{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "weir": "http://theweirgroupplc.com/20231231", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://theweirgroupplc.com/20231231/549300KDR56WHY9I3D10-2023-12-31.xsd" ] }, "facts": { "f-1": { "value": "To enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-2": { "value": "0.208", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-3": { "value": "2636000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-4": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-5": { "value": "2636000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-6": { "value": "2472100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-7": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-8": { "value": "2472100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-9": { "value": "456300000", "decimals": -5, "dimensions": { "concept": "weir:OperatingProfitBeforeShareOfResultsOfJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-10": { "value": "-90400000", "decimals": -5, "dimensions": { "concept": "weir:OperatingProfitBeforeShareOfResultsOfJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-11": { "value": "365900000", "decimals": -5, "dimensions": { "concept": "weir:OperatingProfitBeforeShareOfResultsOfJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-12": { "value": "392300000", "decimals": -5, "dimensions": { "concept": "weir:OperatingProfitBeforeShareOfResultsOfJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-13": { "value": "-87300000", "decimals": -5, "dimensions": { "concept": "weir:OperatingProfitBeforeShareOfResultsOfJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-14": { "value": "305000000", "decimals": -5, "dimensions": { "concept": "weir:OperatingProfitBeforeShareOfResultsOfJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-15": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-16": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-17": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-18": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-19": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-20": { "value": "2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-21": { "value": "458800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-22": { "value": "-90400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-23": { "value": "368400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-24": { "value": "394800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-25": { "value": "-87300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-26": { "value": "307500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-27": { "value": "66400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-28": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-29": { "value": "66400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-30": { "value": "51000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-31": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-32": { "value": "51000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-33": { "value": "18700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-34": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-35": { "value": "18700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-36": { "value": "3700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-37": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-38": { "value": "3700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-39": { "value": "411100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-40": { "value": "-90400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-41": { "value": "320700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-42": { "value": "347500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-43": { "value": "-87300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-44": { "value": "260200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-45": { "value": "110900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-46": { "value": "-20100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-47": { "value": "90800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-48": { "value": "92500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-49": { "value": "-44900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-50": { "value": "47600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-51": { "value": "300200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-52": { "value": "-70300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-53": { "value": "229900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-54": { "value": "255000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-55": { "value": "-42400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-56": { "value": "212600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-57": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-58": { "value": "-1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-59": { "value": "-1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-60": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-61": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-62": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-63": { "value": "300200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-64": { "value": "-71600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-65": { "value": "228600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-66": { "value": "256200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-67": { "value": "-42400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-68": { "value": "213800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-69": { "value": "299500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-70": { "value": "-71600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-71": { "value": "227900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-72": { "value": "255800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-73": { "value": "-42400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-74": { "value": "213400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-75": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-76": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-77": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-78": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-79": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-80": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-81": { "value": "300200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-82": { "value": "-71600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-83": { "value": "228600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-84": { "value": "256200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-85": { "value": "-42400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-86": { "value": "213800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-87": { "value": "0.882", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-88": { "value": "0.825", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-89": { "value": "1.159", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP/xbrli:shares" } }, "f-90": { "value": "0.887", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-91": { "value": "0.984", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP/xbrli:shares" } }, "f-92": { "value": "0.820", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-93": { "value": "0.877", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-94": { "value": "0.820", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-95": { "value": "1.153", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP/xbrli:shares" } }, "f-96": { "value": "0.882", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-97": { "value": "0.978", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP/xbrli:shares" } }, "f-98": { "value": "0.815", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-99": { "value": "228600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-100": { "value": "213800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-101": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-102": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-103": { "value": "-800000", "decimals": -5, "dimensions": { "concept": "weir:CostOfHedgingTakenToEquityOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-104": { "value": "0", "decimals": -5, "dimensions": { "concept": "weir:CostOfHedgingTakenToEquityOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-105": { "value": "-159100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-106": { "value": "223100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-107": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-108": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-109": { "value": "27600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-110": { "value": "-124900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-111": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-112": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-113": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-114": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-115": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-116": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-117": { "value": "-132000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-118": { "value": "98700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-119": { "value": "-28200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-120": { "value": "65300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-121": { "value": "-7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-122": { "value": "16300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-123": { "value": "-21100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-124": { "value": "49000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-125": { "value": "-153100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-126": { "value": "147700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-127": { "value": "75500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-128": { "value": "361500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-129": { "value": "76100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-130": { "value": "360800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-131": { "value": "-600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-132": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-133": { "value": "75500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-134": { "value": "361500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-135": { "value": "77400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-136": { "value": "359600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-137": { "value": "-1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-138": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-139": { "value": "76100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-140": { "value": "360800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-141": { "value": "490500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-142": { "value": "462200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-143": { "value": "1316000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-144": { "value": "1409900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-145": { "value": "12200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-146": { "value": "15100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVentures", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-147": { "value": "111300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-148": { "value": "92500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-149": { "value": "53800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-150": { "value": "76800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-151": { "value": "30100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-152": { "value": "50000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-153": { "value": "2013900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-154": { "value": "2106500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-155": { "value": "608100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-156": { "value": "679100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-157": { "value": "526200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-158": { "value": "528900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-159": { "value": "7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-160": { "value": "8900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-161": { "value": "29400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-162": { "value": "41300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-163": { "value": "707200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Cash", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-164": { "value": "691200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Cash", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-165": { "value": "1878800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-166": { "value": "1949400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-167": { "value": "3892700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-168": { "value": "4055900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-169": { "value": "286200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-170": { "value": "406300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-171": { "value": "581300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-172": { "value": "623500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-173": { "value": "6400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-174": { "value": "13200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-175": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-176": { "value": "7400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-177": { "value": "47600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-178": { "value": "35300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-179": { "value": "923400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-180": { "value": "1085700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-181": { "value": "1111100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-182": { "value": "1082100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-183": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentPayables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-184": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentPayables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-185": { "value": "2300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-186": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-187": { "value": "80700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-188": { "value": "62900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-189": { "value": "46900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-190": { "value": "51400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-191": { "value": "28000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-192": { "value": "34900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-193": { "value": "1269600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-194": { "value": "1232300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-195": { "value": "2193000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-196": { "value": "2318000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-197": { "value": "1699700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-198": { "value": "1737900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-199": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-200": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-201": { "value": "582300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-202": { "value": "582300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-203": { "value": "332600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-204": { "value": "332600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-205": { "value": "29000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-206": { "value": "14300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-207": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-208": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-209": { "value": "-238700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-210": { "value": "-108500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-211": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-212": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-213": { "value": "1008200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-214": { "value": "899500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-215": { "value": "1689800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-216": { "value": "1726500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-217": { "value": "9900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-218": { "value": "11400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-219": { "value": "1699700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-220": { "value": "1737900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-221": { "value": "525500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-222": { "value": "447800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-223": { "value": "9300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAndOnBehalfOfEmployees", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-224": { "value": "9700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAndOnBehalfOfEmployees", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-225": { "value": "18000000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalAndOtherAdjustingCashItemsClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-226": { "value": "14200000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalAndOtherAdjustingCashItemsClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-227": { "value": "0", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalCashItemsAcquiredVendorLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-228": { "value": "9700000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalCashItemsAcquiredVendorLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-229": { "value": "103900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-230": { "value": "93400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-231": { "value": "394300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-232": { "value": "320800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-233": { "value": "6900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-234": { "value": "15200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-235": { "value": "79100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-236": { "value": "56100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-237": { "value": "7600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-238": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-239": { "value": "4200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-240": { "value": "4400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-241": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "weir:ProceedsFromDisposalOfNonCurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsNetOfCashDisposedAndDisposalCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-242": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "weir:ProceedsFromDisposalOfNonCurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsNetOfCashDisposedAndDisposalCosts", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-243": { "value": "0", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalItemIncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-244": { "value": "-2000000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalItemIncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-245": { "value": "15100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-246": { "value": "4600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-247": { "value": "4100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-248": { "value": "2700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-249": { "value": "-70600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-250": { "value": "-68300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-251": { "value": "512600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-252": { "value": "822800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-253": { "value": "627600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-254": { "value": "958900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-255": { "value": "31000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-256": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-257": { "value": "200000", "decimals": -5, "dimensions": { "concept": "weir:SettlementOfExternalDebtOfSubsidiaryOnAcquisition", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-258": { "value": "0", "decimals": -5, "dimensions": { "concept": "weir:SettlementOfExternalDebtOfSubsidiaryOnAcquisition", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-259": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "weir:SettlementOfDerivativeFinancialInstrumentsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-260": { "value": "-300000", "decimals": -5, "dimensions": { "concept": "weir:SettlementOfDerivativeFinancialInstrumentsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-261": { "value": "55000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-262": { "value": "49900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-263": { "value": "95900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-264": { "value": "66700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-265": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-266": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-267": { "value": "24000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-268": { "value": "20000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-269": { "value": "-322500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-270": { "value": "-303800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-271": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-272": { "value": "-51300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-273": { "value": "477500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-274": { "value": "500000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-275": { "value": "-31300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-276": { "value": "28800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-277": { "value": "447400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-278": { "value": "477500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-279": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-280": { "value": "582300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-281": { "value": "332600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "f-282": { "value": "-5300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-283": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f-284": { "value": "-206500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-285": { "value": "1500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-286": { "value": "705900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-287": { "value": "1443500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-288": { "value": "11000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-289": { "value": "1454500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-290": { "value": "213400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-291": { "value": "213400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-292": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-293": { "value": "213800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-294": { "value": "222800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-295": { "value": "222800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-296": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-297": { "value": "223100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-298": { "value": "100000", "decimals": -5, "dimensions": { "concept": "weir:ReclassificationAdjustmentsOnExchangeGainsOnDiscontinuedOperationsBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-299": { "value": "100000", "decimals": -5, "dimensions": { "concept": "weir:ReclassificationAdjustmentsOnExchangeGainsOnDiscontinuedOperationsBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-300": { "value": "100000", "decimals": -5, "dimensions": { "concept": "weir:ReclassificationAdjustmentsOnExchangeGainsOnDiscontinuedOperationsBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-301": { "value": "-124900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-302": { "value": "-124900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-303": { "value": "-124900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-304": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-305": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-306": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-307": { "value": "65300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-308": { "value": "65300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-309": { "value": "65300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-310": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-311": { "value": "-16300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-312": { "value": "-16400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-313": { "value": "-16400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-314": { "value": "98000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-315": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-316": { "value": "262400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-317": { "value": "360800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-318": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-319": { "value": "361500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-320": { "value": "8900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-321": { "value": "8900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-322": { "value": "8900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-323": { "value": "66700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-324": { "value": "66700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-325": { "value": "66700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-326": { "value": "20000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-327": { "value": "20000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-328": { "value": "20000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-329": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-330": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-331": { "value": "11000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-332": { "value": "-11000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-333": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-334": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-335": { "value": "582300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-336": { "value": "332600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "f-337": { "value": "-14300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-338": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f-339": { "value": "-108500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-340": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-341": { "value": "899500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-342": { "value": "1726500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-343": { "value": "11400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-344": { "value": "1737900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-345": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-346": { "value": "582300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-347": { "value": "332600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "f-348": { "value": "-14300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-349": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f-350": { "value": "-108500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-351": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-352": { "value": "899500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-353": { "value": "1726500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-354": { "value": "11400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-355": { "value": "1737900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-356": { "value": "227900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-357": { "value": "227900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-358": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-359": { "value": "228600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-360": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-361": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-362": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-363": { "value": "-800000", "decimals": -5, "dimensions": { "concept": "weir:CostOfHedgingTakenToEquityOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-364": { "value": "-800000", "decimals": -5, "dimensions": { "concept": "weir:CostOfHedgingTakenToEquityOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-365": { "value": "-800000", "decimals": -5, "dimensions": { "concept": "weir:CostOfHedgingTakenToEquityOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-366": { "value": "-157800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-367": { "value": "-157800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-368": { "value": "-1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-369": { "value": "-159100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-370": { "value": "27600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-371": { "value": "27600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-372": { "value": "27600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-373": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-374": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-375": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-376": { "value": "100000", "decimals": -5, "dimensions": { "concept": "weir:ReclassificationAdjustmentsOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-377": { "value": "100000", "decimals": -5, "dimensions": { "concept": "weir:ReclassificationAdjustmentsOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-378": { "value": "100000", "decimals": -5, "dimensions": { "concept": "weir:ReclassificationAdjustmentsOnFairValueHedges", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-379": { "value": "-28200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-380": { "value": "-28200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-381": { "value": "-28200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-382": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-383": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-384": { "value": "7200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-385": { "value": "7200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-386": { "value": "-130200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-387": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-388": { "value": "206800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-389": { "value": "76100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-390": { "value": "-600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-391": { "value": "75500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-392": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-393": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-394": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-395": { "value": "95900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-396": { "value": "95900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-397": { "value": "95900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-398": { "value": "24000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-399": { "value": "24000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-400": { "value": "24000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-401": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-402": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-403": { "value": "9300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-404": { "value": "-9300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-405": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-406": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-407": { "value": "582300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-408": { "value": "332600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "f-409": { "value": "-29000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "f-410": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f-411": { "value": "-238700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f-412": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "f-413": { "value": "1008200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-414": { "value": "1689800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-415": { "value": "9900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-416": { "value": "1699700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-417": { "value": "
1. Authorisation of financial statements and statement of compliance
The Consolidated Financial Statements of The Weir Group PLC (the \u2018Company\u2019) and its subsidiaries (together, the \u2018Group\u2019) for the year ended
31\u00a0December 2023 (\u20182023\u2019) were approved and authorised for issue in accordance with a resolution of the Directors on 29\u00a0February 2024 . The
comparative information is presented for the year ended 31\u00a0December 2022 (\u20182022\u2019).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "value": "The Weir Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "value": "The Weir Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-420": { "value": "
The Consolidated Financial Statements of The Weir Group PLC have been prepared in accordance with UK-adopted International Accounting
Standards and with the requirements of the Companies Act 2006 as applicable to those companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "value": "The Weir Group PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "value": "
2. Accounting policies
Basis of preparation
These financial statements are presented in Sterling. All values are rounded to the nearest 0.1 million pounds (\u00a3m) except where
otherwise\u00a0indicated.
The financial statements are also prepared on a historic cost basis except where measured at fair value as outlined in the accounting policies.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue to operate for a period of at least 12 months
from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis of preparing the financial
statements. In forming this view the Directors have reviewed the Group's budget and sensitivity analysis as discussed further in the Directors'
Report on pages 133 to 136.
Basis of consolidation
The Consolidated Financial Statements include the results, cash flows and assets and liabilities of The Weir Group PLC and its subsidiaries, and
the Group\u2019s share of results of its joint venture. For consolidation purposes, subsidiaries and joint ventures prepare financial information for the
same reporting period as the Company using consistent accounting policies.
A subsidiary is an entity controlled, either directly or indirectly, by the Company, where control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
The results of a subsidiary acquired during the period are included in the Group\u2019s results from the effective date on which control is transferred
to the Group. The results of a subsidiary sold during the period are included in the Group\u2019s results up to the effective date on which control is
transferred out of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented
within equity in the Consolidated Balance Sheet, separately from the Company Shareholders\u2019 equity.
A full list of the Company\u2019s related undertakings can be found on pages 224 to 230.
New accounting standards, amendments and interpretations
The accounting policies that follow are consistent with those of the previous period, with the exception of the following standards,
amendments and interpretations which are effective for the year ended 31\u00a0December 2023:
\u2022 IFRS 17 'Insurance contracts' as amended in December 2021;
\u2022 Definition of Accounting Estimates - amendments to IAS 8;
\u2022 International Tax Reform - Pillar Two Model Rules - amendments to IAS 12;
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction - amendments to IAS 12; and
\u2022 Disclosure of Accounting Policies - amendments to IAS 1 and IFRS Practice Statement 2.
The amendments listed above are not considered to have a material impact on the Consolidated Financial Statements of the Group.
The following new accounting standards and interpretations have been published but are not mandatory for 31\u00a0December 2023:
\u2022 Amendments to IAS 1 - Classification of liabilities as current or non-current;
\u2022 Amendments to IAS 1 - Non-current liabilities with covenants;
\u2022 Amendments to IAS 21 - Lack of exchangeability;
\u2022 Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements; and
\u2022 Amendments to IFRS 16 - Lease liability in a sale and leaseback.
These amendments have not been early adopted by the Group. The impact assessment is ongoing, however, from initial review these
standards are not expected to have a material impact on the Group in the current or future reporting periods.
Climate change
Climate change is considered to be a key element of our overall sustainability roadmap. As well as considering the impact of climate change
across our business model, the Directors have considered the impact on the financial statements in accordance with the Task Force on
Climate-related Financial Disclosures (TCFD) recommendations. Climate change is not considered to have a material impact on the financial
reporting judgements and estimates arising from our considerations. Overall, sustainability is recognised in the market as a growth driver for
Weir and a key part of our investment case. This is consistent with our assessment that climate change is not expected to have a detrimental
impact on the viability of the Group in the medium-term. Specifically we note the following:
\u2022 The impact of climate change has been included in the modelling to assess the viability and going concern status of the Group, both in terms
of the preparation of our Strategic Plan, which underpins our viability statement modelling, and the modelling of our severe, but plausible
downside scenarios;
\u2022 Our assessment of the carrying value of goodwill and intangible assets included consideration of scenario analysis of potential climate
change on our end markets and this did not introduce a set of circumstances that were considered could reasonably lead to an impairment;
\u2022 The impact on the carrying value and useful lives of tangible assets has been considered and while we continue to invest in projects to
reduce our carbon impact, there is not considered to be a material impact on our existing asset base;
\u2022 In May 2021, the Group successfully completed the issuance of five-year US$800m Sustainability-Linked Notes. The cost of meeting our
linked targets in 2024 has been considered within the above modelling and the impact is not material; and
\u2022 In June 2023, the Group successfully completed the issuance of five-year \u00a3300m Sustainability-Linked Notes. The cost of meeting our linked
targets in 2026 has been considered within the above modelling and the impact is not material.
Further detail on our science-based targets and performance against them is included in the Emissions Strategy in the Strategic Report.
Use of estimates and judgements
The Group\u2019s material accounting policy information is set out below. The preparation of the Consolidated Financial Statements, in conformity
with IFRS, requires management to make judgements that affect the application of accounting policies and estimates that impact the reported
amounts of assets, liabilities, income and expense.
Management bases these judgements on a combination of past experience, professional expert advice and other evidence that is relevant to
each individual circumstance. Actual results may differ from these judgements and the resulting estimates, which are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised.
Areas requiring significant judgement in the current year and on a recurring basis are presented to the Audit Committee, as summarised on
pages 103 to 108.
Critical judgments and estimates
The areas where management considers critical judgements and estimates to be required, which are areas more likely to be materially adjusted
within the next 12 months due to inherent uncertainty regarding estimates and assumptions, are those in respect of the following:
Retirement benefits (estimate)
The assumptions underlying the valuation of retirement benefit assets and liabilities include discount rates, inflation rates and mortality
assumptions, which are based on actuarial advice. Changes in these assumptions could have a material impact on the measurement of the
Group\u2019s retirement benefit obligations. Sensitivities to changes in key assumptions are provided in note 24 .
Provisions (judgement/estimate)
Management judgement is used to determine when a provision is recognised, taking into account the commercial drivers that gave rise to it,
the Group\u2019s previous experience of similar obligations and the progress of any associated legal proceedings. The calculation of provisions
typically involves management estimates of associated cash flows and discount rates. The key provision, which currently requires a greater
degree of management judgement and estimate is the US asbestos provision and associated insurance asset, details of which are included
in\u00a0note 22.
Deferred taxation (estimate)
The level of current and deferred tax recognised in the financial statements is dependent on subjective judgements as to the interpretation of
complex international tax regulations and, in some cases, the outcome of decisions by tax authorities in various jurisdictions around the world,
together with the ability of the Group to utilise tax attributes within the time limits imposed by the relevant tax legislation. The value of the
recognised US deferred tax asset in relation to US tax attributes is based on expected future US taxable profits with reference to the Group's
ten-year forecast period and assumptions over the intended use of these tax attributes during this period. The application of this model and its
underlying assumptions may result in future changes to the deferred tax asset recognised. In particular, the recognition of US deferred tax
assets relating to deferred intra-group interest deductions is based upon the current policy and modelling demonstrating full utilisation of that
attribute over the ten-year forecast period. If the current policy were to change then the utilisation of this tax attribute, as demonstrated by the
model, may reduce resulting in a reduction in US deferred tax asset recognised of a maximum of \u00a337.6m (2022: \u00a341.2m).
Other estimates
Taxation (estimate)
The Group faces a variety of tax risks, which result from operating in a complex global environment, including the ongoing reform of both
international and domestic tax rules in some of the Group\u2019s larger markets and the challenge to fulfil ongoing tax compliance filing and transfer
pricing obligations given the scale and diversity of the Group\u2019s global operations.
The Group makes provision for open tax issues where it is probable that an exposure will arise including, in a number of jurisdictions, ongoing
tax audits and uncertain tax positions including transfer pricing which are by nature complex and can take a number of years to resolve. In all
cases, provisions are based on management\u2019s interpretation of tax law in each country, as supported where appropriate by discussion and
analysis undertaken by the Group\u2019s external advisers, and reflect the single best estimate of the likely outcome or the expected value for each
liability. Provisions for uncertain tax positions are included in current tax liabilities and total \u00a35.4m at 31\u00a0December 2023 (2022: \u00a37.1m).
The Group believes it has made adequate provision for such matters although it is possible that amounts ultimately paid will be different from
the amounts provided, but not materially within the next 12 months.
Accounting policies
Adjusting items
In order to provide the users of the Consolidated Financial Statements with a more relevant presentation of the Group\u2019s performance, statutory
results for each year have been analysed between:
\u2022 adjusted results; and
\u2022 the effect of adjusting items.
The principal adjusting items are summarised below. These specific items are presented on the face of the Consolidated Income Statement,
along with the related adjusting items' taxation, to provide greater clarity and a better understanding of the impact of these items on the
Group\u2019s financial performance. In doing so, it also facilitates greater comparison of the Group\u2019s underlying results with prior years and
assessment of trends in financial performance. This split is consistent with how business performance is measured internally.
Intangibles amortisation
Intangibles amortisation is expensed in line with the other intangible assets policy, with separate disclosure provided to allow visibility of the
impact of both:
\u2022 intangible assets recognised via acquisition, which primarily relate to items that would not normally be capitalised unless identified as part
of\u00a0an acquisition opening balance sheet. The ongoing costs associated with these assets are expensed; and
\u2022 ongoing multi-year investment activities, which previously included our IT transformation strategy and digitalisation strategy.
In the prior year, amortisation of \u00a37.4m was included within adjusting items in relation to assets which are part of ongoing multi-year
investment activities. As these assets are now fully amortised, no charge has been recognised during the current year.
Exceptional items
Exceptional items are items of income and expense which, because of the nature, size and/or infrequency of the events giving rise to them,
merit separate presentation. Exceptional items may include, but are not restricted to: profits or losses arising on disposal or closure of
businesses; the cost of significant business restructuring; significant impairments of intangible or tangible assets; adjustments to the fair value
of acquisition-related items such as contingent consideration and inventory; acquisitions and other items deemed exceptional due to their
significance, size or nature.
Other adjusting items
Other adjusting items are those that do not relate to the Group\u2019s current ongoing trading and, due to their nature, are treated as adjusting
items. For example these may include, but are not restricted to, movements in the provision for asbestos-related claims or the associated
insurance assets, which relate to the Flow Control Division that was sold in 2019, but the provision remains with the Group and is in run-off,
or\u00a0past service costs related to pension liabilities.
Further analysis of the items included in the column \u2018Adjusting items\u2019 in the Consolidated Income Statement are provided in notes 5 and 6
to\u00a0the financial statements.
Discontinued operations
In compliance with IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, when it is known that a significant component of the
Group will be held for sale or disposed of the results are disclosed within one line in the Consolidated Income Statement, with the comparative
periods also restated. In the Consolidated Balance Sheet, the assets and liabilities of the component, in the current period only, are reported as
current assets/liabilities held for sale.
As a discontinued operation, the component is measured at the lower of its carrying amount and fair value less costs to sell. At the time
of\u00a0disposal the foreign currency translation reserve will be recycled to the Consolidated Income Statement and included in the gain or loss
on\u00a0disposal.
Business combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control
of a subsidiary is the sum of the fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which
includes the fair value of any asset or liability arising from a contingent consideration arrangement. Any goodwill arising from the business
combination is accounted for in line with the goodwill policy below.
Acquisition costs are expensed as incurred.
On the acquisition of a business, management assesses: (i) the Purchase Price Allocation (PPA) in order to attribute fair values to separately
identifiable intangible assets providing they meet the recognition criteria and (ii) the fair values of other assets and liabilities. The fair values of
these intangible assets are dependent on estimates of attributable future revenues, margins and cash flows, as well as appropriate discount
rates. In addition, the allocation of useful lives to acquired intangible assets requires the application of judgement based on available information
and management expectations at the time of recognition. The valuation of other tangible assets and liabilities involves aligning accounting
policies with those of the Group, reflecting appropriate external market valuations for property, plant and equipment, assessing recoverability of
receivables and inventory, and exposures to unrecorded liabilities.
Joint venture
The Group has a long-term contractual arrangement with another party, which represents a joint venture. The Group\u2019s interests in the results
and assets and liabilities of its joint venture are accounted for using the equity method.
This investment is carried in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets less any
impairment in value. The Consolidated Income Statement reflects the share of results of operations of the investment after tax. Where there
has been a change recognised directly in the investee\u2019s equity, the Group recognises its share of any changes and discloses this when
applicable in the Consolidated Statement of Comprehensive Income.
Any goodwill arising on the acquisition of a joint venture, representing the excess of the cost of the investment over the Group\u2019s share of the
net fair value of the joint venture\u2019s identifiable assets, liabilities and contingent liabilities, is included in the carrying amount of the joint venture
and is not amortised. To the extent that the net fair value of the joint venture\u2019s identifiable assets, liabilities and contingent liabilities is greater
than the cost of the investment, a gain is recognised and added to the Group\u2019s share of the joint venture\u2019s profit or loss in the year in which the
investment is acquired.
Foreign currency translation
The financial statements for each of the Group\u2019s subsidiaries and joint ventures are prepared using their functional currency. The functional
currency is the currency of the primary economic environment in which an entity operates.
At the entity level, transactions denominated in foreign currencies are translated into the entity\u2019s functional currency at the exchange rate ruling
on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate ruling on
the balance sheet date. Currency translation differences are recognised in the Consolidated Income Statement except when hedge accounting
is applied and for differences on monetary assets and liabilities that form part of the Group\u2019s net investment in a foreign operation. These are
recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in profit or loss.
On consolidation, the results of foreign operations are translated into Sterling at the average exchange rate for the year and their assets and
liabilities are translated into Sterling at the exchange rate ruling on the balance sheet date. Currency translation differences, including those on
monetary items that form part of a net investment in a foreign operation, are recognised in the foreign currency translation reserve and in other
comprehensive income.
In the event that a foreign operation is sold, the gain or loss on disposal recognised in the Consolidated Income Statement is determined after
taking into account the cumulative currency translation differences that are attributable to the operation. As permitted by IFRS 1, the Group
elected to deem cumulative currency translation differences to be \u00a3nil as at 27 December 2003. Accordingly, the gain or loss on disposal of
a\u00a0foreign operation does not include currency translation differences arising before that date.
