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"value": "NOTES TO THE GROUP ACCOUNTS For the year ended 31 March 2023 148 RS Group plc Annual Report and Accounts for the year ended 31 March 2023 1 Basis of preparation RS Group plc (the Company) is a public limited company registered in England and Wales and listed on the London Stock Exchange. The Group accounts for the year ended 31 March 2023 are presented in sterling and rounded to \u00a30.1 million. They are prepared in accordance with UK-adopted international accounting standards (UK IAS) and the requirements of the Companies Act 2006. The Group accounts have been prepared on a going concern basis (see the going concern statement on page 47) under the historical cost convention, modified by the revaluation of retirement benefit obligations and certain financial assets and liabilities (including derivative financial instruments) as explained in the relevant notes. The principal accounting policies have been applied consistently unless otherwise stated. Basis of consolidation The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. Estimates and judgements The preparation of accounts in accordance with UK IAS requires the Group to make judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. Except for judgements involved in estimations, no judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the accounts. The judgements involved in estimations take account of the longer-term impacts of climate change and environmental regulations and the current global economic and geopolitical uncertainties. Significant estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next year. The significant estimates made in preparing the accounts were in relation to retirement benefit obligations and further details on the application of these estimates can be found in Note 9. While not significant estimates, the Group also focuses on estimates made in relation to inventories (Note 17), the fair values on acquisition of businesses (Note 28) and the review of intangibles and other assets for impairment (Notes 13 and 22). Further details are provided in the relevant notes. Actual results in the longer term may differ from these estimates. Foreign currency Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rate ruling at that date and the gains and losses on translation are recognised in operating profit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at the rate ruling at the date the fair value was determined. Translation of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated at exchange rates ruling at the balance sheet date. The income statement and cash flows of foreign operations are translated at the average rate for the period. Standards and interpretations adopted in the year No accounting standards, amendments or revisions to existing standards or interpretations have become effective which have a material impact on the reported results or financial position of the Group. Standards or interpretations issued but not yet applied The Group does not consider that any standards or interpretations issued but not yet applicable will have a significant impact on the accounts. 2 Segmental reporting The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 37 to 39. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. Year ended 31 March 2023 EMEA AmericasAsia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Revenue from external customers 1,768.5 945.5 268.3 2,982.3 Segmental operating profit 275.8 148.5 38.4 462.7 Central costs (60.5) Adjusted operating profit 402.2 Amortisation and impairment of acquired intangibles (16.6) Acquisition-related items (Note 3) (2.6) Operating profit 383.0 Net finance costs (12.2) Share of profit of joint venture 0.7 Profit before tax 371.5 Segmental capital expenditure 34.9 7.1 0.4 42.4 Central costs \u2013 Capital expenditure 42.4 Segmental depreciation and amortisation 34.7 11.9 3.2 49.8 Central costs 1.5 Amortisation of acquired intangibles 13.3 Depreciation and amortisation 64.6 Year ended 31 March 2022 EMEA Americas Asia Pacific Grou p \u00a3m \u00a3m \u00a3m \u00a3m Revenue from external customers 1,579.5 718.7 255.5 2,553. 7 Segmental operating profit 243.7 99.3 29.3 372. 3 Central costs (51. 9) Adjusted operating profit 320. 4 Amortisation of acquired intangibles (11. 6) Operating profit 308. 8 Net finance costs (7. 1) Share of profit of joint venture 0. 5 Profit before tax 302. 2 Segmental capital expenditure 36.6 8.8 0.1 45. 5 Central costs \u2013 Capital expenditure 45. 5 Segmental depreciation and amortisation 38.0 9.6 3.0 50. 6 Central costs 1. 5 Amortisation of acquired intangibles 11. 6 Depreciation and amortisation 63.7 2 Segmental reporting continued Disaggregation of revenue In the table below, revenue is disaggregated by sales channels and also by own-brand products or other product and service solutions. The Group\u2019s largest own-brand is RS PRO. With the growing focus on value-creating service solutions, a new differentiating economic characteristic is now whether it is a service solution or not and so this has been added to the table. \u00a32,901.2 million of revenue is recognised at a point in time (2021/22: \u00a32,483.9 million) and \u00a381.1 million over time (2021/22: \u00a369.8 million). Sales channel EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Web 893.8 304.3 121.2 1,319.3 eProcurement and other digital 417.3 100.5 39.6 557.4 Digital 1,311.1 404.8 160.8 1,876.7 Offline 457.4 540.7 107.5 1,105.6 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Web 781.7 241.8 121.8 1,145.3 eProcurement and other digital 344.6 69.8 33.9 448.3 Digital 1,126.3 311.6 155.7 1,593.6 Offline 453.2 407.1 99.8 960.1 Group 1,579.5 718.7 255.5 2,553.7 Own-brand / other products and service solutions EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Own-brand product and service solutions 360.2 7.1 37.2 404.5 Other product and service solutions 1,408.3 938.4 231.1 2,577.8 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Own-brand product and service solutions 300.2 4.8 34.0 339.0 Other product and service solutions 1,279.3 713.9 221.5 2,214.7 Group 1,579.5 718.7 255.5 2,553.7 Service solutions / other EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Service solutions 519.3 166.0 48.7 734.0 Other 1,249.2 779.5 219.6 2,248.3 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Service solutions 430.3 123.8 33.9 588.0 Other 1,149.2 594.9 221.6 1,965.7 Group 1,579.5 718.7 255.5 2,553.7 Revenue and non-current assets by geographical location In the table below, revenue is based on the location of the Group operation where the sales originated and non-current assets are based on the location of the assets. Non-current assets exclude interest rate swaps, other financial instruments, retirement benefit net assets and deferred tax assets. Revenue Non-current assets 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m UK (country of domicile) 713.2 646.7 216.8 232.9 US 852.8 672.7 394.3 378.5 France 323.1 285.5 11.6 9.1 Germany 208.2 190.5 61.3 59.5 Italy 128.6 116.9 4.3 5.0 Mexico 46.5 \u2013 231.5 \u2013 Rest of world 709.9 641.4 20.0 14.8 Group 2,982.3 2,553.7 939.8 699.8 3 Alternative Performance Measures (APMs) The Group uses a number of APMs in addition to those measures reported in accordance with UK IAS. Such APMs are not defined terms under UK IAS and are not intended to be a substitute for any UK IAS measure. The Directors believe that the APMs are important when assessing the underlying financial and operating performance of the Group. The APMs are used internally for performance analysis and in employee incentive arrangements, as well as in discussions with the investment analyst community. The APMs improve the comparability of information between reporting periods by adjusting for factors such as fluctuations in foreign exchange rates, number of trading days and items, such as reorganisation costs, that are substantial in scope and impact and do not form part of operational or management activities that the Directors would consider part of underlying performance. The Directors also believe that excluding recent acquisitions and acquisition-related items aid comparison of the underlying performance between reporting periods and between businesses with similar assets that were internally generated. Adjusted profit measures These are the equivalent UK IAS measures adjusted to exclude amortisation and impairment of intangible assets arising on acquisition of businesses, acquisition-related items, substantial reorganisation costs, substantial asset write-downs, one-off pension credits or costs, significant tax rate changes and, where relevant, associated tax effects. Adjusted profit before tax is a performance measure for the annual bonus and the all employee Long Term Incentive Plan (LTIP) called the RS YAY! Award. Adjusted earnings per share is a performance measure for the LTIP and Journey to Greatness (J2G) LTIP Award. Adjusted operating profit conversion, adjusted operating profit margin and adjusted earnings per share are financial key performance indicators (KPIs) which are used to measure the Group\u2019s progress in delivering the successful implementation of its strategy and monitor and drive its performance. Operating costs 1 Operating profit Operating profit margin 2 Operating profit conversion 3 Profit before tax Profit for the year Basic earnings per share Diluted earnings per share \u00a3m \u00a3m % % \u00a3m \u00a3m p p Year ended 31 March 2023 Reported (969.2) 383.0 12.8% 28.3% 371.5 284.8 60.4p 60.2p Amortisation and impairment of acquired intangibles 16.6 16.6 16.6 13.3 2.8p 2.8p Acquisition-related items 2.6 2.6 2.6 2.1 0.4p 0.4p Adjusted (950.0) 402.2 13.5% 29.7% 390.7 300.2 63.6p 63.4p Year ended 31 March 2022 Reported (819.1) 308.8 12.1% 27.4% 302.2 230.0 48.9p 48.6p Amortisation of acquired intangibles 11.6 11.6 11.6 11.5 2.4p 2.4p Adjusted (807.5) 320.4 12.5% 28.4% 313.8 241.5 51.3p 51.0p 1. Operating costs are distribution and marketing expenses plus administrative expenses. 2. Operating profit margin is operating profit expressed as a percentage of revenue. 3. Operating profit conversion is operating profit expressed as a percentage of gross profit. Acquisition-related items comprise transaction costs directly attributable to the acquisition of businesses and any deferred consideration payments relating to the retention of former owners of acquired businesses. 3 Alternative Performance Measures (APMs) continued Like-for-like revenue and profit measures Like-for-like revenue and profit measures are adjusted to exclude the effects of changes in exchange rates on translation of overseas profits. They exclude acquisitions in the relevant years until they have been owned for a year, at which point they start to be included in both the current and comparative years for the same number of months. These measures enable management and investors to track more easily, and consistently, the underlying performance of the business. The principal exchange rates applied in preparing the Group accounts and in calculating the following like-for-like measures are: 2023 2023 2022 2022 Average Closing Average Closing US dollar 1.206 1.239 1.366 1.313 Euro 1.158 1.137 1.176 1.183 Like-for-like revenue change Like-for-like revenue change is also adjusted to eliminate the impact of trading days year on year. It is calculated by comparing the revenue of the base business for the current year with the prior year converted at the current year\u2019s average exchange rates and pro-rated for the same number of trading days as the current year. It is a performance measure for the annual bonus and a financial KPI. \u00a3m Revenue for 2022 2,553.7 Effect of exchange rates 116.6 Effect of trading days (10.6) Revenue for 2022 at 2023 rates and trading days 2,659.7 2023 Group Less: acquisitions owned <1 year 2023 base business 2022 2022 at 2023 rates and trading days Like-for-like change \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % EMEA 1,768.5 \u2013 1,768.5 1,579.5 1,581.3 12% Americas 945.5 46.9 898.6 718.7 813.2 11% Asia Pacific 268.3 7.1 261.2 255.5 265.2 (2)% Revenue 2,982.3 54.0 2,928.3 2,553.7 2,659.7 10% Gross margin and like-for-like gross margin change Gross margin is gross profit divided by revenue. Like-for-like change in gross margin is calculated by taking the difference between gross margin for the base business for the current year and gross margin for the prior year with revenue and gross profit converted at the current year\u2019s average exchange rates. 2023 Group Less: acquisitions owned <1 year 2023 base business 2022 2022 at 2023 rates Like-for-lik e chang e \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Revenue 2,982.3 54.0 2,928.3 2,553.7 2,670.3 Gross profit 1,352.2 15.1 1,337.1 1,127.9 1,172.8 Gross margin 45.3% 28.0% 45.7% 44.2% 43.9% 1.8 pt s Like-for-like profit change Like-for-like change in profit is calculated by comparing the base business for the current year with th e prior year converted at the current year\u2019s average exchange rates. 2023 Group Less: acquisitions owned <1 year 2023 base business 2022 2022 at 2023 rates Like-for-lik e chang e \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Segmental operating profit EMEA 275.8 \u2013 275.8 243.7 246.8 12% Americas 148.5 3.3 145.2 99.3 113.3 28% Asia Pacific 38.4 0.6 37.8 29.3 30.9 22% Segmental operating profit 462.7 3.9 458.8 372.3 391.0 17% Central costs (60.5) \u2013 (60.5) (51.9) (52.5) 15% Adjusted operating profit 402.2 3.9 398.3 320.4 338.5 18% Adjusted profit before tax 390.7 3.5 387.2 313.8 331.2 17% Adjusted earnings per share 63.6p 0.4p 63.2p 51.3p 54.4p 16% Adjusted diluted earnings per share 63.4p 0.4p 63.0p 51.0p 3 Alternative Performance Measures (APMs) continued Adjusted free cash flow and adjusted operating cash flow conversion Adjusted free cash flow is net cash from operating activities less purchases of intangible assets, property, plant and equipment plus any proceeds on sale of intangible assets, property, plant and equipment, adjusted for the impact of substantial reorganisation and acquisition-related items cash flows and is a performance measure for the annual bonus. Adjusted operating cash flow is adjusted free cash flow before income tax and net interest paid. Adjusted operating cash flow conversion is adjusted operating cash flow expressed as a percentage of adjusted operating profit and is a financial KPI. 2023 2022 \u00a3m \u00a3m Net cash from operating activities 306.5 203.0 Purchase of intangible assets (27.5) (24.8) Purchase of property, plant and equipment (18.6) (17.7) Proceeds on sale of property, plant and equipment 0.1 \u2013 Add back: impact of substantial reorganisation cash flows 0.5 2.4 Add back: impact of acquisition-related items cash flows 2.6 \u2013 Adjusted free cash flow 263.6 162.9 Add back: income tax paid 93.9 57.1 Add back: net interest paid 12.6 7.0 Adjusted operating cash flow 370.1 227.0 Adjusted operating profit 402.2 320.4 Adjusted operating cash flow conversion 92.0% 70.8% Earnings before interest, tax, depreciation and amortisation (EBITDA) and net debt to adjusted EBITDA EBITDA is operating profit excluding depreciation and amortisation. Net debt to adjusted EBITDA (one of the Group\u2019s debt covenants) is the ratio of net debt to EBITDA excluding impairment of intangible assets arising on acquisition of businesses, acquisition-related items, substantial reorganisation costs, substantial asset write-downs and one-off pension credits or costs. 