2023
Unallocated Continuing Discontinued
EMEA Americas APAC itemsoperations operationsTotal
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statement information
External revenue
170.8
106.2
39.3
\u2013
316.3
\u2013
316.3
Gross profit
87.5
40.3
14.0
\u2013
141.8
\u2013
141.8
Ad
j
usted operatin
g
profit/(loss) before corporate costs
53.9
19.5
3.5
(22.1)
54.8
(0.4)
54.4
Central corporate costs
(11.6)
(11.6)
\u2013
(11.6)
Ad
j
usted operatin
g
profit/(loss)
53.9
19.5
3.5
(33.7)
43.2
(0.4)
42.8
Amortisation of acquired intan
g
ible assets
(4.0)
(5.5)
(1.8)
\u2013
(11.3)
\u2013
(11.3)
Ad
j
ustin
g
items
0.8
(1.5)
(3.4)
(16.9)
(21.0)
\u2013
(21.0)
Operatin
g
profit/(loss)
50.7
12.5
(1.7)
(50.6)
10.9
(0.4)
10.5
Balance sheet information
Se
g
ment assets
110.8
70.2
25.8
28.8
235.6
\u2013
235.6
Intan
g
ible assets
147.0
53.3
9.0
5.7
215.0
\u2013
215.0
Unallocated items
85.4
85.4
\u2013
85.4
Total assets
257.8
123.5
34.8
119.9
536.0
\u2013
536.0
\u2013
Se
g
ment liabilities
44.2
27.9
7.7
45.6
125.4
\u2013
125.4
Unallocated items
137.4
137.4
\u2013
137.4
Total liabilities
44.2
27.9
7.7
183.0
262.8
\u2013
262.8
Other se
g
ment information
Capital expenditure (cash spend)
3.7
6.3
1.7
1.5
13.2
\u2013
13.2
Depreciation of plant, property and equipment
4.3
2.8
1.9
2.1
11.1
\u2013
11.1
Avera
g
e number of employees
1,180
727
950
194
3,051
\u2013
3,051
1
3
2
4
4
(re-
p
resented) 2022
Unallocated Continuing Discontinued
EMEA Americas APAC itemsoperations operationsTotal
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statement information
External revenue
167.0
123.4
47.5
\u2013
337.9
653.9
991.8
Gross profit
84.5
47.2
16.5
\u2013
148.2
116.9
265.1
Ad
j
usted operatin
g
profit/(loss) before corporate costs
51.3
25.3
5.8
(20.5)
61.9
38.4
100.3
Central corporate costs
(23.1)
(23.1)
\u2013
(23.1)
Ad
j
usted operatin
g
profit/(loss) after allocation of central costs
to discontinued operations
51.3
25.3
5.8
(43.6)
38.8
38.4
77.2
Operatin
g
expenses allocated to discontinued operations
\u2013
\u2013
\u2013
(13.7)
(13.7)
13.7
\u2013
Ad
j
usted operatin
g
profit/(loss)
51.3
25.3
5.8
(57.3)
25.1
52.1
77.2
Amortisation and impairment of acquired intan
g
ible assets
(2.6)
(5.9)
(1.9)
\u2013
(10.4)
(189.2)
(199.6)
Ad
j
ustin
g
items
(1.4)
(0.5)
\u2013
(24.1)
(26.0)
\u2013
(26.0)
Operatin
g
profit/(loss)
47.3
18.9
3.9
(81.4)
(11.3)
(137.1)
(148.4)
Balance sheet information
Se
g
ment assets
103.0
63.3
32.9
37.0
236.2
\u2013
236.2
Intan
g
ible assets
122.7
61.9
14.3
7.7
206.6
\u2013
206.6
Unallocated items
450.6
450.6
\u2013
450.6
Total assets
225.7
125.2
47.2
495.3
893.4
\u2013
893.4
\u2013
Se
g
ment liabilities
40.9
18.7
15.9
77.2
152.7
\u2013
152.7
Unallocated items
336.6
336.6
\u2013
336.6
Total liabilities
40.9
18.7
15.9
413.8
489.3
\u2013
489.3
Other se
g
ment information
Capital expenditure (cash spend)
5.5
3.4
2.1
2.5
13.5
27.5
41.0
Depreciation of plant, property and equipment
3.6
2.8
2.1
5.4
13.9
15.6
29.5
Avera
g
e number of employees
1,211
821
1,011
305
3,348
4,067
7,415
132544Notes: 1 Unallocated items include operating expenses related to the regions that are managed at a total trading level rather than by individual segment. Assets, liabilities and employees also managed at a total trading level are presented within Unallocated operating expenses. Segment assets of \u00a328.8m (2022: \u00a337.0m) includes investment property of \u00a33.3m (2022: \u00a37.0m). 2 Central corporate costs (previously disclosed as Central Services) include executive and non-executive management, investor relations, corporate development, governance, risk and assurance, group finance, tax, treasury, and related information technology costs. The comparative numbers have been re-presented to exclude certain costs that, following the completion of the strategic review, are now regarded as attributable to the operating segments. The effect of this change is to reallocate \u00a31.8m of costs previously included within Central Services in 2022, to Operating expenses. 3 Operating loss from discontinued operations (see note 24) excludes the loss on disposal of \u00a33.7m (2022: \u00a319.0m). 4 The unallocated assets relate to income and deferred tax assets, retirement benefit assets, derivatives, other financial assets and cash and cash equivalents. The unallocated liabilities relate to interest bearing loans and borrowings, retirement benefit obligations, derivatives, deferred tax liabilities and income tax payable. Intersegment transactions are carried out on an arm\u2019s-length basis. 5 Adjusted operating profit of \u00a338.8m in 2022 includes costs that would have otherwise been allocated to the Packaging and Filters businesses had those businesses not been disposed. Had those additional costs been adjusted for the adjusted operating profit would have been \u00a343.0m. On a continuing basis, no customer accounted for more than 10% of revenue in either 2023 or 2022. Non-current assets in the UK (the Company\u2019s country of domicile) total \u00a393.6m (2022: \u00a391.1m), with the other significant location being the USA with \u00a3106.2m (2022: \u00a3114.2m). Total Group net finance expense of \u00a32.5m (2022: \u00a318.4m) and total Group income tax credit of \u00a31.1m (2022: \u00a32.0m) cannot be meaningfully allocated by segment. The Group revenue does not include any variable consideration which is constrained.
Disaggregation of revenue
% of Total Continuin
g
External Revenue
2023
2022
Revenue by channel
End users
78%
79%
Distributors
22%
21%
Revenue by offer type
Standard
63%
64%
Confi
g
ured
31%
28%
Custom
6%
8%
Revenue by customer se
g
ment
Industrial manufacturers
71%
72%
Lar
g
e consumer manufacturers
20%
21%
SME consumers
9%
7%
Revenue by geographical location
External revenue presented in the table below, on a continuing basis, by location of the Group operation where the sales originated.
2023 2022
\u00a3m \u00a3m
UK (country of domicile)
30.2
22.1
US
94.6
111.1
China
26.9
32.6
Turkey
23.6
21.6
Germany
22.4
23.7
Italy
14.8
14.4
France
15.1
17.4
The Netherlands
13.8
14.7
Spain
12.3
12.3
Poland
10.9
10.7
Rest of World
51.7
57.3
Total continuin
g
Group
316.3
337.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "Revenue by geographical location External revenue presented in the table below, on a continuing basis, by location of the Group operation where the sales originated.
2023 2022
\u00a3m \u00a3m
UK (country of domicile)
30.2
22.1
US
94.6
111.1
China
26.9
32.6
Turkey
23.6
21.6
Germany
22.4
23.7
Italy
14.8
14.4
France
15.1
17.4
The Netherlands
13.8
14.7
Spain
12.3
12.3
Poland
10.9
10.7
Rest of World
51.7
57.3
Total continuin
g
Group
316.3
337.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "
2. Net operating expense
2023 2022
Note \u00a3m \u00a3m
Chan
g
es in inventories of finished
g
oods and work-in-pro
g
ress
(2.6)
(7.7)
Raw materials and consumables
90.7
109.3
Personnel expense
5
107.9
122.7
Depreciation of property, plant and equipment
7
11.1
13.9
Depreciation of lease ri
g
ht-of-use assets
9
5.9
5.6
Loss on sale of property, plant and equipment
\u2013
0.1
A
mortisation of intan
g
ible assets
3
8
14.2
13.1
Ad
j
ustin
g
items
2
21.0
26.0
Exchan
g
e differences reco
g
nised in profit or loss
(1.1)
\u2013
Other operatin
g
expenses
2
58.3
66.2
Net operatin
g
expenses
305.4
349.2
1
Notes:
1 Excludes personnel expenses totalling \u00a32.2m (2022: \u00a35.1m) recognised within adjusting items.
2 Other operating expenses includes manufacturing, selling, general and administrative overheads.
3 Includes amortisation of non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m).
Adjusting items from continuing operations
Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer
understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results,
such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, and costs of major Software as a Service projects, items
which are non-recurring or one-off in nature (such as the costs of fundamental strategic review and reorganisation), one-off impairments of non-current assets and charges relating to the
Group\u2019s legacy defined benefit pension schemes, and the related tax effect.
2023 2022
\u00a3m \u00a3m
Costs relatin
g
to restructurin
g
followin
g
disposals of businesses
1
1.3
10.4
(Gains)/losses and transaction costs relatin
g
to acquisitions of businesses
2
(1.0)
0.3
Acquisition inte
g
ration and restructurin
g
costs
\u2013
0.2
Customisation and confi
g
uration costs of si
g
nificant software as a service (\u201cSaaS\u201d) arran
g
ements
3
10.8
12.4
Defined benefit pension scheme char
g
es
4
1.8
2.0
Impairment
of non-current assets
7.1
\u2013
Other
1.0
0.7
Ad
j
ustin
g
items before tax
21.0
26.0
Tax
(4.3)
2.8
Ad
j
ustin
g
items after tax
16.7
28.8
5
6
2023 2022
\u00a3m \u00a3m
Reconciliation of cash flows from ad
j
ustin
g
items:
Ad
j
ustin
g
items
21.0
26.0
Non-cash char
g
e in ad
j
ustin
g
items
(5.9)
(2.0)
Pension contribution ad
j
ustment
1.9
\u2013
Utilisation of prior year and acquired accruals and provisions
6.6
(0.3)
Cash outflow from ad
j
ustin
g
items
23.6
23.7
Notes: 1 Costs of \u00a31.3m (2022: \u00a39.9m), in relation to major restructuring activities to \u201cright size\u201d the continuing operations of the business following the disposal of the Filters and Packaging businesses; a charge of \u00a3nil (2022: \u00a30.5m) in relation to the acceleration of share options in respect of certain senior management employees leaving the business following the completion of the strategic review. 2 A credit of \u00a31.0m (2022: \u00a30.3m charge) relating to acquisitions, of which \u00a30.6m cost relates to the acquisition of BMP TAPPI in October 2023, and a \u00a31.6m credit (2022: \u00a30.3m charge) relating to the acquisition of Wixroyd Group, acquired in December 2022, comprising costs of \u00a30.6m and a credit of \u00a32.2m for the reduction in contingent consideration payable. 3 Costs of significant SaaS arrangements which, in the view of management, represents investment in upgrading the Group\u2019s technological capability, were expensed as adjusting items in accordance with the Group\u2019s accounting policies. In the current year, costs of \u00a310.8m (2022: \u00a312.4m) were attributable to major SaaS projects and relate primarily to the costs of implementing a new cloud-based enterprise resource planning (\u201cERP\u201d) system within the Group. 4 Costs of \u00a31.8m (2022: \u00a32.0m) were incurred in relation to defined benefit pension scheme charges which, following the outcome of the strategic review in 2022, no longer pertain to the continuing operations of the Group. 5 Includes impairment loss of \u00a33.7m relating to a write-down of investment property to market value and a \u00a33.4m impairment loss in relation to non-current assets held within the APAC segment. 6 Costs of \u00a30.2m for professional fees relating to the capital reduction completed during 2023 and \u00a30.8m provision relating to a historic indemnity claim. 2022 comprises a \u00a30.6m write-down of centrally held IT assets following completion of the strategic review and \u00a30.6m costs of restructuring activities within the continuing European and Americas businesses, offset by a \u00a30.5m credit relating to adjustments to the carrying value of lease right-of-use assets. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, PricewaterhouseCoopers LLP and its associates are analysed below:
2023 2022
\u00a3m \u00a3m
Fees payable for the audit of the Company and the consolidated financial statements
1.9
3.1
Audit of the financial statements of the Company\u2019s subsidiaries pursuant to le
g
islation
0.4
0.4
Total audit fees
2.3
3.5
Audit-related assurance services
0.1
0.1
Other assurance services
\u2013
1.2
Total non-audit fees
0.1
1.3
Total fees
2.4
4.8
12Notes: 1 Audit-related assurance services mainly comprises the review of the half-year financial statements and associated results announcement. 2 In 2022, other assurance services relates to Reporting Accountant services in respect to the Class 1 Circulars issued in respect of the disposals of the Packaging business and the Filters business.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "2. Net operating expense
2023 2022
Note \u00a3m \u00a3m
Chan
g
es in inventories of finished
g
oods and work-in-pro
g
ress
(2.6)
(7.7)
Raw materials and consumables
90.7
109.3
Personnel expense
5
107.9
122.7
Depreciation of property, plant and equipment
7
11.1
13.9
Depreciation of lease ri
g
ht-of-use assets
9
5.9
5.6
Loss on sale of property, plant and equipment
\u2013
0.1
A
mortisation of intan
g
ible assets
3
8
14.2
13.1
Ad
j
ustin
g
items
2
21.0
26.0
Exchan
g
e differences reco
g
nised in profit or loss
(1.1)
\u2013
Other operatin
g
expenses
2
58.3
66.2
Net operatin
g
expenses
305.4
349.2
1Notes: 1 Excludes personnel expenses totalling \u00a32.2m (2022: \u00a35.1m) recognised within adjusting items. 2 Other operating expenses includes manufacturing, selling, general and administrative overheads. 3 Includes amortisation of non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m). Adjusting items from continuing operations Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results, such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, and costs of major Software as a Service projects, items which are non-recurring or one-off in nature (such as the costs of fundamental strategic review and reorganisation), one-off impairments of non-current assets and charges relating to the Group\u2019s legacy defined benefit pension schemes, and the related tax effect.
2023 2022
\u00a3m \u00a3m
Costs relatin
g
to restructurin
g
followin
g
disposals of businesses
1
1.3
10.4
(Gains)/losses and transaction costs relatin
g
to acquisitions of businesses
2
(1.0)
0.3
Acquisition inte
g
ration and restructurin
g
costs
\u2013
0.2
Customisation and confi
g
uration costs of si
g
nificant software as a service (\u201cSaaS\u201d) arran
g
ements
3
10.8
12.4
Defined benefit pension scheme char
g
es
4
1.8
2.0
Impairment
of non-current assets
7.1
\u2013
Other
1.0
0.7
Ad
j
ustin
g
items before tax
21.0
26.0
Tax
(4.3)
2.8
Ad
j
ustin
g
items after tax
16.7
28.8
56
2023 2022
\u00a3m \u00a3m
Reconciliation of cash flows from ad
j
ustin
g
items:
Ad
j
ustin
g
items
21.0
26.0
Non-cash char
g
e in ad
j
ustin
g
items
(5.9)
(2.0)
Pension contribution ad
j
ustment
1.9
\u2013
Utilisation of prior year and acquired accruals and provisions
6.6
(0.3)
Cash outflow from ad
j
ustin
g
items
23.6
23.7
Notes: 1 Costs of \u00a31.3m (2022: \u00a39.9m), in relation to major restructuring activities to \u201cright size\u201d the continuing operations of the business following the disposal of the Filters and Packaging businesses; a charge of \u00a3nil (2022: \u00a30.5m) in relation to the acceleration of share options in respect of certain senior management employees leaving the business following the completion of the strategic review. 2 A credit of \u00a31.0m (2022: \u00a30.3m charge) relating to acquisitions, of which \u00a30.6m cost relates to the acquisition of BMP TAPPI in October 2023, and a \u00a31.6m credit (2022: \u00a30.3m charge) relating to the acquisition of Wixroyd Group, acquired in December 2022, comprising costs of \u00a30.6m and a credit of \u00a32.2m for the reduction in contingent consideration payable. 3 Costs of significant SaaS arrangements which, in the view of management, represents investment in upgrading the Group\u2019s technological capability, were expensed as adjusting items in accordance with the Group\u2019s accounting policies. In the current year, costs of \u00a310.8m (2022: \u00a312.4m) were attributable to major SaaS projects and relate primarily to the costs of implementing a new cloud-based enterprise resource planning (\u201cERP\u201d) system within the Group. 4 Costs of \u00a31.8m (2022: \u00a32.0m) were incurred in relation to defined benefit pension scheme charges which, following the outcome of the strategic review in 2022, no longer pertain to the continuing operations of the Group. 5 Includes impairment loss of \u00a33.7m relating to a write-down of investment property to market value and a \u00a33.4m impairment loss in relation to non-current assets held within the APAC segment. 6 Costs of \u00a30.2m for professional fees relating to the capital reduction completed during 2023 and \u00a30.8m provision relating to a historic indemnity claim. 2022 comprises a \u00a30.6m write-down of centrally held IT assets following completion of the strategic review and \u00a30.6m costs of restructuring activities within the continuing European and Americas businesses, offset by a \u00a30.5m credit relating to adjustments to the carrying value of lease right-of-use assets. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, PricewaterhouseCoopers LLP and its associates are analysed below:
2023 2022
\u00a3m \u00a3m
Fees payable for the audit of the Company and the consolidated financial statements
1.9
3.1
Audit of the financial statements of the Company\u2019s subsidiaries pursuant to le
g
islation
0.4
0.4
Total audit fees
2.3
3.5
Audit-related assurance services
0.1
0.1
Other assurance services
\u2013
1.2
Total non-audit fees
0.1
1.3
Total fees
2.4
4.8
12Notes: 1 Audit-related assurance services mainly comprises the review of the half-year financial statements and associated results announcement. 2 In 2022, other assurance services relates to Reporting Accountant services in respect to the Class 1 Circulars issued in respect of the disposals of the Packaging business and the Filters business.7. Investment Properties, Property, plant and equipment
2023
2023
Total Total
Investment Land and Plant and Fixtures, fittings Property,
propertiesbuildings machinery and equipment plant and equipment
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
7.0
37.7
125.6
72.0
235.3
Acquisitions
23
\u2013
\u2013
4.2
\u2013
4.2
Additi
ons
\u2013
1.3
7.0
4.1
12
.4
Disposals
\u2013
(0.1)
(14.1)
(7.4)
(21.6)
Cu
rrency translation
\u2013
0.1
(4.6)
(0.2)
(4.7)
End
of year
7.0
39.0
118.1
68.5
225.6
Accumulated depreciation and impairment
Be
g
innin
g
of year
\u2013
14.2
95.7
60.2
170.1
Char
g
e in period
6
\u2013
1.6
5.6
3.9
11.1
Disposals
\u2013
(0
.1)
(14.1)
(7.3)
(21.5)
Impairment
4,5
3.7
\u2013
0.9
\u2013
0.9
Cu
rrency translation
\u2013
0.7
(3.6)
(0.2)
(3.1)
End of year
3.7
16.4
84.5
56.6
157.5
Net book value at end of year
3.3
22.6
33.6
11.9
68.1
58331
2022
2022
Total
Investment Land and Plant and Fixtures, fittings
properties
5
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
\u2013
79.4
386.5
78.9
544.8
Acquisitions
\u2013
0.
5
0.7
0.2
1.4
Additions
\u2013
2.5
33.1
4.0
39.6
Disposals
\u2013
(0
.7)
(9.4)
\u2013(10.1)
Business Disposals
\u2013
(43.5)
(324.5)
(14.4)
(382.4)
Transfers
7
7.0
(7.0)
\u2013
\u2013
(7.0)
Currency translation
3
-
6.5
39.2
3.3
49.0
End of year
7.0
37.7
125.6
72.0
235.3
Accumulated depreciation and impairment
Be
g
innin
g
of year
\u2013
18.0
223.7
48.8
290.5
Char
g
e in period
6
\u2013
2.8
18.5
8.2
29.5
Disposals
\u2013
(0
.7)
(8.7)
\u2013(9.4)
Business Disposals \u2013
(9.0
)
(161.2)
(0.1)
(170.3)
Impairment
\u2013
\u2013
0.1
0.4
0.5
Currency translation
3
\u2013
3.1
23.3
2.9
29.3
End of year
\u2013
14.2
95.7
60.2
170.1
Net book value at end of year
1
7.0
23.5
29.9
11.8
65.2
4Notes: 1 Included within land and buildings, plant and machinery and fixtures, fittings and equipment are assets in the course of construction of \u00a32.3m (2022: \u00a30.3m) which were not depreciated during the year. 2 Contractual commitments to purchase property, plant and equipment amounted to \u00a30.3m at 31 December 2023 (2022: \u00a30.3m). 3 Currency translation movement for the year includes a \u00a31.8m increase (2022: \u00a33.2m increase) in respect of adjustments for hyperinflation. 4 Property, plant and equipment with a net book value of \u00a32.9m (2022: \u00a30.6m) was impaired by \u00a30.9m (2022: \u00a30.6m) to a recoverable amount of \u00a3nil (2022: \u00a3nil), which represented fair value less cost to sell. \u00a30.9m (2022: \u00a30.6m) of this impairment has been charged to adjusting items (see note 2). 5 As at 31 December 2023, the fair value of the investment property was \u00a33.3m and as consequence, a reduction of \u00a33.7m has been recorded as an expense to adjusting items (see note 2). 6 Included within the depreciation charge for the period is \u00a311.1m (2022: \u00a313.9m) relating to continuing operations. 7 During the year to 31 December 2022, land and buildings with a net book value of \u00a37.0m, were reclassified as investment properties. The transfer follows the disposal of the Filters business which held a pre-existing property lease arrangement with the continuing Group. At the date of disposal of the Filters business on 3 December 2022, the continuing Group ceased owner-occupation. Following its assessment of the remaining useful economic life associated to investment properties at the balance sheet date, the Group is depreciating the building element of the long-term leasehold owned investment property at 2% on a straight-line basis. 8 Acquisitions in 2023 include \u00a34.0m relating to the acquisition of BMP TAPPI, and \u00a30.2m final purchase price allocation adjustment relating to the acquisition of Wixroyd Group. Investment property valuation The property has a market value of \u00a33.3m and is valued based on a level 3 of fair value hierarchy. The valuation was performed by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property. The valuation took into account the contractual terms of the current tenant, who has occupation until 2027 with an option to extend until 2032 with an estimated amount for typical market rent based on a 5 year term. The valuation applies a market yield of 7% until 2027 and 10% beyond 2027. The valuation takes into account, among other factors, marketability, demand, energy performance, rating assessment, size, location and condition. No amounts were received in respect of rental income during the year.
2023
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
140.1
159.3
24.8
324.2
Acquisitions
8
(note 23)
14.5
16.9
0.8
32.2
Additions
\u2013
\u2013
0.8
0.8
Disposals
\u2013
\u2013
(1.0)
(1.0)
Currency translation
(6.0)
(6.9)
(0.8)
(13.7)
End of year
148.6
169.3
24.6
342.5
Amortisation and impairment
Be
g
innin
g
of year
4.5
99.1
14.0
117.6
Char
g
e for the year
3
\u2013
10.7
3.5
14.2
Impairment
\u2013
2.2
\u2013
2.2
Disposal
\u2013
\u2013
(1.0)
 (1.0)
Currency translation
(0.3)
(4.6)
(0.6)
(5.5)
End of year
4.2
107.4
15.9
127.5
Net book value at end of year
144.4
61.9
8.7
215.0
6
1,2
7
5
7
2022
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
354.9
423.2
26.4
804.5
Acquisitions
20.7
8.2
0.6
29.5
Additions
\u2013
\u2013
1.0
1.0
Disposals
\u2013
\u2013
(1.4)
(1.4)
Business disposals
(271.9)
(319.2)
(2.7)
(593.8)
Currency translation
36.4
47.1
0.9
84.4
End of year
140.1
159.3
24.8
324.2
Amortisation and impairment
Be
g
innin
g
of year
27.9
280.9
12.2
321.0
Char
g
e for the year
3
-
16.6
3.0
19.6
Business disposals
(214.6)
(228.0)
(1.1)
(443.7)
Impairment
181.6
1.1
\u2013
182.7
Disposal
\u2013
\u2013
(0.8)
(0.8)
Currency translation
9.6
28.5
0.7
38.8
End of year
4.5
99.1
14.0
117.6
Net book value at end of year
135.6
60.2
10.8
206.6
61,247457Notes: 1 Other intangible assets principally comprise trade names acquired with Reid Supply, developed technology acquired with Richco, order backlog, software development and e-Commerce development costs. Salary costs of \u00a3nil (2022: \u00a30.2m) were capitalised as part of other intangible assets during the year. 2 Included within other intangible assets at 31 December 2023, are assets in the course of construction of \u00a30.8m (2022: \u00a3nil) which were not amortised during the year. 3 Amortisation charged on other intangible assets (which includes e-Commerce development and software development costs not acquired through a business combination), is included within operating profit before amortisation of acquired intangibles and adjusting items. Amortisation charged on customer relationships acquired in a business combination is excluded from the Group\u2019s adjusted operating profit measure. Included within the amortisation charge for the period is \u00a314.2m (2022: \u00a313.1m) relating to continuing operations. 4 The Group disposed of the Packaging business and the Filters business during the year to 31 December 2022. The goodwill disposed was \u00a335.6m and \u00a321.7m, respectively. 5 In 2023 an impairment charge of \u00a32.2m relates to the Hengzhu CGU. In 2022, an impairment charge of \u00a3181.6m was recognised following the Group\u2019s impairment assessment in respect of the carrying value of goodwill allocated to the Packaging business prior to its disposal. An impairment charge of \u00a31.1m was also recognised relating to intangible assets held in India following an impairment review triggered by the divestment of the Packaging business. These impairment charges have been included within the result from discontinued operations for the year ended 31 December 2022. 6 The weighted average remaining useful lives of customer relationships and other intangible assets at the end of the year were 8.5 years and 3.9 years (2022: 5.8 years and 4.3 years), respectively. 7 Currency translation movement for the year includes a \u00a31.1m increase (2022: \u00a313.9m increase) in respect of adjustments for hyperinflation. 8 Acquisitions includes goodwill of \u00a315.0m and customer relationships and other intangibles of \u00a317.7m relating to the acquisition of BMP TAPPI, less an adjustment of \u00a30.5m relating to the finalisation of the purchase price allocation relating to the acquisition of Wixroyd Group in 2022 (see note 23). 9 Included within other intangible cost is \u00a316.4m (2022: \u00a316.7m) that was internally generated with a accumulated amortisation of \u00a310.2m (2022: \u00a38.4m). Internally generated additions amounted to \u00a30.8m (2022: \u00a30.7m) and amortisation \u00a32.9m (2022: \u00a32.7m). Essentra tests intangible assets annually for impairment, or more frequently if there are indications of impairment. A discounted cash flow analysis is computed to compare the discounted estimated future operating cash flows to the net carrying value of the goodwill and other intangible and tangible assets for each cash generating unit or group of cash generating units as appropriate. Following an impairment assessment of the carrying value of goodwill held by the Group\u2019s operations performed by management at 31 December 2023, no impairment of goodwill was required to be recognised on the Group\u2019s continuing operations. Goodwill is allocated to groups of cash generating units, being the operating segments, as follows: 1
2023
Goodwill\u00a3m
EMEA
109.3
Americas
35.1
144.4
1 Following the disposal of the Packaging and Filters businesses in 2022, the only goodwill remaining was for the Components division which is now monitored by geographical operating segment (EMEA, Americas and APAC).Customer relationships and other intangible assets are allocated to the businesses to whichthey relate, as follows:
2023 2022
Business \u00a3m \u00a3m
Businesses of former Moss and Skiffy
7.2
8.3
Businesses of former Richco
9.0
13.4
Business of former Mesan
0.4
0.9
Business of former Abric
4.3
5.9
Business of former Micro Plastics, Inc
3.2
3.8
Industrial Supply
0.3
0.7
Innovative Components
5.5
6.6
Hen
g
zhu
4.8
8.3
Wixroyd
7.9
8.8
BMP TAPPI
17.4
\u2013
e-Commerce development costs
4.9
5.9
Other businesses
2.9
3.7
Components Sweden
1.9
2.5
Software and development costs
0.9
2.2
70.6
71.
0
Management have reviewed the cash-generating-units (\u201cCGUs\u201d) across the Group, and have concluded that the CGUs for the remaining Components business continue to be primarily the manufacturing and distribution sites. The individual CGUs were assessed for impairment and due to the underlying economic environment impacting the APAC region, there was an indicator of impairment within the CGU impact Hengzhu. As a consequence an impairment charge of \u00a33.4m was recognised on net assets within APAC of \u00a328.9m, comprising customer relationship intangibles (\u00a32.2m), property, plant and equipment (\u00a30.9m), and right of use assets (\u00a30.3m). Following the disposal of the Packaging and Filters businesses, the goodwill associated with those operating segments was also disposed. The remaining goodwill, previously allocated to the Components segment, has now been reallocated to the newly created geographical segments: EMEA, Americas and APAC. The allocation was made by calculating the notional goodwill for each CGU by deducting its identifiable net assets from its recoverable amount and allocating the goodwill to each CGU in the ratio: CGU notional goodwill to total notional goodwill of the three geographical segments. These new operating segments, represented by groups of cash-generating-units (the manufacturing and distribution sites), are considered to represent the lowest level within the Group at which goodwill is monitored for internal management purposes. The impairment tests for goodwill and intangible assets (and in the case of Hengzhu, other non-current assets) are based first on the Board approved business plan (the \u201cPlan\u201d) and then has been risk-adjusted for impairment testing purposes. The recoverable amount of each CGU (and Groups of CGUs) was determined by performing a value-in-use calculation taking into account the wider market conditions and revenue growth projections within the industry the Groups operates in. The risk-adjusted cash flow projections are over five years based on the approved annual budget for the first year and subsequent years based on the Group Strategic Plan. The key assumptions in the cash flow projections for the risk-adjusted Plan are set out below.
Improvement in
Average annual growth Terminal average operating
rate over five-year growth rate profit over Pre-tax
Re
g
ion
Forecast
p
eriod
from 2028 onwards
five-
y
ear
p
eriod
discount rate
Groups of cash-
g
eneratin
g
-units:
EMEA
6.2%
3.1%
620 bps
16.9%
AMERICAS
5.8%
2.2%
770 bps
15.3%
Cash-
g
eneratin
g
-unit assumptions:
Hengzhu (individual CGU)
6.0%
2.0%
600 bps
14.1%
Operating margin is primarily based upon the historical levels achieved, adjusted by targets set for revenue expansion and cost control and reduction within the Plan period. The values assigned to these assumptions represent management\u2019s assessment of market condition and scope for cost and profitability improvement, taking into account realisable synergies resulting from integration activities. The estimated cash flows are discounted using a pre-tax discount rate based upon Essentra\u2019s estimated pre-tax weighted average cost of capital by operating segment. For the Hengzhu CGU the recoverable amount remaining is sensitive to reasonably possible changes in the underlying cash flows and key assumptions. After taking into account the \u00a33.4m impairment, and based upon the assumptions above, the recoverable amount aligns to its carrying value. Management considered the following reasonably possible changes in the key assumptions, in the context of the macro-economic conditions in China, and the associated impact on the impairment assessment, in relation to the Hengzhu CGU:
Impairment
Sensitivities im
p
actin
g
Hen
g
zhu CGU
\u00a3m
50 bps increase in pre-tax discount rate
0.5
100 bps reduction in terminal growth rate
0.4
100 bps reduction in each year\u2018s growth rate
0.1
100 bps reduction in operating profit margin in the terminal year
0.9
No sensitivities are presented for the Group\u2019s other CGUs or the other two Groups of CGUs (being Americas and EMEA geographical segments) given no reasonably possible changes in inputs would lead to an impairment, there being significant headroom between their carrying amounts and respective recoverable amounts.9. Lease right-of-use assets
2023
Land and Plant and Fixtures, fittings
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
40.3
2.9
0.2
43.4
Additions, extensions and surrenders
12.3
1.8
\u2013
14.1
Termi
nations
(2.2)
(1.6)
(0.1)
(3.9)
Cu
rrency translation
(1.6)
0.1
\u2013
(1.5)
End of year
48.8
3.2
0.1
52.1
Accumulated depreciation and impairment
Be
g
innin
g
of year
20.4
1.9
0.1
22.4
Char
g
e for the year
3
4.9
0.9
0.1
5.9
Impairment
\u2013
0.3
\u2013
0.3
Termi
nations
(2.2)
(1.6)
(0.1)
(3.9
)
Currency translation
(0.6)
0.1
\u2013
(0.5)
End
of year
22.5
1.6
0.1
24.2
Net book value at end of year
26.3
1.6
\u2013
27.9
454
2022
Land and Plant and Fixtures, fittings
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
100.5
13.4
0.4
114.3
Additions, extensions and surrenders
7.6
2.7
\u2013
10.3
Terminations
(6.9)
(1.5)
(0.1)
(8.5)
Business disposals
(71.2)
(12.4)
(0.2)
(83.