In the Consolidated Cash Flow Statement, the cash flows of foreign operations are translated into Sterling at the average exchange rate for
the\u00a0year.
Revenue recognition
Revenue is the consideration the Group expects to receive from customers in exchange for goods and services. Revenue is recognised in the
Consolidated Income Statement when control of goods and services is transferred to the customer. Transfer of control is deemed to be over
time where the following criteria are met:
\u2022 The customer concurrently receives and consumes the benefits from the Group\u2019s performance;
\u2022 The Group\u2019s performance creates or enhances a customer-controlled asset; or
\u2022 The Group\u2019s performance does not create an asset with an alternative use and the Group has a right to payment for performance completed
to date.
Where the above criteria are not met, then revenue is recognised at a point in time when control is transferred to the customer.
Revenue is shown net of sales taxes, discounts and after eliminating sales within the Group. No revenue is recognised where recovery of the
consideration is not probable or there are significant uncertainties regarding associated costs, or the possible return of goods. Variable
consideration is recognised only if it is highly probable that there will not be a significant revenue reversal. The consideration is an estimation
based on the terms of the contract and other available information. Liquidated damages can result in variable consideration and will only be
recognised as a deduction from revenue where there is a history of recurring liquidated damages, for example, for the same customer or
product line with the value of the reduction being the most likely amount from a range of possible outcomes. The adjustment to revenue will be
monitored throughout the contract and adjusted as liquidated damages become more or less likely. Volume discounts are deducted from
revenue based on the most reliable estimates of volumes to be purchased. The timing of payment from customers is generally aligned to
revenue recognition, subject to agreed payment terms usually in line with industry standards. Certain contracts may include milestone
payments which do not necessarily align to revenue recognition: a contract asset is recorded where revenue is recognised in advance of
customer invoicing, and a contract liability is recognised where cash is received in advance of revenue recognition.
Sale of goods
This policy is applicable to the sale of both original equipment and spare parts whether sold individually, in bulk or as part of a cross-selling
marketing strategy. Contracts for the provision of both original equipment and spare parts, and where required services, are combined if one or
more of the following is met:
\u2022 The contract achieves a single commercial objective and is negotiated as a package;
\u2022 The price or performance of one contract influences the amount of consideration to be paid in the other contract; or
\u2022 The goods or services in the separate contracts represent a single performance obligation.
Each cross-selling contract is reviewed to identify the performance obligations in relation to original equipment and spare parts with them only
being combined if they are not capable of being distinct and are not distinct in the context of the contract.
Revenue from the sale of goods is recognised in line with incoterms which in the majority of transactions is at the point of despatch. This
reflects when the customer obtains control of the product and can determine its future use and location. For larger orders where multiple units
are delivered in instalments as part of one performance obligation, revenue will be recognised over time in line with delivery. These items are a
series of distinct goods that have the same pattern of transfer of control being the fulfilment of the incoterm, provided the customer has control
of the goods as they are delivered.
Where the sale of product requires customer inspection, this is deemed to be part of the main performance obligation so revenue is not
recognised until the inspection has been completed and approved by the customer. In instances where commissioning is provided, the transfer
of control for the sale of goods is at the point of despatch where commissioning is a separate performance obligation or once commissioning is
complete where combined in the sale of goods performance obligation. A separate performance obligation for commissioning is identified
where a customer could obtain the same service from a third-party supplier with revenue in respect of commissioning being recognised once
the commissioning is complete.
Provision of services
The revenue recognition of provision of services is dependent on the nature of the contracts. Shorter-term contracts tend to be for \u2018one-off\u2019
service provision, which means the customer only consumes the benefit from the Group\u2019s performance when the work is complete.
Revenue\u00a0is\u00a0therefore recognised at a point in time for such contracts. For other contracts, revenue from the rendering of services is generally
recognised over time where the customer concurrently receives and consumes a benefit from the Group\u2019s performance over the period of the
contract duration. Revenue from services is recognised in proportion to the stage of completion of the performance obligations at the balance
sheet date. The stage of completion is assessed by reference to the transfer of control over time, which usually corresponds to the
contractual\u00a0agreement with each separate customer and the costs incurred on the contract to date in comparison with the total forecast costs
of\u00a0the contract.
Construction contracts
Revenue for construction contracts is recognised over time as the contracts usually contain discrete elements separately transferring control
to\u00a0customers over the life of the contract and the Group\u2019s performance does not create an asset with an alternative use.
The stage of completion of a contract is determined either by reference to the proportion that contract costs incurred for work performed to
date bear to the estimated total contract costs, or by reference to the completion of a physical proportion of the contract work. Both these
methods are faithful depictions of the transfer of control given the Group has a right to payment for performance completed to date. The basis
used is dependent upon the nature of the underlying contract. For instances where the work is subject to formal customer acceptance
procedures, revenue will only be recognised once the customer review has been completed and approved by the customer as this is the point
both parties are in agreement that control has been transferred in line with contract terms. Losses on contracts are recognised in the year
when such losses become probable.
Property, plant & equipment
Property, plant and equipment comprises owned assets and right-of-use assets that do not meet the definition of investment property.
Owned assets
Owned property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment losses. Freehold land
and\u00a0assets under construction are not depreciated. Depreciation of property, plant and equipment is provided on a straight-line basis so as to
charge the cost less residual value to the Consolidated Income Statement over the expected useful life of the asset concerned, and is in the
following ranges:
Freehold buildings, long leasehold land and buildings10 \u2013 40 years
Plant and equipment3 \u2013 20 years
Right-of-use assets and lease liabilities
At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group assesses whether it has both the right to obtain substantially all of the
economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use.
The Group recognises a lease liability and right-of-use asset at the lease commencement date. The lease liability is initially measured as the
present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or
where the interest rate implicit in the lease cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its
incremental borrowing rate as the discount rate. The Group\u2019s incremental borrowing rate is calculated by taking the government borrowing rate
in any given currency and adding the estimated Group credit spreads for a variety of tenors. An interpolation is performed annually to obtain one
rate for each of the major lease currencies based on the weighted average life of the lease book.
Lease payments consist of the following components:
\u2022 fixed payments, including in-substance fixed payments, less any lease incentives receivable;
\u2022 variable lease payments that depend on an index or a rate;
\u2022 amounts expected to be payable by the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option (if the lessee is reasonably certain to exercise that option); and
\u2022 payments of penalties for terminating the lease (if the lease term reflects the lessee exercising the option to terminate the lease).
The right-of-use asset is measured as equal to the lease liability and adjusted for:
\u2022 lease payments made to the lessor at or before the commencement date;
\u2022 lease incentives received;
\u2022 initial direct costs associated with the lease; and
\u2022 an initial estimate of restoration costs.
The right-of-use asset is depreciated using the straight-line method over the lease term. In addition, the right-of-use asset is periodically
reduced by any impairment losses.
The Group has adopted the exemption available for short-term leases, with payments being recognised on a straight-line basis over the lease
term. Short-term leases are defined as leases with a lease term of 12 months or less.
The Group has adopted the exemption available for low value assets, with payments being recognised on a straight-line basis over the lease
term. Leases relating to laptops, desktop computers, mobile phones, photocopiers, printers and other office equipment, where the asset value
is less than \u00a33,500 or the local currency equivalent have been treated as low value. Where the lease contract meets both short-term and low
value exemptions, the annual cost of the lease is reported within expenses relating to short-term leases.
For each lease, the lease term has been calculated as the non-cancellable period of the lease contract, except where the Group is reasonably
certain that it will exercise contractual extension options. In assessing whether a lessee is reasonably certain to exercise an option to extend a
lease, or not to exercise an option to terminate a lease, the Group shall consider all relevant facts and circumstances that create an economic
incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. In certain
circumstances, the Group will refer to the five-year Strategic Plan period as an appropriate period to consider whether the \u2018reasonably certain\u2019
criteria are met.
Goodwill
Goodwill arises on the acquisition of businesses and represents any excess of the cost of the acquired entity over the Group\u2019s interest in the
fair value of the entity\u2019s identifiable assets, liabilities and contingent liabilities determined at the date of acquisition. Acquisition costs are
recognised in the Consolidated Income Statement in the year in which they are incurred. Goodwill in respect of an acquired business is
recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually or where
there are indicators of impairment.
The carrying amount of goodwill allocated to a cash generating unit is taken into account when determining the gain or loss on disposal of
the\u00a0unit.
An assessment of probable contingent consideration is recognised at the date of acquisition or disposal. For acquisitions, subsequent changes
to the fair value of the contingent consideration are adjusted against the cost of acquisition where they qualify as measurement period
adjustments. The measurement period is the period from the date of acquisition to the date that the Group obtains complete information about
facts and circumstances that existed as of the acquisition date, and is subject to a maximum of one year. If the change does not qualify as a
measurement period adjustment, it is reflected in the Consolidated Income Statement as an adjusting item. For disposals, any subsequent
change in contingent consideration is adjusted against the disposal proceeds and the gain or loss on disposal.
Other intangible assets
Intangible assets acquired separately are measured at cost on initial recognition. An intangible resource acquired in a business combination is
recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate
future economic benefits and its fair value can be measured reliably.
An intangible asset with a finite life is amortised on a straight-line basis so as to charge its cost, which in respect of an acquired intangible asset
represents its fair value at the acquisition date, to the Consolidated Income Statement over its expected useful life. An intangible asset with an
indefinite life is\u00a0not amortised but is tested at least annually for impairment and carried at cost less any recognised impairment losses.
Brand names
Brands are recognised as a result of a business combination. The brand is recognised if it is separable from the remaining business and is
expected to generate future economic benefits. Internally generated brands are not capitalised in accordance with IAS 38 'Intangible assets'.
Brands are fair valued at acquisition and subsequently measured at cost less any accumulated impairment. All subsequent expenditure is
expensed to the Consolidated Income Statement as incurred.
Due to the long-term nature of the brands, the Group has assessed that they have indefinite useful lives, with the exception of Motion Metrics,
which is amortised over 15 years. An annual impairment exercise is completed for brands with an indefinite useful life, to confirm that the value
in use, based on discounted cash flows, exceeds the carrying value.
Customer and distributor relationships
Customer and distributor relationships are recognised as part of a business combination if they are separable from the acquired business or
arise from contractual or legal rights. They represent the relationships that the acquiree has built up over a significant period of time and will
provide repeat custom to the business which will generate future economic benefit.
The assets are initially recorded at fair value at acquisition and subsequently recognised at cost less accumulated amortisation and impairment.
All subsequent expenditure is charged to the Consolidated Income Statement as incurred. Amortisation is charged to the Consolidated Income
Statement over the useful life of the asset. The useful life can vary depending on the circumstances of each acquisition. The useful lives range
from five to 30 years.
If there are any indicators of impairment an assessment of the value in use of the relationships is completed. If the carrying value exceeds the
value in use the variance is accounted for as an impairment to the asset with a corresponding charge to the Consolidated Income Statement.
Software
Software assets can be purchased, acquired or internally generated. Software that is not an integral part of related hardware is recognised as an
intangible asset.
Software is recognised at cost less accumulated amortisation and impairment. Amortisation is spread over the estimated useful life of the
software which can range from four to eight years.
Software as a Service (SaaS) arrangements provide the Group with the right to access cloud-based software applications over a contractual
period. The software remains the intellectual property of the developer and as a result the Group does not recognise an intangible asset in
relation to subscription fees and costs incurred to customise or configure the software. The related costs are recognised in the Consolidated
Income Statement when the service is received.
Costs incurred to enhance or develop an existing intangible asset or develop new software code that meet the definition and recognition criteria
of an intangible asset are capitalised as intangible software assets. Amortisation is recognised over the expected useful life of the software.
Trademarks and intellectual property
Trademarks and intellectual property are legally protected rights that are expected to generate future revenues. On acquisition, they are
measured at fair value based on discounted expected cash flows. Assets are subsequently held at cost less accumulated amortisation
and\u00a0impairment.
The assets are amortised based on the period in which the legal protection is in place or the asset is expected to generate revenues. The
amortisation period for the currently capitalised trademarks ranges from six to 15 years.
Other
Other intangible assets are stated at cost less accumulated amortisation and any recognised impairment losses. The expected useful life of
other intangible assets is up to six years.
Research & development costs
All research expenditure is charged to the Consolidated Income Statement in the year in which it is incurred.
Development expenditure is charged to the Consolidated Income Statement in the year in which it is incurred unless it relates to the
development of a new product or technology and meets the following requirements:
\u2022 it is incurred after the technical feasibility and commercial viability of the product has been proven;
\u2022 the development costs can be measured reliably;
\u2022 future economic benefits are probable; and
\u2022 the Group intends, and has sufficient resources, to complete the development and to use or sell the asset.
Any such capitalised development expenditure is amortised on a straight-line basis so it is charged to the Consolidated Income Statement over
the expected life of the resulting product or technology.
Government grants
Government grants are recognised at their fair value where it is certain that the grant will be received and the Group will comply with all
attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to
match them with the costs they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are
deducted in arriving at the carrying amount of the related asset.
Impairment of non-current assets
All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying values might be impaired.
Additionally, goodwill and intangible assets with an indefinite life are subject to an annual impairment test.
An impairment loss is recognised to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of
the asset\u2019s fair value less costs to sell and its value in use. An asset\u2019s value in use represents the present value of the future cash flows
expected to be derived from the asset. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test
is conducted for the cash generating unit to which it belongs. Similarly, the recoverable amount of goodwill is determined by reference to the
discounted future cash flows of the cash generating units to which it is allocated.
Impairment losses are recognised in the Consolidated Income Statement. Impairment losses recognised in previous periods for an asset other
than goodwill are reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount. The carrying amount
of an asset shall not be increased above the carrying amount that would have been determined had no impairment loss been recognised for the
asset in prior periods. Impairment losses recognised in respect of goodwill are not reversed.
Inventories
Inventories are valued at the lower of cost and net realisable value, with due allowance for any obsolete or slow-moving items. Cost represents
the expenditure incurred in bringing inventories to their existing location and condition and comprises the cost of raw materials, direct labour
costs, other direct costs and related production overheads. Raw material cost is generally determined on a first-in, first-out basis. Net realisable
value is the estimated selling price less costs to complete and sell.
Financial assets & liabilities
The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise bank overdrafts, short-term borrowings, loans and fixed-
rate notes, cash and short-term deposits. The Group also has other financial assets and liabilities such as trade receivables, trade payables and
leases which arise directly from its operations.
A financial asset is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability
is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, such that the difference in
the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Under IFRS 9 \u2018Financial instruments\u2019
where the modification is not substantial, any difference in the modified cash flows is recognised in profit or loss.
Reimbursement asset
The Group has several insurance policies in place with regards to legal claims in relation to alleged asbestos exposure as discussed in note 22.
In accordance with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019 a reimbursement asset is only recognised when it is virtually
certain that the asset will be received and there is a corresponding liability recognised. The value recognised is the lower of the amount
confirmed by the insurer under the policy and the provision for the related liability. If receipt of the asset is probable the asset is not recognised
but disclosed.
Trade receivables
Trade receivables, which are generally of a short-term nature, are recognised at original invoice amount where the consideration is
unconditional. If they contain significant financing components, trade receivables are instead recognised at fair value. The Group holds trade
receivables to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest
method. Details of the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 18 and the policy in respect of
invoice discounting is included in note 30.
Cash & cash equivalents
Cash and cash equivalents comprise cash in hand, deposits available on demand and other short-term highly liquid investments with a maturity
on acquisition of three months or less and bank overdrafts and short-term borrowings with a maturity on acquisition of three months or less.
Bank overdrafts are presented as current liabilities to the extent that there is no right of offset with cash balances.
Trade payables
Trade payables are recognised and carried at original invoice amount. The Group\u2019s supply chain financing programme policy and assessment for
the period is provided in note 21.
Interest-bearing loans & borrowings
Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at fair
value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs and any discount or
premium on settlement. Borrowings are classified as current liabilities unless the Group has an unconditional right to settle the liability at least
12 months after the balance sheet date.
Provisions, contingent liabilities & contingent assets
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,
the obligation can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. If the
effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed if there is a possible obligation as a result of a past event that might, but will probably not, require an outflow
of economic benefits; or there is a present obligation as a result of a past event that probably requires an outflow of economic benefits, but
where the obligation cannot be measured reliably.
A contingent asset is disclosed if an inflow of economic benefits is probable arising 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 entity.
Derivative financial instruments & hedge accounting
The Group uses derivative financial instruments, principally forward foreign currency contracts and cross-currency swaps, to reduce its exposure to
exchange rate movements. The Group also uses foreign currency borrowings as a hedge of its exposure to foreign exchange risk on its investments in
foreign subsidiaries. Additionally, the Group periodically uses interest rate swaps to manage its exposure to interest rate risk. The Group does not hold
or issue derivatives for speculative or trading purposes.
Derivative financial instruments are recognised as assets and liabilities measured at their fair values at the balance sheet date. The fair value of forward
foreign currency contracts is calculated as the present value of the estimated future cash flows based on spot and forward foreign exchange rates and
counterparty and the Group\u2019s own credit risk. The fair value of interest rate swaps and cross-currency swaps is calculated as the present value of the
estimated future cash flows based on interest rate curves, spot foreign exchange rates and counterparty and own credit risk. Changes in their fair values
are recognised in the Consolidated Income Statement, except where hedge accounting is used, provided the conditions specified by IFRS 9 are met.
Hedge accounting is applied in respect of hedge relationships where it is both permissible under IFRS 9 and practical to do so. When hedge accounting
is used, the relevant hedging relationships are classified as fair value hedges, cash flow hedges or net investment hedges, as appropriate.
Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability will be adjusted by the increase or
decrease in its fair value attributable to the hedged risk and the resulting gain or loss will be recognised in the Consolidated Income Statement where, to
the extent that the hedge is effective, it will be offset by the change in the fair value of the hedging instrument.
For fair value hedges in which the spot element of the hedging instrument has been designated to the hedge, the changes in the forward
element of the hedging instrument is recognised within other comprehensive income in the costs of hedging reserve within equity.
Where the hedging relationship is classified as a cash flow or net investment hedge, to the extent that the hedge is effective, changes in the fair value
of the hedging instrument will be recognised directly in other comprehensive income. For the cash flow hedge, when the hedged asset or liability is
recognised in the financial statements, the accumulated gains and losses recognised in other comprehensive income will be either recycled to the
income statement or, if the hedged item results in a non-financial asset, will be recognised as adjustments to its initial carrying amount. For net
investment hedges, gains and losses on hedging instruments designated as hedges of the net investments in foreign operations are recognised in other
comprehensive income to the extent that the hedging relationship is effective. Gains and losses accumulated in the foreign currency translation reserve
are recycled to the income statement when the foreign operation is disposed of.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting.
At that point in time, any cumulative gain or loss on the hedging instrument recognised through other comprehensive income is kept in equity until the
forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss that was reported in equity is
immediately reclassified to the income statement in the period.
Derivatives embedded in non-derivative host contracts, which are not already measured at fair value through profit or loss, are recognised separately as
derivative financial instruments when their risks and characteristics are not closely related to those of the host contract and the host contract is not
stated at its fair value with changes in its fair value recognised in the Consolidated Income Statement.
Where items are recognised in the Consolidated Income Statement, these are presented within operating profit or finance costs dependent on
their\u00a0nature.
Share-based payments
Equity settled share-based incentives are provided to employees under the Group\u2019s Share Reward Plan (SRP), formerly the Long Term
Incentive Plan (LTIP), the Weir ShareBuilder Plan (WSBP) and as a consequence of occasional one-off conditional awards made to employees.
The fair value of SRP awards and one-off conditional awards at the date of the grant is calculated using appropriate option pricing models and
the cost is recognised on a straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during
the vesting period due to failure to satisfy service or performance conditions, where applicable. The conditions of the SRP for the Executive
Directors, which took effect in 2018, are summarised in the Directors\u2019 Remuneration Policy, which can be found on the Company\u2019s website at
www.corporategovernance.weir. The conditions of the SRP for Senior Management are summarised in note 28.
The fair value of WSBP awards at grant date is calculated as the share price at the date of the grant less an adjustment for loss of reinvestment
return on the dividend equivalent. There are no performance conditions attached to these awards, but participants who leave the Company prior
to vesting lose their right to the awards. The terms of the share awards granted under the WSBP are set out on the plan\u2019s website at
www.sharebuilder.weir.
Treasury shares
The Weir Group PLC shares held by the Company, or those held in Trust, are classified in Shareholders\u2019 equity as treasury shares and are
recognised at cost. Consideration received for the sale of such shares is also recognised in equity, with any difference between the proceeds
from sale and the original cost being taken directly to retained earnings. No gain or loss is recognised in total comprehensive income on the
purchase, sale, issue or cancellation of equity shares.
Post-employment benefits
Post-employment benefits comprise pension benefits provided to certain current and former employees in the UK, US and Canada and post-
retirement healthcare benefits provided to certain employees in the US.
For defined benefit pension and post-retirement healthcare plans, the annual service cost is calculated using the projected unit credit method
and is recognised over the future service lives of participating employees, in accordance with the advice of qualified actuaries. Current service
cost and administration expenses are recognised in operating costs and net interest on the net pension liability is recognised in finance costs.
The finance cost recognised in the Consolidated Income Statement in the year reflects the net interest on the net pension liability. This
represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the
opening net liability, taking into account employer contributions paid into the plan, and hence reducing the net liability, during the year.
Past service costs resulting from enhanced benefits are recognised immediately in the Consolidated Income Statement. Actuarial gains and
losses, which represent differences between interest on the plan assets, experience on the benefit obligation and the effect of changes in
actuarial assumptions, are recognised in full in other comprehensive income in the year in which they occur.
The defined benefit liability or asset recognised in the Consolidated Balance Sheet comprises the net total for each plan of the present value of
the benefit obligation, using a discount rate based on yields at the balance sheet date on appropriate high quality corporate bonds that have
maturity dates approximating the terms of the Group\u2019s obligations and are denominated in the currency in which the benefits are expected to
be paid minus the fair value of the plan assets, if any, at the balance sheet date. The balance sheet asset recognised is limited to the present
value of economic benefits which the Group expects to recover by way of refunds or a reduction in future contributions. In order to calculate
the present value of economic benefits, consideration is also given to any minimum funding requirements.
For defined contribution plans, the cost represents the Group\u2019s contributions to the plans and these are charged to the Consolidated Income
Statement in the year in which they fall due, along with any associated administration costs.
Taxation
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or loss for the year.
Deferred tax liabilities represent tax payable in future years in respect of taxable temporary differences. Deferred tax assets represent tax recoverable in
future years in respect of deductible temporary differences, the carry forward of unutilised tax losses and the carry forward of unused tax credits.
Deferred tax is measured on an undiscounted basis using the tax rates and laws that have been enacted or substantively enacted at the balance sheet
date and are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax is recognised on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base with the
following exceptions:
i)Deferred tax arising from the initial recognition of goodwill, or of an asset or liability in a transaction that is not a business combination, that, at\u00a0the
time of the transaction, affects neither accounting nor taxable profit or loss, is not recognised;
ii)Deferred tax is provided on temporary differences arising on investments in subsidiaries and joint ventures, except where the timing of the reversal of
the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future; and
iii)A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can
be\u00a0utilised.
Current and deferred tax is recognised in the Consolidated Income Statement except if it relates to an item recognised directly in equity, in which case it
is recognised directly in equity.
The Group also recognises provisions in the Consolidated Balance Sheet for uncertain tax positions as disclosed above in other accounting estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "value": "
Basis of preparation
These financial statements are presented in Sterling. All values are rounded to the nearest 0.1 million pounds (\u00a3m) except where
otherwise\u00a0indicated.
The financial statements are also prepared on a historic cost basis except where measured at fair value as outlined in the accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue to operate for a period of at least 12 months
from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis of preparing the financial
statements. In forming this view the Directors have reviewed the Group's budget and sensitivity analysis as discussed further in the Directors'
Report on pages 133 to 136", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "value": "
Basis of consolidation
The Consolidated Financial Statements include the results, cash flows and assets and liabilities of The Weir Group PLC and its subsidiaries, and
the Group\u2019s share of results of its joint venture. For consolidation purposes, subsidiaries and joint ventures prepare financial information for the
same reporting period as the Company using consistent accounting policies.
A subsidiary is an entity controlled, either directly or indirectly, by the Company, where control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
The results of a subsidiary acquired during the period are included in the Group\u2019s results from the effective date on which control is transferred
to the Group. The results of a subsidiary sold during the period are included in the Group\u2019s results up to the effective date on which control is
transferred out of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented
within equity in the Consolidated Balance Sheet, separately from the Company Shareholders\u2019 equity.
A full list of the Company\u2019s related undertakings can be found on pages", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "value": "
New accounting standards, amendments and interpretations
The accounting policies that follow are consistent with those of the previous period, with the exception of the following standards,
amendments and interpretations which are effective for the year ended 31\u00a0December 2023:
\u2022 IFRS 17 'Insurance contracts' as amended in December 2021;
\u2022 Definition of Accounting Estimates - amendments to IAS 8;
\u2022 International Tax Reform - Pillar Two Model Rules - amendments to IAS 12;
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction - amendments to IAS 12; and
\u2022 Disclosure of Accounting Policies - amendments to IAS 1 and IFRS Practice Statement 2.
The amendments listed above are not considered to have a material impact on the Consolidated Financial Statements of the Group.
The following new accounting standards and interpretations have been published but are not mandatory for 31\u00a0December 2023:
\u2022 Amendments to IAS 1 - Classification of liabilities as current or non-current;
\u2022 Amendments to IAS 1 - Non-current liabilities with covenants;
\u2022 Amendments to IAS 21 - Lack of exchangeability;
\u2022 Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements; and
\u2022 Amendments to IFRS 16 - Lease liability in a sale and leaseback.
These amendments have not been early adopted by the Group. The impact assessment is ongoing, however, from initial review these
standards are not expected to have a material impact on the Group in the current or future reporting periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "
Use of estimates and judgements
The Group\u2019s material accounting policy information is set out below. The preparation of the Consolidated Financial Statements, in conformity
with IFRS, requires management to make judgements that affect the application of accounting policies and estimates that impact the reported
amounts of assets, liabilities, income and expense.
Management bases these judgements on a combination of past experience, professional expert advice and other evidence that is relevant to
each individual circumstance. Actual results may differ from these judgements and the resulting estimates, which are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised.
Areas requiring significant judgement in the current year and on a recurring basis are presented to the Audit Committee, as summarised on
pages 103 to 108.
Critical judgments and estimates
The areas where management considers critical judgements and estimates to be required, which are areas more likely to be materially adjusted
within the next 12 months due to inherent uncertainty regarding estimates and assumptions, are those in respect of the following:
Retirement benefits (estimate)
The assumptions underlying the valuation of retirement benefit assets and liabilities include discount rates, inflation rates and mortality
assumptions, which are based on actuarial advice. Changes in these assumptions could have a material impact on the measurement of the
Group\u2019s retirement benefit obligations. Sensitivities to changes in key assumptions are provided in note 24 .
Provisions (judgement/estimate)
Management judgement is used to determine when a provision is recognised, taking into account the commercial drivers that gave rise to it,
the Group\u2019s previous experience of similar obligations and the progress of any associated legal proceedings. The calculation of provisions
typically involves management estimates of associated cash flows and discount rates. The key provision, which currently requires a greater
degree of management judgement and estimate is the US asbestos provision and associated insurance asset, details of which are included
in\u00a0note 22.
Deferred taxation (estimate)
The level of current and deferred tax recognised in the financial statements is dependent on subjective judgements as to the interpretation of
complex international tax regulations and, in some cases, the outcome of decisions by tax authorities in various jurisdictions around the world,
together with the ability of the Group to utilise tax attributes within the time limits imposed by the relevant tax legislation. The value of the
recognised US deferred tax asset in relation to US tax attributes is based on expected future US taxable profits with reference to the Group's
ten-year forecast period and assumptions over the intended use of these tax attributes during this period. The application of this model and its
underlying assumptions may result in future changes to the deferred tax asset recognised. In particular, the recognition of US deferred tax
assets relating to deferred intra-group interest deductions is based upon the current policy and modelling demonstrating full utilisation of that
attribute over the ten-year forecast period. If the current policy were to change then the utilisation of this tax attribute, as demonstrated by the
model, may reduce resulting in a reduction in US deferred tax asset recognised of a maximum of \u00a337.6m (2022: \u00a341.2m).
Other estimates
Taxation (estimate)
The Group faces a variety of tax risks, which result from operating in a complex global environment, including the ongoing reform of both
international and domestic tax rules in some of the Group\u2019s larger markets and the challenge to fulfil ongoing tax compliance filing and transfer
pricing obligations given the scale and diversity of the Group\u2019s global operations.
The Group makes provision for open tax issues where it is probable that an exposure will arise including, in a number of jurisdictions, ongoing
tax audits and uncertain tax positions including transfer pricing which are by nature complex and can take a number of years to resolve. In all
cases, provisions are based on management\u2019s interpretation of tax law in each country, as supported where appropriate by discussion and
analysis undertaken by the Group\u2019s external advisers, and reflect the single best estimate of the likely outcome or the expected value for each
liability. Provisions for uncertain tax positions are included in current tax liabilities and total \u00a35.4m at 31\u00a0December 2023 (2022: \u00a37.1m).
The Group believes it has made adequate provision for such matters although it is possible that amounts ultimately paid will be different from
the amounts provided, but not materially within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "value": "
Exceptional items
Exceptional items are items of income and expense which, because of the nature, size and/or infrequency of the events giving rise to them,
merit separate presentation. Exceptional items may include, but are not restricted to: profits or losses arising on disposal or closure of
businesses; the cost of significant business restructuring; significant impairments of intangible or tangible assets; adjustments to the fair value
of acquisition-related items such as contingent consideration and inventory; acquisitions and other items deemed exceptional due to their
significance, size or nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "value": "
Discontinued operations
In compliance with IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, when it is known that a significant component of the
Group will be held for sale or disposed of the results are disclosed within one line in the Consolidated Income Statement, with the comparative
periods also restated. In the Consolidated Balance Sheet, the assets and liabilities of the component, in the current period only, are reported as
current assets/liabilities held for sale.
As a discontinued operation, the component is measured at the lower of its carrying amount and fair value less costs to sell. At the time
of\u00a0disposal the foreign currency translation reserve will be recycled to the Consolidated Income Statement and included in the gain or loss
on\u00a0disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-433": { "value": "
Business combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control
of a subsidiary is the sum of the fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which
includes the fair value of any asset or liability arising from a contingent consideration arrangement. Any goodwill arising from the business
combination is accounted for in line with the goodwill policy below.
Acquisition costs are expensed as incurred.
On the acquisition of a business, management assesses: (i) the Purchase Price Allocation (PPA) in order to attribute fair values to separately
identifiable intangible assets providing they meet the recognition criteria and (ii) the fair values of other assets and liabilities. The fair values of
these intangible assets are dependent on estimates of attributable future revenues, margins and cash flows, as well as appropriate discount
rates. In addition, the allocation of useful lives to acquired intangible assets requires the application of judgement based on available information
and management expectations at the time of recognition. The valuation of other tangible assets and liabilities involves aligning accounting
policies with those of the Group, reflecting appropriate external market valuations for property, plant and equipment, assessing recoverability of
receivables and inventory, and exposures to unrecorded liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-434": { "value": "
Joint venture
The Group has a long-term contractual arrangement with another party, which represents a joint venture. The Group\u2019s interests in the results
and assets and liabilities of its joint venture are accounted for using the equity method.
This investment is carried in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets less any
impairment in value. The Consolidated Income Statement reflects the share of results of operations of the investment after tax. Where there
has been a change recognised directly in the investee\u2019s equity, the Group recognises its share of any changes and discloses this when
applicable in the Consolidated Statement of Comprehensive Income.
Any goodwill arising on the acquisition of a joint venture, representing the excess of the cost of the investment over the Group\u2019s share of the
net fair value of the joint venture\u2019s identifiable assets, liabilities and contingent liabilities, is included in the carrying amount of the joint venture
and is not amortised. To the extent that the net fair value of the joint venture\u2019s identifiable assets, liabilities and contingent liabilities is greater
than the cost of the investment, a gain is recognised and added to the Group\u2019s share of the joint venture\u2019s profit or loss in the year in which the
investment is acquired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-435": { "value": "
Foreign currency translation
The financial statements for each of the Group\u2019s subsidiaries and joint ventures are prepared using their functional currency. The functional
currency is the currency of the primary economic environment in which an entity operates.
At the entity level, transactions denominated in foreign currencies are translated into the entity\u2019s functional currency at the exchange rate ruling
on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate ruling on
the balance sheet date. Currency translation differences are recognised in the Consolidated Income Statement except when hedge accounting
is applied and for differences on monetary assets and liabilities that form part of the Group\u2019s net investment in a foreign operation. These are
recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in profit or loss.
On consolidation, the results of foreign operations are translated into Sterling at the average exchange rate for the year and their assets and
liabilities are translated into Sterling at the exchange rate ruling on the balance sheet date. Currency translation differences, including those on
monetary items that form part of a net investment in a foreign operation, are recognised in the foreign currency translation reserve and in other
comprehensive income.
In the event that a foreign operation is sold, the gain or loss on disposal recognised in the Consolidated Income Statement is determined after
taking into account the cumulative currency translation differences that are attributable to the operation. As permitted by IFRS 1, the Group
elected to deem cumulative currency translation differences to be \u00a3nil as at 27 December 2003. Accordingly, the gain or loss on disposal of
a\u00a0foreign operation does not include currency translation differences arising before that date.
In the Consolidated Cash Flow Statement, the cash flows of foreign operations are translated into Sterling at the average exchange rate for
the\u00a0year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-436": { "value": "
Revenue recognition
Revenue is the consideration the Group expects to receive from customers in exchange for goods and services. Revenue is recognised in the
Consolidated Income Statement when control of goods and services is transferred to the customer. Transfer of control is deemed to be over
time where the following criteria are met:
\u2022 The customer concurrently receives and consumes the benefits from the Group\u2019s performance;
\u2022 The Group\u2019s performance creates or enhances a customer-controlled asset; or
\u2022 The Group\u2019s performance does not create an asset with an alternative use and the Group has a right to payment for performance completed
to date.
Where the above criteria are not met, then revenue is recognised at a point in time when control is transferred to the customer.
Revenue is shown net of sales taxes, discounts and after eliminating sales within the Group. No revenue is recognised where recovery of the
consideration is not probable or there are significant uncertainties regarding associated costs, or the possible return of goods. Variable
consideration is recognised only if it is highly probable that there will not be a significant revenue reversal. The consideration is an estimation
based on the terms of the contract and other available information. Liquidated damages can result in variable consideration and will only be
recognised as a deduction from revenue where there is a history of recurring liquidated damages, for example, for the same customer or
product line with the value of the reduction being the most likely amount from a range of possible outcomes. The adjustment to revenue will be
monitored throughout the contract and adjusted as liquidated damages become more or less likely. Volume discounts are deducted from
revenue based on the most reliable estimates of volumes to be purchased. The timing of payment from customers is generally aligned to
revenue recognition, subject to agreed payment terms usually in line with industry standards. Certain contracts may include milestone
payments which do not necessarily align to revenue recognition: a contract asset is recorded where revenue is recognised in advance of
customer invoicing, and a contract liability is recognised where cash is received in advance of revenue recognition.
Sale of goods
This policy is applicable to the sale of both original equipment and spare parts whether sold individually, in bulk or as part of a cross-selling
marketing strategy. Contracts for the provision of both original equipment and spare parts, and where required services, are combined if one or
more of the following is met:
\u2022 The contract achieves a single commercial objective and is negotiated as a package;
\u2022 The price or performance of one contract influences the amount of consideration to be paid in the other contract; or
\u2022 The goods or services in the separate contracts represent a single performance obligation.
Each cross-selling contract is reviewed to identify the performance obligations in relation to original equipment and spare parts with them only
being combined if they are not capable of being distinct and are not distinct in the context of the contract.
Revenue from the sale of goods is recognised in line with incoterms which in the majority of transactions is at the point of despatch. This
reflects when the customer obtains control of the product and can determine its future use and location. For larger orders where multiple units
are delivered in instalments as part of one performance obligation, revenue will be recognised over time in line with delivery. These items are a
series of distinct goods that have the same pattern of transfer of control being the fulfilment of the incoterm, provided the customer has control
of the goods as they are delivered.
Where the sale of product requires customer inspection, this is deemed to be part of the main performance obligation so revenue is not
recognised until the inspection has been completed and approved by the customer. In instances where commissioning is provided, the transfer
of control for the sale of goods is at the point of despatch where commissioning is a separate performance obligation or once commissioning is
complete where combined in the sale of goods performance obligation. A separate performance obligation for commissioning is identified
where a customer could obtain the same service from a third-party supplier with revenue in respect of commissioning being recognised once
the commissioning is complete.
Provision of services
The revenue recognition of provision of services is dependent on the nature of the contracts. Shorter-term contracts tend to be for \u2018one-off\u2019
service provision, which means the customer only consumes the benefit from the Group\u2019s performance when the work is complete.
Revenue\u00a0is\u00a0therefore recognised at a point in time for such contracts. For other contracts, revenue from the rendering of services is generally
recognised over time where the customer concurrently receives and consumes a benefit from the Group\u2019s performance over the period of the
contract duration. Revenue from services is recognised in proportion to the stage of completion of the performance obligations at the balance
sheet date. The stage of completion is assessed by reference to the transfer of control over time, which usually corresponds to the
contractual\u00a0agreement with each separate customer and the costs incurred on the contract to date in comparison with the total forecast costs
of\u00a0the contract.
Construction contracts
Revenue for construction contracts is recognised over time as the contracts usually contain discrete elements separately transferring control
to\u00a0customers over the life of the contract and the Group\u2019s performance does not create an asset with an alternative use.
The stage of completion of a contract is determined either by reference to the proportion that contract costs incurred for work performed to
date bear to the estimated total contract costs, or by reference to the completion of a physical proportion of the contract work. Both these
methods are faithful depictions of the transfer of control given the Group has a right to payment for performance completed to date. The basis
used is dependent upon the nature of the underlying contract. For instances where the work is subject to formal customer acceptance
procedures, revenue will only be recognised once the customer review has been completed and approved by the customer as this is the point
both parties are in agreement that control has been transferred in line with contract terms. Losses on contracts are recognised in the year
when such losses become probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-437": { "value": "
Property, plant & equipment
Property, plant and equipment comprises owned assets and right-of-use assets that do not meet the definition of investment property.
Owned assets
Owned property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment losses. Freehold land
and\u00a0assets under construction are not depreciated. Depreciation of property, plant and equipment is provided on a straight-line basis so as to
charge the cost less residual value to the Consolidated Income Statement over the expected useful life of the asset concerned, and is in the
following ranges:
Freehold buildings, long leasehold land and buildings10 \u2013 40 years
Plant and equipment3 \u2013 20 years
Right-of-use assets and lease liabilities
At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group assesses whether it has both the right to obtain substantially all of the
economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use.
The Group recognises a lease liability and right-of-use asset at the lease commencement date. The lease liability is initially measured as the
present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or
where the interest rate implicit in the lease cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its
incremental borrowing rate as the discount rate. The Group\u2019s incremental borrowing rate is calculated by taking the government borrowing rate
in any given currency and adding the estimated Group credit spreads for a variety of tenors. An interpolation is performed annually to obtain one
rate for each of the major lease currencies based on the weighted average life of the lease book.
Lease payments consist of the following components:
\u2022 fixed payments, including in-substance fixed payments, less any lease incentives receivable;
\u2022 variable lease payments that depend on an index or a rate;
\u2022 amounts expected to be payable by the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option (if the lessee is reasonably certain to exercise that option); and
\u2022 payments of penalties for terminating the lease (if the lease term reflects the lessee exercising the option to terminate the lease).
The right-of-use asset is measured as equal to the lease liability and adjusted for:
\u2022 lease payments made to the lessor at or before the commencement date;
\u2022 lease incentives received;
\u2022 initial direct costs associated with the lease; and
\u2022 an initial estimate of restoration costs.
The right-of-use asset is depreciated using the straight-line method over the lease term. In addition, the right-of-use asset is periodically
reduced by any impairment losses.
The Group has adopted the exemption available for short-term leases, with payments being recognised on a straight-line basis over the lease
term. Short-term leases are defined as leases with a lease term of 12 months or less.
The Group has adopted the exemption available for low value assets, with payments being recognised on a straight-line basis over the lease
term. Leases relating to laptops, desktop computers, mobile phones, photocopiers, printers and other office equipment, where the asset value
is less than \u00a33,500 or the local currency equivalent have been treated as low value. Where the lease contract meets both short-term and low
value exemptions, the annual cost of the lease is reported within expenses relating to short-term leases.
For each lease, the lease term has been calculated as the non-cancellable period of the lease contract, except where the Group is reasonably
certain that it will exercise contractual extension options. In assessing whether a lessee is reasonably certain to exercise an option to extend a
lease, or not to exercise an option to terminate a lease, the Group shall consider all relevant facts and circumstances that create an economic
incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. In certain
circumstances, the Group will refer to the five-year Strategic Plan period as an appropriate period to consider whether the \u2018reasonably certain\u2019
criteria are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "value": "
Goodwill
Goodwill arises on the acquisition of businesses and represents any excess of the cost of the acquired entity over the Group\u2019s interest in the
fair value of the entity\u2019s identifiable assets, liabilities and contingent liabilities determined at the date of acquisition. Acquisition costs are
recognised in the Consolidated Income Statement in the year in which they are incurred. Goodwill in respect of an acquired business is
recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually or where
there are indicators of impairment.
The carrying amount of goodwill allocated to a cash generating unit is taken into account when determining the gain or loss on disposal of
the\u00a0unit.
An assessment of probable contingent consideration is recognised at the date of acquisition or disposal. For acquisitions, subsequent changes
to the fair value of the contingent consideration are adjusted against the cost of acquisition where they qualify as measurement period
adjustments. The measurement period is the period from the date of acquisition to the date that the Group obtains complete information about
facts and circumstances that existed as of the acquisition date, and is subject to a maximum of one year. If the change does not qualify as a
measurement period adjustment, it is reflected in the Consolidated Income Statement as an adjusting item. For disposals, any subsequent
change in contingent consideration is adjusted against the disposal proceeds and the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-439": { "value": "
Other intangible assets
Intangible assets acquired separately are measured at cost on initial recognition. An intangible resource acquired in a business combination is
recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate
future economic benefits and its fair value can be measured reliably.
An intangible asset with a finite life is amortised on a straight-line basis so as to charge its cost, which in respect of an acquired intangible asset
represents its fair value at the acquisition date, to the Consolidated Income Statement over its expected useful life. An intangible asset with an
indefinite life is\u00a0not amortised but is tested at least annually for impairment and carried at cost less any recognised impairment losses.
Brand names
Brands are recognised as a result of a business combination. The brand is recognised if it is separable from the remaining business and is
expected to generate future economic benefits. Internally generated brands are not capitalised in accordance with IAS 38 'Intangible assets'.
Brands are fair valued at acquisition and subsequently measured at cost less any accumulated impairment. All subsequent expenditure is
expensed to the Consolidated Income Statement as incurred.
Due to the long-term nature of the brands, the Group has assessed that they have indefinite useful lives, with the exception of Motion Metrics,
which is amortised over 15 years. An annual impairment exercise is completed for brands with an indefinite useful life, to confirm that the value
in use, based on discounted cash flows, exceeds the carrying value.
Customer and distributor relationships
Customer and distributor relationships are recognised as part of a business combination if they are separable from the acquired business or
arise from contractual or legal rights. They represent the relationships that the acquiree has built up over a significant period of time and will
provide repeat custom to the business which will generate future economic benefit.
The assets are initially recorded at fair value at acquisition and subsequently recognised at cost less accumulated amortisation and impairment.
All subsequent expenditure is charged to the Consolidated Income Statement as incurred. Amortisation is charged to the Consolidated Income
Statement over the useful life of the asset. The useful life can vary depending on the circumstances of each acquisition. The useful lives range
from five to 30 years.
If there are any indicators of impairment an assessment of the value in use of the relationships is completed. If the carrying value exceeds the
value in use the variance is accounted for as an impairment to the asset with a corresponding charge to the Consolidated Income Statement.
Software
Software assets can be purchased, acquired or internally generated. Software that is not an integral part of related hardware is recognised as an
intangible asset.
Software is recognised at cost less accumulated amortisation and impairment. Amortisation is spread over the estimated useful life of the
software which can range from four to eight years.
Software as a Service (SaaS) arrangements provide the Group with the right to access cloud-based software applications over a contractual
period. The software remains the intellectual property of the developer and as a result the Group does not recognise an intangible asset in
relation to subscription fees and costs incurred to customise or configure the software. The related costs are recognised in the Consolidated
Income Statement when the service is received.
Costs incurred to enhance or develop an existing intangible asset or develop new software code that meet the definition and recognition criteria
of an intangible asset are capitalised as intangible software assets. Amortisation is recognised over the expected useful life of the software.
Trademarks and intellectual property
Trademarks and intellectual property are legally protected rights that are expected to generate future revenues. On acquisition, they are
measured at fair value based on discounted expected cash flows. Assets are subsequently held at cost less accumulated amortisation
and\u00a0impairment.
The assets are amortised based on the period in which the legal protection is in place or the asset is expected to generate revenues. The
amortisation period for the currently capitalised trademarks ranges from six to 15 years.
Other
Other intangible assets are stated at cost less accumulated amortisation and any recognised impairment losses. The expected useful life of
other intangible assets is up to six years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-440": { "value": "
Research & development costs
All research expenditure is charged to the Consolidated Income Statement in the year in which it is incurred.
Development expenditure is charged to the Consolidated Income Statement in the year in which it is incurred unless it relates to the
development of a new product or technology and meets the following requirements:
\u2022 it is incurred after the technical feasibility and commercial viability of the product has been proven;
\u2022 the development costs can be measured reliably;
\u2022 future economic benefits are probable; and
\u2022 the Group intends, and has sufficient resources, to complete the development and to use or sell the asset.
Any such capitalised development expenditure is amortised on a straight-line basis so it is charged to the Consolidated Income Statement over
the expected life of the resulting product or technology.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-441": { "value": "
Government grants
Government grants are recognised at their fair value where it is certain that the grant will be received and the Group will comply with all
attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to
match them with the costs they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are
deducted in arriving at the carrying amount of the related asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-442": { "value": "
Impairment of non-current assets
All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying values might be impaired.
Additionally, goodwill and intangible assets with an indefinite life are subject to an annual impairment test.
An impairment loss is recognised to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of
the asset\u2019s fair value less costs to sell and its value in use. An asset\u2019s value in use represents the present value of the future cash flows
expected to be derived from the asset. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test
is conducted for the cash generating unit to which it belongs. Similarly, the recoverable amount of goodwill is determined by reference to the
discounted future cash flows of the cash generating units to which it is allocated.
Impairment losses are recognised in the Consolidated Income Statement. Impairment losses recognised in previous periods for an asset other
than goodwill are reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount. The carrying amount
of an asset shall not be increased above the carrying amount that would have been determined had no impairment loss been recognised for the
asset in prior periods. Impairment losses recognised in respect of goodwill are not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-443": { "value": "
Inventories
Inventories are valued at the lower of cost and net realisable value, with due allowance for any obsolete or slow-moving items. Cost represents
the expenditure incurred in bringing inventories to their existing location and condition and comprises the cost of raw materials, direct labour
costs, other direct costs and related production overheads. Raw material cost is generally determined on a first-in, first-out basis. Net realisable
value is the estimated selling price less costs to complete and sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-445": { "value": "
Financial assets & liabilities
The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise bank overdrafts, short-term borrowings, loans and fixed-
rate notes, cash and short-term deposits. The Group also has other financial assets and liabilities such as trade receivables, trade payables and
leases which arise directly from its operations.
A financial asset is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability
is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, such that the difference in
the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Under IFRS 9 \u2018Financial instruments\u2019
where the modification is not substantial, any difference in the modified cash flows is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-444": { "value": "
Financial assets & liabilities
The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise bank overdrafts, short-term borrowings, loans and fixed-
rate notes, cash and short-term deposits. The Group also has other financial assets and liabilities such as trade receivables, trade payables and
leases which arise directly from its operations.
A financial asset is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability
is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, such that the difference in
the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Under IFRS 9 \u2018Financial instruments\u2019
where the modification is not substantial, any difference in the modified cash flows is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "value": "
Reimbursement asset
The Group has several insurance policies in place with regards to legal claims in relation to alleged asbestos exposure as discussed in note 22.
In accordance with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019 a reimbursement asset is only recognised when it is virtually
certain that the asset will be received and there is a corresponding liability recognised. The value recognised is the lower of the amount
confirmed by the insurer under the policy and the provision for the related liability. If receipt of the asset is probable the asset is not recognised
but disclosed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "value": "
Trade receivables
Trade receivables, which are generally of a short-term nature, are recognised at original invoice amount where the consideration is
unconditional. If they contain significant financing components, trade receivables are instead recognised at fair value. The Group holds trade
receivables to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest
method. Details of the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 18 and the policy in respect of
invoice discounting is included in note 30.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "value": "
Cash & cash equivalents
Cash and cash equivalents comprise cash in hand, deposits available on demand and other short-term highly liquid investments with a maturity
on acquisition of three months or less and bank overdrafts and short-term borrowings with a maturity on acquisition of three months or less.
Bank overdrafts are presented as current liabilities to the extent that there is no right of offset with cash balances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-449": { "value": "
Trade payables
Trade payables are recognised and carried at original invoice amount. The Group\u2019s supply chain financing programme policy and assessment for
the period is provided in note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-450": { "value": "
Interest-bearing loans & borrowings
Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at fair
value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs and any discount or
premium on settlement. Borrowings are classified as current liabilities unless the Group has an unconditional right to settle the liability at least
12 months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-451": { "value": "
Provisions, contingent liabilities & contingent assets
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,
the obligation can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. If the
effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed if there is a possible obligation as a result of a past event that might, but will probably not, require an outflow
of economic benefits; or there is a present obligation as a result of a past event that probably requires an outflow of economic benefits, but
where the obligation cannot be measured reliably.
A contingent asset is disclosed if an inflow of economic benefits is probable arising 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 entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-452": { "value": "
Derivative financial instruments & hedge accounting
The Group uses derivative financial instruments, principally forward foreign currency contracts and cross-currency swaps, to reduce its exposure to
exchange rate movements. The Group also uses foreign currency borrowings as a hedge of its exposure to foreign exchange risk on its investments in
foreign subsidiaries. Additionally, the Group periodically uses interest rate swaps to manage its exposure to interest rate risk. The Group does not hold
or issue derivatives for speculative or trading purposes.
Derivative financial instruments are recognised as assets and liabilities measured at their fair values at the balance sheet date. The fair value of forward
foreign currency contracts is calculated as the present value of the estimated future cash flows based on spot and forward foreign exchange rates and
counterparty and the Group\u2019s own credit risk. The fair value of interest rate swaps and cross-currency swaps is calculated as the present value of the
estimated future cash flows based on interest rate curves, spot foreign exchange rates and counterparty and own credit risk. Changes in their fair values
are recognised in the Consolidated Income Statement, except where hedge accounting is used, provided the conditions specified by IFRS 9 are met.
Hedge accounting is applied in respect of hedge relationships where it is both permissible under IFRS 9 and practical to do so. When hedge accounting
is used, the relevant hedging relationships are classified as fair value hedges, cash flow hedges or net investment hedges, as appropriate.
Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability will be adjusted by the increase or
decrease in its fair value attributable to the hedged risk and the resulting gain or loss will be recognised in the Consolidated Income Statement where, to
the extent that the hedge is effective, it will be offset by the change in the fair value of the hedging instrument.
For fair value hedges in which the spot element of the hedging instrument has been designated to the hedge, the changes in the forward
element of the hedging instrument is recognised within other comprehensive income in the costs of hedging reserve within equity.
Where the hedging relationship is classified as a cash flow or net investment hedge, to the extent that the hedge is effective, changes in the fair value
of the hedging instrument will be recognised directly in other comprehensive income. For the cash flow hedge, when the hedged asset or liability is
recognised in the financial statements, the accumulated gains and losses recognised in other comprehensive income will be either recycled to the
income statement or, if the hedged item results in a non-financial asset, will be recognised as adjustments to its initial carrying amount. For net
investment hedges, gains and losses on hedging instruments designated as hedges of the net investments in foreign operations are recognised in other
comprehensive income to the extent that the hedging relationship is effective. Gains and losses accumulated in the foreign currency translation reserve
are recycled to the income statement when the foreign operation is disposed of.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting.
At that point in time, any cumulative gain or loss on the hedging instrument recognised through other comprehensive income is kept in equity until the
forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss that was reported in equity is
immediately reclassified to the income statement in the period.
Derivatives embedded in non-derivative host contracts, which are not already measured at fair value through profit or loss, are recognised separately as
derivative financial instruments when their risks and characteristics are not closely related to those of the host contract and the host contract is not
stated at its fair value with changes in its fair value recognised in the Consolidated Income Statement.
Where items are recognised in the Consolidated Income Statement, these are presented within operating profit or finance costs dependent on
their\u00a0nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-453": { "value": "
Share-based payments
Equity settled share-based incentives are provided to employees under the Group\u2019s Share Reward Plan (SRP), formerly the Long Term
Incentive Plan (LTIP), the Weir ShareBuilder Plan (WSBP) and as a consequence of occasional one-off conditional awards made to employees.
The fair value of SRP awards and one-off conditional awards at the date of the grant is calculated using appropriate option pricing models and
the cost is recognised on a straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during
the vesting period due to failure to satisfy service or performance conditions, where applicable. The conditions of the SRP for the Executive
Directors, which took effect in 2018, are summarised in the Directors\u2019 Remuneration Policy, which can be found on the Company\u2019s website at
www.corporategovernance.weir. The conditions of the SRP for Senior Management are summarised in note 28.
The fair value of WSBP awards at grant date is calculated as the share price at the date of the grant less an adjustment for loss of reinvestment
return on the dividend equivalent. There are no performance conditions attached to these awards, but participants who leave the Company prior
to vesting lose their right to the awards. The terms of the share awards granted under the WSBP are set out on the plan\u2019s website at
www.sharebuilder.weir.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "value": "
Treasury shares
The Weir Group PLC shares held by the Company, or those held in Trust, are classified in Shareholders\u2019 equity as treasury shares and are
recognised at cost. Consideration received for the sale of such shares is also recognised in equity, with any difference between the proceeds
from sale and the original cost being taken directly to retained earnings. No gain or loss is recognised in total comprehensive income on the
purchase, sale, issue or cancellation of equity shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "value": "
Post-employment benefits
Post-employment benefits comprise pension benefits provided to certain current and former employees in the UK, US and Canada and post-
retirement healthcare benefits provided to certain employees in the US.
For defined benefit pension and post-retirement healthcare plans, the annual service cost is calculated using the projected unit credit method
and is recognised over the future service lives of participating employees, in accordance with the advice of qualified actuaries. Current service
cost and administration expenses are recognised in operating costs and net interest on the net pension liability is recognised in finance costs.
The finance cost recognised in the Consolidated Income Statement in the year reflects the net interest on the net pension liability. This
represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the
opening net liability, taking into account employer contributions paid into the plan, and hence reducing the net liability, during the year.
Past service costs resulting from enhanced benefits are recognised immediately in the Consolidated Income Statement. Actuarial gains and
losses, which represent differences between interest on the plan assets, experience on the benefit obligation and the effect of changes in
actuarial assumptions, are recognised in full in other comprehensive income in the year in which they occur.
The defined benefit liability or asset recognised in the Consolidated Balance Sheet comprises the net total for each plan of the present value of
the benefit obligation, using a discount rate based on yields at the balance sheet date on appropriate high quality corporate bonds that have
maturity dates approximating the terms of the Group\u2019s obligations and are denominated in the currency in which the benefits are expected to
be paid minus the fair value of the plan assets, if any, at the balance sheet date. The balance sheet asset recognised is limited to the present
value of economic benefits which the Group expects to recover by way of refunds or a reduction in future contributions. In order to calculate
the present value of economic benefits, consideration is also given to any minimum funding requirements.
For defined contribution plans, the cost represents the Group\u2019s contributions to the plans and these are charged to the Consolidated Income
Statement in the year in which they fall due, along with any associated administration costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "value": "
Taxation
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or loss for the year.
Deferred tax liabilities represent tax payable in future years in respect of taxable temporary differences. Deferred tax assets represent tax recoverable in
future years in respect of deductible temporary differences, the carry forward of unutilised tax losses and the carry forward of unused tax credits.
Deferred tax is measured on an undiscounted basis using the tax rates and laws that have been enacted or substantively enacted at the balance sheet
date and are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax is recognised on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base with the
following exceptions:
i)Deferred tax arising from the initial recognition of goodwill, or of an asset or liability in a transaction that is not a business combination, that, at\u00a0the
time of the transaction, affects neither accounting nor taxable profit or loss, is not recognised;
ii)Deferred tax is provided on temporary differences arising on investments in subsidiaries and joint ventures, except where the timing of the reversal of
the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future; and
iii)A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can
be\u00a0utilised.
Current and deferred tax is recognised in the Consolidated Income Statement except if it relates to an item recognised directly in equity, in which case it
is recognised directly in equity.
The Group also recognises provisions in the Consolidated Balance Sheet for uncertain tax positions as disclosed above in other accounting estimates", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "
4. Segment information
Continuing operations includes two operating Divisions: Minerals and ESCO. These two Divisions are organised and managed separately based
on the key markets served and each is treated as an operating segment and a reportable segment under IFRS 8 'Operating segments'. The
operating and reportable segments were determined based on the reports reviewed by the Chief Executive Officer, which are used to make
operational decisions.
The Minerals segment is a global leader in engineering, manufacturing and service processing technology used in abrasive, high-wear mining
applications. Its differentiated technology is also used in infrastructure and general industrial markets. The ESCO segment is a global leader in
the provision of Ground Engaging Tools (GET) for large mining machines. It operates predominantly in mining and infrastructure markets where
its highly engineered technology improves productivity through extended wear life, increased safety and reduced energy consumption.
Following the acquisition of Sentiantechnologies AB (SentianAI) on 21 November 2023 and Carriere Industrial Supply Limited (CIS) on 8 April
2022, these entities have been included in the Minerals and ESCO segments respectively. SentianAI is a developer of innovative cloud-based
Artificial Intelligence solutions to the mining industry. CIS is a premier manufacturer and distributor of highly engineered wear parts and
aftermarket service provider to the Canadian mining industry.
The Chief Executive Officer assesses the performance of the operating segments based on operating profit from continuing operations before
exceptional and other adjusting items (\u2018segment result\u2019). Finance income and expenditure and associated interest-bearing liabilities and
financing derivative financial instruments are not allocated to segments as all treasury activity is managed centrally by the Group Treasury
function. The amounts provided to the Chief Executive Officer with respect to assets and liabilities are measured in a manner consistent with
that of the financial statements. The assets are allocated based on the operations of the segment and the physical location of the asset. The
liabilities are allocated based on the operations of the segment.
Transfer prices between business segments are set on an arm\u2019s length basis, in a manner similar to transactions with third parties.
The segment information for the reportable segments for 2023 and 2022 is disclosed below. Information related to discontinued operations is
included in note 9.
Minerals
ESCO
Total continuing operations
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Sales to external customers
1,937.4
1,780.5
698.6
691.6
2,636.0
2,472.1
Inter-segment sales
0.1
0.1
2.5
3.2
2.6
3.3
Segment revenue
1,937.5
1,780.6
701.1
694.8
2,638.6
2,475.4
Eliminations
(2.6)
(3.3)
2,636.0
2,472.1
Sales to external customers \u2013 2022 at 2023 average exchange rates
Sales to external customers
1,937.4
1,734.6
698.6
688.2
2,636.0
2,422.8
Segment result
Segment result before share of results of joint ventures
375.7
323.5
119.4
107.5
495.1
431.0
Share of results of joint ventures
\u2014
\u2014
2.5
2.5
2.5
2.5
Segment result
375.7
323.5
121.9
110.0
497.6
433.5
Corporate expenses
(38.8)
(38.7)
Adjusted operating profit
458.8
394.8
Adjusting items
(90.4)
(87.3)
Net finance costs
(47.7)
(47.3)
Profit before tax from continuing operations
320.7
260.2
Segment result \u2013 2022 at 2023 average exchange rates
Segment result before share of results of joint ventures
375.7
317.5
119.4
106.9
495.1
424.4
Share of results of joint ventures
\u2014
\u2014
2.5
2.5
2.5
2.5
Segment result
375.7
317.5
121.9
109.4
497.6
426.9
Corporate expenses
(38.8)
(38.9)
Adjusted operating profit
458.8
388.0
Revenues from any single external customer do not exceed 10% of Group revenue.
Minerals
ESCO
Total continuing operations
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Timing of revenue recognition
At a point in time
1,825.2
1,682.7
685.3
681.9
2,510.5
2,364.6
Over time
112.3
97.9
15.8
12.9
128.1
110.8
Segment revenue
1,937.5
1,780.6
701.1
694.8
2,638.6
2,475.4
Eliminations
(2.6)
(3.3)
2,636.0
2,472.1
Geographical information
Geographical information in respect of revenue for 2023 and 2022 is disclosed below. Revenues are allocated based on the location to which
the product is shipped.
2023
2022
\u00a3m
\u00a3m
Revenue by geography
UK
23.9
34.8
US
412.4
418.1
Canada
420.8
378.3
Asia Pacific
347.4
288.2
Australasia
412.4
336.3
South America
576.3
540.8
Middle East & Africa
317.4
295.3
Europe & FSU
125.4
180.3
Revenue
2,636.0
2,472.1
2023
2022
\u00a3m
\u00a3m
An analysis of the Group's revenue is as follows:
Original equipment
552.3
456.0
Aftermarket parts
1,864.3
1,825.7
Sales of goods
2,416.6
2,281.7
Provision of services \u2013 aftermarket
160.7
141.9
Construction contracts \u2013 original equipment
54.3
45.5
Subscription services
4.4
3.0
Revenue
2,636.0
2,472.1
Minerals
ESCO
Total Group
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets & liabilities
Intangible assets
567.9
600.8
748.0
809.0
1,315.9
1,409.8
Property, plant & equipment
312.3
303.4
168.4
147.6
480.7
451.0
Working capital assets
844.9
902.0
288.1
307.3
1,133.0
1,209.3
1,725.1
1,806.2
1,204.5
1,263.9
2,929.6
3,070.1
Investments in joint ventures
\u2014
\u2014
12.2
15.1
12.2
15.1
Segment assets
1,725.1
1,806.2
1,216.7
1,279.0
2,941.8
3,085.2
Corporate assets
950.9
970.7
Total assets
3,892.7
4,055.9
Working capital liabilities
476.6
543.7
129.9
139.9
606.5
683.6
Segment liabilities
476.6
543.7
129.9
139.9
606.5
683.6
Corporate liabilities
1,586.5
1,634.4
Total liabilities
2,193.0
2,318.0
Other segment information - total Group
Segment additions to non-current
assets
79.7
68.7
46.6
29.4
126.3
98.1
Corporate additions to non-current
assets
1.3
1.1
Total additions to non-current
assets
127.6
99.2
Other segment information - total Group
Segment depreciation & amortisation
65.0
73.8
42.2
43.1
107.2
116.9
Segment impairment of property, plant
& equipment
1.4
1.3
\u2014
\u2014
1.4
1.3
Segment impairment of intangible
assets
\u2014
0.3
\u2014
\u2014
\u2014
0.3
Corporate depreciation & amortisation
2.0
3.1
Total depreciation, amortisation &
impairment
110.6
121.6
The asset and liability balances include right-of-use assets and lease liabilities. Refer to note 12 for depreciation on right-of-use assets.
Corporate assets primarily comprise cash and short-term deposits, asbestos-related insurance asset, Trust Owned Life Insurance policy
investments, derivative financial instruments, income tax receivable, deferred tax assets and elimination of intercompany as well as those
assets which are used for general head office purposes. Corporate liabilities primarily comprise interest-bearing loans & borrowings and related
interest accruals, derivative financial instruments, income tax payable, provisions, deferred tax liabilities, elimination of intercompany and
retirement benefit deficits as well as liabilities relating to general head office activities. Segment additions to non-current assets include right-of-
use assets.
Geographical information
Geographical information in respect of non-current assets for 2023 and 2022 is disclosed below. Assets are allocated based on the location of
the assets and operations. Non-current assets consist of property, plant & equipment, intangible assets and investments in joint ventures.
2023
2022
\u00a3m
\u00a3m
Non-current assets by geography
UK
308.8
310.3
US
707.6
765.5
Canada
168.8
177.7
Asia Pacific
195.1
184.6
Australasia
201.8
210.5
South America
81.4
82.9
Middle East & Africa
97.6
105.1
Europe & FSU
57.6
50.6
Non-current assets
1,818.7
1,887.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "458800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-459": { "value": "
5. Revenues & expenses
The following disclosures are given in relation to continuing operations.
Year ended 31 December 2023
Year ended 31 December 2022
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A reconciliation of revenue to operating profit is as follows:
Revenue
2,636.0
\u2014
2,636.0
2,472.1
\u2014
2,472.1
Cost of sales
(1,641.1)
(1.6)
(1,642.7)
(1,573.4)
(24.8)
(1,598.2)
Gross profit
994.9
(1.6)
993.3
898.7
(24.8)
873.9
Other operating income
5.9
\u2014
5.9
10.4
\u2014
10.4
Selling & distribution costs
(291.4)
(2.4)
(293.8)
(279.8)
(4.2)
(284.0)
Administrative expenses
(253.1)
(86.4)
(339.5)
(237.0)
(58.3)
(295.3)
Share of results of joint ventures
2.5
\u2014
2.5
2.5
\u2014
2.5
Operating profit
458.8
(90.4)
368.4
394.8
(87.3)
307.5
Year ended 31 December 2023
Year ended 31 December 2022
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories recognised as an expense
1,641.1
\u2014
1,641.1
1,573.4
\u2014
1,573.4
Depreciation of property, plant & equipment (note 12)
71.5
\u2014
71.5
78.4
\u2014
78.4
Lease expenses (note 12)
14.5
\u2014
14.5
12.2
\u2014
12.2
Amortisation of intangible assets (note 13)
12.2
25.5
37.7
5.7
35.9
41.6
Net foreign exchange losses
9.2
\u2014
9.2
14.3
\u2014
14.3
Net impairment charge of trade receivables (note 18)
1.5
1.9
3.4
1.7
8.3
10.0
Exceptional and other adjusting items (note 6)1
\u2014
63.0
63.0
\u2014
43.1
43.1
1. Items not separately disclosed above.
Research & development costs
Research & development costs for continuing operations amount to \u00a347.3m (2022: \u00a348.1 m) of which \u00a346.4m (2022: \u00a346.9m) was charged
directly to cost of sales in the income statement and \u00a3 0.9m (2022: \u00a3 1.2m) was capitalised (note 13).
Government grants
In the year to 31\u00a0December 2023, ESCO has benefited from two government grants. Both grants are recorded in deferred income when
received and are amortised to the Consolidated Income Statement on a straight-line basis. The first grant is in relation to research &
development projects in Motion Metrics under which \u00a30.5m (2022: \u00a3nil) was received in the year. As this grant is received in phases, there was
no deferred income balance at 31\u00a0December 2023 in relation to this grant. The second grant is in relation to operating expenditure associated
with the relocation and construction of the new Xuzhou foundry. In the year \u00a30.5m (2022: \u00a3nil) was recognised in the Consolidated Income
Statement under this grant and \u00a34.8m was held in deferred income (2022: \u00a3nil) at 31\u00a0December 2023. There are no unfulfilled conditions or
other contingencies attaching to either grant.
2023
2022
\u00a3m
\u00a3m
Employee benefits expense
Wages & salaries
549.3
525.0
Social security costs
47.5
44.7
Other pension costs
Defined benefit plans
0.1
0.4
Defined contribution plans
29.0
26.8
Share-based payments \u2013 equity settled transactions (note 28)
7.0
8.0
632.9
604.9
Details of Directors\u2019 remuneration is disclosed in note 29.
2023
2022
Number
Number
The average monthly number of people employed by the Company and its subsidiaries is as follows:
Minerals
9,185
8,880
ESCO
2,577
2,507
Group companies
301
482
12,063
11,869
At 31\u00a0December 2023 , the total number of people employed by the Group, including contingent workers, was 12,391 ( 2022: 12,627).
The total fees payable by the Group to our auditors for work performed in respect of the audit and other services provided to the Company and
its subsidiary companies during the year are disclosed below.
2023
2022
\u00a3m
\u00a3m
Auditors' remuneration
Fees payable to the Company's auditors for the audit of the Company and Consolidated Financial
Statements
2.2
2.3
Fees payable to the Company's auditors for other services
The audit of the Company's subsidiaries
1.8
1.5
Audit-related assurance services
0.1
0.1
Other non-audit services
0.2
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-460": { "value": "
7. Finance (costs) income
Finance costs
2023
2022
\u00a3m
\u00a3m
Interest payable on financial liabilities
(54.1)
(38.1)
Interest and finance charges payable on lease liabilities
(4.8)
(4.0)
Change in fair value of forward points in cross-currency swaps and forward contracts
(0.1)
(0.5)
Finance charges related to committed loan facilities
(5.2)
(6.6)
Finance charges related to discounting of trade receivables
(0.7)
(0.5)
Other finance costs - retirement benefits
(1.5)
(1.3)
(66.4)
(51.0)
Finance income
2023
2022
\u00a3m
\u00a3m
Interest receivable on financial assets
16.1
3.7
Other finance income - retirement benefits
2.6
\u2014
18.7
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-461": { "value": "
8. Tax expense
Income tax (expense) credit from total operations
2023
2022
\u00a3m
\u00a3m
Consolidated Income Statement
Current income tax
UK corporation tax
3.9
2.2
Adjustments in respect of previous years
(1.3)
(2.2)
Total UK corporation tax
2.6
\u2014
Foreign tax
(115.3)
(89.8)
Adjustments in respect of previous years
1.9
2.8
Total current income tax
(110.8)
(87.0)
Deferred income tax
Origination & reversal of temporary differences
21.1
11.0
Adjustment to estimated recoverable deferred tax assets
0.2
31.3
Effect of changes in tax rates
(4.1)
0.2
Adjustments in respect of previous years
2.8
(1.9)
Total deferred tax1
20.0
40.6
Total income tax expense in the Consolidated Income Statement
(90.8)
(46.4)
Total income tax (expense) credit is attributable to:
Profit from continuing operations
(90.8)
(47.6)
Loss from discontinued operations
\u2014
1.2
(90.8)
(46.4)
1. Includes \u00a310.5m of a deferred tax credit relating to foreign tax (2022: \u00a341.0m credit).
The total income tax expense is disclosed in the Consolidated Income Statement and note 9, as follows.
2023
2022
\u00a3m
\u00a3m
Tax (expense) credit
- adjusted results
(110.9)
(92.5)
- adjusting items
20.1
44.9
Continuing operations income tax expense in the Consolidated Income Statement
(90.8)
(47.6)
Discontinued operations income tax credit in the Consolidated Income Statement
\u2014
1.2
Total income tax expense in the Consolidated Income Statement
(90.8)
(46.4)
The tax credit of \u00a320.1m (2022: \u00a344.9m) which has been recognised in adjusting items includes \u00a30.9m (2022: \u00a38.6m) in respect of adjusting
intangibles amortisation and impairment. The \u00a30.9m credit consists of a \u00a35.6m credit in relation to intangibles amortisation which is offset by a
non-recurring \u00a34.7m charge in relation to changes in tax rates. The remaining \u00a319.2m (2022: \u00a336.3m) relates to exceptional and other adjusting
items and includes a credit of \u00a310.1m (2022: \u00a33.5m) which primarily relates to the US asbestos-related provision.
The total deferred tax included in the income tax expense is detailed in note 23.\u00a0
Tax relating to items credited or (charged) to equity from continuing operations
2023
2022
\u00a3m
\u00a3m
Consolidated Statement of Comprehensive Income
Deferred tax \u2013 origination & reversal of temporary differences
7.5
(12.4)
Deferred tax \u2013 effect of change in tax rates
(0.4)
(3.9)
Tax credit (charge) on actuarial gains/losses on retirement benefits
7.1
(16.3)
Tax credit (charge) on hedge losses
0.1
(0.1)
Tax credit (charge) in the Consolidated Statement of Comprehensive Income
7.2
(16.4)
Consolidated Statement of Changes in Equity
Deferred tax on share-based payments
0.1
0.9
Tax credit in the Consolidated Statement of Changes in Equity
0.1
0.9
Reconciliation of the total tax charge from total operations
The tax charge (2022: charge) in the Consolidated Income Statement for the year is higher (2022: lower) than the weighted average of standard
rates of corporation tax across the Group of 28.1% (2022 : 27.7%). The differences are reconciled below.
2023
2022
\u00a3m
\u00a3m
Profit before tax from continuing operations
320.7
260.2
Loss before tax from discontinued operations
(1.3)
\u2014
Profit before tax
319.4
260.2
At the weighted average of standard rates of corporation tax across the Group of 28.1% (2022 : 27.7%)
89.6
72.2
Adjustments in respect of previous years
- current tax
(0.6)
(0.6)
- deferred tax
(2.8)
1.9
Joint ventures
(0.6)
(0.2)
Unrecognised deferred tax assets
(0.2)
(31.3)
Overseas tax on unremitted earnings
(1.2)
(0.7)
Permanent differences
5.6
(0.7)
Effect of changes in tax rates
4.1
(0.2)
Exceptional and other adjusting items ineligible for tax
(3.1)
6.0
At effective tax rate of 28.5% (2022: 17.8%)
90.8
46.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": "90800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-463": { "value": "47600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-464": { "value": "110900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-465": { "value": "92500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-466": { "value": "
9. Discontinued operations
In the year ended 31 December 2023, a charge of \u00a31.3m has been recognised in relation to the finalisation of certain tax indemnities under the
sale and purchase agreement for the Oil & Gas Division, which was disposed of in 2021. In the prior year, a tax credit of \u00a31.2m was recognised
following the filing of the 2021 US tax return for Oil & Gas Division related activities. Total current year investing cash outflows from
discontinued operations related to the charge in the period are \u00a30.4m (2022: \u00a30.1m).
For full disclosure of the disposal of the Oil & Gas Division refer to note 8 of the Group's 2021 Annual Report and Financial Statements.
(Loss) earnings per share
(Loss) earnings per share from discontinued operations were as follows.
2023
2022
pence
pence
Basic
(0.5)
0.5
Diluted
(0.5)
0.5
The (loss) earnings per share figures were derived by dividing the net (loss) profit attributable to equity holders of the Company from
discontinued operations by the weighted average number of ordinary shares, for both basic and diluted amounts, shown in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "
10. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue after deducting the own shares held by employee share ownership trusts and treasury
shares. Diluted earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average
number of ordinary shares outstanding during the year, adjusted for the effect of dilutive share awards.
The following reflects the earnings used in the calculation of earnings per share.
2023
2022
\u00a3m
\u00a3m
Profit attributable to equity holders of the Company
Total operations1
227.9
213.4
Continuing operations1
229.2
212.2
Continuing operations before adjusting items1
299.5
254.6
The following reflects the share numbers used in the calculation of earnings per share, and the difference between the weighted average share
capital for the purposes of the basic and the diluted earnings per share calculations.
2023
2022
Shares
million
Shares
million
Weighted average number of ordinary shares for basic earnings per share
258.4
258.7
Effect of dilution: employee share awards
1.4
1.6
Adjusted weighted average number of ordinary shares for diluted earnings per share
259.8
260.3
The profit attributable to equity holders of the Company used in the calculation of both basic and diluted earnings per share from continuing
operations before adjusting items is calculated as follows.
2023
2022
\u00a3m
\u00a3m
Net profit attributable to equity holders from continuing operations1
229.2
212.2
Adjusting items net of tax
70.3
42.4
Net profit attributable to equity holders from continuing operations before adjusting items
299.5
254.6
2023
2022
pence
pence
Basic earnings per share
Total operations1
88.2
82.5
Continuing operations1
88.7
82.0
Continuing operations before adjusting items1
115.9
98.4
Diluted earnings per share
Total operations1
87.7
82.0
Continuing operations1
88.2
81.5
Continuing operations before adjusting items1
115.3
97.8
1 Adjusted for a profit of \u00a30.7m (2022: \u00a30.4m) in respect of non-controlling interests for total operations.
There have been nil share awards (2022: 839) exercised between the reporting date and the date of signing of these financial statements. They
were settled out of existing shares held in trust.
(Loss) earnings per share from discontinued operations is disclosed in note 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": "
11. Dividends paid & proposed
2023
2022
\u00a3m
\u00a3m
Declared & paid during the year
Equity dividends on ordinary shares
Final dividend for 2022: 19.3p (2021: 12.3p)
49.9
31.8
Interim dividend for 2023: 17.8p (2022: 13.5p)
46.0
34.9
95.9
66.7
Proposed for approval by Shareholders at the Annual General Meeting
Final dividend for 2023: 20.8p (2022: 19.3p)
53.6
49.9
The current year dividend is in line with the capital allocation policy announced in our 2020 Annual Report and Financial Statements, under
which the Group intends to distribute 33% of adjusted earnings by way of dividend. As a result, dividend cover in 2023 is 3.0 times.
The proposed dividend is based on the number of shares in issue, excluding treasury shares held, at the date that the financial statements were
approved and authorised for issue. The final dividend may differ due to increases or decreases in the number of shares in issue between the
date of approval of this Annual Report and Financial Statements and the record date for the final dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-469": { "value": "
12. Property, plant & equipment
Property, plant & equipment comprises owned and right-of-use assets that do not meet the definition of investment property.
Owned
land &
buildings
Owned
plant &
equipment
Total
owned
property,
plant &
equipment
Right-of-
use land &
buildings
Right-of-
use plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 December 2021
134.0
494.6
628.6
136.0
29.0
165.0
793.6
Additions
4.8
55.9
60.7
24.9
6.8
31.7
92.4
Acquisitions
0.8
2.8
3.6
\u2014
\u2014
\u2014
3.6
Disposals
(4.9)
(18.7)
(23.6)
(6.3)
(5.3)
(11.6)
(35.2)
Disposal of business
\u2014
(0.4)
(0.4)
\u2014
(0.1)
(0.1)
(0.5)
Reclassifications
0.6
(0.6)
\u2014
\u2014
\u2014
\u2014
\u2014
Reassessments and modifications
\u2014
\u2014
\u2014
2.0
1.5
3.5
3.5
Inflation adjustment
\u2014
0.4
0.4
\u2014
\u2014
\u2014
0.4
Exchange adjustment
10.9
43.2
54.1
7.6
1.8
9.4
63.5
At 31 December 2022
146.2
577.2
723.4
164.2
33.7
197.9
921.3
Additions
3.1
83.6
86.7
25.8
7.5
33.3
120.0
Disposals
(0.9)
(15.9)
(16.8)
(7.8)
(4.2)
(12.0)
(28.8)
Reclassifications to inventory
\u2014
(0.2)
(0.2)
\u2014
\u2014
\u2014
(0.2)
Reclassifications
5.9
(5.9)
\u2014
(0.1)
0.1
\u2014
\u2014
Reassessments and modifications
\u2014
\u2014
\u2014
3.0
0.5
3.5
3.5
Inflation adjustment
\u2014
2.0
2.0
\u2014
\u2014
\u2014
2.0
Exchange adjustment
(8.1)
(36.1)
(44.2)
(7.7)
(1.7)
(9.4)
(53.6)
At 31 December 2023
146.2
604.7
750.9
177.4
35.9
213.3
964.2
Accumulated depreciation & impairment
At 31 December 2021
36.8
274.4
311.2
51.9
14.6
66.5
377.7
Depreciation charge for the year
5.2
41.8
47.0
23.1
8.3
31.4
78.4
Impairment during the year
0.1
1.2
1.3
\u2014
\u2014
\u2014
1.3
Disposals
(2.6)
(17.4)
(20.0)
(6.1)
(5.1)
(11.2)
(31.2)
Disposal of business
\u2014
(0.1)
(0.1)
\u2014
\u2014
\u2014
(0.1)
Reclassifications
(0.1)
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
Reassessments and modifications
\u2014
\u2014
\u2014
0.6
(0.9)
(0.3)
(0.3)
Inflation adjustment
\u2014
0.3
0.3
\u2014
\u2014
\u2014
0.3
Exchange adjustment
3.1
24.9
28.0
3.8
1.2
5.0
33.0
At 31 December 2022
42.5
325.2
367.7
73.3
18.1
91.4
459.1
Depreciation charge for the year
4.8
35.1
39.9
24.0
7.6
31.6
71.5
Impairment during the year
0.9
0.5
1.4
\u2014
\u2014
\u2014
1.4
Disposals
(0.8)
(14.9)
(15.7)
(7.1)
(4.1)
(11.2)
(26.9)
Reclassifications
(0.1)
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
Reassessments and modifications
\u2014
\u2014
\u2014
(2.3)
(0.3)
(2.6)
(2.6)
Inflation adjustment
\u2014
1.6
1.6
\u2014
\u2014
\u2014
1.6
Exchange adjustment
(2.7)
(23.2)
(25.9)
(3.7)
(0.8)
(4.5)
(30.4)
At 31 December 2023
44.6
324.4
369.0
84.2
20.5
104.7
473.7
Net book value at 31 December 2021
97.2
220.2
317.4
84.1
14.4
98.5
415.9
Net book value at 31 December 2022
103.7
252.0
355.7
90.9
15.6
106.5
462.2
Net book value at 31 December 2023
101.6
280.3
381.9
93.2
15.4
108.6
490.5
Owned property, plant & equipment
In 2023 , an impairment of \u00a31.4m (2022 : \u00a3 1.3 m) has been recognised following the cessation of capital expenditure projects in the United States
and Australia totalling \u00a30.9m and \u00a30.5m respectively. Impairment in the prior year primarily relates to assets located in Russia, following the
Group's announcement to wind down operations.
Acquisitions of \u00a33.6m recorded in 2022 relate to Carriere Industrial Supply Limited (CIS), which was acquired on 8 April 2022.
The prior year disposal of business related wholly to assets held by ESCO Russia, which was disposed of on 15 September 2022, which
decreased cost by \u00a30.4m and accumulated depreciation by \u00a30.1m.
In 2023, the inflation adjustment recorded was to increase cost by \u00a32.0m (2022: \u00a30.4m) and increase accumulated depreciation by \u00a31.6m
(2022: \u00a30.3m). The inflation adjustments relate to owned plant and equipment assets located in Argentina, within the Minerals Division.
Inflation adjustments were recorded in accordance with IAS 29 'Financial Reporting in Hyperinflationary Economies'.
The carrying amount of assets under construction included in plant and equipment is \u00a364.7m (2022: \u00a341.6m).
Right-of-use assets
The Group leases many assets, including buildings, vehicles, forklifts, photocopiers and printers, machinery and IT equipment. Building lease
terms are negotiated on an individual basis and contain a wide range of terms from one to 20 years. The average lease term is approximately
five years. Plant and equipment lease terms range from one to 16 years, with an average lease term of approximately four years. The current
and non-current lease liabilities are disclosed in notes 20 and 30 respectively. The maturity analysis of contractual undiscounted cash flows is
included in note 30. The following table shows the breakdown of the lease expense between amounts charged to operating profit and amounts
charged to finance costs in the Consolidated Income Statement in the year.
2023
2022
\u00a3m
\u00a3m
Depreciation of right-of-use assets
(31.6)
(31.4)
Expenses relating to short-term leases
(11.3)
(9.6)
Expenses relating to leases of low value assets, excluding short-term leases of low value
(2.3)
(2.4)
Income from sub-leasing right-of-use assets
0.4
0.6
Expenses relating to variable lease payments not included in the measurement of lease liabilities
(1.3)
(0.8)
Charge to operating profit
(46.1)
(43.6)
Finance cost - interest expense related to lease liabilities
(4.8)
(4.0)
Charge to profit before tax from continuing operations
(50.9)
(47.6)
The total cash outflow in the year, which includes right-of-use cash flows and associated finance costs, as well as cash flows for the above
expenses, is \u00a350.7m (2022: \u00a347.4m). Future cash outflows from leases not yet commenced to which the Group is committed total \u00a332.8m
(2022: \u00a316.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": "
13. Intangible assets
Goodwill
Brand
names
Customer &
distributor
relationships
Purchased
software
Intellectual
property &
trademarks
Development
costs
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 December 2021
800.8
258.9
181.5
89.2
123.6
47.7
68.4
1,570.1
Additions
\u2014
\u2014
\u2014
5.6
\u2014
1.2
\u2014
6.8
Acquisitions
3.7
\u2014
3.1
\u2014
\u2014
\u2014
\u2014
6.8
Disposals
\u2014
\u2014
(8.9)
(2.3)
\u2014
\u2014
(0.1)
(11.3)
Exchange adjustment
77.0
30.2
17.7
6.0
12.6
0.8
6.7
151.0
At 31 December 2022
881.5
289.1
193.4
98.5
136.2
49.7
75.0
1,723.4
Additions
\u2014
\u2014
\u2014
6.7
\u2014
0.9
\u2014
7.6
Acquisitions
5.9
\u2014
\u2014
0.8
\u2014
\u2014
\u2014
6.7
Disposals
\u2014
\u2014
\u2014
(0.8)
\u2014
(0.7)
(0.4)
(1.9)
Inflation adjustment
\u2014
\u2014
\u2014
0.1
\u2014
\u2014
\u2014
0.1
Exchange adjustment
(44.9)
(14.9)
(10.1)
(5.2)
(6.4)
(0.4)
(4.1)
(86.0)
At 31 December 2023
842.5
274.2
183.3
100.1
129.8
49.5
70.5
1,649.9
Accumulated amortisation & impairment
At 31 December 2021
3.2
\u2014
84.0
48.3
58.1
37.7
30.4
261.7
Charge for the year
\u2014
0.3
8.0
10.3
14.0
2.6
6.4
41.6
Impairment during the year
\u2014
\u2014
\u2014
0.3
\u2014
\u2014
\u2014
0.3
Disposals
\u2014
\u2014
(8.9)
(2.3)
\u2014
\u2014
(0.1)
(11.3)
Reclassifications
\u2014
\u2014
1.1
\u2014
\u2014
\u2014
(1.1)
\u2014
Exchange adjustment
0.2
\u2014
6.7
3.7
7.0
0.4
3.2
21.2
At 31 December 2022
3.4
0.3
90.9
60.3
79.1
40.7
38.8
313.5
Charge for the year
\u2014
0.2
6.1
10.3
12.9
1.8
6.4
37.7
Disposals
\u2014
\u2014
\u2014
(0.7)
\u2014
(0.7)
(0.2)
(1.6)
Inflation adjustment
\u2014
\u2014
\u2014
0.1
\u2014
\u2014
\u2014
0.1
Exchange adjustment
(0.3)
\u2014
(5.0)
(3.2)
(4.6)
(0.3)
(2.4)
(15.8)
At 31 December 2023
3.1
0.5
92.0
66.8
87.4
41.5
42.6
333.9
Net book value at 31 December 2021
797.6
258.9
97.5
40.9
65.5
10.0
38.0
1,308.4
Net book value at 31 December 2022
878.1
288.8
102.5
38.2
57.1
9.0
36.2
1,409.9
Net book value at 31 December 2023
839.4
273.7
91.3
33.3
42.4
8.0
27.9
1,316.0
In 2023, no impairment has been recorded (2022: \u00a30.3m). Impairment in the prior year relates to assets located in Russia, following the Group's
announcement to suspend and wind down operations.
In 2023, acquisitions of \u00a36.7m (2022 : \u00a36.8m) related to the acquisition of Sentiantechnologies AB (SentianAI) on 21 November 2023, as outlined
in note 14. Acquisitions in the prior year relate to Carriere Industrial Supply Limited (CIS), which was acquired on 8 April 2022.
In 2023, the inflation adjustment recorded was to increase cost by \u00a30.1m (2022: \u00a3nil) and increase accumulated amortisation by \u00a30.1m (2022:
\u00a3nil). The inflation adjustments related to purchased software assets located in Argentina, within the Minerals Division. Inflation adjustments
were recorded in accordance with IAS 29 'Financial Reporting in Hyperinflationary Economies'.
The carrying amount of assets under construction included in intangible assets is \u00a33.9m (2022: \u00a36.1m).
Brand names, with the exception of the Motion Metrics\u2122 brand name, have been assigned an indefinite useful life and as such are not
amortised, but are tested annually for impairment, as detailed in note 15. At 31 December 2023 the carrying value of brand names with an
indefinite life was \u00a3270.8m (2022: \u00a3285.6m). The Motion Metrics\u2122 brand name has an expected useful life of 15 years and is being amortised
over this period.
Brand names includes ESCO\u2122, Linatex\u00ae and Warman\u00ae, all of which are considered to be leaders in their respective markets. The allocation of
significant brand names is as follows.
Brand names
2023
2022
\u00a3m
\u00a3m
ESCO
133.6
141.0
Warman
65.0
68.6
Linatex
44.7
47.1
Trio
18.6
19.7
Other1
11.8
12.4
273.7
288.8
1.Included within 'Other' is the Motion Metrics\u00ae brand name, which has a carrying value of \u00a32.9m at 31\u00a0December 2023 (2022: \u00a33.2m), and is being amortised over an expected remaining
useful life of 13 years (2022: 14 years).
The allocation of customer and distributor relationships, and the amortisation period of these assets is as follows.
Remaining amortisation
period
Customer & distributor
relationships
2023
2022
2023
2022
Years
Years
\u00a3m
\u00a3m
ESCO
22-25
23-26
87.0
95.9
Carriere Industrial Supply
13
14
2.6
2.9
Trio
1
2
0.8
2.0
Other
Up to 2
Up to 3
0.9
1.7
91.3
102.5
3. Intangible assets
Purchased software
total
\u00a3m
Cost
At beginning and end of the year
0.7
Accumulated amortisation
At 31 December 2022
0.5
Charge for the year
0.1
At 31 December 2023
0.6
Net book value at 31 December 2022
0.2
Net book value at 31 December 2023
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-471": { "value": "
14. Business combinations
Sentiantechnologies AB
On 21 November 2023, the Group completed the acquisition of 100% of the voting rights of Sentiantechnologies AB (SentianAI) for an
enterprise value of SEK87.3m (\u00a36.7m). SentianAI is a Swedish-based developer of innovative cloud-based Artificial Intelligence (AI) solutions for
the mining industry. The acquisition has joined the Minerals Division and SentianAI's technology will integrate with Minerals' existing product
lines, and expand the Division's digital capabilities. Initial consideration of \u00a36.1m was paid on completion, with a further deferred consideration
of \u00a30.6m recognised, payable 15 months after the date of acquisition.
The provisional fair values, which are subject to finalisation within 12 months of acquisition, include intangible assets \u00a30.8m, trade & other
receivables \u00a30.2m, cash & cash equivalents \u00a30.2m, trade & other payables \u00a30.2m and external debt \u00a30.2m, with resulting goodwill arising on
consolidation of \u00a35.9m.
Prior year business combination
Carriere Industrial Supply Limited
On 8 April 2022, the Group completed the acquisition of 100% of the voting rights of Carriere Industrial Supply Limited (CIS) for an enterprise
value of CAD$32.5m (\u00a320.2m). CIS is a Canadian-based manufacturer and distributor of wear parts, and an aftermarket service provider to the
mining industry, with exposure across both surface and underground mining in Ontario and Quebec. The acquisition joined the ESCO Division
and reporting segment as CIS was already an established distributor of ESCO's core Ground Engaging Tools (GET) products. This acquisition
will maintain ESCO's leading core GET presence in Ontario and provide opportunities to expand into fabricated hardware and
underground\u00a0capabilities.
Initial consideration of \u00a316.2m was paid on completion, with a further deferred consideration of \u00a32.5m recognised reflecting indemnification
and working capital hold backs. In the year ended 31 December 2023, the Group settled \u00a31.0m (2022: \u00a30.5m) of the deferred consideration
balance, on the first anniversary of the acquisition date as per the sale and purchase agreement. The remaining \u00a31.0m balance will be settled in
April 2024, on the second anniversary of the acquisition date.
The provisional fair values of the opening balance sheet acquired were finalised in April 2023, following a review over a 12 month period since
the date of acquisition, as permitted by IFRS 3 'Business combinations'. No adjustment was required to be made to the fair values reported in
the 2022 Annual Report.
Contingent consideration
SentianAI
Included in the sale and purchase agreement of SentianAI, a maximum of an additional SEK23.7m (\u00a31.9m) is payable by the Group contingent
on SentianAI exceeding specific revenue and EBITDA margin targets over the next three years and meeting non-financial targets by the end of
2026. The entry point for any contingent payment would require significant growth in terms of revenue and EBITDA margin by 2026. While the
Group expects SentianAI to grow as it leverages the benefits of being partnered with Minerals, and the opportunities within ESCO, the entry
targets are considered challenging. At present the probability of SentianAI exceeding the revenue and EBITDA margin targets in order to trigger
a contingent payment is considered uncertain, in part due to the relative infancy of the business. As a result no contingent consideration has
been recorded at the acquisition date. This will be reassessed in future periods as the business develops.
Motion Metrics
The Group completed the acquisition of 100% of the voting rights of Motion Metrics on 30 November 2021. As part of the purchase agreement
a maximum of an additional CAD$100.0m (\u00a359.3m) is payable by the Group contingent on Motion Metrics exceeding specific revenue and
EBITDA targets over the first three years following acquisition. Any balance that becomes payable would be split, with 80% reflecting further
consideration and 20% for a new employee bonus plan. The entry point for any contingent payment would require significant growth both in
terms of revenue and EBITDA margin by 2024. Progress has been made towards these targets throughout 2023 and, while the Group expects
Motion Metrics to continue to grow as it leverages the benefits of being partnered with ESCO and the opportunities with Minerals, the entry
targets are considered challenging. Due to the commercial sensitivity these targets are not disclosed. At present, given the results achieved
over the course of 2022 and 2023, the probability of Motion Metrics exceeding these targets in 2024 in order to trigger a contingent payment
are considered remote. As a result, no contingent consideration has been recorded at the balance sheet date in both the current and prior
periods. This will be reassessed in future periods as the business develops.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-472": { "value": "
15. Impairment testing of goodwill & intangible assets with indefinite lives
Goodwill acquired through business combinations and intangible assets with indefinite lives have been allocated at acquisition to Cash
Generating Units (CGUs) that are expected to benefit from the business combination. The Group tests goodwill and intangible assets (brand
names) with indefinite lives annually for impairment, or more frequently if there are indications that these might be impaired.
The carrying amounts of goodwill and intangible assets with indefinite lives have been allocated as per the table below.
Goodwill
Intangibles
Goodwill
Intangibles
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Minerals
377.7
137.2
392.5
144.6
ESCO
461.7
133.6
485.6
141.0
Total Group
839.4
270.8
878.1
285.6
Description of CGUs
A description of each of the CGUs is provided below along with a summary of the key drivers of revenue growth and operating profit margin.
Minerals
Minerals includes the Weir Warman, Weir Linatex and Weir Trio brands. Weir Minerals companies supply pumps and associated equipment and
services to all global mining markets. The key drivers for revenues are: (i) levels of mining capital expenditure that drives demand for original
equipment; and (ii) levels of actual mining activity that drives demand for spare parts and service. Independent forecasts of mining capital
expenditure and activity have been used to derive revenue growth assumptions. These independent forecasts were prepared during the final
quarter of 2023.
The goodwill and intangible assets arising from the acquisition of Sentiantechnologies AB (SentianAI) have been included within the Minerals
CGU from 21 November 2023. At 31 December 2023, the purchase price is considered to reflect the fair value of the assets and therefore the
addition to the Minerals CGU is considered to have a neutral impact on the impairment analysis.
ESCO
ESCO includes the ESCO and Bucyrus Blades brands. This CGU is a supplier of Ground Engaging Tools (GET) and associated equipment and
services to the mining and infrastructure industries. The key drivers for revenues are: (i) levels of mining and infrastructure capital expenditure
that drives demand for original equipment; and (ii) levels of actual mining and infrastructure activity that drives demand for spare parts and
service. Independent forecasts of expenditure in these sectors have been used to derive revenue growth assumptions. These independent
forecasts were prepared during the final quarter of 2023.
Impairment testing assumptions
Impairment testing requires an estimate of the value in use of the CGUs to which the goodwill and intangible assets are allocated. To estimate
the value in use, the Group estimates the expected future cash flows from the CGU and discounts them to their present value at a determined
discount rate, which is appropriate for the geographic location of the CGU. Forecasting expected cash flows and selecting an appropriate
discount rate inherently requires estimation. The forecasts reflect latest strategic plans, for each of the CGUs, covering a period of five years,
with cash flows beyond five years extrapolated using an estimated growth rate. The strategic plans incorporate initial plans for achieving the
Group\u2019s long-term sustainability goals, which are described more fully in the Strategic Report.
The basis of the impairment tests for the two CGUs, including key assumptions, are set out in the table below.
CGU
Basis of
valuation
Period of
forecast
Discount
rate1
Real
growth2
Key
assumptions3
Source
Minerals
Value in use
5 years
12.2% (2022: 11.9%)
0.0% (2022: 0.0%)
Revenue growth/Adjusted
operating profit margins
External forecast\u00a0
Historic experience
ESCO
Value in use
5 years
13.7% (2022: 13.8%)
0.0% (2022: 0.0%)
Revenue growth/Adjusted
operating profit margins
External forecast\u00a0
Historic experience
1.Discount rate
The pre-tax nominal weighted average cost of capital (WACC) is the basis for the discount rate, with adjustments made for geographic risk. The WACC is the weighted average of the pre-
tax cost of debt financing and the pre-tax cost of equity finance. The discount rate has increased in Minerals, due to changes in country mix with mining asset betas remaining stable, and
ESCO has remained broadly the same.
2.Real growth
For both CGUs the real growth beyond the five-year forecast period typically reflects external International Monetary Fund (IMF) forecast growth rates for the countries in which the CGU
operates. Whilst short-term inflation rates have eased in the last 12 months, they remain above historical levels. In light of this, for modelling purposes we have continued to restrict the real
growth to 0.0% in both CGUs to compensate for current volatility in rates. We do not believe this reflects our outlook on real growth given the global nature of these businesses, the long-
term growth prospects in their end markets and the fact that they sell a significant proportion of their products to emerging markets which also have strong long-term growth prospects.
3.Adjusted operating profit margins
Adjusted operating profit margins have been forecast based on historic levels taking cognisance of the likely impact of changing economic environments and competitive landscapes on
volumes and revenues, and the impact of associated management actions.
Impairment testing and sensitivity analysis
The Directors consider that the assumptions made represent their best estimate of the future cash flows generated by the CGU, and that the
discount rate used is appropriate given the risks associated with the specific cash flows. The resulting value in use model for the Minerals and
ESCO CGUs show significant headroom above carrying value.
While cash flow projections are subject to inherent uncertainty, no detailed sensitivity analysis has been performed for these CGUs, as there is
no reasonably possible change in key assumptions that would cause the carrying value amounts to exceed recoverable amounts. A 1%
increase in the pre-tax real discount rate and 1% decrease in growth rate for each CGU, also indicated significant headroom on the carrying
value of the assets.
Additionally, the Directors have considered scenarios consistent with meeting the Paris goals of limiting the global temperature increase to well
below 2\u00b0C, which the Directors consider to be a reasonably possible outcome. In these scenarios, assumptions have been made over the price
and production volumes of certain commodities, that are key to end customers, with several of these commodities being vital globally in
achieving the Paris goals. Under the scenarios considered by the Directors, there are no indicators of impairment in relation to either CGU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-473": { "value": "
16. Investments in joint ventures
At the year end, the Group held an investment in one joint venture, ESCO Elecmetal Fundici\u00f3n Limitada.
\u00a3m
At 31 December 2021
12.3
Share of results
2.5
Share of dividends
(2.7)
Exchange adjustment
3.0
At 31 December 2022
15.1
Share of results
2.5
Share of dividends
(4.1)
Exchange adjustment
(1.3)
At 31 December 2023
12.2
The Group\u2019s 50% share of the joint venture balance sheet is detailed below.
2023
2022
\u00a3m
\u00a3m
Share of joint venture's balance sheet
Current assets
8.1
10.0
Non-current assets
11.4
13.3
Current liabilities
(4.4)
(2.2)
Non-current liabilities
(2.9)
(6.0)
Net assets
12.2
15.1
The Group\u2019s share of the revenue and profit of its joint venture is included below.
2023
2022
\u00a3m
\u00a3m
Share of joint venture's revenue & profits
Revenue
15.6
17.8
Cost of sales
(12.6)
(14.8)
Administrative expenses
\u2014
(0.2)
Income tax expense
(0.6)
(0.2)
Interest
0.1
(0.1)
Profit after tax
2.5
2.5
The Group\u2019s investment in the joint venture is included in the list of subsidiaries on pages 224 to 230.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-474": { "value": "
17. Inventories
2023
2022
\u00a3m
\u00a3m
Raw materials
38.8
40.5
Work in progress
61.9
77.6
Finished goods
507.4
561.0
608.1
679.1
In 2023, the cost of inventories recognised as an expense within cost of sales amounted to \u00a31,641.1m ( 2022:\u00a0\u00a3 1,573.4m). In 2023, the write
down of inventories to net realisable value amounted to\u00a0\u00a35.5m (2022: \u00a3 26.7m), of which \u00a32.0m (2022: \u00a3 17.2m) was recognised as an
exceptional item (note 6). The reversal of previous write downs amounted to \u00a39.7m (2022: \u00a36.0m), of which \u00a37.2m (2022: \u00a3nil) was recognised
as an exceptional item (note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": "
18. Trade & other receivables
Other receivables presented as non-current on the face of the Consolidated Balance Sheet of \u00a353.8 m (2022: \u00a3 76.8m) are primarily in respect of
insurance contracts, including Trust Owned Life Insurance policy investments of \u00a342.6m (2022: \u00a345.9m) that provide a form of security for
certain unfunded employee benefit plans operated by ESCO, and insurance contracts relating to asbestos-related claims in the US of \u00a3 5.4m
(2022: \u00a3 24.5 m). Further detail on these claims is presented in note 22.
Current trade and other receivables are analysed in the following table.
2023
2022
\u00a3m
\u00a3m
Trade receivables
412.5
444.7
Loss allowance
(12.9)
(26.9)
399.6
417.8
Other debtors
30.9
24.7
Sales tax receivable
31.5
20.1
Prepayments
33.2
39.4
Contract assets
31.0
26.9
526.2
528.9
The average credit period on sales of goods is 55 days ( 2022: 62 days) on a continuing basis. Other debtors includes \u00a30.4m (2022: \u00a30.3m)
in\u00a0respect of amounts due from joint ventures, and \u00a39.5m (2022: \u00a37.5m) in respect of insurance contracts relating to asbestos-related claims
(note 22).
Impairment of trade & other receivables
The Group has two types of financial assets that are subject to the IFRS 9 'Financial instruments' expected credit loss model:
\u2022 trade receivables for sales of products and services; and
\u2022 contract assets relating to construction contracts.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based
on\u00a0shared credit risk characteristics.
The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the
same types of contracts. Due to the way in which these contracts are managed, expected credit loss if recognised is included within the loss
allowance for\u00a0trade receivables.
Due to the diverse end markets and customer geographies within the Group, the methodology applied to arrive at the expected loss rate is
dictated by local circumstances. For short-term trade receivables, historical loss rates might be an appropriate basis for the estimate of
expected future losses. They are then adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability
of the customers to settle the receivables. As such, one methodology applied is the use of a provision matrix, where different loss rates are
applied depending on the number of days that a trade receivable is past due. Alternatively, the expected credit loss is calculated on an individual
customer basis based on historical loss data for that customer, their receivables ageing, and any other knowledge of the customer\u2019s current
and forecast financial position.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit (note 5).
Subsequent recoveries of amounts previously written off are credited against the same line item.
The gross carrying amount of trade receivables, for which the loss allowance is measured at an amount equal to the lifetime expected credit
losses under the simplified method, is analysed below.
Analysis of gross carrying amount of trade receivables by days past due
2023
2022
\u00a3m
\u00a3m
Not past due
282.2
313.2
Up to 3 months past due
75.5
81.6
Between 3 & 6 months past due
16.9
12.1
More than 6 months past due
37.9
37.8
412.5
444.7
Reconciliation of opening to closing loss allowance for trade receivables
2023
2022
\u00a3m
\u00a3m
Balance at the beginning of the year
(26.9)
(17.4)
Impairment losses recognised on receivables
(6.4)
(14.3)
Amounts written off as uncollectable
12.6
1.5
Amounts recovered during the year
4.0
0.3
Impairment losses reversed
3.0
4.3
Exchange adjustment
0.8
(1.3)
Balance at the end of the year
(12.9)
(26.9)
Impairment losses recognised on receivables includes an amount of \u00a31.9m (2022: \u00a38.3m) recognised as an exceptional item (note 6). Amounts
recovered during the year includes an amount of \u00a33.9m (2022: \u00a3nil) recognised as an exceptional item.
The Group has recognised the following assets in relation to contracts with customers.
2023
2022
\u00a3m
\u00a3m
Construction contract assets
6.8
5.3
Accrued income
24.2
21.6
Total contract assets
31.0
26.9
The increase in construction contract assets relates to a combination of the mix of contracts, and the timing of billing versus the percentage of
completion of projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-476": { "value": "53800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-477": { "value": "76800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-478": { "value": "
19. Cash & short-term deposits
2023
2022
\u00a3m
\u00a3m
Cash at bank & in hand
654.4
591.6
Short-term deposits
52.8
99.6
707.2
691.2
For the purposes of the Consolidated Cash Flow Statement, cash & cash equivalents comprise the following:
Cash & short-term deposits
707.2
691.2
Bank overdrafts (note 20 )
(259.8)
(213.7)
447.4
477.5
Cash at bank and in hand earns interest at floating-rates based on daily bank deposit rates. Short-term deposits are made for varying periods of
between one day and three months, depending on the immediate cash requirements of the Group and earns interest at the respective short-
term deposit rates.
The Group operates a notional cash pooling arrangement in which individual balances are not offset for reporting purposes as the Group does
not intend to settle on a net basis. Cash and short-term deposits at 31\u00a0December 2023 includes \u00a3256.0m (2022: \u00a3206.9m) that is part of this
arrangement and both cash and interest-bearing loans and borrowings are grossed up by this amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": "
20. Interest-bearing loans & borrowings
2023
2022
\u00a3m
\u00a3m
Current
Bank overdrafts
259.8
213.7
Fixed-rate notes
\u2014
165.3
Lease liabilities
26.4
27.3
286.2
406.3
Non-current
Bank loans
97.7
336.5
Fixed-rate notes
922.3
657.8
Lease liabilities
91.1
87.8
1,111.1
1,082.1
The Group operates a notional cash pooling arrangement in which individual balances are not offset for reporting purposes as the Group does
not intend to settle on a net basis. Cash and short-term deposits at 31\u00a0December 2023 includes \u00a3256.0m (2022: \u00a3206.9m) that is part of this
arrangement and both cash and interest-bearing loans and borrowings are grossed up by this amount.
Weighted average interest rate
2023
2022
2023
2022
Bank loans
Maturity
Interest basis
%
%
\u00a3m
\u00a3m
Revolving credit facility
Sterling variable-rate loans
2028
\u00a3 SONIA
5.84
\u2014
97.7
\u2014
United States Dollar variable-rate loans
2028
US$ SOFR
\u2014
4.96
\u2014
336.5
Non-current bank loans
97.7
336.5
The weighted average interest rates include an applicable margin over and above the interest basis.
Fixed interest rate
2023
2022
2023
2022
Fixed-rate notes
Maturity
Interest basis
%
%
\u00a3m
\u00a3m
Private placement
United States Dollar fixed-rate notes
2023
FIXED
\u2014
4.34
\u2014
165.3
Other
United States Dollar Sustainability-Linked Notes
2026
FIXED
2.20
2.20
624.4
657.8
Sterling Sustainability-Linked Notes
2028
FIXED
6.88
\u2014
297.9
\u2014
922.3
823.1
Less: current instalments due on fixed-rate notes
United States Dollar fixed-rate notes
2023
FIXED
\u2014
(165.3)
Non-current fixed-rate notes
922.3
657.8
The disclosures above represent the interest profile and currency profile of financial liabilities before the impact of derivative financial instruments.
The Group utilises a number of sources of funding including Sustainability-Linked Notes, revolving credit facility, term loan, private placement debt,
commercial paper and uncommitted facilities.
In January 2023, the Group added a further \u00a3300m term loan facility to its available financing. The facility was due to mature in January 2024, subject to
a one-year extension option, but the Group took the decision to cancel the facility in June 2023.\u00a0
In March 2023, the Group exercised the option to extend its US$800m multi-currency Revolving Credit Facility (RCF) by one year to now mature in April
2028, with the option to extend for a further year.
In June 2023, the Group completed the issue of \u00a3300m five-year Sustainability-Linked Notes due to mature in June 2028. The notes include a
Sustainability Performance Target (SPT) to reduce scope 1&2 CO2 emissions by 19.1% in absolute terms by 2026 from a 2019 baseline, consistent with
the Group\u2019s SBTi approved target of 30% reduction by the end of 2030. The notes will initially bear interest at a rate of 6.875% per annum to be paid
annually in June. The interest on the notes will be linked to achievement of the SPT with an interest rate increase of 0.75% to 7.625% per annum for
the last interest payment due on 14 June 2028 if the Group does not attain its SPT. These notes are in addition to the US$800m Sustainability-Linked
Notes drawn in May 2021, due to mature in May 2026, which bear interest at a rate of 2.20% per annum.
In June 2023, the Group amended its US$1bn commercial paper programme to a US$800m commercial paper programme. At 31\u00a0December 2023, a
total of \u00a3nil (2022: \u00a3nil) was outstanding under the programme.
At 31\u00a0December 2023, \u00a397.7m (2022: \u00a3336.5m) was drawn under the US$800m multi-currency RCF which, is disclosed net of unamortised issue costs
of \u00a32.3m (2022: \u00a32.4m).
At 31\u00a0December 2023, a total of \u00a3nil (2022: \u00a3165.3m) was outstanding under private placement, which is disclosed net of unamortised issue costs of
\u00a3nil (2022: \u00a3nil).
At 31\u00a0December 2023, a total of \u00a3922.3m (2022: \u00a3657.8m) was outstanding under Sustainability-Linked Notes, which is disclosed net of unamortised
issue costs of \u00a34.5m (2022: \u00a33.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": "
21. Trade & other payables
2023
2022
\u00a3m
\u00a3m
Current
Trade payables
260.1
319.3
Other creditors
9.8
14.0
Other taxes & social security costs
11.4
24.2
Accruals
187.7
162.4
Deferred consideration payable
1.0
1.0
Contract liabilities
111.3
102.6
581.3
623.5
Non-current
Deferred consideration payable
0.6
1.0
0.6
1.0
Trade payables includes balances due to suppliers that have signed up to a supply chain financing programme, under which all invoices are
settled via a partner bank. This allows the suppliers to elect on an invoice-by-invoice basis to receive a discounted early payment from the
partner bank rather than being paid in line with the agreed payment terms. The value of the liability payable by the Group remains unchanged.
The aggregate limit of facilities available at 31\u00a0December 2023 was \u00a3101.2m (2022: \u00a3113.1m) and may be voluntarily cancelled under bilateral
terms of 30 days notice. At 31\u00a0December 2023, suppliers chose to utilise supply chain financing facilities of \u00a332.0m (2022: \u00a353.9m).
The Group assesses the arrangement against indicators to assess if debts, which vendors have sold to the partner bank under the supplier
financing scheme, continue to meet the definition of trade payables or should be classified as borrowings. At 31\u00a0December 2023 and
31\u00a0December 2022, the payables met the criteria of trade payables and the arrangement had no impact on the results or the financial position
of\u00a0the Group.
The Group has recognised the following liabilities in relation to contracts with customers.
2023
2022
\u00a3m
\u00a3m
Construction contract liabilities
10.7
4.7
Deferred income
100.6
97.9
Total contract liabilities
111.3
102.6
The increase in contract liabilities in the year relates to changes in the mix of contracts and percentage of completion status of individual
projects, together with a general increase in project activity.
Revenue recognised in relation to contract liabilities
The following table shows the revenue recognised in the current reporting period related to carried forward contract liabilities.
2023
2022
\u00a3m
\u00a3m
Revenue recognised that was included in the contract liability balance at the beginning of the year
36.0
37.5
Transaction price allocated to unsatisfied performance obligations
The transaction price allocated to performance obligations unsatisfied at the year end is \u00a3106.9m (2022: \u00a3128.5m). This relates only to
performance obligations from contracts with a duration of over a year as permitted by the practical expedient in paragraph 121 of IFRS 15
'Revenue from contracts with customers'.
The following table shows when revenue is expected to be recognised for unsatisfied performance obligations from contracts with a duration
of\u00a0over one year.
2023
2022
\u00a3m
\u00a3m
Less than one year
75.9
95.0
After one year, but not more than five years
5.0
9.1
After five years
26.0
24.4
Total value of performance obligations unsatisfied from contracts with a duration over one year
106.9
128.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
22. Provisions
Warranties &
contract
claims
Asbestos-
related
Employee-
related
Exceptional
items
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2022
10.4
55.2
13.5
5.4
13.7
98.2
Additions
9.4
33.2
16.5
30.3
1.7
91.1
Utilised
(9.2)
(7.9)
(17.2)
(19.6)
(0.8)
(54.7)
Unutilised
(0.2)
1.7
\u2014
(0.6)
(1.8)
(0.9)
Transfers
(0.2)
\u2014
\u2014
0.2
\u2014
\u2014
Exchange adjustment
(0.6)
(3.5)
(0.7)
\u2014
(0.6)
(5.4)
At 31 December 2023
9.6
78.7
12.1
15.7
12.2
128.3
Current 2023
9.6
11.2
8.4
15.7
2.7
47.6
Non-current 2023
\u2014
67.5
3.7
\u2014
9.5
80.7
At 31 December 2023
9.6
78.7
12.1
15.7
12.2
128.3
Current 2022
10.4
8.5
7.9
5.2
3.3
35.3
Non-current 2022
\u2014
46.7
5.6
0.2
10.4
62.9
At 31 December 2022
10.4
55.2
13.5
5.4
13.7
98.2
The impact of discounting is only material for the asbestos-related category of provision, with lower discount rates at 31\u00a0December 2023,
resulting in a \u00a31.9m increase in the prov ision, which is reflected as unutilised above.
Warranties & contract claims
Provision has been made in respect of actual warranty claims on goods sold and services provided, and allowance has been made for potential
warranty claims based on past experience for goods and services sold with a warranty guarantee. At 31\u00a0December 2023, the warranties portion
of the provision totalled \u00a37.2m (2022: \u00a36.6m). At 31 December 2023, all of these costs relate to claims that fall due within one year of the
balance sheet date.
Provision has been made in respect of sales contracts entered into for the sale of goods in the normal course of business where the
unavoidable costs of meeting the obligations under the contracts exceed the economic benefits expected to be received from the contracts
and before allowing for future expected aftermarket revenue streams. Provision is made immediately when it becomes apparent that expected
costs will exceed the expected benefits of the contract. At 31\u00a0December 2023, the contract claims element, which includes onerous provision,
was \u00a32.4m (2022: \u00a33.8m), all of which is expected to be incurred within one year of the balance sheet date.
Asbestos-related claims
2023
2022
\u00a3m
\u00a3m
US asbestos-related provision \u2013 pre-1981 date of first exposure
67.4
49.9
US asbestos-related provision \u2013 post-1981 date of first exposure
8.8
2.8
US asbestos-related provision \u2013 total
76.2
52.7
UK asbestos-related provision
2.5
2.5
Total asbestos-related provision
78.7
55.2
US asbestos-related provision
A US-based subsidiary of the Group is co-defendant in lawsuits pending in the US in which plaintiffs are claiming damages arising from alleged
exposure to products previously manufactured which contained asbestos. The dates of alleged exposure currently range from the 1950s to the
1990s.
The Group has historically held comprehensive insurance cover for cases of this nature and its subsidiary continues to do so for claims with a
date of first exposure (dofe) pre-1981. The expiration of one of the Group\u2019s insurance policies in 2019 resulted in no further insurance cover for
claims with a post-1981 dofe. All claims are directly administered by National Coordinating Counsel on behalf of the insurers who also meet
associated defence costs. The insurers, their legal advisers and in-house counsel agree and execute the defence strategy between them.
A summary of the US subsidiary's asbestos-related claim activity is shown in the table below.
2023
2022
Number of open claims
Number
Number
Opening
1,716
1,765
New
664
633
Dismissed
(362)
(443)
Settled
(230)
(239)
Closing
1,788
1,716
A review of the US subsidiary's expected liability for US asbestos-related diseases and the adequacy of the insurance policies to meet future
settlement and defence costs was completed in conjunction with external advisers in 2023 as part of a planned triennial actuarial review. This
review was based on an industry standard epidemiological decay model, and the subsidiary's claims settlement history. Consistent with recent
claims experience, the 2023 review reflected a higher levels of claims, particularly relating to the 1970s and 1980s.
The actuarial model incorporates claims, with a dofe pre- and post-1981, primarily relating to Lung Cancer and Mesothelioma and includes
estimates relating to:
\u2022 the number of future claims received through to 2064;
\u2022 settlement rates by disease type;
\u2022 mean settlement values by disease type;
\u2022 ratio of defence costs to indemnity value; and
\u2022 the profile of associated cash flows through to 2068.
The actuarial model in 2023 provided a range of potential liability based on levels of probability from 10% to 90%, which, on an undiscounted
basis, equates to \u00a389m-\u00a3195m. The mean actuarial estimate of \u00a3142m represents the expected undiscounted value over the range of
reasonably possible outcomes. The provision in the financial statements is based on the mean actuarial estimate, which is then adjusted each
year to reflect expected settlements in the model, discounting and restricting the timescale over which a liability can be reliably measured to
ten years plus cash flows over a further six years.
2023
2022
Period of future claims provided
10 years
10 years
Discount rate
4.7%
5.0%
The period over which the provision can be reliably estimated is judged to be ten years, plus cash flows for a further six years, due to the
inherent uncertainty, resulting from the changing nature of the US litigation environment detailed below, and cognisant of the broad range of
probability levels included within the actuarial model. While claims may extend past ten years and may result in a further outflow of economic
benefits, the Directors do not believe any obligation that may arise beyond ten years can be reliably measured at this time. The effect of
extending the claims period by a further ten years is included in the sensitivities below. The discount rate is set based on the corporate bond
yield available at the balance sheet date denominated in the same currency, and with a term broadly consistent to that of the liabilities being
provided for, with sensitivities to the discount rate also included below.
In 2023, confirmation was also received from external advisers of the insurance asset available, which includes the estimated defence costs
that would be met by the insurer. An update to the insurance asset is obtained annually and totals \u00a314.9m at 31\u00a0December 2023 (2022:
\u00a332.0m). Based on the profile of the claims in the actuarial model, external advisers expect the insurance cover and associated limits currently
in place to be sufficient to meet the settlement and associated costs until 2025. No cash flows to or from the US subsidiary, related to claims
with an exposure date pre-1981, are expected until the exhaustion of the insurance asset. Claims with an exposure date post-1981 are
estimated to incur cash outflows of less than \u00a30.8m per annum and are not insured currently or in the future.
The table below represents the Directors\u2019 best estimate of the future liability and corresponding insurance asset.
2023
2022
US asbestos-related provision
\u00a3m
\u00a3m
Gross provision
101.5
68.8
Effect of discounting
(25.3)
(16.1)
Discounted US asbestos-related provision
76.2
52.7
Insurance asset
14.9
32.0
Net US asbestos-related liability
61.3
20.7
The gross provision and effect of discounting at 31 December 2022 have been amended from what was initially published in the 2022 Annual Report and Financial Statements, with both
figures grossed up by \u00a310.0m to correctly reflect the impact of discounting. There is no further impact from this change across the financial statements.
The net provision and insurance asset are presented in the financial statements as follows.
2023
2022
\u00a3m
\u00a3m
Provisions \u2013 current
10.3
7.8
Provisions \u2013 non-current
65.9
44.9
Trade & other receivables
9.5
7.5
Non-current other receivables
5.4
24.5
There remains inherent uncertainty associated with estimating future costs in respect of asbestos-related diseases. Actuarial estimates of
future indemnity and defence costs associated with asbestos-related diseases are subject to significantly greater uncertainty than actuarial
estimates for other types of exposures. This uncertainty results from factors that are unique to the asbestos claims litigation and settlement
process including but not limited to:
\u2022 the possibility of future state or federal legislation applying to claims for asbestos-related diseases;
\u2022 the ability of the plaintiff\u2019s bar to develop and sustain new legal theory and/or develop new populations of claimants;
\u2022 changes in focus of the plaintiff\u2019s bar;
\u2022 changes in defence strategy; and
\u2022 changes in the financial condition of other co-defendants in suits naming the US subsidiary.
As a result, there can be no guarantee that the assumptions used to estimate the provision will result in an accurate prediction of the actual
costs that may be incurred.
Since the previous triennial update completed in 2020, the US subsidiary has experienced a higher number of claims received than modelled
across both disease types. As noted in our 2022 Annual Report we expected these variations from the model may have been influenced by
fluctuations in the profile of case rates across jurisdictions with higher average settlements coupled with the potential impact of the Covid-19
pandemic. However, the higher level of claims continued into 2023 demonstrating a longer-term trend of higher claims as opposed to one-off
year-on-year variation.
Average settlement values have remained broadly stable over recent years for Mesothelioma cases, but have been lower than modelled in
2020 for Lung Cancer cases. Settlements largely occurred within four years of a claim being received and the settlement rates for
Mesothelioma cases were slightly higher than previously modelled while Lung Cancer case settlement rates were trending marginally lower.
As noted above there are a number of uncertain factors involved in the estimation of the provision and variations in case numbers and
settlements are to be expected from period-to-period. The trends witnessed in our recent claims experience have been reflected in the 2023
triennial actuarial review and provided the basis for the higher provision recognised at 31\u00a0December 2023.
Uncertainty regarding the timing and extent of variations year to year and whether they are short or long-term in nature, mean it is not
considered possible to provide reasonably probable scenarios. The impact on the provision of incremental changes in key assumptions is
provided below for guidance.\u00a0
2023
Estimated impact on the discounted US asbestos-related provision of
\u00a3m
Increasing the number of projected future settled claims by 20%
12.9
Increasing the estimated settlement value by 10%
6.4
Increasing the basis of provision by ten years
10.1
Decreasing the discount rate by 50bps
2.2
Application of these sensitivities, on an individual basis, would not lead to a material change in the provision.
The Group\u2019s US subsidiary has been effective in managing the asbestos litigation, in part, because it has access to historical project documents
and other business records going back more than 50 years, allowing it to defend itself by determining if legacy products were present at the
location of the alleged asbestos exposure and, if so, the timing and extent of their presence. In addition, the US subsidiary has consistently and
vigorously defended claims that are without merit.
UK asbestos-related provision
In the UK, there are outstanding asbestos-related claims that are not the subject of insurance cover. The extent of the UK asbestos exposure
involves a series of legacy employer\u2019s liability claims that all relate to former UK operations and employment periods in the 1950s to 1970s. In
1989, the Group\u2019s employer\u2019s liability insurer (Chester Street Employers Association Ltd) was placed into run-off, which effectively generated
an uninsured liability exposure for all future long-tail disease claims with an exposure period pre-dating 1 January 1972. All claims with a disease
exposure post 1 January 1972 are fully compensated via the Government-established Financial Services Compensation Scheme. Any
settlement to a former employee whose service period straddles 1972 is calculated on a pro rata basis. The Group provides for these claims
based on management\u2019s best estimate of the likely costs given past experience of the volume and cost of similar claims brought against
the\u00a0Group.
The UK provision was reviewed and adjusted accordingly for claims experience in the year, resulting in a provision of \u00a32.5m (2022: \u00a32.5m).
Employee-related
Employee-related provisions arise from legal obligations in a number of territories in which the Group operates, the majority of which relate to
compensation associated with periods of service. A large proportion of the provision is for long service leave. The outflow is generally
dependent upon the timing of employees\u2019 period of leave with the calculation of the majority of the provision being based on criteria
determined by the various jurisdictions.
Exceptional items
The exceptional items provision relates to certain exceptional charges included within note 6 where the cost is based on a reliable estimate of
the obligation.
The opening balance of \u00a35.4m includes \u00a34.3m related to Russia, \u00a30.4m for the Performance Excellence programme, and \u00a30.7m for other
smaller provisions.
Additions in the year total \u00a330.3m, and includes \u00a329.4m in relation to the Performance Excellence programme, of which \u00a314.3m has been
settled in the year. The remaining additions of \u00a30.9m include acquisition and integration costs, and amounts in relation to the wind down of our
Minerals Russia subsidiary. Of the provision balance related to the Russia wind down, \u00a32.4m has been cash settled in the year.
The closing balance of \u00a315.7m includes \u00a31.3m related to Russia, and \u00a314.2m in relation to the Performance Excellence programme of which
\u00a37.1m relates to capacity optimisation costs and \u00a37.1m to functional transformation. Also included in the closing balance are \u00a30.2m of smaller
balances relating to an onerous lease and residual costs related to the Oil & Gas Division sale.
Other
Other provisions include environmental obligations, penalties, duties due, legal claims and other exposures across the Group. These balances
typically include estimates based on multiple sources of information and reports from third-party advisers. The timing of outflows is difficult to
predict as many of them will ultimately rely on legal resolutions and the expected conclusion is based on information currently available. Where
certain outcomes are unknown, a range of possible scenarios is calculated, with the most likely being reflected in the provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": "
23. Deferred tax
2023
2022
\u00a3m
\u00a3m
Deferred income tax assets
Post-employment benefits
10.6
12.5
Decelerated depreciation for tax purposes
16.7
11.8
Intangible assets
13.9
16.1
Untaxed reserves
180.6
210.7
Offset against liabilities
(110.5)
(158.6)
Deferred income tax assets
111.3
92.5
Deferred income tax liabilities
Accelerated depreciation for tax purposes
(18.3)
(16.7)
Overseas tax on unremitted earnings
(3.3)
(6.7)
Intangible assets
(117.8)
(153.6)
Other temporary differences
(6.5)
(16.3)
Post-employment benefits
(11.5)
(16.7)
Offset against assets
110.5
158.6
Deferred income tax liabilities
(46.9)
(51.4)
Net deferred income tax asset
64.4
41.1
The movement in deferred income tax assets and liabilities during the year was as follows.
Post-
employment
benefits
Accelerated
depreciation
for tax
purposes
Overseas tax
on
unremitted
earnings
Intangible
assets
Untaxed
reserves, tax
losses &
other
temporary
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2021
13.4
(16.4)
(7.3)
(116.1)
142.6
16.2
(Charged) credited to the Consolidated Income
Statement (note 8)
(2.4)
14.4
0.7
(7.8)
35.7
40.6
(Charged) credited to equity (note 8)
(16.4)
\u2014
\u2014
\u2014
0.9
(15.5)
Acquisition of business
\u2014
(0.6)
\u2014
(1.0)
\u2014
(1.6)
Exchange adjustment
1.2
(2.3)
(0.1)
(12.6)
15.2
1.4
At 31 December 2022
(4.2)
(4.9)
(6.7)
(137.5)
194.4
41.1
(Charged) credited to the Consolidated Income
Statement (note 8)
(3.4)
3.2
2.9
27.9
(10.6)
20.0
Credited to equity (note 8)
7.1
\u2014
\u2014
\u2014
0.1
7.2
Exchange adjustment
(0.4)
0.1
0.5
5.7
(9.8)
(3.9)
At 31 December 2023
(0.9)
(1.6)
(3.3)
(103.9)
174.1
64.4
Untaxed reserves primarily relate to accruals and provisions for liabilities where the tax allowance is deferred until the cash expense occurs, and
to temporarily disallow inventory/receivable provisions. Included in this balance is a deferred tax asset in relation to tax losses of \u00a322.7m (2022:
\u00a339.8m). This includes \u00a31.8m (2022: \u00a321.9m) relating to US Federal and State tax losses and \u00a39.7m (2022: \u00a310.0m) relating to UK tax losses.
Deferred tax assets of \u00a33.2m (2022: \u00a30.4m) have been recognised in respect of entities which have suffered a tax loss in either the current or
preceding period. Deferred tax assets have been recognised in these territories on the basis of forecast future profitability. Of the recognised
deferred tax assets, \u00a319.4m (2022: \u00a324.2m) of US foreign tax credits have a ten-year time expiry with the earliest expiration date being 2027,
\u00a310.6m (2022: \u00a310.3m) of US research and development tax credits have a 20-year time expiry with the earliest expiration date being 2036, and
\u00a32.8m (2022: \u00a33.6m) of US State attributes have a ten-year time expiry.
Deferred tax assets of \u00a337.6m (2022: \u00a341.2m) have been recognised in relation to deferred deductions for intra-group interest in the US group.
Deferred tax asset balances for unused tax losses of \u00a322.9m (2022: \u00a334.0m) have not been recognised on the grounds that there is insufficient
evidence that these assets will be recoverable. Composition of these unrecognised assets as at 31 December 2023 are set out below.
Gross closing
balance
Net closing
balance
Jurisdiction
\u00a3m
\u00a3m
Africa
0.9
0.2
Australia
1.8
0.5
Chile
2.3
0.6
China
33.4
8.3
Malaysia
1.2
0.3
Sweden
2.6
0.6
United Kingdom
2.4
0.6
United States
48.1
10.1
Other
7.3
1.7
Total
100.0
22.9
Deferred tax asset balances for capital losses amounting to \u00a31.7m (2022: \u00a37.9m) have not been recognised, but would be available in the event
of future taxable capital gains being incurred by the Group. Composition of these unrecognised capital losses as at 31 December 2023 are set
out below:
Gross closing
balance
Net closing
balance
Jurisdiction
\u00a3m
\u00a3m
Australia
4.8
1.4
United Kingdom
1.2
0.3
Total
6.0
1.7
In addition, a US deferred tax asset balance relating to the disposal of Seaboard International arose as part of the Group's divestiture of its Oil &
Gas Division in 2021.\u00a0The deferred tax asset balance is estimated to be \u00a385m but has yet not been recognised pending completion of
supporting US tax technical analysis.
Unrecognised assets will be recovered when future tax charges are sufficient to absorb these tax benefits.
The net deferred tax asset due after more than one year is \u00a364.4m (2022: \u00a341.1m).
Pillar Two
The Group has adopted the amendments to IAS 12 'Income taxes' for the first time in the current year. The IASB amends the scope of IAS 12
to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model
rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules.
The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither
recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Following the amendments, the
group is required to disclose that it has applied the exception and to disclose separately its current tax expense (income) related to Pillar Two
income taxes. The Group has applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred
taxes in IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar
Two income taxes.
On 20 June 2023, the government of the United Kingdom, where The Weir Group PLC is incorporated, substantively enacted the Pillar Two
income taxes legislation effective from 1 January 2024. Under the legislation, the parent company will be required to pay, in the United
Kingdom, top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The Weir Group PLC falls within the
scope of Pillar Two legislation therefore, these rules will apply to the Group from 1 January 2024.
Ahead of the legislation coming into effect from 1 January 2024 the Group has analysed its eligibility for the Transitional Country By Country
Reporting Safe Harbours on a jurisdiction by jurisdiction basis using data covering the periods to 31 December 2022 and 31 December 2023,
which we consider to be a good proxy for the predicted position in respect of the period ending 31 December 2024. Based on the outcome of
this analysis the Group considers the main jurisdiction for which a higher risk of exposure to Pillar Two may exist is the United States. The
Group therefore conducted a more in depth analysis of our likely position with regards to Pillar Two for the United States, with a particular focus
on the available substance-based concessions, and have concluded that for this specific jurisdiction, and the wider global group, we do not
anticipate that a material Pillar Two top-up tax is likely to arise in respect of the period ending 31 December 2024. The Group is aware that the
rules and guidance in relation to Pillar Two continue to evolve and we are working alongside tax specialists in order to continually assess the
impact of the Pillar Two income taxes legislation on future financial performance. As a result of this changing landscape, there is a possibility
that top-up taxes may arise at some point in the future.
Temporary differences associated with Group investments
A deferred tax liability of \u00a34.6m (2022: \u00a36.1m) has been recognised in respect of taxes on the unremitted earnings of the South American
subsidiaries. As at 31\u00a0December 2023, this is the only recognised deferred tax liability in respect of taxes on unremitted earnings, as the Group
does not foresee a distribution of unremitted earnings from other subsidiaries or joint ventures which would result in a reversal of deferred tax.
The temporary differences associated with investments in subsidiaries and joint ventures, for which a deferred tax liability has not been
recognised, aggregate to \u00a32,608.9m (2022: \u00a32,531.8m).
There are no income tax consequences attaching to the payment of dividends by the Company to its shareholders.
UK corporation tax rate changes
An increase in the UK rate from 19% to 25% from April 2023 was substantively enacted as part of Finance Bill 2021 (on 25 May 2021). As a
result, at 31\u00a0December 2023, deferred tax balances have been calculated at 25%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "
24. Pensions & other post-employment benefit plans
The Group operates various defined benefit pension plans in the UK and North America. All defined benefit plans are closed to new members.
The most significant defined benefit plan is the Main funded UK plan.
UK plans
At the balance sheet date, the Group has a funded defined benefit plan (the Main Plan) and an unfunded retirement benefit plan for retired
Executive Directors. The Group also operates a defined contribution plan, the contributions to which are in addition to those set out below, and
are charged directly to the Consolidated Income Statement.
For the defined benefit plans, benefits are related to service and final salary. The Main Plan closed to future accrual of benefits effective from
30 June 2015.
The weighted average duration of the expected benefit payments from the Main Plan is around 12 years.
The current funding target for the UK plans is to maintain assets equal to the value of the accrued benefits. The Main Plan holds three
insurance policies that match the liabilities in respect of a significant proportion of deferred and retired pensioners.
The regulatory framework in the UK requires the pension scheme Trustees and Group to agree upon the assumptions underlying the funding
target, and then to agree upon the necessary contributions required to recover any deficit at the valuation date. There is a risk to the Group that
adverse experience against these assumptions could lead to a requirement for the Group to make considerable contributions to recover any
deficit. This risk is significantly reduced through the insurance policies held.
North American plans
The Group also sponsors funded defined benefit pension plans in the US and Canada and certain unfunded arrangements (including post-
employment healthcare benefits for senior employees) in the US.
These plans combined make up 21% of the Group\u2019s pension and other post-employment benefit plan commitments and 17% of the Group\u2019s
total associated assets.
The weighted average duration of these plans is around eight years.
Plan risks
The defined benefit plans in the UK and North America expose the Group to a number of risks.
Uncertainty in benefit payments
The value of the Group\u2019s liabilities for the defined benefit plans will ultimately depend on the amount of benefits paid out. This in turn will
depend on the level of inflation (for those benefits that are subject to some form of inflation protection) and how long individuals live. This risk is
significantly reduced through the insurance policies held in the UK.
Volatility in asset values
The Group is exposed to future movements in the values of assets held in the funded defined benefit plans to meet future uninsured
benefit\u00a0payments.
Uncertainty in cash funding
Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, although
changes in the level of cash required can often be spread over a number of years. This risk is significantly reduced through the insurance
policies held. In addition, the Group is also exposed to adverse changes in pension regulation.
Exchange rate movements
Movements in exchange rates will affect the value in GBP of the assets and obligations of the Group\u2019s North American defined benefit plans.
Assumptions
The significant actuarial assumptions used for accounting purposes reflect prevailing market conditions in the UK and North America and are
as\u00a0follows.
UK
pensions
North American pensions &
post-retirement healthcare
2023
2022
2023
2022
Significant actuarial assumptions:
Discount rate (% pa)
4.5
4.8
4.7
5.0
Retail Prices Inflation (RPI) assumption (% pa)
3.1
3.4
n/a
n/a
Post-retirement mortality (life expectancies in years):
Current pensioners at 65 \u2013 male
21.0
21.3
20.6
20.6
Current pensioners at 65 \u2013 female
22.9
23.2
22.6
22.5
Future pensioners at 65 \u2013 male
22.3
22.6
22.1
22.1
Future pensioners at 65 \u2013 female
24.4
24.7
24.0
23.9
Other related actuarial assumptions:
Rate of increases for pensions in payment (% pa)
Pre 6 April 2006 service
3.0
3.2
n/a
n/a
Post 5 April 2006 service
2.1
2.1
n/a
n/a
Consumer Prices Inflation (CPI) assumption (% pa)
2.5
2.8
n/a
n/a
Rate of increase in healthcare costs
n/a
n/a
*
**
*Between 5.2% and 11.75% per annum decreasing to 4.5% per annum and remaining static at that level from 2033 (Weir)/2037 (ESCO) onwards.
**Between 5.2% and 7.4% per annum decreasing to 4.5% per annum and remaining static at that level from 2032 (Weir)/2037 (ESCO) onwards.
The assumptions used to determine end-of-year benefit obligations are also used to calculate the following year\u2019s cost. For North America,
weighted average assumptions are shown above where applicable.
The post-retirement mortality assumptions allow for expected increases in longevity. The \u2018current\u2019 disclosures above relate to assumptions
based on longevity (in years) following retirement at the balance sheet date, with \u2018future\u2019 being that relating to a member retiring in 2044 (in 20
years\u2019 time).
The assets and liabilities of the plans are as follows.
UK pensions
North American pensions &
post-retirement healthcare
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plan assets at fair value
Equities (quoted)
\u2014
48.3
9.1
21.6
9.1
69.9
Diversified Growth Funds
(2022: c.27% quoted)
\u2014
36.6
\u2014
1.4
\u2014
38.0
Corporate bonds (quoted)
\u2014
36.6
70.1
61.9
70.1
98.5
Government bonds (quoted)
170.8
168.4
38.7
34.9
209.5
203.3
Insurance policies (unquoted)
336.4
219.9
\u2014
\u2014
336.4
219.9
Property
\u2014
\u2014
4.0
4.7
4.0
4.7
Private debt (unquoted)
37.1
56.3
\u2014
\u2014
37.1
56.3
Multi Asset Credit Funds (quoted)
39.7
36.0
\u2014
\u2014
39.7
36.0
Cash (quoted)
8.7
8.0
2.2
1.5
10.9
9.5
Fair value of plan assets
592.7
610.1
124.1
126.0
716.8
736.1
Present value of funded obligations
(562.6)
(559.2)
(125.6)
(132.8)
(688.2)
(692.0)
Net asset (liability) for funded
obligations
30.1
50.9
(1.5)
(6.8)
28.6
44.1
Present value of unfunded obligations
(0.8)
(0.9)
(23.9)
(26.3)
(24.7)
(27.2)
Effect of asset limit
\u2014
\u2014
(1.8)
(1.8)
(1.8)
(1.8)
Net asset (liability)
29.3
50.0
(27.2)
(34.9)
2.1
15.1
Plans in surplus
30.1
50.9
\u2014
\u2014
30.1
50.9
Plans in deficit
(0.8)
(0.9)
(27.2)
(34.9)
(28.0)
(35.8)
Of the government bonds held at 31\u00a0December 2023, 75% (2022: 60%) are fixed interest bonds. The pension plans have not directly invested
in any of the Group\u2019s own financial instruments, or in properties or other assets used by the Group.
In the UK, where the majority of the Group's pension assets are held, the investment strategy is to primarily hold government bonds to meet
the assessed value of the benefits promised for the non-insured members, along with holding private debt and multi-asset credit funds. The
insured members are backed by the insurance policies held within the Scheme.
The ESCO unfunded arrangements are backed by a grantor trust that contains Trust Owned Life Insurance (TOLI) policy investments. These
investments do not match the obligations of the corresponding employee benefit plans, they are not used in practice to pay the benefits as
they fall due and they are available to the Group\u2019s creditors in the event of insolvency. This means the grantor trust does not qualify as a 'plan
asset' for the purposes of IAS 19 'Employee benefits' and is instead treated as a separate Group asset outside of this note. The value of these
assets was estimated at \u00a342.6m as at 31\u00a0December 2023 and are recognised in note 18.
The change in the IAS 19 funding position recognised in the Consolidated Balance Sheet is comprised as follows.
UK pension
North American pensions &
post-retirement healthcare
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening net assets (liabilities)
50.0
(13.4)
(34.9)
(43.3)
15.1
(56.7)
Expense credited (charged) to the Consolidated Income
Statement
2.0
(0.8)
(1.8)
(2.4)
0.2
(3.2)
Amount recognised in the Consolidated Statement of
Comprehensive Income
(29.0)
57.9
0.8
7.4
(28.2)
65.3
Employer contributions
6.3
6.3
7.0
8.1
13.3
14.4
Exchange adjustment
\u2014
\u2014
1.7
(4.7)
1.7
(4.7)
Closing net assets (liabilities)
29.3
50.0
(27.2)
(34.9)
2.1
15.1
The amounts recognised for the Group in the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income for
the year are analysed as follows.
UK pension
North American pensions &
post-retirement healthcare
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recognised in the Consolidated Income Statement
Current service cost
\u2014
\u2014
(0.1)
(0.4)
(0.1)
(0.4)
Curtailment gain
\u2014
\u2014
0.5
\u2014
0.5
\u2014
Administrative expenses
(0.6)
(0.6)
(0.7)
(0.9)
(1.3)
(1.5)
Included in operating profit
(0.6)
(0.6)
(0.3)
(1.3)
(0.9)
(1.9)
Interest on net pension asset (liability)
2.6
(0.2)
(1.5)
(1.1)
1.1
(1.3)
Total credit (expense) charged to the Consolidated
Income Statement
2.0
(0.8)
(1.8)
(2.4)
0.2
(3.2)
Recognised in the Consolidated Statement of
Comprehensive Income
Actual return on plan assets
12.5
(178.4)
10.3
(26.4)
22.8
(204.8)
Less: interest on plan assets
(28.7)
(15.3)
(6.1)
(4.1)
(34.8)
(19.4)
(16.2)
(193.7)
4.2
(30.5)
(12.0)
(224.2)
Other actuarial (losses) gains due to:
Changes in financial assumptions
(10.1)
261.5
(2.7)
41.6
(12.8)
303.1
Changes in demographic assumptions
7.2
4.4
\u2014
(0.4)
7.2
4.0
Experience on benefit obligations
(9.9)
(14.3)
(0.7)
(1.5)
(10.6)
(15.8)
Effect of asset limit
\u2014
\u2014
\u2014
(1.8)
\u2014
(1.8)
Actuarial (losses) gains recognised in the
Consolidated Statement of Comprehensive Income
(29.0)
57.9
0.8
7.4
(28.2)
65.3
Current service cost and administration expenses are recognised in operating costs and interest on net pension liability is recognised in other
finance costs.
The Group\u2019s largest North American plan is the US ESCO Corporation pension plan. The Group\u2019s current funding policy for this plan is to pay the
minimum required contributions under US regulation. However, in the event the plan\u2019s funding level is projected to fall below particular
thresholds, the Group will consider funding more than the minimum required contribution.
Pension contributions are determined with the advice of independent qualified actuaries on the basis of regular valuations using the projected
unit method. The Group made special contributions of \u00a39.3m in 2023 (2022: \u00a39.7m) in addition to the Group\u2019s regular contributions.
In 2015, the Group entered into a pension funding partnership structure under which it has contributed interests in a Scottish Limited
Partnership (SLP) for the Main Plan.
The Main Plan\u2019s interests in the SLP reduce the deficit on a funding basis, although the agreement will not affect the position directly on an IAS
19 accounting basis as the investments held do not qualify as assets for IAS 19 purposes. As a partner in the SLP, the Main Plan is entitled to
receive a share of the profits of the SLP once a year for 15 years, subject to conditions being met. The profits to be shared with the Plan will be
reflected in the Group\u2019s financial statements as a pension contribution.
The latest actuarial funding valuation of the Main Plan was completed in 2022. Under the agreed recovery plan, the Group has agreed to
contribute \u00a36.2m in respect of years ending 31 December 2021 to 31 December 2029 inclusive. These contributions are primarily funded by the
income payments from the SLP described above. However, the contributions are subject to an annual review mechanism, which states that if
the Main Plan's funding level on a funding basis exceeds 105% then the contributions can be temporarily ceased. The 31 December 2022
funding basis funding level was above 105% thereby triggering a Switch-Off Event in terms of the pension funding partnership structure. As a
result, the \u00a36.2m which would normally have been paid to the Main Plan in early 2024 will now not be paid.\u00a0
The Group has taken legal advice regarding its UK arrangements to confirm the accounting treatment under IFRIC 14 'IAS 19 - The limit on a
defined benefit asset, minimum funding requirements and their interaction' with regard to recognition of a surplus and also recognition of a
minimum funding requirement. This confirmed that there is no requirement to adjust the balance sheet and that recognition of a current surplus
is appropriate on the basis that the Group has an unconditional right to a refund of a current (or projected future) surplus at some point in the
future. For the same reason, there is no requirement for the Group to adjust the balance sheet to recognise the future agreed deficit recovery
contributions. Having considered the position, taking account of the legal input received and noting that the Trustees of the UK arrangements
do not have discretionary powers to unilaterally wind down the schemes without cause, the Directors of the Group have concluded that the
Group has an unconditional right to a refund of any surplus.
The Group is aware of a case involving Virgin Media and NTL Pension Trustee, which could potentially lead to additional liabilities for some
pension schemes and sponsors, including (if applicable) the Group. This case is subject to appeal and the impact (if any) is not known and will
be assessed as relevant in future.
The total Group contributions for 2024 are expected to be \u00a36.8m.
UK pensions
North American pensions &
post-retirement benefits
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Effect of asset limit at start of period
\u2014
\u2014
(1.8)
\u2014
(1.8)
\u2014
Interest on the asset limit
\u2014
\u2014
(0.2)
\u2014
(0.2)
\u2014
Change in the asset limit other than interest
\u2014
\u2014
\u2014
(1.8)
\u2014
(1.8)
Exchange rate adjustment
\u2014
\u2014
0.2
\u2014
0.2
\u2014
Effect of asset limit at end of period
\u2014
\u2014
(1.8)
(1.8)
(1.8)
(1.8)
Changes in the present value of the defined benefit obligations are analysed as follows.
UK pensions
North American pensions &
post-retirement benefits
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening defined benefit obligations
(560.1)
(830.2)
(159.1)
(187.1)
(719.2)
(1,017.3)
Current service cost
\u2014
\u2014
(0.1)
(0.4)
(0.1)
(0.4)
Interest on benefit obligations
(26.1)
(15.5)
(7.4)
(5.2)
(33.5)
(20.7)
Benefits paid
35.6
34.0
12.5
12.8
48.1
46.8
Actuarial (losses) gains due to:
Changes in financial assumptions
(10.1)
261.5
(2.7)
41.6
(12.8)
303.1
Changes in demographic assumptions
7.2
4.4
\u2014
(0.4)
7.2
4.0
Experience on benefit obligations
(9.9)
(14.3)
(0.7)
(1.5)
(10.6)
(15.8)
Liabilities removed due to curtailments/settlements
\u2014
\u2014
0.5
\u2014
0.5
\u2014
Exchange rate adjustment
\u2014
\u2014
7.5
(18.9)
7.5
(18.9)
Closing defined benefit obligations
(563.4)
(560.1)
(149.5)
(159.1)
(712.9)
(719.2)
Changes in the fair value of plan assets are analysed as follows.
UK pensions
North American pensions &
post-retirement benefits
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening plan assets
610.1
816.8
126.0
143.8
736.1
960.6
Interest on plan assets
28.7
15.3
6.1
4.1
34.8
19.4
Employer contributions
6.3
6.3
7.0
8.1
13.3
14.4
Administrative expenses
(0.6)
(0.6)
(0.7)
(0.9)
(1.3)
(1.5)
Benefits paid
(35.6)
(34.0)
(12.5)
(12.8)
(48.1)
(46.8)
Actual return on plan assets less interest on plan assets
(16.2)
(193.7)
4.2
(30.5)
(12.0)
(224.2)
Exchange rate adjustment
\u2014
\u2014
(6.0)
14.2
(6.0)
14.2
Closing plan assets
592.7
610.1
124.1
126.0
716.8
736.1
Sensitivity analysis
Changes in key assumptions can have a significant effect on the reported retirement benefit obligation and the Consolidated Income Statement
expense for 2024. The effects of changes in those assumptions on the reported retirement benefit obligation are set out in the table below.
Increase
Decrease
Increase
Decrease
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Discount rate
Effect on defined benefit obligation of a 1.0% change
68.7
(82.1)
72.7
(87.1)
Effect on net funding position of a 1.0% change
42.8
(52.2)
58.4
(70.8)
RPI inflation (and associated assumptions)
Effect on defined benefit obligation of a 1.0% change
(29.1)
29.7
(29.3)
31.3
Effect on net funding position of a 1.0% change
(14.1)
14.3
(20.4)
22.0
Life expectancy
Effect on defined benefit obligation of a 1 year change
(30.9)
30.9
(30.2)
30.2
Effect on net funding position of a 1 year change
(9.1)
9.1
(17.4)
17.4
The impact on the IAS 19 net funding position is significantly reduced as a result of the insurance policies held. In the absence of such policies,
the impact on the IAS 19 net funding position would be much closer to the significantly higher impact on the defined benefit obligation shown
in the table.
These sensitivities have been calculated to show the movement in the defined benefit obligation and IAS 19 net funding position in isolation
and assume no other changes in market conditions at the accounting date. In practice, for example, a change in discount rate is unlikely to
occur without any movement in the value of the invested (non-insurance policy) assets held by the plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
25. Share capital & reserves
2023
2022
Number
million
Number\u00a0
million
Issued & fully paid share capital
At the beginning of the year
259.6
259.6
At the end of the year
259.6
259.6
Treasury shares
At the beginning of the year
0.9
0.3
Purchase of shares in respect of equity settled share-based payments
1.2
1.3
Utilised during the year in respect of equity settled share-based payments
(0.4)
(0.7)
At the end of the year
1.7
0.9
The Company has one class of ordinary share with a par value of 12.5p, which carries no rights to fixed income.
As at 31\u00a0December 2023 , Computershare Investor Services PLC held the following shares, which are subject to restriction, on behalf
of\u00a0individuals:
\u2022 171,792 shares (2022: 111,314) for restricted shares that have vested under the Share Reward Plan. These shares have a market value
of\u00a0\u00a33.2m.
\u2022 8,731 shares (2022: 24,655) for bonus shares awarded under the Share Reward Plan. These shares have a market value of \u00a30.2m.
As at 31\u00a0December 2023 , 1,686,148 shares (2022: 888,227) were unallocated and held by the Computershare Trustees (Jersey) Limited with
a\u00a0market value of \u00a331.8m.
Reserves
The period movements on the below reserves are summarised in the Consolidated Statement of Changes in Equity.
Merger reserve
The merger reserve relates to the issue of new equity as part of the consideration paid for an acquisition. Shares issued directly to ESCO
Shareholders on 12 July 2018, as part of the total acquisition consideration, qualified for merger relief under Section 612 of the Companies Act
2006 and resulted in an increase to the reserve of \u00a3323.2m. The remaining reserve balance of \u00a39.4m relates to shares issued in part
consideration for the acquisition of Delta Industrial Valves Inc. during 2015.
Capital redemption reserve
The capital redemption reserve was created by a repurchase and cancellation of own shares during the 53 weeks ended 1 January 1999.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of
foreign operations and the Group\u2019s hedge of its net investment in foreign operations.
Hedge accounting reserve
This reserve records the portion of the gains or losses on hedging instruments used as cash flow and fair value hedges that are determined
to\u00a0be effective. Net gains (losses) transferred from equity during the year are included in the following line items in the Consolidated
Income\u00a0Statement.
2023
2022
\u00a3m
\u00a3m
Revenue
(0.5)
(0.5)
Finance costs
(0.1)
\u2014
(0.6)
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "
26. Additional cash flow information
2023
2022
Notes
\u00a3m
\u00a3m
Total operations
Net cash generated from operations
Operating profit \u2013 continuing operations
368.4
307.5
Operating loss \u2013 discontinued operations
(1.3)
\u2014
Operating profit \u2013 total operations
367.1
307.5
Exceptional and other adjusting items
6
66.2
51.4
Amortisation of intangible assets
13
37.7
41.6
Share of results of joint ventures
16
(2.5)
(2.5)
Depreciation of property, plant & equipment
12
39.9
47.0
Depreciation of right-of-use assets
12
31.6
31.4
Impairment of property, plant & equipment
12
0.9
0.2
Capital grants received
(0.5)
(0.2)
Gains on disposal of property, plant & equipment
(0.4)
(0.6)
Funding of pension & post-retirement costs
(1.1)
(2.9)
Employee share schemes
28
7.0
8.0
Transactional foreign exchange
9.2
14.3
(Decrease) increase in provisions
(1.5)
1.2
Cash generated from operations before working capital cash flows
553.6
496.4
Decrease (increase) in inventories
42.0
(128.6)
Decrease in trade & other receivables & construction contracts
15.2
49.8
(Decrease) increase in trade & other payables & construction contracts
(85.3)
30.2
Cash generated from operations
525.5
447.8
Additional pension contributions paid
24
(9.3)
(9.7)
Exceptional and other adjusting cash items
(18.0)
(14.2)
Exceptional cash items - acquired vendor liabilities
\u2014
(9.7)
Income tax paid
(103.9)
(93.4)
Net cash generated from operating activities
394.3
320.8
Cash flows from discontinued operations included above are disclosed separately in note 9 .
The following tables summarise the cash flows arising on acquisitions (note 14) and disposals (notes 6 and 9).
2023
2022
\u00a3m
\u00a3m
Acquisitions of subsidiaries
Acquisition of subsidiaries \u2013 cash consideration paid
6.1
16.3
Acquisition of subsidiaries - deferred consideration paid
\u2014
0.5
Cash & cash equivalents acquired
(0.2)
(1.6)
Total cash outflow on current period acquisitions
5.9
15.2
Prior period acquisitions - deferred consideration paid
1.0
\u2014
Total cash outflow relating to acquisitions
6.9
15.2
Net cash outflow arising on disposals
Consideration received net of costs paid & cash disposed of \u2013 ESCO Russia
\u2014
2.0
Prior period disposals
0.4
0.1
Total cash outflow relating to disposals
0.4
2.1
2023
2022
\u00a3m
\u00a3m
Net debt comprises the following
Cash & short-term deposits (note 19)
707.2
691.2
Current interest-bearing loans & borrowings (note 20)
(286.2)
(406.3)
Non-current interest-bearing loans & borrowings (note 20)
(1,111.1)
(1,082.1)
(690.1)
(797.2)
Reconciliation of financing cash flows to movement in net debt
Opening balance
at 31 December
2022
Cash movements
Additions/
acquisitions
FX
Non-cash
movements
Closing balance
at 31 December
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash & cash equivalents
477.5
1.0
0.2
(31.3)
\u2014
447.4
Third-party loans
(1,165.5)
111.2
(0.2)
27.7
\u2014
(1,026.8)
Leases
(115.1)
31.0
(38.4)
5.3
(0.3)
(117.5)
Unamortised issue costs
5.9
4.0
\u2014
\u2014
(3.1)
6.8
Amounts included in gross debt
(1,274.7)
146.2
(38.6)
33.0
(3.4)
(1,137.5)
Amounts included in net debt
(797.2)
147.2
(38.4)
1.7
(3.4)
(690.1)
Financing derivatives
(0.1)
0.5
\u2014
\u2014
(2.7)
(2.3)
Total financing liabilities1
(1,274.8)
146.7
(38.6)
33.0
(6.1)
(1,139.8)
Opening
balance at 31
December
2021
Cash
movements
Additions/
acquisitions
Disposals
FX
Non-cash
movements
Closing\u00a0
balance at 31
December
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash & cash equivalents
500.0
(51.0)
1.6
(1.9)
28.8
\u2014
477.5
Third-party loans
(1,174.7)
133.4
(0.4)
\u2014
(123.8)
\u2014
(1,165.5)
Leases
(105.4)
30.5
(35.0)
\u2014
(6.0)
0.8
(115.1)
Unamortised issue costs
7.6
2.7
\u2014
\u2014
\u2014
(4.4)
5.9
Amounts included in gross debt
(1,272.5)
166.6
(35.4)
\u2014
(129.8)
(3.6)
(1,274.7)
Amounts included in net debt
(772.5)
115.6
(33.8)
(1.9)
(101.0)
(3.6)
(797.2)
Financing derivatives
1.4
0.3
\u2014
\u2014
\u2014
(1.8)
(0.1)
Total financing liabilities1
(1,271.1)
166.9
(35.4)
\u2014
(129.8)
(5.4)
(1,274.8)
1Total financing liabilities comprise gross debt plus other liabilities relating to financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "368400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-487": { "value": "307500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-488": { "value": "525500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-489": { "value": "18000000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalAndOtherAdjustingCashItemsClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-490": { "value": "14200000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalAndOtherAdjustingCashItemsClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-491": { "value": "0", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalCashItemsAcquiredVendorLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-492": { "value": "9700000", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalCashItemsAcquiredVendorLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-493": { "value": "103900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-494": { "value": "93400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-495": { "value": "
27. Commitments & legal claims
Capital commitments
2023
2022
\u00a3m
\u00a3m
Outstanding capital commitments contracted but not provided for \u2013 property, plant & equipment
19.1
35.0
Legal claims
The Company and certain subsidiaries are, from time-to-time, party to legal proceedings and claims that arise in the normal course of business.
Provisions have been made where the Directors have assessed that a cash outflow is probable. All other claims are believed to be remote or
are not yet ripe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
28. Equity settled share-based payments
Employee share plans
The Group\u2019s 2018 Share Reward Plan (SRP) allows for Restricted shares and Bonus shares to be awarded to employees under the Plan. Details
of the SRP for Executive Directors are outlined in the Remuneration report on pages 109 to 132. The vesting period varies with awards issued
between 2018 - 2020 vesting in four tranches for Group Executives and Executive Directors and three tranches for all other participants on a
pro rata basis, awards issued in 2021 vesting in three tranches, while awards issued in 2022 and 2023 will vest in full at the end of three years.
Underpins and two and three-year holding periods are attached to the Executive Directors\u2019 and Group Executives\u2019 SRP awards. Dividend
equivalents are added in the form of shares at each vesting date.
In 2019, the Weir Group All-Employee Share Ownership Plan (Weir ShareBuilder) launched. Awards granted under Weir ShareBuilder are free
shares given to all employees who meet the eligibility criteria. Awards vest in one tranche on the second anniversary of the grant date. The
2021 award vested on 24\u00a0August 2023. Dividend equivalents are added in the form of shares at each vesting date.
One-off conditional share awards are also occasionally granted to employees. These transactions fall under the scope of IFRS 2 'Share-based
payments' and are treated in line with awards issued under the Group\u2019s SRP in the year of award.
The following tables illustrate the number and weighted average share prices (WASP) of shares awarded.
Restricted shares
2023
2022
Number
2023
Number
2022
million
WASP
million
WASP
Outstanding at the beginning of the year
1.6
\u00a314.35
1.5
\u00a313.14
Awarded during the year
0.6
\u00a318.64
0.7
\u00a315.96
Vested during the year
(0.4)
\u00a312.46
(0.6)
\u00a313.11
Forfeited during the year
(0.3)
\u00a314.58
\u2014
\u2014
Outstanding at the end of the year
1.5
\u00a316.04
1.6
\u00a314.35
Weir ShareBuilder Plan (WSBP)
2023
2022
Number
2023
Number
2022
million
WASP
million
WASP
Outstanding at the beginning of the year
\u2014
\u2014
0.2
\u00a316.57
Vested during the year
\u2014
\u2014
(0.2)
\u00a316.57
Outstanding at the end of the year
\u2014
\u2014
\u2014
\u2014
A total of 26,098 awards (2022: 15,080) were issued to new employees under the Weir ShareBuilder Plan in the year.
In respect of awards issued in the year and revised estimates of previously issued awards, under the SRP and Weir ShareBuilder, an amount of
\u00a37.0m has been charged (2022: \u00a38.0m) to the Consolidated Income Statement in respect of the number of awards that are expected to be
made at the end of the vesting period.
The remaining contractual lives of the outstanding SRP, Weir ShareBuilder and one-off conditional share awards at the end of the period are
as\u00a0follows.
2023
2023
2022
2022
Year of award
Number\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
million
Remaining
contractual life*
Number\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
million
Remaining
contractual life*
2019
\u2014
\u2014
0.1
9 months
2020
0.1
8 months
0.4
10 months
2021
0.2
8 months
0.4
16 months
2022
0.6
14 months
0.7
26 months
2023
0.6
24 months
\u2014
\u2014
*Remaining contractual life reflects an average across awards with one to five year vesting periods.
The fair value at date of grant of the conditional awards has been independently estimated for both the Restricted shares and Weir ShareBuilder
awards. The grant date fair value of these awards is calculated as the share price at the date of grant less an adjustment for loss of
reinvestment return on the dividend equivalent. There are no performance conditions attached to these awards.
The fair value of occasional one-off conditional awards at grant date is also estimated on this basis.
Bonus shares
Under the Group\u2019s annual bonus plan, Executive Directors and members of the Group Executive defer 30% of any bonus received into an
award of Weir Group shares, which will normally be released after three years. These awards are entitled to receive the value of the dividends
paid by the Company during the three-year holding period or to have dividend equivalents added in the form of shares at each vesting date.
The SRP bonus shares are administered by Computershare Trust Company, N.A., CPU Share Plans Pty Ltd and Computershare Investor
Services PLC. The shares are acquired on market at the grant date and are held in Computershare Trust Company, N.A., CPU Share Plans Pty
Ltd and Computershare Investor Services PLC until such time as they are vested. Forfeited shares are reallocated in subsequent grants. Under
the terms of the Trust Deed, Weir Group is required to provide the necessary funding for the acquisition of the shares at the time of the grant.
The number of shares to be granted is determined based on the applicable annual bonus divided by the average share price for the three days
immediately prior to the date of the grant or the number of shares purchased in the stock market with the applicable annual bonus. In 2023,
49,023 shares were awarded (2022: 33,677).
The fair value of the rights at grant date was estimated by taking the market price of the Company\u2019s shares on that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
29. Related party disclosure
The following table provides the total amount of significant transactions that have been entered into by the Group with related parties for the
relevant financial year and outstanding balances at the year end.
Sales to
related parties
- goods
Sales to
related parties
- services
Purchases
from related
parties -
goods
Amounts
owed to
related parties
Amounts
owed by
related parties
Related party
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Joint ventures
2023
0.9
0.1
19.2
3.8
0.4
2022
1.1
0.1
25.9
6.2
0.3
Group pension plans
2023
\u2014
\u2014
\u2014
1.6
\u2014
2022
\u2014
\u2014
\u2014
8.2
\u2014
Contributions to the Group pension plans are disclosed in note 24.
Terms & conditions of transactions with related parties
Sales to and from related parties are made at normal market prices. Outstanding balances at the period end are unsecured and settlement
occurs in cash. There have been no guarantees provided or received for any related party balances. For 2023, the Group has not raised any
provision for doubtful debts relating to amounts owed by related parties (2022 : \u00a3nil) as the payment history has been excellent and there is no
forward-looking information that suggests there will be any issues affecting the ability for future settlement. This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which the related party operates.
2023
2022
Compensation of key management personnel
\u00a3m
\u00a3m
Short-term employee benefits
7.6
8.0
Share-based payments
2.3
2.4
Post-employment benefits
0.4
0.3
10.3
10.7
2023
2022
Emoluments paid to the Directors of The Weir Group PLC
\u00a3m
\u00a3m
Remuneration
3.5
3.8
Gains made on the exercise of Long Term Incentive Plan awards
1.3
1.1
4.8
4.9
Key management comprises the Board and the Group Executive. Further details of the Directors\u2019 remuneration are disclosed in the Directors\u2019
Remuneration Report on pages 109 to 132.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "
30. Financial instruments
Derivative financial instruments
The Group enters into derivative financial instruments in the normal course of business in order to hedge its exposure to foreign exchange risk.
Derivatives are only used for economic hedging purposes and no speculative positions are taken. Derivatives are recognised as held for trading
and at fair value through profit and loss unless they are designated in I FRS 9 'Financial Instruments' compliant hedge relationships.
The table below summarises the types of derivative financial instrument included within each balance sheet category.
2023
2022
\u00a3m
\u00a3m
Included in current assets
Forward foreign currency contracts designated as cash flow hedges
0.6
1.0
Other forward foreign currency contracts
7.3
7.9
7.9
8.9
Included in current liabilities
Forward foreign currency contracts designated as cash flow hedges
(0.5)
(1.9)
Forward foreign currency contracts designated as net investment hedges
\u2014
(0.1)
Other forward foreign currency contracts
(5.9)
(11.2)
(6.4)
(13.2)
Included in non-current liabilities
Forward foreign currency contracts designated as fair value hedges
(2.3)
\u2014
(2.3)
\u2014
Net derivative financial liabilities
(0.8)
(4.3)
Financial assets and liabilities
Financial assets and liabilities (with the exception of derivative financial instruments) are initially recognised at fair value net of transaction costs.
Subsequently they are recognised at either fair value or amortised cost. Derivative financial instruments are initially recognised at fair value and
subsequently remeasured at fair value.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or
indirectly; and
Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
During the year ended 31\u00a0December 2022, there were no transfers between level 1 and level 2 fair value measurements and no transfers into
or out of level 3 fair value measurements.
During the year ended 31\u00a0December 2023, following the settlement of private placement debt and the issue of further Sustainability-Linked
Notes, the fair value of fixed-rate borrowings has been reassessed as a level 1 fair value measurement rather than level 2 as the full balance is
now calculated using quoted market prices.
Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance sheet where the Group currently has a legal right to offset
the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
As at 31\u00a0December 2023, cash and short-term deposits of \u00a3707.2m (2022: \u00a3691.2m) and current interest-bearing loans and borrowings of
\u00a3286.2m (2022: \u00a3406.3m) were presented after elimination of debit and credit balances within individual pools of \u00a3nil (2022: \u00a3nil).
The Group operates a notional cash pooling arrangement in which individual balances are not offset for reporting purposes as the Group does
not intend to settle on a net basis. Cash and short-term deposits at 31\u00a0December 2023 includes \u00a3256.0m (2022: \u00a3206.9m) that is part of this
arrangement and both cash and interest-bearing loans and borrowings are grossed up by this amount.
The Group has also entered into arrangements that do not meet the criteria for offsetting, but still allow for the related amounts to be offset in
specific circumstances. As at 31\u00a0December 2023, the Group had derivative financial instruments of \u00a31.5m (2022: \u00a34.5m) which were subject to
master netting arrangements, but not offset.
Carrying amounts and fair values
The table below shows the carrying amounts and fair values of the Group\u2019s financial instruments that are reported in the financial statements.
Fair value measurement using
Carrying
amount
Fair value
Level 1
Quoted prices in
active markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value
through profit or loss
7.3
7.3
\u2014
7.3
\u2014
Derivative financial instruments in designated hedge
accounting relationships
0.6
0.6
\u2014
0.6
\u2014
Trade & other receivables excluding statutory assets,
prepayments & construction contract assets
508.5
508.5
\u2014
508.5
\u2014
Cash & short-term deposits
707.2
707.2
\u2014
707.2
\u2014
1,223.6
Financial liabilities
Derivative financial instruments recognised at fair value
through profit or loss
5.9
5.9
\u2014
5.9
\u2014
Derivative financial instruments in designated hedge
accounting relationships
2.8
2.8
\u2014
2.8
\u2014
Deferred consideration payable
1.6
1.6
\u2014
1.6
\u2014
Amortised cost:
Fixed-rate borrowings
922.3
895.9
895.9
\u2014
\u2014
Floating-rate borrowings
97.7
97.7
\u2014
97.7
\u2014
Leases
117.5
n/a
n/a
n/a
n/a
Bank overdrafts
259.8
259.8
\u2014
259.8
\u2014
Trade & other payables excluding statutory liabilities &
contract liabilities
457.6
457.6
\u2014
457.6
\u2014
1,865.2
Fair value measurement using
Carrying amount
Fair value
Level 1
Quoted prices in
active markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value
through profit or loss
7.9
7.9
\u2014
7.9
\u2014
Derivative financial instruments in designated hedge
accounting relationships
1.0
1.0
\u2014
1.0
\u2014
Trade & other receivables excluding statutory assets,
prepayments & construction contract assets
540.9
540.9
\u2014
540.9
\u2014
Cash & short-term deposits
691.2
691.2
\u2014
691.2
\u2014
1,241.0
Financial liabilities
Derivative financial instruments recognised at fair value
through profit or loss
11.2
11.2
\u2014
11.2
\u2014
Derivative financial instruments in designated hedge
accounting relationships
2.0
2.0
\u2014
2.0
\u2014
Deferred consideration payable
2.0
2.0
\u2014
2.0
\u2014
Amortised cost
Fixed-rate borrowings
823.1
784.3
\u2014
784.3
\u2014
Floating-rate borrowings
336.5
336.5
\u2014
336.5
\u2014
Leases
115.1
n/a
n/a
n/a
n/a
Bank overdrafts
213.7
213.7
\u2014
213.7
\u2014
Trade & other payables excluding statutory liabilities &
contract liabilities
495.7
495.7
\u2014
495.7
\u2014
1,999.3
Assets and liabilities recognised at amortised cost
Following the settlement of private placement debt and the issue of further Sustainability-Linked Notes, the fair value of fixed-rate borrowings
has been reassessed as a level 1 fair value measurement rather than level 2 as the full balance is now calculated using quoted market prices.
All other financial assets and liabilities carried at cost require level 2 fair value measurement for disclosure purposes. The fair value of floating
rate borrowings approximates the carrying value due to the variable nature of the interest terms. The carrying amount of lease liabilities is
estimated by discounting future cash flows using the rate implicit in the lease or the Group\u2019s incremental borrowing rate. The fair value of cash
and short-term deposits, trade and other receivables and trade and other payables approximates their carrying amount due to the short-term
maturities of these instruments.
Assets and liabilities recognised at fair value
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit
ratings. The derivative financial instruments are valued using valuation techniques with market observable inputs including spot and forward
foreign exchange rates, interest rate curves, counterparty and own credit risk. The fair value of cross-currency swaps is calculated as the
present value of the estimated future cash flows based on spot and forward foreign exchange rates. The fair value of forward foreign currency
contracts is calculated as the present value of the estimated future cash flows based on spot and forward foreign exchange rates.
Hedging activities
The Group designates certain derivative financial instruments in either cash flow hedging, net investment hedging or fair value hedging
relationships in accordance with IFRS 9.
Cash Flow Hedge
Net Investment Hedge
Fair Value Hedge
Hedge relationship
Cash flow hedge of highly probable
forecast foreign currency purchases
and sales
Net investment hedge of foreign
operations
Fair value hedge of foreign currency
debt
Hedged risk
Transactional foreign exchange risk
Translational foreign exchange risk
Transactional foreign exchange risk
Hedging
instruments
Forward foreign currency contracts
Foreign currency debt
Forward foreign currency contracts
Forward foreign currency contracts
For each type of derivative financial instrument, the net carrying amount and maturity date ranges are set out in the table below.
Net carrying
amount
Year ended 31 December 2023
\u00a3m
Maturity dates
Forward foreign currency contracts designated as cash flow hedges
0.1
2024 to 2025
Forward foreign currency contracts designated as fair value hedges
(2.3)
2025
Other forward foreign currency contracts at fair value through profit or loss
1.4
2024
(0.8)
Net carrying
amount
Year ended 31 December 2022
\u00a3m
Maturity dates
Forward foreign currency contracts designated as cash flow hedges
(0.9)
2023 to 2024
Forward foreign currency contracts designated as net investment hedges
(0.1)
2023
Other forward foreign currency contracts at fair value through profit or loss
(3.3)
2023
(4.3)
For each type of derivative financial instrument, the amounts recognised for the year in profit or loss and equity are set out in the table below.
In the financial statements these amounts are offset by the retranslation of foreign currency denominated receivables and payables, the impact
of which is also set out in the table below.
Amounts recognised in
profit or loss
Amounts recognised in equity
Other gains
in operating
profit
Total
amounts
recognised in
profit or loss
Cost of
hedging
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
reserve
Year ended 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments measured at fair value
Designated in hedge accounting relationships
Forward foreign currency contracts designated as cash flow hedges
0.5
0.5
\u2014
(0.4)
\u2014
Forward foreign currency contracts designated as net investment
hedges
\u2014
\u2014
\u2014
\u2014
(2.7)
Forward foreign currency contracts designated as fair value hedges
0.1
0.1
(0.8)
\u2014
\u2014
Not designated in hedge accounting relationships
Other forward foreign currency contracts at fair value through profit or
loss
\u2014
\u2014
\u2014
\u2014
\u2014
Total gains (losses) on instruments
0.6
0.6
(0.8)
(0.4)
(2.7)
Amounts recognised in
profit or loss
Amounts recognised in equity
Other gains in
operating
profit
Total amounts
recognised in
profit or loss
Cost of
hedging
reserve
Cash flow
hedge reserve
Foreign
currency
translation
reserve
Year ended 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments measured at fair value
Designated in hedge accounting relationships
Forward foreign currency contracts designated as cash flow hedges
0.5
0.5
\u2014
\u2014
\u2014
Forward foreign currency contracts designated as net investment
hedges
\u2014
\u2014
\u2014
\u2014
(1.2)
Not designated in hedge accounting relationships
Other forward foreign currency contracts at fair value through profit or
loss
14.1
14.1
\u2014
\u2014
\u2014
Total gains (losses) on instruments
14.6
14.6
\u2014
\u2014
(1.2)
Hedge ineffectiveness
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to
ensure that an economic relationship exists between the hedged item and hedging instrument.
For hedges of foreign currency revenue and cost of sales, the Group enters into hedge relationships where the critical terms of the hedging
instrument match exactly with the terms of the hedged item. The Group therefore performs a qualitative assessment of effectiveness. If
changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the
hedging instrument, the Group uses the hypothetical derivative method to determine whether an economic relationship remains, and so assess
effectiveness. As all critical terms matched during the year, the economic relationships were 100% effective.
Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the
credit risk of the Group or the derivative counterparty.
The Group utilises borrowings that are measured at amortised cost and denominated in the currency of the hedged net assets, as hedging
instruments in net investment hedges. The Group does not hedge 100% of its net assets of foreign operations, therefore the hedged item is
identified as a proportion of the net assets of the foreign operations up to the notional amount of the foreign exchange forwards and principal
amount of the borrowings. The Group also utilises forward foreign currency contracts as hedging instruments in net investment hedges. As all
critical terms matched during the year, the economic relationships were 100% effective.
There was no ineffectiveness during 2023 or 2022 in relation to hedge relationships.
Effects of hedge accounting on financial position and performance
The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are as follows.
Cash flow hedging: foreign currency forwards
2023
2022
Carrying amount (\u00a3m)
0.1
(0.9)
Assets
0.6
1.0
Liabilities
(0.5)
(1.9)
Notional amounts (m)
USD
39.8
92.1
GBP
0.1
6.4
NZD
0.5
3.2
EUR
13.7
6.1
AUD
\u2014
2.0
Average exchange rates
EUR:AUD
1.66
1.54
USD:AUD
1.51
1.44
GBP:CAD
\u2014
1.61
USD:CAD
1.33
1.30
GBP:AUD
1.88
1.78
GBP:EUR
1.13
1.17
GBP:USD
1.22
1.24
NZD:AUD
0.92
0.92
USD:EUR
\u2014
0.95
Maturity dates
01/2024 -
03/2025
01/2023 -
07/2024
Hedge ratios1
1:1
1:1
Change in fair value of outstanding hedging instruments since 1 January (\u00a3m)
(0.4)
\u2014
Change in value of hedged item used to determine hedge effectiveness (\u00a3m)
0.4
\u2014
1. The foreign currency forwards are denominated in the same currency as the highly probable future transactions, therefore the hedge ratio is 1:1.
Net investment hedging: foreign currency forwards and borrowings
2023
2022
Carrying amount (\u00a3m)
(626.8)
(1,165.6)
Liabilities - derivatives
\u2014
(0.1)
Liabilities - borrowings
(626.8)
(1,165.5)
Notional amounts (m)
USD
800.0
1,422.5
Average exchange rates
GBP:USD
1.24
1.24
Maturity dates
05/2026
02/2023 -
04/2027
Hedge ratios1
1:1
1:1
Change in fair value of outstanding hedging instruments since 1 January (\u00a3m)
27.6
(124.9)
Change in value of hedged item used to determine hedge effectiveness (\u00a3m)
(27.6)
124.9
Fair value hedging: foreign currency forwards
2023
2022
Carrying amount (\u00a3m)
(2.3)
\u2014
Liabilities - derivatives
(2.3)
\u2014
Notional amounts (m)
USD
110.0
\u2014
Average exchange rates
GBP:USD
1.25
\u2014
Maturity dates
05/2025
\u2014
Hedge ratios1
1:1
\u2014
Change in fair value of outstanding hedging instruments since 1 January (\u00a3m)
(1.8)
\u2014
Change in value of hedged item used to determine hedge effectiveness (\u00a3m)
1.8
\u2014
1. The derivatives are denominated in the same currency as the foreign currency debt, therefore the hedge ratio is 1:1.
Financial risk management
Financial risk management of the Group is carried out by Group Treasury in conjunction with individual subsidiaries. The principal financial risks
to which the Group is exposed are market risk, liquidity risk and credit risk.
Market risk
The Group is exposed to foreign exchange risk and interest rate risk in the ordinary course of business.
Foreign exchange risk
The Group is exposed to both transactional and translational foreign exchange risk. Transactional risk arises when subsidiaries enter into
transactions denominated in currencies other than their functional currency for operational or financing purposes or when the Group\u2019s Treasury
function enters into transactions for financing or risk management purposes. Translational risk arises on the translation of overseas earnings
and investments into Sterling for consolidated reporting purposes. Foreign currency transactional and translational risk could result in volatility in
reported consolidated earnings and net assets.
In respect of transactional foreign currency risk, the Group maintains a policy that all operating units eliminate exposures on committed foreign
currency transactions, usually by entering into forward foreign currency contracts through the Group\u2019s Treasury function. Certain operating units
apply cash flow hedge accounting in accordance with IFRS 9. The Group does not engage in any speculative foreign exchange transactions.
The Group has material foreign investments in the US, Australia, Canada, Europe, South America and South Africa. In respect of translational
risk, the Group has a policy of partially hedging its net investment exposure to US Dollar (US$). This is achieved through designating an element
of US$ denominated borrowings and forward currency contracts as net investment hedges against the Group\u2019s investments. The Group does
not hedge the translational exposure arising from profit and loss items.
Sensitivity to foreign exchange rates
The Group considers the most significant transactional foreign exchange risk relates to the US Dollar, Australian Dollar, Euro and Canadian
Dollar. The following table shows the impact of movements in derivative valuation as a result of a weakening of these currencies. In\u00a0the
Consolidated Income Statement, these amounts are partially offset by the retranslation of foreign currency denominated receivables
and\u00a0payables. The table also shows the impact of movements in foreign currency debt designated in net investment hedges.
Increase in
currency rate
Effect on profit
gain (loss)
Effect on equity
gain (loss)
Transactional foreign exchange
\u00a3m
\u00a3m
2023
US Dollar
+25%
6.2
125.4
Australian Dollar
+25%
6.8
\u2014
Euro
+25%
(6.2)
\u2014
Canadian Dollar
+25%
(12.6)
\u2014
2022
US Dollar
+25%
22.3
235.3
Australian Dollar
+25%
8.4
\u2014
Chinese Yuan
+25%
(6.6)
\u2014
Canadian Dollar
+25%
(5.0)
\u2014
The Group is also exposed to translational foreign exchange risk as a result of its global operations and therefore the earnings of the Group will
fluctuate due to changes in foreign exchange rates in relation to Sterling. The Group\u2019s operating profit before adjusting items was denominated
in the following currencies.
2023
2022
\u00a3m
\u00a3m
US Dollar
165.6
192.8
Canadian Dollar
78.8
63.5
Australian Dollar
79.7
55.4
Chilean Peso
69.0
53.8
Euro
34.6
24.4
South African Rand
24.8
11.3
Brazilian Real
18.8
10.4
Chinese Yuan
11.0
10.3
Indian Rupee
6.8
7.1
UK Sterling
(34.4)
(34.9)
Other
4.1
0.7
Adjusted operating profit
458.8
394.8
Interest rate risk
The Group is exposed to interest rate risk on its outstanding borrowings. Changes in interest rates will affect future interest cash flows on
floating-rate debt and the fair value of fixed-rate borrowings.
The earnings of the Group are sensitive to changes in interest rates in respect of floating-rate borrowings. As at 31\u00a0December 2023, 10%
(2022: 29%) of the Group\u2019s borrowings were at floating interest rates. The interest rate profile of the Group\u2019s interest-bearing borrowings was
as\u00a0follows.
2023
2022
Floating-rate
Fixed-rate
Total
Floating-rate
Fixed-rate
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
\u2014
(626.8)
(626.8)
(338.9)
(826.6)
(1,165.5)
UK Sterling
(100.0)
(300.0)
(400.0)
\u2014
\u2014
\u2014
Sensitivity to interest rates
Based on borrowings at 31\u00a0December 2023, a 1% increase in interest rates would have a \u00a31.0m (2022: \u00a33.4m) impact on the profit before tax
and amortisation of the Group. This assumes that the change in interest rates is effective from the beginning of the period and that all other
variables are constant throughout the period.
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial liabilities as they fall due.
Liquidity risk is managed by monitoring forecast and actual cash flows and ensuring that sufficient committed facilities are in place to meet
possible downside scenarios. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of
fixed-rate loan notes, bank loans and bank overdrafts. Further details of the Group\u2019s borrowing facilities are disclosed in note 20.
The tables below show only the financial liabilities of the total Group by maturity. The amounts disclosed in the table are undiscounted cash
flows and may therefore not agree to the amounts disclosed in the Consolidated Balance Sheet.
The Group manages its liquidity to ensure that it always has sufficient funding to grow the business and is able to meet its obligations as they
fall due.
Year ended 31 December 2023
Less than 1
year
1 to 2 years
2 to 5 years
More than 5
years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency contracts - net outflow
(1.4)
2.4
\u2014
\u2014
1.0
Cash flows relating to derivative financial liabilities
(1.4)
2.4
\u2014
\u2014
1.0
Trade & other payables excluding statutory liabilities & deferred income
(469.3)
(0.6)
\u2014
\u2014
(469.9)
Leases
(33.4)
(26.1)
(45.1)
(34.2)
(138.8)
Bank overdrafts
(259.8)
\u2014
\u2014
\u2014
(259.8)
Bank loans
(5.8)
(5.8)
(113.4)
\u2014
(125.0)
Fixed-rate notes
(34.4)
(34.4)
(995.6)
\u2014
(1,064.4)
Cash flows relating to non-derivative financial liabilities
(802.7)
(66.9)
(1,154.1)
(34.2)
(2,057.9)
(804.1)
(64.5)
(1,154.1)
(34.2)
(2,056.9)
Year ended 31 December 2022
Less than 1
year
1 to 2 years
2 to 5 years
More than 5
years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency contracts - net outflow
(4.9)
0.1
\u2014
\u2014
(4.8)
Cash flows relating to derivative financial liabilities
(4.9)
0.1
\u2014
\u2014
(4.8)
Trade & other payables excluding statutory liabilities & deferred income
(501.4)
(1.0)
\u2014
\u2014
(502.4)
Leases
(31.8)
(24.6)
(44.1)
(36.0)
(136.5)
Bank overdrafts
(213.7)
\u2014
\u2014
\u2014
(213.7)
Bank loans
(16.8)
(16.8)
(378.7)
\u2014
(412.3)
Fixed-rate notes
(183.5)
(14.5)
(683.1)
\u2014
(881.1)
Cash flows relating to non-derivative financial liabilities
(947.2)
(56.9)
(1,105.9)
(36.0)
(2,146.0)
(952.1)
(56.8)
(1,105.9)
(36.0)
(2,150.8)
Credit risk
The Group is exposed to credit risk to the extent of non-payment by either its customers or the counterparties to its derivative financial instruments.
The Group\u2019s credit risk is primarily attributable to its trade receivables with risk spread over a large number of countries and customers, with no
significant concentration of risk. Where appropriate, the Group endeavours to minimise risk by the use of trade finance instruments such as
letters of credit and insurance. In addition, applicable credit worthiness checks are undertaken with external credit rating agencies before
entering into contracts with customers and credit limits are set as appropriate and enforced. As shown in note 18, the trade receivables
presented in the balance sheet are net of the expected credit loss allowance. Refer to note 18 for details of the loss allowance calculation.
In certain circumstances, operating entities are permitted to make use of invoice discounting facilities, primarily customer supply chain
financing arrangements, to reduce counterparty credit risk. The arrangements are assessed to ensure the entity has transferred substantially all
the risks and rewards of ownership of the receivables, allowing the derecognition of the receivables in their entirety. The cash when received is
recognised as a working capital movement and presented in cash generated from operations. The total amount of receivable invoices
discounted at the year end and therefore derecognised was \u00a333.0m (2022: \u00a344.7m) and this is reflected in the working capital cash flows
section of note 26. The fees incurred as part of the invoice discounting programme are as shown in note 7.
The Group\u2019s exposure to the credit risk of financial instruments is limited by the adherence to counterparty credit limits, and by only trading
with counterparties that have an investment grade credit rating or better at contract inception, based upon ratings provided by the major credit
rating agencies. Exposures to those counterparties are regularly reviewed and, when the market view of a counterparty\u2019s credit quality
changes, adjusted as considered appropriate.
The maximum exposure to credit risk is equal to the carrying value of the financial assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "value": "
31. Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains robust capital ratios in order to support its business and
maximise S hareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares. The Group\u2019s banking
arrangements include bi-annual financial covenants based on adjusted net debt to EBITDA (not greater than 3.5 ) and adjusted interest cover
(not\u00a0less than 3.5). The Group has complied with these covenants throughout the reporting period and monitors capital using the
following\u00a0indicators.
Net debt to EBITDA cover \u2013 covenant basis
Net debt to EBITDA comprises net debt divided by operating profits from total operations before exceptional and other adjusting items,
intangibles amortisation, depreciation and excluding the impact of IFRS 16 \u2018Leases\u2019.
For the purposes of the covenants required by the Group\u2019s lenders, net debt is to be converted at the exchange rate used in the preparation of
the Group\u2019s Consolidated Income Statement and Consolidated Cash Flow Statement, i.e. average rate. In addition, results of businesses
acquired in the financial year have to be included as if the acquisitions occurred at the start of the financial year, while the results of businesses
disposed of in the year are to be excluded. During the prior year, the Group acquired Carriere Industrial Supply Limited and the impact is
reflected below.
The Group considers the ratio of net debt to EBITDA on a covenant basis to be the key metric from a capital management perspective. The
Group seeks to maintain the ratio between 0.5 to 1.5 times, with up to 2.0 times for acquisitions.
2023
2022
Net debt at average exchange rates (\u00a3m)
573.9
663.0
Adjusted EBITDA from continued operations (note 3) (\u00a3m)
542.5
478.9
Adjustment for IFRS 16 (\u00a3m)
(35.8)
(34.6)
Adjustment for Carriere Industrial Supply acquisition (\u00a3m)
\u2014
0.7
Adjusted EBITDA \u2013 covenant basis (\u00a3m)
506.7
445.0
Net debt to adjusted EBITDA cover (ratio)
1.1
1.5
Interest cover \u2013 covenant basis
Interest cover comprises adjusted operating profit from total operations divided by adjusted net finance costs (excluding other finance costs)
and excluding the impact of IFRS 16 \u2018Leases\u2019.
2023
2022
Adjusted EBITA from continuing operations (note 3) (\u00a3m)
471.0
400.5
Adjustment to exclude the impact of IFRS 16 (\u00a3m)
(4.2)
(3.2)
Adjustment for Carriere Industrial Supply acquisition (\u00a3m)
\u2014
0.5
Operating profit \u2013 covenant basis (\u00a3m)
466.8
397.8
Adjusted net finance costs (excluding other finance costs) \u2013 covenant basis (\u00a3m)
44.0
42.0
Interest cover (ratio) \u2013 covenant basis
10.6
9.5
Gearing ratio
Gearing comprises net debt divided by total equity. Net debt comprises cash and short-term deposits and interest-bearing loans and borrowings
(note 26).
2023
2022
Net debt (\u00a3m)
690.1
797.2
Total equity (\u00a3m)
1,699.7
1,737.9
Gearing ratio (%)
40.6
45.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": "
33. Events after the balance sheet date
The Group reduced its Revolving Credit Facility from US$800m to US$600m in February 2024. There are no further post balance sheet events
requiring disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "value": "1 West Regent Street Glasgow G2 1RW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "0.208", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-503": { "value": "0.193", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-504": { "value": "0.208", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } } } }