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"value": "1. ACCOUNTING POLICIES Basis of preparation The consolidated financial statements comprise the results of the Company, a public company limited by shares, incorporated in England and Wales, and its subsidiary undertakings, together with the Group\u2019s share of the results of its associates and joint arrangements. The Company\u2019s registered number is 3236483 and its registered address is 121 Winterstoke Road, Bristol, BS3 2LL. The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d). The financial statements have been prepared under the historical cost convention except where fair value measurement is required under IFRS as described below in the accounting policies on financial instruments, and on a going concern basis. The consolidated financial statements are presented in pounds sterling, the presentation currency of the Group, and the functional currency of the Company. All values are rounded to the nearest one million (\u00a31 million) except where otherwise indicated. Alternative performance measures Information on Alternative Performance Measures (APMs) is presented within the Supplementary Information section of this document. Basis for going concern The Group\u2019s policy is to ensure that we always have sufficient capital markets funding and committed bank facilities in place to meet foreseeable peak borrowing requirements. The Group recognises uncertainty of the external environment. During the period of the COVID-19 pandemic as well as during ongoing period of political uncertainty with regard to Ukraine and Russia, the Group effectively managed operations across the world, and has proved it has an established mechanism to operate efficiently despite uncertainty. The Directors consider that a one- off discrete event with immediate cash outflow is of greatest concern to the short-term liquidity of the Group. The Directors have assessed the emerging and principal risks of the business, including stress testing a range of different scenarios that may affect the business. These included scenarios which examined the implications of: \u2022 A one-off discrete event resulting in immediate cash outflow such as unexpected duty and tax payments, and/or other legal and regulatory risks materialising, of c.\u00a3500m. \u2022 A rapid and lasting deterioration to the Group\u2019s profitability because markets become closed to tobacco products or there are sustained failures to our tobacco manufacturing and supply chains. These assumed a permanent reduction in profitability of 15 per cent from 1 October 2023. The scenario planning also considered mitigation actions including reductions to capital expenditure, dividend payments and share buyback programme. There are additional actions that were not modelled but could be taken including other cost mitigations such as staff redundancies, working capital management, retrenchment of leases, and discussions with lenders about capital structure. Under the reverse stress test scenario, after considering mitigation actions including reductions of capital expenditure, dividend payments and share buyback programme, we have modelled that a 38% EBITDA reduction would lead the Group to have sufficient headroom until April 2024. The Group believes this reverse stress test scenario to be remote given the relatively small impact on our trading performance and bad debt levels during the COVID-19 pandemic, as well as the current political situation in Ukraine. In this scenario Group would implement a number of mitigating actions including revoking the uncommitted dividend, pausing the share buyback and reducing discretionary spend such as capex. Based on its review of future cash flows covering the period through to November 2024, and having assessed the principal risks facing the Group, the Board is of the opinion that the Group as a whole and Imperial Brands PLC have adequate resources to meet their operational needs from the date of this report through to 30 November 2024 and concludes that it is appropriate to prepare the financial statements on a going concern basis. Imperial Brands PLC (the Company) provides guarantees to a number of subsidiaries under section 479A of the Companies Act 2006, whereby the subsidiaries, incorporated in the UK and Ireland, are exempt from the requirements of the Act relating to the audit of individual accounts for the financial year ending 30 September 2023. See note VIII Guarantees of the Imperial Brands PLC financial statements for further details. The principal accounting policies, which have been applied consistently other than where new policies (detailed below) have been adopted, are set out below. Basis of consolidation Subsidiaries are those entities controlled by the Group. Control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where necessary, accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Group. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets is recorded as goodwill. Intragroup transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless costs cannot be recovered. Joint ventures The Group applies IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The financial statements of joint ventures are included in the Group financial statements using the equity accounting method, with the Group\u2019s share of net assets included as a single line item entitled \"Investments accounted for using the equity method\". In the same way, the Group\u2019s share of earnings is presented in the consolidated income statement below operating profit entitled \"Share of profit of investments accounted for using the equity method\". Foreign currency Items included in the financial statements of each Group company are measured using the currency of the primary economic environment in which the company operates (the functional currency). The income and cash flow statements of Group companies using non-sterling functional currencies are translated to sterling (the Group\u2019s presentational currency) at average rates of exchange in each period. Assets and liabilities of these companies are translated at rates of exchange ruling at the balance sheet date. The differences between retained profits and losses translated at average and closing rates are taken to reserves, as are differences arising on the retranslation of the net assets at the beginning of the year. Transactions in currencies other than a company\u2019s functional currency are initially recorded at the exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at exchange rates ruling at the balance sheet date of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement with exchange differences arising on trading transactions being reported in operating profit, and those arising on financing transactions being reported in net finance costs unless as a result of net investment hedging they are reported in other comprehensive income. The Group designates as net investment hedges certain external borrowings and derivatives up to the value of the net assets of Group companies that use non-sterling functional currencies after deducting permanent intercompany loans. Gains or losses on these hedges that are regarded as highly effective are transferred to other comprehensive income, where they offset gains or losses on translation of the net investments that are recorded in equity, in the exchange translation reserve. The Group\u2019s financial results are principally exposed to euro and US dollar exchange rates, which are detailed in the table below. 2023 2022 Foreign exchange rate versus GBP Closing rate Average rate Closing rate Average rate Euro 1.1545 1.1487 1.1325 1.1807 US dollar 1.2214 1.2264 1.1040 1.2813 Hyperinflation The Turkish economy was designated hyperinflationary from April 2022. The Group has applied IAS 29 Financial Reporting in Hyperinflationary Economies to its Turkish operations with effect from 1 October 2021. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the comparative figures for the year ended 30 September 2022 have not been modified. The adjustments required by IAS 29 are set out below. \u2022 Adjustment of historical cost non-monetary assets and liabilities from their date of initial recognition to the balance sheet date (1 October 2021) to reflect the changes in purchasing power of the currency caused by inflation, as measured by the official Consumer Price Index (CPI) published by the Turkish Statistical Institute (TurkStat). \u2022 Adjustment of the components of the income statement and cash flow statement for the inflation index since their generation, with a balancing entry in the income statement and a reconciling item in the cash flow statement, respectively. \u2022 Adjustment of the income statement to reflect the impact of inflation on holding monetary assets and liabilities in local currency and where necessary. \u2022 The financial statements of the Group\u2019s Turkish operations have been translated into sterling at the closing exchange rate at 30 September 2023. \u2022 The impact of adjustments to non-monetary assets recognising inflation from the adoption date to the closing balance sheet date, on translation into sterling at the closing balance sheet rate has been recognised within other comprehensive income. The TurkStat CPI index was 1,691.04 at 30 September 2023 (1,046.89 at 30 September 2022 and 570.66 at 30 September 2021). The inflation index for the year is therefore 1.6153 (2022: 1.8345). The Turkish economy has been designated hyperinflationary since April 2022, but the impact on the Group\u2019s results remains immaterial. Revenue recognition For the Tobacco & Next Generation Products (Tobacco & NGP) business, revenue comprises the invoiced value for the sale of goods net of sales taxes, rebates and discounts. Revenue is based on the completion of performance obligations that constitute the delivery of goods. The performance obligation is recognised as complete at the point in time when a Group company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is reasonably assured. The distribution business also recognises revenue associated with logistics services, recognised on the basis of the invoiced value for the provision of these services net of sales taxes, rebates and discounts. The performance obligations associated with distribution services, which include fees for distributing certain third-party products, are linked to the successful distribution of products for customers. The Group recognises income arising from the licensing of intellectual property, occurring in the ordinary course of business, which is treated as revenue. Licensing revenue will be recognised over the period of the licence. The licences granted are distinct from other promises in the contract. For the Distribution business, revenue comprises the invoiced value for the sale of goods and services net of sales taxes, rebates and discounts when goods have been delivered or distribution services have been provided. The Distribution business only recognises commission revenue on purchase and sale transactions in which it acts as a commission agent. Distribution and marketing commissions are included in revenue. Revenue is recognised on products on consignment when these are sold by the consignee. Payments are made to both direct and indirect customers for rebates, discounts and other promotional activities. Direct customers are those to which the Group supplies goods or services. Indirect customers are other entities within the supply chain to the end consumer. Rebates and discounts are deducted from revenue. Where the contract with customers has an entitlement to variable consideration due to the existence of retrospective rebates and discounts, revenue is estimated based on the amount of consideration expected to be received. This estimation is a determination of the most likely amount to be received using all known factors including historic experience. Typically there is a high degree of certainty over the amount of retrospective rebates/discounts paid due to relatively low year-on-year variations in the volume and pattern of product sales. As the provision of distribution services typically involves product delivery tasks undertaken in a short period of time, revenue and any associated rebates and discounts relating to these services do not normally span an accounting year end. Payments for promotional activities will also be deducted from revenue where the payments relate to goods or service that are closely related to or indistinct from associated sales of goods or services to that customer. The calculated costs are accrued and accounted for as incurred and matched as a deduction from the associated revenues (i.e. excluded from revenues reported in the Group\u2019s consolidated income statement). Duty and similar items Duty and similar items includes duty and levies having the characteristics of duty. In countries where duty is a production tax, duty is included in revenue and in cost of sales in the consolidated income statement. Duty is regarded as a sales tax and excluded from revenue where: \u2022 duty becomes payable to the tax authority when the goods are sold; \u2022 there is an obligation to change the sales price when a change in the rate of duty is imposed; and \u2022 there is a requirement to identify the duty separately on sales information such as invoices. Payments made in the USA under the Master Settlement Agreement are recognised in other cost of sales, for further disclosure see note 29 contingent liabilities. Taxes Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions where we operate using management\u2019s estimate of the most likely outcome. Where management determines that a greater than 50% probability exists that the tax authorities would accept the position taken in the tax return, amounts are recognised in the consolidated financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability or asset based on either: management\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability weighted average approach. The Group recognises interest on late paid taxes as part of financing costs. The Group recognises penalties, if applicable, as part of administrative and other expenses. Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except if it arises from the initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted at the balance sheet date, and are expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. Dividends Final dividends are recognised as a liability in the period in which the dividends are approved by shareholders, whereas interim dividends are recognised in the period in which the dividends are paid. Intangible assets \u2013 goodwill Goodwill represents the excess of value transferred to the seller in return for control of the acquired business together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated income statement and cannot be subsequently reversed. If any negative goodwill arises this is recognised immediately in the income statement. For the purpose of impairment testing, goodwill is allocated to groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Intangible assets \u2013 other Other intangible assets are initially recognised in the consolidated balance sheet at historical cost unless they are acquired as part of a business combination, in which case they are initially recognised at fair value. They are shown in the balance sheet at historical cost less accumulated amortisation and impairment. The Group does not operate a revaluation model and therefore assets are not subject to ongoing revaluations. These assets consist mainly of acquired trademarks, intellectual property, product development, concessions and rights, acquired customer relationships and computer software. The Davidoff cigarette trademark is considered by the Directors to have an indefinite life based on the fact that it is an established international brand with global potential. Trademarks with indefinite lives are not amortised but are reviewed annually for impairment. The carrying value of Davidoff is subject to an annual impairment review under the requirements of IAS 36 as the Group does not currently foresee a limit to the period over which the asset is expected to generate net cash inflows. The most recent assessment indicates that the carrying value is not impaired. Intellectual property (including trademarks), product development, supply agreements (including customer relationships) and computer software are amortised over their estimated useful lives as follows: Intellectual property Intellectual property 5 \u2013 30 years straight line Supply agreements 3 \u2013 15 years straight line Software 3 \u2013 10 years straight line Product development 3 \u2013 10 years straight line Property, plant and equipment Property, plant and equipment are recognised in the consolidated balance sheet at historical cost or at their initial fair value where they are acquired as part of an acquisition, subject to depreciation or impairment. The Group does not operate a revaluation model and therefore assets are not subject to ongoing revaluations. Land is not depreciated. Depreciation is provided on other property, plant and equipment so as to write down the initial cost of each asset to its residual value over its estimated useful life as follows: Property up to 50 years straight line Plant and equipment 2 \u2013 20 years straight line/ reducing balance Fixtures and motor vehicles 2 \u2013 15 years straight line The assets\u2019 residual values and useful lives are reviewed and, if appropriate, adjusted at each balance sheet date. Financial instruments and hedging Receivables held under a hold to collect business model are stated at amortised cost. Receivables held under a hold to sell business model, which are expected to be sold via a non-recourse factoring arrangement are separately classified as fair value through profit or loss, within trade and other receivables. The calculation of impairment provisions is subject to an expected credit loss model, involving a prediction of future credit losses based on past loss patterns. The revised approach involves the recognition of provisions relating to potential future impairments, in addition to impairments that have already occurred. The expected credit loss approach involves modelling of historic loss rates, and consideration of the level of future credit risk. Expected loss rates are then applied to the gross receivables balance to calculate the impairment provision. Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. The Group transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The Group does not transact derivative financial instruments for trading purposes. Derivative financial instruments are initially recorded at fair value plus any directly attributable transaction costs. Derivative financial assets and liabilities are included in the consolidated balance sheet at fair value, and include accrued interest receivable and payable where relevant. However, as the Group has decided (as permitted under IFRS 9) not to cash flow or fair value hedge account for its derivative financial instruments, changes in fair values are recognised in the consolidated income statement in the period in which they arise unless the derivative qualifies and has been designated as a net investment hedging instrument in which case the changes in fair values, attributable to foreign exchange, are recognised in other comprehensive income. Collateral transferred under the terms and conditions of collateral appendix documents in respect of certain derivatives are netted off the carrying value of those derivatives in the consolidated balance sheet. Right of use assets The Group has lease contracts relating to property and other assets (which predominantly relates to motor vehicles). The Group recognises right of use assets, at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right of use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right of use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments which depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Lease payments include the exercise of purchase options if determined reasonably certain to be exercised and termination payments if the lease term reflects the exercise of an option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate, defined as the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment, at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accumulation of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight line basis over the lease term in cost of sales or distribution, advertising and selling costs. Short term leases, leases of low value assets and practical expedients applied The Group has applied a number of practical expedients permitted by IFRS 16. These include; \u2022 the exclusion of leases where the lease term ends within 12 months of the commencement of the lease or date of initial application; and \u2022 the exclusion of leases of low value assets, defined as those of less than US$5,000. IFRS 16 was applied using the modified retrospective method, to contracts that were previously identified as operating leases in accordance with IAS 17 and IFRIC 4. The Group has elected to; \u2022 apply hindsight in determining the lease term if the contract contains options to extend or terminate the lease; \u2022 exclude initial direct costs from the measurement of the right of use asset; and \u2022 use a single discount rate to a portfolio of leases with reasonably similar characteristics. These elections were only applied on transition to IFRS 16 and have not been applied to new leases following adoption of the standard. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first in first out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Inventory is considered for obsolescence or other impairment issues and an associated provision is booked where necessary. Leaf tobacco inventory which has an operating cycle that exceeds 12 months is classified as a current asset, consistent with recognised industry practice. Provisions A provision is recognised in the consolidated balance sheet when the Group has a legal or constructive obligation as a result of a past event, it is more likely than not that an outflow of resources will be required to settle that obligation, and a reliable estimate of the amount can be made. A provision for restructuring is recognised when the Group has approved a detailed formal restructuring plan, and the restructuring has either commenced or has been publicly announced, and it is more likely than not that the plan will be implemented, and the amount required to settle any obligations arising can be reliably estimated. Future operating losses are not provided for. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Contingent liabilities Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Group. Contingent liabilities are not recognised, only disclosed, unless the possibility of a future outflow of resources is considered remote, or where a disclosure would seriously prejudice the position of the Group. Retirement benefit schemes For defined benefit schemes, the amount recognised in the consolidated balance sheet is the difference between the present value of the defined benefit obligation at the balance sheet date and the fair value of the scheme assets to the extent that they are demonstrably recoverable either by refund or a reduction in future contributions. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. The service cost of providing retirement benefits to employees during the year is charged to operating profit. Past service costs are recognised immediately in operating profit, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time. All actuarial gains and losses, including differences between actual and expected returns on assets and differences that arise as a result of changes in actuarial assumptions, are recognised immediately in full in the statement of comprehensive income for the period in which they arise. An interest charge is made in the income statement by applying the rate used to discount the defined benefit obligations to the net defined benefit liability of the schemes. For defined contribution schemes, contributions are recognised as an employee benefit expense when they are due. Share-based payments The Group applies the requirements of IFRS 2 Share-Based Payment Transactions to both equity-settled and cash-settled share-based employee compensation schemes. The majority of the Group\u2019s schemes are equity-settled. Equity-settled share-based payments are measured at fair value at the date of grant and are expensed over the vesting period, based on the number of instruments that are expected to vest. For plans where vesting conditions are based on total shareholder returns, the fair value at the date of grant reflects these conditions. Earnings per share and net revenue vesting conditions are reflected in the estimate of awards that will eventually vest. For cash-settled share-based payments, a liability equal to the portion of the services received is recognised at its current fair value at each balance sheet date. Where applicable the Group recognises the impact of revisions to original estimates in the consolidated income statement, with a corresponding adjustment to equity for equity-settled schemes and current liabilities for cash-settled schemes. Fair values are measured using appropriate valuation models, taking into account the terms and conditions of the awards. The Group funds the purchase of shares to satisfy rights to shares arising under share-based employee compensation schemes. Shares acquired to satisfy those rights are held in Employee Share Ownership Trusts. On consolidation, these shares are accounted for as a deduction from equity attributable to owners of the parent. When the rights are exercised, equity is increased by the amount of any proceeds received by the Employee Share Ownership Trusts. Treasury shares When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted on consolidation from equity attributable to owners of the parent until the shares are reissued or disposed of. When such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, increases equity attributable to owners of the parent. When such shares are cancelled they are transferred to the capital redemption reserve. Where the Group enters into a contract with a third party that contains an obligation to re-purchase its own shares for cash or another financial asset; a financial liability is recognised for the present value of the redemption amount. One example is an obligation under a forward contract to re-purchase shares in Imperial Brands PLC for cash. The financial liability is recognised initially at the present value of the redemption amount, and is reclassified from equity. Subsequently, the financial liability is measured in accordance with IFRS 9, and is revalued at subsequent reporting points as appropriate. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity. New accounting standards The following amendments to the accounting standards, issued by the IASB or International Financial Reporting Standards Interpretations Committee (IFRS IC) and endorsed for use in the UK, have been adopted by the Group from 1 October 2022 with no impact on the Group\u2019s consolidated results, financial position or disclosures: \u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two model rules. (The Group has applied the mandatory exception under IAS 12 in relation to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.) New accounting standards and interpretations not yet in issue There are also a number of other amendments and clarifications to IFRS, effective in future years, none of which are expected to significantly impact the Group\u2019s consolidated results or financial position. 2. ACCOUNTING ESTIMATES AND JUDGEMENTS The Group makes estimates and judgements associated with accounting entries which will be affected by future events. Estimates and judgements are continually evaluated based on historical experience, and other factors, including current information that helps form a forward-looking view of expected future outcomes. Estimates involve the determination of the quantum of accounting balances to be recognised. Judgements typically involve decisions such as whether to recognise an asset or liability. The actual amounts recognised in the future may deviate from these estimates and judgements. Estimates Significant estimates Companies are required to state whether estimates have a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. We have reviewed the items below where estimation uncertainty exists. While a number of these areas do involve estimation of the carrying value of assets or liabilities that are potentially significant within the context of the financial statement. The Group considers the probability of a significant risk of material adjustment to be low. None of these estimates are expected to present a material adjustment to the carrying amount of assets and liabilities in the next financial year. Therefore, no significant estimates are required to be disclosed. Other estimates Other estimates involve other uncertainties, such as those carrying lower risk, which have a smaller potential impact or would be expected to crystallise over a longer timeframe than a significant estimate. These items, listed below, are only disclosed where this provides material relevant information. Determination of useful economic life of intangible assets For non-goodwill intangible assets, there is a need to estimate the useful economical life of each asset. This includes determining whether the asset has an indefinite useful economic life, or not. The Davidoff trademark has a significant market share and positive cash flow growth expectations. There are no regulatory or contractual restrictions on the use of this trademark, and there are no plans to significantly redirect resources elsewhere which would reduce the value of this asset. Consequently, in the view of management, the Davidoff trademark does not have a foreseeable and definite end to its ability to generate future cash flows and hence it is not amortised. The carrying value of Davidoff is subject to an annual impairment review under the requirements of IAS 36. The most recent assessment indicates that the carrying value is not impaired. Amortisation and impairment of intangible assets For non-indefinite life assets, which are amortised, the useful economic life and recoverable amounts are estimated based upon the expectation of the time period during which an intangible asset will support future cash flows, and the quantum of those cash flows. Due to estimation uncertainties the useful economic lives and associated amortisation rates have to be reviewed and revised where necessary. In addition, where there are indications that the current carrying value of an intangible asset is greater than its recoverable amount, an impairment to the carrying value of the asset may be required. Factors considered important that could trigger an impairment review of intangible assets include the following: \u2022 significant underperformance relative to historical or projected future operating results; \u2022 significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and \u2022 significant negative industry or economic trends. The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the Group\u2019s accounting estimates in relation to intangible assets can affect the amounts reported in the financial statements, especially the estimates of the expected useful economic lives and the carrying values of those assets. If business conditions significantly change it is possible that materially different amounts could be reported in the Group\u2019s financial statements in future periods. Indefinite life intangible assets, including goodwill, are subject to annual impairment testing where an assessment of the carrying value of the asset against its recoverable amount is undertaken. There are long term uncertainties associated with estimating the value of the recoverable amount, particularly with regard to long term cash flow growth rates which are influenced by the future size and shape of the tobacco sector. While long term growth rates currently used in impairment assessments are based on current best estimates of future performance, there may be changes in these assumptions when conducting impairment tests in subsequent years. Details of goodwill and intangible asset impairment assessments are included in note 11. Corporate income taxes Where tax liabilities have been judged to exist, estimation is often required to determine the potential future tax payments. The Group is subject to tax in numerous jurisdictions and significant judgement is required in determining the provision for tax. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognises provisions for tax based on estimates of the taxes that are likely to become due. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the current income tax and deferred tax provisions in the period in which such determination is made. Consideration of the valuation estimates related to tax provisions is given in note 7 to these financial statements. Other legal proceedings and disputes Where a liability is determined there can be a degree of estimation of the potential level of damages expected. Key areas of estimation uncertainty include consideration as to the expected future amount to be paid out in the event the claim succeeds. In some situations where a probability risk calculation is required to determine the amount of an associated provision, both the quantum of future payments and the probability of those payments crystallising needs to be considered, both factors having a degree of uncertainty. More detail as to the considered position of these claims is given in note 24 and note 29 of the financial statements. To the extent that the Group\u2019s assessments at any time do not reflect subsequent developments or the eventual outcome of any claim, its future financial statements may be materially affected, with a favourable or adverse impact upon the Group\u2019s operating profit, financial position and liquidity. Restructuring provisions The Group holds restructuring provisions where appropriate in respect of estimated future economic outflows which arise due to past events. Estimates are based on information available at the balance sheet date. Actual outflows may not occur as anticipated, and estimates may prove to be incorrect, leading to further charges or releases of provisions as circumstances dictate. These provisions cover the cost of factory closures, scaling down of capacity and other structural changes to the business. These programmes are run as discrete projects with controls over the expected costs and the associated accounting impacts. The calculation of restructuring provisions includes estimation challenges relating to asset remediation costs, the valuation of disposals and termination costs. More details relating to the estimates associated with these restructuring programmes can be found in notes 5 and 24. udgements Paragraph 122 of IAS 1 requires disclosure of judgements made by management in applying an entity\u2019s accounting policies, other than those relating to estimation uncertainty. Paragraph 125 of IAS 1 requires more wide-ranging disclosures of judgements that depend on management assumptions about the future, and other major sources of estimation uncertainty (\"significant judgements\"). Corporate income taxes Judgement is involved in determining whether the Group is subject to a tax liability or not in line with tax law. The Group is subject to income tax in numerous jurisdictions and significant judgement is required in determining whether there is a liability requiring a provision for tax. Recognition of tax liabilities in situations where there is uncertainty is based on precedent in similar tax cases and external advice as to whether challenges by tax authorities are likely to result in future tax payments being made. The recognition of a tax liability involves consideration of the probability of tax authorities accepting the position taken in the tax return and there is therefore some uncertainty. Deferred tax assets Deferred tax assets are recognised for deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the temporary differences, losses and credits can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The Group has determined that it cannot recognise deferred tax assets on the temporary differences, tax losses and tax credits carried forward for certain subsidiaries. Further details of the estimates related to deferred taxes are given in note 22 to these financial statements. Legal proceedings and disputes The Group reviews outstanding legal cases following developments in the legal proceedings at each balance sheet date, considering the nature of the litigation, claim or assessment; the legal processes and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought; the progress of the case (including progress after the date of the financial statements but before those statements are issued); the opinions or views of legal counsel and other advisers; experience of similar cases; and any decision of the Group\u2019s management as to how it will respond to the litigation, claim or assessment. Judgement is required as to whether a liability exists. A provision will only be recognised where it is probable that the Group will be required to settle a claim. Control of Logista A key judgement relates to whether the Group has effective control of Logista sufficient that the Group can consolidate this entity within its Group accounts in line with the requirements of IFRS 10 Consolidated Financial Statements. The Group holds 50.01% of the voting shares. The Group has reviewed its control of Logista and that it is appropriate to consolidate this entity in line with the requirements of IFRS 10 Consolidated Financial Statements. The Group continues to have Director presence on the Board of Logista, representing 5 out of 12 Directors. The Group has powers to control as set out in the Relationship Framework Agreement which specifies certain areas of operation reserved for shareholder approval and through these measures the Group is able to exercise control of Logista. The Group has therefore concluded that it continues to be appropriate to recognise Logista as a fully consolidated subsidiary. Climate change The Group has a designated program to manage and mitigate climate-related risks. The effect of climate change is not considered to have a material effect on the estimates in the financial statements. Governmental and societal responses to climate change risks are still developing and consequently financial statements cannot capture all possible future outcomes as these are not yet known or don\u2019t have sufficient certainty to be taken into account when determining asset and liability valuations and the timing of future cash flows under the requirements of UK-adopted International Accounting Standards. Please refer to the following sections for further discussion on the impact of climate change relating to going concern assumptions in note 1, intangible assets impairment assumptions in note 11 and recoverability of deferred tax assets in note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-493": {
"value": "Basis of preparation The consolidated financial statements comprise the results of the Company, a public company limited by shares, incorporated in England and Wales, and its subsidiary undertakings, together with the Group\u2019s share of the results of its associates and joint arrangements. The Company\u2019s registered number is 3236483 and its registered address is 121 Winterstoke Road, Bristol, BS3 2LL. The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d). The financial statements have been prepared under the historical cost convention except where fair value measurement is required under IFRS as described below in the accounting policies on financial instruments, and on a going concern basis. The consolidated financial statements are presented in pounds sterling, the presentation currency of the Group, and the functional currency of the Company. All values are rounded to the nearest one million (\u00a31 million) except where otherwise indicated. Alternative performance measures Information on Alternative Performance Measures (APMs) is presented within the Supplementary Information section of this document.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-2": {
"value": " public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-491": {
"value": "England and Wales, and its subsidiary undertakings, together with ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-3": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-4": {
"value": "121 Winterstoke Road, Bristol, BS3 2LL",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-547": {
"value": "The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d). The financial statements have been prepared under the historical cost convention except where fair value measurement is required under IFRS as described below in the accounting policies on financial instruments, and on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-548": {
"value": "The consolidated financial statements are presented in pounds sterling, the presentation currency of the Group, and the functional currency of the Company. All values are rounded to the nearest one million (\u00a31 million) except where otherwise indicated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-495": {
"value": "Basis for going concern The Group\u2019s policy is to ensure that we always have sufficient capital markets funding and committed bank facilities in place to meet foreseeable peak borrowing requirements. The Group recognises uncertainty of the external environment. During the period of the COVID-19 pandemic as well as during ongoing period of political uncertainty with regard to Ukraine and Russia, the Group effectively managed operations across the world, and has proved it has an established mechanism to operate efficiently despite uncertainty. The Directors consider that a one- off discrete event with immediate cash outflow is of greatest concern to the short-term liquidity of the Group. The Directors have assessed the emerging and principal risks of the business, including stress testing a range of different scenarios that may affect the business. These included scenarios which examined the implications of: \u2022 A one-off discrete event resulting in immediate cash outflow such as unexpected duty and tax payments, and/or other legal and regulatory risks materialising, of c.\u00a3500m. \u2022 A rapid and lasting deterioration to the Group\u2019s profitability because markets become closed to tobacco products or there are sustained failures to our tobacco manufacturing and supply chains. These assumed a permanent reduction in profitability of 15 per cent from 1 October 2023. The scenario planning also considered mitigation actions including reductions to capital expenditure, dividend payments and share buyback programme. There are additional actions that were not modelled but could be taken including other cost mitigations such as staff redundancies, working capital management, retrenchment of leases, and discussions with lenders about capital structure. Under the reverse stress test scenario, after considering mitigation actions including reductions of capital expenditure, dividend payments and share buyback programme, we have modelled that a 38% EBITDA reduction would lead the Group to have sufficient headroom until April 2024. The Group believes this reverse stress test scenario to be remote given the relatively small impact on our trading performance and bad debt levels during the COVID-19 pandemic, as well as the current political situation in Ukraine. In this scenario Group would implement a number of mitigating actions including revoking the uncommitted dividend, pausing the share buyback and reducing discretionary spend such as capex. Based on its review of future cash flows covering the period through to November 2024, and having assessed the principal risks facing the Group, the Board is of the opinion that the Group as a whole and Imperial Brands PLC have adequate resources to meet their operational needs from the date of this report through to 30 November 2024 and concludes that it is appropriate to prepare the financial statements on a going concern basis. Imperial Brands PLC (the Company) provides guarantees to a number of subsidiaries under section 479A of the Companies Act 2006, whereby the subsidiaries, incorporated in the UK and Ireland, are exempt from the requirements of the Act relating to the audit of individual accounts for the financial year ending 30 September 2023. See note VIII Guarantees of the Imperial Brands PLC financial statements for further details. The principal accounting policies, which have been applied consistently other than where new policies (detailed below) have been adopted, are set out below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-494": {
"value": "Imperial Brands PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-496": {
"value": "Basis of consolidation Subsidiaries are those entities controlled by the Group. Control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where necessary, accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Group. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets is recorded as goodwill. Intragroup transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless costs cannot be recovered. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-497": {
"value": "Joint ventures The Group applies IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The financial statements of joint ventures are included in the Group financial statements using the equity accounting method, with the Group\u2019s share of net assets included as a single line item entitled \"Investments accounted for using the equity method\". In the same way, the Group\u2019s share of earnings is presented in the consolidated income statement below operating profit entitled \"Share of profit of investments accounted for using the equity method\". ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-498": {
"value": "Foreign currency Items included in the financial statements of each Group company are measured using the currency of the primary economic environment in which the company operates (the functional currency). The income and cash flow statements of Group companies using non-sterling functional currencies are translated to sterling (the Group\u2019s presentational currency) at average rates of exchange in each period. Assets and liabilities of these companies are translated at rates of exchange ruling at the balance sheet date. The differences between retained profits and losses translated at average and closing rates are taken to reserves, as are differences arising on the retranslation of the net assets at the beginning of the year. Transactions in currencies other than a company\u2019s functional currency are initially recorded at the exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at exchange rates ruling at the balance sheet date of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement with exchange differences arising on trading transactions being reported in operating profit, and those arising on financing transactions being reported in net finance costs unless as a result of net investment hedging they are reported in other comprehensive income. The Group designates as net investment hedges certain external borrowings and derivatives up to the value of the net assets of Group companies that use non-sterling functional currencies after deducting permanent intercompany loans. Gains or losses on these hedges that are regarded as highly effective are transferred to other comprehensive income, where they offset gains or losses on translation of the net investments that are recorded in equity, in the exchange translation reserve. The Group\u2019s financial results are principally exposed to euro and US dollar exchange rates, which are detailed in the table below. 2023 2022 Foreign exchange rate versus GBP Closing rate Average rate Closing rate Average rate Euro 1.1545 1.1487 1.1325 1.1807 US dollar 1.2214 1.2264 1.1040 1.2813 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-499": {
"value": "Hyperinflation The Turkish economy was designated hyperinflationary from April 2022. The Group has applied IAS 29 Financial Reporting in Hyperinflationary Economies to its Turkish operations with effect from 1 October 2021. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the comparative figures for the year ended 30 September 2022 have not been modified. The adjustments required by IAS 29 are set out below. \u2022 Adjustment of historical cost non-monetary assets and liabilities from their date of initial recognition to the balance sheet date (1 October 2021) to reflect the changes in purchasing power of the currency caused by inflation, as measured by the official Consumer Price Index (CPI) published by the Turkish Statistical Institute (TurkStat). \u2022 Adjustment of the components of the income statement and cash flow statement for the inflation index since their generation, with a balancing entry in the income statement and a reconciling item in the cash flow statement, respectively. \u2022 Adjustment of the income statement to reflect the impact of inflation on holding monetary assets and liabilities in local currency and where necessary. \u2022 The financial statements of the Group\u2019s Turkish operations have been translated into sterling at the closing exchange rate at 30 September 2023. \u2022 The impact of adjustments to non-monetary assets recognising inflation from the adoption date to the closing balance sheet date, on translation into sterling at the closing balance sheet rate has been recognised within other comprehensive income. The TurkStat CPI index was 1,691.04 at 30 September 2023 (1,046.89 at 30 September 2022 and 570.66 at 30 September 2021). The inflation index for the year is therefore 1.6153 (2022: 1.8345). The Turkish economy has been designated hyperinflationary since April 2022, but the impact on the Group\u2019s results remains immaterial. ",
"dimensions": {
"concept": "imperialbrandsplc:DescriptionOfAccountingPolicyForHyperinflation",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-500": {
"value": "Revenue recognition
For the Tobacco & Next Generation Products (Tobacco & NGP)
business, revenue comprises the invoiced value for the sale of
goods net of sales taxes, rebates and discounts. Revenue is based
on the completion of performance obligations that constitute the
delivery of goods. The performance obligation is recognised as
complete at the point in time when a Group company has
delivered products to the customer, the customer has accepted the
products and collectability of the related receivables is reasonably
assured. The distribution business also recognises revenue
associated with logistics services, recognised on the basis of the
invoiced value for the provision of these services net of sales taxes,
rebates and discounts. The performance obligations associated
with distribution services, which include fees for distributing
certain third-party products, are linked to the successful
distribution of products for customers.
The Group recognises income arising from the licensing of
intellectual property, occurring in the ordinary course of business,
which is treated as revenue. Licensing revenue will be recognised
over the period of the licence. The licences granted are distinct
from other promises in the contract.
For the Distribution business, revenue comprises the invoiced
value for the sale of goods and services net of sales taxes, rebates
and discounts when goods have been delivered or distribution
services have been provided. The Distribution business only
recognises commission revenue on purchase and sale
transactions in which it acts as a commission agent. Distribution
and marketing commissions are included in revenue. Revenue is
recognised on products on consignment when these are sold by
the consignee.
Payments are made to both direct and indirect customers for rebates,
discounts and other promotional activities. Direct customers are
those to which the Group supplies goods or services. Indirect
customers are other entities within the supply chain to the end
consumer. Rebates and discounts are deducted from revenue.
Where the contract with customers has an entitlement to variable
consideration due to the existence of retrospective rebates and
discounts, revenue is estimated based on the amount of
consideration expected to be received. This estimation is a
determination of the most likely amount to be received using
all known factors including historic experience. Typically there
is a high degree of certainty over the amount of retrospective
rebates/discounts paid due to relatively low year-on-year
variations in the volume and pattern of product sales. As the
provision of distribution services typically involves product
delivery tasks undertaken in a short period of time, revenue and
any associated rebates and discounts relating to these services
do not normally span an accounting year end.
Payments for promotional activities will also be deducted from
revenue where the payments relate to goods or service that are
closely related to or indistinct from associated sales of goods or
services to that customer. The calculated costs are accrued and
accounted for as incurred and matched as a deduction from the
associated revenues (i.e. excluded from revenues reported in the
Group\u2019s consolidated income statement).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-501": {
"value": "Duty and similar items Duty and similar items includes duty and levies having the characteristics of duty. In countries where duty is a production tax, duty is included in revenue and in cost of sales in the consolidated income statement. Duty is regarded as a sales tax and excluded from revenue where: \u2022 duty becomes payable to the tax authority when the goods are sold; \u2022 there is an obligation to change the sales price when a change in the rate of duty is imposed; and \u2022 there is a requirement to identify the duty separately on sales information such as invoices. Payments made in the USA under the Master Settlement Agreement are recognised in other cost of sales, for further disclosure see note 29 contingent liabilities. ",
"dimensions": {
"concept": "imperialbrandsplc:DescriptionOfAccountingPolicyForDutyAndSimilarItems",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-502": {
"value": "Taxes Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions where we operate using management\u2019s estimate of the most likely outcome. Where management determines that a greater than 50% probability exists that the tax authorities would accept the position taken in the tax return, amounts are recognised in the consolidated financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability or asset based on either: management\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability weighted average approach. The Group recognises interest on late paid taxes as part of financing costs. The Group recognises penalties, if applicable, as part of administrative and other expenses. Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except if it arises from the initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted at the balance sheet date, and are expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-549": {
"value": "Taxes Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions where we operate using management\u2019s estimate of the most likely outcome. Where management determines that a greater than 50% probability exists that the tax authorities would accept the position taken in the tax return, amounts are recognised in the consolidated financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability or asset based on either: management\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability weighted average approach. The Group recognises interest on late paid taxes as part of financing costs. The Group recognises penalties, if applicable, as part of administrative and other expenses. Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except if it arises from the initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted at the balance sheet date, and are expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-503": {
"value": "Dividends Final dividends are recognised as a liability in the period in which the dividends are approved by shareholders, whereas interim dividends are recognised in the period in which the dividends are paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-504": {
"value": "Intangible assets \u2013 goodwill Goodwill represents the excess of value transferred to the seller in return for control of the acquired business together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated income statement and cannot be subsequently reversed. If any negative goodwill arises this is recognised immediately in the income statement. For the purpose of impairment testing, goodwill is allocated to groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Intangible assets \u2013 other Other intangible assets are initially recognised in the consolidated balance sheet at historical cost unless they are acquired as part of a business combination, in which case they are initially recognised at fair value. They are shown in the balance sheet at historical cost less accumulated amortisation and impairment. The Group does not operate a revaluation model and therefore assets are not subject to ongoing revaluations. These assets consist mainly of acquired trademarks, intellectual property, product development, concessions and rights, acquired customer relationships and computer software. The Davidoff cigarette trademark is considered by the Directors to have an indefinite life based on the fact that it is an established international brand with global potential. Trademarks with indefinite lives are not amortised but are reviewed annually for impairment. The carrying value of Davidoff is subject to an annual impairment review under the requirements of IAS 36 as the Group does not currently foresee a limit to the period over which the asset is expected to generate net cash inflows. The most recent assessment indicates that the carrying value is not impaired. Intellectual property (including trademarks), product development, supply agreements (including customer relationships) and computer software are amortised over their estimated useful lives as follows: Intellectual property Intellectual property 5 \u2013 30 years straight line Supply agreements 3 \u2013 15 years straight line Software 3 \u2013 10 years straight line Product development 3 \u2013 10 years straight line",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-550": {
"value": "Intangible assets \u2013 goodwill Goodwill represents the excess of value transferred to the seller in return for control of the acquired business together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated income statement and cannot be subsequently reversed. If any negative goodwill arises this is recognised immediately in the income statement. For the purpose of impairment testing, goodwill is allocated to groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-551": {
"value": "Intangible assets \u2013 other Other intangible assets are initially recognised in the consolidated balance sheet at historical cost unless they are acquired as part of a business combination, in which case they are initially recognised at fair value. They are shown in the balance sheet at historical cost less accumulated amortisation and impairment. The Group does not operate a revaluation model and therefore assets are not subject to ongoing revaluations. These assets consist mainly of acquired trademarks, intellectual property, product development, concessions and rights, acquired customer relationships and computer software. The Davidoff cigarette trademark is considered by the Directors to have an indefinite life based on the fact that it is an established international brand with global potential. Trademarks with indefinite lives are not amortised but are reviewed annually for impairment. The carrying value of Davidoff is subject to an annual impairment review under the requirements of IAS 36 as the Group does not currently foresee a limit to the period over which the asset is expected to generate net cash inflows. The most recent assessment indicates that the carrying value is not impaired. Intellectual property (including trademarks), product development, supply agreements (including customer relationships) and computer software are amortised over their estimated useful lives as follows: Intellectual property Intellectual property 5 \u2013 30 years straight line Supply agreements 3 \u2013 15 years straight line Software 3 \u2013 10 years straight line Product development 3 \u2013 10 years straight line ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-505": {
"value": "Property, plant and equipment Property, plant and equipment are recognised in the consolidated balance sheet at historical cost or at their initial fair value where they are acquired as part of an acquisition, subject to depreciation or impairment. The Group does not operate a revaluation model and therefore assets are not subject to ongoing revaluations. Land is not depreciated. Depreciation is provided on other property, plant and equipment so as to write down the initial cost of each asset to its residual value over its estimated useful life as follows: Property up to 50 years straight line Plant and equipment 2 \u2013 20 years straight line/ reducing balance Fixtures and motor vehicles 2 \u2013 15 years straight line The assets\u2019 residual values and useful lives are reviewed and, if appropriate, adjusted at each balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-506": {
"value": "Financial instruments and hedging Receivables held under a hold to collect business model are stated at amortised cost. Receivables held under a hold to sell business model, which are expected to be sold via a non-recourse factoring arrangement are separately classified as fair value through profit or loss, within trade and other receivables. The calculation of impairment provisions is subject to an expected credit loss model, involving a prediction of future credit losses based on past loss patterns. The revised approach involves the recognition of provisions relating to potential future impairments, in addition to impairments that have already occurred. The expected credit loss approach involves modelling of historic loss rates, and consideration of the level of future credit risk. Expected loss rates are then applied to the gross receivables balance to calculate the impairment provision. Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. The Group transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The Group does not transact derivative financial instruments for trading purposes. Derivative financial instruments are initially recorded at fair value plus any directly attributable transaction costs. Derivative financial assets and liabilities are included in the consolidated balance sheet at fair value, and include accrued interest receivable and payable where relevant. However, as the Group has decided (as permitted under IFRS 9) not to cash flow or fair value hedge account for its derivative financial instruments, changes in fair values are recognised in the consolidated income statement in the period in which they arise unless the derivative qualifies and has been designated as a net investment hedging instrument in which case the changes in fair values, attributable to foreign exchange, are recognised in other comprehensive income. Collateral transferred under the terms and conditions of collateral appendix documents in respect of certain derivatives are netted off the carrying value of those derivatives in the consolidated balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-552": {
"value": "Financial instruments and hedging Receivables held under a hold to collect business model are stated at amortised cost. Receivables held under a hold to sell business model, which are expected to be sold via a non-recourse factoring arrangement are separately classified as fair value through profit or loss, within trade and other receivables. The calculation of impairment provisions is subject to an expected credit loss model, involving a prediction of future credit losses based on past loss patterns. The revised approach involves the recognition of provisions relating to potential future impairments, in addition to impairments that have already occurred. The expected credit loss approach involves modelling of historic loss rates, and consideration of the level of future credit risk. Expected loss rates are then applied to the gross receivables balance to calculate the impairment provision. Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. The Group transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The Group does not transact derivative financial instruments for trading purposes. Derivative financial instruments are initially recorded at fair value plus any directly attributable transaction costs. Derivative financial assets and liabilities are included in the consolidated balance sheet at fair value, and include accrued interest receivable and payable where relevant. However, as the Group has decided (as permitted under IFRS 9) not to cash flow or fair value hedge account for its derivative financial instruments, changes in fair values are recognised in the consolidated income statement in the period in which they arise unless the derivative qualifies and has been designated as a net investment hedging instrument in which case the changes in fair values, attributable to foreign exchange, are recognised in other comprehensive income. Collateral transferred under the terms and conditions of collateral appendix documents in respect of certain derivatives are netted off the carrying value of those derivatives in the consolidated balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-569": {
"value": "Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-571": {
"value": "The Group transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The Group does not transact derivative financial instruments for trading purposes. Derivative financial instruments are initially recorded at fair value plus any directly attributable transaction costs. Derivative financial assets and liabilities are included in the consolidated balance sheet at fair value, and include accrued interest receivable and payable where relevant. However, as the Group has decided (as permitted under IFRS 9) not to cash flow or fair value hedge account for its derivative financial instruments, changes in fair values are recognised in the consolidated income statement in the period in which they arise unless the derivative qualifies and has been designated as a net investment hedging instrument in which case the changes in fair values, attributable to foreign exchange, are recognised in other comprehensive income. Collateral transferred under the terms and conditions of collateral appendix documents in respect of certain derivatives are netted off the carrying value of those derivatives in the consolidated balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-568": {
"value": "The Group transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The Group does not transact derivative financial instruments for trading purposes. Derivative financial instruments are initially recorded at fair value plus any directly attributable transaction costs. Derivative financial assets and liabilities are included in the consolidated balance sheet at fair value, and include accrued interest receivable and payable where relevant. However, as the Group has decided (as permitted under IFRS 9) not to cash flow or fair value hedge account for its derivative financial instruments, changes in fair values are recognised in the consolidated income statement in the period in which they arise unless the derivative qualifies and has been designated as a net investment hedging instrument in which case the changes in fair values, attributable to foreign exchange, are recognised in other comprehensive income. Collateral transferred under the terms and conditions of collateral appendix documents in respect of certain derivatives are netted off the carrying value of those derivatives in the consolidated balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-507": {
"value": "Right of use assets The Group has lease contracts relating to property and other assets (which predominantly relates to motor vehicles). The Group recognises right of use assets, at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right of use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right of use assets are subject to impairment. ",
"dimensions": {
"concept": "imperialbrandsplc:DescriptionOfAccountingPolicyForRightOfUseAssets",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-508": {
"value": "Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments which depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Lease payments include the exercise of purchase options if determined reasonably certain to be exercised and termination payments if the lease term reflects the exercise of an option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate, defined as the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment, at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accumulation of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight line basis over the lease term in cost of sales or distribution, advertising and selling costs. Short term leases, leases of low value assets and practical expedients applied The Group has applied a number of practical expedients permitted by IFRS 16. These include; \u2022 the exclusion of leases where the lease term ends within 12 months of the commencement of the lease or date of initial application; and \u2022 the exclusion of leases of low value assets, defined as those of less than US$5,000. IFRS 16 was applied using the modified retrospective method, to contracts that were previously identified as operating leases in accordance with IAS 17 and IFRIC 4. The Group has elected to; \u2022 apply hindsight in determining the lease term if the contract contains options to extend or terminate the lease; \u2022 exclude initial direct costs from the measurement of the right of use asset; and \u2022 use a single discount rate to a portfolio of leases with reasonably similar characteristics. These elections were only applied on transition to IFRS 16 and have not been applied to new leases following adoption of the standard. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-509": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first in first out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Inventory is considered for obsolescence or other impairment issues and an associated provision is booked where necessary. Leaf tobacco inventory which has an operating cycle that exceeds 12 months is classified as a current asset, consistent with recognised industry practice. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-510": {
"value": "Provisions A provision is recognised in the consolidated balance sheet when the Group has a legal or constructive obligation as a result of a past event, it is more likely than not that an outflow of resources will be required to settle that obligation, and a reliable estimate of the amount can be made. A provision for restructuring is recognised when the Group has approved a detailed formal restructuring plan, and the restructuring has either commenced or has been publicly announced, and it is more likely than not that the plan will be implemented, and the amount required to settle any obligations arising can be reliably estimated. Future operating losses are not provided for. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-511": {
"value": "Contingent liabilities Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Group. Contingent liabilities are not recognised, only disclosed, unless the possibility of a future outflow of resources is considered remote, or where a disclosure would seriously prejudice the position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-512": {
"value": "Retirement benefit schemes For defined benefit schemes, the amount recognised in the consolidated balance sheet is the difference between the present value of the defined benefit obligation at the balance sheet date and the fair value of the scheme assets to the extent that they are demonstrably recoverable either by refund or a reduction in future contributions. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. The service cost of providing retirement benefits to employees during the year is charged to operating profit. Past service costs are recognised immediately in operating profit, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time. All actuarial gains and losses, including differences between actual and expected returns on assets and differences that arise as a result of changes in actuarial assumptions, are recognised immediately in full in the statement of comprehensive income for the period in which they arise. An interest charge is made in the income statement by applying the rate used to discount the defined benefit obligations to the net defined benefit liability of the schemes. For defined contribution schemes, contributions are recognised as an employee benefit expense when they are due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-513": {
"value": "Share-based payments The Group applies the requirements of IFRS 2 Share-Based Payment Transactions to both equity-settled and cash-settled share-based employee compensation schemes. The majority of the Group\u2019s schemes are equity-settled. Equity-settled share-based payments are measured at fair value at the date of grant and are expensed over the vesting period, based on the number of instruments that are expected to vest. For plans where vesting conditions are based on total shareholder returns, the fair value at the date of grant reflects these conditions. Earnings per share and net revenue vesting conditions are reflected in the estimate of awards that will eventually vest. For cash-settled share-based payments, a liability equal to the portion of the services received is recognised at its current fair value at each balance sheet date. Where applicable the Group recognises the impact of revisions to original estimates in the consolidated income statement, with a corresponding adjustment to equity for equity-settled schemes and current liabilities for cash-settled schemes. Fair values are measured using appropriate valuation models, taking into account the terms and conditions of the awards. The Group funds the purchase of shares to satisfy rights to shares arising under share-based employee compensation schemes. Shares acquired to satisfy those rights are held in Employee Share Ownership Trusts. On consolidation, these shares are accounted for as a deduction from equity attributable to owners of the parent. When the rights are exercised, equity is increased by the amount of any proceeds received by the Employee Share Ownership Trusts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-514": {
"value": "Treasury shares When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted on consolidation from equity attributable to owners of the parent until the shares are reissued or disposed of. When such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, increases equity attributable to owners of the parent. When such shares are cancelled they are transferred to the capital redemption reserve. Where the Group enters into a contract with a third party that contains an obligation to re-purchase its own shares for cash or another financial asset; a financial liability is recognised for the present value of the redemption amount. One example is an obligation under a forward contract to re-purchase shares in Imperial Brands PLC for cash. The financial liability is recognised initially at the present value of the redemption amount, and is reclassified from equity. Subsequently, the financial liability is measured in accordance with IFRS 9, and is revalued at subsequent reporting points as appropriate. If the contract expires without delivery, the carrying amount of the financial liability is reclassified to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-515": {
"value": "New accounting standards The following amendments to the accounting standards, issued by the IASB or International Financial Reporting Standards Interpretations Committee (IFRS IC) and endorsed for use in the UK, have been adopted by the Group from 1 October 2022 with no impact on the Group\u2019s consolidated results, financial position or disclosures: \u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two model rules. (The Group has applied the mandatory exception under IAS 12 in relation to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.) New accounting standards and interpretations not yet in issue There are also a number of other amendments and clarifications to IFRS, effective in future years, none of which are expected to significantly impact the Group\u2019s consolidated results or financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-553": {
"value": "New accounting standards The following amendments to the accounting standards, issued by the IASB or International Financial Reporting Standards Interpretations Committee (IFRS IC) and endorsed for use in the UK, have been adopted by the Group from 1 October 2022 with no impact on the Group\u2019s consolidated results, financial position or disclosures: \u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two model rules. (The Group has applied the mandatory exception under IAS 12 in relation to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-554": {
"value": "New accounting standards and interpretations not yet in issue There are also a number of other amendments and clarifications to IFRS, effective in future years, none of which are expected to significantly impact the Group\u2019s consolidated results or financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-516": {
"value": "2. ACCOUNTING ESTIMATES AND JUDGEMENTS The Group makes estimates and judgements associated with accounting entries which will be affected by future events. Estimates and judgements are continually evaluated based on historical experience, and other factors, including current information that helps form a forward-looking view of expected future outcomes. Estimates involve the determination of the quantum of accounting balances to be recognised. Judgements typically involve decisions such as whether to recognise an asset or liability. The actual amounts recognised in the future may deviate from these estimates and judgements. Estimates Significant estimates Companies are required to state whether estimates have a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. We have reviewed the items below where estimation uncertainty exists. While a number of these areas do involve estimation of the carrying value of assets or liabilities that are potentially significant within the context of the financial statement. The Group considers the probability of a significant risk of material adjustment to be low. None of these estimates are expected to present a material adjustment to the carrying amount of assets and liabilities in the next financial year. Therefore, no significant estimates are required to be disclosed. Other estimates Other estimates involve other uncertainties, such as those carrying lower risk, which have a smaller potential impact or would be expected to crystallise over a longer timeframe than a significant estimate. These items, listed below, are only disclosed where this provides material relevant information. Determination of useful economic life of intangible assets For non-goodwill intangible assets, there is a need to estimate the useful economical life of each asset. This includes determining whether the asset has an indefinite useful economic life, or not. The Davidoff trademark has a significant market share and positive cash flow growth expectations. There are no regulatory or contractual restrictions on the use of this trademark, and there are no plans to significantly redirect resources elsewhere which would reduce the value of this asset. Consequently, in the view of management, the Davidoff trademark does not have a foreseeable and definite end to its ability to generate future cash flows and hence it is not amortised. The carrying value of Davidoff is subject to an annual impairment review under the requirements of IAS 36. The most recent assessment indicates that the carrying value is not impaired. Amortisation and impairment of intangible assets For non-indefinite life assets, which are amortised, the useful economic life and recoverable amounts are estimated based upon the expectation of the time period during which an intangible asset will support future cash flows, and the quantum of those cash flows. Due to estimation uncertainties the useful economic lives and associated amortisation rates have to be reviewed and revised where necessary. In addition, where there are indications that the current carrying value of an intangible asset is greater than its recoverable amount, an impairment to the carrying value of the asset may be required. Factors considered important that could trigger an impairment review of intangible assets include the following: \u2022 significant underperformance relative to historical or projected future operating results; \u2022 significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and \u2022 significant negative industry or economic trends. The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the Group\u2019s accounting estimates in relation to intangible assets can affect the amounts reported in the financial statements, especially the estimates of the expected useful economic lives and the carrying values of those assets. If business conditions significantly change it is possible that materially different amounts could be reported in the Group\u2019s financial statements in future periods. Indefinite life intangible assets, including goodwill, are subject to annual impairment testing where an assessment of the carrying value of the asset against its recoverable amount is undertaken. There are long term uncertainties associated with estimating the value of the recoverable amount, particularly with regard to long term cash flow growth rates which are influenced by the future size and shape of the tobacco sector. While long term growth rates currently used in impairment assessments are based on current best estimates of future performance, there may be changes in these assumptions when conducting impairment tests in subsequent years. Details of goodwill and intangible asset impairment assessments are included in note 11. Corporate income taxes Where tax liabilities have been judged to exist, estimation is often required to determine the potential future tax payments. The Group is subject to tax in numerous jurisdictions and significant judgement is required in determining the provision for tax. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognises provisions for tax based on estimates of the taxes that are likely to become due. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the current income tax and deferred tax provisions in the period in which such determination is made. Consideration of the valuation estimates related to tax provisions is given in note 7 to these financial statements. Other legal proceedings and disputes Where a liability is determined there can be a degree of estimation of the potential level of damages expected. Key areas of estimation uncertainty include consideration as to the expected future amount to be paid out in the event the claim succeeds. In some situations where a probability risk calculation is required to determine the amount of an associated provision, both the quantum of future payments and the probability of those payments crystallising needs to be considered, both factors having a degree of uncertainty. More detail as to the considered position of these claims is given in note 24 and note 29 of the financial statements. To the extent that the Group\u2019s assessments at any time do not reflect subsequent developments or the eventual outcome of any claim, its future financial statements may be materially affected, with a favourable or adverse impact upon the Group\u2019s operating profit, financial position and liquidity. Restructuring provisions The Group holds restructuring provisions where appropriate in respect of estimated future economic outflows which arise due to past events. Estimates are based on information available at the balance sheet date. Actual outflows may not occur as anticipated, and estimates may prove to be incorrect, leading to further charges or releases of provisions as circumstances dictate. These provisions cover the cost of factory closures, scaling down of capacity and other structural changes to the business. These programmes are run as discrete projects with controls over the expected costs and the associated accounting impacts. The calculation of restructuring provisions includes estimation challenges relating to asset remediation costs, the valuation of disposals and termination costs. More details relating to the estimates associated with these restructuring programmes can be found in notes 5 and 24. Judgements Paragraph 122 of IAS 1 requires disclosure of judgements made by management in applying an entity\u2019s accounting policies, other than those relating to estimation uncertainty. Paragraph 125 of IAS 1 requires more wide-ranging disclosures of judgements that depend on management assumptions about the future, and other major sources of estimation uncertainty (\"significant judgements\"). Corporate income taxes Judgement is involved in determining whether the Group is subject to a tax liability or not in line with tax law. The Group is subject to income tax in numerous jurisdictions and significant judgement is required in determining whether there is a liability requiring a provision for tax. Recognition of tax liabilities in situations where there is uncertainty is based on precedent in similar tax cases and external advice as to whether challenges by tax authorities are likely to result in future tax payments being made. The recognition of a tax liability involves consideration of the probability of tax authorities accepting the position taken in the tax return and there is therefore some uncertainty. Deferred tax assets Deferred tax assets are recognised for deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the temporary differences, losses and credits can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The Group has determined that it cannot recognise deferred tax assets on the temporary differences, tax losses and tax credits carried forward for certain subsidiaries. Further details of the estimates related to deferred taxes are given in note 22 to these financial statements. Legal proceedings and disputes The Group reviews outstanding legal cases following developments in the legal proceedings at each balance sheet date, considering the nature of the litigation, claim or assessment; the legal processes and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought; the progress of the case (including progress after the date of the financial statements but before those statements are issued); the opinions or views of legal counsel and other advisers; experience of similar cases; and any decision of the Group\u2019s management as to how it will respond to the litigation, claim or assessment. Judgement is required as to whether a liability exists. A provision will only be recognised where it is probable that the Group will be required to settle a claim. Control of Logista A key judgement relates to whether the Group has effective control of Logista sufficient that the Group can consolidate this entity within its Group accounts in line with the requirements of IFRS 10 Consolidated Financial Statements. The Group holds 50.01% of the voting shares. The Group has reviewed its control of Logista and that it is appropriate to consolidate this entity in line with the requirements of IFRS 10 Consolidated Financial Statements. The Group continues to have Director presence on the Board of Logista, representing 5 out of 12 Directors. The Group has powers to control as set out in the Relationship Framework Agreement which specifies certain areas of operation reserved for shareholder approval and through these measures the Group is able to exercise control of Logista. The Group has therefore concluded that it continues to be appropriate to recognise Logista as a fully consolidated subsidiary. Climate change The Group has a designated program to manage and mitigate climate-related risks. The effect of climate change is not considered to have a material effect on the estimates in the financial statements. Governmental and societal responses to climate change risks are still developing and consequently financial statements cannot capture all possible future outcomes as these are not yet known or don\u2019t have sufficient certainty to be taken into account when determining asset and liability valuations and the timing of future cash flows under the requirements of UK-adopted International Accounting Standards. Please refer to the following sections for further discussion on the impact of climate change relating to going concern assumptions in note 1, intangible assets impairment assumptions in note 11 and recoverability of deferred tax assets in note 22. ",
"dimensions": {
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"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-517": {
"value": "3. SEGMENT INFORMATION
Imperial Brands comprises two distinct businesses \u2013 Tobacco & NGP and Distribution. The Tobacco & NGP business comprises the
manufacture, marketing and sale of Tobacco & NGP and Tobacco & NGP-related products, including sales to (but not by) the Distribution
business. The Distribution business comprises the distribution of Tobacco & NGP products for Tobacco & NGP product manufacturers,
including Imperial Brands, as well as a wide range of non-Tobacco & NGP products and services. The Distribution business is run on an
operationally neutral basis ensuring all customers are treated equally, and consequently transactions between the Tobacco & NGP and
Distribution businesses are undertaken on an arm\u2019s length basis reflecting market prices for comparable goods and services.
On 1 October 2022 the Group reorganised the structure of the Europe and AAA regions. The Central and Eastern Europe cluster, which
includes operations in Poland, Czech Republic, Ukraine, Slovakia, Hungary, Azerbaijan, Armenia, Georgia and Slovenia, moved from the
Europe region to the AAA region. The AAA region has been re-named AAACE. The managerial and internal reporting structures of the
regions have been revised to reflect the new structure. Following the introduction of these changes we have revised our segmental
reporting as required under IFRS 8. The comparative figures below have been restated accordingly
The function of the Chief Operating Decision Maker (defined in IFRS 8), which is to review performance and allocate resources, is performed
by the Board and the Chief Executive, who are regularly provided with information on the Group's segments. This information is used as the
basis of the segment revenue and profit disclosures provided below. The main profit measure used by the Board and the Chief Executive is
adjusted operating profit. Segment balance sheet information is not provided to the Board or the Chief Executive.
The Group's reportable segments are Europe, Americas, Africa, Asia, Australasia and Central and Eastern Europe (AAACE) and Distribution.
Operating segments are comprised of geographical groupings of business markets. The main Tobacco & NGP business markets within the
Europe, Americas and AAACE reportable segments are:
Europe \u2013 United Kingdom, Germany, Spain, France, Italy, Greece, Sweden, Norway, Belgium and the Netherlands.
Americas \u2013 United States.
AAACE \u2013 Australia, Japan, Saudi Arabia, Taiwan, Poland, Czech Republic, Ukraine, Slovakia, Hungary, Slovenia and our African markets
including Algeria and Morocco.
Tobacco & NGP
2023
2022
\u00a3 million unless otherwise indicated Tobacco NGP
Tobacco &
NGP
Tobacco NGP
Tobacco &
NGP
Revenue 22,114
299
22,413
23,232
224
23,456
Net revenue 7,747
265
8,012
7,585
208
7,793
Operating profit/(loss) 3,262
(156)
3,106
2,599
(127)
2,472
Adjusted operating profit
3,583
3,441
Adjusted operating margin %
44.7
44.2
Distribution
\u00a3 million unless otherwise indicated 2023 2022
Revenue 10,819
9,756
Distribution gross profit 1,466
1,046
Operating profit 298
212
Adjusted operating profit
306
254
Adjusted operating margin % 20.9
24.3
Revenue
2023
2022
(restated)
Total
revenue
External
revenue
Total
revenue
External
revenue
\u00a3 million
Tobacco & NGP
Europe 11,749
10,992
12,052
11,391
3,700
3,700
3,756
3,756
AAACE 6,964
6,964
7,648
7,648
Total Tobacco & NGP 22,413
21,656
23,456
22,795
Distribution 10,819
10,819
9,756
9,756
Eliminations (757)
\u2013
(661)
\u2013
Total Group 32,475
32,475
32,551
32,551
The eliminations all relate to Tobacco & NGP sales to Distribution.
Tobacco & NGP net revenue
2023
2022
(restated)
\u00a3 million
Tobacco NGP Total Tobacco NGP Total
3,020
220
3,240
2,883
156
3,039
Americas
2,778
34
2,812
2,784
42
2,826
AAACE
1,949
11
1,960
1,918
10
1,928
Total Tobacco & NGP
7,747
265
8,012
7,585
208
7,793
Adjusted operating profit and reconciliation to profit before tax
\u00a3 million 2023
2022
(restated)
Tobacco & NGP
Europe 1,482
1,447
Americas 1,257
1,179
AAACE 844
815
Total Tobacco & NGP 3,583
3,441
Distribution 306
254
Eliminations (2)
(1)
Adjusted operating profit 3,887
3,694
Russia, Ukraine and associated markets \u2013 Tobacco & NGP (4)
(399)
Amortisation and impairment of acquired intangibles \u2013 Tobacco & NGP
(339)
(323)
Amortisation of acquired intangibles \u2013 Distribution (8)
(26)
Restructuring costs \u2013 Tobacco & NGP \u2013
(197)
Fair value adjustment and impairment of other financial assets \u2013 Tobacco & NGP (36)
(37)
Loss on disposal of subsidiaries \u2013 Tobacco & NGP
(1)
(13)
Loss on disposal of subsidiaries \u2013 Distribution \u2013
(16)
Acquisition and disposal costs \u2013 Tobacco & NGP \u2013
(5)
Excise tax provision \u2013 Tobacco & NGP \u2013
9
Charges related to legal provisions \u2013 Tobacco & NGP (85)
\u2013
Structural changes to defined benefit pension schemes \u2013 Tobacco & NGP (12)
(4)
Operating profit 3,402
2,683
Net finance costs (298)
(117)
Share of profit/(loss) of investments accounted for using the equity method 7
(15)
Profit before tax 3,111
2,551
Other information
2023
2022
(restated)
\u00a3 million
Additions
to property,
plant and
equipment
Depreciation
and
software
amortisation
Additions
to property,
plant and
equipment
Depreciation
and
software
amortisation
Tobacco & NGP
Europe 69
79
44
76
36
20
31
25
AAACE 46
41
41
52
Total Tobacco & NGP 151
140
116
153
Distribution 40
41
29
32
Total Group 191 181
145
185
Additional geographic analysis
External revenue and non-current assets are presented for individually significant countries. The geographical analysis is based on country
of origin. The Group\u2019s products are sold in over 120 countries.
2023
2022
(restated)
\u00a3 million
External
revenue
Non-current
assets
External
revenue
Non-current
assets
UK 3,926
148 4,286
149
Germany 4,142 3,245 4,238
3,280
France 3,428 2,350 3,215
2,371
3,657
5,646 3,726
6,430
Other 17,322 7,553 17,086
7,490
Total Group 32,475
18,942 32,551
19,720
Non-current assets comprise intangible assets, property, plant and equipment, right of use assets and investments accounted for using the
equity method. Note the comparative figure has been restated to include right of use assets.
",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-518": {
"value": "4. PROFIT BEFORE TAX
Profit before tax is stated after charging/(crediting):
\u00a3 million 2023 2022
Raw materials and consumables used 773 857
Changes in inventories of finished goods \u2013 Tobacco & NGP 2,630 2,660
Changes in inventories of finished goods \u2013 Distribution 7,994 7,350
Depreciation and impairment of fixed assets 153
235
Amortisation and impairment of intangible assets and investments in associates 394 406
Acquisition and disposal costs \u2013
5
Expenses relating to short-term leases 4
3
Expenses relating to low value asset leases 1
2
Depreciation and impairment of right of use assets 85
74
Net foreign exchange (gains)/losses (11)
75
Write down of inventories 40
20
Profit on disposal of non-current assets 39
\u2013
Write back of trade receivables (5)
(3)
Analysis of fees payables to Ernst & Young LLP and its associates
\u00a3 million 2023 2022
Parent Company and consolidated financial statements 2.7
2.2
The Company\u2019s subsidiaries 6.1
5.6
Total audit fees 8.8
7.8
Audit-related assurance services 0.5
0.4
Total audit-related fees 9.3
8.2
Other assurance services 0.5
0.6
0.5
0.6
Total auditor\u2019s remuneration
9.8
8.8
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-555": {
"value": "Analysis of fees payables to Ernst & Young LLP and its associates \u00a3 million 2023 2022 Parent Company and consolidated financial statements 2.7 2.2 The Company\u2019s subsidiaries 6.1 5.6 Total audit fees 8.8 7.8 Audit-related assurance services 0.5 0.4 Total audit-related fees 9.3 8.2 Other assurance services 0.5 0.6 Total non-audit fees 0.5 0.6 Total auditor\u2019s remuneration 9.8 8.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-519": {
"value": "5. RESTRUCTURING COSTS \u00a3 million 2023 2022 Employment related \u2013 103 Asset impairments \u2013 70 Other charges \u2013 24 \u2013 197 Analysed by workstream: 2023 2022 \u00a3 million Costs Cash spend Cumulative cash spend Costs Cash spend Cumulative cash spend 2021 Strategic review programme \u2013 61 165 197 56 104 Other \u2013 37 1,276 \u2013 35 1,239 \u2013 98 1,441 197 91 1,343 Restructuring projects involve significant one-off costs that are incurred in integrating acquired businesses and in major rationalisation and optimisation initiatives together with their related tax effects. As these projects are not part of business as usual, any costs incurred are classified as restructuring costs and are included within administrative and other expenses in the consolidated income statement and treated as adjusting items. No accounting charges are now expected to be recognised in relation to historic restructuring programmes, however there remains some ongoing cash costs to be incurred which are not expected to be in excess of existing provisions. ",
"dimensions": {
"concept": "imperialbrandsplc:DisclosureOfRestructuringCosts",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-520": {
"value": "6. DIRECTORS AND EMPLOYEES
Employment costs
\u00a3 million 2023 2022
Wages and salaries 882
642
Social security costs 186
142
Other pension costs (note 23) 41
64
Share-based payments (note 26) 31
29
1,140
877
Operating executive (excluding executive directors)
\u00a3 million 2023 2022
Base salary 4.7 4.3
Benefits 0.9 0.7
Pension salary supplement
0.7 0.7
Bonus 4.8 5.3
Termination payments 2.1 5.8
LTIP annual vesting
1
7.8 1.5
21.0 18.3
1. Share plans vesting represent the value of LTIP awards (inclusive of Recruitment Awards) where the performance periods ends in the year.
Note: aggregate remuneration paid to or receivable by Executive directors, Non-Executive Directors and members of the Operating Executive for qualifying services in accordance with IAS 24,
which includes National Insurance and similar charges was \u00a339,323,966 (2022: \u00a331,671,710).
Key management compensation
1
\u00a3 million 2023 2022
Short term employee benefits 17.0
17.6
Post-employment benefits \u2013
0.1
Termination payments 2.1
5.7
Share based payments (in accordance with IAS 24) 15.0
3.6
34.1
27.0
1. Key management includes Directors, members of the Executive Committee and the Company Secretary.
Details of Directors' emoluments and interests, and of key management compensation which represent related-party transactions requiring disclosure under IAS 24, are provided within the
Directors' Remuneration Report. The Directors' Remuneration Report, on pages 142-163 includes details on salary, benefits, pension and share plans. These disclosures form part of the
financial statements.
Number of people employed by the group during the year
2023 2022
At 30
September
Average
At 30
September
Average
Tobacco & NGP 18,800 19,100
19,900
22,600
Distribution 6,400
6,400
5,800
6,000
25,200
25,500
25,700
28,600
Number of people employed by the group by location during the year
2023 2022
At 30
September
Average
At 30
September
Average
UK and European Union 12,200
11,900
14,000
14,200
Americas 4,700
5,100
5,700
7,800
Rest of the World 8,300
8,500
6,000
6,600
25,200
25,500
25,700
28,600
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-556": {
"value": "Key management compensation 1 \u00a3 million 2023 2022 Short term employee benefits 17.0 17.6 Post-employment benefits \u2013 0.1 Termination payments 2.1 5.7 Share based payments (in accordance with IAS 24) 15.0 3.6 34.1 27.0 1. Key management includes Directors, members of the Executive Committee and the Company Secretary. Details of Directors' emoluments and interests, and of key management compensation which represent related-party transactions requiring disclosure under IAS 24, are provided within the Directors' Remuneration Report. The Directors' Remuneration Report, on pages 142-163 includes details on salary, benefits, pension and share plans. These disclosures form part of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-521": {
"value": "7. TAX The major components of income tax expense for the years ended 30 September 2023 and 2022 are: \u00a3 million 2023 2022 UK current tax Current year (credited)/charged to the consolidated income statement (55) 217 Current year charged/(credited) to consolidated other comprehensive income 115 (158) Total current year UK current tax 60 59 Adjustments in respect of prior years charged to the consolidated income statement 15 149 Total UK current tax 75 208 Overseas current tax Current year charged to the consolidated income statement 620 670 Total current year overseas current tax 620 670 Adjustments in respect of prior years charged/(credited) to the consolidated income statement 233 (116) Total overseas current tax 853 554 Total current tax charged to the consolidated statement of other comprehensive income 928 762 \u00a3 million 2023 2022 UK current tax Current year (55) 217 Adjustments in respect of prior years 15 149 Overseas current tax Current year 620 670 Adjustments in respect of prior years 233 (116) Total current tax 813 920 Deferred tax Relating to origination and reversal of temporary differences (158) (34) Total tax charged to the consolidated income statement 655 886 \u00a3 million 2023 2022 Tax related to items recognised in consolidated other comprehensive income during the year: Current tax on hedge of net investment and quasi-equity loans 115 (148) Current tax on actuarial gains and losses \u2013 (10) Total current tax 115 (158) Deferred tax on actuarial gains and losses (135) 52 Deferred tax on hyperinflation adjustment 1 3 Total deferred tax (134) 55 Total tax credited to consolidated other comprehensive income (19) (103) \u00a3 million 2023 2022 Tax related to items recognised in equity during the year: Deferred tax on share-based payments (1) (2) Total tax credited to equity (1) (2) Factors affecting the tax charge for the year The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the average UK corporation tax rate of 22.0% (2022: 19.0%) as follows: \u00a3 million 2023 2022 Profit before tax 3,111 2,551 Tax at the UK corporation tax rate of 22.0% (2022: 19.0%) 684 484 Tax effects of: Differences in effective tax rates on overseas earnings 24 118 Movement in provision for uncertain tax positions 211 (78) Remeasurement of deferred tax balances arising from changes in tax rates \u2013 4 Remeasurement of previously recognised deferred tax assets (6) (1) Increase in unrecognised deferred tax assets 1 14 Deferred tax on unremitted earnings 5 (26) Share of (profit)/loss of investments accounted for using the equity method (2) 3 Non-deductible expenses 24 18 (Non-taxable gains)/non-deductible losses on net foreign exchange on financial instruments (122) 145 Recognition of deferred tax assets (212) \u2013 Exempt losses on Russian and associated markets exit \u2013 88 Provision for state aid tax recoverable \u2013 101 Adjustments in respect of prior years 48 16 Total tax charged to the consolidated income statement 655 886 Differences in effective tax rates on overseas earnings represents the impact of worldwide profits being taxed at rates different from 22.0%. The remeasurement of deferred tax balances arising from changes in tax rates for the year is \u00a3nil (2022: \u00a34 million). During the year the Group has increased the provision for deferred tax on unremitted earnings by \u00a35 million (2022: \u00a326 million decrease). The tax will arise on the distribution of profits through the Group and on planned Group simplification. Movement on the current tax account \u00a3 million 2023 2022 At 1 October 27 82 Charged to the consolidated income statement (813) (920) (Charged)/credited to other comprehensive income (115) 158 Cash paid 590 681 Exchange movements 6 (7) Balance sheet reclassification (1) 33 At 30 September (306) 27 The cash tax paid in the year is \u00a3223 million lower than the current tax charge (2022: \u00a3239 million lower). This arises as a result of timing differences between the accrual of income taxes and the actual payment of cash and the movement in the provision for uncertain tax positions. Analysis of current tax account \u00a3 million 2023 2022 Current tax assets 112 334 Current tax liabilities (418) (307) (306) 27 Uncertain tax positions As an international business the Group is exposed to uncertain tax positions and changes in legislation in the jurisdictions in which it operates. The Group\u2019s uncertain tax positions principally include cross border transfer pricing, interpretation of new or complex tax legislation and tax arising on the valuation of assets. Provisions arising from uncertain tax positions taken in the calculation of tax assets and liabilities are included within current tax liabilities. At 30 September 2023 the total value of these provisions excluding compensating assets under mutual agreement procedure was \u00a3261 million (2022: \u00a3215 million excluding compensating assets, 2022: \u00a3148 million including compensating assets). The assessment of uncertain tax positions is subjective and significant management judgement is required. This judgement is based on current interpretation of legislation, management experience and professional advice. Until matters are finally concluded it is possible that amounts ultimately paid will be different from the amounts provided. Management have assessed the Group\u2019s provision for uncertain tax positions and have concluded that apart from the matters referred to below the provisions in place are not material individually or in aggregate, and that a reasonably possible change in the next financial year would not have a material impact on the results of the Group. French tax litigation The Group has an ongoing challenge from the French tax authorities, which is now in litigation, and could lead to additional liabilities of \u00a3254 million including tax, interest, and penalties. The challenge concerns the valuation placed on the shares of Altadis Distribution France (now known as Logista France) following an intragroup transfer of shares in October 2012 and the tax consequences flowing from a potentially higher value that is argued for by the tax authorities. In May 2023 the Administrative Tribunal of Montreuil issued its decision, ruling in favour of the French tax authorities. In July 2023 the Group appealed to the Administrative Court of Appeal of Paris. Whilst the Group has appealed, in the light of the Administrative Tribunal of Montreuil\u2019s decision, having subsequently reassessed the probability of a successful appeal, the Group has now determined it is appropriate to increase the provision for uncertain tax positions to \u00a3180 million (2022: \u00a342 million). State and UK CFC In April 2019, the EU Commission\u2019s final decision regarding its investigation into the UK\u2019s Controlled Foreign Company regime was published. It concludes that the legislation up until December 2018 does partially represent state aid. The UK Government has appealed to the European Court seeking annulment of the EU Commission\u2019s decision. The Group, along with a number of UK corporates, has made a similar application to the European Court. Based on the Commission\u2019s decision and despite the appeals, the UK Government was obliged to recover state aid received. Whilst the Group\u2019s position remains that no state aid has been received, in February 2021 a recovery charging notice for \u00a3101 million was issued to the Group by HMRC and has since been paid. In June 2022 the European General Court rejected the appeals. Whilst this decision has been appealed to the Court of Justice of the European Union (CJEU) and the appeal may possibly be successful, in the light of the European General Court\u2019s decision, during 2022 the Group reassessed recoverability of the \u00a3101 million previously recorded as a receivable and determined it was appropriate to provide in full. Transfer pricing The Group has been subject to tax audits relating to transfer pricing matters in several jurisdictions, principally UK, France and Germany. The Group estimates the potential gross level of exposure relating to transfer pricing issues is approximately \u00a3100 million (2022: \u00a3200 million). The Group holds a provision of \u00a368 million excluding compensating assets (2022: \u00a3121 million excluding compensating assets, \u00a354 million including compensating assets) in respect of these items. In December 2021 the Group concluded a transfer pricing audit with the French tax authorities. In September 2022 the Group concluded transfer pricing audits with the UK and German tax authorities. Settlements of the French and UK audits were made during 2022. Settlement of the German audit was made during 2023. In September 2023 an additional separate transfer pricing audit was opened by the German tax authorities. The Group believes the transfer pricing provision held above appropriately provides for this and other transfer pricing issues. French branch tax In December 2021 the Group received assessments from the French tax authorities concerning the intragroup financing of the French branch of Imperial Tobacco Limited. In February 2022 the Group appealed against the assessment. In September 2022 the French tax authorities opened a further tax audit into this matter. Following discussions with the French tax authorities a settlement proposal covering all years was made for \u00a348 million including interest, for which a provision was made in 2022 and has since been settled in 2023. The Group holds a provision of \u00a3nil (2022: \u00a348 million) in respect of this matter. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-522": {
"value": "8. DIVIDENDS Distributions to ordinary equity holders \u00a3 million 2023 2022 2021 Paid interim of 43.18 pence per share (2022: 42.54 pence, 2021: 42.12 pence) \u2022 Paid June 2021 \u2013 \u2013 199 \u2022 Paid September 2021 \u2013 \u2013 199 \u2022 Paid December 2021 \u2013 \u2013 458 \u2022 Paid June 2022 \u2013 202 \u2013 \u2022 Paid September 2022 \u2013 202 \u2013 \u2022 Paid December 2022 \u2013 464 \u2013 \u2022 Paid June 2023 196 \u2013 \u2013 \u2022 Paid September 2023 195 \u2013 \u2013 Interim dividend paid 391 868 856 Proposed third interim of 51.82 pence per share (2022: 49.31 pence, 2021: 48.48 pence) \u2022 To be paid December 2023 466 \u2013 \u2013 Interim dividend proposed 466 \u2013 \u2013 Proposed final of 51.82 pence per share (2022: 49.32 pence, 2021: 48.48 pence) \u2022 Paid March 2022 \u2013 \u2013 458 \u2022 Paid March 2023 \u2013 457 \u2013 \u2022 To be paid March 2024 465 \u2013 \u2013 Final dividend 465 457 458 Total ordinary share dividends of 146.82 pence per share (2022: 141.17 pence, 2021: 139.08 pence) 1,322 1,325 1,314 The proposed third interim dividend for the year ended 30 September 2023 of 51.82 pence per share amounts to a proposed dividend of \u00a3466 million, which will be paid in December 2023. The proposed final dividend for the year ended 30 September 2023 of 51.82 pence per share amounts to a proposed dividend payment of \u00a3465 million in March 2024 based on the number of shares ranking for dividend at 30 September 2023, and is subject to shareholder approval. If approved, the total dividend paid in respect of 2023 will be \u00a31,322 million (2022: \u00a31,325 million). The dividend paid during 2023 is \u00a31,312 million (2022: \u00a31,320 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-523": {
"value": "9. EARNINGS PER ORDINARY SHARE Basic earnings per share is based on the profit for the period attributable to the owners of the parent and the weighted average number of ordinary shares in issue during the period excluding shares held to satisfy the Group\u2019s employee share schemes and shares purchased by the Company and held as treasury shares. Diluted earnings per share have been calculated by taking into account the weighted average number of shares that would be issued if rights held under the employee share schemes were exercised. No instruments have been excluded from the calculation for any period on the grounds that they are anti-dilutive. \u00a3 million 2023 2022 Earnings: basic and diluted \u2013 attributable to owners of the Parent Company 2,328 1,570 Millions of shares Weighted average number of shares: Shares for basic earnings per share 922.5 946.2 Potentially dilutive share options 5.7 6.8 Shares for diluted earnings per share 928.2 953.0 Pence Basic earnings per share 252.4 165.9 Diluted earnings per share 250.8 164.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-524": {
"value": "10. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES Russian associated markets exit In the prior year a loss on exit from the Russian and associated markets of \u00a3423 million was incurred, comprising a loss on transfer of Russian operations of \u00a3364 million, impairment of assets and exit costs of the associated markets of \u00a335 million and the impairment of an intangible asset held by the Global Horizon Ventures Limited joint venture of \u00a324 million. Following a review of the impacts resulting from the decision to transfer the Russian factory it was determined that it was unviable to continue trading in these areas for a number of reasons including duty and supply chain challenges. The decision to exit operations results in a number of assets held by these markets having to be impaired. In addition, certain exit costs are expected to be incurred in the process of ceasing operations. Total impairment and exit costs of \u00a335 million were recognised in the financial year ending 30 September 2022. There is ongoing work to complete the exit from the associated markets. In the current year revisions to these exit provisions totalling \u00a314 million have been recognised primarily arising due to changes in the expected level of exit costs. Logista Acquisition of Speedlink Worldwide Express B.V. On 16 February 2022, the Group\u2019s subsidiary Logista acquired 70% of the share capital of Speedlink Worldwide Express B.V. for a purchase consideration of \u20ac20 million (\u00a316 million) which has been paid in cash. There is an intention to purchase the remaining 30% of share capital over the next two years. As effective control has been achieved through this acquisition, Speedlink Worldwide Express B.V. has been consolidated as a subsidiary within the Group with a 65% minority interest. Goodwill of \u20ac12 million (\u00a310 million), intangible assets of \u20ac15 million (\u00a313 million) and deferred tax liability of \u20ac4 million (\u00a33 million) were recognised on acquisition. Acquisition of Herinvemol, S.L. (Transportes El Mosca) On 17 June 2022, the Group's subsidiary Logista announced the acquisition of 60% of the shares of Herinvemol S.L. Herinvemol S.L. is the parent company of a group of companies over which it holds control, trading as \u2018Transportes El Mosca\u2019. This acquisition completed on 28 October 2022. Transportes El Mosca offers national and international intermodal transport services by road, sea and air, as well as frozen or refrigerated transport. The main destination markets for the international road transport activity are the United Kingdom, Germany, Portugal, France, the Netherlands, and Italy, and its clients are mainly producers and large distribution chains in the food sector. The total purchase consideration for the 60% initial shareholding is \u20ac99 million (\u00a386 million) with \u20ac1 million (\u00a31 million) remaining as a current liability as at 30 September 2023. The agreement contemplates cross-call and call options for the remaining 40% exercisable over a 3-year time horizon. At 30 September 2023 goodwill of \u20ac39 million (\u00a333 million) has been recognised relating to this acquisition which has been assigned to the Distribution segment. The valuation of the assets at fair value has been carried out by an independent expert. This valuation includes, as intangible assets, Customer Relationships for \u20ac42 million (\u00a338 million) and Trademarks for \u20ac5 million (\u00a34 million). On 3 August 2023, Logista announced the acquisition of an additional 13.33% of equity for a consideration of \u20ac23 million (\u00a320 million), increasing its total ownership to 73.33%. At 30 September 2023, Logista has a purchase option for the remaining 26.67%, which is recorded at fair value as a non-current liability for an amount of \u20ac25 million (\u00a322 million) and a current liability for an amount of \u20ac25 million (\u00a322 million), with a corresponding adjustment taken to equity reserves. The equity movement of \u20ac56 million (\u00a348 million) is calculated based on the initial valuation of the call options at fair value of \u20ac75 million (\u00a365 million) , reduced by the minority interests arising from the purchase transaction of \u20ac17 million (\u00a314 million) and those arising from the profit for the year generated by the acquired company. The revenue and net profit that were contributed to the consolidated income statement for the period ended 30 September 2023 totalled \u20ac260 million (\u00a3226 million) and \u20ac4 million (\u00a33 million), respectively. The ordinary income and net profit that would have contributed to the consolidated income statement if Transportes El Mosca had been acquired on 1 October 2022 is not significantly different from the figures indicated in the previous paragraph. Acquisition of Carb\u00f3 Collbatall\u00e9 S.L. In April 2022, the Group's subsidiary Logista reached an agreement for the acquisition of 100% of the shares of Carb\u00f3 Collbatall\u00e9, a company that offers transport and logistics services for refrigerated and frozen foods, which carries out its commercial activity mainly in the Spanish market. This acquisition was completed in October 2022. The total consideration for the shares acquired was \u20ac55 million (\u00a346 million) of which \u20ac51 million (\u00a342 million) was paid in cash at the time of the purchase with \u20ac4 million (\u00a34 million) outstanding as at 30 September 2023. As at 30 September 2023, goodwill of \u20ac36 million (\u00a331 million) has been recognised which has been assigned to the Distribution segment. The valuation of the assets at fair value has been carried out by an independent expert. This valuation includes, as intangible assets, Customer Relationships for \u20ac20 million (\u00a317 million) and Trademarks for \u20ac1 million (\u00a31 million). The revenue and net profit that were contributed to the consolidated income statement for the period ended 30 September 2023 totalled \u20ac63 million (\u00a355 million) and \u20ac5 million (\u00a34 million) respectively. Acquisition of Gramma Farmaceutici, S.R.L. In July 2023, the Group\u2019s subsidiary Logista acquired 100% of the equity shares of Gramma Farmaceutici, S.R.L., a company specialised in logistics services for the pharmaceutical industry in Italy. The total purchase price of these shares amounted to \u20ac3 million (\u00a33 million), paid in cash at the time of purchase. The book value of the net assets acquired was \u20ac296 thousand (\u00a3257 thousand). As at 30 September 2023, the company has recorded provisional goodwill of \u20ac3 million (\u00a33 million) which has been assigned to the Distribution segment. The revenue and net profit that were contributed to the consolidated income statement for the period ended 30 September 2023 totalled \u20ac2 million (\u00a32 million) and \u20ac18 thousand (\u00a316 thousand) respectively. The ordinary income and net profit that would have contributed to the consolidated income statement if the company had been acquired on 1 October 2022 is not significantly different from the figures indicated in the previous paragraph. The amounts of the assets and liabilities arising from the following acquisitions during the year ending 30 September 2023 are as follows: \u00a3 million Carb\u00f3 Collbatall\u00e9 S.L. Fair value Hernivemol, S.L. (Transportes El Mosca) Fair value Total Fair value Property, plant and equipment and right of use assets 29 67 96 Other intangible assets 18 42 60 Other non-current assets \u2013 1 1 Trade receivables and other accounts receivable 10 75 85 Cash and other equivalent liquid assets 3 11 14 Other current assets 1 2 3 Deferred tax liabilities (5) (10) (15) Trade payables and other accounts payable (16) (55) (71) Other current financial liabilities \u2013 (43) (43) Other non-current financial liabilities (25) (23) (48) Total net assets 15 67 82 Less minority interests \u2013 (14) (14) Net assets acquired by the group 15 53 68 Consideration for the acquisition 46 86 132 Goodwill 31 33 64",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-557": {
"value": "10. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES Russian associated markets exit In the prior year a loss on exit from the Russian and associated markets of \u00a3423 million was incurred, comprising a loss on transfer of Russian operations of \u00a3364 million, impairment of assets and exit costs of the associated markets of \u00a335 million and the impairment of an intangible asset held by the Global Horizon Ventures Limited joint venture of \u00a324 million. Following a review of the impacts resulting from the decision to transfer the Russian factory it was determined that it was unviable to continue trading in these areas for a number of reasons including duty and supply chain challenges. The decision to exit operations results in a number of assets held by these markets having to be impaired. In addition, certain exit costs are expected to be incurred in the process of ceasing operations. Total impairment and exit costs of \u00a335 million were recognised in the financial year ending 30 September 2022. There is ongoing work to complete the exit from the associated markets. In the current year revisions to these exit provisions totalling \u00a314 million have been recognised primarily arising due to changes in the expected level of exit costs. Logista Acquisition of Speedlink Worldwide Express B.V. On 16 February 2022, the Group\u2019s subsidiary Logista acquired 70% of the share capital of Speedlink Worldwide Express B.V. for a purchase consideration of \u20ac20 million (\u00a316 million) which has been paid in cash. There is an intention to purchase the remaining 30% of share capital over the next two years. As effective control has been achieved through this acquisition, Speedlink Worldwide Express B.V. has been consolidated as a subsidiary within the Group with a 65% minority interest. Goodwill of \u20ac12 million (\u00a310 million), intangible assets of \u20ac15 million (\u00a313 million) and deferred tax liability of \u20ac4 million (\u00a33 million) were recognised on acquisition. Acquisition of Herinvemol, S.L. (Transportes El Mosca) On 17 June 2022, the Group's subsidiary Logista announced the acquisition of 60% of the shares of Herinvemol S.L. Herinvemol S.L. is the parent company of a group of companies over which it holds control, trading as \u2018Transportes El Mosca\u2019. This acquisition completed on 28 October 2022. Transportes El Mosca offers national and international intermodal transport services by road, sea and air, as well as frozen or refrigerated transport. The main destination markets for the international road transport activity are the United Kingdom, Germany, Portugal, France, the Netherlands, and Italy, and its clients are mainly producers and large distribution chains in the food sector. The total purchase consideration for the 60% initial shareholding is \u20ac99 million (\u00a386 million) with \u20ac1 million (\u00a31 million) remaining as a current liability as at 30 September 2023. The agreement contemplates cross-call and call options for the remaining 40% exercisable over a 3-year time horizon. At 30 September 2023 goodwill of \u20ac39 million (\u00a333 million) has been recognised relating to this acquisition which has been assigned to the Distribution segment. The valuation of the assets at fair value has been carried out by an independent expert. This valuation includes, as intangible assets, Customer Relationships for \u20ac42 million (\u00a338 million) and Trademarks for \u20ac5 million (\u00a34 million). On 3 August 2023, Logista announced the acquisition of an additional 13.33% of equity for a consideration of \u20ac23 million (\u00a320 million), increasing its total ownership to 73.33%. At 30 September 2023, Logista has a purchase option for the remaining 26.67%, which is recorded at fair value as a non-current liability for an amount of \u20ac25 million (\u00a322 million) and a current liability for an amount of \u20ac25 million (\u00a322 million), with a corresponding adjustment taken to equity reserves. The equity movement of \u20ac56 million (\u00a348 million) is calculated based on the initial valuation of the call options at fair value of \u20ac75 million (\u00a365 million) , reduced by the minority interests arising from the purchase transaction of \u20ac17 million (\u00a314 million) and those arising from the profit for the year generated by the acquired company.The revenue and net profit that were contributed to the consolidated income statement for the period ended 30 September 2023 totalled \u20ac260 million (\u00a3226 million) and \u20ac4 million (\u00a33 million), respectively. The ordinary income and net profit that would have contributed to the consolidated income statement if Transportes El Mosca had been acquired on 1 October 2022 is not significantly different from the figures indicated in the previous paragraph. Acquisition of Carb\u00f3 Collbatall\u00e9 S.L. In April 2022, the Group's subsidiary Logista reached an agreement for the acquisition of 100% of the shares of Carb\u00f3 Collbatall\u00e9, a company that offers transport and logistics services for refrigerated and frozen foods, which carries out its commercial activity mainly in the Spanish market. This acquisition was completed in October 2022. The total consideration for the shares acquired was \u20ac55 million (\u00a346 million) of which \u20ac51 million (\u00a342 million) was paid in cash at the time of the purchase with \u20ac4 million (\u00a34 million) outstanding as at 30 September 2023. As at 30 September 2023, goodwill of \u20ac36 million (\u00a331 million) has been recognised which has been assigned to the Distribution segment. The valuation of the assets at fair value has been carried out by an independent expert. This valuation includes, as intangible assets, Customer Relationships for \u20ac20 million (\u00a317 million) and Trademarks for \u20ac1 million (\u00a31 million). The revenue and net profit that were contributed to the consolidated income statement for the period ended 30 September 2023 totalled \u20ac63 million (\u00a355 million) and \u20ac5 million (\u00a34 million) respectively. Acquisition of Gramma Farmaceutici, S.R.L. In July 2023, the Group\u2019s subsidiary Logista acquired 100% of the equity shares of Gramma Farmaceutici, S.R.L., a company specialised in logistics services for the pharmaceutical industry in Italy. The total purchase price of these shares amounted to \u20ac3 million (\u00a33 million), paid in cash at the time of purchase. The book value of the net assets acquired was \u20ac296 thousand (\u00a3257 thousand). As at 30 September 2023, the company has recorded provisional goodwill of \u20ac3 million (\u00a33 million) which has been assigned to the Distribution segment. The revenue and net profit that were contributed to the consolidated income statement for the period ended 30 September 2023 totalled \u20ac2 million (\u00a32 million) and \u20ac18 thousand (\u00a316 thousand) respectively. The ordinary income and net profit that would have contributed to the consolidated income statement if the company had been acquired on 1 October 2022 is not significantly different from the figures indicated in the previous paragraph. The amounts of the assets and liabilities arising from the following acquisitions during the year ending 30 September 2023 are as follows: \u00a3 million Carb\u00f3 Collbatall\u00e9 S.L. Fair value Hernivemol, S.L. (Transportes El Mosca) Fair value Total Fair value Property, plant and equipment and right of use assets 29 67 96 Other intangible assets 18 42 60 Other non-current assets \u2013 1 1 Trade receivables and other accounts receivable 10 75 85 Cash and other equivalent liquid assets 3 11 14 Other current assets 1 2 3 Deferred tax liabilities (5) (10) (15) Trade payables and other accounts payable (16) (55) (71) Other current financial liabilities \u2013 (43) (43) Other non-current financial liabilities (25) (23) (48) Total net assets 15 67 82 Less minority interests \u2013 (14) (14) Net assets acquired by the group 15 53 68 Consideration for the acquisition 46 86 132 Goodwill 31 33 64 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-525": {
"value": "11. INTANGIBLE ASSETS
2023
\u00a3 million Goodwill
Intellectual property
and product
development
Supply
agreements
Software
Total
Cost
At 1 October 2022 14,228
13,871
1,433
522
30,054
Additions \u2013
136
1
119
256
Acquisitions 67
5
54 2
128
\u2013
(115)
\u2013
(3)
(118)
Reclassifications \u2013
(2)
\u2013
2 \u2013
Exchange movements (510)
(853)
(31)
(12)
(1,406)
At 30 September 2023 13,785
13,042
1,457
630
28,914
Amortisation and impairment
At 1 October 2022 1,587
8,925
1,414
351
12,277
Amortisation charge for the year \u2013
352
6
34
392
Disposals \u2013
(109)
\u2013
(3)
(112)
Reclassifications \u2013
(1)
\u2013
1
\u2013
Exchange movements (31)
(517)
(31)
(8)
(587)
Accumulated amortisation \u2013
8,111
1,389
374
9,874
Accumulated impairment 1,556
539
\u2013
1
2,096
At 30 September 2023 1,556
8,650
1,389
375
11,970
Net book value
At 30 September 2023 12,229
4,392
68
255
16,944
2022
\u00a3 million Goodwill
Intellectual property
and product
development
Supply
agreements
Software
Total
Cost
At 1 October 2021 13,417
12,359 1,387
451
27,614
Additions \u2013
20 1
65
86
Acquisitions 10
\u2013 13
\u2013
23
Disposals \u2013
\u2013 \u2013
(8)
(8)
Reclassifications 4
\u2013 \u2013
\u2013
4
Exchange movements 797
1,492 32
14
2,335
At 30 September 2022 14,228
13,871 1,433
522
30,054
Amortisation and impairment
At 1 October 2021 1,542
7,735 1,355
308
10,940
Amortisation charge for the year
\u2013
331 27
35
393
Impairment \u2013
\u2013 \u2013
1
1
Disposals \u2013
\u2013 \u2013
(5)
(5)
Reclassifications 4
\u2013 \u2013
\u2013
4
Exchange movements 41
859 32
12
944
Accumulated amortisation \u2013
8,386 1,414
350
10,150
Accumulated impairment 1,587
539 \u2013
1
2,127
At 30 September 2022 1,587
8,925 1,414
351
12,277
Net book value
At 30 September 2022 12,641
4,946 19
171
17,777
Amortisation and impairment of acquired intangibles excluded from adjusted operating profit amounted to \u00a3347 million (2022: \u00a3349 million),
this comprises amortisation on intellectual property of \u00a3341 million (2022: \u00a3323 million) and amortisation on supply agreements of
\u00a36 million (2022: \u00a326 million).
Intellectual property mainly comprises brands acquired in the USA in 2015 and through the purchases of Altadis in 2008 and
Commonwealth Brands in 2007.
Supply agreements include Distribution customer relationships acquired as part of the purchase of Altadis, and of Carb\u00f3 Collbatall\u00e9 S.L. and
Herinvemol S.L. (Transportes El Mosca) in the current financial year.
Intangible amortisation and impairment are included within administrative and other expenses in the consolidated income statement.
In June 2023 the Group purchased intellectual property relating to tobacco pouches to be marketed within the United States. The purchase
consideration was $130 million (\u00a3106 million) comprising $50 million (\u00a341 million) which was paid in cash on completion, deferred
consideration of $31 million (\u00a325 million) expected to be paid in December 2023 and contingent consideration currently estimated at
$49 million (\u00a340 million) payable over a five-year period up until 2028. All deferred and contingent consideration has been discounted at a
rate of 13% and a corresponding consideration liability of $81 million (\u00a366 million) has been recognised. The total initial intangible asset
value recognised was $130 million (\u00a3106 million).
Goodwill and intangible asset impairment review
On 1 October 2022 the Group reorganised the Tobacco & NGP business, changing our geographic footprint with the markets comprising our
Central and Eastern Europe cluster moving from our Europe region into the Africa, Asia & Australasia (AAA) region to form the newly
constituted AAACE region. The managerial and internal reporting structures of the business have been revised to reflect the new structure.
Following the introduction of these changes we have revised our segmental reporting as required under IFRS 8. As the Group\u2019s Cash
Generating Unit Groupings (CGUG) that are used for annual goodwill impairment testing are aligned to the region-based segments, where
appropriate, goodwill and other indefinite life intangible assets has been reapportioned across the new CGUG structure on a relative value
basis to reflect the segmental changes.
One of the requirements of IAS 36 is to undertake an impairment test based on the former CGUG prior to reapportioning intangible assets
to new CGUG in the event of a Group reorganisation. The impairment testing which was undertaken as at 1 October 2022 indicated no
impairment. Therefore there was no requirement to impair any goodwill or brand intangible prior to the reallocation to new CGUG.
Our reportable segments have been updated to Americas, Europe, AAACE and Distribution. The Tobacco & NGP operating segments
continue to be comprised of geographical groupings of business markets. The main Tobacco & NGP business markets that have moved
segments as part of this restructuring are Poland, Czech Republic, Ukraine, Slovakia, Hungary, Azerbaijan, Armenia, Georgia, Moldova,
Croatia and Slovenia.
Goodwill is allocated to CGUG that are expected to benefit from the business combination in which the goodwill arose. For the Tobacco &
NGP business, CGUG are based on the markets where the business operates and are grouped in line with the regional structure in operation
during the year. The groupings represent the lowest level at which goodwill is monitored for internal management purposes. A summary of
the carrying value of goodwill and intangible assets with indefinite lives is set out below.
2023 2022 (restated)
\u00a3 million Goodwill
Intangible
assets with
indefinite
lives Goodwill
Intangible
assets with
indefinite
lives
Europe 4,123
307
4,295
313
Americas 4,147
\u2013
4,326
\u2013
AAACE 2,181
162
2,277
165
Tobacco & NGP 10,451
469
10,898
478
Distribution 1,778
\u2013
1,743
\u2013
12,229
469
12,641
478
Goodwill has arisen principally on the acquisitions of Reemtsma in 2002 (all CGUG), Commonwealth Brands in 2007 (USA), Altadis in 2008
(all CGUG) and ITG Brands in 2015 (USA). Intangible assets with indefinite lives relate to the tobacco trademark, Davidoff, which was
purchased as part of the acquisition of Reemtsma in 2002.
The Group tests goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if there are any indications
that impairment may have arisen. The value of a CGUG is based on value-in-use calculations. These calculations use cash flow projections
derived from financial plans of our Tobacco business which are based on detailed bottom-up market-by-market forecasts of projected sales
volumes for each product line. These forecasts reflect, on an individual market basis, numerous assumptions and estimates regarding
anticipated changes in market size, prices and duty regimes, consumer uptrading and downtrading, consumer preferences and other
changes in product mix, based on long-term market trends, market data, anticipated regulatory developments, and management experience
and expectations. We consider that pricing, market size, market shares and cost inflation are the key assumptions used in our plans.
Growth rates and discount rates used
The compound annual growth rates implicit in these value-in-use calculations are shown below.
2023
2022
%
Pre-tax
discount rate
Initial
growth rate
Long-term
growth rate
Pre-tax
discount rate
Initial
growth rate
Long-term
growth rate
Europe 10.4
4.5
1.0
10.3
4.6
0.6
Americas 8.9
5.8
2.1
8.7
5.2
1.6
AAACE 12.5
4.3
2.2
11.1
2.8
1.3
12.3 5.0
1.6
11.8
3.9
1.5
The calculation to determine the value in use involves a discounted future cash flow forecast model. Nominal cash flows are used in the
calculation which will themselves already factor in the effects of inflation. The cash flows are sourced from the Group business plan which
considers and factors in the risk of variability of future business performance and hence cash flow variation. A nominal discount rate is
used within the model based on the Group's weighted average cost of capital which is itself calculated using the Capital Asset Pricing
Model. As risk has been applied within the undiscounted cash flows no adjustment is made to the discount rate for risk, except for the
application of country risk premia over and above the Group weighted average cost of capital where appropriate.
Country-specific discount rates are used based on the Group\u2019s weighted average cost of capital adjusted for country risk premium. The
impairment review is undertaken at a CGUG level which involves the aggregation of the individual value in use amounts for the individual
countries which constitute each CGUG. Our impairment projections are prepared under the basis set out in IAS 36 which can differ from our
internal plans.
Nominal cash flows from the business plan period are used for year one, two and three, then extrapolated out to year five using the implicit
growth rate, shown in the table above as the initial growth rate. In certain markets, the extrapolated cash flow growth rate can exceed the
long term growth rate based on the business plan being a better reflection of the anticipated initial growth. Estimated long term weighted
average compound growth rates are used beyond year five.
Long term growth rates are determined as the lower of:
\u2022 the nominal GDP growth rates for the country of operation; and
\u2022 the extrapolation of the initial growth rates as estimated by management for years one to five.
Long-term growth rates are based on management\u2019s long-term expectations, taking account of industry specific factors such as the nature
of our products, the role of excise in government fiscal policy, and relatively stable and predictable long-term macro trends in the Tobacco
industry. Year on year variations in initial growth rates may result in consequential changes to estimated long term rates.
Europe\u2019s initial growth rate was in line with the prior year. The long term growth rate improved by 0.4%. This primarily reflects
improvements in the UK market where the outlook is forecast to be better than prior year forecast and where the long term growth rate was
not capped by the medium term rate.
Americas was broadly in line with the prior year growth assumptions for the initial and medium growth rate. The key changes which
largely offset each other were the 0.5% increase in long-term growth rate and an increased tax rate by 4%.
AAACE's increases in the initial growth rates are driven by improved initial and medium-term forecasts, which are both due to changes in
the growth outlook for a number of key markets including Taiwan, Ivory Coast and Hungary. Improvements in forecast profitability reflect
actions delivered in line with our strategic goals. The long-term growth rate has improved this year, in the prior year this needed to be
capped to the medium-term rate for a number of the key markets.
The Distribution improved initial growth rate reflects stronger business projections compared to prior year.
Goodwill and intangible asset impairment review conclusion
Our impairment testing confirms there are sufficient cash flows to support the current carrying values of the goodwill held at 30 September
2023. Any reasonable movement in the assumptions used in the impairment tests would not result in an impairment. The complexity of
the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the Group\u2019s accounting
estimates in relation to intangible assets can affect the amounts reported in the financial statements, especially the estimates of the
expected useful economic lives and the carrying values of those assets. If business conditions significantly change it is possible that
materially different amounts could be reported in the Group\u2019s financial statements in future periods. There are uncertainties associated
with estimating the valuation of the recoverable amount.
At the present time the recoverable amount is significantly in excess of the carrying value of goodwill and other intangible assets. However,
given the uncertainties mentioned above this could change in the future.
Consideration of the impact of climate change
The Group has completed an assessment of the impact of climate change which includes how it will vary future costs and therefore cash
flows. The detail of the Tobacco & NGP climate change review can be found on pages 74-77. The review has concluded that there are
impacts on future cash flows as a result of climate change, with the most significant being relating to NTM and leaf costs due to increases
in the operating costs of suppliers and raw materials. We have factored the additional costs to the Group relating to forecast climate costs
into our discounted cash flow forecasts used for impairment testing valuation purposes. The modelled impact of this for the Group was
\u00a3338 million (2022: \u00a3726 million). This concluded that there continues to be sufficient headroom. There is therefore no impairment
recognised as result of incremental climate change costs. However, the Group will continue to review the climate change impact going
forward and any future changes in impact assessment could potentially result in changes to the impairment assessment.
Other intangible assets
Other intangible assets are considered for impairment risk. The carrying values of brand intangibles are reviewed against expected future
cash flows of associated products. Impairment will only be recognised where there is evidence that the carrying value of the brand cannot
be recovered through those cash flows. No impairments (2022: \u00a3nil) have been recognised for brand intangibles.
Intellectual property and product development intangible assets have also been reviewed to identify potential impairment triggers. No such
impairment triggers were noted in the year ended 30 September 2023 and hence no impairment charge has been incurred (2022: \u00a3nil).
No impairment charge (2022: \u00a31 million) was incurred in the year relating to software.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-558": {
"value": "11. INTANGIBLE ASSETS 2023 \u00a3 million Goodwill Intellectual property and product development Supply agreements Software Total Cost At 1 October 2022 14,228 13,871 1,433 522 30,054 Additions \u2013 136 1 119 256 Acquisitions 67 5 54 2 128 Disposals \u2013 (115) \u2013 (3) (118) Reclassifications \u2013 (2) \u2013 2 \u2013 Exchange movements (510) (853) (31) (12) (1,406) At 30 September 2023 13,785 13,042 1,457 630 28,914 Amortisation and impairment At 1 October 2022 1,587 8,925 1,414 351 12,277 Amortisation charge for the year \u2013 352 6 34 392 Disposals \u2013 (109) \u2013 (3) (112) Reclassifications \u2013 (1) \u2013 1 \u2013 Exchange movements (31) (517) (31) (8) (587) Accumulated amortisation \u2013 8,111 1,389 374 9,874 Accumulated impairment 1,556 539 \u2013 1 2,096 At 30 September 2023 1,556 8,650 1,389 375 11,970 Net book value At 30 September 2023 12,229 4,392 68 255 16,944 2022 \u00a3 million Goodwill Intellectual property and product development Supply agreements Software Total Cost At 1 October 2021 13,417 12,359 1,387 451 27,614 Additions \u2013 20 1 65 86 Acquisitions 10 \u2013 13 \u2013 23 Disposals \u2013 \u2013 \u2013 (8) (8) Reclassifications 4 \u2013 \u2013 \u2013 4 Exchange movements 797 1,492 32 14 2,335 At 30 September 2022 14,228 13,871 1,433 522 30,054 Amortisation and impairment At 1 October 2021 1,542 7,735 1,355 308 10,940 Amortisation charge for the year \u2013 331 27 35 393 Impairment \u2013 \u2013 \u2013 1 1 Disposals \u2013 \u2013 \u2013 (5) (5) Reclassifications 4 \u2013 \u2013 \u2013 4 Exchange movements 41 859 32 12 944 Accumulated amortisation \u2013 8,386 1,414 350 10,150 Accumulated impairment 1,587 539 \u2013 1 2,127 At 30 September 2022 1,587 8,925 1,414 351 12,277 Net book value At 30 September 2022 12,641 4,946 19 171 17,777 Amortisation and impairment of acquired intangibles excluded from adjusted operating profit amounted to \u00a3347 million (2022: \u00a3349 million), this comprises amortisation on intellectual property of \u00a3341 million (2022: \u00a3323 million) and amortisation on supply agreements of \u00a36 million (2022: \u00a326 million). Intellectual property mainly comprises brands acquired in the USA in 2015 and through the purchases of Altadis in 2008 and Commonwealth Brands in 2007. Supply agreements include Distribution customer relationships acquired as part of the purchase of Altadis, and of Carb\u00f3 Collbatall\u00e9 S.L. and Herinvemol S.L. (Transportes El Mosca) in the current financial year. Intangible amortisation and impairment are included within administrative and other expenses in the consolidated income statement. In June 2023 the Group purchased intellectual property relating to tobacco pouches to be marketed within the United States. The purchase consideration was $130 million (\u00a3106 million) comprising $50 million (\u00a341 million) which was paid in cash on completion, deferred consideration of $31 million (\u00a325 million) expected to be paid in December 2023 and contingent consideration currently estimated at $49 million (\u00a340 million) payable over a five-year period up until 2028. All deferred and contingent consideration has been discounted at a rate of 13% and a corresponding consideration liability of $81 million (\u00a366 million) has been recognised. The total initial intangible asset value recognised was $130 million (\u00a3106 million). Goodwill and intangible asset impairment review On 1 October 2022 the Group reorganised the Tobacco & NGP business, changing our geographic footprint with the markets comprising our Central and Eastern Europe cluster moving from our Europe region into the Africa, Asia & Australasia (AAA) region to form the newly constituted AAACE region. The managerial and internal reporting structures of the business have been revised to reflect the new structure. Following the introduction of these changes we have revised our segmental reporting as required under IFRS 8. As the Group\u2019s Cash Generating Unit Groupings (CGUG) that are used for annual goodwill impairment testing are aligned to the region-based segments, where appropriate, goodwill and other indefinite life intangible assets has been reapportioned across the new CGUG structure on a relative value basis to reflect the segmental changes. One of the requirements of IAS 36 is to undertake an impairment test based on the former CGUG prior to reapportioning intangible assets to new CGUG in the event of a Group reorganisation. The impairment testing which was undertaken as at 1 October 2022 indicated no impairment. Therefore there was no requirement to impair any goodwill or brand intangible prior to the reallocation to new CGUG. Our reportable segments have been updated to Americas, Europe, AAACE and Distribution. The Tobacco & NGP operating segments continue to be comprised of geographical groupings of business markets. The main Tobacco & NGP business markets that have moved segments as part of this restructuring are Poland, Czech Republic, Ukraine, Slovakia, Hungary, Azerbaijan, Armenia, Georgia, Moldova, Croatia and Slovenia. Goodwill is allocated to CGUG that are expected to benefit from the business combination in which the goodwill arose. For the Tobacco & NGP business, CGUG are based on the markets where the business operates and are grouped in line with the regional structure in operation during the year. The groupings represent the lowest level at which goodwill is monitored for internal management purposes. A summary of the carrying value of goodwill and intangible assets with indefinite lives is set out below. 2023 2022 (restated) \u00a3 million Goodwill Intangible assets with indefinite lives Goodwill Intangible assets with indefinite lives Europe 4,123 307 4,295 313 Americas 4,147 \u2013 4,326 \u2013 AAACE 2,181 162 2,277 165 Tobacco & NGP 10,451 469 10,898 478 Distribution 1,778 \u2013 1,743 \u2013 12,229 469 12,641 478 Goodwill has arisen principally on the acquisitions of Reemtsma in 2002 (all CGUG), Commonwealth Brands in 2007 (USA), Altadis in 2008 (all CGUG) and ITG Brands in 2015 (USA). Intangible assets with indefinite lives relate to the tobacco trademark, Davidoff, which was purchased as part of the acquisition of Reemtsma in 2002. The Group tests goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if there are any indications that impairment may have arisen. The value of a CGUG is based on value-in-use calculations. These calculations use cash flow projections derived from financial plans of our Tobacco business which are based on detailed bottom-up market-by-market forecasts of projected sales volumes for each product line. These forecasts reflect, on an individual market basis, numerous assumptions and estimates regarding anticipated changes in market size, prices and duty regimes, consumer uptrading and downtrading, consumer preferences and other changes in product mix, based on long-term market trends, market data, anticipated regulatory developments, and management experience and expectations. We consider that pricing, market size, market shares and cost inflation are the key assumptions used in our plans. Growth rates and discount rates used The compound annual growth rates implicit in these value-in-use calculations are shown below. 2023 2022 % Pre-tax discount rate Initial growth rate Long-term growth rate Pre-tax discount rate Initial growth rate Long-term growth rate Europe 10.4 4.5 1.0 10.3 4.6 0.6 Americas 8.9 5.8 2.1 8.7 5.2 1.6 AAACE 12.5 4.3 2.2 11.1 2.8 1.3 Distribution 12.3 5.0 1.6 11.8 3.9 1.5 The calculation to determine the value in use involves a discounted future cash flow forecast model. Nominal cash flows are used in the calculation which will themselves already factor in the effects of inflation. The cash flows are sourced from the Group business plan which considers and factors in the risk of variability of future business performance and hence cash flow variation. A nominal discount rate is used within the model based on the Group's weighted average cost of capital which is itself calculated using the Capital Asset Pricing Model. As risk has been applied within the undiscounted cash flows no adjustment is made to the discount rate for risk, except for the application of country risk premia over and above the Group weighted average cost of capital where appropriate. Country-specific discount rates are used based on the Group\u2019s weighted average cost of capital adjusted for country risk premium. The impairment review is undertaken at a CGUG level which involves the aggregation of the individual value in use amounts for the individual countries which constitute each CGUG. Our impairment projections are prepared under the basis set out in IAS 36 which can differ from our internal plans. Nominal cash flows from the business plan period are used for year one, two and three, then extrapolated out to year five using the implicit growth rate, shown in the table above as the initial growth rate. In certain markets, the extrapolated cash flow growth rate can exceed the long term growth rate based on the business plan being a better reflection of the anticipated initial growth. Estimated long term weighted average compound growth rates are used beyond year five. Long term growth rates are determined as the lower of: \u2022 the nominal GDP growth rates for the country of operation; and \u2022 the extrapolation of the initial growth rates as estimated by management for years one to five. Long-term growth rates are based on management\u2019s long-term expectations, taking account of industry specific factors such as the nature of our products, the role of excise in government fiscal policy, and relatively stable and predictable long-term macro trends in the Tobacco industry. Year on year variations in initial growth rates may result in consequential changes to estimated long term rates. Europe\u2019s initial growth rate was in line with the prior year. The long term growth rate improved by 0.4%. This primarily reflects improvements in the UK market where the outlook is forecast to be better than prior year forecast and where the long term growth rate was not capped by the medium term rate. Americas was broadly in line with the prior year growth assumptions for the initial and medium growth rate. The key changes which largely offset each other were the 0.5% increase in long-term growth rate and an increased tax rate by 4%. AAACE's increases in the initial growth rates are driven by improved initial and medium-term forecasts, which are both due to changes in the growth outlook for a number of key markets including Taiwan, Ivory Coast and Hungary. Improvements in forecast profitability reflect actions delivered in line with our strategic goals. The long-term growth rate has improved this year, in the prior year this needed to be capped to the medium-term rate for a number of the key markets. The Distribution improved initial growth rate reflects stronger business projections compared to prior year. Goodwill and intangible asset impairment review conclusion Our impairment testing confirms there are sufficient cash flows to support the current carrying values of the goodwill held at 30 September 2023. Any reasonable movement in the assumptions used in the impairment tests would not result in an impairment. The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the Group\u2019s accounting estimates in relation to intangible assets can affect the amounts reported in the financial statements, especially the estimates of the expected useful economic lives and the carrying values of those assets. If business conditions significantly change it is possible that materially different amounts could be reported in the Group\u2019s financial statements in future periods. There are uncertainties associated with estimating the valuation of the recoverable amount. At the present time the recoverable amount is significantly in excess of the carrying value of goodwill and other intangible assets. However, given the uncertainties mentioned above this could change in the future. Consideration of the impact of climate change The Group has completed an assessment of the impact of climate change which includes how it will vary future costs and therefore cash flows. The detail of the Tobacco & NGP climate change review can be found on pages 74-77. The review has concluded that there are impacts on future cash flows as a result of climate change, with the most significant being relating to NTM and leaf costs due to increases in the operating costs of suppliers and raw materials. We have factored the additional costs to the Group relating to forecast climate costs into our discounted cash flow forecasts used for impairment testing valuation purposes. The modelled impact of this for the Group was \u00a3338 million (2022: \u00a3726 million). This concluded that there continues to be sufficient headroom. There is therefore no impairment recognised as result of incremental climate change costs. However, the Group will continue to review the climate change impact going forward and any future changes in impact assessment could potentially result in changes to the impairment assessment. Other intangible assets Other intangible assets are considered for impairment risk. The carrying values of brand intangibles are reviewed against expected future cash flows of associated products. Impairment will only be recognised where there is evidence that the carrying value of the brand cannot be recovered through those cash flows. No impairments (2022: \u00a3nil) have been recognised for brand intangibles. Intellectual property and product development intangible assets have also been reviewed to identify potential impairment triggers. No such impairment triggers were noted in the year ended 30 September 2023 and hence no impairment charge has been incurred (2022: \u00a3nil). No impairment charge (2022: \u00a31 million) was incurred in the year relating to software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-570": {
"value": "11. INTANGIBLE ASSETS 2023 \u00a3 million Goodwill Intellectual property and product development Supply agreements Software Total Cost At 1 October 2022 14,228 13,871 1,433 522 30,054 Additions \u2013 136 1 119 256 Acquisitions 67 5 54 2 128 Disposals \u2013 (115) \u2013 (3) (118) Reclassifications \u2013 (2) \u2013 2 \u2013 Exchange movements (510) (853) (31) (12) (1,406) At 30 September 2023 13,785 13,042 1,457 630 28,914 Amortisation and impairment At 1 October 2022 1,587 8,925 1,414 351 12,277 Amortisation charge for the year \u2013 352 6 34 392 Disposals \u2013 (109) \u2013 (3) (112) Reclassifications \u2013 (1) \u2013 1 \u2013 Exchange movements (31) (517) (31) (8) (587) Accumulated amortisation \u2013 8,111 1,389 374 9,874 Accumulated impairment 1,556 539 \u2013 1 2,096 At 30 September 2023 1,556 8,650 1,389 375 11,970 Net book value At 30 September 2023 12,229 4,392 68 255 16,944 2022 \u00a3 million Goodwill Intellectual property and product development Supply agreements Software Total Cost At 1 October 2021 13,417 12,359 1,387 451 27,614 Additions \u2013 20 1 65 86 Acquisitions 10 \u2013 13 \u2013 23 Disposals \u2013 \u2013 \u2013 (8) (8) Reclassifications 4 \u2013 \u2013 \u2013 4 Exchange movements 797 1,492 32 14 2,335 At 30 September 2022 14,228 13,871 1,433 522 30,054 Amortisation and impairment At 1 October 2021 1,542 7,735 1,355 308 10,940 Amortisation charge for the year \u2013 331 27 35 393 Impairment \u2013 \u2013 \u2013 1 1 Disposals \u2013 \u2013 \u2013 (5) (5) Reclassifications 4 \u2013 \u2013 \u2013 4 Exchange movements 41 859 32 12 944 Accumulated amortisation \u2013 8,386 1,414 350 10,150 Accumulated impairment 1,587 539 \u2013 1 2,127 At 30 September 2022 1,587 8,925 1,414 351 12,277 Net book value At 30 September 2022 12,641 4,946 19 171 17,777 Amortisation and impairment of acquired intangibles excluded from adjusted operating profit amounted to \u00a3347 million (2022: \u00a3349 million), this comprises amortisation on intellectual property of \u00a3341 million (2022: \u00a3323 million) and amortisation on supply agreements of \u00a36 million (2022: \u00a326 million). Intellectual property mainly comprises brands acquired in the USA in 2015 and through the purchases of Altadis in 2008 and Commonwealth Brands in 2007. Supply agreements include Distribution customer relationships acquired as part of the purchase of Altadis, and of Carb\u00f3 Collbatall\u00e9 S.L. and Herinvemol S.L. (Transportes El Mosca) in the current financial year. Intangible amortisation and impairment are included within administrative and other expenses in the consolidated income statement. In June 2023 the Group purchased intellectual property relating to tobacco pouches to be marketed within the United States. The purchase consideration was $130 million (\u00a3106 million) comprising $50 million (\u00a341 million) which was paid in cash on completion, deferred consideration of $31 million (\u00a325 million) expected to be paid in December 2023 and contingent consideration currently estimated at $49 million (\u00a340 million) payable over a five-year period up until 2028. All deferred and contingent consideration has been discounted at a rate of 13% and a corresponding consideration liability of $81 million (\u00a366 million) has been recognised. The total initial intangible asset value recognised was $130 million (\u00a3106 million). Goodwill and intangible asset impairment review On 1 October 2022 the Group reorganised the Tobacco & NGP business, changing our geographic footprint with the markets comprising our Central and Eastern Europe cluster moving from our Europe region into the Africa, Asia & Australasia (AAA) region to form the newly constituted AAACE region. The managerial and internal reporting structures of the business have been revised to reflect the new structure. Following the introduction of these changes we have revised our segmental reporting as required under IFRS 8. As the Group\u2019s Cash Generating Unit Groupings (CGUG) that are used for annual goodwill impairment testing are aligned to the region-based segments, where appropriate, goodwill and other indefinite life intangible assets has been reapportioned across the new CGUG structure on a relative value basis to reflect the segmental changes. One of the requirements of IAS 36 is to undertake an impairment test based on the former CGUG prior to reapportioning intangible assets to new CGUG in the event of a Group reorganisation. The impairment testing which was undertaken as at 1 October 2022 indicated no impairment. Therefore there was no requirement to impair any goodwill or brand intangible prior to the reallocation to new CGUG. Our reportable segments have been updated to Americas, Europe, AAACE and Distribution. The Tobacco & NGP operating segments continue to be comprised of geographical groupings of business markets. The main Tobacco & NGP business markets that have moved segments as part of this restructuring are Poland, Czech Republic, Ukraine, Slovakia, Hungary, Azerbaijan, Armenia, Georgia, Moldova, Croatia and Slovenia. Goodwill is allocated to CGUG that are expected to benefit from the business combination in which the goodwill arose. For the Tobacco & NGP business, CGUG are based on the markets where the business operates and are grouped in line with the regional structure in operation during the year. The groupings represent the lowest level at which goodwill is monitored for internal management purposes. A summary of the carrying value of goodwill and intangible assets with indefinite lives is set out below. 2023 2022 (restated) \u00a3 million Goodwill Intangible assets with indefinite lives Goodwill Intangible assets with indefinite lives Europe 4,123 307 4,295 313 Americas 4,147 \u2013 4,326 \u2013 AAACE 2,181 162 2,277 165 Tobacco & NGP 10,451 469 10,898 478 Distribution 1,778 \u2013 1,743 \u2013 12,229 469 12,641 478 Goodwill has arisen principally on the acquisitions of Reemtsma in 2002 (all CGUG), Commonwealth Brands in 2007 (USA), Altadis in 2008 (all CGUG) and ITG Brands in 2015 (USA). Intangible assets with indefinite lives relate to the tobacco trademark, Davidoff, which was purchased as part of the acquisition of Reemtsma in 2002. The Group tests goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if there are any indications that impairment may have arisen. The value of a CGUG is based on value-in-use calculations. These calculations use cash flow projections derived from financial plans of our Tobacco business which are based on detailed bottom-up market-by-market forecasts of projected sales volumes for each product line. These forecasts reflect, on an individual market basis, numerous assumptions and estimates regarding anticipated changes in market size, prices and duty regimes, consumer uptrading and downtrading, consumer preferences and other changes in product mix, based on long-term market trends, market data, anticipated regulatory developments, and management experience and expectations. We consider that pricing, market size, market shares and cost inflation are the key assumptions used in our plans. Growth rates and discount rates used The compound annual growth rates implicit in these value-in-use calculations are shown below. 2023 2022 % Pre-tax discount rate Initial growth rate Long-term growth rate Pre-tax discount rate Initial growth rate Long-term growth rate Europe 10.4 4.5 1.0 10.3 4.6 0.6 Americas 8.9 5.8 2.1 8.7 5.2 1.6 AAACE 12.5 4.3 2.2 11.1 2.8 1.3 Distribution 12.3 5.0 1.6 11.8 3.9 1.5 The calculation to determine the value in use involves a discounted future cash flow forecast model. Nominal cash flows are used in the calculation which will themselves already factor in the effects of inflation. The cash flows are sourced from the Group business plan which considers and factors in the risk of variability of future business performance and hence cash flow variation. A nominal discount rate is used within the model based on the Group's weighted average cost of capital which is itself calculated using the Capital Asset Pricing Model. As risk has been applied within the undiscounted cash flows no adjustment is made to the discount rate for risk, except for the application of country risk premia over and above the Group weighted average cost of capital where appropriate. Country-specific discount rates are used based on the Group\u2019s weighted average cost of capital adjusted for country risk premium. The impairment review is undertaken at a CGUG level which involves the aggregation of the individual value in use amounts for the individual countries which constitute each CGUG. Our impairment projections are prepared under the basis set out in IAS 36 which can differ from our internal plans. Nominal cash flows from the business plan period are used for year one, two and three, then extrapolated out to year five using the implicit growth rate, shown in the table above as the initial growth rate. In certain markets, the extrapolated cash flow growth rate can exceed the long term growth rate based on the business plan being a better reflection of the anticipated initial growth. Estimated long term weighted average compound growth rates are used beyond year five. Long term growth rates are determined as the lower of: \u2022 the nominal GDP growth rates for the country of operation; and \u2022 the extrapolation of the initial growth rates as estimated by management for years one to five. Long-term growth rates are based on management\u2019s long-term expectations, taking account of industry specific factors such as the nature of our products, the role of excise in government fiscal policy, and relatively stable and predictable long-term macro trends in the Tobacco industry. Year on year variations in initial growth rates may result in consequential changes to estimated long term rates. Europe\u2019s initial growth rate was in line with the prior year. The long term growth rate improved by 0.4%. This primarily reflects improvements in the UK market where the outlook is forecast to be better than prior year forecast and where the long term growth rate was not capped by the medium term rate. Americas was broadly in line with the prior year growth assumptions for the initial and medium growth rate. The key changes which largely offset each other were the 0.5% increase in long-term growth rate and an increased tax rate by 4%. AAACE's increases in the initial growth rates are driven by improved initial and medium-term forecasts, which are both due to changes in the growth outlook for a number of key markets including Taiwan, Ivory Coast and Hungary. Improvements in forecast profitability reflect actions delivered in line with our strategic goals. The long-term growth rate has improved this year, in the prior year this needed to be capped to the medium-term rate for a number of the key markets. The Distribution improved initial growth rate reflects stronger business projections compared to prior year. Goodwill and intangible asset impairment review conclusion Our impairment testing confirms there are sufficient cash flows to support the current carrying values of the goodwill held at 30 September 2023. Any reasonable movement in the assumptions used in the impairment tests would not result in an impairment. The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the Group\u2019s accounting estimates in relation to intangible assets can affect the amounts reported in the financial statements, especially the estimates of the expected useful economic lives and the carrying values of those assets. If business conditions significantly change it is possible that materially different amounts could be reported in the Group\u2019s financial statements in future periods. There are uncertainties associated with estimating the valuation of the recoverable amount. At the present time the recoverable amount is significantly in excess of the carrying value of goodwill and other intangible assets. However, given the uncertainties mentioned above this could change in the future. Consideration of the impact of climate change The Group has completed an assessment of the impact of climate change which includes how it will vary future costs and therefore cash flows. The detail of the Tobacco & NGP climate change review can be found on pages 74-77. The review has concluded that there are impacts on future cash flows as a result of climate change, with the most significant being relating to NTM and leaf costs due to increases in the operating costs of suppliers and raw materials. We have factored the additional costs to the Group relating to forecast climate costs into our discounted cash flow forecasts used for impairment testing valuation purposes. The modelled impact of this for the Group was \u00a3338 million (2022: \u00a3726 million). This concluded that there continues to be sufficient headroom. There is therefore no impairment recognised as result of incremental climate change costs. However, the Group will continue to review the climate change impact going forward and any future changes in impact assessment could potentially result in changes to the impairment assessment. Other intangible assets Other intangible assets are considered for impairment risk. The carrying values of brand intangibles are reviewed against expected future cash flows of associated products. Impairment will only be recognised where there is evidence that the carrying value of the brand cannot be recovered through those cash flows. No impairments (2022: \u00a3nil) have been recognised for brand intangibles. Intellectual property and product development intangible assets have also been reviewed to identify potential impairment triggers. No such impairment triggers were noted in the year ended 30 September 2023 and hence no impairment charge has been incurred (2022: \u00a3nil). No impairment charge (2022: \u00a31 million) was incurred in the year relating to software. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-526": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2023 \u00a3 million Property Plant and equipment Fixtures and motor vehicles Total Cost At 1 October 2022 806 2,080 455 3,341 Additions 3 130 58 191 Acquisitions \u2013 5 9 14 Disposals (22) (74) (24) (120) Hyperinflation adjustment (note 1) \u2013 5 \u2013 5 Exchange movements (31) (81) (14) (126) At 30 September 2023 756 2,065 484 3,305 Depreciation and impairment At 1 October 2022 181 1,200 301 1,682 Depreciation charge for the year 17 98 32 147 Impairment \u2013 6 \u2013 6 Disposals (11) (60) (15) (86) Exchange movements (10) (41) (10) (61) At 30 September 2023 177 1,203 308 1,688 Net book value At 30 September 2023 579 862 176 1,617 2022 \u00a3 million Property Plant and equipment Fixtures and motor vehicles Total Cost At 30 September 2021 797 2,086 411 3,294 Hyperinflation restatement to 1 October 2021 1 24 2 27 At 1 October 2021 798 2,110 413 3,321 Additions 13 74 58 145 Disposals (51) (170) (24) (245) Hyperinflation adjustment (note 1) 1 7 \u2013 8 Reclassifications 19 (4) (5) 10 Exchange movements 26 63 13 102 At 30 September 2022 806 2,080 455 3,341 Depreciation and impairment At 30 September 2021 162 1,146 271 1,579 Hyperinflation restatement to 1 October 2021 \u2013 \u2013 \u2013 \u2013 At 1 October 2021 162 1,146 271 1,579 Depreciation charge for the year 14 102 34 150 Impairment 10 69 6 85 Disposals (13) (146) (21) (180) Reclassifications \u2013 (4) 1 (3) Exchange movements 8 33 10 51 At 30 September 2022 181 1,200 301 1,682 Net book value At 30 September 2022 625 880 154 1,659 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-527": {
"value": "13. RIGHT OF USE ASSETS AND LEASE LIABILITY The movements in right of use assets in the year were as follows: 2023 \u00a3 million Property Plant and equipment Fixtures and motor vehicles Total Net book value At 1 October 2022 194 3 31 228 Additions 74 3 37 112 Acquisitions 50 \u2013 32 84 Terminations and modifications (3) \u2013 (2) (5) Depreciation and impairment (53) (4) (28) (85) Exchange movements (6) \u2013 (2) (8) At 30 September 2023 256 2 68 326 The movements in lease liabilities in the year were as follows: \u00a3 million Lease Liabilities At 1 October 2022 248 Cash flow (92) Accretion of interest 10 New leases, terminations and modifications 106 Acquisitions 84 Exchange movements (7) At 30 September 2023 349 The maturity profile and the future minimum lease payments of the carrying amount of the Group's lease liabilities and the contractual cash flows as at 30 September 2023 is disclosed in Note 20. The following are the amounts recognised in the consolidated income statement: \u00a3 million 2023 2022 Expenses relating to short-term leases 4 3 Expenses relating to low value asset leases 1 2 Depreciation and impairment expense of right of use assets 85 74 Interest on lease liabilities 10 6 The movements in right of use assets in the year ending 30 September 2022 were as follows: 2022 \u00a3 million Property Plant and equipment Fixtures and motor vehicles Total Net book value At 1 October 2021 202 6 34 242 Additions 57 1 11 69 Terminations and modifications (13) \u2013 (2) (15) Depreciation (56) (4) (14) (74) Exchange movements 4 \u2013 2 6 At 30 September 2022 194 3 31 228 The movements in lease liabilities in the year ending 30 September 2022 were as follows: \u00a3 million Lease Liabilities At 1 October 2021 251 Cash flow (68) Accretion of interest 6 New leases, terminations and modifications 54 Exchange movements 5 At 30 September 2022 248 The maturity profile and the future minimum lease payments of the carrying amount of the Group's lease liabilities and the contractual cash flows as at 30 September 2022 is disclosed in Note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-528": {
"value": "14. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD The principal joint venture during the year was Global Horizon Ventures Limited. In the prior year, the entity held an intangible asset relating to royalties arising on the sales of a specific brand within Russia. Following the transfer of the Russian assets on 27 April 2022 these royalties ceased and, therefore, the Group's share of this intangible asset was fully impaired. Summarised financial information for the Group\u2019s joint ventures, which are accounted for using the equity method, is shown below: 2023 \u00a3 million Global Horizon Ventures Others Total Revenue 19 28 47 Profit after tax 13 4 17 Non-current assets \u2013 7 7 Current assets 56 49 105 Total assets 56 56 112 Current liabilities (7) (41) (48) Non-current liabilities \u2013 (14) (14) Total liabilities (7) (55) (62) Net assets 49 1 50 2022 \u00a3 million Global Horizon Ventures Others Total Revenue 23 27 50 Profit after tax (7) 5 (2) Non-current assets \u2013 6 6 Current assets 62 44 106 Total assets 62 50 112 Current liabilities \u2013 (39) (39) Non-current liabilities (7) (10) (17) Total liabilities (7) (49) (56) Net assets 55 1 56 Transactions and balances with joint ventures \u00a3 million 2023 2022 Purchases from 4 11 Accounts payable to (2) (3) Movement on investments accounted for using the equity method \u00a3 million 2023 2022 At 1 October 56 88 Share of profit/(loss) for the year from joint ventures 7 (15) Share of profit for the year from associates 2 2 Increase in investment in associates \u2013 2 Impairment of investment in associates (2) (12) Dividends (7) (9) Foreign exchange losses (1) \u2013 At 30 September 55 56 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-529": {
"value": "15. INVENTORIES \u00a3 million 2023 2022 Raw materials 1,159 910 Work in progress 81 73 Finished inventories 3,106 2,969 Other inventories 176 188 4,522 4,140 Other inventories mainly comprise duty-paid tax stamps. Within finished inventories of \u00a33,106 million (2022: \u00a32,969 million) there is excise duty of \u00a31,192 million (2022: \u00a31,255 million). It is generally recognised industry practice to classify leaf tobacco inventory as a current asset, although part of such inventory, because of the duration of the processing cycle ordinarily would not be consumed within one year. We estimate that around \u00a3337 million (2022: \u00a3114 million) of leaf tobacco held within raw materials will not be utilised within a year of the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-530": {
"value": "16. TRADE AND OTHER RECEIVABLES 2023 2022 \u00a3 million Current Non-current Current Non-current Trade receivables 2,211 3 2,262 3 Less: loss allowance (63) (3) (76) (3) Net trade receivables 2,148 \u2013 2,186 \u2013 Other receivables 149 26 200 37 Prepayments 193 37 157 30 2,490 63 2,543 67 Trade receivables may be analysed as follows: 2023 2022 \u00a3 million Current Non-current Current Non-current Within credit terms 1,996 \u2013 2,084 \u2013 Past due by less than 3 months 121 \u2013 93 \u2013 Past due by more than 3 months 31 \u2013 9 \u2013 Amounts that are impaired 63 3 76 3 2,211 3 2,262 3 The movements in the total loss allowance for receivables can be analysed as follows: \u00a3 million 2023 2022 At 1 October 79 71 Net (decrease)/increase in provision (13) 8 At 30 September 66 79 Trade receivables are reviewed by their risk profiles and loss patterns to assess credit risk. Historical and forward-looking information is considered to determine the appropriate expected credit loss allowance. Provision levels are calculated on the residual credit risk after consideration of any credit protection which is used by the Group. Expected credit losses (ECLs) are applied to net trade receivables which are measured reflecting lifetime ECLs using the simplified approach",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-531": {
"value": "17. CASH AND CASH EQUIVALENTS \u00a3 million 2023 2022 Cash at bank and in hand 683 703 Short-term deposits and other liquid assets 662 1,147 1,345 1,850 \u00a3135 million (2022: \u00a3144 million) of total cash and cash equivalents is held in countries in which prior approval is required to transfer the funds abroad. Nevertheless, if the Group complies with these requirements, such liquid funds are at its disposition within a reasonable period of time which in all cases is three months or less from the date the transfer is requested. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-532": {
"value": "18. TRADE AND OTHER PAYABLES 2023 2022 \u00a3 million Current Non-current Current Non-current Trade payables 1,507 \u2013 1,345 \u2013 Duties payable 5,297 \u2013 5,453 \u2013 Other taxes and social security contributions 1,375 \u2013 1,412 \u2013 Other payables 526 \u2013 500 \u2013 Accruals 874 27 796 10 9,579 27 9,506 10 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-533": {
"value": "19. BORROWINGS The Group\u2019s borrowings held at amortised cost, are as follows: \u00a3 million 2023 2022 Current borrowings Bank loans and overdrafts 49 27 Capital market issuance: $354 million 3.5% notes due February 2023 \u2013 322 \u20ac750 million 1.125% notes due August 2023 \u2013 662 \u00a3600 million 8.125% notes due March 2024 627 \u2013 $1,000 million 3.125% notes due July 2024 823 \u2013 Total current borrowings 1,499 1,011 Non-current borrowings Bank loans 2 1 Capital market issuance: \u00a3600 million 8.125% notes due March 2024 \u2013 626 $1,000 million 3.125% notes due July 2024 \u2013 910 \u20ac500 million 1.375% notes due January 2025 437 445 $1,500 million 4.25% notes due July 2025 1,236 1,367 \u20ac650 million 3.375% notes due February 2026 574 584 $750 million 3.5% notes due July 2026 617 682 \u00a3500 million 5.5% notes due September 2026 500 500 \u20ac750 million 2.125% notes due February 2027 657 670 $1,000 million 6.125% notes due July 2027 822 908 $1,000 million 3.875% notes due July 2029 822 909 \u20ac950 million 5.25% notes due February 2031 838 \u2013 \u00a3500 million 4.875% notes due June 2032 505 505 \u20ac1,000 million 1.75% notes due March 2033 872 889 Total non-current borrowings 7,882 8,996 Total borrowings 9,381 10,007 Analysed as: Capital market issuance 9,330 9,979 Bank loans and overdrafts 51 28 Current and non-current borrowings include interest payable of \u00a333 million (2022: \u00a32 million) and \u00a396 million (2022: \u00a3104 million) respectively as at the balance sheet date. Interest payable on capital market issuances are at fixed rates of interest and interest payable on bank loans and overdrafts are at floating rates of interest. On 13 February 2023, $354 million (\u00a3292 million equivalent) 3.5% notes were repaid. On 15 February 2023, \u20ac600 million (\u00a3533 million equivalent) 5.25% notes were issued. On 14 August 2023, \u20ac750 million (\u00a3646 million equivalent) 1.125% notes were repaid. On 12 September 2023, \u20ac350 million (\u00a3301 million equivalent) 5.25% notes were issued, supplementary to the 15 February 2023, \u20ac600 million issue. All borrowings are unsecured and the Group has not defaulted on any borrowings during the year (2022: no defaults). The maturity profile of the Group's bonds and the contractual cash flows as at September 2023 is disclosed in Note 20. Fair value of borrowings The fair value of borrowings as at 30 September 2023 is estimated to be \u00a38,669 million (2022: \u00a39,030 million). \u00a38,617 million (2022: \u00a39,002 million) relates to capital market issuance and has been determined by reference to market prices as at the balance sheet date. A comparison of the carrying amount and fair value of capital market issuance by currency is provided below. The fair value of all other borrowings is considered to equal their carrying amount. 2023 2022 \u00a3 million Balance sheet amount Fair value Balance sheet amount Fair value GBP 1,632 1,524 1,631 1,457 EUR 3,378 2,996 3,250 2,777 USD 4,320 4,097 5,098 4,768 Total capital market issuance 9,330 8,617 9,979 9,002 Undrawn revolving credit facilities At 30 September the Group had the following undrawn committed facilities: \u00a3 million 2023 2022 Amounts maturing: In less than one year 550 \u2013 Between one and two years 159 \u2013 Between two and five years 2,866 3,091 3,575 3,091 During the year the maturity of \u20ac3,125 million of the Group's syndicated multicurrency facility of \u20ac3,493 million (2022 \u20ac3,500 million) was extended to 30 September 2026. One syndicate member opted not to extend their participation of \u20ac184 million which has a maturity date of 30 September 2025. One syndicate member opted not to extend their participation of \u20ac184 million which has a maturity date of 30 March 2026. One syndicate member sold their participation of \u20ac125 million and one syndicate member sold their participation of \u20ac184 million. Two syndicate members increased their participations from \u20ac125 million to \u20ac184 million and a new syndicate member joined with a participation of \u20ac184 million. During the year three new bilateral facilities for a total \u00a3550 million, all maturing in September 2024, were arranged. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-534": {
"value": "20. FINANCIAL RISK FACTORS
Financial risk management
Overview
In the normal course of business, the Group is exposed to financial risks including, but not limited to, market, credit and liquidity risk.
This note explains the Group\u2019s exposure to these risks, how they are measured and assessed, and summarises the policies and processes
used to manage them, including those related to the management of capital.
The Group operates a centralised treasury function which is responsible for the management of the financial risks of the Group, together
with its financing and liquidity requirements. Financial risks comprise, but are not limited to, exposures to funding and liquidity, interest
rate, foreign exchange and counterparty credit risk. The treasury function is also responsible for the financial risk management of the
Group\u2019s global defined benefit pension schemes and management of Group-wide insurance programmes. The treasury function does not
operate as a profit centre, nor does it enter into speculative transactions.
The Group's treasury activities are overseen by the Treasury Committee, which meets four times per year and comprises the Chief
Financial Officer, the Director of Treasury, the Group Finance Director, the Chief Legal and Corporate Affairs Officer, the Chief Strategy and
Development Officer and three Group Regional Finance Directors. The Treasury Committee operates in accordance with the terms of
reference set out by the Board and a policy (the Treasury Operations Policy) which sets out the expectations and boundaries to assist in the
effective oversight of treasury activities.
The Board reviews and approves all major treasury decisions.
The Group\u2019s management of financial risks covers the following:
(A) Market risk
Price risk
The Group is not exposed to equity securities price risk other than assets held by its pension funds disclosed in note 23 and an equity
holding in Oxford Cannabinoid Technologies PLC. The Group is exposed to commodity price risk in that there may be fluctuations in
the price of tobacco leaf. As with other agricultural commodities, the price of tobacco leaf tends to be cyclical as supply and demand
considerations influence tobacco plantings in those countries where tobacco is grown. Also, different regions may experience variations
in weather patterns that may affect crop quality or supply and so lead to changes in price. The Group seeks to reduce this price risk by
sourcing tobacco leaf from a number of different countries and counterparties and by varying the levels of tobacco leaf held. Currently,
these techniques reduce the expected exposure to this risk over the short to medium term to levels considered not material and
accordingly, no sensitivity analysis has been presented.
Foreign exchange risk
The Group is exposed to movements in foreign exchange rates due to its commercial trading transactions and profits denominated in
foreign currencies, as well as the translation of cash, borrowings and derivatives held in non-functional currencies.
The Group\u2019s financial results are principally exposed to fluctuations in euro and US dollar exchange rates. Management of the Group\u2019s
foreign exchange transaction and translation risk is addressed below.
Transaction risk
The Group\u2019s material transaction exposures arise on costs denominated in currencies other than the functional currencies of subsidiaries,
including the purchase of tobacco leaf, which is sourced from various countries but purchased principally in US dollars, and packaging
materials which are sourced from various countries and purchased in a number of currencies. The Group is also exposed to transaction
foreign exchange risk on the conversion of foreign subsidiary earnings into sterling to fund the external dividends to shareholders. This is
managed by selling euros and US dollars monthly throughout the year. Other foreign currency flows are matched where possible and
remaining foreign currency transaction exposures are not hedged.
Translation risk
The Group's currency mix of debt and related derivatives is held with consideration to the currency mix of its net assets and profits, which
are primarily euros and US dollars. The Group issues debt in the most appropriate market or markets at the time of raising new finance and
has a policy of using derivative financial instruments, cross-currency swaps, to change the currency of debt as required. Borrowings
denominated in, or swapped into foreign currencies to match the Group\u2019s investments in overseas subsidiaries are treated as a hedge
against the net investment where appropriate.
Foreign exchange sensitivity analysis
The Group\u2019s sensitivity to foreign exchange rate movements, which impacts the translation of monetary items held by subsidiary
companies in currencies other than their functional currencies, is illustrated on an indicative basis below. The sensitivity analysis has been
prepared on the basis that net debt and the proportion of financial instruments in foreign currencies remain constant, and that there is no
change to the net investment hedge designations in place at 30 September 2023. The sensitivity analysis does not reflect any change to
revenue or non-finance costs that may result from changing exchange rates, and ignores any taxation implications and offsetting effects of
movements in the fair value of derivative financial instruments.
2023
2022
\u00a3 million
Increase/
(decrease)
in income
Increase in
income
Income statement impact of non-functional currency foreign exchange exposures:
10% appreciation of sterling against euro (2022: 10%) 33
59
10% appreciation of sterling against US dollar (2022: 10%) (9)
2
An equivalent depreciation of sterling against the above currencies would cause a decrease in income of \u00a341 million and \u00a311 million
increase for euro and US dollar exchange rates respectively (2022: \u00a372 million decrease and \u00a32 million decrease).
Movements in equity in the table below relate to intercompany loans treated as quasi-equity under IAS 21 and hedging instruments
designated as net investment hedges of the Group's euro and US dollar denominated assets.
2023 2022
\u00a3 million
Change in
equity
Change in
equity
Equity impact of non-functional currency foreign exchange exposures:
10% appreciation of sterling against euro (2022: 10%) 1,035
621
10% appreciation of sterling against US dollar (202: 10%) 205
276
An equivalent depreciation of sterling against the above currencies would result in a change in equity of \u00a3(1,265) million and \u00a3(250) million
for euro and US dollar exchange rates respectively (2022: \u00a3(759) million and \u00a3(338) million).
At 30 September 2023, after the effect of derivative financial instruments, approximately 111% of the Group\u2019s net debt was denominated in
euro and non US dollar currencies (2022: 80%) and (11)% in US dollars (2022: 20%).
Interest rate risk
The Group\u2019s interest rate risk arises from its borrowings net of cash and cash equivalents, with the primary exposures arising from
fluctuations in euro and US dollar interest rates. Borrowings at variable rates expose the Group to cash flow interest rate risk. Borrowings at
fixed rates expose the Group to fair value interest rate risk.
The Group manages its exposure to interest rate risk on its borrowings by entering into derivative financial instruments, interest rate
swaps, to achieve an appropriate mix of fixed and floating interest rate debt in accordance with the Treasury Operations Policy and
Treasury Committee discussions.
As at 30 September 2023, after adjusting for the effect of derivative financial instruments detailed in note 21, approximately 107% (2022: 103%)
of reported net debt was at fixed rates of interest and (7)% (2022: (3)%) was at floating rates of interest. After adjusting for cash held in
subsidiary bank accounts and cash in transit, accrued interest, the mark to market of the derivative portfolio and finance leases,
approximately 100% (2022: 97%) of debt was at fixed rates of interest and 0% (2022: 3%) was at floating rates of interest.
Interest rate sensitivity analysis
The Group\u2019s sensitivity to interest rates on its euro and US dollar monetary items which are primarily external borrowings, cash and cash
equivalents, is illustrated on an indicative basis below. The impact in the Group\u2019s income statement reflects the effect on net finance costs
in respect of the Group\u2019s net debt and the fixed to floating rate debt ratio prevailing at 30 September 2023, ignoring any taxation implications
and offsetting effects of movements in the fair value of derivative financial instruments.
The sensitivity analysis has been prepared on the basis that net debt and the derivatives portfolio remain constant and that there is no net
impact on other comprehensive income (2022: \u00a3nil).
2023 2022
\u00a3 million
Change in
income
Change in
income
Income statement impact of interest rate movements:
+/- 1% increase in euro interest rates (2022: 1%)
12
13
+/- 1% increase in US dollar interest rates (2022: 1%) (9)
(9)
(B) Credit risk
IFRS 9 requires an expected credit loss (ECL) model to be applied to financial assets. The expected credit loss model requires the Group to
account for expected losses as a result of credit risk on initial recognition of financial assets and to recognise changes in those expected
credit losses at each reporting date. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit
risk on the receivables increases significantly after initial recognition. The Group is primarily exposed to credit risk arising from the
extension of credit to its customers, on cash deposits and derivatives. The maximum aggregate credit risk to these sources was
\u00a34,507 million at 30 September 2023 (2022: \u00a35,151 million).
Trade and other receivables
Policies are in place to manage the risk associated with the extension of credit to third parties to ensure that commercial intent is balanced
effectively with credit risk management. Subsidiaries have policies in place that require appropriate credit checks on customers and credit
is extended with consideration to financial risk and creditworthiness. If a customer requires credit beyond an acceptable limit, security may
be put in place to minimise the financial impact in the event of a payment default. Instruments that may typically be used as security
include non-recourse receivables factoring and bank guarantees. At 30 September 2023 the level of trade receivables that were sold to a
financial institution under a non-recourse factoring arrangement, and subsequently derecognised totalled \u00a3570 million (2022: \u00a3570 million).
The total value of trade receivables reclassified as fair value was \u00a322 million at 30 September 2023 (2022: \u00a350 million). There was no
valuation difference between amortised cost and fair value. Analysis of trade and other receivables is provided in note 16.
Financial instruments
In order to manage its credit risk to any one counterparty, the Group places cash deposits and enters into derivative financial instruments
with a diversified group of financial institutions carrying suitable credit ratings in line with the Treasury Operations Policy. Utilisation of
counterparty credit limits is regularly monitored by treasury and ISDA agreements are in place to permit the net settlement of assets and
liabilities in certain circumstances. During the year the Group terminated one collateralised trade held under an ISDA Credit Support Annex
and as at 30 September 2023 had placed collateral of \u00a3nil (2022: \u00a312 million) with a third party in order to manage their counterparty risk on
the Group under derivative financial instruments.
The table below summarises the Group\u2019s largest exposures to financial counterparties as at 30 September 2023. At the balance sheet date
management does not expect these counterparties to default on their current obligations.
2023 2022
Counterparty exposure
Maximum
exposure to
credit risk
\u00a3 million
Maximum
exposure to
credit risk
\u00a3 million
Highest 311 136
2nd highest 104 135
84 128
4th highest 83 127
5th highest 80 114
These exposures are held with counterparties with investment grade credit ratings or in money market funds with a AAA rating.
(C) Liquidity risk
The Group is exposed to liquidity risk, which represents the risk of having insufficient funds to meet its financing needs in any particular
location when needed. To manage this risk the Group has a policy of actively maintaining a mixture of short, medium and long-term
committed facilities that are structured to ensure that the Group has sufficient available funds to meet the forecast requirements of the
Group over the short to medium term. To prevent over-reliance on individual sources of liquidity, funding is provided across a range of
instruments including debt capital market issuance, bank term loans, bank revolving credit facilities and European commercial paper.
The Group primarily borrows centrally in order to meet forecast funding requirements, and the treasury function is in regular dialogue with
subsidiary companies to ensure their liquidity needs are met. Subsidiary companies are funded by a combination of share capital and
retained earnings, intercompany loans, and in very limited cases through external local borrowings. Cash pooling processes are used to
centralise surplus cash held by subsidiaries where possible in order to minimise external borrowing requirements and interest costs.
Treasury invests surplus cash in bank deposits and money market funds and uses foreign exchange contracts to manage short term
liquidity requirements in line with short term cash flow forecasts. As at 30 September 2023, the Group held liquid assets of \u00a31,345 million
(2022: \u00a31,850 million).
The table below summarises the Group\u2019s non derivative financial liabilities by maturity based on their contractual cash flows as at
30 September 2023. The amounts disclosed are undiscounted cash flows calculated using spot rates of exchange prevailing at the relevant
balance sheet date. Contractual cash flows in respect of the Group\u2019s derivative financial instruments are detailed in note 21.
2023
\u00a3 million
Balance sheet
amount
Contractual
cash flows
total
<1 year
Between 1 and
2 years
Between 2 and
5 years
> 5 years
Non-derivative financial liabilities:
51
51
49
2
\u2013 \u2013
Capital market issuance 9,330
10,663
1,767
1,951
3,651
3,294
Trade payables 1,507
1,507
1,507
\u2013
\u2013
\u2013
349
406
82
70
114
140
Total non-derivative financial liabilities
11,237
12,627
3,405
2,023
3,765
3,434
2022
\u00a3 million
Balance sheet
amount
Contractual
cash flows
total
<1 year
Between 1 and
2 years
Between 2 and
5 years
> 5 years
Non-derivative financial liabilities:
Bank loans 28
28
27
1
\u2013
\u2013
Capital market issuance 9,979
11,440
1,349
1,830
5,710
2,551
Trade payables 1,345
1,345
1,345
\u2013
\u2013
\u2013
Lease liabilities 248
289
64
56
84
85
Total non-derivative financial liabilities 11,600
13,102
2,785
1,887
5,794
2,636
Capital management
The Group defines capital as adjusted net debt and equity and manages its capital structure through an appropriate balance of debt and
equity in order to drive an efficient mix for the Group. Besides the minimum capitalisation rules that may apply to subsidiaries in certain
countries, the Group\u2019s only externally imposed capital requirements are interest cover and gearing covenants contained within its core
external bank debt facilities, with which the Group was fully compliant during the current and prior periods and expects to be so going
forward. Management have assessed that the likelihood of a future covenant breach is remote.
The Group continues to manage its capital structure to maintain investment grade credit ratings which it monitors by reference to a
number of key financial ratios, including ongoing consideration of the return of capital to shareholders via regular dividend payments and
share buybacks and in on-going discussions with the relevant rating agencies.
As at 30 September 2023 the Group was rated Baa3/stable outlook by Moody\u2019s Investor Service Ltd, BBB/A-2/stable outlook by Standard and
Poor\u2019s Credit Market Services Europe Limited and BBB/F2/stable outlook by Fitch Ratings Limited.
The Group regards its total capital as follows.
\u00a3 million 2023 2022
8,026
8,054
Equity attributable to the owners of the parent 6,021
6,860
Total capital 14,047
14,914
Hedge accounting
The Group has investments in foreign operations which are consolidated in its financial statements and whose functional currencies are
euros or US dollars. Where it is practicable and cost effective to do so, the foreign exchange rate exposures arising from these investments
are hedged through the use of cross-currency swaps, foreign exchange swaps and foreign currency denominated debt.
The Group only designates the undiscounted spot element of the cross currency swaps, foreign exchange swaps and foreign currency debt
as hedging instruments. Changes in the fair value of the cross currency swaps and foreign exchange swaps attributable to changes in
interest rates and the effect of discounting are recognised directly in profit or loss within the \u201cFinance costs\u201d line. These amounts are,
therefore, not included in the hedge effectiveness assessment.
Net investment gains and losses are reported in exchange movements within other comprehensive income and the hedging instrument
foreign currency gains and losses deferred to the foreign currency revaluation reserve are detailed in the statement of changes in equity.
The Group establishes the hedging ratio by matching the notional balance of the hedging instruments with an equal notional balance of the
net assets of the foreign operation. Given that only the undiscounted spot element of hedging instruments is designated in the hedging
relationship, no ineffectiveness is expected unless the notional balance of the designated hedging instruments exceeds the total balance of
the foreign operation\u2019s net assets during the reporting period. The foreign currency risk component is determined as the change in the
carrying amount of designated net assets of the foreign operation arising solely from changes in spot foreign currency exchange rates.
All net investment hedges were fully effective at 30 September 2023.
The following table sets out the maturity profile of the hedging instruments used in the Group\u2019s net investment hedging strategies:
2023
\u00a3 million
Total
notional
balance
Maturity
<1 year
Between 1 and
2 years
Between 2 and
5 years
> 5 years
(3,897)
\u2013 (433)
(2,645)
(819)
Cross-currency swaps (5,986)
(1,447)
(1,214)
(1,971)
(1,354)
Foreign exchange swaps (541)
(541)
\u2013 \u2013 \u2013
(10,424)
(1,988)
(1,647)
(4,616)
(2,173)
2022
\u00a3 million
Total
notional
balance
Maturity
<1 year
Between 1 and
2 years
Between 2 and
5 years
> 5 years
Bonds (5,378)
(982)
(906)
(3,490)
\u2013
Cross-currency swaps (3,623)
\u2013
(1,475)
(1,596)
(552)
Foreign exchange swaps (273)
(273)
\u2013
\u2013
\u2013
(9,274)
(1,255)
(2,381)
(5,086)
(552)
The following table contains details of the hedging instruments and hedged items used in the Group\u2019s net investment hedging strategies:
2023
\u00a3 million
Notional
balance
Carrying amount
Balance sheet line item
Changes in fair
value used for
calculating
hedge in-
effectiveness Assets Liabilities
Hedging instrument:
Bonds 3,897
\u2013 3,929
Borrowings
338
Cross-currency swaps 5,986
\u2013 249
Derivative financial instruments
75
Foreign exchange swaps 541
1
\u2013
Derivative financial instruments
14
Hedged item:
Investment in a foreign operation n/a 10,424
\u2013
427
2022
\u00a3 million
Notional
balance
Carrying amount
Balance sheet line item
Changes in fair
value used for
calculating
hedge in-
effectiveness
Assets Liabilities
Hedging instrument:
Bonds 5,378
\u2013
5,414
Borrowings
(532)
Cross-currency swaps 3,623
\u2013
331
Derivative financial instruments
(117)
273
\u2013
7
Derivative financial instruments
\u2013
Investment in a foreign operation n/a 9,274
\u2013 (649)
Reconciliation of changes in the value of net investment hedges:
2023
\u00a3 million
At the
beginning of
the year
Income
statement
Other
comprehensive
income
Designations/
(de-designations)
At the end
of the year
Derivatives in net investment hedges of foreign operations
(338)
1
89
\u2013 (248)
Bonds in net investment hedges of foreign operations (5,414)
(3)
338
1,150
(3,929)
Total (5,752)
(2)
427
1,150 (4,177)
2022
\u00a3 million
At the
beginning of
the year
Income
statement
Other
comprehensive
income
Designations/
(de-designations)
At the end
of the year
Derivatives in net investment hedges of foreign operations (214)
(7)
(117)
\u2013 (338)
Bonds in net investment hedges of foreign operations (5,286)
(3)
(532)
407
(5,414)
Total (5,500)
(10)
(649)
407
(5,752)
The Group also treats certain permanent intragroup loans that meet relevant qualifying criteria under IAS 21 as part of its net investment in
foreign operations where appropriate. Intragroup loans with a notional value of \u20ac3,714 million (\u00a33,217 million equivalent) (2022: \u20ac674 million
(\u00a3595 million equivalent)) were treated as part of the Group\u2019s net investment in foreign operations at the balance sheet date.
Fair value estimation and hierarchy
All financial assets and liabilities are carried on the balance sheet at amortised cost, other than derivative financial instruments which are
carried at fair value. Derivative fair values are determined based on observable market data such as yield curves, foreign exchange rates
and credit default swap prices to calculate the present value of future cash flows associated with each derivative at the balance sheet date
(Level 2 classification hierarchy per IFRS 7). Market data is sourced through Bloomberg and valuations are validated by reference to
counterparty valuations where appropriate. Some of the Group\u2019s derivative financial instruments contain early termination options and
these have been considered when assessing the element of the fair value related to credit risk. On this basis the reduction in reported net
derivative liabilities due to credit risk is \u00a32 million (2022: \u00a33 million) and would have been a \u00a35 million (2022: \u00a38 million) reduction without
considering the early termination options. There were no changes to the valuation methods or transfers between hierarchies during the
year. With the exception of capital market issuance, the fair value of all financial assets and financial liabilities is considered approximate
to their carrying amount as outlined in note 20.
Auxly Cannabis Group Inc.
The Group has invested CAD 123 million into Auxly Cannabis Group Inc. by way of a debenture convertible to equity at a conversion price of
$0.81 per share. Following a two year extension to the repayment date which was agreed in July 2023, repayment of the debenture is now
repayable on 25 September 2026. The debenture is valued as a loan receivable measured on the basis of discounting future cash flows at a
rate of 14% (2022: 14%) plus the application of an expected credit loss provision. At 30 September 2023 the loan was held at a fair value of \u00a3nil
(30 September 2022: \u00a317 million) following an increase in the expected credit loss provision to \u00a370 million (30 September 2022: \u00a353 million).
The expected credit loss provision increase reflects changes in the counterparty credit risk.
Netting arrangements of financial instruments
The following tables set out the Group\u2019s financial assets and financial liabilities that are subject to netting and set-off arrangements.
Financial assets and liabilities that are subject to set-off arrangements and disclosed on a net basis in the Group\u2019s balance sheet primarily
relate to collateral in respect of one derivative financial instrument under an ISDA Credit Support Annex.
2023
\u00a3 million
Gross
financial
assets/
(liabilities)
Gross
collateral
assets/
(liabilities)
set-off
Net financial
assets/
(liabilities) per
balance sheet
Related
amounts not
set-off in the
balance sheet
Net
Assets
Derivative financial instruments 950 \u2013 950
(817)
133
Liabilities
Derivative financial instruments (1,003)
\u2013 (1,003)
817 (186)
2022
Gross
financial
assets/
(liabilities)
Gross
collateral
assets/
(liabilities)
set-off
Net financial
assets/
(liabilities) per
balance sheet
Related
amounts not
set-off in the
balance sheet
Net \u00a3 million
Assets
Derivative financial instruments
1,051
(12)
1,039
(948)
91
Liabilities
Derivative financial instruments
(1,138)
12
(1,126)
948
(178)
The table below sets out the Group\u2019s accounting classification of each class of financial assets and liabilities:
2023
\u00a3 million
Fair value
through
income
statement
Fair value
through other
comprehensive
income
Assets and
liabilities at
amortised
cost
Total Current Non-Current
Trade and other receivables \u2013
\u2013
2,323 2,323 2,297
26
Cash and cash equivalents
\u2013 \u2013 1,345
1,345
1,345
\u2013
Derivatives 949 1
\u2013
950
126
824
Total financial assets 949 1
3,668 4,618 3,768
850
Borrowings \u2013
\u2013
(9,381)
(9,381)
(1,499)
(7,882)
Trade and other payables \u2013
\u2013
(8,705)
(8,705)
(8,705)
\u2013
Derivatives (754)
(249)
\u2013
(1,003)
(174)
(829)
\u2013
\u2013
(349)
(349)
(81)
(268)
Total financial liabilities
(754)
(249)
(18,435)
(19,438)
(10,459)
(8,979)
Total net financial assets/(liabilities)
195 (248)
14,767 14,820 (6,691)
8,129
2022
\u00a3 million
Fair value
through
income
statement
Fair value
through other
comprehensive
income
Assets and
liabilities at
amortised
cost
Total Current Non-Current
Trade and other receivables 17
\u2013 2,406
2,423
2,386
37
Cash and cash equivalents \u2013 \u2013 1,850
1,850
1,850
\u2013
1,039
\u2013 \u2013 1,039
54
985
1,056
\u2013 4,256
5,312
4,290
1,022
\u2013 \u2013 (10,007)
(10,007)
(1,011)
(8,996)
Trade and other payables \u2013 \u2013 (8,710)
(8,710)
(8,710)
\u2013
Derivatives (788)
(338)
\u2013 (1,126)
(54)
(1,072)
Lease liabilities \u2013 \u2013 (248)
(248)
(58)
(190)
Total financial liabilities (788)
(338)
(18,965)
(20,091)
(9,833)
(10,258)
Total net financial assets/(liabilities) 268
(338)
(14,709)
(14,779)
(5,543)
(9,236)
Derivatives classified as fair value through other comprehensive income relate to cross currency swaps and foreign exchange swaps
designated as hedges of foreign currency denominated net investments. The Group only designates the undiscounted foreign exchange
spot element of these derivative instruments and the changes in fair value related to this element are posted to other comprehensive
income. Changes in the fair value of these derivative instruments attributable to changes in interest rates and the effect of discounting
are recognised in the income statement. The Group also designates certain bonds as hedges of foreign currency denominated net
investments and the foreign exchange revaluation of those bonds is recognised in other comprehensive income. The carrying value at
30 September 2023 of those bonds included in the above table is \u00a33,929 million (2022: \u00a35,414 million). All of the Group\u2019s net investment
hedges remain effective.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-559": {
"value": "(A) Market risk Price risk The Group is not exposed to equity securities price risk other than assets held by its pension funds disclosed in note 23 and an equity holding in Oxford Cannabinoid Technologies PLC. The Group is exposed to commodity price risk in that there may be fluctuations in the price of tobacco leaf. As with other agricultural commodities, the price of tobacco leaf tends to be cyclical as supply and demand considerations influence tobacco plantings in those countries where tobacco is grown. Also, different regions may experience variations in weather patterns that may affect crop quality or supply and so lead to changes in price. The Group seeks to reduce this price risk by sourcing tobacco leaf from a number of different countries and counterparties and by varying the levels of tobacco leaf held. Currently, these techniques reduce the expected exposure to this risk over the short to medium term to levels considered not material and accordingly, no sensitivity analysis has been presented. Foreign exchange risk The Group is exposed to movements in foreign exchange rates due to its commercial trading transactions and profits denominated in foreign currencies, as well as the translation of cash, borrowings and derivatives held in non-functional currencies. The Group\u2019s financial results are principally exposed to fluctuations in euro and US dollar exchange rates. Management of the Group\u2019s foreign exchange transaction and translation risk is addressed below. Transaction risk The Group\u2019s material transaction exposures arise on costs denominated in currencies other than the functional currencies of subsidiaries, including the purchase of tobacco leaf, which is sourced from various countries but purchased principally in US dollars, and packaging materials which are sourced from various countries and purchased in a number of currencies. The Group is also exposed to transaction foreign exchange risk on the conversion of foreign subsidiary earnings into sterling to fund the external dividends to shareholders. This is managed by selling euros and US dollars monthly throughout the year. Other foreign currency flows are matched where possible and remaining foreign currency transaction exposures are not hedged. Translation risk The Group's currency mix of debt and related derivatives is held with consideration to the currency mix of its net assets and profits, which are primarily euros and US dollars. The Group issues debt in the most appropriate market or markets at the time of raising new finance and has a policy of using derivative financial instruments, cross-currency swaps, to change the currency of debt as required. Borrowings denominated in, or swapped into foreign currencies to match the Group\u2019s investments in overseas subsidiaries are treated as a hedge against the net investment where appropriate. Foreign exchange sensitivity analysis The Group\u2019s sensitivity to foreign exchange rate movements, which impacts the translation of monetary items held by subsidiary companies in currencies other than their functional currencies, is illustrated on an indicative basis below. The sensitivity analysis has been prepared on the basis that net debt and the proportion of financial instruments in foreign currencies remain constant, and that there is no change to the net investment hedge designations in place at 30 September 2023. The sensitivity analysis does not reflect any change to revenue or non-finance costs that may result from changing exchange rates, and ignores any taxation implications and offsetting effects of movements in the fair value of derivative financial instruments. 2023 2022 \u00a3 million Increase/ (decrease) in income Increase in income Income statement impact of non-functional currency foreign exchange exposures: 10% appreciation of sterling against euro (2022: 10%) 33 59 10% appreciation of sterling against US dollar (2022: 10%) (9) 2 An equivalent depreciation of sterling against the above currencies would cause a decrease in income of \u00a341 million and \u00a311 million increase for euro and US dollar exchange rates respectively (2022: \u00a372 million decrease and \u00a32 million decrease). Movements in equity in the table below relate to intercompany loans treated as quasi-equity under IAS 21 and hedging instruments designated as net investment hedges of the Group's euro and US dollar denominated assets. 2023 2022 \u00a3 million Change in equity Change in equity Equity impact of non-functional currency foreign exchange exposures: 10% appreciation of sterling against euro (2022: 10%) 1,035 621 10% appreciation of sterling against US dollar (202: 10%) 205 276 An equivalent depreciation of sterling against the above currencies would result in a change in equity of \u00a3(1,265) million and \u00a3(250) million for euro and US dollar exchange rates respectively (2022: \u00a3(759) million and \u00a3(338) million). At 30 September 2023, after the effect of derivative financial instruments, approximately 111% of the Group\u2019s net debt was denominated in euro and non US dollar currencies (2022: 80%) and (11)% in US dollars (2022: 20%). Interest rate risk The Group\u2019s interest rate risk arises from its borrowings net of cash and cash equivalents, with the primary exposures arising from fluctuations in euro and US dollar interest rates. Borrowings at variable rates expose the Group to cash flow interest rate risk. Borrowings at fixed rates expose the Group to fair value interest rate risk. The Group manages its exposure to interest rate risk on its borrowings by entering into derivative financial instruments, interest rate swaps, to achieve an appropriate mix of fixed and floating interest rate debt in accordance with the Treasury Operations Policy and Treasury Committee discussions. As at 30 September 2023, after adjusting for the effect of derivative financial instruments detailed in note 21, approximately 107% (2022: 103%) of reported net debt was at fixed rates of interest and (7)% (2022: (3)%) was at floating rates of interest. After adjusting for cash held in subsidiary bank accounts and cash in transit, accrued interest, the mark to market of the derivative portfolio and finance leases, approximately 100% (2022: 97%) of debt was at fixed rates of interest and 0% (2022: 3%) was at floating rates of interest. Interest rate sensitivity analysis The Group\u2019s sensitivity to interest rates on its euro and US dollar monetary items which are primarily external borrowings, cash and cash equivalents, is illustrated on an indicative basis below. The impact in the Group\u2019s income statement reflects the effect on net finance costs in respect of the Group\u2019s net debt and the fixed to floating rate debt ratio prevailing at 30 September 2023, ignoring any taxation implications and offsetting effects of movements in the fair value of derivative financial instruments. The sensitivity analysis has been prepared on the basis that net debt and the derivatives portfolio remain constant and that there is no net impact on other comprehensive income (2022: \u00a3nil). 2023 2022 \u00a3 million Change in income Change in income Income statement impact of interest rate movements: +/- 1% increase in euro interest rates (2022: 1%) 12 13 +/- 1% increase in US dollar interest rates (2022: 1%) (9) (9) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-560": {
"value": "(B) Credit risk IFRS 9 requires an expected credit loss (ECL) model to be applied to financial assets. The expected credit loss model requires the Group to account for expected losses as a result of credit risk on initial recognition of financial assets and to recognise changes in those expected credit losses at each reporting date. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition. The Group is primarily exposed to credit risk arising from the extension of credit to its customers, on cash deposits and derivatives. The maximum aggregate credit risk to these sources was \u00a34,507 million at 30 September 2023 (2022: \u00a35,151 million). Trade and other receivables Policies are in place to manage the risk associated with the extension of credit to third parties to ensure that commercial intent is balanced effectively with credit risk management. Subsidiaries have policies in place that require appropriate credit checks on customers and credit is extended with consideration to financial risk and creditworthiness. If a customer requires credit beyond an acceptable limit, security may be put in place to minimise the financial impact in the event of a payment default. Instruments that may typically be used as security include non-recourse receivables factoring and bank guarantees. At 30 September 2023 the level of trade receivables that were sold to a financial institution under a non-recourse factoring arrangement, and subsequently derecognised totalled \u00a3570 million (2022: \u00a3570 million). The total value of trade receivables reclassified as fair value was \u00a322 million at 30 September 2023 (2022: \u00a350 million). There was no valuation difference between amortised cost and fair value. Analysis of trade and other receivables is provided in note 16. Financial instruments In order to manage its credit risk to any one counterparty, the Group places cash deposits and enters into derivative financial instruments with a diversified group of financial institutions carrying suitable credit ratings in line with the Treasury Operations Policy. Utilisation of counterparty credit limits is regularly monitored by treasury and ISDA agreements are in place to permit the net settlement of assets and liabilities in certain circumstances. During the year the Group terminated one collateralised trade held under an ISDA Credit Support Annex and as at 30 September 2023 had placed collateral of \u00a3nil (2022: \u00a312 million) with a third party in order to manage their counterparty risk on the Group under derivative financial instruments. The table below summarises the Group\u2019s largest exposures to financial counterparties as at 30 September 2023. At the balance sheet date management does not expect these counterparties to default on their current obligations. 2023 2022 Counterparty exposure Maximum exposure to credit risk \u00a3 million Maximum exposure to credit risk \u00a3 million Highest 311 136 2nd highest 104 135 3rd highest 84 128 4th highest 83 127 5th highest 80 114 These exposures are held with counterparties with investment grade credit ratings or in money market funds with a AAA rating. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-561": {
"value": "(C) Liquidity risk The Group is exposed to liquidity risk, which represents the risk of having insufficient funds to meet its financing needs in any particular location when needed. To manage this risk the Group has a policy of actively maintaining a mixture of short, medium and long-term committed facilities that are structured to ensure that the Group has sufficient available funds to meet the forecast requirements of the Group over the short to medium term. To prevent over-reliance on individual sources of liquidity, funding is provided across a range of instruments including debt capital market issuance, bank term loans, bank revolving credit facilities and European commercial paper. The Group primarily borrows centrally in order to meet forecast funding requirements, and the treasury function is in regular dialogue with subsidiary companies to ensure their liquidity needs are met. Subsidiary companies are funded by a combination of share capital and retained earnings, intercompany loans, and in very limited cases through external local borrowings. Cash pooling processes are used to centralise surplus cash held by subsidiaries where possible in order to minimise external borrowing requirements and interest costs. Treasury invests surplus cash in bank deposits and money market funds and uses foreign exchange contracts to manage short term liquidity requirements in line with short term cash flow forecasts. As at 30 September 2023, the Group held liquid assets of \u00a31,345 million (2022: \u00a31,850 million). The table below summarises the Group\u2019s non derivative financial liabilities by maturity based on their contractual cash flows as at 30 September 2023. The amounts disclosed are undiscounted cash flows calculated using spot rates of exchange prevailing at the relevant balance sheet date. Contractual cash flows in respect of the Group\u2019s derivative financial instruments are detailed in note 21. 2023 \u00a3 million Balance sheet amount Contractual cash flows total <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Non-derivative financial liabilities: Bank loans 51 51 49 2 \u2013 \u2013 Capital market issuance 9,330 10,663 1,767 1,951 3,651 3,294 Trade payables 1,507 1,507 1,507 \u2013 \u2013 \u2013 Lease liabilities 349 406 82 70 114 140 Total non-derivative financial liabilities 11,237 12,627 3,405 2,023 3,765 3,434 2022 \u00a3 million Balance sheet amount Contractual cash flows total <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Non-derivative financial liabilities: Bank loans 28 28 27 1 \u2013 \u2013 Capital market issuance 9,979 11,440 1,349 1,830 5,710 2,551 Trade payables 1,345 1,345 1,345 \u2013 \u2013 \u2013 Lease liabilities 248 289 64 56 84 85 Total non-derivative financial liabilities 11,600 13,102 2,785 1,887 5,794 2,636 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-562": {
"value": "Capital management The Group defines capital as adjusted net debt and equity and manages its capital structure through an appropriate balance of debt and equity in order to drive an efficient mix for the Group. Besides the minimum capitalisation rules that may apply to subsidiaries in certain countries, the Group\u2019s only externally imposed capital requirements are interest cover and gearing covenants contained within its core external bank debt facilities, with which the Group was fully compliant during the current and prior periods and expects to be so going forward. Management have assessed that the likelihood of a future covenant breach is remote. The Group continues to manage its capital structure to maintain investment grade credit ratings which it monitors by reference to a number of key financial ratios, including ongoing consideration of the return of capital to shareholders via regular dividend payments and share buybacks and in on-going discussions with the relevant rating agencies. As at 30 September 2023 the Group was rated Baa3/stable outlook by Moody\u2019s Investor Service Ltd, BBB/A-2/stable outlook by Standard and Poor\u2019s Credit Market Services Europe Limited and BBB/F2/stable outlook by Fitch Ratings Limited. The Group regards its total capital as follows. \u00a3 million 2023 2022 Adjusted net debt 8,026 8,054 Equity attributable to the owners of the parent 6,021 6,860 Total capital 14,047 14,914",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-563": {
"value": "air value estimation and hierarchy All financial assets and liabilities are carried on the balance sheet at amortised cost, other than derivative financial instruments which are carried at fair value. Derivative fair values are determined based on observable market data such as yield curves, foreign exchange rates and credit default swap prices to calculate the present value of future cash flows associated with each derivative at the balance sheet date (Level 2 classification hierarchy per IFRS 7). Market data is sourced through Bloomberg and valuations are validated by reference to counterparty valuations where appropriate. Some of the Group\u2019s derivative financial instruments contain early termination options and these have been considered when assessing the element of the fair value related to credit risk. On this basis the reduction in reported net derivative liabilities due to credit risk is \u00a32 million (2022: \u00a33 million) and would have been a \u00a35 million (2022: \u00a38 million) reduction without considering the early termination options. There were no changes to the valuation methods or transfers between hierarchies during the year. With the exception of capital market issuance, the fair value of all financial assets and financial liabilities is considered approximate to their carrying amount as outlined in note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-535": {
"value": "21. DERIVATIVE FINANCIAL INSTRUMENTS
The Group\u2019s derivative financial instruments held at fair value, are as follows.
2023 2022
\u00a3 million Assets Liabilities Net Fair Value Assets Liabilities Net Fair Value
Current derivative financial instruments:
Interest rate swaps 30 (66)
(36)
6 (36)
(30)
Foreign exchange contracts 12 (5)
7
31 (13)
18
Cross-currency swaps 84 (103)
(19)
17 (5)
12
Total current derivatives 126
(174)
(48)
54 (54)
\u2013
126
(174)
(48)
54 (54)
\u2013
Non-current derivative financial instruments:
745 (652)
93
680 (746)
(66)
Cross-currency swaps 79 (177)
(98)
305 (338)
(33)
Total non-current derivatives 824
(829)
(5)
985 (1,084)
(99)
Collateral\u00b9 \u2013 \u2013 \u2013
\u2013 12 12
824
(829)
(5)
985 (1,072)
(87)
Total carrying value of derivative financial instruments 950
(1,003)
(53)
1,039 (1,126)
(87)
Analysed as:
Interest rate swaps 775 (718)
57
686 (782)
(96)
Foreign exchange contracts 12 (5)
7
31 (13)
18
Cross-currency swaps 163 (280)
(117)
322 (343)
(21)
Collateral
1
\u2013
\u2013
\u2013
\u2013 12 12
Total carrying value of derivative financial instruments 950
(1,003)
(53)
1,039 (1,126)
(87)
1. Collateral deposited against derivative financial liabilities under the terms and conditions of an ISDA Credit Support Annex.
Fair values are determined based on observable market data such as yield curves, foreign exchange rates and credit default swap prices to
calculate the present value of future cash flows associated with each derivative at the balance sheet date. Market data is sourced from a
reputable financial data provider and valuations are validated by comparison to counterparty valuations where appropriate. Some of the
Group's derivative financial instruments contain early termination options and these have been considered when assessing the element
of the fair value related to credit risk. On this basis the reduction in reported net derivative liabilities due to credit risk is \u00a32 million
(2022: \u00a33 million) and would have been a \u00a35 million (2022: \u00a38 million) reduction without considering the early termination options.
The classification of these derivative assets and liabilities under the IFRS 7 fair value hierarchy is provided in note 20.
Maturity of obligations under derivative financial instruments
Derivative financial instruments have been classified in the balance sheet as current or non-current on an undiscounted contractual basis
based on spot rates as at the balance sheet date. For the purposes of the above and following analysis, maturity dates have been based on
the likelihood of any early termination options being exercised with consideration to counterparty expectations and market conditions
prevailing as at 30 September 2023. As at 30 September 2022 collateral transferred to counterparties in respect of derivative financial
liabilities was classified consistently with the related underlying derivative. No collateralised trades are outstanding as at
30 September 2023.
The table below summarises the Group\u2019s derivative financial instruments by maturity based on their remaining contractual cash flows as at
30 September 2023. The amounts disclosed are the undiscounted cash flows calculated using spot rates of exchange prevailing at the
relevant balance sheet date. Contractual cash flows in respect of the Group\u2019s non derivative financial instruments are detailed in note 20.
2023
\u00a3 million
Balance sheet
amount
Contractual
cash flows
total
<1 year
Between 1 and
2 years
Between 2 and
5 years
>5 years
57 200 (3)
34 143 26
Gross settled derivatives (110)
\u2013 \u2013 \u2013 \u2013 \u2013
\u2022
receipts \u2013 17,822 5,429 4,010 5,283 3,100
\u2022 payments \u2013 (17,675)
(5,374)
(3,941)
(5,247)
(3,113)
(53)
347
52
103
179
13
2022 \u00a3 million Balance sheet amount Contractual cash flows total <1 year Between 1 and 2 years Between 2 and 5 years >5 years Net settled derivatives (84) (321) (71) (64) (101) (85) Gross settled derivatives (3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2022 receipts \u2013 9,890 1,934 3,293 4,059 604 \u2022 payments \u2013 (9,635) (1,851) (3,201) (3,944) (639) (87) (66) 12 28 14 (120) Derivatives as hedging instruments As outlined in note 20, the Group hedges its underlying interest rate exposure and foreign currency translation exposures in an efficient, commercial and structured manner, primarily using interest rate swaps and cross currency swaps. Foreign exchange contracts are used to manage the Group\u2019s short term liquidity requirements in line with short term cash flow forecasts as appropriate. The Group does not apply cash flow or fair value hedge accounting, as permitted under IFRS 9, which results in fair value gains and losses attributable to derivative financial instruments being recognised in net finance costs unless they are designated as hedges of a net investment in foreign operations, in which case they are recognised in other comprehensive income. As a result of the discontinuation of GBP LIBOR in December 2021 and US$ LIBOR discontinuation in June 2023, the Group amended all GBP LIBOR derivatives to reference the daily risk free rate of SONIA instead of GBP LIBOR and all US$ LIBOR derivatives were amended to reference the daily risk free rate of SOFR instead of US$ LIBOR. There are no changes pending for EUR derivatives. These changes did not impact the Group's commercial hedging strategy and they did not have a material financial impact. Interest rate swaps To manage interest rate risk on its borrowings, the Group issues debt in the market or markets that are most appropriate at the time of raising new finance with regard to currency, interest denomination or duration, and then uses interest rate swaps to re-base the debt into the appropriate proportions of fixed and floating interest rates. Interest rate swaps are also transacted to manage and re-profile the Group\u2019s interest rate risk over the short, medium and long term in accordance with the Treasury Committee framework and Treasury Committee discussions. Fair value movements are recognised in net finance costs in the relevant reporting period. As at 30 September 2023, the notional amount of interest rate swaps outstanding that were entered into to convert fixed rate borrowings into floating rates of interest at the time of raising new finance was \u00a38,111 million equivalent (2022: \u00a39,578 million equivalent) with a fair value of \u00a3714 million liability (2022: \u00a3755 million liability). The fixed interest rates vary from 1.3% to 7.9% (2022: 1.1% to 7.9%), and the floating rates are based on EURIBOR, SONIA and SOFR. As at 30 September 2023, the notional amount of interest rate swaps outstanding that were entered into to convert the Group\u2019s debt into the appropriate proportion of fixed and floating rates to manage and re-profile the Group\u2019s interest rate risk was \u00a311,622 million equivalent (2022: \u00a311,548 million equivalent) with a fair value of \u00a3771 million asset (2022: \u00a3671 million asset). The fixed interest rates vary from 3.1% receivable to 4.0% payable (2022: 0.5% payable to 4.0% payable), and the floating receivable rates reference EURIBOR and SOFR. This includes forward starting interest rate swaps with a total notional amount of \u00a34,055 million equivalent (2022: \u00a33,353 million equivalent) with tenors between 1 and 10 years, starting between October 2023 and May 2032. Cross-currency swaps The Group enters into cross-currency swaps to convert the currency of debt into the appropriate currency with consideration to the underlying assets of the Group as appropriate. Fair value movements are recognised in net finance costs in the relevant reporting period unless the swaps are designated as hedges of a net investment in foreign operations, in which case the fair value movement attributable to changes in foreign exchange is recognised in other comprehensive income. As at 30 September 2023, the notional amount of cross-currency swaps entered into to convert sterling debt into the desired currency was \u00a31,600 million (2022: \u00a31,600 million) and the fair value of these swaps was \u00a3111 million net liability (2022: \u00a3232 million net liability); the notional amount of cross-currency swaps entered into to convert US dollar debt into the desired currency was $5,250 million (2022: $2,250 million) and the fair value of these swaps was \u00a36 million net liability (2022: \u00a3211 million net asset). Foreign exchange contracts The Group enters into foreign exchange contracts to manage short term liquidity requirements in line with cash flow forecasts. As at 30 September 2023, the notional amount of these contracts was \u00a32,020 million equivalent (2022: \u00a31,662 million equivalent) and the fair value of these contracts was a net asset of \u00a37 million (2022: \u00a319 million net asset).Hedges of net investments in foreign operations
As at 30 September 2023, cross currency swaps with a notional amount of \u20ac6,910 million (2022: \u20ac4,103 million) were designated as hedges of
net investments in foreign operations. During the year, foreign exchange translation gains amounting to \u00a375 million (2022: \u00a3105 million
losses) were recognised within exchange movements in other comprehensive income in respect of cross currency swaps designated as
hedges of a net investment in foreign operations. No hedging ineffectiveness occurred during the year (2022: \u00a3nil).
As at 30 September 2023, foreign exchange swaps with a notional amount of \u20ac624 million (2022: \u20ac309 million) were designated as hedges of
net investments in foreign operations. During the year, foreign exchange translation gains amounting to \u00a314 million (2022: \u00a312 million
losses) were recognised within exchange movements in other comprehensive income in respect of foreign exchange swaps that had been
designated as hedges of a net investment in foreign operations. No hedging ineffectiveness occurred during the year (2022: \u00a3nil).
The movements in other comprehensive income due to net investment hedging in the period were as follows:
\u00a3 million 2023
2022
Foreign exchange gains/(losses) on borrowings 338 (532)
Foreign exchange gains/(losses) on derivative financial instruments 89 (117)
427
(649)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-564": {
"value": "Derivatives as hedging instruments As outlined in note 20, the Group hedges its underlying interest rate exposure and foreign currency translation exposures in an efficient, commercial and structured manner, primarily using interest rate swaps and cross currency swaps. Foreign exchange contracts are used to manage the Group\u2019s short term liquidity requirements in line with short term cash flow forecasts as appropriate. The Group does not apply cash flow or fair value hedge accounting, as permitted under IFRS 9, which results in fair value gains and losses attributable to derivative financial instruments being recognised in net finance costs unless they are designated as hedges of a net investment in foreign operations, in which case they are recognised in other comprehensive income. As a result of the discontinuation of GBP LIBOR in December 2021 and US$ LIBOR discontinuation in June 2023, the Group amended all GBP LIBOR derivatives to reference the daily risk free rate of SONIA instead of GBP LIBOR and all US$ LIBOR derivatives were amended to reference the daily risk free rate of SOFR instead of US$ LIBOR. There are no changes pending for EUR derivatives. These changes did not impact the Group's commercial hedging strategy and they did not have a material financial impact. Interest rate swaps To manage interest rate risk on its borrowings, the Group issues debt in the market or markets that are most appropriate at the time of raising new finance with regard to currency, interest denomination or duration, and then uses interest rate swaps to re-base the debt into the appropriate proportions of fixed and floating interest rates. Interest rate swaps are also transacted to manage and re-profile the Group\u2019s interest rate risk over the short, medium and long term in accordance with the Treasury Committee framework and Treasury Committee discussions. Fair value movements are recognised in net finance costs in the relevant reporting period. As at 30 September 2023, the notional amount of interest rate swaps outstanding that were entered into to convert fixed rate borrowings into floating rates of interest at the time of raising new finance was \u00a38,111 million equivalent (2022: \u00a39,578 million equivalent) with a fair value of \u00a3714 million liability (2022: \u00a3755 million liability). The fixed interest rates vary from 1.3% to 7.9% (2022: 1.1% to 7.9%), and the floating rates are based on EURIBOR, SONIA and SOFR. As at 30 September 2023, the notional amount of interest rate swaps outstanding that were entered into to convert the Group\u2019s debt into the appropriate proportion of fixed and floating rates to manage and re-profile the Group\u2019s interest rate risk was \u00a311,622 million equivalent (2022: \u00a311,548 million equivalent) with a fair value of \u00a3771 million asset (2022: \u00a3671 million asset). The fixed interest rates vary from 3.1% receivable to 4.0% payable (2022: 0.5% payable to 4.0% payable), and the floating receivable rates reference EURIBOR and SOFR. This includes forward starting interest rate swaps with a total notional amount of \u00a34,055 million equivalent (2022: \u00a33,353 million equivalent) with tenors between 1 and 10 years, starting between October 2023 and May 2032. Cross-currency swaps The Group enters into cross-currency swaps to convert the currency of debt into the appropriate currency with consideration to the underlying assets of the Group as appropriate. Fair value movements are recognised in net finance costs in the relevant reporting period unless the swaps are designated as hedges of a net investment in foreign operations, in which case the fair value movement attributable to changes in foreign exchange is recognised in other comprehensive income. As at 30 September 2023, the notional amount of cross-currency swaps entered into to convert sterling debt into the desired currency was \u00a31,600 million (2022: \u00a31,600 million) and the fair value of these swaps was \u00a3111 million net liability (2022: \u00a3232 million net liability); the notional amount of cross-currency swaps entered into to convert US dollar debt into the desired currency was $5,250 million (2022: $2,250 million) and the fair value of these swaps was \u00a36 million net liability (2022: \u00a3211 million net asset). Foreign exchange contracts The Group enters into foreign exchange contracts to manage short term liquidity requirements in line with cash flow forecasts. As at 30 September 2023, the notional amount of these contracts was \u00a32,020 million equivalent (2022: \u00a31,662 million equivalent) and the fair value of these contracts was a net asset of \u00a37 million (2022: \u00a319 million net asset). Hedges of net investments in foreign operations As at 30 September 2023, cross currency swaps with a notional amount of \u20ac6,910 million (2022: \u20ac4,103 million) were designated as hedges of net investments in foreign operations. During the year, foreign exchange translation gains amounting to \u00a375 million (2022: \u00a3105 million losses) were recognised within exchange movements in other comprehensive income in respect of cross currency swaps designated as hedges of a net investment in foreign operations. No hedging ineffectiveness occurred during the year (2022: \u00a3nil). As at 30 September 2023, foreign exchange swaps with a notional amount of \u20ac624 million (2022: \u20ac309 million) were designated as hedges of net investments in foreign operations. During the year, foreign exchange translation gains amounting to \u00a314 million (2022: \u00a312 million losses) were recognised within exchange movements in other comprehensive income in respect of foreign exchange swaps that had been designated as hedges of a net investment in foreign operations. No hedging ineffectiveness occurred during the year (2022: \u00a3nil). The movements in other comprehensive income due to net investment hedging in the period were as follows: \u00a3 million 2023 2022 Foreign exchange gains/(losses) on borrowings 338 (532) Foreign exchange gains/(losses) on derivative financial instruments 89 (117) 427 (649)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-536": {
"value": "22. DEFERRED TAX ASSETS AND LIABILITIES Deferred tax relates to the following: \u00a3 million Consolidated income statement 2023 Consolidated income statement 2022 Consolidated balance sheet 2023 Consolidated balance sheet 2022 Temporary differences on depreciation and amortisation 164 14 (716) (895) Retirement benefits (9) (4) 30 (90) Tax credits and losses 6 (17) 282 278 Accruals, provisions and other temporary differences (3) 41 186 185 Deferred tax (expense)/benefit 158 34 Net deferred tax (liabilities)/assets (218) (522) Reflected in the consolidated balance sheet as follows \u00a3 million 2023 2022 Deferred tax assets 653 439 Deferred tax liabilities (871) (961) (218) (522) Reconciliation of net deferred tax liabilities \u00a3 million 2023 2022 At 1 October (522) (479) Credited to the income statement 158 34 Credited/(charged) to other comprehensive income 134 (55) Credited to equity 1 2 Acquisitions (15) \u2013 Exchange movements 22 (18) Other movements 4 (6) As at 30 September (218) (522) Unrecognised deferred tax assets \u00a3 million Gross 2023 Net 2023 Gross 2022 Net 2022 Tax losses 235 62 278 75 Tax credits 15 15 25 25 Other temporary differences 84 24 71 20 334 101 374 120 Analysis of unrecognised deferred tax assets by expiry date \u00a3 million Gross 2023 Net 2023 Gross 2022 Net 2022 Tax losses expiring: Within 2-5 years \u2013 \u2013 20 4 No expiry 235 62 258 71 235 62 278 75 Tax credits expiring: Within 1 year 15 15 22 22 Within 2-5 years \u2013 \u2013 1 1 No expiry \u2013 \u2013 2 2 15 15 25 25 Other temporary differences expiring: No expiry 84 24 71 20 84 24 71 20 In December 2021, the OECD issued model rules for a new global minimum tax framework (Pillar Two), applicable for multinational enterprise groups with global revenue over \u20ac750 million. The legislation implementing the rules in the UK was substantively enacted on 20 June 2023 and will apply to the Group from the financial year ending 30 September 2025 onwards. The Group has applied the mandatory exception under IAS 12 in relation to the accounting for deferred tax assets and liabilities arising from the implementation of the Pillar Two model rules. The Group is reviewing this legislation and monitoring the status of implementation of the model rules outside of the UK to assess the potential impact. Included within net deferred tax liabilities are deferred tax assets recognised of \u00a3257 million (2022: \u00a3257 million) for tax credits arising in the Group's Spanish business. These tax credits have no time expiry. Utilisation of these tax credits is restricted to 50% of the Spanish business's taxable profits arising in any given year; those tax law restrictions extend the period over which the deferred tax assets would otherwise be recovered. The Group considers there to be forecast future taxable profits which support the recognition of these long-term deferred tax assets. The period over which these deferred tax assets are utilised is sensitive to forecasting assumptions about future growth rates (which may be influenced by the future effects of climate change) and regulatory changes. Any material effects of climate change in the long term could extend the period over which the deferred tax asset will be recovered but as the tax credits do not expire, the Group considers there is positive evidence that sufficient future taxable profits would still be available. Based on a range of forecast scenarios modelling sensitivities (including the future effects of climate change) these deferred tax assets are expected to be utilised over a period of 18-22 years. Included within net deferred tax liabilities are deferred tax assets recognised for retirement benefits of \u00a388 million (2022: \u00a355 million) arising in the Group\u2019s German business. These deferred tax assets are expected to be recovered both by way of utilisation against the reversal of deferred tax liabilities of \u00a340 million (2022: \u00a320 million) arising in the Group\u2019s German business and by way of utilisation against future taxable profits. The Group considers there to be forecast future taxable profits which support the recognition of these long term deferred tax assets. Based on a range of forecast scenarios modelling sensitivities these deferred tax assets are expected to be recovered over a period of 20-40 years corresponding to the life of the pension scheme. Included within net deferred tax liabilities are deferred tax assets recognised for intangibles of \u00a3199 million (2022: \u00a3nil) arising in the Group's Dutch business. These deferred tax assets are expected to be recovered by way of utilisation against future taxable profits. The Group considers there to be forecast future taxable profits which support the recognition of these long term deferred tax assets. The period over which these deferred tax assets are utilised is sensitive to forecasting assumptions about future growth rates and regulatory changes. These deferred tax assets are expected to be recovered over a period of 16 years corresponding to the life of the intangibles. We have reviewed the recoverability of deferred tax assets in overseas territories in light of forecast business performance. In 2023 we have recognised deferred tax assets of \u00a36 million that were previously unrecognised (2022: recognised deferred tax assets of \u00a31 million that were previously unrecognised) on the basis that it is more likely than not that these are recoverable (2022: recoverable). A deferred tax liability of \u00a340 million (2022: \u00a343 million) is recognised in respect of taxation expected to arise on the future distribution of unremitted earnings totalling \u00a32 billion (2022: \u00a32 billion). The temporary differences associated with investments in the Group's subsidiaries, associates and joint ventures for which a deferred tax liability has not been recognised in the periods presented, aggregate to \u00a31,215 million (2022: \u00a31,244 million) for which a deferred tax liability of \u00a338 million (2022: \u00a337 million) has not been recognised. No liability has been recognised because the Group is in a position to control the timing of the reversal of those temporary differences and it is probable that such differences will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-537": {
"value": "23. RETIREMENT BENEFIT SCHEMES
The Group operates a number of retirement benefit schemes for its employees, including both defined benefit and defined contribution
schemes. The Group\u2019s three principal schemes are defined benefit schemes and are operated by Imperial Tobacco Limited (ITL) in the UK,
Reemtsma Cigarettenfabriken GmbH in Germany and ITG Brands in the USA; these schemes represent 64%, 15% and 9% of the Group\u2019s total
defined benefit obligations (2022: 62%, 15% and 10%) and 22%, 32% and 8% of the current service cost (2022: 31%, 32% and 10%) respectively.
Imperial tobacco pension fund
The UK scheme, the Imperial Tobacco Pension Fund (\"ITPF\"), was closed to future accrual on 30 September 2023. All active members are
now enrolled into the defined contribution scheme as of 1 October 2023 alongside all new employees that have joined since 1 October 2010.
Former active members of the defined benefit section of the ITPF are now deferred members who are able to draw their pension in the
same way as an existing deferred member and are in receipt of annual inflationary increases as existing deferred members. The closure to
future accrual resulted in a curtailment credit of \u00a38.3 million in the 2023 income statement. As part of the agreement with active members
to close to future accrual, the company agreed a compensation package. The main component included a number of payments to members
between October 2023 and October 2025, for which the company has accrued \u00a314.3 million in the 2023 income statement. The ITPF defined
benefit obligation comprises 80% in respect of pensioners and dependants, 20% in respect of deferred members and has a weighted average
maturity of 12 years.
The ITPF operates under trust law and is managed and administered by the Trustees on behalf of the members in accordance with the
terms of the Trust Deed and Rules and relevant legislation. The ITPF assets are held by the trust.
The main risk for the company in respect of the ITPF is that additional contributions are required if the assets are not expected to be
sufficient to pay for the benefits. The investment portfolio is subject to a range of risks typical of the asset classes held, such as liquidity to
manage the Liability Driven Investment (LDI) portfolio, credit exposure within investment funds and exposure to the property market.
The ITPF holds a buy-in policy with Standard Life as an asset; this covers around 61% of the pensioner defined benefit obligation. The buy-in
eliminates investment return, longevity, inflation and funding risks in respect of those benefits covered. The ITPF also has access to a loan
facility to provide short-term liquidity to support the LDI portfolio in the event of significant changes in government bond yields.
The main uncertainties affecting the level of benefits payable under the ITPF are future inflation levels, as these impact increases to
pensions, and the actual longevity of the membership.
The contributions paid to the ITPF are set by the ITPF Scheme Actuary every three years. The Scheme Actuary is an external consultant,
appointed by the Trustees. Principal factors that the Scheme Actuary will have regard to include the covenant offered by the company,
the level of risk in the ITPF, the expected return on assets, the results of the funding assessment on the Technical Provisions basis and the
expected cost of securing benefits if the ITPF were to be wound up.
The latest valuation agreed at 31 March 2022 reported a 118% funding ratio on the Technical Provisions basis. The company and Trustee
agreed to maintain the existing dynamic contribution schedule, which means ITL\u2019s annual contributions will reduce or increase depending
on the ITPF valuation going forward. The level of ITL's annual contribution to the ITPF was nil for the year to 31 March 2023. ITL expect to
pay \u00a38.4 million in contributions to an escrow account for the year to 31 March 2024. Further contributions were agreed to be paid by ITL in
the event of a downgrade of the Group's credit rating to non-investment grade by either Standard & Poor's or Moody's. In addition, a reduced
surety guarantee with a total value of \u00a3120 million was agreed (previously \u00a3225 million) and a parental guarantee from Imperial Brands PLC
remains in place. In certain circumstances, surplus funds in the defined benefit section of the ITPF may be used to finance defined
contribution section contributions on ITL's behalf with company contributions reduced accordingly.
The IAS 19 measurement of the defined benefit obligation is sensitive to the assumptions made about future inflation as well as the
assumptions made about life expectancy. It is also sensitive to the discount rate, which depends on market yields on sterling denominated
AA corporate bonds. The main differences between the Technical Provisions and IAS 19 assumptions are a more prudent longevity
assumption for Technical Provisions and a different approach to setting the discount rate. A consequence of the ITPF\u2019s investment strategy,
with a proportion of the assets invested in return-seeking assets, is that the difference between the market value of the assets and the
IAS 19 defined benefit obligation may be relatively volatile.
The ITPF has a pension surplus on the IAS 19 measure and, in line with IFRIC 14, recognition of the net asset on the fund is only appropriate
where it can be recovered. The ITPF trust deed gives the company an ability to receive a refund of surplus assets assuming the full
settlement of liabilities in the event of a wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally
wind up the ITPF or otherwise augment the benefits due to the ITPF's members. Based on these circumstances, any net surplus in the ITPF
is recognised in full.
The Reemtsma Cigarettenfabriken Pension Plan
The German scheme, the Reemtsma Cigarettenfabriken Pension Plan (RCPP), is primarily a career average pension plan, though a small
group of members has final salary benefits. The RCPP defined benefit obligation comprises 53% in respect of pensioners and dependants,
24% in respect of deferred members and 23% in respect of active members and has a weighted average maturity of 16 years. The RCPP was
closed to new members from 1 January 2020, but existing active members at that date continue to accrue benefits.
The RCPP is unfunded and the company pays benefits as they arise. The RCPP obligations arise under a works council agreement and are
subject to standard German legal requirements around such matters as the benefits to be provided to employees who leave service, and
pension increases in payment. Over the next year Reemtsma Cigarettenfabriken GmbH expects to pay \u00a324 million (2022: \u00a323 million) in
respect of benefits.
The main uncertainties affecting the level of benefits payable under the RCPP are future inflation levels, as these impact increases to
pensions, and the actual longevity of the membership.
The IAS 19 measurement of the defined benefit obligation and the current service cost are sensitive to the assumptions made about the
above variables, as well as the discount rate, which depends on market yields on euro denominated AA corporate bonds.
ITG scheme
The main US pension scheme, held by ITG Brands is the ITG Scheme, is a defined benefit pension plan that is closed to new entrants.
The ITG Scheme defined benefit obligation comprises 83% in respect of pensioners and dependants, 2% in respect of deferred members and
15% in respect of active members and has a weighted average maturity of nine years.
The ITG Scheme is funded and benefits are paid from the ITG Scheme assets. Contributions to the plan are determined based on US
regulatory requirements. ITG Brands made no contributions this year and is not expected to make any contributions in the next year.
Annual benefits in payment are assumed not to increase from current levels. The main uncertainty affecting the level of benefits payable
under the plan is the actual longevity of the membership. Other key uncertainties impacting the plan include investment risk and potential
past service benefit changes from future union negotiations.
The IAS 19 measurement of the defined benefit obligation and the service cost are sensitive to the assumptions made about the above
variables, as well as the discount rate, which depends on market yields on US dollar denominated AA corporate bonds.
Other plans
Other plans of the Group include various pension plans, other post-employment and long-term employee benefit plans in several countries
of operation. Some of the plans are funded, with assets backing the obligations held in separate legal vehicles such as trusts, whilst others
are operated on an unfunded basis. The benefits provided, the approach to funding and the legal basis of the plans reflect their local
territories. IAS 19 requires that the discount rate for calculating the DBO and service cost is set according to the level of relevant market
yields on corporate bonds where the market is considered \"deep\", or government bonds where it is not.
For the year ended 30 September 2023 the Group included no new schemes in the IAS 19 position that had not been previously reported in
the IAS 19 position or elsewhere in the financial statements.
The company agreed with the Trustees in Ireland to merge both defined benefit plans into a single trust and with the trustees in New
Zealand to fully close and wind-up the defined benefit plan.
The results of the most recent available actuarial valuations for the various plans have been updated to 30 September 2023 in order to
determine the amounts to be included in the Group's consolidated financial statements. The aggregate IAS 19 position is as follows:
Defined benefit plans
2023 2022
\u00a3 million
DBO Assets
Total
DBO Assets Total
At 1 October
(3,609)
3,541
(68)
(5,319)
5,166
(153)
Consolidated income statement expense:
Current service cost
(25)
\u2013 (25)
(49)
\u2013
(49)
Settlements gains/(losses) 2 (6)
(4)
136
(139)
(3)
Past service income/(costs)
9 \u2013 9
(2)
\u2013
(2)
Cost of termination benefits (5)
\u2013 (5)
(10)
\u2013
(10)
Net interest (expense)/income on net defined benefit
(liability)/asset (165)
178 13
(99)
107
8
Administration costs paid from plan assets
\u2013 (5)
(5)
\u2013
(5)
(5)
Cost recognised in the income statement
(17)
(61)
Remeasurements:
Actuarial loss due to liability experience (132)
\u2013 (132)
(94)
\u2013
(94)
Actuarial gain due to financial assumption changes 234 \u2013 234
1,659
\u2013
1,659
Actuarial gain due to demographic assumption changes \u2013 \u2013 \u2013
10
\u2013
10
Return on plan assets excluding amounts included in net
interest (expense)/income above
\u2013 (478)
(478)
\u2013
(1,499)
(1,499)
Remeasurement effects recognised in other
comprehensive income
(376)
76
Cash:
Employer contributions
\u2013 59 59
\u2013
120
120
Employee contributions
\u2013 \u2013 \u2013
(1)
1
\u2013
Benefits paid directly by the company
265 (265)
\u2013
311
(311)
\u2013
Benefits paid from plan assets
\u2013 \u2013 \u2013
\u2013
\u2013
\u2013
Net cash
59
120
Immaterial benefit plans categorised as an IAS 19 obligation (8)
\u2013 (8)
\u2013
\u2013
\u2013
Exchange movements
64 (47)
17
(151)
101
(50)
Total other
9
(50)
At 30 September
(3,370)
2,977
(393)
(3,609)
3,541
(68)
Retirement benefit scheme costs charged to operating profit
\u00a3 million 2023 2022
Defined benefit expense in operating profit
30 69
Defined contribution expense in operating profit 16 16
Total retirement benefit scheme cost in operating profit 46
85
Split as follows in the consolidated income statement:
\u00a3 million 2023 2022
15 25
Distribution, advertising and selling costs 20 39
Administrative and other expenses 11 21
Total retirement benefit scheme costs in operating profit 46
85
Assets and liabilities recognised in the consolidated balance sheet
\u00a3 million 2023 2022
Retirement benefit assets
414 826
Retirement benefit liabilities (807)
(894)
Net retirement benefit liability (393)
(68)
Key figures and assumptions used for major plans
2023
2022
\u00a3 million unless otherwise indicated ITPF
RCPP
ITG Scheme ITPF
RCPP
ITG Scheme
Defined benefit obligation (DBO)
2,142 496 311 2,229
538
365
Fair value of scheme assets (2,481)
\u2013 (337)
(2,958)
\u2013
(405)
Net defined benefit (asset)/liability (339)
496
(26)
(729)
538
(40)
Current service cost 6 8 2 15
15
3
Employer contributions \u2013 23 \u2013 50
\u2013
\u2013
Principal actuarial assumptions used (% per annum)
Discount rate 5.6 4.2 5.7 5.3
3.7
5.4
Future salary increases n/a 3.5 n/a 3.7
3.7
n/a
Future pension increases 3.4 2.4 n/a 3.7
2.5
n/a
Inflation 3.4 2.4 2.3 3.7
2.5
2.3
2023
ITPF
RCPP ITG Scheme
Male
Female
Male
Female
Male
Female
Life expectancy at age 65 years:
Member currently aged 65 21.2 22.5 20.8 24.2 19.7 21.7
Member currently aged 50 21.9 23.8 22.8 25.8 20.8 22.8
2022
ITPF RCPP ITG Scheme
Male Female Male Female
Male
Female
Life expectancy at age 65 years:
Member currently aged 65 21.1
22.4
20.5
23.9
19.7
21.7
Member currently aged 50 21.8
23.7
22.6
25.6
20.9
22.9
Assumptions regarding future mortality experience are set based on advice that uses published statistics and experience in each territory.
In particular for the ITPF, SAPS S3 (2022: SAPS S3) tables are used with various adjustments for different groups of members, reflecting
observed experience. The largest group of members uses the SAPS S3 All Pensioner Male Amounts Middle table with a 105% multiplier.
An allowance for improvements in longevity is made using the 2021 (2022: 2021) CMI improvement rates with a long-term trend of
1.25% per annum.
Sensitivity analysis for key assumptions at the end of the year
Sensitivity analysis is illustrative only and is provided to demonstrate the degree of sensitivity of results to key assumptions. Generally,
estimates are made by re-performing calculations with one assumption modified and all others held constant.
2023 2022
% increase in DBO
ITPF
RCPP ITG Scheme ITPF RCPP ITG Scheme
Discount rate: 0.5% decrease
5.6 8.1 4.5 6.1
9.5
4.9
Rate of inflation: 0.5% decrease
(4.2)
(5.7)
n/a (4.9)
(6.3)
n/a
One year increase in longevity for a member currently
age 65, corresponding changes at other ages
3.5 4.2 4.4
3.7
4.7
4.6
The sensitivity to the inflation assumption change includes corresponding changes to the future salary increases and future pension
increases assumptions, but is assumed to be independent of any change to discount rate.
We estimate that a 0.5% decrease in the discount rate at the start of the year would have increased the consolidated income statement
pension expense by approximately \u00a312 million (2022: \u00a322 million).
An approximate split of the major categories of ITPF scheme assets is as follows:
2023 2022
\u00a3 million unless otherwise indicated Fair value
Percentage
of ITPF
scheme
assets
Fair value
Percentage
of ITPF
scheme
assets
Bonds \u2013 index linked government / LDI funds 351 14.1 409
14.0
Bonds \u2013 corporate and other \u2013 \u2013 34
1.0
Property including ground leases
488 19.7 604
20.0
Secured finance and private debt funds 620 25.0 827
28.0
Insurance contract (buy-in policy) 1,044 42.1 1,058
36.0
Other \u2013 including cash and short-term loan drawings (22)
(0.9)
26
1.0
2,481
100.0
2,958
100.0
The primary investment objective is to invest the ITPF\u2019s assets in an appropriate and secure manner such that members\u2019 benefit
entitlements can be paid as they fall due.
The majority of the assets are non-quoted. The ITPF holds \u00a3nil of self-invested assets (2022: \u00a3nil).
An approximate split of the major categories of ITG Scheme assets is as follows:
2023 2022
\u00a3 million unless otherwise indicated Fair value
Percentage
of ITG
Scheme
assets Fair value
Percentage
of ITG
Scheme
assets
Bonds \u2013 government, corporate and other 203 60.2 129
31.9
Other \u2013 including derivatives, commodities and cash 134 39.8 276
68.1
337
100.0 405
100.0
The majority of the assets are non-quoted.
",
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"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-565": {
"value": "Defined benefit plans 2023 2022 \u00a3 million DBO Assets Total DBO Assets Total At 1 October (3,609) 3,541 (68) (5,319) 5,166 (153) Consolidated income statement expense: Current service cost (25) \u2013 (25) (49) \u2013 (49) Settlements gains/(losses) 2 (6) (4) 136 (139) (3) Past service income/(costs) 9 \u2013 9 (2) \u2013 (2) Cost of termination benefits (5) \u2013 (5) (10) \u2013 (10) Net interest (expense)/income on net defined benefit (liability)/asset (165) 178 13 (99) 107 8 Administration costs paid from plan assets \u2013 (5) (5) \u2013 (5) (5) Cost recognised in the income statement (17) (61) Remeasurements: Actuarial loss due to liability experience (132) \u2013 (132) (94) \u2013 (94) Actuarial gain due to financial assumption changes 234 \u2013 234 1,659 \u2013 1,659 Actuarial gain due to demographic assumption changes \u2013 \u2013 \u2013 10 \u2013 10 Return on plan assets excluding amounts included in net interest (expense)/income above \u2013 (478) (478) \u2013 (1,499) (1,499) Remeasurement effects recognised in other comprehensive income (376) 76 Cash: Employer contributions \u2013 59 59 \u2013 120 120 Employee contributions \u2013 \u2013 \u2013 (1) 1 \u2013 Benefits paid directly by the company 265 (265) \u2013 311 (311) \u2013 Benefits paid from plan assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Net cash 59 120 Immaterial benefit plans categorised as an IAS 19 obligation (8) \u2013 (8) \u2013 \u2013 \u2013 Exchange movements 64 (47) 17 (151) 101 (50) Total other 9 (50) At 30 September (3,370) 2,977 (393) (3,609) 3,541 (68) Retirement benefit scheme costs charged to operating profit \u00a3 million 2023 2022 Defined benefit expense in operating profit 30 69 Defined contribution expense in operating profit 16 16 Total retirement benefit scheme cost in operating profit 46 85 Split as follows in the consolidated income statement: \u00a3 million 2023 2022 Cost of sales 15 25 Distribution, advertising and selling costs 20 39 Administrative and other expenses 11 21 Total retirement benefit scheme costs in operating profit 46 85 Assets and liabilities recognised in the consolidated balance sheet \u00a3 million 2023 2022 Retirement benefit assets 414 826 Retirement benefit liabilities (807) (894) Net retirement benefit liability (393) (68) Key figures and assumptions used for major plans 2023 2022 \u00a3 million unless otherwise indicated ITPF RCPP ITG Scheme ITPF RCPP ITG Scheme Defined benefit obligation (DBO) 2,142 496 311 2,229 538 365 Fair value of scheme assets (2,481) \u2013 (337) (2,958) \u2013 (405) Net defined benefit (asset)/liability (339) 496 (26) (729) 538 (40) Current service cost 6 8 2 15 15 3 Employer contributions \u2013 23 \u2013 50 \u2013 \u2013 Principal actuarial assumptions used (% per annum) Discount rate 5.6 4.2 5.7 5.3 3.7 5.4 Future salary increases n/a 3.5 n/a 3.7 3.7 n/a Future pension increases 3.4 2.4 n/a 3.7 2.5 n/a Inflation 3.4 2.4 2.3 3.7 2.5 2.3 2023 ITPF RCPP ITG Scheme Male Female Male Female Male Female Life expectancy at age 65 years: Member currently aged 65 21.2 22.5 20.8 24.2 19.7 21.7 Member currently aged 50 21.9 23.8 22.8 25.8 20.8 22.8 2022 ITPF RCPP ITG Scheme Male Female Male Female Male Female Life expectancy at age 65 years: Member currently aged 65 21.1 22.4 20.5 23.9 19.7 21.7 Member currently aged 50 21.8 23.7 22.6 25.6 20.9 22.9 Assumptions regarding future mortality experience are set based on advice that uses published statistics and experience in each territory. In particular for the ITPF, SAPS S3 (2022: SAPS S3) tables are used with various adjustments for different groups of members, reflecting observed experience. The largest group of members uses the SAPS S3 All Pensioner Male Amounts Middle table with a 105% multiplier. An allowance for improvements in longevity is made using the 2021 (2022: 2021) CMI improvement rates with a long-term trend of 1.25% per annum. ",
"dimensions": {
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-538": {
"value": "24. PROVISIONS 2023 \u00a3 million Restructuring Employment related claims Other Total At 1 October 2022 286 59 81 426 Additional provisions charged to the consolidated income statement \u2013 106 40 146 Amounts used (100) (9) (18) (127) Unused amounts reversed \u2013 (12) (8) (20) Exchange movements (6) \u2013 (5) (11) At 30 September 2023 180 144 90 414 Analysed as: \u00a3 million 2023 2022 Current 148 203 Non-current 266 223 414 426 Restructuring provisions relate mainly to our 2021 Strategic review programme and other programmes (see note 5). The restructuring provision is split between 2021 Strategic review programme of \u00a388 million (2022: \u00a3155 million) and other programmes of \u00a392 million (2022: \u00a3131 million). Employment related claims provisions include \u00a331 million (2022: \u00a337 million) relating to local employment requirements including holiday pay and \u00a328 million (2022: \u00a321 million) of distribution requirements relating to employment and duty. An amount of \u00a385 million (2022: \u00a3nil) has been provided for employment related claims arising from a number of legacy legal disputes. Although the company continues to appeal a number of these claims, in the current year the Group has resolved to engage with certain counterparties where a valid claim has been established. There are uncertainties relating to the estimation and quantification of this provision and amounts may change in the future, but any provisions are expected to be utilised within the next 2 years. Other provisions include \u00a338 million (2022: \u00a346 million) relating to various local tax or duty requirements, \u00a39 million (2022: \u00a321 million) of market exit provisions and \u00a330 million for factory closure provisions (2022: \u00a3nil). The provisions are spread throughout the Group and payment will be dependent on local statutory requirements. Most of the other provisions will also be utilised within the next two years, though certain employee related provisions may be required to be held for a period of up to 10 years. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-539": {
"value": "25. SHARE CAPITAL 2023 2022 Ordinary shares 10p each Ordinary shares 10p each Number \u00a3 million Number \u00a3 million Authorised, issued and fully paid: 1 October 1,020,697,237 103 1,020,697,237 103 Shares cancelled (52,107,043) (6) \u2013 \u2013 30 September 968,590,194 97 1,020,697,237 103 During the period a share buy back scheme was initiated and 52,107,043 10p shares were repurchased for a cost of \u00a31,000 million. Upon completion of the purchase, these shares were cancelled and transferred to the capital redemption reserve. The stamp duty costs were \u00a35 million and the fees charged for the share repurchase were \u00a31 million. On 6 March 2014, 31,942,881 shares held in treasury were cancelled creating the capital redemption reserve, and between September 2017 and December 2017, 4,973,916 shares were cancelled increasing this reserve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-540": {
"value": "26. SHARE SCHEMES The Group operates four types of share-based incentive programmes, designed to incentivise staff and to encourage them to build a stake in the Group. Share matching scheme Awards are made to eligible employees who are invited to invest a proportion of their eligible bonus in shares for a period of three years, after which matching shares are awarded on a 1:1 ratio, plus dividend equivalents. Long term incentive plan (LTIP) Awards of shares under the LTIP are made to the Executive Directors and senior executives at the discretion of the Remuneration Committee. They vest three years after grant and are subject to performance criteria. Dividend equivalents accrue on vested shares. Sharesave plan Options are granted to eligible employees who participate in a designated savings scheme for a three year period. Historically they were also granted for a five year period. Discretionary share awards plan (DSAP) Under the DSAP, one-off conditional awards are made to individuals to recognise exceptional contributions within the business. Awards, which are not subject to performance conditions and under which vested shares do not attract dividend roll-up, will normally vest on the third anniversary of the date of grant subject to the participant\u2019s continued employment. The limit of an award under the DSAP is capped at 25% of the participant\u2019s salary at the date of grant. Shares used to settle awards under the DSAP will be market purchased. Further details of the schemes including additional criteria applying to Directors and some senior executives are set out in the Directors\u2019 Remuneration Report. Analysis of charge to the consolidated income statement \u00a3 million 2023 2022 Share Matching Scheme 2 2 Long Term Incentive Plan 27 25 Sharesave Plan 1 1 Discretionary Share Awards Plan 1 1 31 29 The awards are predominantly equity settled. The balance sheet liability in respect of cash settled schemes at 30 September 2023 was \u00a33.4 million (2022: \u00a33.6 million). Reconciliation of movements in awards/options 2023 Thousands of shares unless otherwise indicated Share matching scheme awards LTIP awards Sharesave options DSAP awards Sharesave weighted average exercise price \u00a3 Outstanding at 1 October 2022 486 8,120 1,934 120 13.21 Granted 161 3,853 862 67 13.24 Lapsed/cancelled (18) (2,402) (90) (11) 12.63 Exercised (176) (1,069) (1,020) (3) 12.38 Outstanding at 30 September 2023 453 8,502 1,686 173 13.72 Exercisable at 30 September 2023 \u2013 \u2013 264 \u2013 12.37 2022 Thousands of shares unless otherwise indicated Share matching awards LTIP awards Sharesave options DSAP awards Sharesave weighted average exercise price \u00a3 Outstanding at 1 October 2021 482 7,412 2,053 60 13.89 Granted 192 2,658 274 106 14.56 Lapsed/cancelled (23) (873) (321) (5) 18.11 Exercised (165) (1,077) (72) (41) 16.14 Outstanding at 30 September 2022 486 8,120 1,934 120 13.21 Exercisable at 30 September 2022 \u2013 \u2013 151 \u2013 17.45 The weighted average Imperial Brands PLC share price at the date of exercise of awards and options was \u00a318.28 (2022: \u00a316.83). The weighted average fair value of Sharesave options granted during the year was \u00a33.26 (2022: \u00a33.30). Summary of awards/options outstanding at 30 September 2023 Thousands of shares unless otherwise indicated Number of awards/options outstanding Vesting period remaining in months Exercise price of options outstanding \u00a3 Share Matching Scheme 2021 181 5 n/a 2022 139 17 n/a 2023 133 29 n/a Total awards outstanding 453 Long Term Incentive Plan 2021 2,369 5 n/a 2022 2,896 17 n/a 2023 3,237 29 n/a Total awards outstanding 8,502 Sharesave Plan 2020 264 \u2013 17.45 2021 315 10 13.09 2022 254 22 14.56 2023 855 34 14.29 Total options outstanding 1,688 Discretionary Share Awards Plan 2021 5 10 n/a 2022 101 15 n/a 2023 67 30 n/a Total options outstanding 173 The vesting period is the period between the grant of awards or options and the earliest date on which they are exercisable. The vesting period remaining and the exercise price of options outstanding are weighted averages. Participants in the Sharesave Plan have six months from the maturity date to exercise their options. Participants in the LTIP generally have seven years from the end of the vesting period to exercise their options. The exercise price of the options is fixed over the life of each option. Pricing For the purposes of valuing options to calculate the share-based payment charge, the Black-Scholes option pricing model has been used for the Share Matching Scheme, Sharesave Plan, Discretionary Share Awards Plan and one Long Term Incentive Plan with no market conditions. A summary of the assumptions used in the Black-Scholes model for 2023 and 2022 is as follows: 2023 Share Matching Scheme Sharesave DSAP Risk-free interest rate % 4.0 4.4 4.1 Volatility (based on 3 or 5 year history)% 33.1 27.7 33.2 Expected lives of options granted years 3.0 3.0 3.0 Dividend yield % 8.2 8.2 8.2 Fair value \u00a3 16.04 3.30 14.72 Share price used to determine exercise price \u00a3 20.53 17.88 18.84 Exercise price \u00a3 n/a 14.29 n/a 2022 Share Matching Scheme Sharesave DSAP Risk-free interest rate % 2.0 1.2\u20132.2 2.0\u20132.2 Volatility (based on 3 or 5 year history)% 35.5 35.3\u201335.5 35.5 Expected lives of options granted years 3.0 3.0 3.0 Dividend yield % 9.2 9.2 9.2 Fair value \u00a3 10.35 3.21\u20133.31 10.35\u201310.67 Share price used to determine exercise price \u00a3 13.65 17.83\u201318.39 13.65\u201314.08 Exercise price \u00a3 n/a 14.56 n/a Market conditions were incorporated into the Monte Carlo method used in determining the fair value of LTIP awards at grant date. Assumptions in 2023 and 2022 are given in the following table: % 2023 2022 Future Imperial Brands share price volatility 23.3 29.6 Future Imperial Brands dividend yield \u2013 \u2013 Share price volatility of the tobacco and alcohol comparator group 15.9\u201363.5 17.0\u201383.7 Correlation between Imperial Tobacco and the alcohol and tobacco comparator group 21.4 24.4 Employee share ownership trusts The Imperial Tobacco Group PLC Employee and Executive Benefit Trust and the Imperial Tobacco Group PLC 2001 Employee Benefit Trust (the Trusts) have been established to acquire ordinary shares in the Company to satisfy rights to shares arising on the exercise and vesting of options and awards. The purchase of shares by the Trusts has been financed by a gift of \u00a319.2 million and an interest free loan of \u00a3147.5 million. In addition the Group has gifted treasury shares to the Trusts. None of the Trusts\u2019 shares has been allocated to employees or Executive Directors as at 30 September 2023. All finance costs and administration expenses connected with the Trusts are charged to the consolidated income statement as they accrue. The Trusts have waived their rights to dividends and the shares held by the Trusts are excluded from the calculation of basic earnings per share. Shares held by employee share ownership trusts Millions of shares 2023 2022 At 1 October 3.7 0.9 Gift of shares from Treasury \u2013 4.0 Distribution of shares held by Employee Share Ownership Trusts (2.1) (1.2) At 30 September 1.6 3.7 The shares in the Trusts are accounted for on a first in first out basis and comprise nil shares acquired in the open market (2022: nil) and 1.6 million (2022: 3.7 million) treasury shares gifted to the Trusts by the Group. No (2022: 4 million) shares were gifted to the Trusts in the financial year 2023. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DFVPOB67JL3A42",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-541": {
"value": "27. TREASURY SHARES Subject to authorisation by special resolution, the Group may purchase its own shares in accordance with the Companies Act. Any shares which have been bought back may be held as treasury shares or, if not so held, must be cancelled immediately upon completion of the purchase, thereby reducing the amount of Group\u2019s issued share capital. Shares held in treasury do not qualify for dividends. Shares purchased under the share buyback programme initiated on 7 October 2022 will be cancelled immediately on completion of the purchase. There were no movements in treasury shares during the year to 30 September 2023 (2022: reduced by 4.0 million shares). 2023 2022 Millions of shares (number) Value \u00a3 Millions of shares (number) Value \u00a3 \u00a3 million unless otherwise indicated At 1 October 70.3 2,183 74.3 2,183 Gifted to Employee Share Ownership Trusts \u2013 \u2013 (4.0) \u2013 At 30 September 70.3 2,183 70.3 2,183 Percentage of issued share capital 7.3 n/a 6.9 n/a ",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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},
"fact-542": {
"value": "28. COMMITMENTS Capital commitments \u00a3 million 2023 2022 Contracted but not provided for: Property, plant and equipment and software 97 95 29. CONTINGENT LIABILITIES The following summary includes updates to matters that have developed since the 2022 Annual Report and Accounts. USA state settlement agreements In November 1998, the major United States cigarette manufacturers, including Reynolds and Philip Morris, entered into the Master Settlement Agreement (\u201cMSA\u201d) with 52 US states and territories and possessions. These cigarette manufacturers previously settled four other cases, brought by Mississippi, Florida, Texas and Minnesota, by separate agreements with each state (collectively with the MSA, the \u201cState Settlement Agreements\u201d, with Mississippi, Florida, Texas and Minnesota known collectively as the \u201cPreviously Settled States\u201d). ITG Brands (ITGB) is a party to the MSA and to the Mississippi, Minnesota, and Texas State Settlement Agreements. In connection with its 12 June 2015 acquisition of four cigarette brands (Winston, Salem, Kool and Maverick, referred to as the \u201cAcquired Brands\u201d) from Reynolds and Lorillard, ITGB has been involved in litigation and other disputes with the Previously Settled States, Philip Morris, and Reynolds in their state courts. Delaware ITGB is involved in litigation with Reynolds in the Delaware court that has jurisdiction over disputes under the Asset Purchase Agreement (APA) for the Acquired Brands. The current case in progress involves Reynolds\u2019 claim to indemnity for Florida settlement payments. The issue in this case is whether ITGB has satisfied its obligations to use \u201creasonable best efforts\u201d to join the settlement with Florida under the APA and whether regardless of that \u201creasonable best efforts\u201d requirement whether ITGB is required to indemnify Reynolds for amounts the Florida Court may require Reynolds to pay. On 30 September 2022, the trial court granted summary judgment to Reynolds and denied summary judgment to ITGB. It held that the Florida court\u2019s determination that ITGB did not assume payments under the Florida settlement unless it agreed to do so was not binding on the Delaware courts under principles of issue preclusion. It further held that as a matter of law the contract provisions were unambiguous and no evidence was required, and that ITGB had assumed and was required to indemnify Reynolds for Florida settlement payments. The Court did not determine the amount of Reynolds\u2019 damages but left that question open for further proceedings. The parties submitted an agreed schedule to the court to address the issue of damages. On 23 February 2023 the initial motions on the amount of indemnity due were argued and supplemental briefing requested by the court was completed on 9 June 2023, with the Court having 90 days to issue its decision. On 2 October 2023 the Court issued an order on damages. The court rejected ITGB\u2019s claim that no damages could be assessed but declined to decide the amount of damages and other issues until after a trial. The trial is expected to take place in the first quarter of 2024. Reynolds\u2019 claim for indemnification in Delaware is limited at most to the amounts it has been required to pay under the Florida determination described above, plus interest and attorney\u2019s fees. ITGB continues to deny that indemnity is appropriate and intends to appeal that determination. ITGB further contends that Reynolds\u2019 damages should be substantially reduced by the amount by which Reynolds\u2019 settlement payments have been reduced through operation of the \u201cprofit adjustment\u201d by reason of ITGB not becoming a party to the Florida settlement as well as by reason of Reynolds\u2019 and third-parties\u2019 conduct. Amounts at issue range to US$ 250 million through 2022, plus future payments of US$ 19 million to US$ 32 million annually going forward, alleged accrued interest of up to US$ 23 million and attorney\u2019s fees of up to US$ 7 million through 2022. Based on the current facts and circumstances it is currently unclear as to what level of damages will become payable in this case. Due to the inability to determine a reliable estimate of the amount involved, no provision has been recognised pending the outcome of the trial at which the level of damages will be decided. MSA previously settled states reduction The MSA contains a downward adjustment, called the Previously Settled States Reduction, which reduces aggregate payments made by Philip Morris, Reynolds, and ITGB by a specified percentage each year. The State of California, later joined by the remainder of the MSA states and by Philip Morris, challenged the application of that Reduction to ITGB for every year from 2016 forward, claiming that it cannot apply to ITGB since it is not making settlement payments to Florida, Minnesota, or Texas under their settlements. The Independent Auditor to the MSA, which initially addresses disputes related to payments, has rejected that challenge every year. It is possible that one of the parties making the challenge may seek to arbitrate the claim under the MSA. The PSS Reduction provides annual MSA payment reductions of circa US$ 65 million. Overall summary of liability position associated with USA state settlement agreements The Group\u2019s legal advice is that it has a strong position on pending claims related to the Acquired Brands and the Group therefore considers that no provision is required for these matters. Product liability investigations The Group is currently involved in a number of legal cases in which claimants are seeking damages for alleged smoking and health related effects. In the opinion of the Group\u2019s lawyers, the Group has meritorious defences to these actions, all of which are being vigorously contested. Although it is not possible to predict the outcome of the pending litigation, the Directors believe that the pending actions will not have a material adverse effect upon the results of the operations, cash flow or financial condition of the Group. This assessment of the probability of economic outflows at the year-end is a judgement which has been taken by management. Consequently, the Group has not provided for any amounts in respect of these cases in the financial statements. There have been no material updates to matters in any product liability investigations in the period since the 2023 Annual Report and Accounts. Competition authority investigations Spain On 12 April 2019 the Spanish National Commission on Markets and Competition (CNMC) announced penalties against Philip Morris Spain, Altadis, JT International Iberia and Logista. Altadis and Logista received fines of \u20ac11.4 million and \u20ac20.9 million, respectively, from the CNMC. According to the decision, Altadis and Logista are alleged to have infringed competition law by participating in an exchange of sales volume data between 2008 and February 2017. The CNMC considers that this conduct had the effect of restricting competition in the Spanish tobacco market. Both companies believe that the arguments made by the CNMC that define this conduct as anti-competitive are flawed. In June 2019, both Altadis and Logista commenced appeals to the CNMC\u2019s decision, and the fines imposed in the Spanish High Court where they believe they will be successful, a decision supported by external legal counsel. In September 2019 Altadis and, separately, Logista arranged bank guarantees for the full amount of the fines with the result that payment of the fines had been suspended pending the outcome of the appeals. Therefore, provision for these amounts is not considered appropriate. Both in the Altadis and Logista appeals, the parties have concluded their submissions to the Court and a judgment is awaited. The judgment of the Court of First Instance is currently pending, and it is possible it might be served in 2024. In parallel to the main proceedings against the CNMC decision, on 28 February 2023, the Supreme Court annulled the unannounced inspection carried out by the CNMC officials on Altadis' premises in February 2017 for lack of consent by Altadis. Therefore, all the documents and evidence seized by the CNMC during Altadis' inspection have to be returned to the company and should be struck out from the CNMC decision. It remains to be seen what the impact of this Court decision will be on the main proceedings. Other litigation US Helms-Burton litigation Imperial Brands Plc has been named as a defendant in a civil action in federal court in Miami, Florida under Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (\u201cHelms-Burton\u201d) filed on 6 August 2020. Title III provides United States nationals with a cause of action and a claim for treble damages against persons who have \u201ctrafficked\u201d in property expropriated by the Cuban government. Treble damages are automatically available under Helms-Burton. Although the filed claim is for unquantified damages, we understand the claim could potentially reach approximately US$ 365 million, based on the claimants\u2019 claim to own 90% of the property, which they value at US$ 135 million (and then treble). The claim is based on allegations that Imperial, through Corporaci\u00f3n Habanos S.A. (a joint venture between one of Imperial\u2019s now former subsidiaries and the Cuban government), has \u201ctrafficked\u201d in a factory in Havana, Cuba that the Cuban government confiscated from the claimants\u2019 ancestor in the early 1960s, by using the factory to manufacture, market, sell, and distribute Habanos cigars. At the time the claim was filed against Imperial and up until the conclusion of the Brexit \u201ctransition period\u201d on 31 December 2020, Imperial was subject to an EU law known as the EU Blocking Statute (Regulation (EC) No. 2271/96), which conflicts with Helms-Burton, protected Imperial against the impact of Title III, and impacted how Imperial might respond to the threatened litigation. The EU Blocking Statute has been transposed into domestic law with only minimal changes. Accordingly, on 10 January 2021, Imperial submitted an application to the UK Department for International Trade for authorisation from the Secretary of State for International Trade to defend the action or, at a minimum, to file and litigate a motion to dismiss the action. On 8 February 2021, the United Kingdom Secretary of State for International Trade authorised Imperial to file and litigate a motion to dismiss the action. A hearing on the motion to dismiss took place on 26 July 2022 before a magistrate judge. On 2 November 2022 the magistrate judge recommended that the action be dismissed, without prejudice to re-filing in a proper venue. On 31 March 2023 the district judge issued an order addressing the magistrate\u2019s recommended ruling and adopting the recommended ruling in part. In respect of Habanos, the motion to dismiss was granted, without objection from the claimants, on the basis that the federal court in Florida was an \u201cimproper venue\u201d (wrong court). Habanos was therefore dismissed from the case, without prejudice to the claimants\u2019 right to sue it in a proper venue. As to Imperial and the other defendants, the district judge remanded the motion to dismiss back to the same magistrate for a further review and analysis and a report and recommendation on whether the ruling regarding Habanos should result in dismissal of all defendants. The magistrate is also permitted to address \u201cother issues if warranted\u201d, including Imperial\u2019s other arguments for dismissal. The hearing with the magistrate on further arguments on the motion to dismiss took place on 28 September 2023. The recommended ruling from the magistrate is now expected by the end of November 2023. The magistrate\u2019s recommendation will not be binding on the parties, who will be permitted to file objections to the recommendation with the district judge. No provision has been made for potential liabilities related to this claim. UK In June 2020, the Group responded to a claimant law firm\u2019s allegation of human rights issues in the Malawian tobacco supply chain, which included allegations relating to child and forced labour. In December 2020, a claim was filed in the United Kingdom High Court against Imperial Brands plc, Imperial Tobacco Limited and four of its subsidiaries (the Imperial Defendants) and two entities in the British American Tobacco (BAT) group by a group of tobacco farm workers. The Imperial Defendants have acknowledged service and confirmed to the claimants that they intend to defend the claim in full. The Imperial Defendants have not yet been required to file their defence. A procedural hearing scheduled for November/December 2021 was adjourned. The deadline for Imperial and BAT to file a defence was postponed pending other case management actions and will be determined at a subsequent case management hearing after the completion of a matching exercise (which will seek to establish whether the claimants worked for farmers who grew tobacco purchased by either Defendant group). The claim is unquantified and given the early stage of the litigation a provision would not be appropriate.",
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"fact-566": {
"value": "28. COMMITMENTS Capital commitments \u00a3 million 2023 2022 Contracted but not provided for: Property, plant and equipment and software 97 95 ",
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"value": "29. CONTINGENT LIABILITIES The following summary includes updates to matters that have developed since the 2022 Annual Report and Accounts. USA state settlement agreements In November 1998, the major United States cigarette manufacturers, including Reynolds and Philip Morris, entered into the Master Settlement Agreement (\u201cMSA\u201d) with 52 US states and territories and possessions. These cigarette manufacturers previously settled four other cases, brought by Mississippi, Florida, Texas and Minnesota, by separate agreements with each state (collectively with the MSA, the \u201cState Settlement Agreements\u201d, with Mississippi, Florida, Texas and Minnesota known collectively as the \u201cPreviously Settled States\u201d). ITG Brands (ITGB) is a party to the MSA and to the Mississippi, Minnesota, and Texas State Settlement Agreements. In connection with its 12 June 2015 acquisition of four cigarette brands (Winston, Salem, Kool and Maverick, referred to as the \u201cAcquired Brands\u201d) from Reynolds and Lorillard, ITGB has been involved in litigation and other disputes with the Previously Settled States, Philip Morris, and Reynolds in their state courts. Delaware ITGB is involved in litigation with Reynolds in the Delaware court that has jurisdiction over disputes under the Asset Purchase Agreement (APA) for the Acquired Brands. The current case in progress involves Reynolds\u2019 claim to indemnity for Florida settlement payments. The issue in this case is whether ITGB has satisfied its obligations to use \u201creasonable best efforts\u201d to join the settlement with Florida under the APA and whether regardless of that \u201creasonable best efforts\u201d requirement whether ITGB is required to indemnify Reynolds for amounts the Florida Court may require Reynolds to pay. On 30 September 2022, the trial court granted summary judgment to Reynolds and denied summary judgment to ITGB. It held that the Florida court\u2019s determination that ITGB did not assume payments under the Florida settlement unless it agreed to do so was not binding on the Delaware courts under principles of issue preclusion. It further held that as a matter of law the contract provisions were unambiguous and no evidence was required, and that ITGB had assumed and was required to indemnify Reynolds for Florida settlement payments. The Court did not determine the amount of Reynolds\u2019 damages but left that question open for further proceedings. The parties submitted an agreed schedule to the court to address the issue of damages. On 23 February 2023 the initial motions on the amount of indemnity due were argued and supplemental briefing requested by the court was completed on 9 June 2023, with the Court having 90 days to issue its decision. On 2 October 2023 the Court issued an order on damages. The court rejected ITGB\u2019s claim that no damages could be assessed but declined to decide the amount of damages and other issues until after a trial. The trial is expected to take place in the first quarter of 2024. Reynolds\u2019 claim for indemnification in Delaware is limited at most to the amounts it has been required to pay under the Florida determination described above, plus interest and attorney\u2019s fees. ITGB continues to deny that indemnity is appropriate and intends to appeal that determination. ITGB further contends that Reynolds\u2019 damages should be substantially reduced by the amount by which Reynolds\u2019 settlement payments have been reduced through operation of the \u201cprofit adjustment\u201d by reason of ITGB not becoming a party to the Florida settlement as well as by reason of Reynolds\u2019 and third-parties\u2019 conduct. Amounts at issue range to US$ 250 million through 2022, plus future payments of US$ 19 million to US$ 32 million annually going forward, alleged accrued interest of up to US$ 23 million and attorney\u2019s fees of up to US$ 7 million through 2022. Based on the current facts and circumstances it is currently unclear as to what level of damages will become payable in this case. Due to the inability to determine a reliable estimate of the amount involved, no provision has been recognised pending the outcome of the trial at which the level of damages will be decided. MSA previously settled states reduction The MSA contains a downward adjustment, called the Previously Settled States Reduction, which reduces aggregate payments made by Philip Morris, Reynolds, and ITGB by a specified percentage each year. The State of California, later joined by the remainder of the MSA states and by Philip Morris, challenged the application of that Reduction to ITGB for every year from 2016 forward, claiming that it cannot apply to ITGB since it is not making settlement payments to Florida, Minnesota, or Texas under their settlements. The Independent Auditor to the MSA, which initially addresses disputes related to payments, has rejected that challenge every year. It is possible that one of the parties making the challenge may seek to arbitrate the claim under the MSA. The PSS Reduction provides annual MSA payment reductions of circa US$ 65 million. Overall summary of liability position associated with USA state settlement agreements The Group\u2019s legal advice is that it has a strong position on pending claims related to the Acquired Brands and the Group therefore considers that no provision is required for these matters. Product liability investigations The Group is currently involved in a number of legal cases in which claimants are seeking damages for alleged smoking and health related effects. In the opinion of the Group\u2019s lawyers, the Group has meritorious defences to these actions, all of which are being vigorously contested. Although it is not possible to predict the outcome of the pending litigation, the Directors believe that the pending actions will not have a material adverse effect upon the results of the operations, cash flow or financial condition of the Group. This assessment of the probability of economic outflows at the year-end is a judgement which has been taken by management. Consequently, the Group has not provided for any amounts in respect of these cases in the financial statements. There have been no material updates to matters in any product liability investigations in the period since the 2023 Annual Report and Accounts. Competition authority investigations Spain On 12 April 2019 the Spanish National Commission on Markets and Competition (CNMC) announced penalties against Philip Morris Spain, Altadis, JT International Iberia and Logista. Altadis and Logista received fines of \u20ac11.4 million and \u20ac20.9 million, respectively, from the CNMC. According to the decision, Altadis and Logista are alleged to have infringed competition law by participating in an exchange of sales volume data between 2008 and February 2017. The CNMC considers that this conduct had the effect of restricting competition in the Spanish tobacco market. Both companies believe that the arguments made by the CNMC that define this conduct as anti-competitive are flawed. In June 2019, both Altadis and Logista commenced appeals to the CNMC\u2019s decision, and the fines imposed in the Spanish High Court where they believe they will be successful, a decision supported by external legal counsel. In September 2019 Altadis and, separately, Logista arranged bank guarantees for the full amount of the fines with the result that payment of the fines had been suspended pending the outcome of the appeals. Therefore, provision for these amounts is not considered appropriate. Both in the Altadis and Logista appeals, the parties have concluded their submissions to the Court and a judgment is awaited. The judgment of the Court of First Instance is currently pending, and it is possible it might be served in 2024. In parallel to the main proceedings against the CNMC decision, on 28 February 2023, the Supreme Court annulled the unannounced inspection carried out by the CNMC officials on Altadis' premises in February 2017 for lack of consent by Altadis. Therefore, all the documents and evidence seized by the CNMC during Altadis' inspection have to be returned to the company and should be struck out from the CNMC decision. It remains to be seen what the impact of this Court decision will be on the main proceedings. Other litigation US Helms-Burton litigation Imperial Brands Plc has been named as a defendant in a civil action in federal court in Miami, Florida under Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (\u201cHelms-Burton\u201d) filed on 6 August 2020. Title III provides United States nationals with a cause of action and a claim for treble damages against persons who have \u201ctrafficked\u201d in property expropriated by the Cuban government. Treble damages are automatically available under Helms-Burton. Although the filed claim is for unquantified damages, we understand the claim could potentially reach approximately US$ 365 million, based on the claimants\u2019 claim to own 90% of the property, which they value at US$ 135 million (and then treble). The claim is based on allegations that Imperial, through Corporaci\u00f3n Habanos S.A. (a joint venture between one of Imperial\u2019s now former subsidiaries and the Cuban government), has \u201ctrafficked\u201d in a factory in Havana, Cuba that the Cuban government confiscated from the claimants\u2019 ancestor in the early 1960s, by using the factory to manufacture, market, sell, and distribute Habanos cigars. At the time the claim was filed against Imperial and up until the conclusion of the Brexit \u201ctransition period\u201d on 31 December 2020, Imperial was subject to an EU law known as the EU Blocking Statute (Regulation (EC) No. 2271/96), which conflicts with Helms-Burton, protected Imperial against the impact of Title III, and impacted how Imperial might respond to the threatened litigation. The EU Blocking Statute has been transposed into domestic law with only minimal changes. Accordingly, on 10 January 2021, Imperial submitted an application to the UK Department for International Trade for authorisation from the Secretary of State for International Trade to defend the action or, at a minimum, to file and litigate a motion to dismiss the action. On 8 February 2021, the United Kingdom Secretary of State for International Trade authorised Imperial to file and litigate a motion to dismiss the action. A hearing on the motion to dismiss took place on 26 July 2022 before a magistrate judge. On 2 November 2022 the magistrate judge recommended that the action be dismissed, without prejudice to re-filing in a proper venue. On 31 March 2023 the district judge issued an order addressing the magistrate\u2019s recommended ruling and adopting the recommended ruling in part. In respect of Habanos, the motion to dismiss was granted, without objection from the claimants, on the basis that the federal court in Florida was an \u201cimproper venue\u201d (wrong court). Habanos was therefore dismissed from the case, without prejudice to the claimants\u2019 right to sue it in a proper venue. As to Imperial and the other defendants, the district judge remanded the motion to dismiss back to the same magistrate for a further review and analysis and a report and recommendation on whether the ruling regarding Habanos should result in dismissal of all defendants. The magistrate is also permitted to address \u201cother issues if warranted\u201d, including Imperial\u2019s other arguments for dismissal. The hearing with the magistrate on further arguments on the motion to dismiss took place on 28 September 2023. The recommended ruling from the magistrate is now expected by the end of November 2023. The magistrate\u2019s recommendation will not be binding on the parties, who will be permitted to file objections to the recommendation with the district judge. No provision has been made for potential liabilities related to this claim. UK In June 2020, the Group responded to a claimant law firm\u2019s allegation of human rights issues in the Malawian tobacco supply chain, which included allegations relating to child and forced labour. In December 2020, a claim was filed in the United Kingdom High Court against Imperial Brands plc, Imperial Tobacco Limited and four of its subsidiaries (the Imperial Defendants) and two entities in the British American Tobacco (BAT) group by a group of tobacco farm workers. The Imperial Defendants have acknowledged service and confirmed to the claimants that they intend to defend the claim in full. The Imperial Defendants have not yet been required to file their defence. A procedural hearing scheduled for November/December 2021 was adjourned. The deadline for Imperial and BAT to file a defence was postponed pending other case management actions and will be determined at a subsequent case management hearing after the completion of a matching exercise (which will seek to establish whether the claimants worked for farmers who grew tobacco purchased by either Defendant group). The claim is unquantified and given the early stage of the litigation a provision would not be appropriate.",
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"fact-543": {
"value": "30. NET DEBT The movements in cash and cash equivalents, borrowings, and derivative financial instruments in the year were as follows: \u00a3 million Current borrowings Lease liabilities Non-current borrowings Derivative financial instruments Liabilities from financing activities Cash and cash equivalents Total At 1 October 2022 (1,011) (248) (8,996) (87) (10,342) 1,850 (8,492) Reallocation of current borrowings from non-current borrowings (1,536) \u2013 1,536 \u2013 \u2013 \u2013 \u2013 Cash flow 891 92 (835) 64 212 (349) (137) Change in accrued interest 2 (10) (24) 1 (31) \u2013 (31) Change in fair values \u2013 \u2013 \u2013 139 139 \u2013 139 New leases, terminations and modifications \u2013 (106) \u2013 \u2013 (106) \u2013 (106) Acquisitions \u2013 (84) \u2013 \u2013 (84) \u2013 (84) Exchange movements 155 7 437 (170) 429 (156) 273 At 30 September 2023 (1,499) (349) (7,882) (53) (9,783) 1,345 (8,438) \u00a3 million Current borrowings Lease liabilities Non-current borrowings Derivative financial instruments Liabilities from financing activities Cash and cash equivalents Total At 1 October 2021 (1,107) (251) (8,715) (587) (10,660) 1,287 (9,373) Reallocation of current borrowings from non-current borrowings (1,392) \u2013 1,392 \u2013 \u2013 \u2013 \u2013 Cash flow 1,595 68 (829) (94) 740 515 1,255 Change in accrued interest 58 (6) (16) (7) 29 \u2013 29 Change in fair values \u2013 \u2013 \u2013 270 270 \u2013 270 New leases, terminations and modifications \u2013 (54) \u2013 \u2013 (54) \u2013 (54) Exchange movements (165) (5) (828) 331 (667) 48 (619) At 30 September 2022 (1,011) (248) (8,996) (87) (10,342) 1,850 (8,492) Average reported net debt during the year was \u00a310,072 million (2022: \u00a39,822 million). Analysis by denomination currency 2023 \u00a3 million GBP EUR USD Other Total Cash and cash equivalents 177 405 324 439 1,345 Total borrowings (1,631) (3,417) (4,319) (14) (9,381) (1,454) (3,012) (3,995) 425 (8,036) Effect of cross-currency swaps 1,576 (6,016) 4,323 \u2013 (117) 122 (9,028) 328 425 (8,153) Lease liabilities (43) (247) (26) (33) (349) Derivative financial instruments 64 Net debt (8,438) 2022 \u00a3 million GBP EUR USD Other Total Cash and cash equivalents 257 216 971 406 1,850 Total borrowings (1,631) (3,261) (5,096) (19) (10,007) (1,374) (3,045) (4,125) 387 (8,157) Effect of cross-currency swaps 1,561 (3,637) 2,056 \u2013 (20) 187 (6,682) (2,069) 387 (8,177) Lease liabilities (45) (148) (20) (35) (248) Derivative financial instruments (67) Net debt (8,492)",
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"value": "31. RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT \u00a3 million 2023 2022 (Decrease)/increase in cash and cash equivalents (349) 515 Cash flows relating to derivative financial instruments 64 (94) Repayment of lease liabilities 92 68 Increase in borrowings (1,462) (1,710) Repayment of borrowings 1,518 2,476 Change in net debt resulting from cash flows (137) 1,255 Other non-cash movements including revaluation of derivative financial instruments 108 299 Lease liabilities (190) (54) Exchange movements 273 (619) Movement in net debt during the year 54 881 Opening net debt (8,492) (9,373) Closing net debt (8,438) (8,492) The increase in borrowings and repayment of borrowings reflect the cash flow movements relating to borrowings outstanding at the start and at the end of each financial year; cash flows relating to short term borrowings drawn down and repaid within the year are not included in this analysis. ",
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"value": "32. NON-CONTROLLING INTERESTS Material non-controlling interests Detailed below is the summarised financial information of Logista, being a subsidiary where the non-controlling interest of 49.99% is considered material to the Group. Summarised balance sheet at 30 September Euro million 2023 2022 Current assets 6,246 6,094 Current liabilities (6,983) (6,763) Current net liabilities (737) (669) Non-current assets 1,816 1,599 Non-current liabilities (482) (365) Non-current net assets 1,334 1,234 Net assets 597 565 Summarised statement of comprehensive income for the year ended 30 September Euro million 2023 2022 Revenue 12,428 11,464 Profit for the year 274 199 Other comprehensive income 3 7 Total comprehensive income 277 206 Summarised cash flow statement for the year ended 30 September Euro million 2023 2022 (restated) Cash flows from operating activities 308 642 Cash flows from investing activities (83) (389) Cash flows from financing activities (250) (206) Net (decrease)/increase in cash and cash equivalents (25) 47 ",
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"fact-546": {
"value": "33. POST BALANCE SHEET EVENTS Share Buybacks On 5 October 2023 Imperial Brands PLC (\"the Company\") announced the start of an ongoing share buyback programme, to initially repurchase up to \u00a31.1 billion of shares in the period from 6 October 2023 to 30 September 2024. ",
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"fact-572": {
"value": "34. RELATED UNDERTAKINGS In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, partnerships, associates, and joint ventures, the principal activity, the full registered address and the effective percentage of equity owned by Imperial Brands PLC, as at 30 September 2023, are provided in the entity financial statements of Imperial Brands PLC. There are no material related parties other than Group companies. ",
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