2023 2022 \u00a3m \u00a3m Operating profit 383.0 308.8 Add back: depreciation and amortisation 64.6 63.7 EBITDA 447.6 372.5 Add back: impairment of acquired intangibles 3.3 \u2013 Add back: acquisition-related items 2.6 \u2013 Adjusted EBITDA 453.5 372.5 Net debt (Note 21) 113.0 42.1 Net debt to adjusted EBITDA 0.2x 0.1x Earnings before interest, tax and amortisation (EBITA) and EBITA to interest EBITA is adjusted EBITDA after depreciation. EBITA to interest (one of the Group\u2019s debt covenants) is the ratio of EBITA to finance costs including capitalised interest less finance income. 2023 2022 \u00a3m \u00a3m Adjusted EBITDA 453.5 372.5 Less: depreciation (36.2) (33.5) EBITA 417.3 339.0 Finance costs 14.2 8.1 Less: finance income (2.0) (1.0) Add back: capitalised interest \u2013 0.5 Interest (per debt covenants) 12.2 7.6 EBITA to interest 34.2x 44.6x 3 Alternative Performance Measures (APMs) continued Return on capital employed (ROCE) ROCE is adjusted operating profit expressed as a percentage of monthly average net assets excluding net debt and retirement benefit obligations and is an underpin for the LTIP and J2G LTIP Award and a financial KPI. 2023 2022 \u00a3m \u00a3m Average net assets 1,258.0 982.8 Add back: average net debt 25.6 82.7 Add back: average retirement benefit net (assets) / obligations 24.1 49.3 Average capital employed 1,307.7 1,114.8 Adjusted operating profit 402.2 320.4 ROCE 30.8% 28.7% Working capital as a percentage of revenue Working capital is inventories, current trade and other receivables and current trade and other payables. 2023 2022 \u00a3m \u00a3m Inventories 616.3 529.5 Current trade and other receivables 692.0 594.3 Current trade and other payables (658.9) (584.1) Working capital 649.4 539.7 Revenue 2,982.3 2,553.7 Working capital as a percentage of revenue 21.8% 21.1% Inventory turn Inventory turn is cost of sales divided by inventories. 2023 2022 \u00a3m \u00a3m Cost of sales 1,630.1 1,425.8 Inventories 616.3 529.5 Inventory turn 2.6 2.7 Ratio of capital expenditure to depreciation Ratio of capital expenditure to depreciation is capital expenditure divided by depreciation and amortisation excluding amortisation of acquired intangibles and depreciation of right-of-use assets. 2023 2022 \u00a3m \u00a3m Depreciation and amortisation 64.6 63.7 Less: amortisation of acquired intangibles (13.3) (11.6) Less: depreciation of right-of-use assets (18.3) (17.7) Adjusted depreciation and amortisation 33.0 34.4 Capital expenditure 42.4 45.5 Ratio of capital expenditure to depreciation 1.3 times 1.3 times 4 Revenue recognition Revenue from the sale of goods is recognised in the income statement when control of the goods has transferred, which in most countries is contractually on delivery to the customer but in a few countries is contractually on collection from the Group\u2019s distribution centre by the delivery company. When the Group arranges the delivery of goods where control has transferred on collection, the customer is invoiced an amount to cover the cost of freight and this is included in revenue over time as the goods are shipped. Customers are invoiced on dispatch of the goods. Revenue is measured with reference to the amount invoiced to the customer, net of any immediate discounts applicable to the order. Obligations for retrospective customer volume discounts are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and applying that percentage to actual qualifying sales. When a customer has a right to return goods purchased, the Group estimates the obligation for the expected value of the refunds using recent experience. Obligations for both retrospective customer volume discounts and the expected value of refunds for returns are deducted from the revenue recognised when the goods are sold and included in other payables on the balance sheet and at 31 March 2023 were \u00a318.1 million (2021/22: \u00a315.0 million). Revenue from the fees charged to customers for the provision of outsourced services is recognised either over time based on time elapsed for monthly management charges or when the related products are delivered for other management charges. Invoices are raised monthly for monthly management charges or when the invoices for the related products are invoiced for other management charges, normally on a weekly or monthly basis. The Group acts as an agent in relation to the products sourced for its customers under these outsourcing arrangements and so does not recognise the value of these products in revenue or cost of sales. Revenue is measured with reference to the amount invoiced to the customer for management charges. Income earned from suppliers for access to the Group\u2019s online procurement portals is recognised either over time based on time elapsed for subscription fees or as their products are delivered to the Group\u2019s customers for licence fees. Invoices are raised monthly, quarterly or annually in advance for subscription fees depending on contractual terms. Credit notes for licence fee income are received from suppliers depending on contractual terms with the least frequent being annual. Revenue from the sale of calibration services is recognised when control of the services has transferred, which is upon delivery to the customer of the items which have been calibrated. Customers are invoiced on dispatch of the calibrated items. Revenue is measured with reference to the amount invoiced to the customer. All revenue is recognised net of sales taxes and all payment terms are based on commercially reasonable terms for the respective markets and no element of financing is deemed present. Remaining performance obligations (unsatisfied or partially unsatisfied) at the year end all relate to customer contracts that have an original expected duration of not more than one year or are invoiced based on time incurred. Therefore, as permitted under International Financial Reporting Standard (IFRS) 15 \u2018Revenue from Contracts with Customers\u2019, the transaction price allocated to these remaining performance obligations is not disclosed. 5 Cost of sales and operating profit Cost of sales comprises the cost of goods delivered to customers and the write-down of inventories to net realisable value. When a customer has a right to return goods, the Group estimates the expected value of the goods that are likely to be returned based on historical experience and the expected gross margin. It recognises an asset in other receivables for the right to recover these goods and deducts this from cost of sales when the goods are sold. The Group receives rebates from certain suppliers relating mainly to the volume of purchases made in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent that the inventories purchased from the supplier and eligible for rebates have been sold in the year. Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus reducing cost of sales in the income statement in the period in which the inventories are expensed. The Group recognises the rebate only where there is evidence of a binding arrangement with the supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether the supplier rebates relate to products already sold or remaining in inventories, based on inventory turns. When estimating the value of supplier rebates earned but not yet received, the Group makes assumptions about the likely volume of eligible purchases to be made over the remaining rebate period. As at 31 March 2023, the Group has \u00a34.2 million (2021/22: \u00a34.5 million) of supplier rebates recognised within trade and other receivables. 5 Cost of sales and operating profit continued Operating profit is stated after charging / (crediting): 2023 2022 \u00a3m \u00a3m Fees payable to the Company\u2019s Auditors for the audit of the Company and Group accounts 0.9 0.7 Fees payable to the Company\u2019s Auditors and their associates for other services: Audit of the Company\u2019s subsidiaries 2.0 1.3 Audit-related assurance services 0.1 0.1 Total fees payable to the Company\u2019s Auditors and their associates 3.0 2.1 Depreciation of property, plant and equipment 17.9 15.8 Amortisation of intangible assets included in: Distribution and marketing expenses 15.1 18.6 Administrative expenses 13.3 11.6 Amortisation of government grants (0.1) (0.1) Loss on foreign exchange 5.7 5.9 Net losses / (gains) on forward foreign exchange contracts classified as fair value through profit or loss 5.2 (1.0) Loss on disposal of intangible assets 4.4 2.1 Loss on disposal of property, plant and equipment \u2013 0.3 6 Finance income and costs Finance costs that are directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of that asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is calculated using the effective interest method and recognised in the income statement as incurred. Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier invoice financing options where this is commercially and administratively attractive. These options are used for some outsourced services customers, including where they give the Group access to the customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the receipt of payments. 2023 2022 \u00a3m \u00a3m Finance income Interest income on financial assets measured at amortised cost 1.8 0.4 Interest income on interest rate swaps 0.2 0.6 Finance income 2.0 1.0 Finance costs Interest expense on financial liabilities measured at amortised cost (9.5) (6.6) Interest expense on lease liabilities (1.1) (0.9) Interest expense on interest rate swaps (0.7) \u2013 Interest on uncertain income tax positions (0.2) (0.2) Invoice finance charges (2.7) (0.4) Finance costs (14.2) (8.1) 7 Employees Average number of employees 2023 2022 Management and administration 1,351 1,430 Distribution and marketing 6,467 5,953 7,818 7,383 Employment costs 2023 2022 \u00a3m \u00a3m Wages and salaries 385.9 317.3 Social security costs 50.7 40.3 Share-based payments \u2013 equity-settled (Note 8) 14.2 9.9 Share-based payments \u2013 cash-settled (Note 8) 1.3 3.7 Defined contribution retirement benefit costs (Note 9) 19.5 17.1 Defined benefit retirement benefit costs (Note 9) 3.5 4.3 475.1 392.6 Termination benefits 3.9 3.2 Total 479.0 395.8 Information on the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on pages 112 to 132. 8 Share-based payments The Group operates share-based payment schemes which are the LTIPs, the Deferred Share Bonus Plan (DSBP) and the Savings-Related Share Option Scheme (SAYE). Equity-settled share-based payments are measured at fair value at the grant date, calculated using an appropriate option pricing model. The fair value is expensed in the income statement with a corresponding increase in equity on a straight-line basis over the period that employees become unconditionally entitled to the awards. The income statement charge is adjusted to reflect expected and actual levels of vesting associated with non-market performance related criteria. Cash-settled share-based payments are measured at fair value at the balance sheet date, taking into account the estimated number of awards that will actually vest and the relative completion of the vesting period. This fair value is included in liabilities and changes in the value of these liabilities are recognised in the income statement. The EBT established to administer the schemes owns shares in the Company which are shown in equity. LTIPs \u2013 equity settled and cash settled The Group\u2019s active LTIPs are granted under the 2019 LTIP, the 2022 LTIP, the J2G LTIP Award and the RS YAY! Award. Under these LTIPs, awards are made to plan participants subject to service conditions and performance conditions. Some of the awards are equity settled and some are cash settled. At the vesting date the award will either vest, in full or in part, or expire depending on the outcome of the performance conditions. All awards have \u00a3nil exercise price and receive accrued dividends on settlement. Those awards made under the 2019 LTIP in 2019/20 (vested in June 2022), 2020/21 and 2021/22 are normally subject to a market performance condition based on total shareholder return (TSR) of the Group versus a defined comparator group (see the Directors\u2019 Remuneration Report for details) and a non-market performance condition based on cumulative growth in adjusted earnings per share (EPS) over the vesting period with a ROCE underpin. Awards under the 2022 LTIP are normally subject to a market performance condition based on TSR of the Group versus a defined comparator group (see the Directors\u2019 Remuneration Report for details) and a non-market performance condition based on the adjusted EPS compound annual growth rate (CAGR) over the vesting period with a ROCE underpin. Awards under the J2G LTIP Award to senior management are subject to non-market performance conditions based on the adjusted EPS CAGR over the vesting period and a scorecard of key performance indicators directly linked to The RS Way scorecard, with a ROCE underpin. 8 Share-based payments continued Awards under the RS YAY! Award to all other employees are subject to a non-market performance condition based on adjusted profit before tax CAGR over the vesting period. The fair values of equity-settled LTIP awards were calculated at the grant date using the assumptions below, with the fair value of those subject to market performance conditions calculated using a Monte Carlo model. 2023 2022 Grant date December 2022 July 2022 December 2021 June 2021 Market performance conditions Awards granted 77,792 777,686 35,159 568,179 Fair value at grant date 471p 626p 608p 586p Assumptions used: Share price 921p 979p 1,168p 1,017p Expected volatility 32.8% 32.4% 30.4% 31.5% Expected life 2 years 7 months 3 years 2 years 5 months 3 years Risk-free interest rate 3.36% 1.75% 0.51% 0.19% Other conditions Awards granted 243,911 4,009,281 54,117 568,179 Fair value at grant date 921p 979p 1,168p 1,017p Expected volatility was estimated based on the historical volatility of the Company\u2019s shares over the most recent period commensurate to the expected life of the award. The risk-free interest rate represents the yield, at the grant date, of UK government bonds with duration commensurate to the expected life of the award. The fair values of cash-settled LTIP awards at 31 March 2023 were: Awards granted Fair value November 2020 \u2013 Other conditions 1,147 914p November 2020 \u2013 Market performance conditions 1,147 \u2013p June 2021 \u2013 Other conditions 4,393 914p June 2021 \u2013 Market performance conditions 4,393 \u2013p July 2022 \u2013 Other conditions 12,000 \u2013p December 2022 \u2013 Other conditions 1,300 \u2013p The movements in the LTIP awards (equity and cash settled) were: 2023 2022 Number of awards Number of awards Outstanding at 1 April 3,940,677 3,888,385 Forfeited during the year (1,293,879)(116,794) Expired during the year (789,203)(463,084) Exercised during the year (676,822)(602,250) Granted during the year 5,121,970 1,234,420 Outstanding at 31 March 6,302,743 3,940,677 DSBP \u2013 equity settled Under the DSBP, one-third of the total bonus earned by plan participants is awarded as shares and vests after two years, normally subject to the continued employment of the participant within the Group. There are no other performance conditions. The participants receive accrued dividends on vesting. Deferred share awards relating to the bonus for the year ended 31 March 2023 are expected to be awarded in June 2023. The fair value of the shares awarded during the year was 1,005p (2021/22: 1,011p) per share award which was the share price at the date of award. The movements in the DSBP awards were: 2023 2022 Number of awards Number of awards Outstanding at 1 April 259,570 247,103 Forfeited during the year (17,766) \u2013 Exercised during the year (189,422) (110,595) Granted during the year 171,803 123,062 Outstanding at 31 March 224,185 259,570 8 Share-based payments continued
SAYE \u2013 equity settled and cash settled
The SAYE scheme is available to the majority of employees of the Group employed at the time that the
invitation period commences. The UK element is equity settled and the overseas element is cash settled.
The option price is based on the average market price of the Company\u2019s shares over the three days
prior to the offer, discounted by 20%. The option exercise conditions are the employee\u2019s continued
employment for a three-year period and the maintenance of employee\u2019s regular monthly savings. Failure
of either of these conditions is normally deemed a forfeiture of the option. Employees may subscribe to
the three-year or five-year savings period. Under the UK element, at the end of the savings period, the
employee has six months to either exercise their options to purchase the shares at the agreed price or
withdraw their savings with accrued interest. Under the overseas element, at the end of the savings
period, the employee has six months to either exercise their options to receive cash equal to the
difference between the market price and the option price or withdraw their savings with accrued interest.
There are no market conditions attached to the vesting of the options.
The fair value of equity-settled SAYE options was calculated at the grant date using a Black-Scholes model,
with the assumptions below.
Expected volatility was estimated based on the historical volatility of the Company\u2019s shares over the
most recent three-year or five-year period as appropriate. Expected dividend yield was the annual
dividend yield as at the grant date. The risk-free interest rate was the yield, at the grant date,
of three-year or five-year (as applicable) UK government bonds.
The fair values of cash-settled SAYE options at 31 March 2023 are shown below and were calculated
using a Black-Scholes model, using a share price of 914p, expected dividend yield of 1.86% and
additional assumptions below.
Options
Exercise
Expected
remaining
interest
Expected volatility is estimated based on the historical volatility of the Company\u2019s shares over the
most recent period commensurate to the expected remaining life of the option. Expected dividend
yield is the annual dividend yield as at the year end. The risk-free interest rate is the yield, at the year
end, of UK government bonds with duration commensurate to the expected remaining life of the option.
The movements in and weighted average exercise price of the SAYE options (equity and
cash settled) were:
average
exercise
Number of
average
exercise
Number of
Forfeited during the year
Exercised during the year
22 Financial risk management continued
Trade receivables are written off when there is no reasonable expectation of recovery, for example when
a customer enters liquidation or the Group agrees with the customer to write off an outstanding invoice.
The Group continues to limit its exposure by maintaining tight credit policies, including short payment
terms and low credit limits for new customers and seeking payment commitments for overdue balances
before releasing new orders to existing customers. Historically, the Group has generally experienced very
low levels of trade receivables not being recovered, including those significantly past due, and this was
also the case during 2022/23. However, with the continued global economic and geopolitical
uncertainties, the Group remains cautious about its exposure and so has reviewed carefully, and
maintained at a higher level, its expected loss rates for those markets and industries that are
most affected.
At 31 March 2023, the largest trade receivable balance was \u00a312.0 million (2021/22: \u00a38.7 million), of which
\u00a310.1 million has been received since the year end. The maximum exposure with a single bank for
deposits was \u00a326.0 million (2021/22: \u00a351.3 million) and the largest mark to market exposure for derivative
financial instruments to a single bank was \u00a30.7 million (2021/22: \u00a30.1 million). The Group also occasionally
uses money market funds to invest surplus cash thereby diversifying credit risk and at 31 March 2023 its
exposure to these funds was \u00a3nil (2021/22: \u00a3nil).
Liquidity risk
The Group\u2019s key priority is to ensure that it can meet its liabilities as they fall due. The Group ensures
this by having sufficient committed debt facilities in place to meet its anticipated funding
requirements. The Group\u2019s forecast funding requirements and its committed debt facilities are
reported to and monitored by the Treasury Committee monthly.
During the year, the Group refinanced its \u00a3300.0 million sustainability-linked loan facility to a five-year
\u00a3400.0 million sustainability-linked loan facility on broadly unchanged rates. Therefore, as at
31 March 2023, the Group had the following committed debt finance in place:
\u2013 Private placement loan notes of \u20ac18 million with a maturity of October 2026, US$80 million with a
maturity of December 2026, \u20ac13 million with a maturity of October 2029, US$35 million with a
maturity of March 2030 and US$50 million with a maturity of October 2031.
\u2013 A \u00a3400.0 million sustainability-linked loan facility, with a lender option accordion of up to a further
\u00a3100.0 million, which has a maturity of October 2027 with an option for the Group to extend for up
to two further one-year terms subject to individual lender approval. It is linked to the Group\u2019s most
material ESG actions of the reduction of direct Scope 1 and 2 CO
2
e emissions, packaging intensity
and percentage of management that are women. Meeting these annual ESG actions means a margin
benefit of up to 2.5 basis points, while missing these ESG actions would mean paying a margin
premium of up to 2.5 basis points. Amounts borrowed under this facility are borrowed for fixed
amounts of time after which they can be repaid or rolled up to a maximum of the facility maturity.
As at 31 March 2023, the Group had \u00a3375.8 million (2021/22: \u00a3300.0 million) of available undrawn
committed debt facilities in respect of which all conditions precedent had been met.
The Group also uses bank overdrafts, uncommitted short-term money market loans, cash and
short-term investments. The main purpose of these financial instruments is to manage the Group\u2019s
day-to-day funding and liquidity requirements.
22 Financial risk management continued The contractual maturities of financial liabilities, including contractual future interest payments were: Carrying amounts Contractual cash flowsWithin 1 year 1-2 years 2-3 years 3-4 yearsAfter 4 years \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts 86.1 87.0 87.0 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts (87.8) (87.8) (87.8) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.7) (0.8) (0.8) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Sustainability-linked loan (24.2) (24.3) (24.3) \u2013 \u2013 \u2013 \u2013 Private placement loan notes (160.4) (191.3) (5.0) (5.0) (5.0) (85.4) (90.9 ) Lease liabilities (48.9) (57.4) (16.1) (11.7) (8.7) (6.6) (14.3 ) Bank overdrafts (139.8) (139.8) (139.8) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (533.0) (533.0) (532.3) (0.7) \u2013 \u2013 \u2013 At 31 March 2023 (908.0) (946.6) (718.3) (17.4) (13.7) (92.0) (105.2 ) Carrying amounts Contractual cash flowsWithin 1 year 1-2 years 2-3 years 3-4 yearsAfter 4 years \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts 133.9 133.6 133.6 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts (137.1) (137.1) (137.1) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (3.2) (3.5) (3.5) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Private placement loan notes (151.7) (185.6) (4.7) (4.7) (4.7) (4.7) (166.8 ) Lease liabilities (48.7) (50.7) (17.7) (11.4) (7.3) (5.7) (8.6) Bank overdrafts (99.5) (99.5) (99.5) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (500.2) (500.2) (500.2) \u2013 \u2013 \u2013 \u2013 At 31 March 2022 (803.3) (839.5) (625.6) (16.1) (12.0) (10.4) (175.4 ) 22 Financial risk management continued Market risk \u2013 foreign currency transaction risk The Group is exposed to foreign currency transaction risk as it has operating companies with payables and receivables in currencies other than their functional currency. The Group also has foreign currency translation risk resulting from investment in foreign subsidiaries and foreign currency debt which is mainly in US dollars with some euros. Hedging of currency exposures during periods when operating companies cannot easily change their selling prices is implemented in order to shelter the forecast gross profit during those periods. In this way the impacts of currency fluctuations can be smoothed until selling prices can be changed in the light of movements in exchange rates. The hedges are enacted through forward foreign exchange contracts entered into by Group Treasury in appropriate currencies with fixed terms of between three and seven months based on trading projections provided by the operating companies. The Group\u2019s largest exposures relate to euros and US dollars. In addition, specific cash flows relating to material transactions in currencies other than the functional currency of the local business are hedged when the commitment is made. The Group classifies forward foreign exchange contracts as hedging instruments against forecast receivables / payables and designates the forward element of these contracts as cash flow hedges for accounting purposes on a 1:1 basis which means the fair value movement in the hedged item is equal and opposite to the fair value movement in the hedging instrument. The forecast cash flows are expected to occur evenly throughout the forecast period from the year end, which is between three and seven months, and will affect the income statement in the period in which they occur or the inventories are sold. The average forward prices of the outstanding forward foreign exchange contracts are \u20ac1.13:\u00a31 and US$1.21:\u00a31. Foreign currency transaction exposures, and the hedges in place to mitigate them, are monitored monthly by the Treasury Committee. The Group does not believe its foreign currency transaction risk has altered materially during the year. Ineffectiveness may arise if actual foreign currency transactions are lower than the trading projections. The Group has designated the US$165.0 million private placement loan notes (2021/22: US$3.6 million of those maturing in December 2026), with a carrying amount of \u00a3133.2 million (2021/22: \u00a32.8 million), as hedges of US$165.0 million (2021/22: US$3.6 million) of net investments in its US subsidiaries. These hedges are expected to remain highly effective as the change in the value of the net assets of the US subsidiaries hedged is always exactly offset by the related change in the fair value of the private placement loan notes. No other foreign currency translation exposures are explicitly hedged although local currency debt is used where economically and fiscally efficient in the financing of subsidiaries and this provides a degree of natural hedging. Guidelines are in place to manage the currency mix of the Group\u2019s net debt. The Group does not believe its foreign currency translation risk has altered materially during the year. The balance in the cumulative translation reserve relating to the US$165.0 million net investment hedge is a gain of \u00a33.7 million with a further loss of \u00a336.7 million relating to previous net investment hedging relationships. Borrowings are analysed by currency as: Unsecured bank overdrafts Sustainability- linked loan Unsecured private placement loan notes Total \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2023 Sterling (125.0) \u2013 \u2013 (125.0) US dollar (3.4) (24.2) (133.2) (160.8) Euro \u2013 \u2013 (27.2) (27.2) Canadian dollar (9.7) \u2013 \u2013 (9.7) Other (1.7) \u2013 \u2013 (1.7) Total borrowings (139.8) (24.2) (160.4) (324.4) At 31 March 2022 Sterling (78.8) \u2013 \u2013 (78.8) US dollar (3.0) \u2013 (125.5) (128.5) Euro (8.4) \u2013 (26.2) (34.6) Canadian dollar (8.3) \u2013 \u2013 (8.3 ) Other (1.0) \u2013 \u2013 (1.0 ) Total borrowings (99.5) \u2013 (151.7) (251.2) 22 Financial risk management continued
Market risk \u2013 interest rate risk
The Group has relatively high interest cover. The Group does not have any outstanding interest rate
swaps currently, as those that swapped certain of the US dollar private placement loan notes
from fixed to floating rates matured during the year (Note 21). The Group\u2019s policy dictates regular
monitoring of interest rate exposure with a view to taking suitable actions should exposure reach
certain levels. The Group does not believe its interest rate risk has materially altered during the year.
As at 31 March 2023 (and 31 March 2022), the Group had US$165 million and \u20ac31 million of private
placement loan notes at fixed interest rates (2021/22: US$85 million swapped into floating interest
rates). All other borrowings were at variable rates. At 31 March 2023, 49% (2021/22: 35%) of the
Group\u2019s gross borrowings excluding lease liabilities (total borrowings plus bank overdrafts) was at
fixed rates, with surplus cash deposited at variable rates.
Sensitivity analysis of exposure to interest rates and foreign exchange rates
The sensitivity analysis is based on the following:
\u2013 Change of one percentage point in market interest rates affecting all variable rate elements of
financial instruments.
\u2013 Change of 5% in euro and US dollar exchange rates affecting the fair value of derivative
financial instruments designated as hedging instruments and other financial assets and liabilities.
The transactional foreign exchange effect in equity due to net investment hedges included below
would be offset in full by the translation of the US and European subsidiaries.
income
statement
Impact on
equity
income
statement
Impact on
equity
One percentage point increase in interest rates
5% weakening of the US dollar
A corresponding decrease in interest rates or strengthening of exchange rates would result in an
equal and opposite effect to the amounts above.
Capital management
The Board\u2019s policy is to maintain a strong capital base always, with an appropriate debt to equity mix,
to ensure investor, creditor and market confidence and to support the future development of the
business. The Board monitors ROCE, which the Group defines as adjusted operating profit as a
percentage of monthly average net assets excluding net debt and retirement benefit obligations,
and the level of dividends to ordinary shareholders.
The Group seeks to raise debt from a variety of sources and with a variety of maturities. As at
31 March 2023, the Group had a \u00a3400 million sustainability-linked loan, with an accordion of up to a
further \u00a3100 million, which has a maturity of October 2027 with an option for the Group to extend for
up to two further one-year terms subject to individual lender approval; and private placement loan
notes of \u20ac18 million with a maturity of October 2026, US$80 million with a maturity of December 2026,
\u20ac13 million with a maturity of October 2029, US$35 million with a maturity of March 2030 and
US$50 million with a maturity of October 2031.
The Group\u2019s debt covenants are net debt to adjusted EBITDA to be less than 3.25 times and EBITA to
interest to be greater than 3 times. At the year end the Group comfortably met these covenants with
net debt to adjusted EBITDA of 0.2x (2021/22: 0.1x) and EBITA to interest of 34.2x (2021/22: 44.6x).
There were no significant changes in the Group\u2019s approach to capital management during the year.
23 Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Reorganisation provision Penalties and interest on uncertain income tax provision Dilapidation provision Total \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2022 3.4 1.6 0.4 5.4 Acquisitions (Note 28) \u2013 2.1 \u2013 2.1 Additions 0.4 0.2 \u2013 0.6 Utilised (1.5) \u2013 \u2013 (1.5) Released (0.3) \u2013 \u2013 (0.3) Translation differences 0.1 0.1 \u2013 0.2 At 31 March 2023 2.1 4.0 0.4 6.5 Analysed in the balance sheet as: 2023 2022 \u00a3m \u00a3m Current 1.8 2.6 Non-current 4.7 2.8 6.5 5.4 The reorganisation provision is expected to be fully spent by March 2027 and the dilapidation provision is expected to be fully utilised by March 2028. At 31 March 2023, there were no material contingent liabilities (2021/22: none). 24 Capital commitments As at 31 March 2023, the Group is contractually committed to, but has not provided for, future capital expenditure of \u00a33.5 million (2021/22: \u00a31.1 million) for property, plant and equipment and \u00a32.1 million (2021/22: \u00a35.5 million) for intangible assets. 25 Share capital and share premium Number of Share capital Share premium Total shares \u00a3m \u00a3m \u00a3m Issued and fully paid ordinary shares of 10p each: At 1 April 2021 469,943,362 47.0 228.5 275.5 Issues to settle employee share awards 1,078,660 0.1 2.9 3.0 At 31 March 2022 471,022,022 47.1 231.4 278.5 Issues to settle employee share awards 1,762,387 0.2 4.6 4.8 At 31 March 2023 472,784,409 47.3 236.0 283.3 The EBT buys shares on the open market and holds them in trust for employees participating in the Group\u2019s share-based payment schemes. At 31 March 2023, the EBT held 336,084 shares (2021/22: 315,768 shares) which had not yet vested unconditionally with employees. 26 Other reserves Hedging reserve Cumulative translation reserve Total \u00a3m \u00a3m \u00a3m At 1 April 2021 (1.4) 39.0 37.6 Foreign exchange translation differences \u2013 22.0 22.0 Fair value loss on net investment hedges \u2013 (0.1) (0.1) Cash flow hedging losses taken to equity (1.2) \u2013 (1.2) Cash flow hedging losses transferred to income statement 2.6 \u2013 2.6 Tax on other comprehensive income (Note 10) (0.3) \u2013 (0.3) Total comprehensive income 1.1 21.9 23.0 Cash flow hedging gains transferred to inventories (0.5) \u2013 (0.5) Tax on cash flow hedging gains transferred to inventories 0.1 \u2013 0.1 At 31 March 2022 (0.7) 60.9 60.2 Foreign exchange translation differences \u2013 43.0 43.0 Fair value gain on net investment hedges \u2013 5.4 5.4 Cash flow hedging gains taken to equity 3.9 \u2013 3.9 Tax on other comprehensive income (Note 10) (0.7) \u2013 (0.7) Total comprehensive income 3.2 48.4 51.6 Cash flow hedging gains transferred to inventories (3.7) \u2013 (3.7) Tax on cash flow hedging gains transferred to inventories 0.7 \u2013 0.7 At 31 March 2023 (0.5) 109.3 108.8 27 Related parties The Group\u2019s joint venture (Note 16) is a related party and during the year, the Group made sales of \u00a34.5 million (2021/22: \u00a33.3 million) to the joint venture, and a balance of \u00a32.8 million (2021/22: \u00a32.1 million) was outstanding at the year end. The Group\u2019s pension schemes are related parties and the Group\u2019s transactions with them are disclosed in Note 9. Transactions and balances between the Company and its subsidiaries have been eliminated on consolidation. The key management personnel of the Group are the Directors and the Senior Management Team, whose compensation was: 2023 2022 \u00a3m \u00a3m Short-term employee benefits 12.0 12.0 Post-employment benefits 0.2 0.2 Termination benefits 1.8 0.2 Share-based payments 8.1 5.9 22.1 18.3 28 Acquisitions On 30 June 2022 the Group acquired 100% of the issued share capital of domnick hunter-RL (Thailand) Co., Ltd. (DH), a leading distributor and service provider of major air compression, purification and filtration products in Thailand. DH accelerates development of the Group\u2019s service solutions offer in Asia Pacific. The goodwill is attributable to the synergies which are expected to arise from opportunities to cross-sell product and service solution ranges. As part of the transaction, immediately following the acquisition, the Group sold 51% of its shares in Electrocomponents Holdings (Thailand) Limited, an intermediate holding company of DH, for \u00a3nil (THB 1.5 million). This resulted in a 13.26% non-controlling interest in DH as the Group still controls Electrocomponents Holdings (Thailand) Limited and DH. DH is included in Asia Pacific. On 3 January 2023 the Group acquired 100% of the issued share capital of Risoul y Cia, S.A. de C.V. and its subsidiaries (Risoul), a leading distributor of industrial and automation product and service solutions in Mexico. Risoul expands the Group\u2019s geographic reach, extends targeted product adjacencies and accelerates development of the Group\u2019s offer in Mexico. The goodwill is attributable to the synergies which are expected to arise from combining Risoul\u2019s established presence in Mexico with the Group\u2019s range of complementary and ancillary products, including the Group\u2019s own-brand RS PRO. We will develop Risoul\u2019s digital presence by leveraging the Group\u2019s digital expertise. Risoul is included in Americas. The fair value of the net assets acquired, consideration paid and goodwill arising, plus transaction costs and contribution to the Group\u2019s results since acquisition were: DHRisoul Total \u00a3m \u00a3m \u00a3m Intangible assets \u2013 customer contracts and relationships and distribution agreements 1.9 105.9 107.8 Property, plant and equipment 1.1 1.8 2.9 Right-of-use assets 0.6 9.4 10.0 Inventories 2.6 27.1 29.7 Current trade and other receivables 3.3 36.4 39.7 Cash and cash equivalents \u2013 cash and short-term deposits 1.2 11.5 12.7 Current trade and other payables (8.3) (27.3)(35.6 ) Current lease liabilities (0.1) (0.9) (1.0 ) Non-current lease liabilities (0.3) (8.5) (8.8 ) Non-current other payables (0.8) \u2013 (0.8 ) Non-current other provisions (0.4) (1.7) (2.1 ) Current income tax liabilities (0.4) (2.5) (2.9 ) Deferred tax liabilities (0.4) (30.2)(30.6 ) Net assets acquired \u2013121.0 121.0 Indemnification assets (included in non-current other receivables) 0.7 4.0 4.7 Goodwill 3.4 108.4 111.8 Consideration paid \u2013 cash 3.6 233.6 237.2 Consideration refundable \u2013 accrued, due on agreement of completion accounts \u2013 (0.2) (0.2 ) Contingent consideration payable \u2013 accrued 0.5 \u2013 0.5 Acquisition-related costs charged to administrative expenses: In 2022/23 \u2013 2.6 2.6 In 2021/22 0.2 1.1 1.3 Revenue since acquisition 7.1 46.9 54.0 Profit after tax since acquisition \u2013 0.8 0.8 Trade and other receivables: Gross contractual amounts receivable 3.8 38.0 41.8 Estimate of amounts not expected to be collected 0.5 1.6 2.1 28 Acquisitions continued The contingent consideration payable on acquisition of DH is due 12 months after the completion date with a range of outcomes from \u00a3nil to \u00a30.5 million and is based on revenue growth. The indemnification assets relate to uncertain tax provisions for which the Group has contractual indemnifications from the sellers and have been measured on the same basis, with a range of outcomes from \u00a3nil to the amount recognised for each acquisition. The goodwill arising on all acquisitions completed during the year will not be deductible for tax purposes. The fair values of tax balances and other related assets / liabilities for Risoul are provisional while the Group continues to assess the liabilities acquired. If the acquisitions had occurred on 1 April 2022, the Group\u2019s revenue and profit for the year ended 31 March 2023 would have been \u00a33,118.1 million and \u00a3306.0 million respectively. 29 Related undertakings A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below. All subsidiaries are wholly owned except where indicated below and operate within their countries of incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company. Name and registered address of undertaking Country of incorporation Class of share held Provider of product and service solutions for designers, builders and maintainers of industrial equipment and operations RS Components Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary RS Components Handelsgesellschaft m.b.H* Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria Austria Share of equity RS Integrated Supply Belgium* Louizalaan 65/11, 1050 Elsene Belgium Ordinary RS Americas (Canada), Inc.* 1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1 Canada Common RS Integrated Supply Canada Corp.* 600-1741 Lower Waters Street, Halifax NS B3J 0J2, Canada Canada Common RS Group Limitada (DBA \u2013 RS Limitada)* Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile Chile Ordinary RS Components Limited* Suite 1601, Level 16, Tower 1, Kowloon Commerce Centre, 51 Kwai Cheong Road, Kwai Chung, Hong Kong China Ordinary RS Components (Shanghai) Company Limited* Unit 501, Floor 5, Building C, The New Bund World Trade Center Phase II, No.3, Lane 227, Dong Yu Road, Pudong Shanghai, China China Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components A/S* Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark Denmark Ordinary Risoul Dominicana S.R.L* Autopista Duarte KM 17, Calle Los Almejos, Palma Enana No 13, Nave 1, Villa Linda, Palmarejito, Santo Domingo Oeste, Dominican Republic Dominican Republic Ordinary RS Components SAS* Rue Norman King, 60000, Beauvais, France France Ordinary RS Integrated Supply France* Rue Norman King BF 453, F-60031 Beauvais Cedex, France France Ordinary RS Integrated Supply Deutschland GmbH* Bleibtreustr. 21, 10623, Berlin, Germany Germany Ordinary RS Components GmbH* Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary RS Integrated Supply Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g* 1062, 1-3. Tower A, 6th floor, Budapest Hungary Ordinary RS Components & Controls (India) Limited*\u2020 222 Okhla Industrial Estate, New Delhi, India India Ordinary RS Components S.r.l.* Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Integrated Supply Italy S.r.l.* Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Components KK* West Tower 12F, Yokohama Business Park, 134 Godocho, Hodogaya, Yokohama, Kanagawa, 240-0005, Japan Japan Ordinary RS Components Sdn. Bhd.* Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus, Johor Bahru, 80000, Johor, Malaysia Malaysia Ordinary Allied Electronics & Automation S. de R.L. de C.V.* Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105, Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500 Mexico Mexico Ordinary Risoul y Cia, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary Storeroom Solutions Mexico, S. de R.L. de C.V.* Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico Mexico Ordinary Liscombe B.V.* Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands Netherlands Ordinary RS Components B.V.* Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary 29 Related undertakings continued
Name and registered address of undertaking
RS Integrated Supply Netherlands B.V.*
Bingerweg 19, 2031 AZ Haarlem, Netherlands
RS Components Limited*
KPMG, 18 Viaduct Harbour Avenue, Auckland, 1010, New Zealand
RS Components AS*
10. etg., Fredrik Selmers vei 6, Oslo, 0663, Norway
RS Components Corporation*
21st Floor Multinational Bancorporation Centre, 6805 Ayala Avenue,
RS Components sp. z.o.o.*
Ul. Domaniewska 48, 02-672, Warszawa, Poland
RS Integrated Supply Poland Sp. z.o.o.*
Ul. Domaniewska 48, 02-672, Warszawa, Poland
Radionics Limited*
Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland
RS Integrated Supply Ireland Limited*
Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland
Synovos Ireland Limited*
70 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland
RS Components Pte Ltd*
112 Robinson Road, #05-01, 068902, Singapore
RS Integrated Supply Singapore Pte. Ltd.*
10 Ubi Crescent, #06-18 Ubi Techpark, 408564, Singapore
Synovos Singapore Pte. Ltd.*
1 Marina Boulevard, #28-00, One Marina Boulevard, 018989, Singapore
RS Integrated Supply Slovakia s.r.o.*
Lazaretsk\u00e1 8, Bratislava- mestsk\u00e1 \u010das\u0165 Star\u00e9 Mesto, 811 09, Slovakia
Amidata S.A.U.*
Avenida de Bruselas 6, Alcobendas, 28108, Madrid, Spain
Risoul Iberica SA*
08402 \u2013 Granollers, calle Girona, numero 85, Barcelona, Spain
RS Components AB*
Fabriksgatan 7, 3v, 412 50 Gotborg, Sweden
RS Integrated Supply Sweden AB*
Drottninggatan 96, 113 60, Stockholm, Sweden
Sweden
domnick hunter-RL (Thailand) Co., Ltd.* (86.74%)
No. 99/1-3, Naradhiwas Rajanagarindra Road, Chong Nonsi,
Name and registered address of undertaking
GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50,
Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand
IESA A & D Limited*
IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK
John Liscombe Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Needlers Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
UK Ordinary
RS Components Limited
Birchington Road, Weldon, Corby, Northamptonshire, NN17 9RS, UK
RS Integrated Supply UK Limited*
IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK
Two Radnor Corporate Center, Suite 400, Radnor,
of America
Two Radnor Corporate Center, Suite 400, Radnor,
of America
RS Americas, Inc*
7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States
RS Integrated Supply Puerto Rico LLC*
Two Radnor Corporate Center, Suite 400, Radnor,
of America
RS Integrated Supply US Inc.*
Two Radnor Corporate Center, Suite 400, Radnor,
of America
Holding, Financing and Management Companies
Electrocomponents Limited
Suite 1601, Level 16, Tower 1, Kowloon Commerce Centre,
51 Kwai Cheong Road, Kwai Chung, Hong Kong
RS Components Business Services (Foshan) Limited*
22nd Floor, Glory International Financial Center, No.25, Ronghe Road,
Guicheng, Nanhai District, Foshan, Guangdong, 528200, China
Electrocomponents France SARL*
Rue Norman King, 60000, Beauvais, France
The Group operates share-based payment schemes which are the LTIPs, the Deferred Share Bonus
Plan (DSBP) and the Savings-Related Share Option Scheme (SAYE).
Equity-settled share-based payments are measured at fair value at the grant date, calculated using
an appropriate option pricing model. The fair value is expensed in the income statement with a
corresponding increase in equity on a straight-line basis over the period that employees become
unconditionally entitled to the awards. The income statement charge is adjusted to reflect expected
and actual levels of vesting associated with non-market performance related criteria.
Cash-settled share-based payments are measured at fair value at the balance sheet date, taking into
account the estimated number of awards that will actually vest and the relative completion of the
vesting period. This fair value is included in liabilities and changes in the value of these liabilities are
recognised in the income statement.
The EBT established to administer the schemes owns shares in the Company which are shown
in equity.
For defined benefit schemes, the surplus or deficit recognised in the balance sheet is the difference between the fair value of the scheme assets and the present value of the obligations at the balance sheet date. The present value of the obligations is calculated by independent actuaries using the projected unit credit method. It is determined by discounting estimated future cash outflows using a discount rate reflecting yields on high-quality corporate bonds with terms approximating the terms of the related obligation. The operating profit charge comprises the current service cost, net interest cost, past service costs, administrative expenses, curtailment gains and losses and settlement gains and losses. The net interest cost is based on the discount rate at the beginning of the year, contributions paid in and the surplus or deficit during the year. Past service costs and curtailment gains and losses are recognised at the earlier of when the scheme amendment or curtailment occurs and when any related reorganisation costs or termination benefits are recognised. Settlement gains and losses are recognised when the settlement occurs. Remeasurements, representing returns on scheme assets excluding amounts included in interest and actuarial gains and losses arising from changes in demographic and financial assumptions and experience adjustments, are recognised in other comprehensive income. The Group\u2019s largest defined benefit pension scheme is in the UK, providing benefits based on final pensionable pay for eligible employees who joined on or before 1 April 2003. The scheme is administered by a corporate trustee and the funds are independent of the Group\u2019s finances. The Group also has defined benefit pension schemes in Germany and the Republic of Ireland, which are closed to both new members and accruals for future service, and defined benefit retirement indemnity schemes in France and Italy. For defined contribution schemes, the costs are charged to operating profit as they fall due.
The Group has defined contribution schemes in the UK, Australia, North America, Germany and the
Republic of Ireland. The Group contributes to government schemes in France, Italy, Scandinavia and
Asia and these are defined contribution schemes. The Group also makes payments to employees\u2019
personal pensions in the UK when their employing company does not provide defined benefit or
defined contribution schemes.
Current and deferred tax are recognised in the income statement, except when they relate to items recognised directly in equity when the related tax is also recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The Group recognises deferred tax assets and liabilities based on estimates of future taxable income and recoverability. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary differences can be utilised. No deferred tax liabilities are recognised on the initial recognition of goodwill. However, when goodwill arises in a jurisdiction where it is deductible in determining taxable profit, the amortisation for tax purposes of goodwill creates a taxable temporary difference and this resulting deferred tax liability is recognised. The Group recognises a current tax provision when the Group has a present obligation as a result of a past event, and it is considered probable that there will be a future outflow of funds. As an international business, the Group is exposed to the income tax laws of the large number of jurisdictions in which it operates. These laws are complex and subject to different interpretations by taxpayers and tax authorities. The assessment of uncertain tax positions is subjective. It is based on the Group\u2019s interpretation of country-specific tax law and its application and interaction, on previous experience and on management\u2019s professional judgement supported by external advisors where necessary. The Group estimates a provision for uncertain tax positions by making judgements about the position likely to be taken by each tax authority. Where it is considered probable that the tax authority will accept the tax treatment used, or expected to be used, in the income tax return, the accounts reflect the treatment in the return. Where it is not considered probable that the tax authority will accept the tax treatment, the tax amounts in the accounts reflect that uncertainty using either the most likely amount or the expected value amount depending on which method is expected to reflect the resolution of that uncertainty better. Provisions for uncertain tax positions are included within current tax liabilities. The Group\u2019s uncertain tax positions principally relate to cross-border transfer pricing. As at 31 March 2023, the total value of these tax provisions was \u00a310.6 million (2021/22: \u00a38.3 million). It is possible that the amounts paid will be different from the amounts provided but this is not expected to be material. Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the
Company by the weighted average number of shares in issue during the year excluding shares held by
the EBT.
Diluted earnings per share is calculated by adjusting the weighted average number of shares
to assume the conversion of all potentially dilutive ordinary shares. The share-based payment
schemes which result in the issue of shares at a value below the market price of the shares are
potentially dilutive.
Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but is reviewed annually for impairment. Acquisition-related costs are charged to the income statement as incurred. Intangible assets excluding goodwill are stated at cost, or fair value at the date of acquisition, less accumulated amortisation and any provisions for impairment. Residual value is reassessed annually. Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. Amortisation is calculated to write off the cost on a straight-line basis over the following useful lives (and the corresponding annual rates) from the date the assets are first available for use: software 2 \u2013 11 years (9% \u2013 50%); development expenditure 3 years (33%); brand 10 years (10%); customer contracts, relationships and distribution agreements 4 \u2013 15.5 years (6% \u2013 25%); and acquired research 3 years (33%). Goodwill is allocated at acquisition to the cash generating units (CGUs) that are expected to benefit from the synergies arising as a result of the acquisition, with \u00a3410.2 million (2021/22: \u00a3280.7 million) relating to the Americas CGU, \u00a349.7 million (2021/22: \u00a349.8 million) relating to the EMEA CGU and \u00a33.4 million (2021/22: \u00a3nil) relating to the Asia Pacific CGU. The Group reviews its intangible assets regularly to assess if there are any indications the assets may be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are subject to annual impairment reviews. An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the CGU to which the asset belongs. For the goodwill impairment reviews, the recoverable amount of the CGUs is based on value-in-use
calculations, which use cash flow projections based on the Group\u2019s annual targets and strategic plan
which cover the next five years. When the strategic plan was prepared it took into account expected
increases in costs of products and overheads including those related to climate change as well as
expected benefits from the introduction of the Group\u2019s more sustainable product range and ESG
solutions business. The strategic plan is also used as the basis for the viability statement. Judgements
made are for the main assumptions used in determining the revenue and gross margin growth rates.
These are determined using internal forecasts based upon historical growth rates and future
medium-term plans which consider and are consistent with relevant macroeconomic indicators.
The cash flows from the strategic plan are extrapolated using the relevant long-term growth rate for
the CGU and discounted at the Group\u2019s externally sourced pre-tax weighted average cost of capital
(including lease liabilities) adjusted for the estimated tax cash flows and risk applicable for the CGU to
estimate cash flow projections. These cash flow projections are adjusted to take account of the likely
future capital expenditure costs of meeting our climate change commitments consistent with the
Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the Task Force
on Climate-related Financial Disclosures (TCFD).
Property, plant and equipment are stated at cost less accumulated depreciation and any provisions
for impairment after taking account of any impact of the Group\u2019s strategy related to climate change.
The cost of self-constructed assets includes the cost of materials, direct labour and certain
direct overheads.
No depreciation has been charged on freehold land. Other assets are depreciated to residual value,
which is reassessed annually, on a straight-line basis over the following useful lives (and the
corresponding annual rates): freehold buildings and improvements to leasehold buildings
50 years (2%) (or the lease term if shorter); plant and machinery 5 \u2013 20 years (5% \u2013 20%); and
computer equipment 3 \u2013 5 years (20% \u2013 33%). This reassessment includes consideration of the
Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the TCFD.
The Group assesses at the inception of a contract whether the contract is, or contains, a lease. Where it conveys the right to control the use of an identified asset for a period of time in exchange for consideration, the contract is deemed to be, or to include, a lease. The Group leases various properties, plant and machinery, computer equipment and vehicles typically for periods between 2 and 20 years. Where a contract includes a vehicle lease, the Group has elected to account for the non-lease components as part of the lease. Extension and termination options are included in some leases. Where the Group determines, at the commencement date of each lease, that it is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease, the additional period is included within the lease term. Leases are recognised on the balance sheet at their commencement date as a liability representing the present value of the future lease payments not yet paid and a right-of-use asset reflecting the future benefit to the Group generated by using the underlying asset. The discount on the lease liability is calculated using the Group\u2019s incremental borrowing rate, as rates implicit in the Group\u2019s leases cannot be readily determined, and is charged to finance costs in the income statement as it unwinds. The Group\u2019s incremental borrowing rate is adjusted to take account of the country risk, lease term and start date for each lease. Fixed payments less any lease incentives receivable, in-substance fixed payments and variable payments based on an index or rate form part of the lease liability. Variable payments which are not based on an index or rate are expensed when the event that triggers the payment occurs. The right-of-use asset is stated at cost less accumulated depreciation and any provisions for impairment. Initially the cost of the right-of-use asset comprises the initial amount of the lease liability adjusted for any lease payments made at or before commencement of the lease less any lease incentives received, plus any direct costs incurred and an estimate of the cost to restore the underlying asset. The right-of-use asset is depreciated on a straight-line basis over the lease term (or useful life of the asset, if shorter), which is reassessed as the underlying facts and circumstances of the lease change. The Group has elected to not recognise the lease liability and right-of-use asset in respect of short-term leases and leases of low-value assets on the balance sheet. Short-term leases and leases of low-value assets are expensed in the income statement on a straight-line basis over the lease term. The lease liability is remeasured when there is a change in the future lease payments or if the Group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right-of-use asset. If the carrying value of the right-of-use asset is reduced to zero, any further reductions are recognised in the income statement. The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment
in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes
in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of
RS Components & Controls (India) Limited, its joint venture.
Inventories are valued at the lower of cost and net realisable value. Cost is calculated on a weighted average basis and for finished goods and goods for resale includes attributable overheads. The Group estimates the net realisable value of inventories in order to determine the value of any provision required. In this estimation judgements, including any impact of obsolescence including that related to regulatory changes due to amongst other things climate change, are made in relation to the number of years of sales there are in inventories of each product and the value recoverable from those inventories. The Group bases its estimates on recent historical experience and knowledge of the products on hand. The Group uses derivative financial instruments, principally forward foreign exchange contacts and occasionally currency swaps and interest rate swaps, to cover its exposure to foreign exchange and interest rate risks arising from operational and financing activities. In accordance with its treasury policies, the Group designates the majority of its derivative financial instruments as cash flow hedges, fair value hedges or net investment hedges. The Group does not hold or issue derivative financial instruments for trading purposes. Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow hedge or net investment hedge accounting are classified as measured at fair value through profit or loss and changes in their fair values are recognised in the income statement as they arise. Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories) the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group revokes designation of the hedge relationship as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Fair value hedge accounting The Group used derivative financial instruments, namely interest rate swaps, to hedge exposure to interest rate risks arising from financing activities. The fair value of the swaps was the market value of the swaps at the balance sheet date, taking into account prevailing interest rates. Changes in fair values of derivatives designated as fair value hedges and changes in fair value of the related hedged items were recognised directly in the income statement. These interest rate swaps matured during the year. Net investment hedge accounting
The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operatio n
that is determined to be an effective hedge is recognised in other comprehensive income. The
ineffective portion is recognised immediately in the income statement. Amounts taken to other
comprehensive income are reclassified from equity to the income statement when the foreign
operations are sold or liquidated.
Other financial instruments
All other financial instruments are initially recognised at fair value plus transaction costs. Initial fair
value is generally the transaction price. Subsequent measurement is as follows:
\u2013 Borrowings are measured at amortised cost unless they are designated as being fair value hedged,
in which case they are remeasured for the fair value changes in respect of the hedged risk with these
changes recognised in the income statement.
\u2013 All other financial assets, including current receivables, are measured at amortised cost less any
impairment allowances.
\u2013 All other financial liabilities, including current payables, are measured at amortised cost.
Net debt comprises cash and cash equivalents, borrowings, interest rate swaps and lease liabilities.
Cash and cash equivalents comprise cash in hand and in current accounts, overnight deposits and
short-term deposits net of overdrafts with qualifying financial institutions. Borrowings represent loans
from qualifying financial institutions.
The impairment allowance for trade receivables is measured at an amount equal to lifetime expected
credit losses. Trade receivables have been grouped based on shared credit risk characteristics and
the number of days from date of invoice. The expected loss rates are based on the payment profile
of sales over a 36-month period from 1 April 2019 and the corresponding historical credit losses
experienced within this period calculated as the trade receivables from this period that have not been
paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Provisions are recognised when the Group has a present obligation as a result of a past event and
a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent
liabilities are disclosed unless the transfer of economic benefits is remote.
",
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"fact-417": {
"value": "1 Basis of preparation RS Group plc (the Company) is a public limited company registered in England and Wales and listed on the London Stock Exchange. The Group accounts for the year ended 31 March 2023 are presented in sterling and rounded to \u00a30.1 million. They are prepared in accordance with UK-adopted international accounting standards (UK IAS) and the requirements of the Companies Act 2006. The Group accounts have been prepared on a going concern basis (see the going concern statement on page 47) under the historical cost convention, modified by the revaluation of retirement benefit obligations and certain financial assets and liabilities (including derivative financial instruments) as explained in the relevant notes. The principal accounting policies have been applied consistently unless otherwise stated. Basis of consolidation The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. Estimates and judgements The preparation of accounts in accordance with UK IAS requires the Group to make judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. Except for judgements involved in estimations, no judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the accounts. The judgements involved in estimations take account of the longer-term impacts of climate change and environmental regulations and the current global economic and geopolitical uncertainties. Significant estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next year. The significant estimates made in preparing the accounts were in relation to retirement benefit obligations and further details on the application of these estimates can be found in Note 9. While not significant estimates, the Group also focuses on estimates made in relation to inventories (Note 17), the fair values on acquisition of businesses (Note 28) and the review of intangibles and other assets for impairment (Notes 13 and 22). Further details are provided in the relevant notes. Actual results in the longer term may differ from these estimates. Foreign currency Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rate ruling at that date and the gains and losses on translation are recognised in operating profit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at the rate ruling at the date the fair value was determined. Translation of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated at exchange rates ruling at the balance sheet date. The income statement and cash flows of foreign operations are translated at the average rate for the period. Standards and interpretations adopted in the year No accounting standards, amendments or revisions to existing standards or interpretations have become effective which have a material impact on the reported results or financial position of the Group. Standards or interpretations issued but not yet applied The Group does not consider that any standards or interpretations issued but not yet applicable will have a significant impact on the accounts. ",
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"value": "They are prepared in accordance with UK-adopted international accounting standards (UK IAS) and the requirements of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "The Group accounts have been prepared on a going concern basis",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "Basis of consolidation The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "Estimates and judgements The preparation of accounts in accordance with UK IAS requires the Group to make judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. Except for judgements involved in estimations, no judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the accounts. The judgements involved in estimations take account of the longer-term impacts of climate change and environmental regulations and the current global economic and geopolitical uncertainties. Significant estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next year. The significant estimates made in preparing the accounts were in relation to retirement benefit obligations and further details on the application of these estimates can be found in Note 9. While not significant estimates, the Group also focuses on estimates made in relation to inventories (Note 17), the fair values on acquisition of businesses (Note 28) and the review of intangibles and other assets for impairment (Notes 13 and 22). Further details are provided in the relevant notes. Actual results in the longer term may differ from these estimates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "Foreign currency Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rate ruling at that date and the gains and losses on translation are recognised in operating profit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at the rate ruling at the date the fair value was determined. Translation of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated at exchange rates ruling at the balance sheet date. The income statement and cash flows of foreign operations are translated at the average rate for the period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-430": {
"value": "Standards and interpretations adopted in the year No accounting standards, amendments or revisions to existing standards or interpretations have become effective which have a material impact on the reported results or financial position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-431": {
"value": "Standards or interpretations issued but not yet applied The Group does not consider that any standards or interpretations issued but not yet applicable will have a significant impact on the accounts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-432": {
"value": "2 Segmental reporting The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 37 to 39. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. Year ended 31 March 2023 EMEA AmericasAsia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Revenue from external customers 1,768.5 945.5 268.3 2,982.3 Segmental operating profit 275.8 148.5 38.4 462.7 Central costs (60.5) Adjusted operating profit 402.2 Amortisation and impairment of acquired intangibles (16.6) Acquisition-related items (Note 3) (2.6) Operating profit 383.0 Net finance costs (12.2) Share of profit of joint venture 0.7 Profit before tax 371.5 Segmental capital expenditure 34.9 7.1 0.4 42.4 Central costs \u2013 Capital expenditure 42.4 Segmental depreciation and amortisation 34.7 11.9 3.2 49.8 Central costs 1.5 Amortisation of acquired intangibles 13.3 Depreciation and amortisation 64.6 Year ended 31 March 2022 EMEA Americas Asia Pacific Grou \u00a3m \u00a3m \u00a3m \u00a3m Revenue from external customers 1,579.5 718.7 255.5 2,553. Segmental operating profit 243.7 99.3 29.3 372. Central costs (51. Adjusted operating profit 320. Amortisation of acquired intangibles (11. Operating profit 308. Net finance costs (7. Share of profit of joint venture 0. Profit before tax 302. Segmental capital expenditure 36.6 8.8 0.1 45. Central costs Capital expenditure 45. Segmental depreciation and amortisation 38.0 9.6 3.0 50. Central costs 1. Amortisation of acquired intangibles 11. Depreciation and amortisation 63.2 Segmental reporting continued Disaggregation of revenue In the table below, revenue is disaggregated by sales channels and also by own-brand products or other product and service solutions. The Group\u2019s largest own-brand is RS PRO. With the growing focus on value-creating service solutions, a new differentiating economic characteristic is now whether it is a service solution or not and so this has been added to the table. \u00a32,901.2 million of revenue is recognised at a point in time (2021/22: \u00a32,483.9 million) and \u00a381.1 million over time (2021/22: \u00a369.8 million). Sales channel EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Web 893.8 304.3 121.2 1,319.3 eProcurement and other digital 417.3 100.5 39.6 557.4 Digital 1,311.1 404.8 160.8 1,876.7 Offline 457.4 540.7 107.5 1,105.6 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Web 781.7 241.8 121.8 1,145.3 eProcurement and other digital 344.6 69.8 33.9 448.3 Digital 1,126.3 311.6 155.7 1,593.6 Offline 453.2 407.1 99.8 960.1 Group 1,579.5 718.7 255.5 2,553.7 Own-brand / other products and service solutions EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Own-brand product and service solutions 360.2 7.1 37.2 404.5 Other product and service solutions 1,408.3 938.4 231.1 2,577.8 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Own-brand product and service solutions 300.2 4.8 34.0 339.0 Other product and service solutions 1,279.3 713.9 221.5 2,214.7 Group 1,579.5 718.7 255.5 2,553.7 Service solutions / other EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Service solutions 519.3 166.0 48.7 734.0 Other 1,249.2 779.5 219.6 2,248.3 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Service solutions 430.3 123.8 33.9 588.0 Other 1,149.2 594.9 221.6 1,965.7 Group 1,579.5 718.7 255.5 2,553.7 Revenue and non-current assets by geographical location In the table below, revenue is based on the location of the Group operation where the sales originated and non-current assets are based on the location of the assets. Non-current assets exclude interest rate swaps, other financial instruments, retirement benefit net assets and deferred tax assets. Revenue Non-current assets 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m UK (country of domicile) 713.2 646.7 216.8 232.9 US 852.8 672.7 394.3 378.5 France 323.1 285.5 11.6 9.1 Germany 208.2 190.5 61.3 59.5 Italy 128.6 116.9 4.3 5.0 Mexico 46.5 \u2013 231.5 \u2013 Rest of world 709.9 641.4 20.0 14.8 Group 2,982.3 2,553.7 939.8 699.8 ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 37 to 39. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "Disaggregation of revenue In the table below, revenue is disaggregated by sales channels and also by own-brand products or other product and service solutions. The Group\u2019s largest own-brand is RS PRO. With the growing focus on value-creating service solutions, a new differentiating economic characteristic is now whether it is a service solution or not and so this has been added to the table. \u00a32,901.2 million of revenue is recognised at a point in time (2021/22: \u00a32,483.9 million) and \u00a381.1 million over time (2021/22: \u00a369.8 million). Sales channel EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Web 893.8 304.3 121.2 1,319.3 eProcurement and other digital 417.3 100.5 39.6 557.4 Digital 1,311.1 404.8 160.8 1,876.7 Offline 457.4 540.7 107.5 1,105.6 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Web 781.7 241.8 121.8 1,145.3 eProcurement and other digital 344.6 69.8 33.9 448.3 Digital 1,126.3 311.6 155.7 1,593.6 Offline 453.2 407.1 99.8 960.1 Group 1,579.5 718.7 255.5 2,553.7 Own-brand / other products and service solutions EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Own-brand product and service solutions 360.2 7.1 37.2 404.5 Other product and service solutions 1,408.3 938.4 231.1 2,577.8 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Own-brand product and service solutions 300.2 4.8 34.0 339.0 Other product and service solutions 1,279.3 713.9 221.5 2,214.7 Group 1,579.5 718.7 255.5 2,553.7 Service solutions / other EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Service solutions 519.3 166.0 48.7 734.0 Other 1,249.2 779.5 219.6 2,248.3 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Service solutions 430.3 123.8 33.9 588.0 Other 1,149.2 594.9 221.6 1,965.7 Group 1,579.5 718.7 255.5 2,553.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "Disaggregation of revenue In the table below, revenue is disaggregated by sales channels and also by own-brand products or other product and service solutions. The Group\u2019s largest own-brand is RS PRO. With the growing focus on value-creating service solutions, a new differentiating economic characteristic is now whether it is a service solution or not and so this has been added to the table. \u00a32,901.2 million of revenue is recognised at a point in time (2021/22: \u00a32,483.9 million) and \u00a381.1 million over time (2021/22: \u00a369.8 million). Sales channel EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Web 893.8 304.3 121.2 1,319.3 eProcurement and other digital 417.3 100.5 39.6 557.4 Digital 1,311.1 404.8 160.8 1,876.7 Offline 457.4 540.7 107.5 1,105.6 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Web 781.7 241.8 121.8 1,145.3 eProcurement and other digital 344.6 69.8 33.9 448.3 Digital 1,126.3 311.6 155.7 1,593.6 Offline 453.2 407.1 99.8 960.1 Group 1,579.5 718.7 255.5 2,553.7 Own-brand / other products and service solutions EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Own-brand product and service solutions 360.2 7.1 37.2 404.5 Other product and service solutions 1,408.3 938.4 231.1 2,577.8 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Own-brand product and service solutions 300.2 4.8 34.0 339.0 Other product and service solutions 1,279.3 713.9 221.5 2,214.7 Group 1,579.5 718.7 255.5 2,553.7 Service solutions / other EMEA Americas Asia Pacific Group \u00a3m \u00a3m \u00a3m \u00a3m Year ended 31 March 2023 Service solutions 519.3 166.0 48.7 734.0 Other 1,249.2 779.5 219.6 2,248.3 Group 1,768.5 945.5 268.3 2,982.3 Year ended 31 March 2022 Service solutions 430.3 123.8 33.9 588.0 Other 1,149.2 594.9 221.6 1,965.7 Group 1,579.5 718.7 255.5 2,553.7 Revenue and non-current assets by geographical location In the table below, revenue is based on the location of the Group operation where the sales originated and non-current assets are based on the location of the assets. Non-current assets exclude interest rate swaps, other financial instruments, retirement benefit net assets and deferred tax assets. Revenue Non-current assets 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m UK (country of domicile) 713.2 646.7 216.8 232.9 US 852.8 672.7 394.3 378.5 France 323.1 285.5 11.6 9.1 Germany 208.2 190.5 61.3 59.5 Italy 128.6 116.9 4.3 5.0 Mexico 46.5 \u2013 231.5 \u2013 Rest of world 709.9 641.4 20.0 14.8 Group 2,982.3 2,553.7 939.8 699.8 4 Revenue recognition Revenue from the sale of goods is recognised in the income statement when control of the goods has transferred, which in most countries is contractually on delivery to the customer but in a few countries is contractually on collection from the Group\u2019s distribution centre by the delivery company. When the Group arranges the delivery of goods where control has transferred on collection, the customer is invoiced an amount to cover the cost of freight and this is included in revenue over time as the goods are shipped. Customers are invoiced on dispatch of the goods. Revenue is measured with reference to the amount invoiced to the customer, net of any immediate discounts applicable to the order. Obligations for retrospective customer volume discounts are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and applying that percentage to actual qualifying sales. When a customer has a right to return goods purchased, the Group estimates the obligation for the expected value of the refunds using recent experience. Obligations for both retrospective customer volume discounts and the expected value of refunds for returns are deducted from the revenue recognised when the goods are sold and included in other payables on the balance sheet and at 31 March 2023 were \u00a318.1 million (2021/22: \u00a315.0 million). Revenue from the fees charged to customers for the provision of outsourced services is recognised either over time based on time elapsed for monthly management charges or when the related products are delivered for other management charges. Invoices are raised monthly for monthly management charges or when the invoices for the related products are invoiced for other management charges, normally on a weekly or monthly basis. The Group acts as an agent in relation to the products sourced for its customers under these outsourcing arrangements and so does not recognise the value of these products in revenue or cost of sales. Revenue is measured with reference to the amount invoiced to the customer for management charges. Income earned from suppliers for access to the Group\u2019s online procurement portals is recognised either over time based on time elapsed for subscription fees or as their products are delivered to the Group\u2019s customers for licence fees. Invoices are raised monthly, quarterly or annually in advance for subscription fees depending on contractual terms. Credit notes for licence fee income are received from suppliers depending on contractual terms with the least frequent being annual. Revenue from the sale of calibration services is recognised when control of the services has transferred, which is upon delivery to the customer of the items which have been calibrated. Customers are invoiced on dispatch of the calibrated items. Revenue is measured with reference to the amount invoiced to the customer. All revenue is recognised net of sales taxes and all payment terms are based on commercially reasonable terms for the respective markets and no element of financing is deemed present. Remaining performance obligations (unsatisfied or partially unsatisfied) at the year end all relate to customer contracts that have an original expected duration of not more than one year or are invoiced based on time incurred. Therefore, as permitted under International Financial Reporting Standard (IFRS) 15 \u2018Revenue from Contracts with Customers\u2019, the transaction price allocated to these remaining performance obligations is not disclosed. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-436": {
"value": "3 Alternative Performance Measures (APMs)
The Group uses a number of APMs in addition to those measures reported in accordance with UK IAS. Such APMs are not defined terms under UK IAS and are not intended to be a substitute for any UK IAS
measure. The Directors believe that the APMs are important when assessing the underlying financial and operating performance of the Group. The APMs are used internally for performance analysis and in
employee incentive arrangements, as well as in discussions with the investment analyst community.
The APMs improve the comparability of information between reporting periods by adjusting for factors such as fluctuations in foreign exchange rates, number of trading days and items, such as reorganisation
costs, that are substantial in scope and impact and do not form part of operational or management activities that the Directors would consider part of underlying performance. The Directors also believe that
excluding recent acquisitions and acquisition-related items aid comparison of the underlying performance between reporting periods and between businesses with similar assets that were internally generated.
Adjusted profit measures
These are the equivalent UK IAS measures adjusted to exclude amortisation and impairment of intangible assets arising on acquisition of businesses, acquisition-related items, substantial reorganisation costs,
substantial asset write-downs, one-off pension credits or costs, significant tax rate changes and, where relevant, associated tax effects. Adjusted profit before tax is a performance measure for the annual
bonus and the all employee Long Term Incentive Plan (LTIP) called the RS YAY! Award. Adjusted earnings per share is a performance measure for the LTIP and Journey to Greatness (J2G) LTIP Award. Adjusted
operating profit conversion, adjusted operating profit margin and adjusted earnings per share are financial key performance indicators (KPIs) which are used to measure the Group\u2019s progress in delivering the
successful implementation of its strategy and monitor and drive its performance.
1
2
Operating profit
conversion
3
Diluted earnings
per share
Amortisation and impairment of acquired intangibles
Acquisition-related items
Amortisation of acquired intangibles
1. Operating costs are distribution and marketing expenses plus administrative expenses.
2. Operating profit margin is operating profit expressed as a percentage of revenue.
3. Operating profit conversion is operating profit expressed as a percentage of gross profit.
Acquisition-related items comprise transaction costs directly attributable to the acquisition of businesses and any deferred consideration payments relating to the retention of former owners of acquired businesses.
3 Alternative Performance Measures (APMs) continued Like-for-like revenue and profit measures Like-for-like revenue and profit measures are adjusted to exclude the effects of changes in exchange rates on translation of overseas profits. They exclude acquisitions in the relevant years until they have been owned for a year, at which point they start to be included in both the current and comparative years for the same number of months. These measures enable management and investors to track more easily, and consistently, the underlying performance of the business. The principal exchange rates applied in preparing the Group accounts and in calculating the following like-for-like measures are: 2023 2023 2022 2022 Average Closing Average Closing US dollar 1.206 1.239 1.366 1.313 Euro 1.158 1.137 1.176 1.183 Like-for-like revenue change Like-for-like revenue change is also adjusted to eliminate the impact of trading days year on year. It is calculated by comparing the revenue of the base business for the current year with the prior year converted at the current year\u2019s average exchange rates and pro-rated for the same number of trading days as the current year. It is a performance measure for the annual bonus and a financial KPI. \u00a3m Revenue for 2022 2,553.7 Effect of exchange rates 116.6 Effect of trading days (10.6) Revenue for 2022 at 2023 rates and trading days 2,659.7 2023 Group Less: acquisitions owned <1 year 2023 base business 2022 2022 at 2023 rates and trading days Like-for-like change \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % EMEA 1,768.5 \u2013 1,768.5 1,579.5 1,581.3 12% Americas 945.5 46.9 898.6 718.7 813.2 11% Asia Pacific 268.3 7.1 261.2 255.5 265.2 (2)% Revenue 2,982.3 54.0 2,928.3 2,553.7 2,659.7 10% Gross margin and like-for-like gross margin change Gross margin is gross profit divided by revenue. Like-for-like change in gross margin is calculated by taking the difference between gross margin for the base business for the current year and gross margin for the prior year with revenue and gross profit converted at the current year\u2019s average exchange rates. 2023 Group Less: acquisitions owned <1 year 2023 base business 2022 2022 at 2023 rates Like-for-lik chang \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Revenue 2,982.3 54.0 2,928.3 2,553.7 2,670.3 Gross profit 1,352.2 15.1 1,337.1 1,127.9 1,172.8 Gross margin 45.3% 28.0% 45.7% 44.2% 43.9% 1.8 pt Like-for-like profit change Like-for-like change in profit is calculated by comparing the base business for the current year with th prior year converted at the current year\u2019s average exchange rates. 2023 Group Less: acquisitions owned <1 year 2023 base business 2022 2022 at 2023 rates Like-for-lik chang \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Segmental operating profit EMEA 275.8 \u2013 275.8 243.7 246.8 12% Americas 148.5 3.3 145.2 99.3 113.3 28% Asia Pacific 38.4 0.6 37.8 29.3 30.9 22% Segmental operating profit 462.7 3.9 458.8 372.3 391.0 17% Central costs (60.5) \u2013 (60.5) (51.9) (52.5) 15% Adjusted operating profit 402.2 3.9 398.3 320.4 338.5 18% Adjusted profit before tax 390.7 3.5 387.2 313.8 331.2 17% Adjusted earnings per share 63.6p 0.4p 63.2p 51.3p 54.4p 16% Adjusted diluted earnings per share 63.4p 0.4p 63.0p 51.0p 3 Alternative Performance Measures (APMs) continued
Adjusted free cash flow and adjusted operating cash flow conversion
Adjusted free cash flow is net cash from operating activities less purchases of intangible assets,
property, plant and equipment plus any proceeds on sale of intangible assets, property, plant and
equipment, adjusted for the impact of substantial reorganisation and acquisition-related items cash
flows and is a performance measure for the annual bonus.
Adjusted operating cash flow is adjusted free cash flow before income tax and net interest paid.
Adjusted operating cash flow conversion is adjusted operating cash flow expressed as a percentage
of adjusted operating profit and is a financial KPI.
Net cash from operating activities
Purchase of intangible assets
Purchase of property, plant and equipment
Proceeds on sale of property, plant and equipment
Add back: impact of substantial reorganisation cash flows
Add back: impact of acquisition-related items cash flows
Add back: income tax paid
Add back: net interest paid
Adjusted operating cash flow
Adjusted operating profit
Adjusted operating cash flow conversion
Earnings before interest, tax, depreciation and amortisation (EBITDA) and net debt to
adjusted EBITDA
EBITDA is operating profit excluding depreciation and amortisation. Net debt to adjusted EBITDA
(one of the Group\u2019s debt covenants) is the ratio of net debt to EBITDA excluding impairment of
intangible assets arising on acquisition of businesses, acquisition-related items, substantial
reorganisation costs, substantial asset write-downs and one-off pension credits or costs.
Add back: depreciation and amortisation
Add back: impairment of acquired intangibles
Add back: acquisition-related items
Net debt to adjusted EBITDA
Earnings before interest, tax and amortisation (EBITA) and EBITA to interest
EBITA is adjusted EBITDA after depreciation. EBITA to interest (one of the Group\u2019s debt covenants) is
the ratio of EBITA to finance costs including capitalised interest less finance income.
Add back: capitalised interest
Interest (per debt covenants)
3 Alternative Performance Measures (APMs) continued
Return on capital employed (ROCE)
ROCE is adjusted operating profit expressed as a percentage of monthly average net assets excluding
net debt and retirement benefit obligations and is an underpin for the LTIP and J2G LTIP Award and a
financial KPI.
Add back: average net debt
Add back: average retirement benefit net (assets) / obligations
Adjusted operating profit
Working capital as a percentage of revenue
Working capital is inventories, current trade and other receivables and current trade and other
payables.
Current trade and other receivables
Current trade and other payables
Working capital as a percentage of revenue
Inventory turn
Inventory turn is cost of sales divided by inventories.
Ratio of capital expenditure to depreciation
Ratio of capital expenditure to depreciation is capital expenditure divided by depreciation and
amortisation excluding amortisation of acquired intangibles and depreciation of right-of-use assets.
Depreciation and amortisation
Less: amortisation of acquired intangibles
Less: depreciation of right-of-use assets
Adjusted depreciation and amortisation
Ratio of capital expenditure to depreciation
27 Related parties
The Group\u2019s joint venture (Note 16) is a related party and during the year, the Group
made sales of \u00a34.5 million (2021/22: \u00a33.3 million) to the joint venture, and a balance of
\u00a32.8 million (2021/22: \u00a32.1 million) was outstanding at the year end.
The Group\u2019s pension schemes are related parties and the Group\u2019s transactions with them are
disclosed in Note 9. Transactions and balances between the Company and its subsidiaries have been
eliminated on consolidation.
The key management personnel of the Group are the Directors and the Senior Management Team,
whose compensation was:
Short-term employee benefits
29 Related undertakings
A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below.
All subsidiaries are wholly owned except where indicated below and operate within their countries of
incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company.
Name and registered address of undertaking
Provider of product and service solutions for designers, builders
and maintainers of industrial equipment and operations
RS Components Pty Limited*
25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia
RS Components Handelsgesellschaft m.b.H*
Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria
RS Integrated Supply Belgium*
Louizalaan 65/11, 1050 Elsene
RS Americas (Canada), Inc.*
1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1
RS Integrated Supply Canada Corp.*
600-1741 Lower Waters Street, Halifax NS B3J 0J2, Canada
RS Group Limitada (DBA \u2013 RS Limitada)*
Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile
Suite 1601, Level 16, Tower 1, Kowloon Commerce Centre,
51 Kwai Cheong Road, Kwai Chung, Hong Kong
RS Components (Shanghai) Company Limited*
Unit 501, Floor 5, Building C, The New Bund World Trade Center Phase II,
No.3, Lane 227, Dong Yu Road, Pudong Shanghai, China
Name and registered address of undertaking
RS Components A/S*
Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark
Autopista Duarte KM 17, Calle Los Almejos, Palma Enana No 13, Nave 1,
Villa Linda, Palmarejito, Santo Domingo Oeste, Dominican Republic
Republic
RS Components SAS*
Rue Norman King, 60000, Beauvais, France
RS Integrated Supply France*
Rue Norman King BF 453, F-60031 Beauvais Cedex, France
RS Integrated Supply Deutschland GmbH*
Bleibtreustr. 21, 10623, Berlin, Germany
Germany Ordinary
RS Components GmbH*
Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany
RS Integrated Supply Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g*
1062, 1-3. Tower A, 6th floor, Budapest
RS Components & Controls (India) Limited*\u2020
222 Okhla Industrial Estate, New Delhi, India
RS Components S.r.l.*
Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy
RS Integrated Supply Italy S.r.l.*
Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy
West Tower 12F, Yokohama Business Park, 134 Godocho, Hodogaya,
Yokohama, Kanagawa, 240-0005, Japan
Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus, Johor Bahru, 80000,
Allied Electronics & Automation S. de R.L. de C.V.*
Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105,
Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500 Mexico
Risoul y Cia, S.A. de C.V.*
Avenida Sendero Divisorio 400, Residencia Casa Bella,
San Nicolas de los Garza, Nuevo Leon, 66428, Mexico
Storeroom Solutions Mexico, S. de R.L. de C.V.*
Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico
Liscombe B.V.*
Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands
RS Components B.V.*
Bingerweg 19, 2031 AZ Haarlem, Netherlands
29 Related undertakings continued
Name and registered address of undertaking
Bodenfeld Immobilien GmbH*
Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany
Electrocomponents Jersey Finance Unlimited*
44 Esplanade, St Helier, JE4 9WG Jersey
Synovos Netherlands C.V.*
Two Radnor Corporate Center, Suite 400, Radnor,
Electrocomponents Holdings (Thailand) Limited* (49.00%)
GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50,
Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand
Electrocomponents Newco (Thailand) Limited* (86.73%)
GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50,
Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand
Electrocomponents (Thailand) Limited* (73.99%)
GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50,
Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand
Electrocomponents Finance Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
UK Ordinary
Electrocomponents Overseas Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Electrocomponents US Finance Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
IESA A & D Holdings Limited*
IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK
IESA Holdings Limited*
IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK
Needlers Holdings Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
RS Components Holdings Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
RS Group International Holdings Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
RS Group Pension Trustees Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Electrocomponents, Inc*
7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States
Name and registered address of undertaking
Electrocomponents North America, Inc.*
7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States
Electrocomponents North America LLC*
7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States
Electrocomponents (US), Inc.*
7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States
Electrocomponents US LLC*
7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States
Synovos International, Inc.*
Two Radnor Corporate Center, Suite 400, Radnor,
of America
RS Components (Proprietary) Limited*
20 Indianapolis Street, Kyalami Business Park, Kyalami Midrand, Gauteng,
Risoul (Trinidad and Tobago) Limited*
Nunez & Co, Level 2, Invaders Bay Tower, Invaders Bay,
Off Audrey Jeffers Highway, Port of Spain, Trinidad and Tobago
Tobago
B & W (Hygiene Services) Company Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Electrocomponents Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Electro-Leasing Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Electro Lighting Group Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Electromail Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
IESA Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Monition Limited*
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
Radiospares Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
RS Components International Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
29 Related undertakings continued
Name and registered address of undertaking
RS Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
RS Supplies Limited
Fifth Floor, Two Pancras Square, London N1C 4AG, UK
\u2020 Note 16 provides details about the Company\u2019s interest in the joint venture.
RS Components Limited (UK), RS Components B.V. (Netherlands) and RS Components GmbH
(Germany) export to most countries where the Group does not have a trading company and operate
branch offices in South Africa, Belgium, Switzerland, the Philippines and China (Taiwan).
",
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"fact-533": {
"value": "30 Post balance sheet events On 27 April 2023 the Group announced that it had reached agreement to acquire Distrelec B.V. (Distrelec), a high-service, digital-led distributor of industrial and MRO products for a consideration of \u20ac365 million on a cash-free and debt-free basis. Completion is expected to be by the end of July 2023 as it is subject to regulatory clearances in Germany, Austria and Italy. The acquisition will be financed from the Group\u2019s existing resources and the addition of an approved new three-year acquisition term loan facility of \u20ac150 million. ",
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