8)
Currency translation
10.3
0.7
0.1
11.1
End of year
40.3
2.9
0.2
43.4
Accumulated depreciation and impairment
Be
g
innin
g
of year
56.6
7.0
0.3
63.9
Char
g
e for the year
3
7.4
2.5
0.2
10.1
Terminations
(6.7)
(1.3)
(0.1)
(8.1)
Disposal of businesses
(40.4)
(6.8)
(0.2)
(47.4)
Impairment write back
(0.6)
\u2013
\u2013
(0.6)
Currency translation
4.1
0.5
(0.1)
4.5
End of year
20.4
1.9
0.1
22.4
Net book value at end of year
19.9
1.0
0.1
21.0
4
1
4
Notes:
1 During the year, an impairment write back of \u00a3nil (2022: \u00a30.6m) was recognised in adjusting items (refer to note 2). The assets were uplifted to their recoverable amount, which represented their fair value.
2 Contractual commitments to lease property, plant and equipment amounted to \u00a3nil at 31 December 2023 (2022: \u00a3nil).
3 Depreciation charge of \u00a35.9m (2022: \u00a310.1m) in the year includes an amount of \u00a35.9m (2022: \u00a35.6m) relating to continuing operations and \u00a3nil (2022: \u00a34.5m) relating to discontinued operations.
4 Currency translation as at 31 December 2023 includes net book value movement of \u00a30.2m decrease (2022: \u00a32.7m increase) in respect of adjustments for hyperinflation.
5 During the year, an impairment of \u00a30.3m was recognised in adjusting items (refer to note 2). The assets were written down to their recoverable amount.
The income statement includes the following amounts relating to leases:
2023 2022
On continuin
g
o
p
erations
Notes
\u00a3m \u00a3m
Lease right-of-use asset depreciation
2, 27
5.9
5.6
Interest expense (included in finance costs)
3
1.8
1.5
Exchange losses (included in finance costs)
3
2.2
 1.2
Expense relating to short-term leases (included in cost of
goods sold and administrative expenses)
\u2013
0.1
Expense relating to leases of low-value assets that not shown
above as short-term leases (included in operating expenses) 0.1 0.1
10.0
8.5
12Notes: 1 For the year ended 31 December 2023, the weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities was 8.6% (2022: 7.1%). 2 The short-term leases expense for the year ending 31 December 2024 is not expected to be materially different to the expense disclosed above. The maturity analysis on the lease liabilities has been included in note 19. The total cash outflow for leases and analysis of movements in lease liabilities are included in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "2. Net operating expense
2023 2022
Note \u00a3m \u00a3m
Chan
g
es in inventories of finished
g
oods and work-in-pro
g
ress
(2.6)
(7.7)
Raw materials and consumables
90.7
109.3
Personnel expense
5
107.9
122.7
Depreciation of property, plant and equipment
7
11.1
13.9
Depreciation of lease ri
g
ht-of-use assets
9
5.9
5.6
Loss on sale of property, plant and equipment
\u2013
0.1
A
mortisation of intan
g
ible assets
3
8
14.2
13.1
Ad
j
ustin
g
items
2
21.0
26.0
Exchan
g
e differences reco
g
nised in profit or loss
(1.1)
\u2013
Other operatin
g
expenses
2
58.3
66.2
Net operatin
g
expenses
305.4
349.2
1Notes: 1 Excludes personnel expenses totalling \u00a32.2m (2022: \u00a35.1m) recognised within adjusting items. 2 Other operating expenses includes manufacturing, selling, general and administrative overheads. 3 Includes amortisation of non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m). Adjusting items from continuing operations Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results, such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, and costs of major Software as a Service projects, items which are non-recurring or one-off in nature (such as the costs of fundamental strategic review and reorganisation), one-off impairments of non-current assets and charges relating to the Group\u2019s legacy defined benefit pension schemes, and the related tax effect.
2023 2022
\u00a3m \u00a3m
Costs relatin
g
to restructurin
g
followin
g
disposals of businesses
1
1.3
10.4
(Gains)/losses and transaction costs relatin
g
to acquisitions of businesses
2
(1.0)
0.3
Acquisition inte
g
ration and restructurin
g
costs
\u2013
0.2
Customisation and confi
g
uration costs of si
g
nificant software as a service (\u201cSaaS\u201d) arran
g
ements
3
10.8
12.4
Defined benefit pension scheme char
g
es
4
1.8
2.0
Impairment
of non-current assets
7.1
\u2013
Other
1.0
0.7
Ad
j
ustin
g
items before tax
21.0
26.0
Tax
(4.3)
2.8
Ad
j
ustin
g
items after tax
16.7
28.8
56
2023 2022
\u00a3m \u00a3m
Reconciliation of cash flows from ad
j
ustin
g
items:
Ad
j
ustin
g
items
21.0
26.0
Non-cash char
g
e in ad
j
ustin
g
items
(5.9)
(2.0)
Pension contribution ad
j
ustment
1.9
\u2013
Utilisation of prior year and acquired accruals and provisions
6.6
(0.3)
Cash outflow from ad
j
ustin
g
items
23.6
23.7
Notes: 1 Costs of \u00a31.3m (2022: \u00a39.9m), in relation to major restructuring activities to \u201cright size\u201d the continuing operations of the business following the disposal of the Filters and Packaging businesses; a charge of \u00a3nil (2022: \u00a30.5m) in relation to the acceleration of share options in respect of certain senior management employees leaving the business following the completion of the strategic review. 2 A credit of \u00a31.0m (2022: \u00a30.3m charge) relating to acquisitions, of which \u00a30.6m cost relates to the acquisition of BMP TAPPI in October 2023, and a \u00a31.6m credit (2022: \u00a30.3m charge) relating to the acquisition of Wixroyd Group, acquired in December 2022, comprising costs of \u00a30.6m and a credit of \u00a32.2m for the reduction in contingent consideration payable. 3 Costs of significant SaaS arrangements which, in the view of management, represents investment in upgrading the Group\u2019s technological capability, were expensed as adjusting items in accordance with the Group\u2019s accounting policies. In the current year, costs of \u00a310.8m (2022: \u00a312.4m) were attributable to major SaaS projects and relate primarily to the costs of implementing a new cloud-based enterprise resource planning (\u201cERP\u201d) system within the Group. 4 Costs of \u00a31.8m (2022: \u00a32.0m) were incurred in relation to defined benefit pension scheme charges which, following the outcome of the strategic review in 2022, no longer pertain to the continuing operations of the Group. 5 Includes impairment loss of \u00a33.7m relating to a write-down of investment property to market value and a \u00a33.4m impairment loss in relation to non-current assets held within the APAC segment. 6 Costs of \u00a30.2m for professional fees relating to the capital reduction completed during 2023 and \u00a30.8m provision relating to a historic indemnity claim. 2022 comprises a \u00a30.6m write-down of centrally held IT assets following completion of the strategic review and \u00a30.6m costs of restructuring activities within the continuing European and Americas businesses, offset by a \u00a30.5m credit relating to adjustments to the carrying value of lease right-of-use assets. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, PricewaterhouseCoopers LLP and its associates are analysed below:
2023 2022
\u00a3m \u00a3m
Fees payable for the audit of the Company and the consolidated financial statements
1.9
3.1
Audit of the financial statements of the Company\u2019s subsidiaries pursuant to le
g
islation
0.4
0.4
Total audit fees
2.3
3.5
Audit-related assurance services
0.1
0.1
Other assurance services
\u2013
1.2
Total non-audit fees
0.1
1.3
Total fees
2.4
4.8
12Notes: 1 Audit-related assurance services mainly comprises the review of the half-year financial statements and associated results announcement. 2 In 2022, other assurance services relates to Reporting Accountant services in respect to the Class 1 Circulars issued in respect of the disposals of the Packaging business and the Filters business.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "value": "2. Net operating expense
2023 2022
Note \u00a3m \u00a3m
Chan
g
es in inventories of finished
g
oods and work-in-pro
g
ress
(2.6)
(7.7)
Raw materials and consumables
90.7
109.3
Personnel expense
5
107.9
122.7
Depreciation of property, plant and equipment
7
11.1
13.9
Depreciation of lease ri
g
ht-of-use assets
9
5.9
5.6
Loss on sale of property, plant and equipment
\u2013
0.1
A
mortisation of intan
g
ible assets
3
8
14.2
13.1
Ad
j
ustin
g
items
2
21.0
26.0
Exchan
g
e differences reco
g
nised in profit or loss
(1.1)
\u2013
Other operatin
g
expenses
2
58.3
66.2
Net operatin
g
expenses
305.4
349.2
1Notes: 1 Excludes personnel expenses totalling \u00a32.2m (2022: \u00a35.1m) recognised within adjusting items. 2 Other operating expenses includes manufacturing, selling, general and administrative overheads. 3 Includes amortisation of non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m). Adjusting items from continuing operations Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results, such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, and costs of major Software as a Service projects, items which are non-recurring or one-off in nature (such as the costs of fundamental strategic review and reorganisation), one-off impairments of non-current assets and charges relating to the Group\u2019s legacy defined benefit pension schemes, and the related tax effect.
2023 2022
\u00a3m \u00a3m
Costs relatin
g
to restructurin
g
followin
g
disposals of businesses
1
1.3
10.4
(Gains)/losses and transaction costs relatin
g
to acquisitions of businesses
2
(1.0)
0.3
Acquisition inte
g
ration and restructurin
g
costs
\u2013
0.2
Customisation and confi
g
uration costs of si
g
nificant software as a service (\u201cSaaS\u201d) arran
g
ements
3
10.8
12.4
Defined benefit pension scheme char
g
es
4
1.8
2.0
Impairment
of non-current assets
7.1
\u2013
Other
1.0
0.7
Ad
j
ustin
g
items before tax
21.0
26.0
Tax
(4.3)
2.8
Ad
j
ustin
g
items after tax
16.7
28.8
56
2023 2022
\u00a3m \u00a3m
Reconciliation of cash flows from ad
j
ustin
g
items:
Ad
j
ustin
g
items
21.0
26.0
Non-cash char
g
e in ad
j
ustin
g
items
(5.9)
(2.0)
Pension contribution ad
j
ustment
1.9
\u2013
Utilisation of prior year and acquired accruals and provisions
6.6
(0.3)
Cash outflow from ad
j
ustin
g
items
23.6
23.7
Notes: 1 Costs of \u00a31.3m (2022: \u00a39.9m), in relation to major restructuring activities to \u201cright size\u201d the continuing operations of the business following the disposal of the Filters and Packaging businesses; a charge of \u00a3nil (2022: \u00a30.5m) in relation to the acceleration of share options in respect of certain senior management employees leaving the business following the completion of the strategic review. 2 A credit of \u00a31.0m (2022: \u00a30.3m charge) relating to acquisitions, of which \u00a30.6m cost relates to the acquisition of BMP TAPPI in October 2023, and a \u00a31.6m credit (2022: \u00a30.3m charge) relating to the acquisition of Wixroyd Group, acquired in December 2022, comprising costs of \u00a30.6m and a credit of \u00a32.2m for the reduction in contingent consideration payable. 3 Costs of significant SaaS arrangements which, in the view of management, represents investment in upgrading the Group\u2019s technological capability, were expensed as adjusting items in accordance with the Group\u2019s accounting policies. In the current year, costs of \u00a310.8m (2022: \u00a312.4m) were attributable to major SaaS projects and relate primarily to the costs of implementing a new cloud-based enterprise resource planning (\u201cERP\u201d) system within the Group. 4 Costs of \u00a31.8m (2022: \u00a32.0m) were incurred in relation to defined benefit pension scheme charges which, following the outcome of the strategic review in 2022, no longer pertain to the continuing operations of the Group. 5 Includes impairment loss of \u00a33.7m relating to a write-down of investment property to market value and a \u00a33.4m impairment loss in relation to non-current assets held within the APAC segment. 6 Costs of \u00a30.2m for professional fees relating to the capital reduction completed during 2023 and \u00a30.8m provision relating to a historic indemnity claim. 2022 comprises a \u00a30.6m write-down of centrally held IT assets following completion of the strategic review and \u00a30.6m costs of restructuring activities within the continuing European and Americas businesses, offset by a \u00a30.5m credit relating to adjustments to the carrying value of lease right-of-use assets. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, PricewaterhouseCoopers LLP and its associates are analysed below:
2023 2022
\u00a3m \u00a3m
Fees payable for the audit of the Company and the consolidated financial statements
1.9
3.1
Audit of the financial statements of the Company\u2019s subsidiaries pursuant to le
g
islation
0.4
0.4
Total audit fees
2.3
3.5
Audit-related assurance services
0.1
0.1
Other assurance services
\u2013
1.2
Total non-audit fees
0.1
1.3
Total fees
2.4
4.8
12Notes: 1 Audit-related assurance services mainly comprises the review of the half-year financial statements and associated results announcement. 2 In 2022, other assurance services relates to Reporting Accountant services in respect to the Class 1 Circulars issued in respect of the disposals of the Packaging business and the Filters business.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "2. Net operating expense
2023 2022
Note \u00a3m \u00a3m
Chan
g
es in inventories of finished
g
oods and work-in-pro
g
ress
(2.6)
(7.7)
Raw materials and consumables
90.7
109.3
Personnel expense
5
107.9
122.7
Depreciation of property, plant and equipment
7
11.1
13.9
Depreciation of lease ri
g
ht-of-use assets
9
5.9
5.6
Loss on sale of property, plant and equipment
\u2013
0.1
A
mortisation of intan
g
ible assets
3
8
14.2
13.1
Ad
j
ustin
g
items
2
21.0
26.0
Exchan
g
e differences reco
g
nised in profit or loss
(1.1)
\u2013
Other operatin
g
expenses
2
58.3
66.2
Net operatin
g
expenses
305.4
349.2
1Notes: 1 Excludes personnel expenses totalling \u00a32.2m (2022: \u00a35.1m) recognised within adjusting items. 2 Other operating expenses includes manufacturing, selling, general and administrative overheads. 3 Includes amortisation of non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m). Adjusting items from continuing operations Adjusting items are separately presented from other items by virtue of their nature, size and/or incidence. They are identified separately in order for the reader to obtain a clearer understanding of the underlying results of the ongoing Group\u2019s operations, by excluding items which, in management\u2019s view, do not form part of the Group\u2019s underlying operating results, such as gains, losses or costs arising from business acquisition and disposal activities, significant restructuring and closure costs, and costs of major Software as a Service projects, items which are non-recurring or one-off in nature (such as the costs of fundamental strategic review and reorganisation), one-off impairments of non-current assets and charges relating to the Group\u2019s legacy defined benefit pension schemes, and the related tax effect.
2023 2022
\u00a3m \u00a3m
Costs relatin
g
to restructurin
g
followin
g
disposals of businesses
1
1.3
10.4
(Gains)/losses and transaction costs relatin
g
to acquisitions of businesses
2
(1.0)
0.3
Acquisition inte
g
ration and restructurin
g
costs
\u2013
0.2
Customisation and confi
g
uration costs of si
g
nificant software as a service (\u201cSaaS\u201d) arran
g
ements
3
10.8
12.4
Defined benefit pension scheme char
g
es
4
1.8
2.0
Impairment
of non-current assets
7.1
\u2013
Other
1.0
0.7
Ad
j
ustin
g
items before tax
21.0
26.0
Tax
(4.3)
2.8
Ad
j
ustin
g
items after tax
16.7
28.8
56
2023 2022
\u00a3m \u00a3m
Reconciliation of cash flows from ad
j
ustin
g
items:
Ad
j
ustin
g
items
21.0
26.0
Non-cash char
g
e in ad
j
ustin
g
items
(5.9)
(2.0)
Pension contribution ad
j
ustment
1.9
\u2013
Utilisation of prior year and acquired accruals and provisions
6.6
(0.3)
Cash outflow from ad
j
ustin
g
items
23.6
23.7
Notes: 1 Costs of \u00a31.3m (2022: \u00a39.9m), in relation to major restructuring activities to \u201cright size\u201d the continuing operations of the business following the disposal of the Filters and Packaging businesses; a charge of \u00a3nil (2022: \u00a30.5m) in relation to the acceleration of share options in respect of certain senior management employees leaving the business following the completion of the strategic review. 2 A credit of \u00a31.0m (2022: \u00a30.3m charge) relating to acquisitions, of which \u00a30.6m cost relates to the acquisition of BMP TAPPI in October 2023, and a \u00a31.6m credit (2022: \u00a30.3m charge) relating to the acquisition of Wixroyd Group, acquired in December 2022, comprising costs of \u00a30.6m and a credit of \u00a32.2m for the reduction in contingent consideration payable. 3 Costs of significant SaaS arrangements which, in the view of management, represents investment in upgrading the Group\u2019s technological capability, were expensed as adjusting items in accordance with the Group\u2019s accounting policies. In the current year, costs of \u00a310.8m (2022: \u00a312.4m) were attributable to major SaaS projects and relate primarily to the costs of implementing a new cloud-based enterprise resource planning (\u201cERP\u201d) system within the Group. 4 Costs of \u00a31.8m (2022: \u00a32.0m) were incurred in relation to defined benefit pension scheme charges which, following the outcome of the strategic review in 2022, no longer pertain to the continuing operations of the Group. 5 Includes impairment loss of \u00a33.7m relating to a write-down of investment property to market value and a \u00a33.4m impairment loss in relation to non-current assets held within the APAC segment. 6 Costs of \u00a30.2m for professional fees relating to the capital reduction completed during 2023 and \u00a30.8m provision relating to a historic indemnity claim. 2022 comprises a \u00a30.6m write-down of centrally held IT assets following completion of the strategic review and \u00a30.6m costs of restructuring activities within the continuing European and Americas businesses, offset by a \u00a30.5m credit relating to adjustments to the carrying value of lease right-of-use assets. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, PricewaterhouseCoopers LLP and its associates are analysed below:
2023 2022
\u00a3m \u00a3m
Fees payable for the audit of the Company and the consolidated financial statements
1.9
3.1
Audit of the financial statements of the Company\u2019s subsidiaries pursuant to le
g
islation
0.4
0.4
Total audit fees
2.3
3.5
Audit-related assurance services
0.1
0.1
Other assurance services
\u2013
1.2
Total non-audit fees
0.1
1.3
Total fees
2.4
4.8
12Notes: 1 Audit-related assurance services mainly comprises the review of the half-year financial statements and associated results announcement. 2 In 2022, other assurance services relates to Reporting Accountant services in respect to the Class 1 Circulars issued in respect of the disposals of the Packaging business and the Filters business.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, PricewaterhouseCoopers LLP and its associates are analysed below:
2023 2022
\u00a3m \u00a3m
Fees payable for the audit of the Company and the consolidated financial statements
1.9
3.1
Audit of the financial statements of the Company\u2019s subsidiaries pursuant to le
g
islation
0.4
0.4
Total audit fees
2.3
3.5
Audit-related assurance services
0.1
0.1
Other assurance services
\u2013
1.2
Total non-audit fees
0.1
1.3
Total fees
2.4
4.8
12Notes: 1 Audit-related assurance services mainly comprises the review of the half-year financial statements and associated results announcement. 2 In 2022, other assurance services relates to Reporting Accountant services in respect to the Class 1 Circulars issued in respect of the disposals of the Packaging business and the Filters business.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "value": "
3. Net \ufb01nance expense from continuing operations
2023 2022
Note \u00a3m \u00a3m
Finance income
Bank deposits
3.5
1.4
Other
finance income
7.0
5.1
Net interest on pension scheme assets
18
0.5
0.6
Total finance income
11.0
7.1
Finance expense
Interest on loans and overdrafts
(6.0)
(15.9)
Amortisation of bank facility fees
\u2013
(4.7)
Other finance expense(4.9) (2.2)
Net interest on pension scheme liabilities
18
(0.8)
(0.6)
Interest on leases
9
(1.8)
(1.5)
Total finance expense
(13.5)
(24.9)
Net finance expense
(2.5)
(17.8)
1
2
Notes:
1 Included within Other finance income is \u00a35.7m (2022: \u00a31.8m) relating to exchange gains on cash, borrowings and leases and \u00a31.3m
(2022: \u00a33.2m) relating to monetary gains on Hyperinflationary economies.
2 Included within Other finance expense is \u00a32.3m (2022: \u00a30.9m) relating to loss on derivative financial instruments, \u00a3nil (2022: \u00a30.8m)
of hedge ineffectiveness, and \u00a32.6m (2022: \u00a30.3m) relating to exchange losses on cash, borrowings and leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "3. Net \ufb01nance expense from continuing operations
2023 2022
Note \u00a3m \u00a3m
Finance income
Bank deposits
3.5
1.4
Other
finance income
7.0
5.1
Net interest on pension scheme assets
18
0.5
0.6
Total finance income
11.0
7.1
Finance expense
Interest on loans and overdrafts
(6.0)
(15.9)
Amortisation of bank facility fees
\u2013
(4.7)
Other finance expense(4.9) (2.2)
Net interest on pension scheme liabilities
18
(0.8)
(0.6)
Interest on leases
9
(1.8)
(1.5)
Total finance expense
(13.5)
(24.9)
Net finance expense
(2.5)
(17.8)
12Notes: 1 Included within Other finance income is \u00a35.7m (2022: \u00a31.8m) relating to exchange gains on cash, borrowings and leases and \u00a31.3m (2022: \u00a33.2m) relating to monetary gains on Hyperinflationary economies. 2 Included within Other finance expense is \u00a32.3m (2022: \u00a30.9m) relating to loss on derivative financial instruments, \u00a3nil (2022: \u00a30.8m) of hedge ineffectiveness, and \u00a32.6m (2022: \u00a30.3m) relating to exchange losses on cash, borrowings and leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "3. Net \ufb01nance expense from continuing operations
2023 2022
Note \u00a3m \u00a3m
Finance income
Bank deposits
3.5
1.4
Other
finance income
7.0
5.1
Net interest on pension scheme assets
18
0.5
0.6
Total finance income
11.0
7.1
Finance expense
Interest on loans and overdrafts
(6.0)
(15.9)
Amortisation of bank facility fees
\u2013
(4.7)
Other finance expense(4.9) (2.2)
Net interest on pension scheme liabilities
18
(0.8)
(0.6)
Interest on leases
9
(1.8)
(1.5)
Total finance expense
(13.5)
(24.9)
Net finance expense
(2.5)
(17.8)
12Notes: 1 Included within Other finance income is \u00a35.7m (2022: \u00a31.8m) relating to exchange gains on cash, borrowings and leases and \u00a31.3m (2022: \u00a33.2m) relating to monetary gains on Hyperinflationary economies. 2 Included within Other finance expense is \u00a32.3m (2022: \u00a30.9m) relating to loss on derivative financial instruments, \u00a3nil (2022: \u00a30.8m) of hedge ineffectiveness, and \u00a32.6m (2022: \u00a30.3m) relating to exchange losses on cash, borrowings and leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "value": "3. Net \ufb01nance expense from continuing operations
2023 2022
Note \u00a3m \u00a3m
Finance income
Bank deposits
3.5
1.4
Other
finance income
7.0
5.1
Net interest on pension scheme assets
18
0.5
0.6
Total finance income
11.0
7.1
Finance expense
Interest on loans and overdrafts
(6.0)
(15.9)
Amortisation of bank facility fees
\u2013
(4.7)
Other finance expense(4.9) (2.2)
Net interest on pension scheme liabilities
18
(0.8)
(0.6)
Interest on leases
9
(1.8)
(1.5)
Total finance expense
(13.5)
(24.9)
Net finance expense
(2.5)
(17.8)
12Notes: 1 Included within Other finance income is \u00a35.7m (2022: \u00a31.8m) relating to exchange gains on cash, borrowings and leases and \u00a31.3m (2022: \u00a33.2m) relating to monetary gains on Hyperinflationary economies. 2 Included within Other finance expense is \u00a32.3m (2022: \u00a30.9m) relating to loss on derivative financial instruments, \u00a3nil (2022: \u00a30.8m) of hedge ineffectiveness, and \u00a32.6m (2022: \u00a30.3m) relating to exchange losses on cash, borrowings and leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "3. Net \ufb01nance expense from continuing operations
2023 2022
Note \u00a3m \u00a3m
Finance income
Bank deposits
3.5
1.4
Other
finance income
7.0
5.1
Net interest on pension scheme assets
18
0.5
0.6
Total finance income
11.0
7.1
Finance expense
Interest on loans and overdrafts
(6.0)
(15.9)
Amortisation of bank facility fees
\u2013
(4.7)
Other finance expense(4.9) (2.2)
Net interest on pension scheme liabilities
18
(0.8)
(0.6)
Interest on leases
9
(1.8)
(1.5)
Total finance expense
(13.5)
(24.9)
Net finance expense
(2.5)
(17.8)
12Notes: 1 Included within Other finance income is \u00a35.7m (2022: \u00a31.8m) relating to exchange gains on cash, borrowings and leases and \u00a31.3m (2022: \u00a33.2m) relating to monetary gains on Hyperinflationary economies. 2 Included within Other finance expense is \u00a32.3m (2022: \u00a30.9m) relating to loss on derivative financial instruments, \u00a3nil (2022: \u00a30.8m) of hedge ineffectiveness, and \u00a32.6m (2022: \u00a30.3m) relating to exchange losses on cash, borrowings and leases", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "3. Net \ufb01nance expense from continuing operations
2023 2022
Note \u00a3m \u00a3m
Finance income
Bank deposits
3.5
1.4
Other
finance income
7.0
5.1
Net interest on pension scheme assets
18
0.5
0.6
Total finance income
11.0
7.1
Finance expense
Interest on loans and overdrafts
(6.0)
(15.9)
Amortisation of bank facility fees
\u2013
(4.7)
Other finance expense(4.9) (2.2)
Net interest on pension scheme liabilities
18
(0.8)
(0.6)
Interest on leases
9
(1.8)
(1.5)
Total finance expense
(13.5)
(24.9)
Net finance expense
(2.5)
(17.8)
12Notes: 1 Included within Other finance income is \u00a35.7m (2022: \u00a31.8m) relating to exchange gains on cash, borrowings and leases and \u00a31.3m (2022: \u00a33.2m) relating to monetary gains on Hyperinflationary economies. 2 Included within Other finance expense is \u00a32.3m (2022: \u00a30.9m) relating to loss on derivative financial instruments, \u00a3nil (2022: \u00a30.8m) of hedge ineffectiveness, and \u00a32.6m (2022: \u00a30.3m) relating to exchange losses on cash, borrowings and leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "value": "
4. Income tax expense/(credit)
2023 2022
Note \u00a3m \u00a3m
Amounts reco
g
nised in the consolidated income statement
Current tax
4.8
14.5
Ad
j
ustment in respect of prior years\u2019 tax
(2.6)
(2.0)
Deferred tax
16
(1.2)
(16.3)
Ad
j
ustment in respect of prior years\u2019 deferred tax
16
(2.1)
1.8
Income tax credit
(1.1)
(2.0)
Income tax expense/(credit) attributable to:
Expense on profit/loss from continuin
g
operations
2.6
2.0
Credit on loss from discontinued operations
(3.7)
(4.0)
Income tax credit
(1.1)
(2.0)
Amounts reco
g
nised in the consolidated statement of
comprehensive income
Tax credit in respect of taxable forei
g
n exchan
g
e taxable losses
(1.7)
(0.9)
Tax expense in respect of fair value hed
g
es
1.1
\u2013
Net Tax credit
(0.6)
(0.9)
Tax credit on remeasurement of defined benefit pension schemes
(0.3)
(5.1)
Net total tax credit throu
g
h consolidated statement of
comprehensive income
(0.9)
(6.0)
Factors affecting income tax for the yearThe tax credit for the year ended 31 December 2023 is lower than (2022: higher than)the standard rate of corporation tax in the UK of 23.5% (2022: 19.0%). The differencesare explained below:
2023 2022
Note \u00a3m \u00a3m
Profit/(loss) from continuin
g
operations before income tax
8.4
(29.1)
Loss from discontinued operations before income tax
24
(4.1)
(156.7)
4.3
(185.8)
Tax at UK statutory rate of 23.5% (2022: 19.0%)
1.0
(35.3)
Effects of:
Permanent disallowable items (including adjusting
items)
1.1
16.6
Disposal of entities
\u2013
4.7
Overseas state and local tax
\u2013
0.3
Unrecognised tax attributes (arising)/utilised(1.3) 10.6
Adjustments in respect of prior years (4.7) (0.2)
Withholding tax (including on unremitted earnings)
0.6
1.1
Change in tax rates
\u2013
(1.3)
Difference between UK and overseas tax rates
\u2013
(2.0)
Reassessment of deferred tax recognition2.2 3.5
Income tax credit
(1.1)
(2.0)
1234567Notes:1 This is in relation to permanent differences arising from profits/losses on disposal, impairments and other costs associated with thedisposals, net of the releases of uncertain tax provisions of \u00a32.3m (2022: \u00a32.9m).2 Includes \u00a3nil (2022: \u00a35.9m) tax charge arising on an intra-group transfer of a subsidiary net of the release of an uncertain tax provisionof \u00a3nil (2022: \u00a31.2m) relating to a disposal in prior years where the statute of limitations has now expired.3 See further information regarding deferred tax asset recognition in note 16.4 Reflects the impact of differences in substantively enacted, or enacted corporate tax rates, for future periods to those of the current period.5 Reflects the impact of different tax rates in the jurisdictions in which Essentra operates by reference to the UK statutory rate. This impactmay vary in future years due to changes in overseas tax rates or Essentra\u2019s geographical profit split.6 This reflects the de-recognition of deferred tax assets (on tax losses) due to changes in the year and latest forecasts which mean it is nolonger probable that the related tax benefits will be realised.7 The income tax charge in the UK is \u00a32.2m (2022: \u00a30.9m credit).
16. Deferred tax
Deferred tax assets and liabilities are attributable to the following:
2023 2022
Assets
\u00a3m
Liabilities
\u00a3m
Net
\u00a3m
Income
statement:
(Charge)/
credit
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Net
\u00a3m
Income
statement:
(Charge)/
credit
\u00a3m
(8.4)
3.8 (4.6)
(0.8) (7.1) 2.9 (4.2) (2.0)
\u2013 16.0 16.0
(1.9) \u2013 13.3 13.3 (13.0)
(5.6)
1.3 (4.3) (0.6) (4.6) 0.6 (4.0) 0.1
Property, plant and
equipment
1
Intangible assets
2
Employee benefits
3
Other
4
(10.4)
3.5 (6.9) \u2013 (11.3) 2.1 (9.2) 0.4
Tax
(assets)/liabilities
(24.4) 24.6 0.2 \u2013 (23.0) 18.9 (4.1) \u2013
Set off of tax 12.2 (12.2) \u2013 \u2013 11.3 (11.3) \u2013 \u2013
Net tax
(assets)/liabilities (12.2) 12.4 0.2 \u2013 (11.7) 7.6 (4.1) \u2013
Total income
statement
credit
\u2013 \u2013 \u2013 (3.3)
\u2013 \u2013 \u2013 (14.5)
Notes
1 A deferred tax liability arises on property, plant and equipment as the tax value of assets is lower than the corresponding accounting value.
This arises as tax deductions are determined by the applicable tax laws in each country the Group operates in whereas accounting
depreciation is calculated in line with the Group\u2019s accounting policy.
2 A deferred tax liability is provided on temporary differences arising on the Group\u2018s intangible assets as in the majority of cases the local
tax authorities do not allow deduction for amortisation of these intangible assets. The increase during the period is primarily due to the
acquisition of BMP TAPPI.
3 This represents deferred tax on the Group\u2019s defined benefit pension schemes and share-based incentives.
4 This includes expenditure that will be deductible in future periods for tax purposes when the amounts are settled in cash, tax losses
expected to be utilised in future periods and withholding tax on overseas earnings from Group companies expected to be remitted in the
foreseeable future of \u00a31.6m (2022: \u00a31.4m). The reductions in 2022 primarily related to the disposal of the Packaging and Filters businesses
and the de-recognition of deferred tax assets on tax losses.
Movements in the year:
2023
2022
Total Total
Net Net
\u00a3m \u00a3m
Net tax (assets)/liabilities at beginning of year
(4.1)
33.7
Credit to the income statement in respect of current year
(1.2)
(16.3)
(Credit)/char
g
e to the income statement in respect of prior years
(2.1)
1.8
Credit to other comprehensive income \u2013 defined benefit pensions
(0.3)
(5.1)
Expense to reserves \u2013 hyperinflation (IAS 29)
1.0
2.7
Expense to reserves on share-based incentives
0.3
0.6
Expense to other income in respect of fair value hed
g
es
1.1
\u2013
Acquisitions and disposals
5.1
(25.8)
Currency translation
0.4
4.3
Net tax liabilities/(assets) at end of year
0.2
(4.1)
As at 31 December 2023, it was expected that earnings from certain overseas Group
companies will be remitted and a deferred tax liability of \u00a31.6m (2022: \u00a31.4m) has been
recognised accordingly. This represents withholding taxes payable on the remittance
of these earnings under local tax laws. The amount of unrecognised deferred tax in respect
of unremitted earnings is \u00a32.5m (2022: \u00a32.0m).
Based on available information, management determined whether it is probable for some or
all of the deferred tax assets to be recognised. In determining this, management considered
the cumulative losses in prior years, the history of tax losses, the manner in which assets
can be used (including time limitations under local laws), future earnings potential and
expectation of future reversal of taxable temporary differences. Following management
assessment, gross deferred tax assets of \u00a30.1m (2022: \u00a30.2m) in respect of capital losses
and unutilised tax losses of \u00a357.7m (2022: \u00a361.6m) have not been recognised as their
realisation is not probable. The capital losses have an unlimited expiry date.
The income tax losses expire as follows: \u00a32.3m within 5 years, \u00a34.9m in 5+ years and \u00a351.0m
with no expiry.
If future conditions change, the amount of unrecognised deferred tax assets will be
reassessed. This may impact the income tax expense/credit in the year of remeasurement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "5. Personnel expenseTotal personnel expense, including Directors, is analysed below:
Continuin
g
o
p
erations
Total
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Wa
g
es and salaries
90.7
105.4
90.7
245.5
Social security expense
13.0
13.0
13.0
25.1
Pension expense (note 18)
2.8
2.9
2.8
7.4
Share option expense (note 18)
1.4
1.4
1.4
2
.6
Total personnel expense
107.9
122.7
107.9
280
.6
Additional personnel expenses totalling \u00a32.2m (2022: \u00a35.1m) were included within adjusting items, including: wages and salaries of \u00a31.9m (2022: \u00a34.1m); social security expense of \u00a30.2m (2022: \u00a30.4m); pension contributions expense of \u00a30.1m (2022: \u00a30.1m); and \u00a3nil (2022: \u00a30.5m) relating to share option expense. The Annual Report on Remuneration on pages 122 to 132 sets out information on Directors\u2019 remuneration. Key management remuneration
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
3.4
5.2
Post-employment benefits
0.1
0.3
Share-based payments
0.9
1.8
Termination benefits
0.1
0.9
4.5
8.2
Essentra considers key management personnel to be the Directors and the members of the Group Executive Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "
Key management remuneration
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
3.4
5.2
Post-employment benefits
0.1
0.3
Share-based payments
0.9
1.8
Termination benefits
0.1
0.9
4.5
8.2
Essentra considers key management personnel to be the Directors and the members of the
Group Executive Committee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "
6. Earnings per share
2023 2022
Note \u00a3m \u00a3m
Earnin
g
s from continuin
g
operations
Profit/(loss) attributable to equity holders of the Company
5.8
(31.1)
Ad
j
ustments:
Amortisation of acquired intan
g
ible assets
2
11.3
10.4
Tax on amortisation of acquired intan
g
ible assets
(2.7)
(2.4)
Ad
j
ustin
g
items
2
21.0
26.0
Tax relief on ad
j
ustments
2
(4.3)
2.8
Ad
j
usted earnin
g
s attributable to equity holders of the
Company
31.1
5.7
Earnin
g
s from discontinued operations
Earnin
g
s attributable to equity holders of Essentra plc
(0.4)
(156.9)
1
Notes:
1 Adjusted earnings per share from continuing operations is provided to reflect the underlying performance of the Group.
2023
2022
Wei
g
hted avera
g
e number of shares
Basic wei
g
hted avera
g
e number of ordinary shares outstandin
g
(million)
1
294.6
301.1
Dilutive effect of employee share option plans (million)
2.4
2.0
Diluted wei
g
hted avera
g
e number of ordinary shares (million)
297.0
303.1
Earnin
g
s per share from continuin
g
operations (pence)
Basic earnin
g
s per share from continuin
g
operations
2.0p
(10.3)p
Ad
j
ustment
8.6p
12.2p
Basic ad
j
usted earnin
g
s per share from continuin
g
operations
10.6p
1.9p
Diluted earnin
g
s per share from continuin
g
operations
2.0p
(10.3)p
Ad
j
ustment
8.5p
12.2p
Diluted ad
j
usted earnin
g
s per share from continuin
g
operations
10.5p
1.9p
Earnin
g
s per share from discontinued operations (pence)
Basic earnin
g
s per share
(0.2)p
(52.1)p
Diluted earnin
g
s per share
(0.2)p
(52.1)p
Total Earnin
g
s per share attributable to equity holders of the
Company (pence)
Basic earnin
g
s per share
1.8p
(62.4)p
Diluted earnin
g
s per share
1.8p
(62.4)p
Notes: 1 The basic weighted average number of ordinary shares in issue excludes shares held in treasury and shares held by the employee benefit trust. D", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "value": "
7. Investment Properties, Property, plant and equipment
2023
2023
Total Total
Investment Land and Plant and Fixtures, fittings Property,
propertiesbuildings machinery and equipment plant and equipment
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
7.0
37.7
125.6
72.0
235.3
Acquisitions
23
\u2013
\u2013
4.2
\u2013
4.2
Additi
ons
\u2013
1.3
7.0
4.1
12
.4
Disposals
\u2013
(0.1)
(14.1)
(7.4)
(21.6)
Cu
rrency translation
\u2013
0.1
(4.6)
(0.2)
(4.7)
End
of year
7.0
39.0
118.1
68.5
225.6
Accumulated depreciation and impairment
Be
g
innin
g
of year
\u2013
14.2
95.7
60.2
170.1
Char
g
e in period
6
\u2013
1.6
5.6
3.9
11.1
Disposals
\u2013
(0
.1)
(14.1)
(7.3)
(21.5)
Impairment
4,5
3.7
\u2013
0.9
\u2013
0.9
Cu
rrency translation
\u2013
0.7
(3.6)
(0.2)
(3.1)
End of year
3.7
16.4
84.5
56.6
157.5
Net book value at end of year
3.3
22.6
33.6
11.9
68.1
5
8
3
3
1
2022
2022
Total
Investment Land and Plant and Fixtures, fittings
properties
5
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
\u2013
79.4
386.5
78.9
544.8
Acquisitions
\u2013
0.
5
0.7
0.2
1.4
Additions
\u2013
2.5
33.1
4.0
39.6
Disposals
\u2013
(0
.7)
(9.4)
\u2013(10.1)
Business Disposals
\u2013
(43.5)
(324.5)
(14.4)
(382.4)
Transfers
7
7.0
(7.0)
\u2013
\u2013
(7.0)
Currency translation
3
-
6.5
39.2
3.3
49.0
End of year
7.0
37.7
125.6
72.0
235.3
Accumulated depreciation and impairment
Be
g
innin
g
of year
\u2013
18.0
223.7
48.8
290.5
Char
g
e in period
6
\u2013
2.8
18.5
8.2
29.5
Disposals
\u2013
(0
.7)
(8.7)
\u2013(9.4)
Business Disposals \u2013
(9.0
)
(161.2)
(0.1)
(170.3)
Impairment
\u2013
\u2013
0.1
0.4
0.5
Currency translation
3
\u2013
3.1
23.3
2.9
29.3
End of year
\u2013
14.2
95.7
60.2
170.1
Net book value at end of year
1
7.0
23.5
29.9
11.8
65.2
4Notes: 1 Included within land and buildings, plant and machinery and fixtures, fittings and equipment are assets in the course of construction of \u00a32.3m (2022: \u00a30.3m) which were not depreciated during the year. 2 Contractual commitments to purchase property, plant and equipment amounted to \u00a30.3m at 31 December 2023 (2022: \u00a30.3m). 3 Currency translation movement for the year includes a \u00a31.8m increase (2022: \u00a33.2m increase) in respect of adjustments for hyperinflation. 4 Property, plant and equipment with a net book value of \u00a32.9m (2022: \u00a30.6m) was impaired by \u00a30.9m (2022: \u00a30.6m) to a recoverable amount of \u00a3nil (2022: \u00a3nil), which represented fair value less cost to sell. \u00a30.9m (2022: \u00a30.6m) of this impairment has been charged to adjusting items (see note 2). 5 As at 31 December 2023, the fair value of the investment property was \u00a33.3m and as consequence, a reduction of \u00a33.7m has been recorded as an expense to adjusting items (see note 2). 6 Included within the depreciation charge for the period is \u00a311.1m (2022: \u00a313.9m) relating to continuing operations. 7 During the year to 31 December 2022, land and buildings with a net book value of \u00a37.0m, were reclassified as investment properties. The transfer follows the disposal of the Filters business which held a pre-existing property lease arrangement with the continuing Group. At the date of disposal of the Filters business on 3 December 2022, the continuing Group ceased owner-occupation. Following its assessment of the remaining useful economic life associated to investment properties at the balance sheet date, the Group is depreciating the building element of the long-term leasehold owned investment property at 2% on a straight-line basis. 8 Acquisitions in 2023 include \u00a34.0m relating to the acquisition of BMP TAPPI, and \u00a30.2m final purchase price allocation adjustment relating to the acquisition of Wixroyd Group. Investment property valuation The property has a market value of \u00a33.3m and is valued based on a level 3 of fair value hierarchy. The valuation was performed by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property. The valuation took into account the contractual terms of the current tenant, who has occupation until 2027 with an option to extend until 2032 with an estimated amount for typical market rent based on a 5 year term. The valuation applies a market yield of 7% until 2027 and 10% beyond 2027. The valuation takes into account, among other factors, marketability, demand, energy performance, rating assessment, size, location and condition. No amounts were received in respect of rental income during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "value": "7. Investment Properties, Property, plant and equipment
2023
2023
Total Total
Investment Land and Plant and Fixtures, fittings Property,
propertiesbuildings machinery and equipment plant and equipment
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
7.0
37.7
125.6
72.0
235.3
Acquisitions
23
\u2013
\u2013
4.2
\u2013
4.2
Additi
ons
\u2013
1.3
7.0
4.1
12
.4
Disposals
\u2013
(0.1)
(14.1)
(7.4)
(21.6)
Cu
rrency translation
\u2013
0.1
(4.6)
(0.2)
(4.7)
End
of year
7.0
39.0
118.1
68.5
225.6
Accumulated depreciation and impairment
Be
g
innin
g
of year
\u2013
14.2
95.7
60.2
170.1
Char
g
e in period
6
\u2013
1.6
5.6
3.9
11.1
Disposals
\u2013
(0
.1)
(14.1)
(7.3)
(21.5)
Impairment
4,5
3.7
\u2013
0.9
\u2013
0.9
Cu
rrency translation
\u2013
0.7
(3.6)
(0.2)
(3.1)
End of year
3.7
16.4
84.5
56.6
157.5
Net book value at end of year
3.3
22.6
33.6
11.9
68.1
58331
2022
2022
Total
Investment Land and Plant and Fixtures, fittings
properties
5
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
\u2013
79.4
386.5
78.9
544.8
Acquisitions
\u2013
0.
5
0.7
0.2
1.4
Additions
\u2013
2.5
33.1
4.0
39.6
Disposals
\u2013
(0
.7)
(9.4)
\u2013(10.1)
Business Disposals
\u2013
(43.5)
(324.5)
(14.4)
(382.4)
Transfers
7
7.0
(7.0)
\u2013
\u2013
(7.0)
Currency translation
3
-
6.5
39.2
3.3
49.0
End of year
7.0
37.7
125.6
72.0
235.3
Accumulated depreciation and impairment
Be
g
innin
g
of year
\u2013
18.0
223.7
48.8
290.5
Char
g
e in period
6
\u2013
2.8
18.5
8.2
29.5
Disposals
\u2013
(0
.7)
(8.7)
\u2013(9.4)
Business Disposals \u2013
(9.0
)
(161.2)
(0.1)
(170.3)
Impairment
\u2013
\u2013
0.1
0.4
0.5
Currency translation
3
\u2013
3.1
23.3
2.9
29.3
End of year
\u2013
14.2
95.7
60.2
170.1
Net book value at end of year
1
7.0
23.5
29.9
11.8
65.2
4Notes: 1 Included within land and buildings, plant and machinery and fixtures, fittings and equipment are assets in the course of construction of \u00a32.3m (2022: \u00a30.3m) which were not depreciated during the year. 2 Contractual commitments to purchase property, plant and equipment amounted to \u00a30.3m at 31 December 2023 (2022: \u00a30.3m). 3 Currency translation movement for the year includes a \u00a31.8m increase (2022: \u00a33.2m increase) in respect of adjustments for hyperinflation. 4 Property, plant and equipment with a net book value of \u00a32.9m (2022: \u00a30.6m) was impaired by \u00a30.9m (2022: \u00a30.6m) to a recoverable amount of \u00a3nil (2022: \u00a3nil), which represented fair value less cost to sell. \u00a30.9m (2022: \u00a30.6m) of this impairment has been charged to adjusting items (see note 2). 5 As at 31 December 2023, the fair value of the investment property was \u00a33.3m and as consequence, a reduction of \u00a33.7m has been recorded as an expense to adjusting items (see note 2). 6 Included within the depreciation charge for the period is \u00a311.1m (2022: \u00a313.9m) relating to continuing operations. 7 During the year to 31 December 2022, land and buildings with a net book value of \u00a37.0m, were reclassified as investment properties. The transfer follows the disposal of the Filters business which held a pre-existing property lease arrangement with the continuing Group. At the date of disposal of the Filters business on 3 December 2022, the continuing Group ceased owner-occupation. Following its assessment of the remaining useful economic life associated to investment properties at the balance sheet date, the Group is depreciating the building element of the long-term leasehold owned investment property at 2% on a straight-line basis. 8 Acquisitions in 2023 include \u00a34.0m relating to the acquisition of BMP TAPPI, and \u00a30.2m final purchase price allocation adjustment relating to the acquisition of Wixroyd Group. Investment property valuation The property has a market value of \u00a33.3m and is valued based on a level 3 of fair value hierarchy. The valuation was performed by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property. The valuation took into account the contractual terms of the current tenant, who has occupation until 2027 with an option to extend until 2032 with an estimated amount for typical market rent based on a 5 year term. The valuation applies a market yield of 7% until 2027 and 10% beyond 2027. The valuation takes into account, among other factors, marketability, demand, energy performance, rating assessment, size, location and condition. No amounts were received in respect of rental income during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "8. Intangible assets
2023
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
140.1
159.3
24.8
324.2
Acquisitions
8
(note 23)
14.5
16.9
0.8
32.2
Additions
\u2013
\u2013
0.8
0.8
Disposals
\u2013
\u2013
(1.0)
(1.0)
Currency translation
(6.0)
(6.9)
(0.8)
(13.7)
End of year
148.6
169.3
24.6
342.5
Amortisation and impairment
Be
g
innin
g
of year
4.5
99.1
14.0
117.6
Char
g
e for the year
3
\u2013
10.7
3.5
14.2
Impairment
\u2013
2.2
\u2013
2.2
Disposal
\u2013
\u2013
(1.0)
 (1.0)
Currency translation
(0.3)
(4.6)
(0.6)
(5.5)
End of year
4.2
107.4
15.9
127.5
Net book value at end of year
144.4
61.9
8.7
215.0
61,2757(6.0) (6.9) (0.8) (13.7) End of year 148.6 169.3 24.6 342.5Amortisation and impairmentBeginningof year 4.5 99.1 14.0 117.6 Charge for the year3\u2013 10.7 3.5 14.2Impairment2.2 \u2013 2.2Disposal \u2013 \u2013 (1.0) (1.0)Currency translation7(0.3) (4.6) (0.6) (5.5)End of year 4.2 107.4 15.9 127.5 Net book value at end of year 144.4 61.9 8.7 215.0
2022
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
354.9
423.2
26.4
804.5
Acquisitions
20.7
8.2
0.6
29.5
Additions
\u2013
\u2013
1.0
1.0
Disposals
\u2013
\u2013
(1.4)
(1.4)
Business disposals
(271.9)
(319.2)
(2.7)
(593.8)
Currency translation
36.4
47.1
0.9
84.4
End of year
140.1
159.3
24.8
324.2
Amortisation and impairment
Be
g
innin
g
of year
27.9
280.9
12.2
321.0
Char
g
e for the year
3
-
16.6
3.0
19.6
Business disposals
(214.6)
(228.0)
(1.1)
(443.7)
Impairment
181.6
1.1
\u2013
182.7
Disposal
\u2013
\u2013
(0.8)
(0.8)
Currency translation
9.6
28.5
0.7
38.8
End of year
4.5
99.1
14.0
117.6
Net book value at end of year
135.6
60.2
10.8
206.6
61,247457Notes: 1 Other intangible assets principally comprise trade names acquired with Reid Supply, developed technology acquired with Richco, order backlog, software development and e-Commerce development costs. Salary costs of \u00a3nil (2022: \u00a30.2m) were capitalised as part of other intangible assets during the year. 2 Included within other intangible assets at 31 December 2023, are assets in the course of construction of \u00a30.8m (2022: \u00a3nil) which were not amortised during the year. 3 Amortisation charged on other intangible assets (which includes e-Commerce development and software development costs not acquired through a business combination), is included within operating profit before amortisation of acquired intangibles and adjusting items. Amortisation charged on customer relationships acquired in a business combination is excluded from the Group\u2019s adjusted operating profit measure. Included within the amortisation charge for the period is \u00a314.2m (2022: \u00a313.1m) relating to continuing operations. 4 The Group disposed of the Packaging business and the Filters business during the year to 31 December 2022. The goodwill disposed was \u00a335.6m and \u00a321.7m, respectively. 5 In 2023 an impairment charge of \u00a32.2m relates to the Hengzhu CGU. In 2022, an impairment charge of \u00a3181.6m was recognised following the Group\u2019s impairment assessment in respect of the carrying value of goodwill allocated to the Packaging business prior to its disposal. An impairment charge of \u00a31.1m was also recognised relating to intangible assets held in India following an impairment review triggered by the divestment of the Packaging business. These impairment charges have been included within the result from discontinued operations for the year ended 31 December 2022. 6 The weighted average remaining useful lives of customer relationships and other intangible assets at the end of the year were 8.5 years and 3.9 years (2022: 5.8 years and 4.3 years), respectively. 7 Currency translation movement for the year includes a \u00a31.1m increase (2022: \u00a313.9m increase) in respect of adjustments for hyperinflation. 8 Acquisitions includes goodwill of \u00a315.0m and customer relationships and other intangibles of \u00a317.7m relating to the acquisition of BMP TAPPI, less an adjustment of \u00a30.5m relating to the finalisation of the purchase price allocation relating to the acquisition of Wixroyd Group in 2022 (see note 23). 9 Included within other intangible cost is \u00a316.4m (2022: \u00a316.7m) that was internally generated with a accumulated amortisation of \u00a310.2m (2022: \u00a38.4m). Internally generated additions amounted to \u00a30.8m (2022: \u00a30.7m) and amortisation \u00a32.9m (2022: \u00a32.7m). Essentra tests intangible assets annually for impairment, or more frequently if there are indications of impairment. A discounted cash flow analysis is computed to compare the discounted estimated future operating cash flows to the net carrying value of the goodwill and other intangible and tangible assets for each cash generating unit or group of cash generating units as appropriate. Following an impairment assessment of the carrying value of goodwill held by the Group\u2019s operations performed by management at 31 December 2023, no impairment of goodwill was required to be recognised on the Group\u2019s continuing operations. Goodwill is allocated to groups of cash generating units, being the operating segments, as follows: 1
2023
Goodwill\u00a3m
EMEA
109.3
Americas
35.1
144.4
1 Following the disposal of the Packaging and Filters businesses in 2022, the only goodwill remaining was for the Components division which is now monitored by geographical operating segment (EMEA, Americas and APAC).Customer relationships and other intangible assets are allocated to the businesses to whichthey relate, as follows:
2023 2022
Business \u00a3m \u00a3m
Businesses of former Moss and Skiffy
7.2
8.3
Businesses of former Richco
9.0
13.4
Business of former Mesan
0.4
0.9
Business of former Abric
4.3
5.9
Business of former Micro Plastics, Inc
3.2
3.8
Industrial Supply
0.3
0.7
Innovative Components
5.5
6.6
Hen
g
zhu
4.8
8.3
Wixroyd
7.9
8.8
BMP TAPPI
17.4
\u2013
e-Commerce development costs
4.9
5.9
Other businesses
2.9
3.7
Components Sweden
1.9
2.5
Software and development costs
0.9
2.2
70.6
71.
0
Management have reviewed the cash-generating-units (\u201cCGUs\u201d) across the Group, and have concluded that the CGUs for the remaining Components business continue to be primarily the manufacturing and distribution sites. The individual CGUs were assessed for impairment and due to the underlying economic environment impacting the APAC region, there was an indicator of impairment within the CGU impact Hengzhu. As a consequence an impairment charge of \u00a33.4m was recognised on net assets within APAC of \u00a328.9m, comprising customer relationship intangibles (\u00a32.2m), property, plant and equipment (\u00a30.9m), and right of use assets (\u00a30.3m). Following the disposal of the Packaging and Filters businesses, the goodwill associated with those operating segments was also disposed. The remaining goodwill, previously allocated to the Components segment, has now been reallocated to the newly created geographical segments: EMEA, Americas and APAC. The allocation was made by calculating the notional goodwill for each CGU by deducting its identifiable net assets from its recoverable amount and allocating the goodwill to each CGU in the ratio: CGU notional goodwill to total notional goodwill of the three geographical segments. These new operating segments, represented by groups of cash-generating-units (the manufacturing and distribution sites), are considered to represent the lowest level within the Group at which goodwill is monitored for internal management purposes. The impairment tests for goodwill and intangible assets (and in the case of Hengzhu, other non-current assets) are based first on the Board approved business plan (the \u201cPlan\u201d) and then has been risk-adjusted for impairment testing purposes. The recoverable amount of each CGU (and Groups of CGUs) was determined by performing a value-in-use calculation taking into account the wider market conditions and revenue growth projections within the industry the Groups operates in. The risk-adjusted cash flow projections are over five years based on the approved annual budget for the first year and subsequent years based on the Group Strategic Plan. The key assumptions in the cash flow projections for the risk-adjusted Plan are set out below.
Improvement in
Average annual growth Terminal average operating
rate over five-year growth rate profit over Pre-tax
Re
g
ion
Forecast
p
eriod
from 2028 onwards
five-
y
ear
p
eriod
discount rate
Groups of cash-
g
eneratin
g
-units:
EMEA
6.2%
3.1%
620 bps
16.9%
AMERICAS
5.8%
2.2%
770 bps
15.3%
Cash-
g
eneratin
g
-unit assumptions:
Hengzhu (individual CGU)
6.0%
2.0%
600 bps
14.1%
Operating margin is primarily based upon the historical levels achieved, adjusted by targets set for revenue expansion and cost control and reduction within the Plan period. The values assigned to these assumptions represent management\u2019s assessment of market condition and scope for cost and profitability improvement, taking into account realisable synergies resulting from integration activities. The estimated cash flows are discounted using a pre-tax discount rate based upon Essentra\u2019s estimated pre-tax weighted average cost of capital by operating segment. For the Hengzhu CGU the recoverable amount remaining is sensitive to reasonably possible changes in the underlying cash flows and key assumptions. After taking into account the \u00a33.4m impairment, and based upon the assumptions above, the recoverable amount aligns to its carrying value. Management considered the following reasonably possible changes in the key assumptions, in the context of the macro-economic conditions in China, and the associated impact on the impairment assessment, in relation to the Hengzhu CGU:
Impairment
Sensitivities im
p
actin
g
Hen
g
zhu CGU
\u00a3m
50 bps increase in pre-tax discount rate
0.5
100 bps reduction in terminal growth rate
0.4
100 bps reduction in each year\u2018s growth rate
0.1
100 bps reduction in operating profit margin in the terminal year
0.9
No sensitivities are presented for the Group\u2019s other CGUs or the other two Groups of CGUs (being Americas and EMEA geographical segments) given no reasonably possible changes in inputs would lead to an impairment, there being significant headroom between their carrying amounts and respective recoverable amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "8. Intangible assets
2023
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
140.1
159.3
24.8
324.2
Acquisitions
8
(note 23)
14.5
16.9
0.8
32.2
Additions
\u2013
\u2013
0.8
0.8
Disposals
\u2013
\u2013
(1.0)
(1.0)
Currency translation
(6.0)
(6.9)
(0.8)
(13.7)
End of year
148.6
169.3
24.6
342.5
Amortisation and impairment
Be
g
innin
g
of year
4.5
99.1
14.0
117.6
Char
g
e for the year
3
\u2013
10.7
3.5
14.2
Impairment
\u2013
2.2
\u2013
2.2
Disposal
\u2013
\u2013
(1.0)
 (1.0)
Currency translation
(0.3)
(4.6)
(0.6)
(5.5)
End of year
4.2
107.4
15.9
127.5
Net book value at end of year
144.4
61.9
8.7
215.0
61,2757(6.0) (6.9) (0.8) (13.7) End of year 148.6 169.3 24.6 342.5Amortisation and impairmentBeginningof year 4.5 99.1 14.0 117.6 Charge for the year3\u2013 10.7 3.5 14.2Impairment2.2 \u2013 2.2Disposal \u2013 \u2013 (1.0) (1.0)Currency translation7(0.3) (4.6) (0.6) (5.5)End of year 4.2 107.4 15.9 127.5 Net book value at end of year 144.4 61.9 8.7 215.0
2022
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
354.9
423.2
26.4
804.5
Acquisitions
20.7
8.2
0.6
29.5
Additions
\u2013
\u2013
1.0
1.0
Disposals
\u2013
\u2013
(1.4)
(1.4)
Business disposals
(271.9)
(319.2)
(2.7)
(593.8)
Currency translation
36.4
47.1
0.9
84.4
End of year
140.1
159.3
24.8
324.2
Amortisation and impairment
Be
g
innin
g
of year
27.9
280.9
12.2
321.0
Char
g
e for the year
3
-
16.6
3.0
19.6
Business disposals
(214.6)
(228.0)
(1.1)
(443.7)
Impairment
181.6
1.1
\u2013
182.7
Disposal
\u2013
\u2013
(0.8)
(0.8)
Currency translation
9.6
28.5
0.7
38.8
End of year
4.5
99.1
14.0
117.6
Net book value at end of year
135.6
60.2
10.8
206.6
61,247457Notes: 1 Other intangible assets principally comprise trade names acquired with Reid Supply, developed technology acquired with Richco, order backlog, software development and e-Commerce development costs. Salary costs of \u00a3nil (2022: \u00a30.2m) were capitalised as part of other intangible assets during the year. 2 Included within other intangible assets at 31 December 2023, are assets in the course of construction of \u00a30.8m (2022: \u00a3nil) which were not amortised during the year. 3 Amortisation charged on other intangible assets (which includes e-Commerce development and software development costs not acquired through a business combination), is included within operating profit before amortisation of acquired intangibles and adjusting items. Amortisation charged on customer relationships acquired in a business combination is excluded from the Group\u2019s adjusted operating profit measure. Included within the amortisation charge for the period is \u00a314.2m (2022: \u00a313.1m) relating to continuing operations. 4 The Group disposed of the Packaging business and the Filters business during the year to 31 December 2022. The goodwill disposed was \u00a335.6m and \u00a321.7m, respectively. 5 In 2023 an impairment charge of \u00a32.2m relates to the Hengzhu CGU. In 2022, an impairment charge of \u00a3181.6m was recognised following the Group\u2019s impairment assessment in respect of the carrying value of goodwill allocated to the Packaging business prior to its disposal. An impairment charge of \u00a31.1m was also recognised relating to intangible assets held in India following an impairment review triggered by the divestment of the Packaging business. These impairment charges have been included within the result from discontinued operations for the year ended 31 December 2022. 6 The weighted average remaining useful lives of customer relationships and other intangible assets at the end of the year were 8.5 years and 3.9 years (2022: 5.8 years and 4.3 years), respectively. 7 Currency translation movement for the year includes a \u00a31.1m increase (2022: \u00a313.9m increase) in respect of adjustments for hyperinflation. 8 Acquisitions includes goodwill of \u00a315.0m and customer relationships and other intangibles of \u00a317.7m relating to the acquisition of BMP TAPPI, less an adjustment of \u00a30.5m relating to the finalisation of the purchase price allocation relating to the acquisition of Wixroyd Group in 2022 (see note 23). 9 Included within other intangible cost is \u00a316.4m (2022: \u00a316.7m) that was internally generated with a accumulated amortisation of \u00a310.2m (2022: \u00a38.4m). Internally generated additions amounted to \u00a30.8m (2022: \u00a30.7m) and amortisation \u00a32.9m (2022: \u00a32.7m). Essentra tests intangible assets annually for impairment, or more frequently if there are indications of impairment. A discounted cash flow analysis is computed to compare the discounted estimated future operating cash flows to the net carrying value of the goodwill and other intangible and tangible assets for each cash generating unit or group of cash generating units as appropriate. Following an impairment assessment of the carrying value of goodwill held by the Group\u2019s operations performed by management at 31 December 2023, no impairment of goodwill was required to be recognised on the Group\u2019s continuing operations. Goodwill is allocated to groups of cash generating units, being the operating segments, as follows: 1
2023
Goodwill\u00a3m
EMEA
109.3
Americas
35.1
144.4
1 Following the disposal of the Packaging and Filters businesses in 2022, the only goodwill remaining was for the Components division which is now monitored by geographical operating segment (EMEA, Americas and APAC).Customer relationships and other intangible assets are allocated to the businesses to whichthey relate, as follows:
2023 2022
Business \u00a3m \u00a3m
Businesses of former Moss and Skiffy
7.2
8.3
Businesses of former Richco
9.0
13.4
Business of former Mesan
0.4
0.9
Business of former Abric
4.3
5.9
Business of former Micro Plastics, Inc
3.2
3.8
Industrial Supply
0.3
0.7
Innovative Components
5.5
6.6
Hen
g
zhu
4.8
8.3
Wixroyd
7.9
8.8
BMP TAPPI
17.4
\u2013
e-Commerce development costs
4.9
5.9
Other businesses
2.9
3.7
Components Sweden
1.9
2.5
Software and development costs
0.9
2.2
70.6
71.
0
Management have reviewed the cash-generating-units (\u201cCGUs\u201d) across the Group, and have concluded that the CGUs for the remaining Components business continue to be primarily the manufacturing and distribution sites. The individual CGUs were assessed for impairment and due to the underlying economic environment impacting the APAC region, there was an indicator of impairment within the CGU impact Hengzhu. As a consequence an impairment charge of \u00a33.4m was recognised on net assets within APAC of \u00a328.9m, comprising customer relationship intangibles (\u00a32.2m), property, plant and equipment (\u00a30.9m), and right of use assets (\u00a30.3m). Following the disposal of the Packaging and Filters businesses, the goodwill associated with those operating segments was also disposed. The remaining goodwill, previously allocated to the Components segment, has now been reallocated to the newly created geographical segments: EMEA, Americas and APAC. The allocation was made by calculating the notional goodwill for each CGU by deducting its identifiable net assets from its recoverable amount and allocating the goodwill to each CGU in the ratio: CGU notional goodwill to total notional goodwill of the three geographical segments. These new operating segments, represented by groups of cash-generating-units (the manufacturing and distribution sites), are considered to represent the lowest level within the Group at which goodwill is monitored for internal management purposes. The impairment tests for goodwill and intangible assets (and in the case of Hengzhu, other non-current assets) are based first on the Board approved business plan (the \u201cPlan\u201d) and then has been risk-adjusted for impairment testing purposes. The recoverable amount of each CGU (and Groups of CGUs) was determined by performing a value-in-use calculation taking into account the wider market conditions and revenue growth projections within the industry the Groups operates in. The risk-adjusted cash flow projections are over five years based on the approved annual budget for the first year and subsequent years based on the Group Strategic Plan. The key assumptions in the cash flow projections for the risk-adjusted Plan are set out below.
Improvement in
Average annual growth Terminal average operating
rate over five-year growth rate profit over Pre-tax
Re
g
ion
Forecast
p
eriod
from 2028 onwards
five-
y
ear
p
eriod
discount rate
Groups of cash-
g
eneratin
g
-units:
EMEA
6.2%
3.1%
620 bps
16.9%
AMERICAS
5.8%
2.2%
770 bps
15.3%
Cash-
g
eneratin
g
-unit assumptions:
Hengzhu (individual CGU)
6.0%
2.0%
600 bps
14.1%
Operating margin is primarily based upon the historical levels achieved, adjusted by targets set for revenue expansion and cost control and reduction within the Plan period. The values assigned to these assumptions represent management\u2019s assessment of market condition and scope for cost and profitability improvement, taking into account realisable synergies resulting from integration activities. The estimated cash flows are discounted using a pre-tax discount rate based upon Essentra\u2019s estimated pre-tax weighted average cost of capital by operating segment. For the Hengzhu CGU the recoverable amount remaining is sensitive to reasonably possible changes in the underlying cash flows and key assumptions. After taking into account the \u00a33.4m impairment, and based upon the assumptions above, the recoverable amount aligns to its carrying value. Management considered the following reasonably possible changes in the key assumptions, in the context of the macro-economic conditions in China, and the associated impact on the impairment assessment, in relation to the Hengzhu CGU:
Impairment
Sensitivities im
p
actin
g
Hen
g
zhu CGU
\u00a3m
50 bps increase in pre-tax discount rate
0.5
100 bps reduction in terminal growth rate
0.4
100 bps reduction in each year\u2018s growth rate
0.1
100 bps reduction in operating profit margin in the terminal year
0.9
No sensitivities are presented for the Group\u2019s other CGUs or the other two Groups of CGUs (being Americas and EMEA geographical segments) given no reasonably possible changes in inputs would lead to an impairment, there being significant headroom between their carrying amounts and respective recoverable amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "8. Intangible assets
2023
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
140.1
159.3
24.8
324.2
Acquisitions
8
(note 23)
14.5
16.9
0.8
32.2
Additions
\u2013
\u2013
0.8
0.8
Disposals
\u2013
\u2013
(1.0)
(1.0)
Currency translation
(6.0)
(6.9)
(0.8)
(13.7)
End of year
148.6
169.3
24.6
342.5
Amortisation and impairment
Be
g
innin
g
of year
4.5
99.1
14.0
117.6
Char
g
e for the year
3
\u2013
10.7
3.5
14.2
Impairment
\u2013
2.2
\u2013
2.2
Disposal
\u2013
\u2013
(1.0)
 (1.0)
Currency translation
(0.3)
(4.6)
(0.6)
(5.5)
End of year
4.2
107.4
15.9
127.5
Net book value at end of year
144.4
61.9
8.7
215.0
61,2757(6.0) (6.9) (0.8) (13.7) End of year 148.6 169.3 24.6 342.5Amortisation and impairmentBeginningof year 4.5 99.1 14.0 117.6 Charge for the year3\u2013 10.7 3.5 14.2Impairment2.2 \u2013 2.2Disposal \u2013 \u2013 (1.0) (1.0)Currency translation7(0.3) (4.6) (0.6) (5.5)End of year 4.2 107.4 15.9 127.5 Net book value at end of year 144.4 61.9 8.7 215.0
2022
Customer Other intangible
Goodwill relationshipsassetsTotal
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
354.9
423.2
26.4
804.5
Acquisitions
20.7
8.2
0.6
29.5
Additions
\u2013
\u2013
1.0
1.0
Disposals
\u2013
\u2013
(1.4)
(1.4)
Business disposals
(271.9)
(319.2)
(2.7)
(593.8)
Currency translation
36.4
47.1
0.9
84.4
End of year
140.1
159.3
24.8
324.2
Amortisation and impairment
Be
g
innin
g
of year
27.9
280.9
12.2
321.0
Char
g
e for the year
3
-
16.6
3.0
19.6
Business disposals
(214.6)
(228.0)
(1.1)
(443.7)
Impairment
181.6
1.1
\u2013
182.7
Disposal
\u2013
\u2013
(0.8)
(0.8)
Currency translation
9.6
28.5
0.7
38.8
End of year
4.5
99.1
14.0
117.6
Net book value at end of year
135.6
60.2
10.8
206.6
61,247457Notes: 1 Other intangible assets principally comprise trade names acquired with Reid Supply, developed technology acquired with Richco, order backlog, software development and e-Commerce development costs. Salary costs of \u00a3nil (2022: \u00a30.2m) were capitalised as part of other intangible assets during the year. 2 Included within other intangible assets at 31 December 2023, are assets in the course of construction of \u00a30.8m (2022: \u00a3nil) which were not amortised during the year. 3 Amortisation charged on other intangible assets (which includes e-Commerce development and software development costs not acquired through a business combination), is included within operating profit before amortisation of acquired intangibles and adjusting items. Amortisation charged on customer relationships acquired in a business combination is excluded from the Group\u2019s adjusted operating profit measure. Included within the amortisation charge for the period is \u00a314.2m (2022: \u00a313.1m) relating to continuing operations. 4 The Group disposed of the Packaging business and the Filters business during the year to 31 December 2022. The goodwill disposed was \u00a335.6m and \u00a321.7m, respectively. 5 In 2023 an impairment charge of \u00a32.2m relates to the Hengzhu CGU. In 2022, an impairment charge of \u00a3181.6m was recognised following the Group\u2019s impairment assessment in respect of the carrying value of goodwill allocated to the Packaging business prior to its disposal. An impairment charge of \u00a31.1m was also recognised relating to intangible assets held in India following an impairment review triggered by the divestment of the Packaging business. These impairment charges have been included within the result from discontinued operations for the year ended 31 December 2022. 6 The weighted average remaining useful lives of customer relationships and other intangible assets at the end of the year were 8.5 years and 3.9 years (2022: 5.8 years and 4.3 years), respectively. 7 Currency translation movement for the year includes a \u00a31.1m increase (2022: \u00a313.9m increase) in respect of adjustments for hyperinflation. 8 Acquisitions includes goodwill of \u00a315.0m and customer relationships and other intangibles of \u00a317.7m relating to the acquisition of BMP TAPPI, less an adjustment of \u00a30.5m relating to the finalisation of the purchase price allocation relating to the acquisition of Wixroyd Group in 2022 (see note 23). 9 Included within other intangible cost is \u00a316.4m (2022: \u00a316.7m) that was internally generated with a accumulated amortisation of \u00a310.2m (2022: \u00a38.4m). Internally generated additions amounted to \u00a30.8m (2022: \u00a30.7m) and amortisation \u00a32.9m (2022: \u00a32.7m). Essentra tests intangible assets annually for impairment, or more frequently if there are indications of impairment. A discounted cash flow analysis is computed to compare the discounted estimated future operating cash flows to the net carrying value of the goodwill and other intangible and tangible assets for each cash generating unit or group of cash generating units as appropriate. Following an impairment assessment of the carrying value of goodwill held by the Group\u2019s operations performed by management at 31 December 2023, no impairment of goodwill was required to be recognised on the Group\u2019s continuing operations. Goodwill is allocated to groups of cash generating units, being the operating segments, as follows: 1
2023
Goodwill\u00a3m
EMEA
109.3
Americas
35.1
144.4
1 Following the disposal of the Packaging and Filters businesses in 2022, the only goodwill remaining was for the Components division which is now monitored by geographical operating segment (EMEA, Americas and APAC).Customer relationships and other intangible assets are allocated to the businesses to whichthey relate, as follows:
2023 2022
Business \u00a3m \u00a3m
Businesses of former Moss and Skiffy
7.2
8.3
Businesses of former Richco
9.0
13.4
Business of former Mesan
0.4
0.9
Business of former Abric
4.3
5.9
Business of former Micro Plastics, Inc
3.2
3.8
Industrial Supply
0.3
0.7
Innovative Components
5.5
6.6
Hen
g
zhu
4.8
8.3
Wixroyd
7.9
8.8
BMP TAPPI
17.4
\u2013
e-Commerce development costs
4.9
5.9
Other businesses
2.9
3.7
Components Sweden
1.9
2.5
Software and development costs
0.9
2.2
70.6
71.
0
Management have reviewed the cash-generating-units (\u201cCGUs\u201d) across the Group, and have concluded that the CGUs for the remaining Components business continue to be primarily the manufacturing and distribution sites. The individual CGUs were assessed for impairment and due to the underlying economic environment impacting the APAC region, there was an indicator of impairment within the CGU impact Hengzhu. As a consequence an impairment charge of \u00a33.4m was recognised on net assets within APAC of \u00a328.9m, comprising customer relationship intangibles (\u00a32.2m), property, plant and equipment (\u00a30.9m), and right of use assets (\u00a30.3m). Following the disposal of the Packaging and Filters businesses, the goodwill associated with those operating segments was also disposed. The remaining goodwill, previously allocated to the Components segment, has now been reallocated to the newly created geographical segments: EMEA, Americas and APAC. The allocation was made by calculating the notional goodwill for each CGU by deducting its identifiable net assets from its recoverable amount and allocating the goodwill to each CGU in the ratio: CGU notional goodwill to total notional goodwill of the three geographical segments. These new operating segments, represented by groups of cash-generating-units (the manufacturing and distribution sites), are considered to represent the lowest level within the Group at which goodwill is monitored for internal management purposes.The impairment tests for goodwill and intangible assets (and in the case of Hengzhu, other non-current assets) are based first on the Board approved business plan (the \u201cPlan\u201d) and then has been risk-adjusted for impairment testing purposes. The recoverable amount of each CGU (and Groups of CGUs) was determined by performing a value-in-use calculation taking into account the wider market conditions and revenue growth projections within the industry the Groups operates in. The risk-adjusted cash flow projections are over five years based on the approved annual budget for the first year and subsequent years based on the Group Strategic Plan. The key assumptions in the cash flow projections for the risk-adjusted Plan are set out below.
Improvement in
Average annual growth Terminal average operating
rate over five-year growth rate profit over Pre-tax
Re
g
ion
Forecast
p
eriod
from 2028 onwards
five-
y
ear
p
eriod
discount rate
Groups of cash-
g
eneratin
g
-units:
EMEA
6.2%
3.1%
620 bps
16.9%
AMERICAS
5.8%
2.2%
770 bps
15.3%
Cash-
g
eneratin
g
-unit assumptions:
Hengzhu (individual CGU)
6.0%
2.0%
600 bps
14.1%
Operating margin is primarily based upon the historical levels achieved, adjusted by targets set for revenue expansion and cost control and reduction within the Plan period. The values assigned to these assumptions represent management\u2019s assessment of market condition and scope for cost and profitability improvement, taking into account realisable synergies resulting from integration activities. The estimated cash flows are discounted using a pre-tax discount rate based upon Essentra\u2019s estimated pre-tax weighted average cost of capital by operating segment. For the Hengzhu CGU the recoverable amount remaining is sensitive to reasonably possible changes in the underlying cash flows and key assumptions. After taking into account the \u00a33.4m impairment, and based upon the assumptions above, the recoverable amount aligns to its carrying value. Management considered the following reasonably possible changes in the key assumptions, in the context of the macro-economic conditions in China, and the associated impact on the impairment assessment, in relation to the Hengzhu CGU:
Impairment
Sensitivities im
p
actin
g
Hen
g
zhu CGU
\u00a3m
50 bps increase in pre-tax discount rate
0.5
100 bps reduction in terminal growth rate
0.4
100 bps reduction in each year\u2018s growth rate
0.1
100 bps reduction in operating profit margin in the terminal year
0.9
No sensitivities are presented for the Group\u2019s other CGUs or the other two Groups of CGUs (being Americas and EMEA geographical segments) given no reasonably possible changes in inputs would lead to an impairment, there being significant headroom between their carrying amounts and respective recoverable amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "value": "
9. Lease right-of-use assets
2023
Land and Plant and Fixtures, fittings
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
40.3
2.9
0.2
43.4
Additions, extensions and surrenders
12.3
1.8
\u2013
14.1
Termi
nations
(2.2)
(1.6)
(0.1)
(3.9)
Cu
rrency translation
(1.6)
0.1
\u2013
(1.5)
End of year
48.8
3.2
0.1
52.1
Accumulated depreciation and impairment
Be
g
innin
g
of year
20.4
1.9
0.1
22.4
Char
g
e for the year
3
4.9
0.9
0.1
5.9
Impairment
\u2013
0.3
\u2013
0.3
Termi
nations
(2.2)
(1.6)
(0.1)
(3.9
)
Currency translation
(0.6)
0.1
\u2013
(0.5)
End
of year
22.5
1.6
0.1
24.2
Net book value at end of year
26.3
1.6
\u2013
27.9
4
5
4
2022
Land and Plant and Fixtures, fittings
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
100.5
13.4
0.4
114.3
Additions, extensions and surrenders
7.6
2.7
\u2013
10.3
Terminations
(6.9)
(1.5)
(0.1)
(8.5)
Business disposals
(71.2)
(12.4)
(0.2)
(83.
8)
Currency translation
10.3
0.7
0.1
11.1
End of year
40.3
2.9
0.2
43.4
Accumulated depreciation and impairment
Be
g
innin
g
of year
56.6
7.0
0.3
63.9
Char
g
e for the year
3
7.4
2.5
0.2
10.1
Terminations
(6.7)
(1.3)
(0.1)
(8.1)
Disposal of businesses
(40.4)
(6.8)
(0.2)
(47.4)
Impairment write back
(0.6)
\u2013
\u2013
(0.6)
Currency translation
4.1
0.5
(0.1)
4.5
End of year
20.4
1.9
0.1
22.4
Net book value at end of year
19.9
1.0
0.1
21.0
414Notes: 1 During the year, an impairment write back of \u00a3nil (2022: \u00a30.6m) was recognised in adjusting items (refer to note 2). The assets were uplifted to their recoverable amount, which represented their fair value. 2 Contractual commitments to lease property, plant and equipment amounted to \u00a3nil at 31 December 2023 (2022: \u00a3nil). 3 Depreciation charge of \u00a35.9m (2022: \u00a310.1m) in the year includes an amount of \u00a35.9m (2022: \u00a35.6m) relating to continuing operations and \u00a3nil (2022: \u00a34.5m) relating to discontinued operations. 4 Currency translation as at 31 December 2023 includes net book value movement of \u00a30.2m decrease (2022: \u00a32.7m increase) in respect of adjustments for hyperinflation. 5 During the year, an impairment of \u00a30.3m was recognised in adjusting items (refer to note 2). The assets were written down to their recoverable amount.The income statement includes the following amounts relating to leases:
2023 2022
On continuin
g
o
p
erations
Notes
\u00a3m \u00a3m
Lease right-of-use asset depreciation
2, 27
5.9
5.6
Interest expense (included in finance costs)
3
1.8
1.5
Exchange losses (included in finance costs)
3
2.2
 1.2
Expense relating to short-term leases (included in cost of
goods sold and administrative expenses)
\u2013
0.1
Expense relating to leases of low-value assets that not shown
above as short-term leases (included in operating expenses) 0.1 0.1
10.0
8.5
12Notes: 1 For the year ended 31 December 2023, the weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities was 8.6% (2022: 7.1%). 2 The short-term leases expense for the year ending 31 December 2024 is not expected to be materially different to the expense disclosed above. The maturity analysis on the lease liabilities has been included in note 19. The total cash outflow for leases and analysis of movements in lease liabilities are included in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "9. Lease right-of-use assets
2023
Land and Plant and Fixtures, fittings
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
40.3
2.9
0.2
43.4
Additions, extensions and surrenders
12.3
1.8
\u2013
14.1
Termi
nations
(2.2)
(1.6)
(0.1)
(3.9)
Cu
rrency translation
(1.6)
0.1
\u2013
(1.5)
End of year
48.8
3.2
0.1
52.1
Accumulated depreciation and impairment
Be
g
innin
g
of year
20.4
1.9
0.1
22.4
Char
g
e for the year
3
4.9
0.9
0.1
5.9
Impairment
\u2013
0.3
\u2013
0.3
Termi
nations
(2.2)
(1.6)
(0.1)
(3.9
)
Currency translation
(0.6)
0.1
\u2013
(0.5)
End
of year
22.5
1.6
0.1
24.2
Net book value at end of year
26.3
1.6
\u2013
27.9
454
2022
Land and Plant and Fixtures, fittings
buildings machinery and equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Be
g
innin
g
of year
100.5
13.4
0.4
114.3
Additions, extensions and surrenders
7.6
2.7
\u2013
10.3
Terminations
(6.9)
(1.5)
(0.1)
(8.5)
Business disposals
(71.2)
(12.4)
(0.2)
(83.
8)
Currency translation
10.3
0.7
0.1
11.1
End of year
40.3
2.9
0.2
43.4
Accumulated depreciation and impairment
Be
g
innin
g
of year
56.6
7.0
0.3
63.9
Char
g
e for the year
3
7.4
2.5
0.2
10.1
Terminations
(6.7)
(1.3)
(0.1)
(8.1)
Disposal of businesses
(40.4)
(6.8)
(0.2)
(47.4)
Impairment write back
(0.6)
\u2013
\u2013
(0.6)
Currency translation
4.1
0.5
(0.1)
4.5
End of year
20.4
1.9
0.1
22.4
Net book value at end of year
19.9
1.0
0.1
21.0
414Notes: 1 During the year, an impairment write back of \u00a3nil (2022: \u00a30.6m) was recognised in adjusting items (refer to note 2). The assets were uplifted to their recoverable amount, which represented their fair value. 2 Contractual commitments to lease property, plant and equipment amounted to \u00a3nil at 31 December 2023 (2022: \u00a3nil). 3 Depreciation charge of \u00a35.9m (2022: \u00a310.1m) in the year includes an amount of \u00a35.9m (2022: \u00a35.6m) relating to continuing operations and \u00a3nil (2022: \u00a34.5m) relating to discontinued operations. 4 Currency translation as at 31 December 2023 includes net book value movement of \u00a30.2m decrease (2022: \u00a32.7m increase) in respect of adjustments for hyperinflation. 5 During the year, an impairment of \u00a30.3m was recognised in adjusting items (refer to note 2). The assets were written down to their recoverable amountThe income statement includes the following amounts relating to leases:
2023 2022
On continuin
g
o
p
erations
Notes
\u00a3m \u00a3m
Lease right-of-use asset depreciation
2, 27
5.9
5.6
Interest expense (included in finance costs)
3
1.8
1.5
Exchange losses (included in finance costs)
3
2.2
 1.2
Expense relating to short-term leases (included in cost of
goods sold and administrative expenses)
\u2013
0.1
Expense relating to leases of low-value assets that not shown
above as short-term leases (included in operating expenses) 0.1 0.1
10.0
8.5
12Notes: 1 For the year ended 31 December 2023, the weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities was 8.6% (2022: 7.1%). 2 The short-term leases expense for the year ending 31 December 2024 is not expected to be materially different to the expense disclosed above. The maturity analysis on the lease liabilities has been included in note 19. The total cash outflow for leases and analysis of movements in lease liabilities are included in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "value": "10. Inventories
2023 2022
\u00a3m \u00a3m
Raw materials and consumables
7.7
10.6
Work-in-pro
g
ress
6.0
4.3
Finished
g
oods and
g
oods held for resale
51.0
50.1
Total
64.7
65.0
1,2Notes: 1 Following the disposal of its Packaging and Filters businesses in 2022, and based upon the most recent reliable information, the Group has updated the inputs into its inventory provisioning calculation in order to ensure that inventories continue to be measured at the lower of cost and net realisable value. The impact on inventory provisioning resulted in a \u00a34.3m increase in inventories and a resultant credit to gross profit. 2 Inventories with a total value of \u00a3nil (2022: \u00a3nil) were written down in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-521": { "value": "
11. Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
43.5
45.3
Other receivables
14.7
17.7
Prepayments and accrued income
3.3
3.4
Total
61.5
66.4
2
1
Notes:
1 See note 19 for further details on the credit risk disclosures relating to trade and other receivables.
2 Other receivables includes \u00a39.7m (2022: \u00a3nil) of contingent consideration for an earnout receivable (following the disposal of the Filters
business in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "11. Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
43.5
45.3
Other receivables
14.7
17.7
Prepayments and accrued income
3.3
3.4
Total
61.5
66.4
21Notes: 1 See note 19 for further details on the credit risk disclosures relating to trade and other receivables. 2 Other receivables includes \u00a39.7m (2022: \u00a3nil) of contingent consideration for an earnout receivable (following the disposal of the Filters business in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "11. Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
43.5
45.3
Other receivables
14.7
17.7
Prepayments and accrued income
3.3
3.4
Total
61.5
66.4
21Notes: 1 See note 19 for further details on the credit risk disclosures relating to trade and other receivables. 2 Other receivables includes \u00a39.7m (2022: \u00a3nil) of contingent consideration for an earnout receivable (following the disposal of the Filters business in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "
12. Cash and cash equivalents
2023 2022
\u00a3m \u00a3m
Bank balances
59.7
421.4
Total
59.7
421.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "12. Cash and cash equivalents
2023 2022
\u00a3m \u00a3m
Bank balances
59.7
421.4
Total
59.7
421.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "
13. Trade and other payables
2023 2022
\u00a3m \u00a3m
Trade payables
23.8
31.9
Other tax and social security contributions
5.4
9.5
Other payables
3.4
7.9
Accruals
28.1
42.2
Total
60.7
91.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "13. Trade and other payables
2023 2022
\u00a3m \u00a3m
Trade payables
23.8
31.9
Other tax and social security contributions
5.4
9.5
Other payables
3.4
7.9
Accruals
28.1
42.2
Total
60.7
91.5
16. Deferred taxDeferred tax assets and liabilities are attributable to the following:2023 2022 Assets \u00a3m Liabilities \u00a3m Net \u00a3m Income statement: (Charge)/ credit \u00a3m Assets \u00a3m Liabilities \u00a3m Net \u00a3m Income statement: (Charge)/ credit \u00a3m (8.4)3.8 (4.6) (0.8) (7.1) 2.9 (4.2) (2.0) \u2013 16.0 16.0(1.9) \u2013 13.3 13.3 (13.0) (5.6)1.3 (4.3) (0.6) (4.6) 0.6 (4.0) 0.1 Property, plant and equipment1 Intangible assets2 Employee benefits3 Other4(10.4)3.5 (6.9) \u2013 (11.3) 2.1 (9.2) 0.4 Tax (assets)/liabilities (24.4) 24.6 0.2 \u2013 (23.0) 18.9 (4.1) \u2013 Set off of tax 12.2 (12.2) \u2013 \u2013 11.3 (11.3) \u2013 \u2013 Net tax (assets)/liabilities (12.2) 12.4 0.2 \u2013 (11.7) 7.6 (4.1) \u2013 Total income statement credit \u2013 \u2013 \u2013 (3.3) \u2013 \u2013 \u2013 (14.5) Notes 1 A deferred tax liability arises on property, plant and equipment as the tax value of assets is lower than the corresponding accounting value. This arises as tax deductions are determined by the applicable tax laws in each country the Group operates in whereas accounting depreciation is calculated in line with the Group\u2019s accounting policy. 2 A deferred tax liability is provided on temporary differences arising on the Group\u2018s intangible assets as in the majority of cases the local tax authorities do not allow deduction for amortisation of these intangible assets. The increase during the period is primarily due to the acquisition of BMP TAPPI. 3 This represents deferred tax on the Group\u2019s defined benefit pension schemes and share-based incentives. 4 This includes expenditure that will be deductible in future periods for tax purposes when the amounts are settled in cash, tax losses expected to be utilised in future periods and withholding tax on overseas earnings from Group companies expected to be remitted in the foreseeable future of \u00a31.6m (2022: \u00a31.4m). The reductions in 2022 primarily related to the disposal of the Packaging and Filters businesses and the de-recognition of deferred tax assets on tax losses.Movements in the year:
2023
2022
Total Total
Net Net
\u00a3m \u00a3m
Net tax (assets)/liabilities at beginning of year
(4.1)
33.7
Credit to the income statement in respect of current year
(1.2)
(16.3)
(Credit)/char
g
e to the income statement in respect of prior years
(2.1)
1.8
Credit to other comprehensive income \u2013 defined benefit pensions
(0.3)
(5.1)
Expense to reserves \u2013 hyperinflation (IAS 29)
1.0
2.7
Expense to reserves on share-based incentives
0.3
0.6
Expense to other income in respect of fair value hed
g
es
1.1
\u2013
Acquisitions and disposals
5.1
(25.8)
Currency translation
0.4
4.3
Net tax liabilities/(assets) at end of year
0.2
(4.1)
As at 31 December 2023, it was expected that earnings from certain overseas Group companies will be remitted and a deferred tax liability of \u00a31.6m (2022: \u00a31.4m) has been recognised accordingly. This represents withholding taxes payable on the remittance of these earnings under local tax laws. The amount of unrecognised deferred tax in respect of unremitted earnings is \u00a32.5m (2022: \u00a32.0m). Based on available information, management determined whether it is probable for some or all of the deferred tax assets to be recognised. In determining this, management considered the cumulative losses in prior years, the history of tax losses, the manner in which assets can be used (including time limitations under local laws), future earnings potential and expectation of future reversal of taxable temporary differences. Following management assessment, gross deferred tax assets of \u00a30.1m (2022: \u00a30.2m) in respect of capital losses and unutilised tax losses of \u00a357.7m (2022: \u00a361.6m) have not been recognised as their realisation is not probable. The capital losses have an unlimited expiry date. The income tax losses expire as follows: \u00a32.3m within 5 years, \u00a34.9m in 5+ years and \u00a351.0m with no expiry. If future conditions change, the amount of unrecognised deferred tax assets will be reassessed. This may impact the income tax expense/credit in the year of remeasurement.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "13. Trade and other payables
2023 2022
\u00a3m \u00a3m
Trade payables
23.8
31.9
Other tax and social security contributions
5.4
9.5
Other payables
3.4
7.9
Accruals
28.1
42.2
Total
60.7
91.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "13. Trade and other payables
2023 2022
\u00a3m \u00a3m
Trade payables
23.8
31.9
Other tax and social security contributions
5.4
9.5
Other payables
3.4
7.9
Accruals
28.1
42.2
Total
60.7
91.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "
14. Interest bearing loans and borrowings
2023 2022
\u00a3m \u00a3m
Non-current liabilities
Unsecured bank loans
15.2
\u2013
US Private Placement Loan Notes
80.3
85.0
Total
95.5
85.0
Current liabilities
US Private Placement Loan Notes
\u2013
208
.0
Total
\u2013
208
.0
At 31 December 2023, the Group had \u00a315.2m (2022: \u00a3nil) of unsecured bank loans drawn
in euros at floating rates of interest set by reference to SONIA (2022: SONIA). Essentra\u2019s
$102.5m US Private Placement Loan Notes are at a weighted average interest rate of 3.84%
per annum (2022: 4.01%).
In October 2022, following lender consent and following the sale of the Packaging business
and the expected completion of the Filters business, the decision was taken by the Directors
to reduce the facility to \u00a3200m, maintaining the same terms.
Following the sale of the Packaging and Filters businesses, $247m of the US Private Placement
Loan Notes were repaid in January 2023. This left $33m maturing July 2028, $35m maturing
July 2031 and $35m maturing July 2033.
The currency profile of the carrying and nominal values of Essentra\u2018s loans and borrowings is
as follows:
2023
2022
Carrying Nominal Carrying Nominal
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar
80.3
80.7
293.0
291.7
Euro
15.2
15.2
\u2013
\u2013
Total
95.5
95.9
293.0
291.7
The difference between the total nominal and carrying value of loans and borrowings relates
to the amortised value of prepaid facility fees of \u00a30.4m (2022: \u00a30.4m) and to the accrued
make-whole payments due on early repayment in January 2023 of \u00a3nil (2022: \u00a31.7m).
15. DerivativesDerivative \ufb01nancial instruments \u2013 cash \ufb02ow hedgesThe Group uses derivatives to hedge its exposure to foreign exchange and interest rate risksarising from operational, financing and investment activities. The carrying value of derivativesdesignated in cash flow hedges at the balance sheet date was as follows:
At 31 December 2023
At 31 December 2022
Contractual Contractual
Fair or notional Change in Fair or notional Change in
values amounts fair value values amounts fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current assets
Forward forei
g
n
exchange contracts \u2013
2.
2
(0.2)
0.2
58.4
(0.3)
\u2013
2.2
(0.2)
0.2
58.4
(0.3)
Non-current assets
Cross currency interest
rate swaps
4.2
63.0
(4.1)
8.3
66.7
7.6
4.2
63.0
(4.1)
8.3
66.7
7.6
Current liabilities
Forward forei
g
n exchan
g
e
contracts
\u2013
1.0
(1.3)
1.3
77.4
1.2
\u2013
1.0
(1.3)
1.3
77.4
1.2
Cash flow hedges are hedges of the currency risk exposure to variability in cash flows. They relate to trading transactions and interest and principal payments denominated in foreign currencies. The net fair value gains or losses on open forward foreign exchange contracts that hedge foreign currency risk of anticipated future sales, purchases and interest payments are accounted for as cash flow hedges. The fair value will be transferred to profit or loss when the forecast transactions occur. All of these hedged transactions are expected to occur over the next 12 months and all derivative instruments mature in the next 12 months.In July 2021, Essentra entered into a number of cross currency interest rate swap contracts to hedge the foreign currency risk of $145m of its US Private Placement Loan Notes. The maturity profile of these matched those of the underlying loan notes with $20m notional value maturing within 3 years and the remainder between 5 and 7 years. These contracts were accounted for as cash flow hedges, with the impact of cross currency basis treated as a cost of hedging. In November 2022, following the Group\u2019s strategic review, swap contracts hedging $65m were terminated on 28 November 2022 for a net receipt of \u00a36.5m. This resulted in ineffectiveness being recognised in 2022 of \u00a30.8m and hedge accounting being discontinued at the repayment date. At 31 December 2023, the Group has derivatives with a total notional value of $80m (2022: $80m), which are due to mature in 2028. Of these remaining derivatives, hedge accounting was discontinued in 2022 for a total notional value of $47m as the related debt was repaid in the year. The hedge ratio for these derivatives is 1:1 and ineffectiveness can arise due credit risk in the counterparty and in the Group. The average rate for the cross currency swaps in place at 31 December 2023 is $1.37 / \u00a3. Movements in the Group\u2018s hedging reserves are analysed below.
2023
2022
Cost of
Cash flo
w
Total Cost of Cash flow Total
hedging hedging hedging hedging hedging hedging
reserve reserve reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at the be
g
innin
g
of
the year
(1.1)
0.3
(0.8)
0.9
(2.4)
(1.5)
Chan
g
e in fair value of forward
foreign exchange contracts
recognised in other
comprehensive income
\u2013
(0.1)
(0.1)
\u2013
(0.9)
(0.9)
Amounts recycled to finance
expense on discontinued hedges
\u2013
\u2013
\u2013
\u2013
0.2
0.2
Chan
g
e in fair value of cross
currency interest rate swaps
recognised in other
comprehensive income
1.2
(2.9)
(1.7)
(2.0)
19.0
17.0
Ineffectiveness reco
g
nised in
finance expense
\u2013
\u2013
\u2013
\u2013
0.8
0.8
Amounts recycled to finance
expense to offset retranslation
of hedged loans
\u2013
2.4
2.4
\u2013
(16.4)
(16.4)
Balance at the end of the year
0.1
(0.3)
(0.2)
(1.1)
0.3
(0.8)
11Notes: 1 Amounts charged to other comprehensive income in the year totalled \u00a31.8m (2022: \u00a316.1m credit)The following movements were recognised for the purpose of calculating hedge ineffectiveness in the year:
Movement in Ineffectiveness
hedging Movement in recognised in
instrument hedged item P&L
\u00a3m \u00a3m \u00a3m
Cumulative movement at 1 January 2023
14.6
(14.9)
(0.3)
Movement in year
(4.1)
4.1
\u2013
Cumulative movement at 31 December
2023
10.5
(10.8)
(0.3)
Movement in Ineffectiveness
hedging Movement in recognised in
instrument hedged item P&L
\u00a3m \u00a3m \u00a3m
Cumulative movement at 1 January 2022
0.7
(0.2)
0.5
Movement in year
13.9
(14.7)
(0.8)
Cumulative movement at 31 December 2022
14.6
(14.9)
(0.3)
Hedges of net investments in foreign operations Hedges of net investments are hedges of the currency risk exposure to changes in the carrying value of net investments in foreign operations. The hedge ratio is 1:1. Essentra had other US dollar and euro denominated borrowings which it designated as hedges of its net investments in subsidiary undertakings. Exchange gains of \u00a31.0m (2022: losses of \u00a321.7m) on these US dollar borrowings and the losses of \u00a30.3m (2022: gains of \u00a3nil) on the euro borrowings were recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "14. Interest bearing loans and borrowings
2023 2022
\u00a3m \u00a3m
Non-current liabilities
Unsecured bank loans
15.2
\u2013
US Private Placement Loan Notes
80.3
85.0
Total
95.5
85.0
Current liabilities
US Private Placement Loan Notes
\u2013
208
.0
Total
\u2013
208
.0
At 31 December 2023, the Group had \u00a315.2m (2022: \u00a3nil) of unsecured bank loans drawn in euros at floating rates of interest set by reference to SONIA (2022: SONIA). Essentra\u2019s $102.5m US Private Placement Loan Notes are at a weighted average interest rate of 3.84% per annum (2022: 4.01%). In October 2022, following lender consent and following the sale of the Packaging business and the expected completion of the Filters business, the decision was taken by the Directors to reduce the facility to \u00a3200m, maintaining the same terms. Following the sale of the Packaging and Filters businesses, $247m of the US Private Placement Loan Notes were repaid in January 2023. This left $33m maturing July 2028, $35m maturing July 2031 and $35m maturing July 2033. The currency profile of the carrying and nominal values of Essentra\u2018s loans and borrowings is as follows:
2023
2022
Carrying Nominal Carrying Nominal
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar
80.3
80.7
293.0
291.7
Euro
15.2
15.2
\u2013
\u2013
Total
95.5
95.9
293.0
291.7
The difference between the total nominal and carrying value of loans and borrowings relates to the amortised value of prepaid facility fees of \u00a30.4m (2022: \u00a30.4m) and to the accrued make-whole payments due on early repayment in January 2023 of \u00a3nil (2022: \u00a31.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "15. DerivativesDerivative \ufb01nancial instruments \u2013 cash \ufb02ow hedgesThe Group uses derivatives to hedge its exposure to foreign exchange and interest rate risksarising from operational, financing and investment activities. The carrying value of derivativesdesignated in cash flow hedges at the balance sheet date was as follows:
At 31 December 2023
At 31 December 2022
Contractual Contractual
Fair or notional Change in Fair or notional Change in
values amounts fair value values amounts fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current assets
Forward forei
g
n
exchange contracts \u2013
2.
2
(0.2)
0.2
58.4
(0.3)
\u2013
2.2
(0.2)
0.2
58.4
(0.3)
Non-current assets
Cross currency interest
rate swaps
4.2
63.0
(4.1)
8.3
66.7
7.6
4.2
63.0
(4.1)
8.3
66.7
7.6
Current liabilities
Forward forei
g
n exchan
g
e
contracts
\u2013
1.0
(1.3)
1.3
77.4
1.2
\u2013
1.0
(1.3)
1.3
77.4
1.2
Cash flow hedges are hedges of the currency risk exposure to variability in cash flows. They relate to trading transactions and interest and principal payments denominated in foreign currencies. The net fair value gains or losses on open forward foreign exchange contracts that hedge foreign currency risk of anticipated future sales, purchases and interest payments are accounted for as cash flow hedges. The fair value will be transferred to profit or loss when the forecast transactions occur. All of these hedged transactions are expected to occur over the next 12 months and all derivative instruments mature in the next 12 months.In July 2021, Essentra entered into a number of cross currency interest rate swap contracts to hedge the foreign currency risk of $145m of its US Private Placement Loan Notes. The maturity profile of these matched those of the underlying loan notes with $20m notional value maturing within 3 years and the remainder between 5 and 7 years. These contracts were accounted for as cash flow hedges, with the impact of cross currency basis treated as a cost of hedging. In November 2022, following the Group\u2019s strategic review, swap contracts hedging $65m were terminated on 28 November 2022 for a net receipt of \u00a36.5m. This resulted in ineffectiveness being recognised in 2022 of \u00a30.8m and hedge accounting being discontinued at the repayment date. At 31 December 2023, the Group has derivatives with a total notional value of $80m (2022: $80m), which are due to mature in 2028. Of these remaining derivatives, hedge accounting was discontinued in 2022 for a total notional value of $47m as the related debt was repaid in the year. The hedge ratio for these derivatives is 1:1 and ineffectiveness can arise due credit risk in the counterparty and in the Group. The average rate for the cross currency swaps in place at 31 December 2023 is $1.37 / \u00a3. Movements in the Group\u2018s hedging reserves are analysed below.
2023
2022
Cost of
Cash flo
w
Total Cost of Cash flow Total
hedging hedging hedging hedging hedging hedging
reserve reserve reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at the be
g
innin
g
of
the year
(1.1)
0.3
(0.8)
0.9
(2.4)
(1.5)
Chan
g
e in fair value of forward
foreign exchange contracts
recognised in other
comprehensive income
\u2013
(0.1)
(0.1)
\u2013
(0.9)
(0.9)
Amounts recycled to finance
expense on discontinued hedges
\u2013
\u2013
\u2013
\u2013
0.2
0.2
Chan
g
e in fair value of cross
currency interest rate swaps
recognised in other
comprehensive income
1.2
(2.9)
(1.7)
(2.0)
19.0
17.0
Ineffectiveness reco
g
nised in
finance expense
\u2013
\u2013
\u2013
\u2013
0.8
0.8
Amounts recycled to finance
expense to offset retranslation
of hedged loans
\u2013
2.4
2.4
\u2013
(16.4)
(16.4)
Balance at the end of the year
0.1
(0.3)
(0.2)
(1.1)
0.3
(0.8)
11Notes: 1 Amounts charged to other comprehensive income in the year totalled \u00a31.8m (2022: \u00a316.1m credit)The following movements were recognised for the purpose of calculating hedge ineffectiveness in the year:
Movement in Ineffectiveness
hedging Movement in recognised in
instrument hedged item P&L
\u00a3m \u00a3m \u00a3m
Cumulative movement at 1 January 2023
14.6
(14.9)
(0.3)
Movement in year
(4.1)
4.1
\u2013
Cumulative movement at 31 December
2023
10.5
(10.8)
(0.3)
Movement in Ineffectiveness
hedging Movement in recognised in
instrument hedged item P&L
\u00a3m \u00a3m \u00a3m
Cumulative movement at 1 January 2022
0.7
(0.2)
0.5
Movement in year
13.9
(14.7)
(0.8)
Cumulative movement at 31 December 2022
14.6
(14.9)
(0.3)
Hedges of net investments in foreign operations Hedges of net investments are hedges of the currency risk exposure to changes in the carrying value of net investments in foreign operations. The hedge ratio is 1:1. Essentra had other US dollar and euro denominated borrowings which it designated as hedges of its net investments in subsidiary undertakings. Exchange gains of \u00a31.0m (2022: losses of \u00a321.7m) on these US dollar borrowings and the losses of \u00a30.3m (2022: gains of \u00a3nil) on the euro borrowings were recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "15. DerivativesDerivative \ufb01nancial instruments \u2013 cash \ufb02ow hedgesThe Group uses derivatives to hedge its exposure to foreign exchange and interest rate risksarising from operational, financing and investment activities. The carrying value of derivativesdesignated in cash flow hedges at the balance sheet date was as follows:
At 31 December 2023
At 31 December 2022
Contractual Contractual
Fair or notional Change in Fair or notional Change in
values amounts fair value values amounts fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current assets
Forward forei
g
n
exchange contracts \u2013
2.
2
(0.2)
0.2
58.4
(0.3)
\u2013
2.2
(0.2)
0.2
58.4
(0.3)
Non-current assets
Cross currency interest
rate swaps
4.2
63.0
(4.1)
8.3
66.7
7.6
4.2
63.0
(4.1)
8.3
66.7
7.6
Current liabilities
Forward forei
g
n exchan
g
e
contracts
\u2013
1.0
(1.3)
1.3
77.4
1.2
\u2013
1.0
(1.3)
1.3
77.4
1.2
Cash flow hedges are hedges of the currency risk exposure to variability in cash flows. They relate to trading transactions and interest and principal payments denominated in foreign currencies. The net fair value gains or losses on open forward foreign exchange contracts that hedge foreign currency risk of anticipated future sales, purchases and interest payments are accounted for as cash flow hedges. The fair value will be transferred to profit or loss when the forecast transactions occur. All of these hedged transactions are expected to occur over the next 12 months and all derivative instruments mature in the next 12 months.In July 2021, Essentra entered into a number of cross currency interest rate swap contracts to hedge the foreign currency risk of $145m of its US Private Placement Loan Notes. The maturity profile of these matched those of the underlying loan notes with $20m notional value maturing within 3 years and the remainder between 5 and 7 years. These contracts were accounted for as cash flow hedges, with the impact of cross currency basis treated as a cost of hedging. In November 2022, following the Group\u2019s strategic review, swap contracts hedging $65m were terminated on 28 November 2022 for a net receipt of \u00a36.5m. This resulted in ineffectiveness being recognised in 2022 of \u00a30.8m and hedge accounting being discontinued at the repayment date. At 31 December 2023, the Group has derivatives with a total notional value of $80m (2022: $80m), which are due to mature in 2028. Of these remaining derivatives, hedge accounting was discontinued in 2022 for a total notional value of $47m as the related debt was repaid in the year. The hedge ratio for these derivatives is 1:1 and ineffectiveness can arise due credit risk in the counterparty and in the Group. The average rate for the cross currency swaps in place at 31 December 2023 is $1.37 / \u00a3. Movements in the Group\u2018s hedging reserves are analysed below.
2023
2022
Cost of
Cash flo
w
Total Cost of Cash flow Total
hedging hedging hedging hedging hedging hedging
reserve reserve reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at the be
g
innin
g
of
the year
(1.1)
0.3
(0.8)
0.9
(2.4)
(1.5)
Chan
g
e in fair value of forward
foreign exchange contracts
recognised in other
comprehensive income
\u2013
(0.1)
(0.1)
\u2013
(0.9)
(0.9)
Amounts recycled to finance
expense on discontinued hedges
\u2013
\u2013
\u2013
\u2013
0.2
0.2
Chan
g
e in fair value of cross
currency interest rate swaps
recognised in other
comprehensive income
1.2
(2.9)
(1.7)
(2.0)
19.0
17.0
Ineffectiveness reco
g
nised in
finance expense
\u2013
\u2013
\u2013
\u2013
0.8
0.8
Amounts recycled to finance
expense to offset retranslation
of hedged loans
\u2013
2.4
2.4
\u2013
(16.4)
(16.4)
Balance at the end of the year
0.1
(0.3)
(0.2)
(1.1)
0.3
(0.8)
11Notes: 1 Amounts charged to other comprehensive income in the year totalled \u00a31.8m (2022: \u00a316.1m credit)The following movements were recognised for the purpose of calculating hedge ineffectiveness in the year:
Movement in Ineffectiveness
hedging Movement in recognised in
instrument hedged item P&L
\u00a3m \u00a3m \u00a3m
Cumulative movement at 1 January 2023
14.6
(14.9)
(0.3)
Movement in year
(4.1)
4.1
\u2013
Cumulative movement at 31 December
2023
10.5
(10.8)
(0.3)
Movement in Ineffectiveness
hedging Movement in recognised in
instrument hedged item P&L
\u00a3m \u00a3m \u00a3m
Cumulative movement at 1 January 2022
0.7
(0.2)
0.5
Movement in year
13.9
(14.7)
(0.8)
Cumulative movement at 31 December 2022
14.6
(14.9)
(0.3)
Hedges of net investments in foreign operations Hedges of net investments are hedges of the currency risk exposure to changes in the carrying value of net investments in foreign operations. The hedge ratio is 1:1. Essentra had other US dollar and euro denominated borrowings which it designated as hedges of its net investments in subsidiary undertakings. Exchange gains of \u00a31.0m (2022: losses of \u00a321.7m) on these US dollar borrowings and the losses of \u00a30.3m (2022: gains of \u00a3nil) on the euro borrowings were recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "16. Deferred taxDeferred tax assets and liabilities are attributable to the following:2023 2022 Assets \u00a3m Liabilities \u00a3m Net \u00a3m Income statement: (Charge)/ credit \u00a3m Assets \u00a3m Liabilities \u00a3m Net \u00a3m Income statement: (Charge)/ credit \u00a3m (8.4)3.8 (4.6) (0.8) (7.1) 2.9 (4.2) (2.0) \u2013 16.0 16.0(1.9) \u2013 13.3 13.3 (13.0) (5.6)1.3 (4.3) (0.6) (4.6) 0.6 (4.0) 0.1 Property, plant and equipment1 Intangible assets2 Employee benefits3 Other4(10.4)3.5 (6.9) \u2013 (11.3) 2.1 (9.2) 0.4 Tax (assets)/liabilities (24.4) 24.6 0.2 \u2013 (23.0) 18.9 (4.1) \u2013 Set off of tax 12.2 (12.2) \u2013 \u2013 11.3 (11.3) \u2013 \u2013 Net tax (assets)/liabilities (12.2) 12.4 0.2 \u2013 (11.7) 7.6 (4.1) \u2013 Total income statement credit \u2013 \u2013 \u2013 (3.3) \u2013 \u2013 \u2013 (14.5) Notes 1 A deferred tax liability arises on property, plant and equipment as the tax value of assets is lower than the corresponding accounting value. This arises as tax deductions are determined by the applicable tax laws in each country the Group operates in whereas accounting depreciation is calculated in line with the Group\u2019s accounting policy. 2 A deferred tax liability is provided on temporary differences arising on the Group\u2018s intangible assets as in the majority of cases the local tax authorities do not allow deduction for amortisation of these intangible assets. The increase during the period is primarily due to the acquisition of BMP TAPPI. 3 This represents deferred tax on the Group\u2019s defined benefit pension schemes and share-based incentives. 4 This includes expenditure that will be deductible in future periods for tax purposes when the amounts are settled in cash, tax losses expected to be utilised in future periods and withholding tax on overseas earnings from Group companies expected to be remitted in the foreseeable future of \u00a31.6m (2022: \u00a31.4m). The reductions in 2022 primarily related to the disposal of the Packaging and Filters businesses and the de-recognition of deferred tax assets on tax losses.Movements in the year:
2023
2022
Total Total
Net Net
\u00a3m \u00a3m
Net tax (assets)/liabilities at beginning of year
(4.1)
33.7
Credit to the income statement in respect of current year
(1.2)
(16.3)
(Credit)/char
g
e to the income statement in respect of prior years
(2.1)
1.8
Credit to other comprehensive income \u2013 defined benefit pensions
(0.3)
(5.1)
Expense to reserves \u2013 hyperinflation (IAS 29)
1.0
2.7
Expense to reserves on share-based incentives
0.3
0.6
Expense to other income in respect of fair value hed
g
es
1.1
\u2013
Acquisitions and disposals
5.1
(25.8)
Currency translation
0.4
4.3
Net tax liabilities/(assets) at end of year
0.2
(4.1)
As at 31 December 2023, it was expected that earnings from certain overseas Group companies will be remitted and a deferred tax liability of \u00a31.6m (2022: \u00a31.4m) has been recognised accordingly. This represents withholding taxes payable on the remittance of these earnings under local tax laws. The amount of unrecognised deferred tax in respect of unremitted earnings is \u00a32.5m (2022: \u00a32.0m). Based on available information, management determined whether it is probable for some or all of the deferred tax assets to be recognised. In determining this, management considered the cumulative losses in prior years, the history of tax losses, the manner in which assets can be used (including time limitations under local laws), future earnings potential and expectation of future reversal of taxable temporary differences. Following management assessment, gross deferred tax assets of \u00a30.1m (2022: \u00a30.2m) in respect of capital losses and unutilised tax losses of \u00a357.7m (2022: \u00a361.6m) have not been recognised as their realisation is not probable. The capital losses have an unlimited expiry date. The income tax losses expire as follows: \u00a32.3m within 5 years, \u00a34.9m in 5+ years and \u00a351.0m with no expiry. If future conditions change, the amount of unrecognised deferred tax assets will be reassessed. This may impact the income tax expense/credit in the year of remeasurement.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "
17. Provisions
2023
Contractual Onerous
Reorganisation obligations contracts Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
3.6
5.5
1.9
0.8
11.8
Provisions made/(released) durin
g
year
0.3
\u2013
(0.5)
0.8
0.6
Utilised durin
g
year
(3.4)
(2.1)
(0.9)
(0.2)
(6.6)
Currency translation
\u2013
\u2013
\u2013
\u2013
\u2013
End of year
0.5
3.4
0.5
1.4
5.8
Non-current
\u2013
\u2013
0.1
0.1
0.2
Current
0.5
3.4
0.4
1.3
5.6
End of year
0.5
3.4
0.5
1.4
5.8
2022
Contractual Onerous
Reorganisation obligations contracts Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
0.9
\u2013
\u2013
2.7
3.6
Provisions made durin
g
year
3.4
\u2013
1.9
0.6
5.9
Provisions reco
g
nised on
business disposal
\u2013
6.5
\u2013
\u2013
6.5
Business disposals
(0.5)
\u2013
\u2013
(2.0)
(2.5)
Utilised durin
g
year
(0.2)
(1.0)
\u2013
(0.7)
(1.9)
Currency translation
\u2013
\u2013
\u2013
0.2
0.2
End of year
3.6
5.5
1.9
0.8
11.8
Non-current
\u2013
\u2013
0.7
0.4
1.1
Current
3.6
5.5
1.2
0.4
10.7
End of year
3.6
5.5
1.9
0.8
11.8
Reorganisation
Reorganisation provisions are generally held against restructuring and redundancy costs,
primarily related to the integration of acquired businesses and restructuring associated with
acquisitions and other businesses. During the year to 31 December 2023, \u00a30.3m (2022: \u00a33.4m)
of costs associated to reorganisation provisions were recognised in adjusting items
(see note 2).
Contractual obligations The provision for contractual obligations represents amounts that the Group may be liable to pay arising from the disposal of the Packaging and Filters businesses in 2022. At 31 December 2023, provisions for contractual obligations amounted to \u00a33.4m (2022: \u00a35.5m), representing the Group\u2019s estimate of ongoing obligations due to each of the buyers under the respective Share Purchase Agreements. Onerous contracts At 31 December 2023, onerous contract provisions of \u00a30.5m (2022: \u00a31.9m) were recognised in respect of contracts for services that are now in excess of the Group\u2019s requirements following the disposal of the Packaging and Filters businesses during 2022. Other Other provisions relate primarily to non-lease contracts on vacant properties, lease dilapidations, employees\u2019 compensation claims, regulatory claims and other claims. Non-current provisions are generally provisions for non-lease service contracts on vacant properties and lease dilapidations which are expected to be utilised within the next 10 years. The timing of the utilisation of the lease dilapidations assumes the business continues to operate based on the most up-to-date business plan. In 2022, the release of \u00a32.0m mainly relates to claims and non-lease property-related provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "17. Provisions
2023
Contractual Onerous
Reorganisation obligations contracts Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
3.6
5.5
1.9
0.8
11.8
Provisions made/(released) durin
g
year
0.3
\u2013
(0.5)
0.8
0.6
Utilised durin
g
year
(3.4)
(2.1)
(0.9)
(0.2)
(6.6)
Currency translation
\u2013
\u2013
\u2013
\u2013
\u2013
End of year
0.5
3.4
0.5
1.4
5.8
Non-current
\u2013
\u2013
0.1
0.1
0.2
Current
0.5
3.4
0.4
1.3
5.6
End of year
0.5
3.4
0.5
1.4
5.8
2022
Contractual Onerous
Reorganisation obligations contracts Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
0.9
\u2013
\u2013
2.7
3.6
Provisions made durin
g
year
3.4
\u2013
1.9
0.6
5.9
Provisions reco
g
nised on
business disposal
\u2013
6.5
\u2013
\u2013
6.5
Business disposals
(0.5)
\u2013
\u2013
(2.0)
(2.5)
Utilised durin
g
year
(0.2)
(1.0)
\u2013
(0.7)
(1.9)
Currency translation
\u2013
\u2013
\u2013
0.2
0.2
End of year
3.6
5.5
1.9
0.8
11.8
Non-current
\u2013
\u2013
0.7
0.4
1.1
Current
3.6
5.5
1.2
0.4
10.7
End of year
3.6
5.5
1.9
0.8
11.8
ReorganisationReorganisation provisions are generally held against restructuring and redundancy costs,primarily related to the integration of acquired businesses and restructuring associated withacquisitions and other businesses. During the year to 31 December 2023, \u00a30.3m (2022: \u00a33.4m)of costs associated to reorganisation provisions were recognised in adjusting items(see note 2).
Contractual obligations
The provision for contractual obligations represents amounts that the Group may be
liable to pay arising from the disposal of the Packaging and Filters businesses in 2022.
At 31 December 2023, provisions for contractual obligations amounted to \u00a33.4m (2022:
\u00a35.5m), representing the Group\u2019s estimate of ongoing obligations due to each of the
buyers under the respective Share Purchase Agreements.
Onerous contracts
At 31 December 2023, onerous contract provisions of \u00a30.5m (2022: \u00a31.9m) were recognised in
respect of contracts for services that are now in excess of the Group\u2019s requirements following
the disposal of the Packaging and Filters businesses during 2022.
Other
Other provisions relate primarily to non-lease contracts on vacant properties, lease
dilapidations, employees\u2019 compensation claims, regulatory claims and other claims.
Non-current provisions are generally provisions for non-lease service contracts on vacant
properties and lease dilapidations which are expected to be utilised within the next 10 years.
The timing of the utilisation of the lease dilapidations assumes the business continues to
operate based on the most up-to-date business plan. In 2022, the release of \u00a32.0m mainly
relates to claims and non-lease property-related provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "17. Provisions
2023
Contractual Onerous
Reorganisation obligations contracts Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
3.6
5.5
1.9
0.8
11.8
Provisions made/(released) durin
g
year
0.3
\u2013
(0.5)
0.8
0.6
Utilised durin
g
year
(3.4)
(2.1)
(0.9)
(0.2)
(6.6)
Currency translation
\u2013
\u2013
\u2013
\u2013
\u2013
End of year
0.5
3.4
0.5
1.4
5.8
Non-current
\u2013
\u2013
0.1
0.1
0.2
Current
0.5
3.4
0.4
1.3
5.6
End of year
0.5
3.4
0.5
1.4
5.8
2022
Contractual Onerous
Reorganisation obligations contracts Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
0.9
\u2013
\u2013
2.7
3.6
Provisions made durin
g
year
3.4
\u2013
1.9
0.6
5.9
Provisions reco
g
nised on
business disposal
\u2013
6.5
\u2013
\u2013
6.5
Business disposals
(0.5)
\u2013
\u2013
(2.0)
(2.5)
Utilised durin
g
year
(0.2)
(1.0)
\u2013
(0.7)
(1.9)
Currency translation
\u2013
\u2013
\u2013
0.2
0.2
End of year
3.6
5.5
1.9
0.8
11.8
Non-current
\u2013
\u2013
0.7
0.4
1.1
Current
3.6
5.5
1.2
0.4
10.7
End of year
3.6
5.5
1.9
0.8
11.8
ReorganisationReorganisation provisions are generally held against restructuring and redundancy costs,primarily related to the integration of acquired businesses and restructuring associated withacquisitions and other businesses. During the year to 31 December 2023, \u00a30.3m (2022: \u00a33.4m)of costs associated to reorganisation provisions were recognised in adjusting items(see note 2).Contractual obligations The provision for contractual obligations represents amounts that the Group may be liable to pay arising from the disposal of the Packaging and Filters businesses in 2022. At 31 December 2023, provisions for contractual obligations amounted to \u00a33.4m (2022: \u00a35.5m), representing the Group\u2019s estimate of ongoing obligations due to each of the buyers under the respective Share Purchase Agreements. Onerous contracts At 31 December 2023, onerous contract provisions of \u00a30.5m (2022: \u00a31.9m) were recognised in respect of contracts for services that are now in excess of the Group\u2019s requirements following the disposal of the Packaging and Filters businesses during 2022. Other Other provisions relate primarily to non-lease contracts on vacant properties, lease dilapidations, employees\u2019 compensation claims, regulatory claims and other claims. Non-current provisions are generally provisions for non-lease service contracts on vacant properties and lease dilapidations which are expected to be utilised within the next 10 years. The timing of the utilisation of the lease dilapidations assumes the business continues to operate based on the most up-to-date business plan. In 2022, the release of \u00a32.0m mainly relates to claims and non-lease property-related provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-524": { "value": "18. Employee bene\ufb01tsPost-employment bene\ufb01tsThe Group operates a number of defined benefit and defined contribution pension schemesaround the world, the latter covering many of its employees. The Group also has a number ofother post-employment obligations in certain countries, some of which are required underlocal law. The defined benefit plans are administered by boards of trustees and the assets are held independently from Essentra. The boards of trustees comprise member nominated trustees, employer nominated trustees and independent advisory trustees. The articles of the plans prohibit a majority on the boards to be established by either the member or employer nominated trustees. Pension costs of the defined benefit schemes are assessed in accordance with the advice of independent professionally qualified actuaries. Full triennial actuarial valuations were carried out on the principal European defined benefit schemes as at 5 April 2021 and annual actuarial valuations are performed on the principal US defined benefit schemes. The assets and liabilities of the defined benefit schemes have been updated to the balance sheet date from the most recently completed actuarial valuations taking account of the investment returns achieved by the schemes and the level of contributions. In June 2023, the UK High Court (Virgin Media Limited v NTL Pension Trustees II Limited) ruled that certain historical amendments for contracted out defined benefit schemes were invalid if they were not accompanied by the correct actuarial confirmation. The judgment is subject to appeal. The Trustee and Group are monitoring developments and will consider if there are any implications for the UK Pension Fund, if the ruling is upheld.
The principal European defined benefit schemes entitle remaining members to a pension
calculated on 1.25% or 2% of their capped final pensionable pay multiplied by the number
of pensionable years of service. Some members have historical entitlements to accrual rates
of 1.67%-1.9% and 3% for certain tranches of their service. The principal US defined benefit
schemes entitle certain former participating employees to annuity benefits equal to 50%
of final average pensionable salary, reduced for years of service less than 30, and other
participating employees to annuity benefits equal to $49 per month for each year of service.
The amounts included in the consolidated financial statements on a total group basis
(including discontinued operations) are as follows:
2023 2022
\u00a3m \u00a3m
Amounts expensed a
g
ainst operatin
g
profit
Defined contribution schemes
2.7
7.0
Defined benefit schemes \u2013 current service cost
1.8
2.0
Defined benefit schemes \u2013 curtailment
g
ain
\u2013
\u2013
Other post-employment obli
g
ations
0.1
0.4
Total operatin
g
expense
4.6
9.4
Amounts included as finance (income)/expense
Net interest on defined benefit scheme assets
(0.5)
(0.6)
Net interest on defined benefit scheme liabilities
0.8
0.7
Net finance expense
0.3
0.1
Amounts reco
g
nised in the consolidated statement of comprehensive income
Return on defined benefit scheme assets excludin
g
amounts in net finance income
(2.3)
108.5
Impact of chan
g
es in assumptions and experience to the present value of defined
benefit scheme liabilities
3.6
(88.0)
Remeasurement losses of defined benefit schemes
1.3
20.5
1
2
Notes:
1 Net interest income on defined benefit scheme assets on a continuing basis (note 3) was \u00a30.5m (2022: \u00a30.6m).
2 Net interest expense on defined benefit scheme liabilities on a continuing basis (note 3) was \u00a30.8m (2022: \u00a30.6m).
During the year, the Group incurred service cost expenses totalling \u00a31.8m (2022: \u00a32.0m) which, in management\u2019s judgement, are not considered to be part of the Group\u2019s ongoing operations. As such, these expenses have been classified as adjusting items and have been presented separately (see note 2). During 2015, the principal defined benefit pension schemes in the UK and the US were closed to future accrual. Following the closure of the Group\u2019s principal defined benefit pension schemes to future accruals, the schemes are funded by the Group\u2019s subsidiaries and employees are not required to make any further contribution. The funding of these schemes is based on separate actuarial valuations for funding purposes for which the assumptions may differ from those used in the valuation for IAS 19 Employee Benefits purposes. In April 2022, the Company, Essentra Components Limited and Essentra Pension Trustees Limited (the trustee of the UK Essentra Pension Plan) entered into a flexible apportionment agreement (\u201cFAA\u201d) subject to UK legislation such that Essentra Packaging and Security Limited (a former participating employer and Group subsidiary disposed of as part of the Packaging business), and Essentra Filter Products Limited and Essentra Pte Limited (both former participating employers and Group subsidiaries disposed of as part of the Filters business) transferred all defined benefit pension liabilities to Essentra Components Limited, a continuing participating employer of the UK Essentra Pension Plan. In consideration for the trustee entering into the FAA, it was agreed that Essentra Components Limited pay the following amounts into the Essentra section of the UK Essentra Pension Plan: (i) \u00a30.7m (this was paid during 2022); (ii) \u00a31.3m payable upon completion of the divestitureof the Packaging business in the year of disposal which was paid in 2023, and make furthercash payments of \u00a30.6m in each of the six years after the year of divestiture; and (iii) \u00a31.3mpayable upon completion of the divestiture of the Filters business in the year of disposal whichwas paid in 2023, and make further payments of \u00a30.6m in each of the six years after the yearof divestiture. The Group\u2019s contributions to its defined benefit pension schemes are determined in consultation with trustees, taking into consideration actuarial advice, investment conditions and other local conditions and practices. The outcome of these consultations can impact the timing of future cash flows. Contributions payable by the Group to its defined benefit pension schemes during the year to 31 December 2023 amounted to \u00a3nil (2022: \u00a3nil) to its US schemes and \u00a33.8m (2022: \u00a30.7m) in respect of the Group\u2019s European schemes. In 2024, the Group expects to make defined benefit contributions of $2.4m to its US schemes and \u00a30.7m in respect of the Group\u2019s European schemes. es in assumptions and experience to the present value of defined benefit scheme liabilities 3.6 (88.0) Remeasurement losses of defined benefit schemes 1.3 20.5 Notes: 1 Net interest income on defined benefit scheme assets on a continuing basis (note 3) was \u00a30.5m (2022: \u00a30.6m). 2 Net interest expense on defined benefit scheme liabilities on a continuing basis (note 3) was \u00a30.8m (2022: \u00a30.6m). During the year, the Group incurred service cost expenses totalling \u00a31.8m (2022: \u00a32.0m) which, in management\u2019s judgement, are not considered to be part of the Group\u2019s ongoing operations. As such, these expenses have been classified as adjusting items and have been presented separately (see note 2). During 2015, the principal defined benefit pension schemes in the UK and the US were closed to future accrual. Following the closure of the Group\u2019s principal defined benefit pension schemes to future accruals, the schemes are funded by the Group\u2019s subsidiaries and employees are not required to make any further contribution. The funding of these schemes is based on separate actuarial valuations for funding purposes for which the assumptions may differ from those used in the valuation for IAS 19 Employee Benefits purposes. In April 2022, the Company, Essentra Components Limited and Essentra Pension Trustees Limited (the trustee of the UK Essentra Pension Plan) entered into a flexible apportionment agreement (\u201cFAA\u201d) subject to UK legislation such that Essentra Packaging and Security Limited (a former participating employer and Group subsidiary disposed of as part of the Packaging business), and Essentra Filter Products Limited and Essentra Pte Limited (both former participating employers and Group subsidiaries disposed of as part of the Filters business) transferred all defined benefit pension liabilities to Essentra Components Limited, a continuing participating employer of the UK Essentra Pension Plan. In consideration for the trustee entering into the FAA, it was agreed that Essentra Components Limited pay the following amounts into the Essentra section of the UK Essentra Pension Plan: (i) \u00a30.7m (this was paid during 2022); (ii) \u00a31.3m payable upon completion of the divestiture of the Packaging business in the year of disposal which was paid in 2023, and make further cash payments of \u00a30.6m in each of the six years after the year of divestiture; and (iii) \u00a31.3m payable upon completion of the divestiture of the Filters business in the year of disposal which was paid in 2023, and make further payments of \u00a30.6m in each of the six years after the year of divestiture. The Group\u2019s contributions to its defined benefit pension schemes are determined in consultation with trustees, taking into consideration actuarial advice, investment conditions and other local conditions and practices. The outcome of these consultations can impact theDuring the year, the Group\u2019s total contributions to defined contribution schemes amounted to \u00a32.7m (2022: \u00a37.0m). Contributions on continuing operations of \u00a32.7m (2022: \u00a32.9m) were paid in 2023. A similar amount is expected to be payable during the ending 31 December 2024. The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 are as follows:
2023
2022
Euro
p
e
US
Euro
p
e
US
Increase in salaries (pre-2010)
n/a
n/a
n/a
n/a
Increase in salaries (post-2010)
1
n/a
n/a
n/a
n/a
Increase in pensions
at RPI capped at 5%
2.9%
n/a
3.0%
n/a
at CPI capped at 5%
2.6%
n/a
2.7%
n/a
at CPI minimum 3%, capped at 5%
3.4%
n/a
3.3%
n/a
at CPI capped at 2.5%
2.0%
n/a
2.2%
n/a
Discount rate
4.6%
4.8%
4.8%
5.0%
Inflation rate \u2013 RPI
3.0%
n/a
3.1%
n/a
Inflation rate \u2013 CPI
2.6%
n/a
2.7%
n/a
1122Notes: 1 For service prior to April 2010, pension at retirement is linked to salary at retirement. For service after April 2010, pension is linked to salary at April 2010 with annual increases capped at 3%. 2 During 2021, the Group changed its methodology and assumptions relating to inflation applied to the UK defined benefit pension scheme (included within Europe) pertaining to the Retail Prices Index (\u201cRPI\u201d) and the Consumer Prices Index (CPI). This follows the government\u2019s announcement in November 2020 that RPI inflation will be aligned with CPIH inflation (CPI plus housing) from 2030. As such, the actuary derived the inflation assumption based on a \u2018term-based\u2019 curve approach, by weighing the Scheme\u2019s projected cash flows with the gilt-based RPI curve. 3 Due to the timescale covered, the assumptions applied may not be borne out in practice.The life expectancy assumptions (in number of years) used to estimate defined benefit pension obligations at the year end are as follows:
2023
2022
Euro
p
e
US
Euro
p
e
US
Male retirin
g
today at a
g
e 65
22.4
20.7
22.0
20.5
Female retirin
g
today at a
g
e 65
24.8
22.6
24.4
22.5
Male retirin
g
in 20 years at a
g
e 65
23.7
22.2
23.3
22.1
Female retirin
g
in 20 years at a
g
e 65
26.2
24.1
25.9
24.0
The allocation of assets between different classes of investment is reviewed regularly and is a key factor in the trustees\u2019 investment policies. The allocation of assets is arrived at taking into consideration current market conditions and trends, the size of potential returns relative to investment risk and the extent to which asset realisation needs to match liability maturity. There are risks underlying these considerations. If asset returns fall below the returns required for scheme assets to match the present value of scheme liabilities, a scheme deficit results. Persistent deficits represent an obligation the Group has to settle through increased cash contributions. If asset maturities are not properly matched with liability maturities, there is also the risk that the Group could be required to make unplanned short-term cash contributions to resolve resulting liquidity issues. Scheme assets are invested by the trustees in asset classes and markets that are considered to be reasonably liquid, so through this matching liquidity risk is considered to be sufficiently mitigated.The fair value of scheme assets, which are not intended to be realised in the short term andmay be subject to significant change before they are realised, and the present value of thepension scheme liabilities, which are derived from cash flow projections over long periodsand are therefore inherently uncertain, are:
2023
% of total % of total
fair value of Europe fair value of US Total
scheme assets \u00a3m scheme assets \u00a3m \u00a3m
Equities
22%
33.2
60%
29.1
62.3
Bonds/LDI
76%
112.7
38%
18.7
131.4
Other
2%
3.0
2%
0.8
3.8
Fair value of scheme assets
1
148.9
48.6
197.5
Present value of scheme liabilities
(143.5)
(63.3)
(206.8)
Net retirement benefit
assets/(obligations)
5.4
(14.7)
(9.3)
23
2022
% of total % of total
fair value of Europe fair value of US Total
scheme assets \u00a3m scheme assets \u00a3m \u00a3m
Equities
42%
61.8
64%
33.3
95.1
Bonds/LDI
57%
84.0
34%
17.3
101.3
Other
<1%
0.7
2%
1.2
1.9
Fair value of scheme assets
1
146.5
51.8
198.3
Present value of scheme liabilities
(141.1)
(67.6)
(208.7)
Net retirement benefit
assets/(obligations)
5.4
(15.8)
(10.4)
23Notes: 1 The fair value of scheme assets are not intended to be realised in the short term and may be subject to significant change before they are realised. 2 The present value of the pension scheme liabilities, which are derived from cash flow projections over long periods and are therefore inherently uncertain. 3 In the Consolidated Balance Sheet, the retirement benefit asset of \u00a37.9m relates to the UK pension scheme (2022: \u00a37.9m), and the retirement benefit obligations of \u00a317.5m relate to the US and other smaller schemes (2022: \u00a318.5m). The equity, corporate bond and government bond assets are either direct investments or investments made via a managed fund for those asset classes. All of these assets have a quoted market price in an active market. The other asset class relates primarily to property and hedge funds, which are valued at their cumulative unit offer price. No direct investment in property is held. No plan assets are invested directly in the shares of Essentra plc. The pension surplus in Europe is not restricted as the asset is considered realisable on the basis of the Group\u2019s unconditional right to a refund. The average expected duration of the Group\u2019s European defined benefit pension liability at 31 December 2023 is 13.5 years (2022: 14.0 years). The average expected duration of the Group\u2019s US defined benefit pension liability at 31 December 2023 is 10.0 years (2022: 10.2 years).Movement in fair value of post-employment obligations recognised during the year
2023
2022
Defined benefit
p
ension schemes
Defined benefit
p
ension schemes
Assets Liabilities OtherTotal Assets Liabilities OtherTotal
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Be
g
innin
g
of year
198.3
(208.7)
(0.2)
(10.6)
305.9
(293.1)
(3.8)
9.0
Current service cost and administrative expense
(1.8)
\u2013
(0.1)
(1.9)
(1.8)
(0.2)
(0.4)
(2.4)
Employer contributions
3.7
0.1
\u2013
3.8
0.7
0.2
\u2013
0.9
Return on plan assets excludin
g
amounts in net finance income
3
2.3
\u2013
\u2013
2.3
(108.5)
\u2013
\u2013
(108.5)
Actuarial (losses)/
g
ains arisin
g
from chan
g
e in financial assumptions
\u2013
(3.9)
\u2013
(3.9)
\u2013
95.5
\u2013
95.5
Actuarial
g
ains/(losses) arisin
g
from chan
g
e in demo
g
raphic assumptions
\u2013
0.6
\u2013
0.6
\u2013
(1.9)
\u2013
(1.9)
Actuarial losses arisin
g
from experience ad
j
ustment
\u2013
(0.3)
\u2013
(0.3)
\u2013
(5.6)
\u2013
(5.6)
Finance income/(expense)
9.3
(9.6)
\u2013
(0.3)
6.3
(6.3)
(0.1)
(0.1)
Benefits paid
(11.4)
11.4
\u2013
\u2013
(11.5)
11.5
\u2013
\u2013
Currency translation
(2.9)
3.8
\u2013
0.9
7.2
(9.4)
(0.1)
(2.3)
Business combinations
\u2013
(0.2)
\u2013
(0.2)
\u2013
0.6
4.2
4.8
End of year
197.5
(206.8)
(0.3)
(9.6)
198.3
(208.7)
(0.2)
(10.6)
Defined benefit schemes \u2013 net retirement benefit assets/(obli
g
ations)
(9.3)
 (10.4)
1124Notes: 1 Included within the other category above are other post-employment obligations outside of Europe and the US which are required under local law. 2 During the period, the Group incurred administrative expenses totalling \u00a31.8m (2022: \u00a32.0m) which, in management\u2019s judgement, are not considered to be part of the Group\u2019s ongoing operations. As such, these expenses have been classified as adjusting items and have been presented separately (see note 2). 3 For 2022, included within reduction on plan assets is an actuarial loss of \u00a310.8m relating to an investment decision to purchase a bulk purchase annuity (\u201cbuy-in\u201d) contract. A premium of \u00a338.2m was paid to purchase buy-in to insure against liabilities within the UK defined benefits scheme. The loss represented the difference between the premium paid and the estimated present value of the obligations and was included within other comprehensive income. 4 In 2023 \u00a30.2m pension obligation relates to BMP TAPPI acquisition. In 2022 the Group disposed of the Packaging business and the Filters business. The participating employers in the UK Essentra Pension Plan of the divested businesses transferred their defined benefit pension liabilities to Essentra Components Limited as part of the FAA executed in April 2022. Sensitivity For the significant assumptions used in determining defined benefit costs and liabilities, the following sensitivity analysis gives the estimate of the impact on the measurement of the scheme liabilities.
(Increase)/decrease in schemes net liabilities
as at 31 December 2023
Europe US Total
\u00a3m \u00a3m \u00a3m
3.0% decrease in the discount rate
(74.3)
(31.3)
(105.6)
3.0% increase in the rate of inflation
(23.2)
n/a
(23.2)
1.0% increase in rate of salary/pension increases
n/a
n/a
n/a
1 year increase in life expectancy
(4.4)
(1.9)
(6.3)
1 year decrease in life expectancy
5.2
1.9
7.1
3.0% increase in the discount rate
39.9
18.6
58.5
1.0% decrease in rate of salary/pension increases
n/a
n/a
n/a
3.0% decrease in the rate of inflation
16.5
n/a
16.5
Share-based incentives Essentra operates equity-settled share-based incentive plans for its Executive Directors and employees. The total expense in respect of these plans during the year was \u00a31.4m (2022: \u00a32.6m). A charge of \u00a3nil (2022: \u00a30.5m) was also recognised in the year within adjusting items, in relation to the acceleration of share options in respect of certain senior management employees leaving the business following the completion of the strategic review. Details of these plans are set out below: Share awards/options outstanding
2023
Weighted Weighted Weighted Weighted Weighted Exercisable Weighted
At 1 Jan average Granted average Lapsed average Exercised average At 31 Dec average at 31 Dec average
2023
exercise
p
rice
durin
g
the
y
ear
exercise
p
rice
durin
g
the
y
ear
exercise
p
rice
durin
g
the
y
ear
exercise
p
rice
2023
exercise
p
rice
2023
exercise
p
rice
LTIP Part A
66,200
692.0p
\u2013
\u2013
(66,200)
692.0p
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
LTIP Part B
2,543,804
\u2013
1,628,540
\u2013
(259,682)
\u2013
(34,958)
\u2013
3,877,704
\u2013
\u2013
\u2013
DASB
435,590
\u2013
76,530
\u2013
\u2013
\u2013
(365,897)
\u2013
146,223
\u2013
\u2013
\u2013
SAYE 3-year plan
322,012
249.2p
331,917
169.7p
(267,843)
237.4p
\u2013
\u2013
386,086
189.0p
17,919
210.9p
SAYE 5-year plan
110,163
256.2p
93,688
169.7p
(95,416)
253.1p
\u2013
\u2013
108,435
184.2p
18,595
184.2p
US SAYE 2-year plan
30,825
294.3p
\u2013
\u2013
(25,725)
299.8p
\u2013
\u2013
5,100
266.5p
\u2013
\u2013
Restrictive Shares
419,519
\u2013
\u2013
\u2013
(85,163)
\u2013
\u2013
\u2013
334,356
\u2013
\u2013
\u2013
3,928,113
2,130,675
(800,029)
(400,855)
4,857,904
36,514
2022
Wei
g
hted
Wei
g
hted
Wei
g
hted
Wei
g
hted
Wei
g
hted
Exercisable
Wei
g
hted
At 1 Jan average Granted average Lapsed average Exercised average At 31 Dec average at 31 Dec average
2022
exercise
p
rice
durin
g
the
y
ear
exercise
p
rice
durin
g
the
y
ear
exercise
p
rice
durin
g
the
y
ear
exercise
p
rice
2022
exercise
p
rice
2022
exercise
p
rice
LTIP Part A
98,735
649.1p
\u2013
\u2013
(32,535)
562.0p
\u2013
\u2013
66,200
692.0p
66,200
692.0p
LTIP Part B
5,370,852
\u2013
961,501
\u2013
(3,788,200)
\u2013
(349)
\u2013
2,543,804
\u2013
33,826
\u2013
DASB
416,992
\u2013
253,721
\u2013
\u2013
\u2013
(235,123)
\u2013
435,590
\u2013
10,494
\u2013
SAYE 3-year plan
813,975
265.7p
\u2013
\u2013
(487,933)
276.9p
(4,030)
248.0p
322,012
249.2p
45,591
\u2013
SAYE 5-year plan
227,571
267.8p
\u2013
\u2013
(117,408)
278.7p
\u2013
\u2013
110,163
256.2p
31,449
\u2013
US SAYE 2-year plan
46,818
284.8p
\u2013
\u2013
(15,993)
266.5p
\u2013
\u2013
30,825
294.3p
\u2013
\u2013
Restrictive Shares
\u2013
\u2013
419,519
\u2013
\u2013
\u2013
\u2013
\u2013
419,519
\u2013
\u2013
\u2013
6,974,943
1,634,741
(4,442,069)
(239,502)
3,928,113
187,560
The exercise prices of options outstanding at the end of the year range from nil to 266.5p.
The weighted average share price at the date of exercise for options exercised during the year
was 205.2p (2022: 257.6p). The following table shows the weighted average fair value at the
date of grant for options granted during the year:
LTIP LTIP SAYE 3-year SAYE-5 year Restrictive
Part A
Part B
DASB
p
lan
Plan Shares
Year ended 31 December 2023
n/a
163.6p
175.5p
20.3p
20.3p
n/a
Year ended 31 December 2022
n/a
165.4p
172.3p
n/a
n/a
230.2p
Fair value model inputs for cumulative share options awarded
2023
LTIP LTIP SAYE-3 year SAYE-5 year Restrictive
Part A
Part B
DASB
p
lan
p
lan
Shares
Wei
g
hted avera
g
e fair
value at grant
\u2013
205.7p
174.0p
32.2p
29.6p
230.2p
Wei
g
hted avera
g
e share price
at grant \u2013
243.1p
202.8p
210.5p
204.2p
237.0p
Wei
g
hted avera
g
e
exercise price
\u2013
0.0p
0.0p
189.0p
185.7p
0.0p
Wei
g
hted avera
g
e volatility
\u2013
38.1%
40.0%
36.0%
40.9%
40.0%
Wei
g
hted avera
g
e
dividend yield
\u2013
2.86%
3.
00%
2.93%
2.99%
2.50%
Wei
g
hted risk free rate
\u2013
2.02%
3.74%
2.69%
2.98%
3.40%
Expected employee
retention rates \u2013
92.3%
100.0%
80.0%
80.2%
85.0%
3.00 3.00 3.20 5.20 3.00
Expected term
\u2013
years years years years years
Monte
Valuation model
\u2013
Carlo
Binomial
Binomial
Binomial
Binomial
2022
LTIP LTIP SAYE 3-year SAYE 5-year Restrictive
Part A
Part B
DASB
p
lan
p
lan
Shares
Wei
g
hted avera
g
e fair value
at grant
141.4p
225.8p
189.0p
69.2p
75.5p
230.2p
Wei
g
hted avera
g
e share price
at grant
692.0p
275.6p
223.7p
293.1p
304.2p
237.0p
Wei
g
hted avera
g
e
exercise price
692.0p
\u2013
\u2013
249.2p
265.5p
\u2013
Wei
g
hted avera
g
e volatility
27.0%
37.0%
35.8%
36.1%
40.5%
40%
Wei
g
hted avera
g
e
dividend yield
1.80%
2.79%
3.00%
2.74%
2.94%
2.5%
Wei
g
hted risk free rate
0.4%
1.08%
2.37%
0.21%
0.44%
3.4%
Expected employee
retention rates
85.0%
81.1%
100.0%
80.1%
81.0%
85.0%
3.00 2.30 3.00 3.20 5.20 3.0
Expected term years years years years years years
Monte
Valuation model
Binomial
Carlo
Binomial
Binomial
Binomial
Binomial
Where relevant, market conditions are taken into account in determining the fair value of the awards at grant date. The three-year average historic volatility at grant date has been used as the volatility input for the LTIP Part A, LTIP Part B, DASB and SAYE 3-year awards, and the five-year average historic volatility at grant date has been used as the volatility input for the SAYE 5-year award.
2023 and 2022
SAYE SAYE
LTIP LTIP 3 year 5 year Restrictive
Part A
Part B
DASB
p
lan
Plan Shares
Contractual life
3\u201310 years
3\u20136 years
3 years
3 years
5 years
3 years
Details of the vesting conditions of the LTIP Part A, LTIP Part B and DASB share option schemes are set out in the Report of the Remuneration Committee on pages 127 and 128.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-526": { "value": "19. Financial risk managementEssentra\u2019s activities expose the business to a number of key financial risks which have thepotential to affect its ability to achieve its business objectives. The Board has overall responsibility for Essentra\u2019s system of internal control and financial risk management and for reviewing the effectiveness of this system. Such a system can only be designed to mitigate, rather than eliminate, the risk of failure to achieve business objectives and can therefore only provide reasonable, and not absolute, assurance against material misstatement or loss. Essentra has a centralised treasury function to manage funding, liquidity and exposure to interest rate and foreign exchange risk. Treasury policies are approved by the Board and cover the nature of the exposure to be hedged, the types of derivatives that may be employed and the criteria for investing and borrowing cash. Essentra uses derivatives only to manage currency and interest rate risk arising from underlying business activities. No transactions of a speculative nature are undertaken. The Treasury function is subject to periodic independent reviews by the Group Assurance function. Underlying policy assumptions and activities are reviewed by the Treasury Committee. Controls over exposure changes and transaction authenticity are in place and dealings are restricted to those banks with the relevant combination of geographical presence, expertise and suitable credit rating. The following describes Essentra\u2019s financial risk exposure and management from a quantitative and qualitative perspective. (i) Credit riskCredit risk is the risk of financial loss if a customer or counterparty to a financial asset orliability fails to meet its contractual obligations, and arises principally from trade receivablesand cash and cash equivalents. With the exception deferred contingent considerationreceivable of \u00a319.0m (2022: \u00a310.6m) in respect of the sale of the Filters business, Essentrahas no significant individual concentrations of credit risk. The following is an overview ofhow Essentra manages its credit risk exposures.Trade and other receivables Essentra\u2019s exposure to credit risk is primarily driven by the profile of its customers. This is influenced by the demographics of the customer base, including the industry and country in which customers operate. Trade receivables were assessed for impairment at the balance sheet date using an expected credit loss model which measures the required allowance at an amount equal to expected lifetime credit losses applying both a qualitative and quantitative analysis of the asset base. The Group monitors significant customers\u2019 credit limits and recognises a specific impairment of trade receivables in circumstances where a customer\u2019s credit standing has deteriorated to the extent that a credit default is considered probable. The Group also recognises an expected credit loss impairment of trade receivables through an accounting policy election, whereby default losses are expected for each ageing category as follows: Current 0.2%; Overdue 1-30 days 0.5%; Overdue 31-60 days 1%; Overdue 61-90 days 5%; Overdue 91-180 days 10%; Overdue 181-360 days 50%; and Overdue over 360 days 100%.
As at 31 December 2023, gross trade receivables were \u00a345.2m (2022: \u00a346.7m) of which \u00a310.1m
(2022: \u00a315.7m) were past due. The ageing analysis of past due trade receivables is as follows:
2023 2022
\u00a3m \u00a3m
1-60 days
7.5
13.7
61-180 days
1.6
1.4
181-360
days
0.6
0.3
360+ days
0.4
0.3
10.1
15.7
As at 31 December 2023, the combined specific and expected credit loss impairment of trade
receivables was of \u00a31.7m (2022: \u00a31.4m). The analysis of the combined impairment based on
the underlying receivables is as follows:
2023 2022
\u00a3m \u00a3m
Current
0.3
0.3
1-60 days
0.1
0.1
61-180 days
0.3
0.4
181-360 days
0.6
0.3
360+ days
0.4
0.3
1.7
1.4
The movement in the provision for impaired receivables is as follows:
2023 2022
\u00a3m \u00a3m
Be
g
innin
g
of year
1.4
2.6
Impaired receivables acquired/(disposed)
\u2013
\u2013
Impairment loss reco
g
nised
1
0.4
1.1
Business disposals
\u2013
(2.
3
)
Utilisation
(0.1)
\u2013
End of year
1.7
1.4
Notes:
1 Impairment loss on a continuing basis is \u00a30.4m (2022: \u00a30.8m).
On a periodic basis, the Group undertakes the sale of certain trade receivables to banks using
facilities set up by its customers. These trade receivables are factored on a non-recourse
basis, and therefore are derecognised from the Group\u2019s balance sheet at the point of sale
to the bank. The Group does not operate its own invoice discounting or factoring facilities.
As at 31 December 2023, \u00a3nil was drawn under invoice discounting facilities (2022: \u00a3nil),
representing cash collected before it was contractually due from the customer.
Long-term receivables of \u00a310.1m (2022: \u00a311.6m) and other receivables of \u00a314.7m (2022: \u00a317.7m) (see note 11) include \u00a319.0m (2022: \u00a310.6m) relating to a deferred contingent consideration on the disposal of the Filters business. See the Accounting Estimates section on page 166 forvaluation details which includes counterparty credit risk. The remaining \u00a35.8m (2022: \u00a318.7m)includes indirect taxes recoverable for which no expected credit loss impairment is required. Derivative assets Credit risk with respect to derivatives is controlled by limiting transactions to major banking counterparties where internationally agreed standard form documentation exists. The credit ratings of these counterparties are monitored regularly. The maximum exposure to credit risk in relation to derivatives at the balance sheet date is \u00a34.2m (2022: \u00a38.5m) being predominantly, the fair value of cross currency interest rate swaps (see note 15). Cash and cash equivalents Credit risk relating to cash and cash equivalents is monitored daily, on a counterparty by counterparty basis. The credit limits imposed specify the maximum amount of cash which can be invested in, or with, any single counterparty. These limits are determined by geographic presence, expertise and credit rating. The Group regularly monitors the credit ratings of counterparties. The following table provides information regarding the credit risk exposure of Essentra by classifying derivative assets, short-term investments and cash and cash equivalents according to credit ratings of the counterparties. AAA is the highest possible rating and all of the assets are neither impaired nor past due.
2023
AA A BBB BB B Not rated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current derivative assets
\u2013
\u2013
4.2
\u2013
\u2013
\u2013
4.2
Cash and cash equivalents
3.5
10.0
44.5
\u2013
1.0
0.7
59.7
Total
3.5
10.0
48.7
\u2013
1.0
0.7
63.9
2022
AA A BBB BB B Not rated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current derivative assets
\u2013
0.1
0.1
\u2013
\u2013
\u2013
0.2
Non-current derivative assets
\u2013
8.3
\u2013
\u2013
\u2013
\u2013
8.3
Cash and cash equivalents
2.8
232.4
180.9
\u2013
\u2013
5.3
421.4
Total
2.8
240.8
181.0
\u2013
\u2013
5.3
429.9
Essentra\u2019s maximum credit risk exposure is \u00a3131.4m (2022: \u00a3504.5m) and no collateral is held against this amount (2022: \u00a3nil).(ii) Market price riskMarket price risk is the risk that changes in foreign exchange rates and interest rates willaffect income or the value of financial assets and liabilities. Essentra has produced asensitivity analysis that shows the estimated change to the income statement and equityof a 1%, 5% or 10% weakening or strengthening in sterling against all other currencies or anincrease or decrease of 50 basis points (\u201cbps\u201d), 100bps and 200bps in market interest rates. The amounts generated from the sensitivity analysis are estimates and actual results in thefuture may materially differ.Essentra is exposed to two types of market price risk: currency risk and interest rate risk. (a) Currency riskEssentra publishes its consolidated financial statements in sterling but conducts business inseveral foreign currencies. Therefore, it is subject to currency risk due to exchange ratemovements which affect the translation of results and underlying net assets of its operationsand their transaction costs.Hedge of net investment in foreign operations The majority of Essentra\u2019s net assets are in currencies other than sterling. The Company\u2019s normal policy is to limit the translation exposure and the resulting impact on shareholders\u2019 funds through measures such as borrowing in those currencies in which the Group has significant net assets. Essentra\u2019s US dollar denominated assets were approximately 26% (2022: 100%) hedged by $23m (2022: $205m) of US dollar denominated borrowings. Essentra\u2019s Euro denominated assets were approximately 17% (2022: 0%) hedged by \u20ac18m (2022: \u20acnil) of euro denominated borrowings. Hedge ineffectiveness will arise if the amount of the investment in the foreign subsidiary becomes lower than the notional amount of the hedging instrument. Transaction exposure hedging Essentra does not formally define the proportion of highly probable forecast sales and purchases to hedge, but agrees an appropriate percentage on an individual basis with each business by reference to the Group\u2019s risk management policies and prevailing market conditions. The Group documents currency derivatives used to hedge its forecast transactions as cash flow hedges. To the extent that cash flow hedges are effective, gains and losses are recognised in other comprehensive income until the forecast transaction occurs, at which point the gains and losses are transferred either to the income statement or to the non-financial asset acquired. The majority of Essentra\u2019s transactions are carried out in the functional currencies of its operations, and therefore transaction exposure is limited. However, where such exposure does occur, Essentra uses forward foreign currency contracts to hedge its exposure to movements in exchange rates on its highly probable forecast foreign currency sales and purchases over a period of up to 18 months. In accordance with its Treasury policy, Essentra does not hold or issue derivatives for speculative purposes.Hedging of foreign currency loan principal and interest paymentsIn July 2021, Essentra entered into a number of cross currency interest rate swap contractsto hedge the foreign currency risk (principal and interest) of $145m of its US dollar loan notes. The maturity profile of these match those of the underlying instruments with $20m notionalvalue maturing within 3 years and the remainder between 5 and 7 years. In November 2022, $65m of these swap contracts were terminated leaving $80m notional value maturing within5 years. The following table shows Essentra\u2019s sensitivity to a 1%, 5% and 10% weakening or strengthening in sterling against all currencies. To calculate the impact on the income statement for the year all currencies\u2019 average rates have been increased or decreased by 1%, 5% or 10%. The translational effect on equity is limited as a proportion of US dollar and euro exposure is hedged. Accordingly, the effect on equity is calculated by increasing or decreasing the closing rate of all currencies with an adjustment for the movement in currency hedges. It is assumed that all net investment and cash flow hedges will continue to be 100% effective. The sensitivity on profit before tax is calculated by increasing or decreasing the average rate of all currencies.
2023
Weakenin
g
in sterlin
g
Stren
g
thenin
g
in sterlin
g
10% 5% 1% 10% 5% 1%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the profit before tax \u2013
gain/(loss)
2.2
1.0
0.2
(1.8)
(0.9)
(0.2)
Impact on equity \u2013
g
ain/(loss)
27.6
13.1
2.5
(22.6)
(11.8)
(2.5)
2022
Weakenin
g
in sterlin
g
Stren
g
thenin
g
in sterlin
g
10% 5% 1% 10% 5% 1%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the profit before tax \u2013
gain/(loss)
0.4
0.2
0.0
(0.3)
(0.2)
(0.0)
Impact on equity \u2013
g
ain/(loss)
25.0
11.8
2.3
(20.4)
(10.7)
(2.2)
A 1 cent change to the US dollar rate against sterling will impact the adjusted operating profit by \u00a3nil (2022: \u00a30.1m). A 1 cent change to the euro rate against sterling will impact the adjusted operating profit by \u00a3nil (2022: \u00a30.1m).(b) Interest rate riskEssentra\u2019s strategy is to ensure that at least 30% of the total debt with maturities of morethan one year is protected with fixed interest rates or approved interest rate derivatives.The following table shows the Group\u2019s sensitivity to a 50bps, 100bps and 200bps decrease or increase in sterling, US dollar and euro interest rates. To calculate the impact on the income statement for the year, the interest rates on all external floating rate interest bearing loans and borrowings have been increased or decreased by 50bps, 100bps or 200bps and the resulting increase or decrease in the net interest charge has been adjusted for the effect of Essentra\u2019s interest rate derivatives. See note 14 for interest rate disclosures on loans and borrowings.
2023
Decrease in interest rates
Increase in interest rates
200bps 100bps 50bps 200bps 100bps 50bps
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the income
statement \u2013 gain/(loss)
0.3
0.2
0.1
(0.3)
(0.2)
(0.1)
2022
Decrease in interest rates
Increase in interest rates
200bps 100bps 50bps 200bps 100bps 50bps
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the income
statement \u2013 gain/(loss)
1.9
1.0
0.5
(1.9)
(1.0)
(0.5)
(iii) Liquidity riskLiquidity risk is the risk that Essentra, although solvent, will encounter difficulties in meetingobligations associated with financial liabilities that are settled by delivering cash or anotherfinancial asset. Essentra\u2019s objective is to maintain a balance between continuity of funding and flexibility. Essentra is primarily funded by a series of US Private Placement Loan Notes from various financial institutions totalling US$103m (2022: US$350m) and syndicated multi-currency 5-year revolving credit facilities of \u00a3200.0m (2022: \u00a3200.0m) from its banks. Following thedisposal of the Packaging and Filters businesses, in January 2023 $247m of the loan notes were repaid leaving $33m maturing in July 2028, $35m in July 2031 and $35m in July 2033). As at 31 December 2023, the amount drawn on the revolving credit facility was \u00a315.2m (2022: \u00a3nil). The Group manages liquidity by drawing down on this revolving credit facility as and when needed throughout the year. Amounts drawn by Essentra on its committed facilities are subject to standard banking covenants. The financial covenants require the net debt to EBITDA ratio to be less than 3.0x and interest cover to be greater than 3.5x. There has been no covenant breach during the period.
Essentra\u2019s available undrawn committed facilities at 31 December were:
2023 2022
\u00a3m \u00a3m
Expirin
g
before two years
\u2013
\u2013
Expirin
g
after two years
184.8
200.0
Any loans drawn on these facilities would bear interest at floating rates with reference to
SONIA for the currency and period of the loan.
The maturity of Essentra\u2019s financial liabilities, including estimated interest payments, is
analysed below.
2023
Undiscounted
Carrying contractual
Fair value amount cash flows <1 yr 1-2 yrs 2-5 yrs >5 yrs
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured bank loans
15.2
15.2
17.5
0.8
0.8
15.9
\u2013
US Private Placement Loan Notes
70.0
80.3
90.7
48.9
1.3
14.4
26.1
Trade and other payables
2
55.3
55.3
55.3
55.3
\u2013
\u2013
\u2013
L
ease liabilities
30.9
30.9
49.3
8.1
7.3
15.6
18.3
Deferred contin
g
ent consideration
3
5.0
5.0
5.0
5.0
\u2013
\u2013
\u2013
Other
financial liabilities
23.0
23.0
23.0
23.0
\u2013\u2013 \u2013
Total
199.4
209.7
240.8
141.1
9.4
45.9
44.4
1
2022
Undiscounted
Carrying contractual
Fair value amount cash flows <1 yr 1-2 yrs 2-5 yrs >5 yrs
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
US Private Placement Loan Notes
277.7
293.0
326.4
215.3
3.3
9.9
97.9
Derivative liabilities
1.3
1.3
1.3
1.3
\u2013
\u2013
\u2013
T
rade and other payables
82.0
82.0
82.0
82.0
\u2013
\u2013
\u2013
L
ease liabilities
22.9
22.9
28.3
6.3
4.9
10.5
6.6
Deferred contin
g
ent consideration
3
2.4
2.4
2.4
\u2013
2.4
\u2013
\u2013
Other financial liabilities
24.1
24.1
24.1
24.1
\u2013\u2013 \u2013
Total
410.4
425.7
464.5
329.0
10.6
20.4
104.5
12Notes: 1 The fair value of the US Private Placement Loan Notes is estimated by discounting the future cash flows (interests and principal) at the prevailing market rates. 2 Total trade and other payables carried at \u00a360.7m (2022: \u00a391.5m), including other taxes and social security contributions of \u00a35.4m (2022: \u00a39.5m), are not financial liabilities and are therefore excluded from the above analysis. The fair value of the trade and other payables approximate the carrying amount as they are due to be settled within six months. 3 The value of deferred contingent consideration is primarily based on the post-acquisition financial performance of the acquired business, and reflects management\u2019s expectation of the performance during the earn-out period. The table below shows the amount of bank overdrafts offset against the bank balances under enforceable master netting agreements with banks:
Gross amount of Net amount of
Gross amount recognised financial financial assets
of recognised liabilities set off in presented in the
financial assets the balance sheet balance sheet
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
At 31 December 2023
59.7
\u2013
59.7
At 31 December 2022
421.4
\u2013
4
21.4
Total \ufb01nancial assets and liabilitiesThe table below sets out Essentra\u2019s accounting categories and fair value for each class offinancial asset and liability.
2023
2022
Total Total
Fair Amortised carrying Fair Amortised carrying
value cost value value cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
\u2013
48.5
48.5
\u2013
63.0
63.0
Cash and cash equivalents
\u2013
59.7
59.7
\u2013
421.4
421.4
Interest bearin
g
loans and
borrowings
\u2013
(95.5)
(95.5)
\u2013
(293.0)
(293.0)
Lease liabilities
\u2013
(30.9)
(30.9)
\u2013
(22.
9)
(22.9)
Trade and other payables
\u2013
(55.3)
(55.3)
\u2013
(82.0)
(82.0)
Level 2 of fair value hierarchy
54.2
\u2013
4.2
8.5
\u2013
8.5
Derivative assets
Deriva
tive liabilities
\u2013
\u2013
\u2013
(1.3)
\u2013
(1.3)
Level
3 of fair value hierarchy
Other financial assets
19.0
19.0
11.6
\u2013
11.6
Other no
n-current financial liabilities
\u2013
\u2013
\u2013
(2.4)
\u2013
(2.4)
Other
current financial liabilities
(28.0)
\u2013
(28.0)
(24.1)
\u2013
(24.1)
Total
Group (includin
g
discontinued operations in 2022)
(4.8)
(73.5)
(78.3)
(7.7)
86.5
78.8
235647Notes: 1 Financial assets and liabilities held at amortised cost mostly have short terms to maturity. For this reason, their carrying amounts at the reporting date approximate the fair values. 2 Total trade and other receivables carried at \u00a361.5m (2022: \u00a366.4m) include prepayments of \u00a33.3m (2022: \u00a33.4m) which are not financial assets and are therefore excluded from the above analysis and \u00a39.7m included within level 3 of fair value hierarchy other financial assets. 3 Included within interest bearing loans and borrowings are $103m (2022: $350m) US Private Placement Loan Notes. The Loan Notes are held at amortised cost with a carrying value of \u00a380.3m (2022: \u00a3293.0m). The Group estimates that the total fair value of the Loan Notes at 31 December 2023 is \u00a370.0m (2022: \u00a3277.7m). Unsecured bank loans amounting to \u00a315.2m (2022: \u00a3nil), included within interest bearing loans and borrowings, incur interest at floating rates and as a result their carrying amounts also approximate their fair values at the reporting date. 4 Included within other non-current financial liabilities (classified as level 3 in the fair value hierarchy), is an amount of \u00a3nil (2022: \u00a32.4m) representing deferred consideration payable in respect of acquisitions (2022: \u00a32.4m). 5 Fair values of forward foreign exchange contracts and cross currency interest rate swaps have been calculated at year end forward exchange rates compared to contracted rates using observable market data from third party financial institutions. 6 Other financial assets includes deferred contingent consideration receivable amounting to \u00a319.0m (2022: \u00a310.6m) following the disposal of the Filters business, \u00a39.3m of which is due greater than 1 year and \u00a39.7m due less than 1 year. The consideration, which is structured as an earn-out, has been classified as a long-term receivable in the consolidated financial statements. The fair value has been determined at the balance sheet date based on management\u2019s best estimate of the Filters business achieving future performance targets to which the earn-out is linked with forecast earnings being a critical unobservable input into the fair value measurement. Management have assessed and concluded that for 2022 any difference in fair value between completion date (the date at which the valuation was carried out) and 31 December 2022 would have been immaterial. 7 Other current financial liabilities include \u00a323.0m (2022: \u00a318.0m) which represents management\u2019s best estimate of the combined expected settlement payable by the Group through the respective completion accounts mechanisms linked to both the Filters business and Packaging business disposals. The amount recognised is based on the facts and circumstances that were present and known at the balance sheet date. Other current financial liabilities also include deferred contingent consideration of \u00a35.0m (2022: \u00a36.1m) in respect of acquisitions.
(iv) Capital structure
Essentra defines its capital structure as its equity and non-current interest bearing loans and
borrowings, and aims to manage this to safeguard its ability to continue as a going concern,
so that it can continue to provide returns to shareholders and benefits for other stakeholders.
Essentra sets the amount of capital in proportion to risk. Essentra manages the capital
structure and makes adjustments to it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital
structure, Essentra may return capital to shareholders through dividends and share buybacks,
issue new shares or sell assets to reduce debt.
Essentra monitors its capital structure on the basis of the medium-term net debt-to-EBITDA
ratio. EBITDA is defined as operating profit before depreciation and other amounts written off
property, plant and equipment, share option expense, intangible amortisation and adjusting
items. At 31 December 2023, the net debt was \u00a362.5m (2022: net funding surplus of \u00a3113.8m).
Essentra\u2019s medium-term target for net-debt to Adjusted EBITDA is 0x-1.5x.
The net debt-to-EBITDA ratios at 31 December were as follows.
2023 2022
Total Grou
p
(includin
g
discontinued o
p
erations in 2022)
\u00a3m \u00a3m
Net debt/(funding surplus)
62.5
(113.8)
Operating profit before intangible amortisation and adjusting items
43.2
77.2
Plus depreciation and other amounts written off property, plant and
equipment, and amortisation of non-acquired intangible assets
19.9
42.3
Plus share option expense
1.4
2.6
Ad
j
usted EBITDA
64.5
122.1
Net debt/(fundin
g
surplus)-to-Ad
j
usted-EBITDA ratio
1.0
(0.9)
Net debt/(fundin
g
surplus)-to-Ad
j
usted-EBITDA ratio excludin
g
the
impact of IFRS 16 Leases
0.5
(1.
3)
1
Notes:
1 Includes amortisation on non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "
(i) Credit risk
Credit risk is the risk of financial loss if a customer or counterparty to a financial asset or
liability fails to meet its contractual obligations, and arises principally from trade receivables
and cash and cash equivalents. With the exception deferred contingent consideration
receivable of \u00a319.0m (2022: \u00a310.6m) in respect of the sale of the Filters business, Essentra
has no significant individual concentrations of credit risk. The following is an overview of
how Essentra manages its credit risk exposures.
Trade and other receivables
Essentra\u2019s exposure to credit risk is primarily driven by the profile of its customers. This is
influenced by the demographics of the customer base, including the industry and country
in which customers operate.
Trade receivables were assessed for impairment at the balance sheet date using an expected
credit loss model which measures the required allowance at an amount equal to expected
lifetime credit losses applying both a qualitative and quantitative analysis of the asset base.
The Group monitors significant customers\u2019 credit limits and recognises a specific impairment
of trade receivables in circumstances where a customer\u2019s credit standing has deteriorated
to the extent that a credit default is considered probable. The Group also recognises an
expected credit loss impairment of trade receivables through an accounting policy election,
whereby default losses are expected for each ageing category as follows: Current 0.2%;
Overdue 1-30 days 0.5%; Overdue 31-60 days 1%; Overdue 61-90 days 5%; Overdue 91-180
days 10%; Overdue 181-360 days 50%; and Overdue over 360 days 100%.
As at 31 December 2023, gross trade receivables were \u00a345.2m (2022: \u00a346.7m) of which \u00a310.1m (2022: \u00a315.7m) were past due. The ageing analysis of past due trade receivables is as follows:
2023 2022
\u00a3m \u00a3m
1-60 days
7.5
13.7
61-180 days
1.6
1.4
181-360
days
0.6
0.3
360+ days
0.4
0.3
10.1
15.7
As at 31 December 2023, the combined specific and expected credit loss impairment of trade receivables was of \u00a31.7m (2022: \u00a31.4m). The analysis of the combined impairment based on the underlying receivables is as follows:
2023 2022
\u00a3m \u00a3m
Current
0.3
0.3
1-60 days
0.1
0.1
61-180 days
0.3
0.4
181-360 days
0.6
0.3
360+ days
0.4
0.3
1.7
1.4
The movement in the provision for impaired receivables is as follows:
2023 2022
\u00a3m \u00a3m
Be
g
innin
g
of year
1.4
2.6
Impaired receivables acquired/(disposed)
\u2013
\u2013
Impairment loss reco
g
nised
1
0.4
1.1
Business disposals
\u2013
(2.
3
)
Utilisation
(0.1)
\u2013
End of year
1.7
1.4
Notes: 1 Impairment loss on a continuing basis is \u00a30.4m (2022: \u00a30.8m). On a periodic basis, the Group undertakes the sale of certain trade receivables to banks using facilities set up by its customers. These trade receivables are factored on a non-recourse basis, and therefore are derecognised from the Group\u2019s balance sheet at the point of sale to the bank. The Group does not operate its own invoice discounting or factoring facilities. As at 31 December 2023, \u00a3nil was drawn under invoice discounting facilities (2022: \u00a3nil), representing cash collected before it was contractually due from the customer.Long-term receivables of \u00a310.1m (2022: \u00a311.6m) and other receivables of \u00a314.7m (2022: \u00a317.7m) (see note 11) include \u00a319.0m (2022: \u00a310.6m) relating to a deferred contingent consideration on the disposal of the Filters business. See the Accounting Estimates section on page 166 forvaluation details which includes counterparty credit risk. The remaining \u00a35.8m (2022: \u00a318.7m)includes indirect taxes recoverable for which no expected credit loss impairment is required. Derivative assets Credit risk with respect to derivatives is controlled by limiting transactions to major banking counterparties where internationally agreed standard form documentation exists. The credit ratings of these counterparties are monitored regularly. The maximum exposure to credit risk in relation to derivatives at the balance sheet date is \u00a34.2m (2022: \u00a38.5m) being predominantly, the fair value of cross currency interest rate swaps (see note 15). Cash and cash equivalents Credit risk relating to cash and cash equivalents is monitored daily, on a counterparty by counterparty basis. The credit limits imposed specify the maximum amount of cash which can be invested in, or with, any single counterparty. These limits are determined by geographic presence, expertise and credit rating. The Group regularly monitors the credit ratings of counterparties. The following table provides information regarding the credit risk exposure of Essentra by classifying derivative assets, short-term investments and cash and cash equivalents according to credit ratings of the counterparties. AAA is the highest possible rating and all of the assets are neither impaired nor past due.
2023
AA A BBB BB B Not rated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current derivative assets
\u2013
\u2013
4.2
\u2013
\u2013
\u2013
4.2
Cash and cash equivalents
3.5
10.0
44.5
\u2013
1.0
0.7
59.7
Total
3.5
10.0
48.7
\u2013
1.0
0.7
63.9
2022
AA A BBB BB B Not rated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current derivative assets
\u2013
0.1
0.1
\u2013
\u2013
\u2013
0.2
Non-current derivative assets
\u2013
8.3
\u2013
\u2013
\u2013
\u2013
8.3
Cash and cash equivalents
2.8
232.4
180.9
\u2013
\u2013
5.3
421.4
Total
2.8
240.8
181.0
\u2013
\u2013
5.3
429.9
Essentra\u2019s maximum credit risk exposure is \u00a3131.4m (2022: \u00a3504.5m) and no collateral is held against this amount (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "(i) Credit riskCredit risk is the risk of financial loss if a customer or counterparty to a financial asset orliability fails to meet its contractual obligations, and arises principally from trade receivablesand cash and cash equivalents. With the exception deferred contingent considerationreceivable of \u00a319.0m (2022: \u00a310.6m) in respect of the sale of the Filters business, Essentrahas no significant individual concentrations of credit risk. The following is an overview ofhow Essentra manages its credit risk exposures.Trade and other receivables Essentra\u2019s exposure to credit risk is primarily driven by the profile of its customers. This is influenced by the demographics of the customer base, including the industry and country in which customers operate. Trade receivables were assessed for impairment at the balance sheet date using an expected credit loss model which measures the required allowance at an amount equal to expected lifetime credit losses applying both a qualitative and quantitative analysis of the asset base. The Group monitors significant customers\u2019 credit limits and recognises a specific impairment of trade receivables in circumstances where a customer\u2019s credit standing has deteriorated to the extent that a credit default is considered probable. The Group also recognises an expected credit loss impairment of trade receivables through an accounting policy election, whereby default losses are expected for each ageing category as follows: Current 0.2%; Overdue 1-30 days 0.5%; Overdue 31-60 days 1%; Overdue 61-90 days 5%; Overdue 91-180 days 10%; Overdue 181-360 days 50%; and Overdue over 360 days 100%.As at 31 December 2023, gross trade receivables were \u00a345.2m (2022: \u00a346.7m) of which \u00a310.1m (2022: \u00a315.7m) were past due. The ageing analysis of past due trade receivables is as follows:
2023 2022
\u00a3m \u00a3m
1-60 days
7.5
13.7
61-180 days
1.6
1.4
181-360
days
0.6
0.3
360+ days
0.4
0.3
10.1
15.7
As at 31 December 2023, the combined specific and expected credit loss impairment of trade receivables was of \u00a31.7m (2022: \u00a31.4m). The analysis of the combined impairment based on the underlying receivables is as follows:
2023 2022
\u00a3m \u00a3m
Current
0.3
0.3
1-60 days
0.1
0.1
61-180 days
0.3
0.4
181-360 days
0.6
0.3
360+ days
0.4
0.3
1.7
1.4
The movement in the provision for impaired receivables is as follows:
2023 2022
\u00a3m \u00a3m
Be
g
innin
g
of year
1.4
2.6
Impaired receivables acquired/(disposed)
\u2013
\u2013
Impairment loss reco
g
nised
1
0.4
1.1
Business disposals
\u2013
(2.
3
)
Utilisation
(0.1)
\u2013
End of year
1.7
1.4
Notes: 1 Impairment loss on a continuing basis is \u00a30.4m (2022: \u00a30.8m). On a periodic basis, the Group undertakes the sale of certain trade receivables to banks using facilities set up by its customers. These trade receivables are factored on a non-recourse basis, and therefore are derecognised from the Group\u2019s balance sheet at the point of sale to the bank. The Group does not operate its own invoice discounting or factoring facilities. As at 31 December 2023, \u00a3nil was drawn under invoice discounting facilities (2022: \u00a3nil), representing cash collected before it was contractually due from the customer.Long-term receivables of \u00a310.1m (2022: \u00a311.6m) and other receivables of \u00a314.7m (2022: \u00a317.7m) (see note 11) include \u00a319.0m (2022: \u00a310.6m) relating to a deferred contingent consideration on the disposal of the Filters business. See the Accounting Estimates section on page 166 forvaluation details which includes counterparty credit risk. The remaining \u00a35.8m (2022: \u00a318.7m)includes indirect taxes recoverable for which no expected credit loss impairment is required. Derivative assets Credit risk with respect to derivatives is controlled by limiting transactions to major banking counterparties where internationally agreed standard form documentation exists. The credit ratings of these counterparties are monitored regularly. The maximum exposure to credit risk in relation to derivatives at the balance sheet date is \u00a34.2m (2022: \u00a38.5m) being predominantly, the fair value of cross currency interest rate swaps (see note 15). Cash and cash equivalents Credit risk relating to cash and cash equivalents is monitored daily, on a counterparty by counterparty basis. The credit limits imposed specify the maximum amount of cash which can be invested in, or with, any single counterparty. These limits are determined by geographic presence, expertise and credit rating. The Group regularly monitors the credit ratings of counterparties. The following table provides information regarding the credit risk exposure of Essentra by classifying derivative assets, short-term investments and cash and cash equivalents according to credit ratings of the counterparties. AAA is the highest possible rating and all of the assets are neither impaired nor past due.
2023
AA A BBB BB B Not rated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current derivative assets
\u2013
\u2013
4.2
\u2013
\u2013
\u2013
4.2
Cash and cash equivalents
3.5
10.0
44.5
\u2013
1.0
0.7
59.7
Total
3.5
10.0
48.7
\u2013
1.0
0.7
63.9
2022
AA A BBB BB B Not rated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current derivative assets
\u2013
0.1
0.1
\u2013
\u2013
\u2013
0.2
Non-current derivative assets
\u2013
8.3
\u2013
\u2013
\u2013
\u2013
8.3
Cash and cash equivalents
2.8
232.4
180.9
\u2013
\u2013
5.3
421.4
Total
2.8
240.8
181.0
\u2013
\u2013
5.3
429.9
Essentra\u2019s maximum credit risk exposure is \u00a3131.4m (2022: \u00a3504.5m) and no collateral is held against this amount (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "(ii) Market price riskMarket price risk is the risk that changes in foreign exchange rates and interest rates willaffect income or the value of financial assets and liabilities. Essentra has produced asensitivity analysis that shows the estimated change to the income statement and equityof a 1%, 5% or 10% weakening or strengthening in sterling against all other currencies or anincrease or decrease of 50 basis points (\u201cbps\u201d), 100bps and 200bps in market interest rates. The amounts generated from the sensitivity analysis are estimates and actual results in thefuture may materially differ.Essentra is exposed to two types of market price risk: currency risk and interest rate risk. (a) Currency riskEssentra publishes its consolidated financial statements in sterling but conducts business inseveral foreign currencies. Therefore, it is subject to currency risk due to exchange ratemovements which affect the translation of results and underlying net assets of its operationsand their transaction costs.Hedge of net investment in foreign operations The majority of Essentra\u2019s net assets are in currencies other than sterling. The Company\u2019s normal policy is to limit the translation exposure and the resulting impact on shareholders\u2019 funds through measures such as borrowing in those currencies in which the Group has significant net assets. Essentra\u2019s US dollar denominated assets were approximately 26% (2022: 100%) hedged by $23m (2022: $205m) of US dollar denominated borrowings. Essentra\u2019s Euro denominated assets were approximately 17% (2022: 0%) hedged by \u20ac18m (2022: \u20acnil) of euro denominated borrowings. Hedge ineffectiveness will arise if the amount of the investment in the foreign subsidiary becomes lower than the notional amount of the hedging instrument. Transaction exposure hedging Essentra does not formally define the proportion of highly probable forecast sales and purchases to hedge, but agrees an appropriate percentage on an individual basis with each business by reference to the Group\u2019s risk management policies and prevailing market conditions. The Group documents currency derivatives used to hedge its forecast transactions as cash flow hedges. To the extent that cash flow hedges are effective, gains and losses are recognised in other comprehensive income until the forecast transaction occurs, at which point the gains and losses are transferred either to the income statement or to the non-financial asset acquired. The majority of Essentra\u2019s transactions are carried out in the functional currencies of its operations, and therefore transaction exposure is limited. However, where such exposure does occur, Essentra uses forward foreign currency contracts to hedge its exposure to movements in exchange rates on its highly probable forecast foreign currency sales and purchases over a period of up to 18 months. In accordance with its Treasury policy, Essentra does not hold or issue derivatives for speculative purposes.Hedging of foreign currency loan principal and interest paymentsIn July 2021, Essentra entered into a number of cross currency interest rate swap contractsto hedge the foreign currency risk (principal and interest) of $145m of its US dollar loan notes. The maturity profile of these match those of the underlying instruments with $20m notionalvalue maturing within 3 years and the remainder between 5 and 7 years. In November 2022, $65m of these swap contracts were terminated leaving $80m notional value maturing within5 years. The following table shows Essentra\u2019s sensitivity to a 1%, 5% and 10% weakening or strengthening in sterling against all currencies. To calculate the impact on the income statement for the year all currencies\u2019 average rates have been increased or decreased by 1%, 5% or 10%. The translational effect on equity is limited as a proportion of US dollar and euro exposure is hedged. Accordingly, the effect on equity is calculated by increasing or decreasing the closing rate of all currencies with an adjustment for the movement in currency hedges. It is assumed that all net investment and cash flow hedges will continue to be 100% effective. The sensitivity on profit before tax is calculated by increasing or decreasing the average rate of all currencies.
2023
Weakenin
g
in sterlin
g
Stren
g
thenin
g
in sterlin
g
10% 5% 1% 10% 5% 1%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the profit before tax \u2013
gain/(loss)
2.2
1.0
0.2
(1.8)
(0.9)
(0.2)
Impact on equity \u2013
g
ain/(loss)
27.6
13.1
2.5
(22.6)
(11.8)
(2.5)
2022
Weakenin
g
in sterlin
g
Stren
g
thenin
g
in sterlin
g
10% 5% 1% 10% 5% 1%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the profit before tax \u2013
gain/(loss)
0.4
0.2
0.0
(0.3)
(0.2)
(0.0)
Impact on equity \u2013
g
ain/(loss)
25.0
11.8
2.3
(20.4)
(10.7)
(2.2)
A 1 cent change to the US dollar rate against sterling will impact the adjusted operating profit by \u00a3nil (2022: \u00a30.1m). A 1 cent change to the euro rate against sterling will impact the adjusted operating profit by \u00a3nil (2022: \u00a30.1m).(b) Interest rate riskEssentra\u2019s strategy is to ensure that at least 30% of the total debt with maturities of morethan one year is protected with fixed interest rates or approved interest rate derivatives.The following table shows the Group\u2019s sensitivity to a 50bps, 100bps and 200bps decrease or increase in sterling, US dollar and euro interest rates. To calculate the impact on the income statement for the year, the interest rates on all external floating rate interest bearing loans and borrowings have been increased or decreased by 50bps, 100bps or 200bps and the resulting increase or decrease in the net interest charge has been adjusted for the effect of Essentra\u2019s interest rate derivatives. See note 14 for interest rate disclosures on loans and borrowings.
2023
Decrease in interest rates
Increase in interest rates
200bps 100bps 50bps 200bps 100bps 50bps
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the income
statement \u2013 gain/(loss)
0.3
0.2
0.1
(0.3)
(0.2)
(0.1)
2022
Decrease in interest rates
Increase in interest rates
200bps 100bps 50bps 200bps 100bps 50bps
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the income
statement \u2013 gain/(loss)
1.9
1.0
0.5
(1.9)
(1.0)
(0.5)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "(ii) Market price riskMarket price risk is the risk that changes in foreign exchange rates and interest rates willaffect income or the value of financial assets and liabilities. Essentra has produced asensitivity analysis that shows the estimated change to the income statement and equityof a 1%, 5% or 10% weakening or strengthening in sterling against all other currencies or anincrease or decrease of 50 basis points (\u201cbps\u201d), 100bps and 200bps in market interest rates. The amounts generated from the sensitivity analysis are estimates and actual results in thefuture may materially differ.Essentra is exposed to two types of market price risk: currency risk and interest rate risk. (a) Currency riskEssentra publishes its consolidated financial statements in sterling but conducts business inseveral foreign currencies. Therefore, it is subject to currency risk due to exchange ratemovements which affect the translation of results and underlying net assets of its operationsand their transaction costs.Hedge of net investment in foreign operations The majority of Essentra\u2019s net assets are in currencies other than sterling. The Company\u2019s normal policy is to limit the translation exposure and the resulting impact on shareholders\u2019 funds through measures such as borrowing in those currencies in which the Group has significant net assets. Essentra\u2019s US dollar denominated assets were approximately 26% (2022: 100%) hedged by $23m (2022: $205m) of US dollar denominated borrowings. Essentra\u2019s Euro denominated assets were approximately 17% (2022: 0%) hedged by \u20ac18m (2022: \u20acnil) of euro denominated borrowings. Hedge ineffectiveness will arise if the amount of the investment in the foreign subsidiary becomes lower than the notional amount of the hedging instrument. Transaction exposure hedging Essentra does not formally define the proportion of highly probable forecast sales and purchases to hedge, but agrees an appropriate percentage on an individual basis with each business by reference to the Group\u2019s risk management policies and prevailing market conditions. The Group documents currency derivatives used to hedge its forecast transactions as cash flow hedges. To the extent that cash flow hedges are effective, gains and losses are recognised in other comprehensive income until the forecast transaction occurs, at which point the gains and losses are transferred either to the income statement or to the non-financial asset acquired. The majority of Essentra\u2019s transactions are carried out in the functional currencies of its operations, and therefore transaction exposure is limited. However, where such exposure does occur, Essentra uses forward foreign currency contracts to hedge its exposure to movements in exchange rates on its highly probable forecast foreign currency sales and purchases over a period of up to 18 months. In accordance with its Treasury policy, Essentra does not hold or issue derivatives for speculative purposes.Hedging of foreign currency loan principal and interest paymentsIn July 2021, Essentra entered into a number of cross currency interest rate swap contractsto hedge the foreign currency risk (principal and interest) of $145m of its US dollar loan notes. The maturity profile of these match those of the underlying instruments with $20m notionalvalue maturing within 3 years and the remainder between 5 and 7 years. In November 2022, $65m of these swap contracts were terminated leaving $80m notional value maturing within5 years. The following table shows Essentra\u2019s sensitivity to a 1%, 5% and 10% weakening or strengthening in sterling against all currencies. To calculate the impact on the income statement for the year all currencies\u2019 average rates have been increased or decreased by 1%, 5% or 10%. The translational effect on equity is limited as a proportion of US dollar and euro exposure is hedged. Accordingly, the effect on equity is calculated by increasing or decreasing the closing rate of all currencies with an adjustment for the movement in currency hedges. It is assumed that all net investment and cash flow hedges will continue to be 100% effective. The sensitivity on profit before tax is calculated by increasing or decreasing the average rate of all currencies.
2023
Weakenin
g
in sterlin
g
Stren
g
thenin
g
in sterlin
g
10% 5% 1% 10% 5% 1%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the profit before tax \u2013
gain/(loss)
2.2
1.0
0.2
(1.8)
(0.9)
(0.2)
Impact on equity \u2013
g
ain/(loss)
27.6
13.1
2.5
(22.6)
(11.8)
(2.5)
2022
Weakenin
g
in sterlin
g
Stren
g
thenin
g
in sterlin
g
10% 5% 1% 10% 5% 1%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the profit before tax \u2013
gain/(loss)
0.4
0.2
0.0
(0.3)
(0.2)
(0.0)
Impact on equity \u2013
g
ain/(loss)
25.0
11.8
2.3
(20.4)
(10.7)
(2.2)
A 1 cent change to the US dollar rate against sterling will impact the adjusted operating profit by \u00a3nil (2022: \u00a30.1m). A 1 cent change to the euro rate against sterling will impact the adjusted operating profit by \u00a3nil (2022: \u00a30.1m).(b) Interest rate riskEssentra\u2019s strategy is to ensure that at least 30% of the total debt with maturities of morethan one year is protected with fixed interest rates or approved interest rate derivatives.The following table shows the Group\u2019s sensitivity to a 50bps, 100bps and 200bps decrease or increase in sterling, US dollar and euro interest rates. To calculate the impact on the income statement for the year, the interest rates on all external floating rate interest bearing loans and borrowings have been increased or decreased by 50bps, 100bps or 200bps and the resulting increase or decrease in the net interest charge has been adjusted for the effect of Essentra\u2019s interest rate derivatives. See note 14 for interest rate disclosures on loans and borrowings.
2023
Decrease in interest rates
Increase in interest rates
200bps 100bps 50bps 200bps 100bps 50bps
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the income
statement \u2013 gain/(loss)
0.3
0.2
0.1
(0.3)
(0.2)
(0.1)
2022
Decrease in interest rates
Increase in interest rates
200bps 100bps 50bps 200bps 100bps 50bps
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Impact on the income
statement \u2013 gain/(loss)
1.9
1.0
0.5
(1.9)
(1.0)
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "(iii) Liquidity riskLiquidity risk is the risk that Essentra, although solvent, will encounter difficulties in meetingobligations associated with financial liabilities that are settled by delivering cash or anotherfinancial asset. Essentra\u2019s objective is to maintain a balance between continuity of funding and flexibility. Essentra is primarily funded by a series of US Private Placement Loan Notes from various financial institutions totalling US$103m (2022: US$350m) and syndicated multi-currency 5-year revolving credit facilities of \u00a3200.0m (2022: \u00a3200.0m) from its banks. Following thedisposal of the Packaging and Filters businesses, in January 2023 $247m of the loan notes were repaid leaving $33m maturing in July 2028, $35m in July 2031 and $35m in July 2033). As at 31 December 2023, the amount drawn on the revolving credit facility was \u00a315.2m (2022: \u00a3nil). The Group manages liquidity by drawing down on this revolving credit facility as and when needed throughout the year. Amounts drawn by Essentra on its committed facilities are subject to standard banking covenants. The financial covenants require the net debt to EBITDA ratio to be less than 3.0x and interest cover to be greater than 3.5x. There has been no covenant breach during the period. Essentra\u2019s available undrawn committed facilities at 31 December were:
2023 2022
\u00a3m \u00a3m
Expirin
g
before two years
\u2013
\u2013
Expirin
g
after two years
184.8
200.0
Any loans drawn on these facilities would bear interest at floating rates with reference to SONIA for the currency and period of the loan. The maturity of Essentra\u2019s financial liabilities, including estimated interest payments, is analysed below.
2023
Undiscounted
Carrying contractual
Fair value amount cash flows <1 yr 1-2 yrs 2-5 yrs >5 yrs
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured bank loans
15.2
15.2
17.5
0.8
0.8
15.9
\u2013
US Private Placement Loan Notes
70.0
80.3
90.7
48.9
1.3
14.4
26.1
Trade and other payables
2
55.3
55.3
55.3
55.3
\u2013
\u2013
\u2013
L
ease liabilities
30.9
30.9
49.3
8.1
7.3
15.6
18.3
Deferred contin
g
ent consideration
3
5.0
5.0
5.0
5.0
\u2013
\u2013
\u2013
Other
financial liabilities
23.0
23.0
23.0
23.0
\u2013\u2013 \u2013
Total
199.4
209.7
240.8
141.1
9.4
45.9
44.4
1
2022
Undiscounted
Carrying contractual
Fair value amount cash flows <1 yr 1-2 yrs 2-5 yrs >5 yrs
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
US Private Placement Loan Notes
277.7
293.0
326.4
215.3
3.3
9.9
97.9
Derivative liabilities
1.3
1.3
1.3
1.3
\u2013
\u2013
\u2013
T
rade and other payables
82.0
82.0
82.0
82.0
\u2013
\u2013
\u2013
L
ease liabilities
22.9
22.9
28.3
6.3
4.9
10.5
6.6
Deferred contin
g
ent consideration
3
2.4
2.4
2.4
\u2013
2.4
\u2013
\u2013
Other financial liabilities
24.1
24.1
24.1
24.1
\u2013\u2013 \u2013
Total
410.4
425.7
464.5
329.0
10.6
20.4
104.5
12Notes: 1 The fair value of the US Private Placement Loan Notes is estimated by discounting the future cash flows (interests and principal) at the prevailing market rates. 2 Total trade and other payables carried at \u00a360.7m (2022: \u00a391.5m), including other taxes and social security contributions of \u00a35.4m (2022: \u00a39.5m), are not financial liabilities and are therefore excluded from the above analysis. The fair value of the trade and other payables approximate the carrying amount as they are due to be settled within six months. 3 The value of deferred contingent consideration is primarily based on the post-acquisition financial performance of the acquired business, and reflects management\u2019s expectation of the performance during the earn-out period. The table below shows the amount of bank overdrafts offset against the bank balances under enforceable master netting agreements with banks:
Gross amount of Net amount of
Gross amount recognised financial financial assets
of recognised liabilities set off in presented in the
financial assets the balance sheet balance sheet
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
At 31 December 2023
59.7
\u2013
59.7
At 31 December 2022
421.4
\u2013
4
21.4
Total \ufb01nancial assets and liabilitiesThe table below sets out Essentra\u2019s accounting categories and fair value for each class offinancial asset and liability.
2023
2022
Total Total
Fair Amortised carrying Fair Amortised carrying
value cost value value cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
\u2013
48.5
48.5
\u2013
63.0
63.0
Cash and cash equivalents
\u2013
59.7
59.7
\u2013
421.4
421.4
Interest bearin
g
loans and
borrowings
\u2013
(95.5)
(95.5)
\u2013
(293.0)
(293.0)
Lease liabilities
\u2013
(30.9)
(30.9)
\u2013
(22.
9)
(22.9)
Trade and other payables
\u2013
(55.3)
(55.3)
\u2013
(82.0)
(82.0)
Level 2 of fair value hierarchy
54.2
\u2013
4.2
8.5
\u2013
8.5
Derivative assets
Deriva
tive liabilities
\u2013
\u2013
\u2013
(1.3)
\u2013
(1.3)
Level
3 of fair value hierarchy
Other financial assets
19.0
19.0
11.6
\u2013
11.6
Other no
n-current financial liabilities
\u2013
\u2013
\u2013
(2.4)
\u2013
(2.4)
Other
current financial liabilities
(28.0)
\u2013
(28.0)
(24.1)
\u2013
(24.1)
Total
Group (includin
g
discontinued operations in 2022)
(4.8)
(73.5)
(78.3)
(7.7)
86.5
78.8
235647Notes: 1 Financial assets and liabilities held at amortised cost mostly have short terms to maturity. For this reason, their carrying amounts at the reporting date approximate the fair values. 2 Total trade and other receivables carried at \u00a361.5m (2022: \u00a366.4m) include prepayments of \u00a33.3m (2022: \u00a33.4m) which are not financial assets and are therefore excluded from the above analysis and \u00a39.7m included within level 3 of fair value hierarchy other financial assets. 3 Included within interest bearing loans and borrowings are $103m (2022: $350m) US Private Placement Loan Notes. The Loan Notes are held at amortised cost with a carrying value of \u00a380.3m (2022: \u00a3293.0m). The Group estimates that the total fair value of the Loan Notes at 31 December 2023 is \u00a370.0m (2022: \u00a3277.7m). Unsecured bank loans amounting to \u00a315.2m (2022: \u00a3nil), included within interest bearing loans and borrowings, incur interest at floating rates and as a result their carrying amounts also approximate their fair values at the reporting date. 4 Included within other non-current financial liabilities (classified as level 3 in the fair value hierarchy), is an amount of \u00a3nil (2022: \u00a32.4m) representing deferred consideration payable in respect of acquisitions (2022: \u00a32.4m). 5 Fair values of forward foreign exchange contracts and cross currency interest rate swaps have been calculated at year end forward exchange rates compared to contracted rates using observable market data from third party financial institutions. 6 Other financial assets includes deferred contingent consideration receivable amounting to \u00a319.0m (2022: \u00a310.6m) following the disposal of the Filters business, \u00a39.3m of which is due greater than 1 year and \u00a39.7m due less than 1 year. The consideration, which is structured as an earn-out, has been classified as a long-term receivable in the consolidated financial statements. The fair value has been determined at the balance sheet date based on management\u2019s best estimate of the Filters business achieving future performance targets to which the earn-out is linked with forecast earnings being a critical unobservable input into the fair value measurement. Management have assessed and concluded that for 2022 any difference in fair value between completion date (the date at which the valuation was carried out) and 31 December 2022 would have been immaterial. 7 Other current financial liabilities include \u00a323.0m (2022: \u00a318.0m) which represents management\u2019s best estimate of the combined expected settlement payable by the Group through the respective completion accounts mechanisms linked to both the Filters business and Packaging business disposals. The amount recognised is based on the facts and circumstances that were present and known at the balance sheet date. Other current financial liabilities also include deferred contingent consideration of \u00a35.0m (2022: \u00a36.1m) in respect of acquisitions.", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "(iii) Liquidity riskLiquidity risk is the risk that Essentra, although solvent, will encounter difficulties in meetingobligations associated with financial liabilities that are settled by delivering cash or anotherfinancial asset. Essentra\u2019s objective is to maintain a balance between continuity of funding and flexibility. Essentra is primarily funded by a series of US Private Placement Loan Notes from various financial institutions totalling US$103m (2022: US$350m) and syndicated multi-currency 5-year revolving credit facilities of \u00a3200.0m (2022: \u00a3200.0m) from its banks. Following thedisposal of the Packaging and Filters businesses, in January 2023 $247m of the loan notes were repaid leaving $33m maturing in July 2028, $35m in July 2031 and $35m in July 2033). As at 31 December 2023, the amount drawn on the revolving credit facility was \u00a315.2m (2022: \u00a3nil). The Group manages liquidity by drawing down on this revolving credit facility as and when needed throughout the year. Amounts drawn by Essentra on its committed facilities are subject to standard banking covenants. The financial covenants require the net debt to EBITDA ratio to be less than 3.0x and interest cover to be greater than 3.5x. There has been no covenant breach during the period. Essentra\u2019s available undrawn committed facilities at 31 December were:
2023 2022
\u00a3m \u00a3m
Expirin
g
before two years
\u2013
\u2013
Expirin
g
after two years
184.8
200.0
Any loans drawn on these facilities would bear interest at floating rates with reference to SONIA for the currency and period of the loan. The maturity of Essentra\u2019s financial liabilities, including estimated interest payments, is analysed below.
2023
Undiscounted
Carrying contractual
Fair value amount cash flows <1 yr 1-2 yrs 2-5 yrs >5 yrs
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured bank loans
15.2
15.2
17.5
0.8
0.8
15.9
\u2013
US Private Placement Loan Notes
70.0
80.3
90.7
48.9
1.3
14.4
26.1
Trade and other payables
2
55.3
55.3
55.3
55.3
\u2013
\u2013
\u2013
L
ease liabilities
30.9
30.9
49.3
8.1
7.3
15.6
18.3
Deferred contin
g
ent consideration
3
5.0
5.0
5.0
5.0
\u2013
\u2013
\u2013
Other
financial liabilities
23.0
23.0
23.0
23.0
\u2013\u2013 \u2013
Total
199.4
209.7
240.8
141.1
9.4
45.9
44.4
1
2022
Undiscounted
Carrying contractual
Fair value amount cash flows <1 yr 1-2 yrs 2-5 yrs >5 yrs
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
US Private Placement Loan Notes
277.7
293.0
326.4
215.3
3.3
9.9
97.9
Derivative liabilities
1.3
1.3
1.3
1.3
\u2013
\u2013
\u2013
T
rade and other payables
82.0
82.0
82.0
82.0
\u2013
\u2013
\u2013
L
ease liabilities
22.9
22.9
28.3
6.3
4.9
10.5
6.6
Deferred contin
g
ent consideration
3
2.4
2.4
2.4
\u2013
2.4
\u2013
\u2013
Other financial liabilities
24.1
24.1
24.1
24.1
\u2013\u2013 \u2013
Total
410.4
425.7
464.5
329.0
10.6
20.4
104.5
12Notes: 1 The fair value of the US Private Placement Loan Notes is estimated by discounting the future cash flows (interests and principal) at the prevailing market rates. 2 Total trade and other payables carried at \u00a360.7m (2022: \u00a391.5m), including other taxes and social security contributions of \u00a35.4m (2022: \u00a39.5m), are not financial liabilities and are therefore excluded from the above analysis. The fair value of the trade and other payables approximate the carrying amount as they are due to be settled within six months. 3 The value of deferred contingent consideration is primarily based on the post-acquisition financial performance of the acquired business, and reflects management\u2019s expectation of the performance during the earn-out period. The table below shows the amount of bank overdrafts offset against the bank balances under enforceable master netting agreements with banks:
Gross amount of Net amount of
Gross amount recognised financial financial assets
of recognised liabilities set off in presented in the
financial assets the balance sheet balance sheet
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
At 31 December 2023
59.7
\u2013
59.7
At 31 December 2022
421.4
\u2013
4
21.4
Total \ufb01nancial assets and liabilitiesThe table below sets out Essentra\u2019s accounting categories and fair value for each class offinancial asset and liability.
2023
2022
Total Total
Fair Amortised carrying Fair Amortised carrying
value cost value value cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
\u2013
48.5
48.5
\u2013
63.0
63.0
Cash and cash equivalents
\u2013
59.7
59.7
\u2013
421.4
421.4
Interest bearin
g
loans and
borrowings
\u2013
(95.5)
(95.5)
\u2013
(293.0)
(293.0)
Lease liabilities
\u2013
(30.9)
(30.9)
\u2013
(22.
9)
(22.9)
Trade and other payables
\u2013
(55.3)
(55.3)
\u2013
(82.0)
(82.0)
Level 2 of fair value hierarchy
54.2
\u2013
4.2
8.5
\u2013
8.5
Derivative assets
Deriva
tive liabilities
\u2013
\u2013
\u2013
(1.3)
\u2013
(1.3)
Level
3 of fair value hierarchy
Other financial assets
19.0
19.0
11.6
\u2013
11.6
Other no
n-current financial liabilities
\u2013
\u2013
\u2013
(2.4)
\u2013
(2.4)
Other
current financial liabilities
(28.0)
\u2013
(28.0)
(24.1)
\u2013
(24.1)
Total
Group (includin
g
discontinued operations in 2022)
(4.8)
(73.5)
(78.3)
(7.7)
86.5
78.8
235647Notes: 1 Financial assets and liabilities held at amortised cost mostly have short terms to maturity. For this reason, their carrying amounts at the reporting date approximate the fair values. 2 Total trade and other receivables carried at \u00a361.5m (2022: \u00a366.4m) include prepayments of \u00a33.3m (2022: \u00a33.4m) which are not financial assets and are therefore excluded from the above analysis and \u00a39.7m included within level 3 of fair value hierarchy other financial assets. 3 Included within interest bearing loans and borrowings are $103m (2022: $350m) US Private Placement Loan Notes. The Loan Notes are held at amortised cost with a carrying value of \u00a380.3m (2022: \u00a3293.0m). The Group estimates that the total fair value of the Loan Notes at 31 December 2023 is \u00a370.0m (2022: \u00a3277.7m). Unsecured bank loans amounting to \u00a315.2m (2022: \u00a3nil), included within interest bearing loans and borrowings, incur interest at floating rates and as a result their carrying amounts also approximate their fair values at the reporting date. 4 Included within other non-current financial liabilities (classified as level 3 in the fair value hierarchy), is an amount of \u00a3nil (2022: \u00a32.4m) representing deferred consideration payable in respect of acquisitions (2022: \u00a32.4m). 5 Fair values of forward foreign exchange contracts and cross currency interest rate swaps have been calculated at year end forward exchange rates compared to contracted rates using observable market data from third party financial institutions. 6 Other financial assets includes deferred contingent consideration receivable amounting to \u00a319.0m (2022: \u00a310.6m) following the disposal of the Filters business, \u00a39.3m of which is due greater than 1 year and \u00a39.7m due less than 1 year. The consideration, which is structured as an earn-out, has been classified as a long-term receivable in the consolidated financial statements. The fair value has been determined at the balance sheet date based on management\u2019s best estimate of the Filters business achieving future performance targets to which the earn-out is linked with forecast earnings being a critical unobservable input into the fair value measurement. Management have assessed and concluded that for 2022 any difference in fair value between completion date (the date at which the valuation was carried out) and 31 December 2022 would have been immaterial. 7 Other current financial liabilities include \u00a323.0m (2022: \u00a318.0m) which represents management\u2019s best estimate of the combined expected settlement payable by the Group through the respective completion accounts mechanisms linked to both the Filters business and Packaging business disposals. The amount recognised is based on the facts and circumstances that were present and known at the balance sheet date. Other current financial liabilities also include deferred contingent consideration of \u00a35.0m (2022: \u00a36.1m) in respect of acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "(iv) Capital structureEssentra defines its capital structure as its equity and non-current interest bearing loans andborrowings, and aims to manage this to safeguard its ability to continue as a going concern, so that it can continue to provide returns to shareholders and benefits for other stakeholders. Essentra sets the amount of capital in proportion to risk. Essentra manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, Essentra may return capital to shareholders through dividends and share buybacks, issue new shares or sell assets to reduce debt. Essentra monitors its capital structure on the basis of the medium-term net debt-to-EBITDA ratio. EBITDA is defined as operating profit before depreciation and other amounts written off property, plant and equipment, share option expense, intangible amortisation and adjusting items. At 31 December 2023, the net debt was \u00a362.5m (2022: net funding surplus of \u00a3113.8m). Essentra\u2019s medium-term target for net-debt to Adjusted EBITDA is 0x-1.5x. The net debt-to-EBITDA ratios at 31 December were as follows.
2023 2022
Total Grou
p
(includin
g
discontinued o
p
erations in 2022)
\u00a3m \u00a3m
Net debt/(funding surplus)
62.5
(113.8)
Operating profit before intangible amortisation and adjusting items
43.2
77.2
Plus depreciation and other amounts written off property, plant and
equipment, and amortisation of non-acquired intangible assets
19.9
42.3
Plus share option expense
1.4
2.6
Ad
j
usted EBITDA
64.5
122.1
Net debt/(fundin
g
surplus)-to-Ad
j
usted-EBITDA ratio
1.0
(0.9)
Net debt/(fundin
g
surplus)-to-Ad
j
usted-EBITDA ratio excludin
g
the
impact of IFRS 16 Leases
0.5
(1.
3)
1Notes: 1 Includes amortisation on non-acquired intangible assets of \u00a32.9m (2022: \u00a32.7m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "ssued share capital
2023 2022
\u00a3m \u00a3m
Issued, authorised and fully paid ordinary shares
of 25p (2022: 25p) each:
Beginning of year
75.6
75.6
Cancellation of shares of 9,223,493 shares of
25p each:
(2.3)
\u2013
End of year
73.3
75.6
Number of ordinary shares in issue
Beginning of year
302,590,708
302,590,708
Cancellation of shares
(9,223,493)
\u2013
End of year
293,367,215
302,590,708
Purchase and cancellation of own shares During the year, 13,364,814 (2022: nil) 25p Ordinary Shares (\u201cshares\u201d) were purchased by the Company for total cash consideration of \u00a324.0m (2022: \u00a3nil) at a weighted average price of 179.5 pence per share, of which 9,223,493 shares with an aggregate nominal value of \u00a32.3m were cancelled, and \u00a32.3m transferred from issued share capital to the capital redemption reserve. At 31 December 2023, the Company held 5,039,265 (2022: 897,944) of its own shares with a nominal value of \u00a31.3m (2022: \u00a30.2m) in treasury. This represents 1.7% (2022: 0.3%) of the number of ordinary shares in issue. Capital reduction The capital reduction, comprising the merger reserve, was approved by shareholders at a General Meeting held on 14 November 2023. In connection with the capitalisation of the merger reserve, resolutions authorising the Directors to allot one new B ordinary share (the \u201cCapital Reduction Share\u201d), and to subsequently cancel the Capital Reduction Share were passed at the General Meeting. On 4 December 2023, the amount of \u00a3385,219,535 standing to the credit of the merger reserve of the Company was capitalised and applied in paying up in full at par one Capital Reduction Share with a nominal value of \u00a3385,219,535. On 14 December 2023, Essentra announced that the capital reduction had become effective following the confirmation by the Court approval on 5 December 2023 and the registration of the Court order with the Registrar of Companies on 7 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "value": "ssued share capital
2023 2022
\u00a3m \u00a3m
Issued, authorised and fully paid ordinary shares
of 25p (2022: 25p) each:
Beginning of year
75.6
75.6
Cancellation of shares of 9,223,493 shares of
25p each:
(2.3)
\u2013
End of year
73.3
75.6
Number of ordinary shares in issue
Beginning of year
302,590,708
302,590,708
Cancellation of shares
(9,223,493)
\u2013
End of year
293,367,215
302,590,708
Purchase and cancellation of own shares During the year, 13,364,814 (2022: nil) 25p Ordinary Shares (\u201cshares\u201d) were purchased by the Company for total cash consideration of \u00a324.0m (2022: \u00a3nil) at a weighted average price of 179.5 pence per share, of which 9,223,493 shares with an aggregate nominal value of \u00a32.3m were cancelled, and \u00a32.3m transferred from issued share capital to the capital redemption reserve. At 31 December 2023, the Company held 5,039,265 (2022: 897,944) of its own shares with a nominal value of \u00a31.3m (2022: \u00a30.2m) in treasury. This represents 1.7% (2022: 0.3%) of the number of ordinary shares in issue. Capital reduction The capital reduction, comprising the merger reserve, was approved by shareholders at a General Meeting held on 14 November 2023. In connection with the capitalisation of the merger reserve, resolutions authorising the Directors to allot one new B ordinary share (the \u201cCapital Reduction Share\u201d), and to subsequently cancel the Capital Reduction Share were passed at the General Meeting. On 4 December 2023, the amount of \u00a3385,219,535 standing to the credit of the merger reserve of the Company was capitalised and applied in paying up in full at par one Capital Reduction Share with a nominal value of \u00a3385,219,535. On 14 December 2023, Essentra announced that the capital reduction had become effective following the confirmation by the Court approval on 5 December 2023 and the registration of the Court order with the Registrar of Companies on 7 December 2023.
21. Reserves
Within retained earnings, the Company has deducted the value of own shares purchased
for an employee trust and treasury shares held by the Company with a total cost of \u00a310.1m
(2022: \u00a35.5m).
Employee trust shares are ordinary shares of the Company held in an employee benefit trust.
The purpose of this trust is to hold shares in the Company for subsequent transfer to
Executive Directors and employees relating to deferred share awards and options granted
under the Company\u2019s share-based incentive plans. Full details are set out in the Annual
Report on Remuneration on pages 122 and 132. The assets, liabilities, and expenditure
of the trust have been incorporated in these financial statements. At 31 December 2023,
the trust held 9,180 (2022: 410,035) shares, upon which dividends have been waived,
with an aggregate nominal value of \u00a32,295 (2022: \u00a3102,509) and market value of \u00a315,569
(2022: \u00a3969,733).
The other reserve balance of \u00a3132.8m debit (2022: \u00a3132.8m) relates to the Group
reorganisation, which took place as part of the de-merger from Bunzl plc. It represents
the difference between Essentra plc\u2019s share capital and Essentra International Limited\u2019s
share capital and share premium on 6 June 2005.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "21. ReservesWithin retained earnings, the Company has deducted the value of own shares purchasedfor an employee trust and treasury shares held by the Company with a total cost of \u00a310.1m(2022: \u00a35.5m).Employee trust shares are ordinary shares of the Company held in an employee benefit trust. The purpose of this trust is to hold shares in the Company for subsequent transfer to Executive Directors and employees relating to deferred share awards and options granted under the Company\u2019s share-based incentive plans. Full details are set out in the Annual Report on Remuneration on pages 122 and 132. The assets, liabilities, and expenditure of the trust have been incorporated in these financial statements. At 31 December 2023, the trust held 9,180 (2022: 410,035) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a32,295 (2022: \u00a3102,509) and market value of \u00a315,569 (2022: \u00a3969,733). The other reserve balance of \u00a3132.8m debit (2022: \u00a3132.8m) relates to the Group reorganisation, which took place as part of the de-merger from Bunzl plc. It represents the difference between Essentra plc\u2019s share capital and Essentra International Limited\u2019s share capital and share premium on 6 June 2005.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "value": "
22. Analysis of net debt
1 January Business Business Lease Exchange Non-cash 31 December
2023 Cash flow disposals acquisitions additions movements movements2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
421.4
(308.9)
(17.8)
(33.3)
\u2013
(1.7)
\u2013
59.7
Cash and cash equivalents in the statement
of cash flows
42
1.4
(308.9)
(17.8)
(33.3)
\u2013
(1.7)
\u2013
59.7
Derivative financial instruments hedging
private placement loans
8.3
(0.3)
\u2013
\u2013
\u2013
(3.8)
\u2013
4.2
Debt due within one year
(208.0)
208.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Debt due after one year
(85.0)
(14.9)
\u2013
\u2013
\u2013
4.4
\u2013
(95.5)
Lease liabilities due within one year
(4.9)
7.2
\u2013
\u2013
(2.0)
\u2013
(7.4)
(7.1)
Lease liabilities due after one year
(18.0)
\u2013
\u2013
\u2013
(12.0)
0.6
5.6
(23.8)
Debt from financin
g
activities
(307.6)
200.0
\u2013
\u2013
(14.0)
1.2
(1.8)
(122.2)
Net (debt)/fundin
g
surplus
113.8
(108.9)
(17.8)
(33.3)
(14.0)
(0.5)
(1.8)
(62.5)
1 January Business Business Lease Exchange Non-cash 31 December
2022 Cash flow disposals acquisitions additions movements movements2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
123.9
(115.7)
434.9
(27.9)
\u2013
6.2
\u2013
421.4
Short-term deposits and investments
12.4
5.7
(18.0)
\u2013
\u2013
(0.1)
\u2013
\u2013
Cash and cash equivalents in the statement
of cash flows
136.3
(110.0)
416.9
(27.9)
\u2013
6.1
\u2013
421.4
Derivative financial instruments hed
g
in
g
private placement loans
\u2013
(6.5)
\u2013
\u2013
\u2013
13.4
1.4
 8.3
Debt due within one year
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
(206.8)
(208.0)
Debt due after one year
(313.3)
59.2
\u2013
\u2013
\u2013
(31.2)
200.3
(85.0)
Lease liabilities due within one year
3
(11.6)
14.3
7.5
\u2013
(2.9)
(0.9)
(11.3)
(4.9)
Lease liabilities due after one year
(46.1)
\u2013
30.1
\u2013
(7.4)
(3.3)
8.7
(18.0)
Debt from financin
g
activities
(371.0)
67.0
37.6
-
(10.3)
(23.2)
(7.7)
(307.6)
Net (debt)/fundin
g
surplus
(234.7)
(43.0)
454.5
(27.9)
(10.3)
(17.1)
(7.7)
113.8
1,2,4
3
3
1,2,4
3
Notes:
1 The non-cash movements in debt due after one year represents the amortisation and write down of prepaid facility fees of \u00a3nil (2022: \u00a34.8m amortisation of prepaid facility fees) and the revaluation of loan to fair value of \u00a3nil (2022: \u00a31.7m). In the year ended 31 December 2022 loans
of \u00a3185.0m were reallocated to debt due within one year following an agreement to repay on demand in January 2023.
2 The net non-cash movements in lease liabilities represents lease surrenders of \u00a3nil (2022: \u00a30.2m) due to renegotiated lease terms, offset by interest on leases of \u00a31.8m (2022 \u00a32.8m).
3 During the year, \u00a35.6m (2022: \u00a38.7m) of lease liabilities moved from due after one year to due within one year.
4 Included within non-cash movements for derivative financial instruments hedging private placement loans is outflow of \u00a32.3m (2022: \u00a31.4m inflow) relating to the fair value movements on cross currency interest rate swaps.
The net cash outflow relating to lease liabilities for low value, short term and variable lease payments was \u00a30.1m (2022: \u00a30.2m) (see note 9).
", "dimensions": { "concept": "essentraplc:DisclosureOfAnalysisOfNetDebt", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-529": { "value": "23. AcquisitionsAcquisition of BMP s.r.l (\u201cBMP TAPPI\u201d)On 26 October 2023, Essentra acquired 100% of the equity interests of BMP TAPPI, a global provider of essential components and solutions, to strengthen the Essentra\u2018s product portfolio, unlock further cross-selling opportunities, and to enhance the Group\u2018s manufacturing footprint in Europe. The Group acquired BMP TAPPI for an initial cash consideration of \u20ac39.5m (\u00a334.3m), up to \u20ac3.5m (\u00a33.0m) deferred contingent consideration, and \u20ac0.7m (\u00a30.6m) adjustment for net working capital and financial position. The deferred contingent consideration is conditional on achieving certain performance criteria over a two-year period commencing 1 January 2023. On acquisition, the assets and liabilities of the business acquired were adjusted to reflect their fair value to Essentra. The most significant fair value adjustment arising on the acquisition of BMP TAPPI related to the attribution of fair value to the acquired customer relationships intangible asset. In determining the fair value of the intangible asset, the Group used an external valuation specialist whose assessment considered forecast cash flows from BMP TAPPI\u2018s customer contracts, expected attrition rates based on an analysis of historic customer sales data, and the application of an appropriate discount rate specific to the customer relationship asset. The resulting analysis indicated a provisional fair value for the customer relationships asset of \u00a316.9m, with a corresponding provisional deferred tax liability in relation to the intangible asset of \u00a34.8m. Under IFRS 3 Business Combinations, the fair value of assets and liabilities must be finalised within a 12-month \u201cmeasurement period\u201d from the date of acquisition. At the reporting date, the purchase price allocation and fair value adjustments are provisional. The acquired business contributed revenues of \u00a31.8m and net profit of \u00a3nil to the Group for the period from 26 October to 31 December 2023 and these results are included within these consolidated financial statements. Had the acquisition completed on 1 January 2023, the contribution to the Group\u2019s revenue and operating profit would have been \u00a312.5m and \u00a32.5m higher, respectively. Acquisition-related costs of \u00a30.6m are included within adjusting items in the consolidated income statement (see note 2) and in operating cash flows in the consolidated statement of cash flows. The Group\u2018s provisional assessment of the fair value of assets and liabilities recognised as part of the acquisition of BMP TAPPI are detailed below:
Provisional
fair value
\u00a3m
Intangible assets17.7
Property, plant and equipment 4.0
Inventories 0.2
Trade and other receivables 3.2
Cash and cash equivalents 5.3
Trade and other payables (2.0)
Retirement benefit obligations (0.2)
Corporation tax payable (0.4)
Deferred tax liabilities (4.9)
Net identifiable assets acquired
22.9
Goodwill
2
 15.0
Total consideration 37.9
Cash consideration
34.3
Deferred consideration3.6
Total consideration
37.9
13Notes: 1 Intangible assets comprise customer relationships of \u00a316.9m and other intangible assets of \u00a30.8m. 2 Goodwill recognised of \u00a315.0m represents the expected operating and financial synergies, and the value of the assembled workforce acquired. Goodwill is not deductible for tax purposes. 3 Deferred consideration includes \u00a33.0m of deferred contingent consideration and \u00a30.6m of adjustments to the purchase price for net financial capital and financial positionAcquisition of Wixroyd GroupOn 1 December 2022, Essentra acquired 100% of the equity interests of Wixroyd HoldingsLimited (the \"Wixroyd Group\"), a leading UK supplier of industrial parts for the engineeringsector for an initial consideration of \u00a331.4m. The consideration payable for the Wixroyd Groupcomprised an initial cash consideration of \u00a331.4m and up to \u00a37.0m deferred contingentconsideration. The deferred earn-out consideration was conditional on achieving certainperformance criteria for the 12 month period commencing 1 January 2023.During 2023, Essentra reassessed the fair value adjustments and made changes to property, plant and equipment, inventories and tax. The impact of this on goodwill is a decrease of \u00a30.5m. The process of allocating the purchase price, including the split between goodwill and intangible assets and fair value adjustments, has been concluded. Accordingly, the purchase price allocation presented in these financial statements is now final. On finalisation of the trading performance over 2023, a reduction in the fair value of deferred contingent consideration payable was recognised resulting in a credit of \u00a32.2m (2022: \u00a3nil) being recognised in the income statement for the year. Furthermore, a payment of \u00a30.2m in relation to the resolution of an uncertain tax position was made to the vendor during the year. As a result, the deferred consideration recognised for Wixroyd at 31 December 2023 was \u00a30.2m (2022: \u00a32.6m). Acquisition of Hengzhu On 2 August 2021, Essentra acquired the trade and assets of Jiangxi Hengzhu Electrical Cabinet Lock Co., Ltd (\u201cHengzhu\u201d), an access hardware manufacturer and distributor in China via a newly incorporated entity, Essentra Hengzhu Precision Components Co Ltd, which acquired 100% of the business for \u00a5103m (approximately \u00a311.8m). Essentra had subscribed and paid up 73% of the issued share capital of Essentra Hengzhu Precision Components Co Ltd with the remaining 27% stake subject to put and call options exercisable 6 months after issuance of the subsidiary\u2019s audit report for 2022. The remaining 27% stake did not confer any shareholder right (including, entitlement to dividends and right to transfer to other parties) to the vendor shareholder. Therefore, it was concluded that the amount payable under the put option of \u00a34.7m, as of 31 December 2022, in substance represented deferred consideration and was accounted for as a financial liability as at 31 December 2022. No non-controlling interest was recognised in respect of this acquisition. During the year ended 31 December 2023, the remaining amount due under the put option was paid in full leaving a balance of \u00a3nil (2022: \u00a34.7m) in respect of deferred consideration relating to this acquisition. Acquisition of Micro Plastics On 12 December 2017, Essentra acquired 100% of the share capital of Micro Plastics, Inc. The transaction was settled with cash consideration of \u00a319.7m and deferred consideration of \u00a33.7m, of which \u00a31.2m (31 December 2022: \u00a31.3m) remains payable to the vendor.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-530": { "value": "24. Discontinued operationsDisposal of Packaging and Filters businessesOn 1 October 2022, the Group completed its sale of ESNT Packaging & Securing SolutionsLimited and Essentra Packaging US Inc and their respective subsidiary companies (togetherthe \u2018Packaging business\u2019). On 3 December 2022, the Group also completed the sale ofEssentra Filter Holdings Limited and its respective subsidiary companies (the \u2018Filtersbusiness\u2019). Financial information relating to these discontinued operations is set out below. On 28 September 2022, the Group also completed the sale of its Packaging business in Indiafor cash consideration of \u00a31.1m.Income statement analysis of discontinued operations
2023 2022
Total discontinued o
p
erations
\u00a3m \u00a3m
Revenue
\u2013
653.9
Operatin
g
loss
1
(0.4)
(137.1)
Financ
e income
\u2013
1.5
F
inance expense
\u2013
(2.
1
)
Loss
before tax on discontinued activities
(0.4)
(137.7)
Loss before tax on disposal
(3.7)
(19.0)
Total loss before tax on discontinued operations
(4.1)
(156.7)
Income tax credit
3.7
4.0
Total loss for the year from discontinued operations
(0.4)
(15
2.7)
2Notes: 1 For the year ended 31 December 2023 the operating loss from discontinued operations includes gross income of \u00a35.5m and costs of \u00a35.9m. 2 For the year ended 31 December 2023, the loss on disposal of discontinued operations includes a charge of \u00a33.7m based upon the Group\u2018s latest estimate of amounts due to the respective purchasers of the Packaging and Filters businesses. For the year ended 31 December 2022 refer to page 180 of the 2022 Essentra plc Annual Report for the calculation of the loss on disposal of discontinued operations of \u00a319.0m. The results from discontinued operations are attributable entirely to the equity holders of Essentra plc. The results for the year ended 31 December 2023 include profit after tax attributable to non-controlling interests of \u00a3nil (2022: \u00a34.2m). The earnings per share of discontinued operations are disclosed in note 6. Cash \ufb02ows of discontinued operations
2023 2022
Total discontinued o
p
erations
\u00a3m \u00a3m
Net cash (outflow)/inflow from operatin
g
activities
(3.8)
59.7
Net cash (outflow)/inflow from investin
g
activities
1
(17.8)
358.8
Net cash outflow from financin
g
activities
\u2013
(10.3)
Net (decrease)/increase in cash and cash equivalents
(21.6)
4
08.2
Notes: 1 Included within investing activities in 2023 is \u00a35.3m for settlement of deferred consideration on the disposal of the Packaging business and \u00a312.5m (2022: \u00a331.5m) on cash outflow from costs of business disposal. In 2022, proceeds from the disposal of businesses of \u00a3462.6m, net of cash disposed of \u00a345.7m was \u00a3416.9m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "value": "
25. Dividends
Per share
Total
2023 2022 2023 2022
p
p
\u00a3m \u00a3m
2022 interim: paid 28 October 2022
2.3
6.9
2022 special dividend: paid 27 April 2023
29.8
89.8
2022 proposed final: paid 30 June 2023
1.0
3.0
2023 interim: paid 27 October 2023
1.2
3.5
2023 proposed final: payable 5 July 2024
2.4
7.0
1
2
Notes:
1 The special dividend paid on 27 April 2023 amounted to \u00a389.8m, and therefore this figure has been re-presented.
2 Subject to approval at the Annual General Meeting on 23 May 2024, the proposed final dividend for the year ended 31 December 2023 will
be paid on 5 July 2024 to shareholders on the register of the Company on 17 May 2024. The ordinary shares will be quoted ex-dividend on
16 May 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "0.01", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "0.03", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-532": { "value": "26. Related partiesDuring the year, the Company paid \u00a347,937, and granted 6,364 SAYE share options to thewife of Scott Fawcett, CEO of Essentra plc, in respect of her employment by the Group. Scott\u2019s wife was employed by the Group prior to his appointment as a director of Essentra plcon 1 January 2023.ITC Essentra Limited was 50% owned by the Group until its disposal on 3 December 2022. Until that date, its results were fully consolidated within the Group\u2019s results as it was deemed Essentra had control up to the date of disposal by virtue of its having control of the board. At the date of disposal, the entity had gross assets of \u00a334.0m and gross liabilities of \u00a314.6m. Operating profit for the period to disposal was \u00a36.9m and cash decreased by \u00a30.5m. China Tobacco Essentra (Xiamen) Filters Co., Ltd was 49% owned by the Group until its disposal on 3 December 2022. Until that date, its results were fully consolidated within the Group\u2019s results as it was deemed Essentra had control up to the date of disposal by virtue of its having control of the board. As the date of disposal, the entity had gross assets of \u00a330.0m and gross liabilities of \u00a312.7m. Operating profit for the period to disposal was \u00a32.4m and cash decreased by \u00a30.9m. For the Group\u2019s basis of consolidation policy, see note b within Accounting Policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "27. Adjusted performance measures The Group presents alternative performance measures, including adjusted operating profit, adjusted operating profit after allocation of central costs, adjusted operating cash flow and adjusted earnings per share, which are not defined or specified in accordance with UK adopted International Financial Reporting Standards. These non-GAAP measures enable management to reflect the underlying performance of the continuing operations of the Group and provides investors with a more meaningful comparison of how the business is managed and measured on a periodic basis. For further information on alternative performance measures applied by the Group, refer to pages 19 and 20. The adjusted performance measures presented below cannot be derived directly from the Group\u2019s consolidated financial statements, and therefore a reconciliation of the adjusted performance measure to the most directly comparable reported measure in accordance with UK adopted International Financial Reporting Standards has been provided.
Reconciliation to the Group\u2018s adjusted pro\ufb01t measures
2023 2022
Continuin
g
o
p
erations
\u00a3m \u00a3m
Operatin
g
profit/(loss)
Reported statutory measure
10.9
(11.3)
Amortisation of acquired intan
g
ible assets
Note 2
11.3
10.4
Ad
j
ustin
g
items
Note 2
21.0
26.0
Ad
j
usted operatin
g
profit
Ad
j
usted performance measure
43.2
25.1
Finance income
Note 3
11.0
7.1
Finance expenses
Note 3
(13.5)
(24.9)
Ad
j
usted profit before income tax
Ad
j
usted performance measure
40.7
7.3
Tax on ad
j
usted profit
(9.6)
(1.6)
Ad
j
usted net income
Ad
j
usted performance measure
31.1
5.7
Reconciliation of reported statutory measures to the Group\u2018s segment analysis
2023 20221
Unallocated Central Unallocated Central
operating corporate Continuing Discontinued operating corporate Continuing Discontinued
EMEA Americas APAC expenses costs operations operationsTotal EMEA Americas APAC expensescosts operations operationsTotal
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operatin
g
profit/(loss)
Reported statutory measure
50.7
12.5
(1.7)
(39.0)
(11.6)
10.9
(0.4)
10.5
47.3
18.9
3.9
(58.3)
(23.1)
(11.3)
(137.1)
(148.4)
Ad
j
ustin
g
items
Note 2
(0.8)
1.5
3.4
16.9
\u2013
21.0
\u2013
21.0
1.4
0.5
\u2013
24.1
\u2013
26.0
\u2013
26.0
Amortisation of acquired
intangible assets
4.0
5.5
1.8
\u2013
\u2013
11.3
\u2013
11.3
2.6
5.9
1.9
\u2013
\u2013
10.4
189.2
199.6
Ad
j
usted operatin
g
Ad
j
usted performance
profit/(loss)
measure
53.9
19.5
3.5
(22.1)
(11.6)
43.2
(0.4)
42.8
51.3
25.3
5.8
(34.2)
(23.1)
25.1
52.1
77.2
323Notes: 1 Following the disposal of the Packaging and Filters businesses during the year ended 31 December 2022, the Group has changed its segment analysis from a divisional to a geographical basis, and therefore this note has been re-presented.2 Includes \u00a313.7m of operating expenses that were allocated previously to discontinued operations. 3 Discontinued operations includes \u00a3nil (2022: \u00a36.5m) of intangible amortisation and \u00a3nil (2022: \u00a3182.7m) relating to impairments.Net (debt)/funding surplusNet (debt)/funding surplus is defined as cash and cash equivalents (including short-termliquid investments) and derivatives against hedging placement loans, net of lease liabilitiesand interest bearing loans and borrowings. It is a measure that provides additionalinformation on the Group\u2019s financial position.
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
Reported statutory measure
59.7
421.4
Debt liabilities
Note 14
(95.5)
(293.0)
Lease liabilities
Note 19
(30.9)
(22.9)
Derivative financial instruments hed
g
in
g
placement loans
Note 15
4.2
8.3
Net (debt)/fundin
g
surplus
Ad
j
usted performance measure
(62.5)
113.8
Reconciliation to the Group\u2018s adjusted operating cash \ufb02ow measureAdjusted operating cash flow from continuing operations is presented to exclude the impactof tax, adjusting items, interest and other items not impacting operating profit. Net capitalexpenditure is included in this measure as management regards investment in operationalassets (tangible and intangible) as integral to the underlying cash generation capability ofthe Group, except amounts relating to adjusting items.
2023 2022
\u00a3m \u00a3m
Net cash inflow from operatin
g
activities
Reported statutory measure
29.5
64.0
Ad
j
usted for: net cash inflow/(outflow) from
discontinued operations
Note 24
3.8
(59.7)
Operatin
g
net cash inflow from continuin
g
activities
33.3
4.3
Cash outflow from ad
j
ustin
g
items
Note 2
23.6
23.7
Net tax paid on continuin
g
operations
4.5
5.0
Net capex expenditure on continuin
g
operations Note 1
(13.2)
(12.8)
Ad
j
usted operatin
g
cash inflow from
continuing operations
Adjusted performance measure
48.2
20.2
2023 2022
\u00a3m \u00a3m
Ad
j
ustin
g
operatin
g
profit from continuin
g
operations
Adjusted performance measure
43.2
25.1
Depreciation of property, plant and equipment
Note 2
11.1
13.9
Lease ri
g
ht-of-use asset depreciation
Note 2
5.9
5.6
Amortisation of non-acquired intan
g
ible assets
Note 2
2.9
2.7
Share option expense
Note 5
1.4
1.4
Other non-cash items
(0.5)
(1.5)
Workin
g
capital movements
(2.6)
(14.2)
Net capital expenditure
(13.2)
(12.8)
Ad
j
usted operatin
g
cash inflow from
continuing operations
Adjusted performance measure
48.2
20.2
Reconciliation of cash flows from ad
j
ustin
g
items:
Ad
j
ustin
g
items
Note 2
21.0
26.0
Non-cash expenses/credits in ad
j
ustin
g
items
2
Note 2
(5.9)
(2.0)
Cash ad
j
ustment for pension contributions
Note 2
1.9
\u2013
Cash outflow on ad
j
ustin
g
items reco
g
nised
in the year
Adjusted performance measure
17.0
24.0
Utilisation of prior year end acquired accruals
and provisions
Note 2,17
6.6
(0.3)
Cash outflow from ad
j
ustin
g
items
Ad
j
usted performance measure
23.6
23.7
1
Notes:
1 Other non-cash items comprise impairment of fixed assets \u00a3nil (2022: \u00a30.5m), outflow from hedging activities and other movements
\u00a30.5m (2022: \u00a31.1m outflow), movement in provisions \u00a3nil (2022: \u00a30.1m) less movement due to hyperinflation \u00a3nil (2022 \u00a33.2m).
2 Non-cash expenses/credits in adjusting items includes \u00a33.7m (2022: \u00a3nil) investment property impairment, \u00a33.4m (2022: \u00a3nil) impairment
of non-current assets following impairment review less \u00a31.3m (2022: add \u00a32.0m) other non-cash movements in adjusting items.
", "dimensions": { "concept": "essentraplc:DisclosureOfAdjustedPerformanceMeasures", "language": "en", "entity": "scheme:5493007MOZNA03BVNE96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }