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"fact-523": { "value": "
1. Accounting policies
Elementis plc is a public company limited by shares incorporated and domiciled in England and
is the parent company of the Group. The address of its registered office is The Bindery, 5th Floor,
51-53 Hatton Garden, London, EC1N 8HN. The Group financial statements have been prepared
and approved by the Directors in accordance with UK adopted international accounting standards.
The Company has elected to prepare its parent company financial statements in accordance with
FRS 101. These are presented on pages 186 to 191.
Basis of preparation
The financial statements have been prepared in accordance with UK adopted international
accounting standards in conformity with the requirements of the Companies Act 2006 and
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the UK. These financial
statements also comply with IFRS as issued by the International Accounting Standards
Board (\u201cIASB\u201d).
The financial statements have been prepared on the historical cost basis, except that derivative
financial instruments are stated at their fair value. The preparation of financial statements requires
the application of estimates and judgements that affect the reported amounts of assets and liabilities,
revenues and costs, and related disclosures at the balance sheet date.
The financial statements have been prepared on a going concern basis. The rationale for adopting
this basis is discussed in the Directors\u2019 report on page 132.
Reporting currency
As a consequence of the majority of the Group\u2019s sales and earnings originating in US dollars or
US dollar-linked currencies, the Group has chosen the US dollar as its presentational currency.
This aligns the Group\u2019s external reporting with the profile of the Group, as well as with internal
management reporting. The functional currency of the parent is pounds sterling.
Critical accounting judgements and key sources of estimation uncertainty
When applying the Group\u2019s accounting policies, management must make a number of key
judgements on the application of applicable accounting standards and estimates and assumptions
concerning the carrying amounts of assets and liabilities that are not readily apparent from other
sources. These estimates and judgements are based on factors considered to be relevant, including
historical experience, which may differ significantly from the actual outcome. The key assumptions
concerning the future and other key sources of estimation uncertainty that have a significant risk of
causing a material adjustment to the amounts recognised in the financial statements within the next
year are discussed below. The development of the estimates and disclosures related to each of these
matters has been discussed by the Audit Committee.
Critical accounting judgements
The following is the sole critical judgement, as opposed to those involving estimations, which are
dealt with separately below, that the Directors have made in the process of applying the Group\u2019s
accounting policies that has significant effect on the amounts for the year ended 31 December 2024
recognised in the financial statements. Where relevant and practicable, sensitivity analyses are
disclosed in the relevant notes to demonstrate the impact of changes in estimates or assumptions used.
Revenue recognition
Judgement is exercised over how to determine the timing of revenue recognition for orders where the
agreed terms are delivery to the destination point. The Group has compiled shipping days based on
the destination country which are used to inform the timing of revenue recognition. In compiling these
shipping days, management have used past experience and carrier standard shipping days to inform
their decision-making.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the
reporting period that may have a significant risk of causing a material misstatement to the carrying
amounts of assets and liabilities within the next financial year, are discussed below.
A. Environmental provisions
Provisions for environmental restoration are recognised where: the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be
required to settle the obligation; and the amount can be estimated reliably.
Environmental provisions are measured at the present value of the expenditures expected to be
required to settle the obligation using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the obligation. Due to the long time
horizons over which costs are anticipated, small changes in recurring annual cash outflows can have
a significant cumulative impact on the total provision required. At 31 December 2024, the carrying
value of environmental provisions was $43.2m. Further details of these provisions and a sensitivity
assessment are given in Note 15.
B. Valuation of a defined benefit pension obligation
The key estimates made in relation to defined benefit pensions relate to the discount rate used to
determine the present value of future benefit, the rate of inflation applied to plan assets, mortality
rates and rates of salary growth. At 31 December 2024 the UK scheme, the largest of the Group\u2019s
retirement plans, had a surplus of $23.0m, the US pension scheme had a surplus of $4.6m, while
the US post-retirement medical benefit (\u201cPRMB\u201d) scheme and other schemes were in a net deficit
position of $8.6m in aggregate. Further details of pensions and a sensitivity analysis, which has a
material impact on the defined benefit obligations, are given in Note 25.
C. Impairment testing of Talc Cash Generating Unit (\u201cCGU\u201d)
During the year, the Group performed assessments as to whether the intangible and tangible fixed
assets of the Talc CGU were impaired.
In the first half of 2024, the performance of the Talc business was adversely impacted by weak end
market demand and strike action in Finland. These factors, along with the preparation of a new
business plan for the Talc business, resulted in a reduction in the near term forecasted profitability.
At 30 June 2024, a recoverable amount, based on a value in use model, was determined using a
pre-tax discount rate of 10.8%. The value is use model is dependent on estimates of future cash
flows, long-term growth rates and the pre-tax discount rate to be applied to the future cash flows.
The carrying amount of the Talc business was higher than the recoverable amount, which gave rise
to an impairment of $66.1m, of which $25.0m was recorded against intangible assets and $41.1m
was recorded against property, plant and equipment. An increase in the pre-tax discount rate of
0.5% would result in an additional impairment charge of $13.9m.
In September 2024, the Risk Assessment Committee (\u201cRAC\u201d) of the European Chemicals Agency
(\u201cECHA\u201d) made a recommendation that talc be classified as STOT RE1 (specific target organ toxicity
\u2013 repeated exposure, category 1) and Carc 1B (carcinogenicity category 1B defined as presumed to
have carcinogenic potential for humans). A final decision by the European Commission has been
postponed and is now expected in the second half of 2026 with the implementation currently
expected in the third quarter of 2028, at the earliest. As a result, there is a high degree of uncertainty
with regards to the future demand and profitability profile of the Talc business. At 31 December 2024,
a recoverable amount, based on a fair value less cost of disposal model, was determined using inputs
based on market evidence (Level 2), using EBIT multiples as the basis for the valuation. The carrying
amount of the Talc business was higher than the recoverable amount, which gave rise to a further
impairment charge of $59.9m, of which $22.1m was recorded against intangible assets and $37.8m
was recorded against property, plant and equipment. A decrease in the EBIT multiples applied by
10% would result in an additional impairment charge of $13.5m.
Climate-related risks
The financial statements have been prepared with consideration of risks resulting from climate
change, our ambition to reach Net Zero by 2050, and in accordance with our Task Force for
Climate-related Financial Disclosures (\u201cTCFD\u201d) disclosures.
In conjunction with our Net Zero ambition and TCFD, a review has been performed in the following
areas that are deemed most at risk of being impacted by climate change:
A. Five-year forecasting model
To support the carrying value of assets, impairment of goodwill testing, going concern, and the
viability statement, management prepare a five-year forecasting model. The five-year forecasting
model includes actions already taken by management to work towards achieving the Group\u2019s
Net Zero ambition. Specifically, for the impairment of goodwill and the carrying value of the CGUs,
management considered the risks associated with: carbon pricing; customer, consumer and investor
demands; raw material supply/prices; access to renewable electricity; energy prices; water scarcity;
and extreme weather events. Based on that consideration, management have not made any
adjustments to the five-year forecasting model.
B. Useful economic lives of property, plant and equipment, right-of-use assets and intangible assets
Management have reviewed the useful economic life of the Group\u2019s non-current assets with respect
to the physical risk resulting from extreme weather events and our Net Zero ambition and have
concluded that the current economic useful lives are in line with all current and foreseeable plans.
C. Environmental provisions
Management have considered the Group\u2019s legal, regulatory and social obligations in determining the
estimate of costs associated with the closure and remediation of our sites. A provision has been
recognised where a reliable estimate of the costs required for mining closure is available (see Note 15).
Where a reliable estimate is not available, a contingent liability has been disclosed (see Note 30).
After detailed consideration of the aforementioned climate risks, management are comfortable that
no adjustments are required to the carrying value of non-current assets and liabilities for the year
ended 31 December 2024.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its
subsidiaries for the year.
Subsidiaries are all entities (including structured entities) over which the Group has control.
The Group controls an entity when the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
They are deconsolidated from the date on which that control ceases.
The Group applies the acquisition method to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities
incurred to the former owners of the acquiree, and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset or liability resulting from a contingent
consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date.
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised
amounts of the acquiree\u2019s identifiable net assets.
Acquisition costs are accounted for as an expense in the period incurred.
Intragroup balances and any unrealised gains and losses or income and expenses arising from
intragroup transactions, are eliminated in preparing the consolidated financial statements. Unrealised
losses are eliminated in the same way as unrealised gains, but only to the extent that there is no
evidence of impairment.
A full list of the Group\u2019s subsidiaries is shown in Note 6 of the parent company financial statements.
Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year.
Foreign currency
A. Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences
arising on translation are recognised in the income statement. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair value are translated at exchange rates ruling
at the dates the fair value was determined.
B. Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising
on consolidation, are translated at exchange rates ruling at the balance sheet date. The revenues and
expenses of foreign operations are translated at the average rates of exchange ruling for the relevant
period. Exchange differences arising since 1 January 2004 on translation are taken to the translation
reserve. They are recognised in the income statement upon disposal of the foreign operation. The
Group may hedge a portion of the translation of its overseas net assets through US dollar and euro
borrowings. From 1 January 2005, the Group has elected to apply net investment hedge accounting
for these transactions where possible. Where hedging is applied, the effective portion of the gain or
loss on an instrument used to hedge a net investment is recognised in equity. Any ineffective portion
of the hedge is recognised in the income statement.
Intangible assets
A. Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair
value of any previous equity interest in the acquiree over the fair value of the identifiable net assets
acquired. If the total of consideration transferred, non-controlling interest recognised and previously
held interest measured at fair value is less than the fair value of the net assets of the subsidiary
acquired, in the case of a bargain purchase, the difference is recognised directly in the
income statement.
B. Research and development
Expenditure on pure research is recognised in the income statement as an expense as incurred.
Under IAS 38, expenditure on development where research findings are applied to a plan or design
for the production of new or substantially improved products and processes is capitalised if the
product or process will give rise to future economic benefits and where the cost of the capitalised
asset can be measured reliably. Expenditure capitalised is stated as the cost of materials, direct
labour and an appropriate proportion of overheads less accumulated amortisation. The length of
development lifecycles, broad nature of much of the research undertaken and uncertainty until a late
stage as to the ultimate commercial viability of a potential product can mean that the measurement
criteria of IAS 38 regarding the probability of future economic benefits and the reliability of allocating
costs may not be met, in which case expenditure is expensed as incurred.
C. Customer relationships, brands and other intangible assets
Customer relationships, brands and other intangible assets are stated at cost or when arising
in a business combination, estimated fair value, less accumulated amortisation.
D. Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful
lives of intangible assets through the administrative expenses line item, unless such lives are
indefinite. Goodwill is systematically tested for impairment each year. Other intangible assets,
comprising customer lists, customer relationships, manufacturing processes and procedures,
trademarks, non-compete clauses and patents are amortised over their estimated useful lives,
which range from 4 to 23 years.
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the
period of the lease. Freehold buildings, plant and machinery, fixtures, fittings and equipment are
depreciated over their estimated useful lives on a straight-line basis. Depreciation methods, useful
lives and residual values are assessed at the reporting date. No depreciation is charged on assets
under construction until the asset is available for use.
Depreciation is charged on a straight-line basis over the estimated useful economic lives of the
assets as follows:
Buildings
10\u201350 years
Plant and machinery
2\u201320 years
Fixtures, fittings and equipment
2\u201320 years
Right-of-use assets
Shorter of the useful economic life of the asset and the lease term
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within it will flow to the
Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant
and equipment are recognised in the income statement as incurred.
Management regularly considers whether there are any indicators of impairment to carrying values of
property, plant and equipment. Impairment reviews are based on risk-adjusted discounted cash flow
projections. Significant judgement is applied to the assumptions underlying these projections, which
include estimated discount rates, growth rates, future selling prices and direct costs. Changes to
these assumptions could have a material impact on the financial position of the Group and on the
result for the year.
Impairment of non-current non-financial assets
The carrying amount of non-current assets other than deferred tax is compared with the asset\u2019s
recoverable amount at each balance sheet date where there is an indication of impairment.
For goodwill, assets that have an indefinite useful life and intangible assets that are not yet
available for use, the recoverable amount is estimated at each balance sheet date.
Annually the Group carries out impairment tests of its goodwill and other indefinite life intangible
assets, which requires an estimate to be made of the value in use of its CGUs. These value in use
calculations are dependent on estimates of future cash flows and long-term growth rates of the
CGUs. Further details of these estimates are given in Note 10.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its
recoverable amount. Impairment losses are recognised in the income statement. Impairment losses
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill
allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a
pro-rata basis. A CGU is the smallest identifiable group of assets that generates cash inflows that
are largely independent of the cash inflows from other assets or groups of assets.
The recoverable amount is the greater of their fair value less costs to sell and value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset(s). For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the
estimated selling price, less estimated costs of completion and selling expenses. Cost, which is
based on a weighted average, includes expenditure incurred in acquiring stock and bringing it to
its existing location and condition. In the case of manufactured inventories and work in progress,
cost includes an appropriate share of overheads attributable to manufacture, based on normal
operating capacity.
Trade and other receivables
Trade receivables and other receivables are due for payment within one year and are thus classified
as current. They are non-interest-bearing and are stated at their nominal amount, which is the original
invoiced amount, less allowance for expected future credit losses. Estimates of future expected credit
losses are informed by historical experience and management\u2019s expectations of future economic
factors; further information on expected credit loss impairment is given in the impairment of financial
assets accounting policy. Individual trade receivables are written off when management deem them
to be no longer collectable.
Impairment of financial assets \u2013 expected credit losses
The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses
a lifetime expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit
risk characteristics and the days past due. The expected loss rates are based on payment profiles
and the corresponding historical credit losses experienced. The historical loss rates are adjusted to
reflect current and forward-looking information in relation to macroeconomic factors that could affect
the ability of customers to settle receivables.
The Group usually considers a trade receivable in default when contractual payments are 120 days
past due. In certain cases, the Group may also consider a trade receivable to be in default when
internal or external information indicates that the Group is unlikely to receive the outstanding
contractual amounts in full before taking into account any credit enhancements held by the Group.
A trade receivable is written off when there is no reasonable expectation of recovering the
contractual cash flows.
Trade and other payables
Trade payables are non-interest-bearing borrowings and are initially measured at fair value and
subsequently carried at amortised cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of
three months or less. Bank overdrafts that are repayable on demand and form an integral part of the
Group\u2019s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Borrowings
Borrowings are initially measured at cost, which is equal to the fair value at inception, and are
subsequently measured at amortised cost using the effective interest rate method. Any difference
between the proceeds, after net of transaction costs, and the settlement or redemption of borrowings
is recognised over the terms of the borrowings using the effective interest rate method.
Pension and other post-retirement benefits
In respect of the Group\u2019s defined benefit schemes, the Group\u2019s net obligation in respect of defined
benefit pension plans is calculated by estimating the amount of future benefit that employees have
earned in return for their service in the current and prior periods, that benefit is discounted to
determine its present value, and the fair value of any plan assets is deducted. The liability discount
rate is the yield at the balance sheet date on AA credit-rated bonds that have maturity dates
approximating to the terms of the Group\u2019s obligations. Pension and post-retirement liabilities are
calculated by qualified actuaries using the projected unit credit method.
Following the introduction of the revised IAS 19, Employee Benefits\u2019 standard, the net interest on the
defined benefit liability consists of the interest cost on the defined benefit obligation and the interest
income on plan assets, both calculated by reference to the discount rate used to measure the
defined benefit obligation at the start of the period.
The Group recognises actuarial gains and losses in the period in which they occur through the
statement of comprehensive income. The Group also operates a small number of defined
contribution schemes and the contributions payable during the year are recognised as incurred.
Due to the size of the Group\u2019s pension scheme assets and liabilities, relatively small changes in the
assumptions can have a significant impact on the expense recorded in the income statement and
on the pension liability recorded in the balance sheet.
Leases
A lease liability is recognised when the Group obtains control of the right-of-use asset that is the
subject of the lease. The lease liability is subsequently measured using the effective interest method,
with interest charged to finance costs. Right-of-use assets are generally depreciated over the shorter
of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain
to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s
useful life.
At inception, the Group evaluates whether it is reasonably certain that any option to extend a
lease term will be exercised or likewise whether any option to terminate the lease will be exercised.
The Group continues to evaluate the likelihood of exercising such options throughout the initial lease
term. When the Group is committed to extending or terminating the lease, having considered the
alternative options available, and where appropriate lessor consent to the extension or termination
has been obtained, the Group will consider the option to be reasonably certain to be exercised.
When an option is reasonably certain to be exercised, the right-of-use asset and lease liabilities
recognised are adjusted to reflect the extended or curtailed lease term.
Leases, which at inception have a term of less than 12 months or relate to low-value assets, are not
recognised on the balance sheet. Payments made under such leases are recognised as an expense
in the income statement on a straight-line basis over the period of the lease.
Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive
obligation as a result of a past event, it is probable that an outflow of economic benefits will be
required to settle the obligation and a reliable estimate can be made. If the effect is material,
provisions are determined by discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
A provision for restructuring is recognised when the Group has approved a detailed and formal
restructuring plan and the restructuring has either commenced or has been announced publicly.
In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision
for site restoration in respect of contaminated land is recognised when the land is contaminated.
Provisions for environmental issues are judgemental by their nature, particularly when considering
the size and timing of remediation spending, and are more difficult to estimate when they relate to
sites no longer directly controlled by the Group.
Self-insurance provisions relate to personal injury and other claims from former employees or third
parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not
yet reported which together make up the full liability recognised as a provision. Insurance recoveries
are recognised as a separate reimbursement asset.
Derivative financial instruments
The Group uses derivative financial instruments, such as forward currency contracts, interest rate
swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and
commodity price risks, respectively. The Group does not hold or issue derivative financial instruments
for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are
accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging
instruments, changes in market conditions can result in the recognition of unrealised gains or losses
on hedging instruments in the income statement.
Derivative financial instruments are recognised initially at fair value and are shown within derivative
financial assets if they are in an asset position or within derivative financial liabilities if they are in a
liability position. The gain or loss on remeasurement to fair value is recognised immediately in the
income statement. However, where derivatives qualify for hedge accounting, recognition of any
resultant gain or loss depends on the nature of the item being hedged.
A. Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the 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 directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss,
in the same line of the income statement as the recognised hedged item. However, when the forecast
transaction that is hedged results in the recognition of a non-financial asset, the gains or losses
previously accumulated in equity are transferred from equity and included in the initial measurement
of the cost of the non-financial asset.
B. Fair value hedges
Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a
recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the
derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on
remeasurement are recognised immediately in the income statement, even if those gains would
normally be recognised directly in reserves.
C. Hedges of a net investment in a foreign operation
The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and
US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations.
As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive
income and accumulated in equity until such time as the operations are disposed of, at which point
the corresponding amounts are recycled to profit or loss.
Share capital
Incremental costs directly attributable to the issue of ordinary shares and share options are
recognised as a deduction from equity. When share capital recognised as equity is repurchased, the
amount of the consideration paid, including directly attributable costs, is recognised as a deduction
from equity. Shares repurchased by the Company are classified as treasury shares and are
presented as a deduction from total equity.
Own shares held by ESOT
Transactions of the Group-sponsored ESOT are included in the consolidated financial statements.
In particular, the ESOT\u2019s purchases of shares in the Company are charged directly to equity.
Non-current assets held for sale and discontinued operations
A non-current asset, or a group of assets containing a non-current asset (a disposal group), is
classified as held for sale if its carrying amount will be recovered principally through sale rather than
through continuing use, it is available for immediate sale and sale within one year is highly probable.
On initial classification as held for sale, non-current assets and disposal groups are measured at the
lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit
or loss. The same applies to gains and losses on subsequent remeasurement.
A discontinued operation is a component of the Group\u2019s business that represents a separate major
line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to
resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as
held for sale.
Revenue
Revenue is recognised upon transfer of promised goods to customers (the performance obligation)
in an amount that reflects the consideration the Company expects to receive in exchange for those
goods. This may occur, depending on the individual customer relationship, when the product has
been transferred to a freight carrier, when the customer has received the product or, for consignment
stock held at customers\u2019 premises, when usage reports for the relevant period have been compiled.
All revenue is from contracts with customers and pertains to the sale of specialty chemicals products.
Selling prices are agreed in advance and hence are directly observable.
The Group\u2019s payment terms offered to customers are within a certain number of days of receipt of
invoice and standard contracts do not include a significant financing component. The Group does
not expect to have any contracts where the period between the transfer of the promised goods to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not
adjust any of the transaction prices for the time value of money.
Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at the
later of when revenue is recognised for the transfer of the related goods and the entity pays or
promises to pay the consideration. The promise to pay rebates is contractually agreed in advance
and thus the point of transferring the goods to the customer is deemed to be the later of the two
circumstances. Rebates and discounts are estimated using historical data and experiences with
the customers. Returns from customers are negligible.
Operating profit
Operating profit includes net profits realised on the sale of tangible fixed assets, current and
long-term assets and liabilities, but excludes gains and losses on the disposal of businesses.
Other expenses
Other expenses are administration costs incurred and paid by the Group\u2019s pension schemes,
which relate primarily to former employees of legacy businesses.
Finance income and finance costs
Finance income comprises interest income on funds invested and changes in the fair value of
financial instruments at fair value taken to the income statement. Interest income is recognised
as it accrues, using the effective interest method.
Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount
on provisions, dividends on preference shares classified as debt, foreign currency gains/losses
and changes in the value of financial instruments at fair value taken to the income statement.
All borrowing costs are recognised in the income statement using the effective interest method.
Taxation
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised directly
in equity or in other comprehensive income. 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.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax is provided on temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. The following temporary differences are not provided
for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither
accounting nor taxable profit other than in a business combination; and differences relating to
investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement
of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at
the balance sheet date. Deferred tax assets are reduced to the extent that it is no longer probable
that the related tax benefit will be realised.
The Group is required to estimate the income tax in each of the jurisdictions in which it operates.
This requires an estimation of current tax liability together with an assessment of the temporary
differences which arise as a consequence of different accounting and tax treatments. The Group
operates in a number of countries in the world and is subject to many tax jurisdictions and rules.
As a consequence the Group is subject to tax audits, which by their nature are often complex and
can require several years to conclude. Management\u2019s judgement is required to determine the
total provision for income tax. Amounts are accrued based on management\u2019s interpretation of
country-specific tax law and likelihood of settlement. However, the actual tax liabilities could differ
from the position and in such events an adjustment would be required in the subsequent period
which could have a material impact. Tax benefits are not recognised unless it is probable that the
tax positions are sustainable. Once considered to be probable, management reviews each material
tax benefit to assess whether a provision should be taken against full recognition of the benefit on
the basis of potential settlement through negotiation. This evaluation requires judgements to be made
including the forecast of future taxable income.
Share-based payments
The fair value of equity-settled share options, cash-settled shadow options and LTIP awards granted
to employees is recognised as an expense with a corresponding increase in equity. The fair value
is measured at grant date and spread over the period during which the employees become
unconditionally entitled to the options/awards. The fair value of the options/awards granted is
measured using a binomial model, taking into account the terms and conditions upon which the
options/awards were granted. The amount recognised as an employee expense is adjusted to reflect
the actual number of share options/awards that vest except where forfeiture is only due to share
prices not achieving the threshold for vesting.
Short-term employee benefits
Short-term employee benefits, such as salaries, paid absences, and other benefits including any
related payroll taxes are accounted for on an accrual basis over the period which employees
have provided services. Bonuses are recognised to the extent that the Group has a present
obligation to its employees that can be measured reliably and are accounted for in accordance
with the requirements of IAS 19, \u2018Employee benefits\u2019. All expenses relating to employee benefits
(other than pension costs) are recognised in the income statement within wages and salaries,
or social security costs.
Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed,
without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the
normal retirement date. Termination benefits for voluntary redundancies are recognised if the Group
has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted,
and the number of acceptances can be estimated reliably.
Government grants
Government grants are recognised at fair value when there is reasonable assurance that the
conditions associated with the grants have been complied with and the grants will be received.
Grants compensating for expenses incurred are recognised as a deduction of the related expenses
in the consolidated income statement on a systematic basis in the same periods in which the
expenses are incurred.
Alternative performance measures
In the analysis of the Group\u2019s operating results, earnings per share and cash flows, information
is presented to provide readers with additional performance indicators that are prepared on a
non-statutory basis. This presentation is regularly reviewed by management to identify items that
are unusual and other items relevant to an understanding of the Group\u2019s performance and long-term
trends with reference to their materiality and nature. This additional information is not uniformly
defined by all companies and may not be comparable with similarly titled measures and disclosures
by other organisations. The non-statutory disclosures should not be viewed in isolation or as an
alternative to the equivalent statutory measure. Information for separate presentation is considered
as follows:
Material costs or reversals arising from a significant restructuring of the Group\u2019s operations are
presented separately
Disposal of entities or investments in associates or joint ventures or impairment of related assets
are presented separately
Other matters arising due to the Group\u2019s acquisition, such as adjustments to contingent
consideration, payment of retention bonuses, acquisition costs and fair value adjustments for
acquired assets made in accordance with IFRS 13 are separately disclosed in aggregate
If a change in an accounting estimate for provisions, including environmental provisions, results
in a material gain or loss, that is presented separately
Other items the Directors may deem to be unusual as a result of their size and/or nature
Adoption of new and revised standards
In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB
that are mandatorily effective for accounting periods that began on or after 1 January 2024.
Their adoption has not had any material impact on the disclosures or on the amounts reported
in these financial statements:
UK Endorsement\ue004
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
Effective date
Amendments to IAS 1: Classification of Liabilities as Current\ue004
Endorsed
1 January
or Non-current 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale\ue004
Endorsed
1 January
and Leaseback 2024
Amendments to IAS 1: Non-Current Liabilities with Covenants
Endorsed
1 January
2024
Amendment to IAS 7 and IFRS 7: Supplier finance
Endorsed
1 January
2024
New and revised IFRSs in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following
new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations (\u201cIFRICs\u201d)
that have been issued but are not effective for periods starting on 1 January 2024 but will be effective
for later periods:
Effective for\ue004
annual reporting
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs) UK Endorsement\ue004 periods beginning
not yet endorsed for use in the EU or UK: status on or after
IFRS S1: General requirements for disclosure of Not yet 1 January
sustainability-related financial information endorsed 2024
IFRS S2: Climate-related disclosures
Not yet\ue004
1 January
endorsed 2024
Amendments to IAS 21: Lack of Exchangeability
Endorsed
1 January
2025
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial\ue004 Not yet 1 January
Instruments: Disclosures: Amendments to the Classification and
Measurement of Financial Instruments
endorsed 2026
Annual Improvements to IFRS Accounting Standards \u2013 Not yet 1 January
Amendments to: endorsed 2026
IFRS 1 First-time Adoption of International Financial Reporting\ue004
Standards
IFRS 7 Financial Instruments: Disclosures and it\u2019s\ue004
accompanying Guidance on implementing IFRS 7
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements
IAS 7 Statement of Cash flows
IFRS 18 Presentation and Disclosure in Financial Statements
Not yet\ue004
1 January
endorsed 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Not yet\ue004
1 January
endorsed 2027
Amendments to IFRS 10 Consolidated Financial Statements and\ue004 Not yet To be
IAS 28 Investments in Associates and Joint Ventures: Sale or\ue004 endorsed determined
Contribution of Assets between an Investor and its Associate\ue004
or Joint Venture
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "Elementis plc is a public company limited by shares incorporated and domiciled in England and is the parent company of the Group. The address of its registered office is The Bindery, 5th Floor, 51-53 Hatton Garden, London, EC1N 8HN. The Group financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Company has elected to prepare its parent company financial statements in accordance with FRS 101. These are presented on pages 186 to 191. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Elementis plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "Elementis plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "The Bindery, 5th Floor, 51-53 Hatton Garden, London, EC1N 8HN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "Basis of preparation The financial statements have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the UK. These financial statements also comply with IFRS as issued by the International Accounting Standards Board (\u201cIASB\u201d). The financial statements have been prepared on the historical cost basis, except that derivative financial instruments are stated at their fair value. The preparation of financial statements requires the application of estimates and judgements that affect the reported amounts of assets and liabilities, revenues and costs, and related disclosures at the balance sheet date. The financial statements have been prepared on a going concern basis. The rationale for adopting this basis is discussed in the Directors\u2019 report on page 132. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-582": { "value": "The financial statements have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the UK. These financial statements also comply with IFRS as issued by the International Accounting Standards Board (\u201cIASB\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-583": { "value": "The financial statements have been prepared on a going concern basis. The rationale for adopting this basis is discussed in the Directors\u2019 report on page 132. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "Reporting currency As a consequence of the majority of the Group\u2019s sales and earnings originating in US dollars or US dollar-linked currencies, the Group has chosen the US dollar as its presentational currency. This aligns the Group\u2019s external reporting with the profile of the Group, as well as with internal management reporting. The functional currency of the parent is pounds sterling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "Critical accounting judgements and key sources of estimation uncertainty When applying the Group\u2019s accounting policies, management must make a number of key judgements on the application of applicable accounting standards and estimates and assumptions concerning the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are based on factors considered to be relevant, including historical experience, which may differ significantly from the actual outcome. The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the amounts recognised in the financial statements within the next year are discussed below. The development of the estimates and disclosures related to each of these matters has been discussed by the Audit Committee. Critical accounting judgements The following is the sole critical judgement, as opposed to those involving estimations, which are dealt with separately below, that the Directors have made in the process of applying the Group\u2019s accounting policies that has significant effect on the amounts for the year ended 31 December 2024 recognised in the financial statements. Where relevant and practicable, sensitivity analyses are disclosed in the relevant notes to demonstrate the impact of changes in estimates or assumptions used. Revenue recognition Judgement is exercised over how to determine the timing of revenue recognition for orders where the agreed terms are delivery to the destination point. The Group has compiled shipping days based on the destination country which are used to inform the timing of revenue recognition. In compiling these shipping days, management have used past experience and carrier standard shipping days to inform their decision-making. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year, are discussed below. A. Environmental provisions Provisions for environmental restoration are recognised where: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. Environmental provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Due to the long time horizons over which costs are anticipated, small changes in recurring annual cash outflows can have a significant cumulative impact on the total provision required. At 31 December 2024, the carrying value of environmental provisions was $43.2m. Further details of these provisions and a sensitivity assessment are given in Note 15. B. Valuation of a defined benefit pension obligation The key estimates made in relation to defined benefit pensions relate to the discount rate used to determine the present value of future benefit, the rate of inflation applied to plan assets, mortality rates and rates of salary growth. At 31 December 2024 the UK scheme, the largest of the Group\u2019s retirement plans, had a surplus of $23.0m, the US pension scheme had a surplus of $4.6m, while the US post-retirement medical benefit (\u201cPRMB\u201d) scheme and other schemes were in a net deficit position of $8.6m in aggregate. Further details of pensions and a sensitivity analysis, which has a material impact on the defined benefit obligations, are given in Note 25. C. Impairment testing of Talc Cash Generating Unit (\u201cCGU\u201d) During the year, the Group performed assessments as to whether the intangible and tangible fixed assets of the Talc CGU were impaired. In the first half of 2024, the performance of the Talc business was adversely impacted by weak end market demand and strike action in Finland. These factors, along with the preparation of a new business plan for the Talc business, resulted in a reduction in the near term forecasted profitability. At 30 June 2024, a recoverable amount, based on a value in use model, was determined using a pre-tax discount rate of 10.8%. The value is use model is dependent on estimates of future cash flows, long-term growth rates and the pre-tax discount rate to be applied to the future cash flows. The carrying amount of the Talc business was higher than the recoverable amount, which gave rise to an impairment of $66.1m, of which $25.0m was recorded against intangible assets and $41.1m was recorded against property, plant and equipment. An increase in the pre-tax discount rate of 0.5% would result in an additional impairment charge of $13.9m. In September 2024, the Risk Assessment Committee (\u201cRAC\u201d) of the European Chemicals Agency (\u201cECHA\u201d) made a recommendation that talc be classified as STOT RE1 (specific target organ toxicity \u2013 repeated exposure, category 1) and Carc 1B (carcinogenicity category 1B defined as presumed to have carcinogenic potential for humans). A final decision by the European Commission has been postponed and is now expected in the second half of 2026 with the implementation currently expected in the third quarter of 2028, at the earliest. As a result, there is a high degree of uncertainty with regards to the future demand and profitability profile of the Talc business. At 31 December 2024, a recoverable amount, based on a fair value less cost of disposal model, was determined using inputs based on market evidence (Level 2), using EBIT multiples as the basis for the valuation. The carrying amount of the Talc business was higher than the recoverable amount, which gave rise to a further impairment charge of $59.9m, of which $22.1m was recorded against intangible assets and $37.8m was recorded against property, plant and equipment. A decrease in the EBIT multiples applied by 10% would result in an additional impairment charge of $13.5m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "Climate-related risks The financial statements have been prepared with consideration of risks resulting from climate change, our ambition to reach Net Zero by 2050, and in accordance with our Task Force for Climate-related Financial Disclosures (\u201cTCFD\u201d) disclosures. In conjunction with our Net Zero ambition and TCFD, a review has been performed in the following areas that are deemed most at risk of being impacted by climate change: A. Five-year forecasting model To support the carrying value of assets, impairment of goodwill testing, going concern, and the viability statement, management prepare a five-year forecasting model. The five-year forecasting model includes actions already taken by management to work towards achieving the Group\u2019s Net Zero ambition. Specifically, for the impairment of goodwill and the carrying value of the CGUs, management considered the risks associated with: carbon pricing; customer, consumer and investor demands; raw material supply/prices; access to renewable electricity; energy prices; water scarcity; and extreme weather events. Based on that consideration, management have not made any adjustments to the five-year forecasting model. B. Useful economic lives of property, plant and equipment, right-of-use assets and intangible assets Management have reviewed the useful economic life of the Group\u2019s non-current assets with respect to the physical risk resulting from extreme weather events and our Net Zero ambition and have concluded that the current economic useful lives are in line with all current and foreseeable plans. C. Environmental provisions Management have considered the Group\u2019s legal, regulatory and social obligations in determining the estimate of costs associated with the closure and remediation of our sites. A provision has been recognised where a reliable estimate of the costs required for mining closure is available (see Note 15). Where a reliable estimate is not available, a contingent liability has been disclosed (see Note 30). After detailed consideration of the aforementioned climate risks, management are comfortable that no adjustments are required to the carrying value of non-current assets and liabilities for the year ended 31 December 2024. ", "dimensions": { "concept": "elementisplc:DescriptionOfAccountingPolicyForClimateRelatedRisks", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which that control ceases. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition costs are accounted for as an expense in the period incurred. Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. A full list of the Group\u2019s subsidiaries is shown in Note 6 of the parent company financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-584": { "value": "The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which that control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-642": { "value": "The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition costs are accounted for as an expense in the period incurred. A. Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-585": { "value": "The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition costs are accounted for as an expense in the period incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year. Adoption of new and revised standards In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for accounting periods that began on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements:
UK Endorsement\ue004
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
Effective date
Amendments to IAS 1: Classification of Liabilities as Current\ue004
Endorsed
1 January
or Non-current 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale\ue004
Endorsed
1 January
and Leaseback 2024
Amendments to IAS 1: Non-Current Liabilities with Covenants
Endorsed
1 January
2024
Amendment to IAS 7 and IFRS 7: Supplier finance
Endorsed
1 January
2024
New and revised IFRSs in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations (\u201cIFRICs\u201d) that have been issued but are not effective for periods starting on 1 January 2024 but will be effective for later periods:
Effective for\ue004
annual reporting
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs) UK Endorsement\ue004 periods beginning
not yet endorsed for use in the EU or UK: status on or after
IFRS S1: General requirements for disclosure of Not yet 1 January
sustainability-related financial information endorsed 2024
IFRS S2: Climate-related disclosures
Not yet\ue004
1 January
endorsed 2024
Amendments to IAS 21: Lack of Exchangeability
Endorsed
1 January
2025
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial\ue004 Not yet 1 January
Instruments: Disclosures: Amendments to the Classification and
Measurement of Financial Instruments
endorsed 2026
Annual Improvements to IFRS Accounting Standards \u2013 Not yet 1 January
Amendments to: endorsed 2026
IFRS 1 First-time Adoption of International Financial Reporting\ue004
Standards
IFRS 7 Financial Instruments: Disclosures and it\u2019s\ue004
accompanying Guidance on implementing IFRS 7
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements
IAS 7 Statement of Cash flows
IFRS 18 Presentation and Disclosure in Financial Statements
Not yet\ue004
1 January
endorsed 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Not yet\ue004
1 January
endorsed 2027
Amendments to IFRS 10 Consolidated Financial Statements and\ue004 Not yet To be
IAS 28 Investments in Associates and Joint Ventures: Sale or\ue004 endorsed determined
Contribution of Assets between an Investor and its Associate\ue004
or Joint Venture
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "Foreign currency A. Foreign currency transactions Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at exchange rates ruling at the dates the fair value was determined. B. Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at the average rates of exchange ruling for the relevant period. Exchange differences arising since 1 January 2004 on translation are taken to the translation reserve. They are recognised in the income statement upon disposal of the foreign operation. The Group may hedge a portion of the translation of its overseas net assets through US dollar and euro borrowings. From 1 January 2005, the Group has elected to apply net investment hedge accounting for these transactions where possible. Where hedging is applied, the effective portion of the gain or loss on an instrument used to hedge a net investment is recognised in equity. Any ineffective portion of the hedge is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "Intangible assets A. Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. B. Research and development Expenditure on pure research is recognised in the income statement as an expense as incurred. Under IAS 38, expenditure on development where research findings are applied to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process will give rise to future economic benefits and where the cost of the capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of materials, direct labour and an appropriate proportion of overheads less accumulated amortisation. The length of development lifecycles, broad nature of much of the research undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of allocating costs may not be met, in which case expenditure is expensed as incurred. C. Customer relationships, brands and other intangible assets Customer relationships, brands and other intangible assets are stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment each year. Other intangible assets, comprising customer lists, customer relationships, manufacturing processes and procedures, trademarks, non-compete clauses and patents are amortised over their estimated useful lives, which range from 4 to 23 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-586": { "value": "Intangible assets A. Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. B. Research and development Expenditure on pure research is recognised in the income statement as an expense as incurred. Under IAS 38, expenditure on development where research findings are applied to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process will give rise to future economic benefits and where the cost of the capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of materials, direct labour and an appropriate proportion of overheads less accumulated amortisation. The length of development lifecycles, broad nature of much of the research undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of allocating costs may not be met, in which case expenditure is expensed as incurred. C. Customer relationships, brands and other intangible assets Customer relationships, brands and other intangible assets are stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment each year. Other intangible assets, comprising customer lists, customer relationships, manufacturing processes and procedures, trademarks, non-compete clauses and patents are amortised over their estimated useful lives, which range from 4 to 23 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-623": { "value": "Intangible assets A. Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. B. Research and development Expenditure on pure research is recognised in the income statement as an expense as incurred. Under IAS 38, expenditure on development where research findings are applied to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process will give rise to future economic benefits and where the cost of the capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of materials, direct labour and an appropriate proportion of overheads less accumulated amortisation. The length of development lifecycles, broad nature of much of the research undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of allocating costs may not be met, in which case expenditure is expensed as incurred. C. Customer relationships, brands and other intangible assets Customer relationships, brands and other intangible assets are stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment each year. Other intangible assets, comprising customer lists, customer relationships, manufacturing processes and procedures, trademarks, non-compete clauses and patents are amortised over their estimated useful lives, which range from 4 to 23 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-643": { "value": "B. Research and development Expenditure on pure research is recognised in the income statement as an expense as incurred. Under IAS 38, expenditure on development where research findings are applied to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process will give rise to future economic benefits and where the cost of the capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of materials, direct labour and an appropriate proportion of overheads less accumulated amortisation. The length of development lifecycles, broad nature of much of the research undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of allocating costs may not be met, in which case expenditure is expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-587": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the period of the lease. Freehold buildings, plant and machinery, fixtures, fittings and equipment are depreciated over their estimated useful lives on a straight-line basis. Depreciation methods, useful lives and residual values are assessed at the reporting date. No depreciation is charged on assets under construction until the asset is available for use. Depreciation is charged on a straight-line basis over the estimated useful economic lives of the assets as follows:
Buildings
10\u201350 years
Plant and machinery
2\u201320 years
Fixtures, fittings and equipment
2\u201320 years
Right-of-use assets
Shorter of the useful economic life of the asset and the lease term
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within it will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred. Management regularly considers whether there are any indicators of impairment to carrying values of property, plant and equipment. Impairment reviews are based on risk-adjusted discounted cash flow projections. Significant judgement is applied to the assumptions underlying these projections, which include estimated discount rates, growth rates, future selling prices and direct costs. Changes to these assumptions could have a material impact on the financial position of the Group and on the result for the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the period of the lease. Freehold buildings, plant and machinery, fixtures, fittings and equipment are depreciated over their estimated useful lives on a straight-line basis. Depreciation methods, useful lives and residual values are assessed at the reporting date. No depreciation is charged on assets under construction until the asset is available for use. Depreciation is charged on a straight-line basis over the estimated useful economic lives of the assets as follows:
Buildings
10\u201350 years
Plant and machinery
2\u201320 years
Fixtures, fittings and equipment
2\u201320 years
Right-of-use assets
Shorter of the useful economic life of the asset and the lease term
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within it will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred. Management regularly considers whether there are any indicators of impairment to carrying values of property, plant and equipment. Impairment reviews are based on risk-adjusted discounted cash flow projections. Significant judgement is applied to the assumptions underlying these projections, which include estimated discount rates, growth rates, future selling prices and direct costs. Changes to these assumptions could have a material impact on the financial position of the Group and on the result for the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-588": { "value": "Impairment of non-current non-financial assets The carrying amount of non-current assets other than deferred tax is compared with the asset\u2019s recoverable amount at each balance sheet date where there is an indication of impairment. For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date. Annually the Group carries out impairment tests of its goodwill and other indefinite life intangible assets, which requires an estimate to be made of the value in use of its CGUs. These value in use calculations are dependent on estimates of future cash flows and long-term growth rates of the CGUs. Further details of these estimates are given in Note 10. An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset(s). For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. Impairment of financial assets \u2013 expected credit losses The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information in relation to macroeconomic factors that could affect the ability of customers to settle receivables. The Group usually considers a trade receivable in default when contractual payments are 120 days past due. In certain cases, the Group may also consider a trade receivable to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "Impairment of non-current non-financial assets The carrying amount of non-current assets other than deferred tax is compared with the asset\u2019s recoverable amount at each balance sheet date where there is an indication of impairment. For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date. Annually the Group carries out impairment tests of its goodwill and other indefinite life intangible assets, which requires an estimate to be made of the value in use of its CGUs. These value in use calculations are dependent on estimates of future cash flows and long-term growth rates of the CGUs. Further details of these estimates are given in Note 10. An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset(s). For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price, less estimated costs of completion and selling expenses. Cost, which is based on a weighted average, includes expenditure incurred in acquiring stock and bringing it to its existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of overheads attributable to manufacture, based on normal operating capacity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "Trade and other receivables Trade receivables and other receivables are due for payment within one year and are thus classified as current. They are non-interest-bearing and are stated at their nominal amount, which is the original invoiced amount, less allowance for expected future credit losses. Estimates of future expected credit losses are informed by historical experience and management\u2019s expectations of future economic factors; further information on expected credit loss impairment is given in the impairment of financial assets accounting policy. Individual trade receivables are written off when management deem them to be no longer collectable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "Impairment of financial assets \u2013 expected credit losses The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information in relation to macroeconomic factors that could affect the ability of customers to settle receivables. The Group usually considers a trade receivable in default when contractual payments are 120 days past due. In certain cases, the Group may also consider a trade receivable to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "Trade and other payables Trade payables are non-interest-bearing borrowings and are initially measured at fair value and subsequently carried at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-624": { "value": "Borrowings Borrowings are initially measured at cost, which is equal to the fair value at inception, and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds, after net of transaction costs, and the settlement or redemption of borrowings is recognised over the terms of the borrowings using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "Borrowings Borrowings are initially measured at cost, which is equal to the fair value at inception, and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds, after net of transaction costs, and the settlement or redemption of borrowings is recognised over the terms of the borrowings using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "Pension and other post-retirement benefits In respect of the Group\u2019s defined benefit schemes, the Group\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The liability discount rate is the yield at the balance sheet date on AA credit-rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. Pension and post-retirement liabilities are calculated by qualified actuaries using the projected unit credit method. Following the introduction of the revised IAS 19, Employee Benefits\u2019 standard, the net interest on the defined benefit liability consists of the interest cost on the defined benefit obligation and the interest income on plan assets, both calculated by reference to the discount rate used to measure the defined benefit obligation at the start of the period. The Group recognises actuarial gains and losses in the period in which they occur through the statement of comprehensive income. The Group also operates a small number of defined contribution schemes and the contributions payable during the year are recognised as incurred. Due to the size of the Group\u2019s pension scheme assets and liabilities, relatively small changes in the assumptions can have a significant impact on the expense recorded in the income statement and on the pension liability recorded in the balance sheet. Short-term employee benefits Short-term employee benefits, such as salaries, paid absences, and other benefits including any related payroll taxes are accounted for on an accrual basis over the period which employees have provided services. Bonuses are recognised to the extent that the Group has a present obligation to its employees that can be measured reliably and are accounted for in accordance with the requirements of IAS 19, \u2018Employee benefits\u2019. All expenses relating to employee benefits (other than pension costs) are recognised in the income statement within wages and salaries, or social security costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "Leases A lease liability is recognised when the Group obtains control of the right-of-use asset that is the subject of the lease. The lease liability is subsequently measured using the effective interest method, with interest charged to finance costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. At inception, the Group evaluates whether it is reasonably certain that any option to extend a lease term will be exercised or likewise whether any option to terminate the lease will be exercised. The Group continues to evaluate the likelihood of exercising such options throughout the initial lease term. When the Group is committed to extending or terminating the lease, having considered the alternative options available, and where appropriate lessor consent to the extension or termination has been obtained, the Group will consider the option to be reasonably certain to be exercised. When an option is reasonably certain to be exercised, the right-of-use asset and lease liabilities recognised are adjusted to reflect the extended or curtailed lease term. Leases, which at inception have a term of less than 12 months or relate to low-value assets, are not recognised on the balance sheet. Payments made under such leases are recognised as an expense in the income statement on a straight-line basis over the period of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly. In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land is recognised when the land is contaminated. Provisions for environmental issues are judgemental by their nature, particularly when considering the size and timing of remediation spending, and are more difficult to estimate when they relate to sites no longer directly controlled by the Group. Self-insurance provisions relate to personal injury and other claims from former employees or third parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not yet reported which together make up the full liability recognised as a provision. Insurance recoveries are recognised as a separate reimbursement asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-644": { "value": "Derivative financial instruments The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. Derivative financial instruments are recognised initially at fair value and are shown within derivative financial assets if they are in an asset position or within derivative financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the 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 directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B. Fair value hedges Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C. Hedges of a net investment in a foreign operation The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of, at which point the corresponding amounts are recycled to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-625": { "value": "Derivative financial instruments The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. Derivative financial instruments are recognised initially at fair value and are shown within derivative financial assets if they are in an asset position or within derivative financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the 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 directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B. Fair value hedges Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C. Hedges of a net investment in a foreign operation The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of, at which point the corresponding amounts are recycled to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "value": "Derivative financial instruments The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. Derivative financial instruments are recognised initially at fair value and are shown within derivative financial assets if they are in an asset position or within derivative financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the 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 directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B. Fair value hedges Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C. Hedges of a net investment in a foreign operation The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of, at which point the corresponding amounts are recycled to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "Derivative financial instruments The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. Derivative financial instruments are recognised initially at fair value and are shown within derivative financial assets if they are in an asset position or within derivative financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the 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 directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B. Fair value hedges Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C. Hedges of a net investment in a foreign operation The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of, at which point the corresponding amounts are recycled to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "Share capital Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares repurchased by the Company are classified as treasury shares and are presented as a deduction from total equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "Own shares held by ESOT Transactions of the Group-sponsored ESOT are included in the consolidated financial statements. In particular, the ESOT\u2019s purchases of shares in the Company are charged directly to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-626": { "value": "Non-current assets held for sale and discontinued operations A non-current asset, or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-590": { "value": "Non-current assets held for sale and discontinued operations A non-current asset, or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "Non-current assets held for sale and discontinued operations A non-current asset, or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "Revenue Revenue is recognised upon transfer of promised goods to customers (the performance obligation) in an amount that reflects the consideration the Company expects to receive in exchange for those goods. This may occur, depending on the individual customer relationship, when the product has been transferred to a freight carrier, when the customer has received the product or, for consignment stock held at customers\u2019 premises, when usage reports for the relevant period have been compiled. All revenue is from contracts with customers and pertains to the sale of specialty chemicals products. Selling prices are agreed in advance and hence are directly observable. The Group\u2019s payment terms offered to customers are within a certain number of days of receipt of invoice and standard contracts do not include a significant financing component. The Group does not expect to have any contracts where the period between the transfer of the promised goods to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at the later of when revenue is recognised for the transfer of the related goods and the entity pays or promises to pay the consideration. The promise to pay rebates is contractually agreed in advance and thus the point of transferring the goods to the customer is deemed to be the later of the two circumstances. Rebates and discounts are estimated using historical data and experiences with the customers. Returns from customers are negligible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-591": { "value": "Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at the later of when revenue is recognised for the transfer of the related goods and the entity pays or promises to pay the consideration. The promise to pay rebates is contractually agreed in advance and thus the point of transferring the goods to the customer is deemed to be the later of the two circumstances. Rebates and discounts are estimated using historical data and experiences with the customers. Returns from customers are negligible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "Operating profit Operating profit includes net profits realised on the sale of tangible fixed assets, current and long-term assets and liabilities, but excludes gains and losses on the disposal of businesses. ", "dimensions": { "concept": "elementisplc:DescriptionOfAccountingPolicyForOperatingProfit", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "Other expenses Other expenses are administration costs incurred and paid by the Group\u2019s pension schemes, which relate primarily to former employees of legacy businesses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-627": { "value": "Finance income and finance costs Finance income comprises interest income on funds invested and changes in the fair value of financial instruments at fair value taken to the income statement. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-592": { "value": "Finance income and finance costs Finance income comprises interest income on funds invested and changes in the fair value of financial instruments at fair value taken to the income statement. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "Finance income and finance costs Finance income comprises interest income on funds invested and changes in the fair value of financial instruments at fair value taken to the income statement. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-645": { "value": "Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-593": { "value": "Taxation Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income. 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. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Group is required to estimate the income tax in each of the jurisdictions in which it operates. This requires an estimation of current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. The Group operates in a number of countries in the world and is subject to many tax jurisdictions and rules. As a consequence the Group is subject to tax audits, which by their nature are often complex and can require several years to conclude. Management\u2019s judgement is required to determine the total provision for income tax. Amounts are accrued based on management\u2019s interpretation of country-specific tax law and likelihood of settlement. However, the actual tax liabilities could differ from the position and in such events an adjustment would be required in the subsequent period which could have a material impact. Tax benefits are not recognised unless it is probable that the tax positions are sustainable. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of potential settlement through negotiation. This evaluation requires judgements to be made including the forecast of future taxable income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "Taxation Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income. 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. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Group is required to estimate the income tax in each of the jurisdictions in which it operates. This requires an estimation of current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. The Group operates in a number of countries in the world and is subject to many tax jurisdictions and rules. As a consequence the Group is subject to tax audits, which by their nature are often complex and can require several years to conclude. Management\u2019s judgement is required to determine the total provision for income tax. Amounts are accrued based on management\u2019s interpretation of country-specific tax law and likelihood of settlement. However, the actual tax liabilities could differ from the position and in such events an adjustment would be required in the subsequent period which could have a material impact. Tax benefits are not recognised unless it is probable that the tax positions are sustainable. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of potential settlement through negotiation. This evaluation requires judgements to be made including the forecast of future taxable income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "Share-based payments The fair value of equity-settled share options, cash-settled shadow options and LTIP awards granted to employees is recognised as an expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options/awards. The fair value of the options/awards granted is measured using a binomial model, taking into account the terms and conditions upon which the options/awards were granted. The amount recognised as an employee expense is adjusted to reflect the actual number of share options/awards that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date. Termination benefits for voluntary redundancies are recognised if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "Government grants Government grants are recognised at fair value when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants compensating for expenses incurred are recognised as a deduction of the related expenses in the consolidated income statement on a systematic basis in the same periods in which the expenses are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "Alternative performance measures In the analysis of the Group\u2019s operating results, earnings per share and cash flows, information is presented to provide readers with additional performance indicators that are prepared on a non-statutory basis. This presentation is regularly reviewed by management to identify items that are unusual and other items relevant to an understanding of the Group\u2019s performance and long-term trends with reference to their materiality and nature. This additional information is not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures by other organisations. The non-statutory disclosures should not be viewed in isolation or as an alternative to the equivalent statutory measure. Information for separate presentation is considered as follows: Material costs or reversals arising from a significant restructuring of the Group\u2019s operations are presented separately Disposal of entities or investments in associates or joint ventures or impairment of related assets are presented separately Other matters arising due to the Group\u2019s acquisition, such as adjustments to contingent consideration, payment of retention bonuses, acquisition costs and fair value adjustments for acquired assets made in accordance with IFRS 13 are separately disclosed in aggregate If a change in an accounting estimate for provisions, including environmental provisions, results in a material gain or loss, that is presented separately Other items the Directors may deem to be unusual as a result of their size and/or nature ", "dimensions": { "concept": "elementisplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-594": { "value": "Adoption of new and revised standards In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for accounting periods that began on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements:
UK Endorsement\ue004
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
Effective date
Amendments to IAS 1: Classification of Liabilities as Current\ue004
Endorsed
1 January
or Non-current 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale\ue004
Endorsed
1 January
and Leaseback 2024
Amendments to IAS 1: Non-Current Liabilities with Covenants
Endorsed
1 January
2024
Amendment to IAS 7 and IFRS 7: Supplier finance
Endorsed
1 January
2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-595": { "value": "New and revised IFRSs in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations (\u201cIFRICs\u201d) that have been issued but are not effective for periods starting on 1 January 2024 but will be effective for later periods:
Effective for\ue004
annual reporting
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs) UK Endorsement\ue004 periods beginning
not yet endorsed for use in the EU or UK: status on or after
IFRS S1: General requirements for disclosure of Not yet 1 January
sustainability-related financial information endorsed 2024
IFRS S2: Climate-related disclosures
Not yet\ue004
1 January
endorsed 2024
Amendments to IAS 21: Lack of Exchangeability
Endorsed
1 January
2025
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial\ue004 Not yet 1 January
Instruments: Disclosures: Amendments to the Classification and
Measurement of Financial Instruments
endorsed 2026
Annual Improvements to IFRS Accounting Standards \u2013 Not yet 1 January
Amendments to: endorsed 2026
IFRS 1 First-time Adoption of International Financial Reporting\ue004
Standards
IFRS 7 Financial Instruments: Disclosures and it\u2019s\ue004
accompanying Guidance on implementing IFRS 7
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements
IAS 7 Statement of Cash flows
IFRS 18 Presentation and Disclosure in Financial Statements
Not yet\ue004
1 January
endorsed 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Not yet\ue004
1 January
endorsed 2027
Amendments to IFRS 10 Consolidated Financial Statements and\ue004 Not yet To be
IAS 28 Investments in Associates and Joint Ventures: Sale or\ue004 endorsed determined
Contribution of Assets between an Investor and its Associate\ue004
or Joint Venture
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "
2. Operating segments
Business segments
The Group has determined its operating segments on the basis of those used for management, internal reporting purposes and the allocation of strategic resources. The key measure used for review of the
performance of the operating segments is adjusted operating profit. In accordance with the provisions of IFRS 8, the Group\u2019s chief operating decision-maker is the Board of Directors.
The two reportable segments, Performance Specialties and Personal Care, each have distinct product groupings and separate management structures. Segment results, assets and liabilities include items
directly attributable to a segment and those that may be reasonably allocated from corporate activities. Presentation of the segmental results is on a basis consistent with those used for reporting Group
results. The principal activities of the reportable segments are as follows:
Performance Specialties
Which consists of:
Coatings: Production of rheological modifiers and additives for decorative and industrial coatings
Talc: Production and supply of talc for use in plastics, coatings, technical ceramics and the paper sectors
Personal Care
Production of rheological modifiers and compounded products, including active ingredients for AP antiperspirants, for supply to personal care manufacturers.
Segmental analysis for the year ended 31 December
2024
2023
Performance Performance
Specialties Personal Segment Central Specialties Personal Segment
Coatings Talc totals Care totals costs Total Coatings Talc totals Care\ue004 totals Central\ue004 Total
$m $m $m $m $m $m $m $m $m $m $m $m costs $m $m
Revenue from external customers
386.4
134.5
520.9
217. 4
738.3
\u2013
738.3
367.6
136.5
5 04.1
209.3
713.4
\u2013
713.4
Adjusted operating profit/(loss)
78.4
8.0
86.4
61.6
148.0
(19.2)
128.8
56.1
14.0
70.1
50.3\ue004
120.4
(16.5)
103.9
Adjusting items (see Note 5)
(4.9)
(132.3)
(137.2)
(12.3)
(149.5)
(5.9)
(155.4)
(0.9)
(5.4)
(6.3)
(7.1)
(13.4)
(31.6)
(45.0)
Operating(loss)/profit
73.5
(124.3)
(50.8)
49.3
(1.5)
(25.1)
(26.6)
55.2
8.6
63.8
43.2
107.0
(48.1)
58.9
Other expenses
(1.8)
(2.3)
Finance income
2.9
4.4
Finance expense
(24 .1)
(21.3)
Tax
1.8
(11.5)
Loss from discontinued operations
\u2013
(1.7)
(Loss)/profit for the year
(47.8)
26.5
2024
2023
Personal Care Segment Central Personal Care,\ue004 Segment Central
and Coatings
1
Talc totals costs Total
and Coatings
1
Talc totals costs Total
$m $m $m $m $m $m $m $m $m $m
Fixed assets
742.5
163.0
905.5
18.5
924.0
763.0\ue004
295.4
1,058.4
15.8
1,074.2
Inventories
126.7
25.7
152.4
0.1
152.5
135.8
27.4
163.2\ue004
0.1
163.3\ue004
Trade and other receivables
70.4
16.5
87.2
6.3
93.2
7 7.4
19.8
97.2
4.6
101.8
Other tax recoverable
\u2013
\u2013
\u2013
21.0
21.0
\u2013
\u2013
\u2013
20.0
20.0
Derivatives
\u2013
\u2013
\u2013
5.4
5.4
\u2013
\u2013
\u2013
13.4
13.4
Tax assets
\u2013
\u2013
\u2013
18.6
18.6
\u2013
\u2013
\u2013
30.8
30.8
Retirement benefit surplus
\u2013
\u2013
\u2013
27.6
27.6
\u2013
\u2013
\u2013
42.1
42.1
Cash and cash equivalents
\u2013
\u2013
\u2013
59.9
59.9
\u2013
\u2013
\u2013
65.8
65.8
Segment assets
939.6
205.2
1,14
4.8
157.4
1,302.2
976.2
342.6
1,318.8
192.6
1,511.4
Assets classified as held for sale
6.2
\u2013
Total assets
1,308.4
1,511.4
Trade and other payables
(89.1)
(20.5)
(109.6)
1.2
(108.4)
(74.1)
(22.5)
(96.6)
(21.3)
(117.9)
Operating provisions
(2.9)
(39.9)
(42.8)
(5.6)
(48.4)
(32.3)
(36.6)
(68.9)
(13.0)
(81.9)
Lease liabilities
(21.7)
(7. 3)
(29.0)
(5.7)
(34.7)
(23.9)\ue004
(9.4)
(33.3)
(2.9)
(36.2)
Bank overdrafts and loans
\u2013
\u2013
\u2013
(219.2)
(219.2)
\u2013
\u2013
\u2013
(264.7)
(264.7)
Current tax liabilities
\u2013
\u2013
\u2013
(9.8)
(9.8)
\u2013
\u2013
\u2013
(13.6)
(13.6)
Retirement benefit obligations
\u2013
\u2013
\u2013
(8.6)
(8.6)
\u2013
\u2013
\u2013
(9.0)
(9.0)
Deferred tax liabilities
\u2013
\u2013
\u2013
(98.1)
(98.1)
\u2013
\u2013
\u2013
(138.7)
(138.7)
Financial liabilities
\u2013
\u2013
\u2013
(1.5)
(1.5)
\u2013
\u2013
\u2013
(2.1)
(2.1)
Segment liabilities
(113.7)
(67.7)
(181.4)
(347.3)
(528.7)
(130.3)
(68.5)
(198.8)
(465.3)
(6 6 4.1)
Liabilities classified as held for sale
(22.7)
\u2013
Total liabilities
(551.4)
(6 6 4.1)
Net assets
825.9
137.5
963.4
(189.9)
757.0
845.9
274.1
1,120.0
(272.7)
847.3
Capital additions
16.0
28.4
44.4
6.1
50.5
13.6
51.6
65.2
6.5
71.7
Depreciation and amortisation
(28.3)
(20.3)
(48.6)
(3.0)
(51.6)
(27.8)
(24.5)
(52.3)
(2.6)
(54.9)
1 Due to the shared nature of the production facilities for the Personal Care segment and the Coatings business, a split of assets and liabilities by segment is not available and the cost to determine such a split would be prohibitive, therefore the
assets and liabilities are shown in aggregate for these segments.
Analysis by geography
2024
2023
North United Rest of Rest of North United Rest of Rest of
America Kingdom Europe the World Total America\ue004 Kingdom\ue004 Europe the World Total
$m $m $m $m $m $m $m $m $m $m
Revenue from external customers
207.1
27.2
263.0
241.0
738.3
231.8
24.8
263.4
193.4
713.4
Fixed assets
638.2
29.7
186.3
69.8
924.0
652.5
30.6
316.7
74.4
1,074.2
Capital additions
8.4
1.5
35.3
5.3
50.5
10.0
4.9
51.6
5.2
71.7
Depreciation and amortisation
(21.9)
(1.8)
(23.4)
(4.5)
(51.6)
(22.9)
(1.6)
(26.4)
(4.0)
(54.9)
Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 8.2% (2023: 8.5%) of revenue ($60.6m) (2023: $60.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-628": { "value": "Segmental analysis for the year ended 31 December
2024
2023
Performance Performance
Specialties Personal Segment Central Specialties Personal Segment
Coatings Talc totals Care totals costs Total Coatings Talc totals Care\ue004 totals Central\ue004 Total
$m $m $m $m $m $m $m $m $m $m $m $m costs $m $m
Revenue from external customers
386.4
134.5
520.9
217. 4
738.3
\u2013
738.3
367.6
136.5
5 04.1
209.3
713.4
\u2013
713.4
Adjusted operating profit/(loss)
78.4
8.0
86.4
61.6
148.0
(19.2)
128.8
56.1
14.0
70.1
50.3\ue004
120.4
(16.5)
103.9
Adjusting items (see Note 5)
(4.9)
(132.3)
(137.2)
(12.3)
(149.5)
(5.9)
(155.4)
(0.9)
(5.4)
(6.3)
(7.1)
(13.4)
(31.6)
(45.0)
Operating(loss)/profit
73.5
(124.3)
(50.8)
49.3
(1.5)
(25.1)
(26.6)
55.2
8.6
63.8
43.2
107.0
(48.1)
58.9
Other expenses
(1.8)
(2.3)
Finance income
2.9
4.4
Finance expense
(24 .1)
(21.3)
Tax
1.8
(11.5)
Loss from discontinued operations
\u2013
(1.7)
(Loss)/profit for the year
(47.8)
26.5
2024
2023
Personal Care Segment Central Personal Care,\ue004 Segment Central
and Coatings
1
Talc totals costs Total
and Coatings
1
Talc totals costs Total
$m $m $m $m $m $m $m $m $m $m
Fixed assets
742.5
163.0
905.5
18.5
924.0
763.0\ue004
295.4
1,058.4
15.8
1,074.2
Inventories
126.7
25.7
152.4
0.1
152.5
135.8
27.4
163.2\ue004
0.1
163.3\ue004
Trade and other receivables
70.4
16.5
87.2
6.3
93.2
7 7.4
19.8
97.2
4.6
101.8
Other tax recoverable
\u2013
\u2013
\u2013
21.0
21.0
\u2013
\u2013
\u2013
20.0
20.0
Derivatives
\u2013
\u2013
\u2013
5.4
5.4
\u2013
\u2013
\u2013
13.4
13.4
Tax assets
\u2013
\u2013
\u2013
18.6
18.6
\u2013
\u2013
\u2013
30.8
30.8
Retirement benefit surplus
\u2013
\u2013
\u2013
27.6
27.6
\u2013
\u2013
\u2013
42.1
42.1
Cash and cash equivalents
\u2013
\u2013
\u2013
59.9
59.9
\u2013
\u2013
\u2013
65.8
65.8
Segment assets
939.6
205.2
1,14
4.8
157.4
1,302.2
976.2
342.6
1,318.8
192.6
1,511.4
Assets classified as held for sale
6.2
\u2013
Total assets
1,308.4
1,511.4
Trade and other payables
(89.1)
(20.5)
(109.6)
1.2
(108.4)
(74.1)
(22.5)
(96.6)
(21.3)
(117.9)
Operating provisions
(2.9)
(39.9)
(42.8)
(5.6)
(48.4)
(32.3)
(36.6)
(68.9)
(13.0)
(81.9)
Lease liabilities
(21.7)
(7. 3)
(29.0)
(5.7)
(34.7)
(23.9)\ue004
(9.4)
(33.3)
(2.9)
(36.2)
Bank overdrafts and loans
\u2013
\u2013
\u2013
(219.2)
(219.2)
\u2013
\u2013
\u2013
(264.7)
(264.7)
Current tax liabilities
\u2013
\u2013
\u2013
(9.8)
(9.8)
\u2013
\u2013
\u2013
(13.6)
(13.6)
Retirement benefit obligations
\u2013
\u2013
\u2013
(8.6)
(8.6)
\u2013
\u2013
\u2013
(9.0)
(9.0)
Deferred tax liabilities
\u2013
\u2013
\u2013
(98.1)
(98.1)
\u2013
\u2013
\u2013
(138.7)
(138.7)
Financial liabilities
\u2013
\u2013
\u2013
(1.5)
(1.5)
\u2013
\u2013
\u2013
(2.1)
(2.1)
Segment liabilities
(113.7)
(67.7)
(181.4)
(347.3)
(528.7)
(130.3)
(68.5)
(198.8)
(465.3)
(6 6 4.1)
Liabilities classified as held for sale
(22.7)
\u2013
Total liabilities
(551.4)
(6 6 4.1)
Net assets
825.9
137.5
963.4
(189.9)
757.0
845.9
274.1
1,120.0
(272.7)
847.3
Capital additions
16.0
28.4
44.4
6.1
50.5
13.6
51.6
65.2
6.5
71.7
Depreciation and amortisation
(28.3)
(20.3)
(48.6)
(3.0)
(51.6)
(27.8)
(24.5)
(52.3)
(2.6)
(54.9)
1 Due to the shared nature of the production facilities for the Personal Care segment and the Coatings business, a split of assets and liabilities by segment is not available and the cost to determine such a split would be prohibitive, therefore the assets and liabilities are shown in aggregate for these segments. Analysis by geography
2024
2023
North United Rest of Rest of North United Rest of Rest of
America Kingdom Europe the World Total America\ue004 Kingdom\ue004 Europe the World Total
$m $m $m $m $m $m $m $m $m $m
Revenue from external customers
207.1
27.2
263.0
241.0
738.3
231.8
24.8
263.4
193.4
713.4
Fixed assets
638.2
29.7
186.3
69.8
924.0
652.5
30.6
316.7
74.4
1,074.2
Capital additions
8.4
1.5
35.3
5.3
50.5
10.0
4.9
51.6
5.2
71.7
Depreciation and amortisation
(21.9)
(1.8)
(23.4)
(4.5)
(51.6)
(22.9)
(1.6)
(26.4)
(4.0)
(54.9)
Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 8.2% (2023: 8.5%) of revenue ($60.6m) (2023: $60.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-596": { "value": "Segmental analysis for the year ended 31 December
2024
2023
Performance Performance
Specialties Personal Segment Central Specialties Personal Segment
Coatings Talc totals Care totals costs Total Coatings Talc totals Care\ue004 totals Central\ue004 Total
$m $m $m $m $m $m $m $m $m $m $m $m costs $m $m
Revenue from external customers
386.4
134.5
520.9
217. 4
738.3
\u2013
738.3
367.6
136.5
5 04.1
209.3
713.4
\u2013
713.4
Adjusted operating profit/(loss)
78.4
8.0
86.4
61.6
148.0
(19.2)
128.8
56.1
14.0
70.1
50.3\ue004
120.4
(16.5)
103.9
Adjusting items (see Note 5)
(4.9)
(132.3)
(137.2)
(12.3)
(149.5)
(5.9)
(155.4)
(0.9)
(5.4)
(6.3)
(7.1)
(13.4)
(31.6)
(45.0)
Operating(loss)/profit
73.5
(124.3)
(50.8)
49.3
(1.5)
(25.1)
(26.6)
55.2
8.6
63.8
43.2
107.0
(48.1)
58.9
Other expenses
(1.8)
(2.3)
Finance income
2.9
4.4
Finance expense
(24 .1)
(21.3)
Tax
1.8
(11.5)
Loss from discontinued operations
\u2013
(1.7)
(Loss)/profit for the year
(47.8)
26.5
2024
2023
Personal Care Segment Central Personal Care,\ue004 Segment Central
and Coatings
1
Talc totals costs Total
and Coatings
1
Talc totals costs Total
$m $m $m $m $m $m $m $m $m $m
Fixed assets
742.5
163.0
905.5
18.5
924.0
763.0\ue004
295.4
1,058.4
15.8
1,074.2
Inventories
126.7
25.7
152.4
0.1
152.5
135.8
27.4
163.2\ue004
0.1
163.3\ue004
Trade and other receivables
70.4
16.5
87.2
6.3
93.2
7 7.4
19.8
97.2
4.6
101.8
Other tax recoverable
\u2013
\u2013
\u2013
21.0
21.0
\u2013
\u2013
\u2013
20.0
20.0
Derivatives
\u2013
\u2013
\u2013
5.4
5.4
\u2013
\u2013
\u2013
13.4
13.4
Tax assets
\u2013
\u2013
\u2013
18.6
18.6
\u2013
\u2013
\u2013
30.8
30.8
Retirement benefit surplus
\u2013
\u2013
\u2013
27.6
27.6
\u2013
\u2013
\u2013
42.1
42.1
Cash and cash equivalents
\u2013
\u2013
\u2013
59.9
59.9
\u2013
\u2013
\u2013
65.8
65.8
Segment assets
939.6
205.2
1,14
4.8
157.4
1,302.2
976.2
342.6
1,318.8
192.6
1,511.4
Assets classified as held for sale
6.2
\u2013
Total assets
1,308.4
1,511.4
Trade and other payables
(89.1)
(20.5)
(109.6)
1.2
(108.4)
(74.1)
(22.5)
(96.6)
(21.3)
(117.9)
Operating provisions
(2.9)
(39.9)
(42.8)
(5.6)
(48.4)
(32.3)
(36.6)
(68.9)
(13.0)
(81.9)
Lease liabilities
(21.7)
(7. 3)
(29.0)
(5.7)
(34.7)
(23.9)\ue004
(9.4)
(33.3)
(2.9)
(36.2)
Bank overdrafts and loans
\u2013
\u2013
\u2013
(219.2)
(219.2)
\u2013
\u2013
\u2013
(264.7)
(264.7)
Current tax liabilities
\u2013
\u2013
\u2013
(9.8)
(9.8)
\u2013
\u2013
\u2013
(13.6)
(13.6)
Retirement benefit obligations
\u2013
\u2013
\u2013
(8.6)
(8.6)
\u2013
\u2013
\u2013
(9.0)
(9.0)
Deferred tax liabilities
\u2013
\u2013
\u2013
(98.1)
(98.1)
\u2013
\u2013
\u2013
(138.7)
(138.7)
Financial liabilities
\u2013
\u2013
\u2013
(1.5)
(1.5)
\u2013
\u2013
\u2013
(2.1)
(2.1)
Segment liabilities
(113.7)
(67.7)
(181.4)
(347.3)
(528.7)
(130.3)
(68.5)
(198.8)
(465.3)
(6 6 4.1)
Liabilities classified as held for sale
(22.7)
\u2013
Total liabilities
(551.4)
(6 6 4.1)
Net assets
825.9
137.5
963.4
(189.9)
757.0
845.9
274.1
1,120.0
(272.7)
847.3
Capital additions
16.0
28.4
44.4
6.1
50.5
13.6
51.6
65.2
6.5
71.7
Depreciation and amortisation
(28.3)
(20.3)
(48.6)
(3.0)
(51.6)
(27.8)
(24.5)
(52.3)
(2.6)
(54.9)
1 Due to the shared nature of the production facilities for the Personal Care segment and the Coatings business, a split of assets and liabilities by segment is not available and the cost to determine such a split would be prohibitive, therefore the assets and liabilities are shown in aggregate for these segments. Analysis by geography
2024
2023
North United Rest of Rest of North United Rest of Rest of
America Kingdom Europe the World Total America\ue004 Kingdom\ue004 Europe the World Total
$m $m $m $m $m $m $m $m $m $m
Revenue from external customers
207.1
27.2
263.0
241.0
738.3
231.8
24.8
263.4
193.4
713.4
Fixed assets
638.2
29.7
186.3
69.8
924.0
652.5
30.6
316.7
74.4
1,074.2
Capital additions
8.4
1.5
35.3
5.3
50.5
10.0
4.9
51.6
5.2
71.7
Depreciation and amortisation
(21.9)
(1.8)
(23.4)
(4.5)
(51.6)
(22.9)
(1.6)
(26.4)
(4.0)
(54.9)
Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 8.2% (2023: 8.5%) of revenue ($60.6m) (2023: $60.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-646": { "value": "Analysis by geography
2024
2023
North United Rest of Rest of North United Rest of Rest of
America Kingdom Europe the World Total America\ue004 Kingdom\ue004 Europe the World Total
$m $m $m $m $m $m $m $m $m $m
Revenue from external customers
207.1
27.2
263.0
241.0
738.3
231.8
24.8
263.4
193.4
713.4
Fixed assets
638.2
29.7
186.3
69.8
924.0
652.5
30.6
316.7
74.4
1,074.2
Capital additions
8.4
1.5
35.3
5.3
50.5
10.0
4.9
51.6
5.2
71.7
Depreciation and amortisation
(21.9)
(1.8)
(23.4)
(4.5)
(51.6)
(22.9)
(1.6)
(26.4)
(4.0)
(54.9)
Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 8.2% (2023: 8.5%) of revenue ($60.6m) (2023: $60.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "
3. Finance income
2024 2023
$m $m
Interest on bank deposits
0.3
0.5
Pension and other post-retirement liabilities
1.4
1.0
Fair value movement on derivatives
\u2013
1.5
Interest on EU state aid receivable
1.2
1.4
Total finance income
2.9
4.4
4. Finance costs
2024 2023
$m $m
Interest on bank loans
20.3
17.5
Unwind of discount on provisions
2.4
1.4
Interest on lease liabilities
1.4
1.3
Fair value movement on derivatives
\u2013
1.1
Total finance costs
24.1
21.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-647": { "value": "3. Finance income
2024 2023
$m $m
Interest on bank deposits
0.3
0.5
Pension and other post-retirement liabilities
1.4
1.0
Fair value movement on derivatives
\u2013
1.5
Interest on EU state aid receivable
1.2
1.4
Total finance income
2.9
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-629": { "value": "3. Finance income
2024 2023
$m $m
Interest on bank deposits
0.3
0.5
Pension and other post-retirement liabilities
1.4
1.0
Fair value movement on derivatives
\u2013
1.5
Interest on EU state aid receivable
1.2
1.4
Total finance income
2.9
4.4
4. Finance costs
2024 2023
$m $m
Interest on bank loans
20.3
17.5
Unwind of discount on provisions
2.4
1.4
Interest on lease liabilities
1.4
1.3
Fair value movement on derivatives
\u2013
1.1
Total finance costs
24.1
21.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-597": { "value": "3. Finance income
2024 2023
$m $m
Interest on bank deposits
0.3
0.5
Pension and other post-retirement liabilities
1.4
1.0
Fair value movement on derivatives
\u2013
1.5
Interest on EU state aid receivable
1.2
1.4
Total finance income
2.9
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-648": { "value": "4. Finance costs
2024 2023
$m $m
Interest on bank loans
20.3
17.5
Unwind of discount on provisions
2.4
1.4
Interest on lease liabilities
1.4
1.3
Fair value movement on derivatives
\u2013
1.1
Total finance costs
24.1
21.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-598": { "value": "4. Finance costs
2024 2023
$m $m
Interest on bank loans
20.3
17.5
Unwind of discount on provisions
2.4
1.4
Interest on lease liabilities
1.4
1.3
Fair value movement on derivatives
\u2013
1.1
Total finance costs
24.1
21.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "
5. Adjusting items
2024 2023
$m $m
Business transformation
11.0
26.1
Environmental provisions
Increase in provisions due to additional remediation work\ue004
identified
4.0
6.6
Decrease in provisions due to change in discount rate
(2.2)
(0.4)
Impairment of assets
126.0
\u2013
Settlement of Brazil customs matter
3.0
\u2013
Saint Louis fire
1.3
\u2013
Amortisation of intangibles arising on acquisition
12.3
12.7
155.4
45.0
Unrealised mark to market of derivative financial instruments
\u2013
1.1
Unwind of discount on restructuring provision
0.4
\u2013
Interest on EU state aid receivable
(1.2)
(1.4)
Tax credit in relation to adjusting items
(26.8)
(8.4)
127.8
36.3
A number of items have been recorded under \u2018adjusting items\u2019 by virtue of their size and/or one-time nature, in line with our accounting policy in Note 1, in order to provide additional useful analysis of the Group\u2019s results. The Group considers the adjusted results to be an important measure used to monitor how the segments are performing as they achieve consistency and comparability between reporting periods. The net impact of these items on the Group profit before tax for the year is a debit of $154.6m (2023: $44.7m). The items fall into a number of categories, as summarised below: Business transformation \u2013 In March 2024, the Group announced the closure of its Middletown plant. Costs of $1.6m associated with the closure of the site were classified as an adjusting item, including charges of $0.7m relating to the restructuring provision and $0.9m of other costs. The plant was fully closed by 31 December 2024. In March 2024, the Group announced the sale of the Eaglescliffe site. Costs of $0.2m associated with disposal activities were classified as an adjusting item. The transaction is conditional on regulatory approval. In August 2024, the Group announced a strategic review of the Talc business, to establish whether the full potential of the Talc business can best be delivered as part of the Group, or via a divestment. Costs of $3.5m have been incurred and recognised as an adjusting item in relation to the strategic review. The review is expected to be completed in 2025. In the year, the Group commenced a data transformation programme to develop a new internal data analytics platform, to deliver a unified, global view of our data, leveraging advance analytical technology, and primed for future integration with GenAI. Costs of $2.1m were recognised in 2024 as an adjusting item, and the new platform is expected to be fully implemented in 2026. In September 2023, the Fit for the Future strategic review restructuring programme was announced, for which costs of $2.8m were recognised in 2024 (2023: $25.4m), reflecting $3.4m of additional costs and a credit of $0.6m in relation to the revaluation of the restructuring provision. In addition, a charge of $0.4m has been recognised within finance costs in relation to the unwind of discount for the provision. Total estimated costs for the programme are $29.7m, of which $23.7m has been incurred since 2023. The programme is expected to be completed in 2025. In November 2020, the closure of the Charleston plant was announced. Costs of $0.5m (2023: $0.7m) associated with the closure of the site are classified as an adjusting item and the site is planned to be disposed of in the future. Since November 2020, $23.9m has been incurred in relation to the closure of the site. Environmental provisions \u2013 The Group\u2019s environmental provision is calculated on a discounted cash flow basis, reflecting the time period over which spending is estimated to take place. The movement in the provision relates to changes in discount rates which have resulted in a reduction of $2.2m to the liability (2023: $0.4m), and extra remediation work identified in the year which has resulted in a $4.0m increase to the liability (2023: $6.6m). As these costs relate to non-operational facilities, they are classified as adjusting items. Impairment of assets \u2013 In the first half of 2024, Talc performance was adversely impacted by continued weak end market demand and strike action in Finland. Accordingly, a new business plan was prepared for the Talc business which resulted in an impairment of assets of $66.1m.
In September 2024, the RAC of ECHA made a recommendation that talc be classified as STOT RE1
and Carc 1B. A final decision by the European Commission is expected in the second half of 2026.
As a result, there is a high degree of uncertainty with regards to the future demand and profitability
profile of the Talc business, which gave rise to a further impairment of $59.9m, in the second half
of 2024.
Settlement of Brazil customs matter \u2013 In August 2022 the Brazilian tax authorities opened a tax
audit into the Group\u2019s Brazilian entity. The audit was focused on the customs classification code used
since 2017 for one of the entity\u2019s imported raw materials. In 2024, the Group agreed a settlement
with the Brazilian tax authorities in relation to this customs matter, of which $3.0m has been
recognised as an adjusting item.
St Louis fire \u2013 In November 2024, items of property, plant and equipment were damaged as a result
of a fire at the St Louis plant. Of the total costs of $1.3m, $0.7m relates to items of property, plant and
equipment which were written off.
Amortisation of intangibles arising on acquisition \u2013 Amortisation of $12.3m (2023: $12.7m)
represents the charge in respect of the Group\u2019s acquired intangible assets. As in previous years,
these are included in adjusting items as they are a non-cash charge arising from historical
investment activities.
Unrealised mark to market of derivatives \u2013 The unrealised movements in the mark-to-market
valuation of financial instruments that are not in hedging relationships are treated as adjusting items
as they are unrealised non-cash fair value adjustments that will not affect the cash flows of the Group.
Interest on EU state aid receivable \u2013 Finance income of $1.2m (2023: $1.4m) has been
recognised in respect of interest due to the Group.
Tax on adjusting items \u2013 This is the net impact of tax relating to the adjusting items listed above.
To support comparability with the financial statements as presented in 2024, a reconciliation to the adjusted consolidated income statement is shown below.
2024
2023
Adjusting Adjusted Adjusting Adjusted
Profit and loss items profit and loss Profit and loss\ue004 items profit and loss\ue004
$m $m $m $m $m $m
Revenue
738.3
\u2013
738.3
713.4
\u2013
713.4
Cost of sales
(400.3)
\u2013
(400.3)
(42 9.1)
\u2013
(429.1)
Gross profit
338.0
\u2013
338.0
284.3
\u2013
284.3
Distribution costs
(127.9)
\u2013
(127.9)
(108.7)
\u2013
(108.7)
Administrative expenses
(236.7)
155.4
(81.3)
(116.7)
45.0
(71.7)
Operating (loss)/profit
(26.6)
155.4
128.8
58.9
45.0
103.9
Other expenses
(1.8)
\u2013
(1.8)
(2.3)
\u2013
(2.3)
Finance income
2.9
(1.2)
1.7
4.4
(1.4)
3.0
Finance costs
(24.1)
0.4
(23.7)
(21.3)
1.1
(20.2)
(Loss)/profit before income tax
(49.6)
154.6
105.0
39.7
44.7
84.4
Tax
1.8
(26.8)
(25.0)
(11.5)
(8.4)
(19.9)
(Loss)/profit from continuing operations
(47.8)
127.8
80.0
28.2
36.3
64.5
Earnings per share
From continuing operations
Basic earnings (cents)
(8.1)
21.7
13.6
4.8
6.2
11.0
Diluted earnings (cents)
(8.1)
21.4
13.3
4.7
6 .1
10.8
To support comparability with the financial statements as presented in 2024, a reconciliation from operating profit/(loss) to adjusted operating profit/(loss) by segment is shown below for each year.
2024
2023
Performance Performance
Specialties Personal Segment Central Specialties Personal Segment Central\ue004
Coatings Talc totals Care totals costs Total Coatings Talc totals Care\ue004 totals costs Total
$m $m $m $m $m $m $m $m $m $m $m $m $m $m
Operating(loss)/profit
73.5
(124.3)
(50.8)
49.3
(1.5)
(25.1)
(26.6)
55.2
8.6
63.8
43.2
107.0
(4 8.1)
58.9
Adjusting items:
Business transformation
0.5
2.2
2.7
4.2
6.9
4.1
11.0
0.7
\u2013
0.7
\u2013
0.7
25.4
26.1
Increase in environmental provisions due
to additional remediation work identified
\u2013
\u2013
\u2013
\u2013
\u2013
4.0
4.0
\u2013
\u2013
\u2013
\u2013
\u2013
6.6
6.6
Decrease in environmental provisions\ue004
due to change in discount rate
\u2013
\u2013
\u2013
\u2013
\u2013
(2.2)
(2.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
Impairment of assets
\u2013
126.0
126.0
\u2013
126.0
\u2013
126.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlement of Brazil customs matter
3.0
\u2013
3.0
\u2013
3.0
\u2013
3.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
St Louis fire
1.3
\u2013
1.3
\u2013
1.3
\u2013
1.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amortisation of intangibles arising\ue004
on acquisition
0.1
4.1
4.2
8.1
12.3
\u2013
12.3
0.2
5.4
5.6
7.1
12.7
\u2013
12.7
Adjusted operating profit/(loss)
78.4
8.0
86.4
61.6
148.0
(19.2)
128.8
56.1
14.0
70.1
50.3
120.4
(16.5)
103.9
", "dimensions": { "concept": "elementisplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "
6. Income tax expense
2024 2023
$m $m
Current tax:
UK corporation tax
12.9
6.2
Overseas corporation tax
7.6
8.7
Adjustments in respect of prior years:
United Kingdom
0.7
(0.7)
Overseas
0.2
(3.0)
Total current tax
21.4
11.2
Deferred tax:
United Kingdom
6.0
(0.2)
Overseas
(28.8)
(1.6)
Adjustment in respect of prior years:
United Kingdom
\u2013
\u2013
Overseas
(0.4)
2.1
Total deferred tax
(23.2)
0.3
Income tax (credit)/expense for the year
(1.8)
11.5
Comprising:
Income tax (credit)/expense for the year
(1.8)
11.5
Adjusting items
1
:
Overseas taxation on adjusting items
(27.0)
(4.0)
UK taxation on adjusting items
0.2
(4.4)
Taxation on adjusting items
(26.8)
(8.4)
Income tax expense for the year after adjusting items
25.0
19.9
1 See Note 5 for details of adjusting items.
The tax charge on profits represents an effective rate of 3.6% (2023: 29.0%) and an effective tax rate
after adjusting items of 23.8% (2023: 23.5%).
The tax impact of the adjusting items outlined within Note 5 and within the consolidated income
statement relates to the following:
2024
2023
Gross Tax impact Gross Tax impact\ue004
$m $m $m $m\ue004
Business transformation
11.0
2.4
26.1
5.2
Environmental provisions
1.8
\u2013
6.2
1.3
Impairment of assets
126.0
27.2
\u2013
\u2013
Settlement of Brazil customs\ue004
matter
3.0
\u2013
\u2013
\u2013
Mark to market of derivative\ue004
financial instruments
\u2013
\u2013
1.1
0.2
Interest on EU state aid\ue004
receivable
(1.2)
(0.3)
(1.4)
(0.4)
Amortisation of intangibles\ue004
arising on acquisition
12.3
2.8
12.7
2.1
St Louis fire
1.3
0.3
Unwind of discount on\ue004
restructuring provision
0.4
0.1
\u2013
\u2013
Derecognition of deferred tax
asset regarding Eaglescliffe
\u2013
(5.7)
\u2013
\u2013
Tax credit
154.6
26.8
44.7
8.4
The Group is international and has operations across a range of jurisdictions. Accordingly, tax
charges of the Group in future periods will be affected by the profitability of operations in different
jurisdictions and changes to tax rates and regulations in the jurisdictions within which the Group
has operations. The Group\u2019s adjusted effective tax rate in 2024 is broadly in line with the prior year.
The medium-term expectation for the Group\u2019s adjusted effective tax rate is around 26%.
On 20 December 2021 the OECD published its Global Anti-Base Erosion Model Rules (Pillar Two).
The report provided a model for a coordinated system of taxation that imposes a top-up tax on profits
arising in a jurisdiction whenever the effective tax rate, determined on a jurisdictional basis, is below the
minimum tax rate of 15%. The UK enacted legislation to enshrine this into domestic law in July 2023.
The Group is below the revenue threshold for the legislation to apply and therefore there is no impact
on the financial statements.
The total charge for the year can be reconciled to the accounting profit as follows:
2024
2023
$m
%
$m
%
(Loss)/profit before tax
(49.6)
39.7
Tax at 25.0% (2023: 23.5%)
(12.4)
25.0
9.4
23.5
Difference in overseas effective\ue004
tax rates
3.4
(6.8)
1.9
4.9
Income not taxable
(2.8)
5.6
\u2013
\u2013
Expenses not deductible for\ue004
tax purposes
3.2
(6.5)
7.1
17. 9
Adjustments in respect of
prior years
0.4
(0.8)
(1.5)
(3.7)
Tax rate changes
\u2013
\u2013
\u2013
\u2013
Tax associated with disposal
of discontinued operations
\u2013
\u2013
(12.8)
(32.2)
Movement in unrecognised\ue004
deferred tax
1
6.4
(12.9)
7.4
18.6
Total (credit)/charge and
effective tax rate for the year
(1.8)
3.6
11.5
29.0
1 The movement in unrecognised deferred tax relates to the derecognition of the deferred tax asset in respect of the
Eaglescliffe environmental provision ahead of the expected disposal of the Eaglescliffe site to Flacks Group.
16. Deferred tax
Retirement Accelerated tax Amortisation of Other intangible Other temporary Unrelieved tax
benefit plans depreciation US goodwill assets differences losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(6.1)
(34.3)
(63.0)
(27. 9)
15.2
9.6
(106.5)
Credit/(charge) to the income statement
(0.5)
(4.8)
0.2
2.0
0.8
(6.1)
(8.4)
Credit to other comprehensive income
(2.8)
\u2013
\u2013
\u2013
(0.6)
\u2013
(3.4)
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
(1.4)
\u2013
(1.4)
Disposal
\u2013
3.2
\u2013
\u2013
\u2013
\u2013
3.2
Currency translation differences
(0.3)
(3.7)
\u2013
(0.7)
2.4
(0.3)
(2.6)
At 31 December 2023
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
4.5
2.9
7. 4
Deferred tax liabilities
(5.8)
(19.5)
(62.5)
(10.3)
\u2013
\u2013
(98.1)
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be
deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable profits have been modelled using the Group\u2019s five year financial shape.
Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are filed and where tax assets and liabilities may be netted.
At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $31.8m (2023: $30.9m).
No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable
that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $nil (gross $nil) (2023: $4.5m (gross $21.4m)) in relation
to restricted US interest deductions, an unrecognised deferred tax asset of $4.9m (gross $24.6m) (2023: $4.9m (gross $24.6m)) in relation to restricted Finnish interest deductions and an unrecognised
deferred tax asset of $9.3m (gross $28.2m) (2023: $11.1m (gross $33.7m)) in respect of German net operating losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "
7. (Loss)/profit from continuing operations
Loss from continuing operations of $47.8m (2023: profit of $28.2m) has been arrived at after
charging/(crediting):
2024 2023
$m $m
Employee costs (see\ue004Note 8)
130.9
131.2
Net foreign exchange losses
0.2
(0.6)
Research and development costs
9.6
7. 8
Depreciation of property, plant and equipment
38.8
41.6
Amortisation of intangible assets
12.8
13.3
Total depreciation and amortisation expense
51.6
54.9
Impairment of assets
126.0
\u2013
Loss on disposal of property, plant & equipment
0.9
0.8
Write-off of inventory
7.8
4.6
Cost of inventories recognised as expense
284.5
295.9
Fees payable to company\u2019s auditors and its associates:
Audit of company
1.2
1.2
Audit of subsidiaries
0.9
0.9
Audit-related services \u2013 interim review
0.3
0.3
CSRD metric readiness services
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-652": { "value": "7. (Loss)/profit from continuing operations Loss from continuing operations of $47.8m (2023: profit of $28.2m) has been arrived at after charging/(crediting):
2024 2023
$m $m
Employee costs (see\ue004Note 8)
130.9
131.2
Net foreign exchange losses
0.2
(0.6)
Research and development costs
9.6
7. 8
Depreciation of property, plant and equipment
38.8
41.6
Amortisation of intangible assets
12.8
13.3
Total depreciation and amortisation expense
51.6
54.9
Impairment of assets
126.0
\u2013
Loss on disposal of property, plant & equipment
0.9
0.8
Write-off of inventory
7.8
4.6
Cost of inventories recognised as expense
284.5
295.9
Fees payable to company\u2019s auditors and its associates:
Audit of company
1.2
1.2
Audit of subsidiaries
0.9
0.9
Audit-related services \u2013 interim review
0.3
0.3
CSRD metric readiness services
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-649": { "value": "7. (Loss)/profit from continuing operations Loss from continuing operations of $47.8m (2023: profit of $28.2m) has been arrived at after charging/(crediting):
2024 2023
$m $m
Employee costs (see\ue004Note 8)
130.9
131.2
Net foreign exchange losses
0.2
(0.6)
Research and development costs
9.6
7. 8
Depreciation of property, plant and equipment
38.8
41.6
Amortisation of intangible assets
12.8
13.3
Total depreciation and amortisation expense
51.6
54.9
Impairment of assets
126.0
\u2013
Loss on disposal of property, plant & equipment
0.9
0.8
Write-off of inventory
7.8
4.6
Cost of inventories recognised as expense
284.5
295.9
Fees payable to company\u2019s auditors and its associates:
Audit of company
1.2
1.2
Audit of subsidiaries
0.9
0.9
Audit-related services \u2013 interim review
0.3
0.3
CSRD metric readiness services
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-599": { "value": "
2024 2023
$m $m
Employee costs (see\ue004Note 8)
130.9
131.2
Net foreign exchange losses
0.2
(0.6)
Research and development costs
9.6
7. 8
Depreciation of property, plant and equipment
38.8
41.6
Amortisation of intangible assets
12.8
13.3
Total depreciation and amortisation expense
51.6
54.9
Impairment of assets
126.0
\u2013
Loss on disposal of property, plant & equipment
0.9
0.8
Write-off of inventory
7.8
4.6
Cost of inventories recognised as expense
284.5
295.9
Fees payable to company\u2019s auditors and its associates:
Audit of company
1.2
1.2
Audit of subsidiaries
0.9
0.9
Audit-related services \u2013 interim review
0.3
0.3
CSRD metric readiness services
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-630": { "value": "
2024 2023
$m $m
Employee costs (see\ue004Note 8)
130.9
131.2
Net foreign exchange losses
0.2
(0.6)
Research and development costs
9.6
7. 8
Depreciation of property, plant and equipment
38.8
41.6
Amortisation of intangible assets
12.8
13.3
Total depreciation and amortisation expense
51.6
54.9
Impairment of assets
126.0
\u2013
Loss on disposal of property, plant & equipment
0.9
0.8
Write-off of inventory
7.8
4.6
Cost of inventories recognised as expense
284.5
295.9
Fees payable to company\u2019s auditors and its associates:
Audit of company
1.2
1.2
Audit of subsidiaries
0.9
0.9
Audit-related services \u2013 interim review
0.3
0.3
CSRD metric readiness services
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "
8. Employees
Employee costs:
2024 2023
$m $m
Wages and salaries
108.6
110.4
Social security costs
9.0
9.0
Pension costs
7.2
7.4
Share-based payment costs
6.1
4.4
Total employee costs
130.9
131.2
Average number of FTE employees
1
:
2024 2023
Number Number
Personal Care and Coatings
1,178
1,031
Talc
259
228
Central
49
19
Total
1,486
1,278
1 Full-time equivalent includes contractors.
The aggregate amount of Directors\u2019 remuneration (salary, bonus and benefits) is shown in the
Remuneration Report on page 118:
The aggregate amount of gains made by Directors on exercise of share options was $nil
(2023: $nil)
The remuneration of the highest paid Director was $3.9m (2023: $3.4m)
Payments have been made to a defined contribution pension scheme on behalf of 1 Director
(2023: 1 Director). For the highest-paid Director, pension contributions of $0.2m (2023: $0.2m)
were made
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "value": "
9. Earnings per share
The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders
of the parent is based on the following:
Earnings:
2024 2023
$m $m
Adjusted earnings
80.0
64.5
Adjusting items net of tax
(127.8)
(36.3)
(Loss)/earnings\ue004for the purpose of basic earnings per share
(47.8)
28.2
(Loss)/earnings\ue004from discontinued operations
\u2013
(1.7)
(Loss)/earnings\ue004from continuing and discontinued operations
(47.8)
26.5
Number of shares:
2024 2023
m m
Weighted average number of shares for the purpose of basic\ue004
earnings per share
588.9
585.7
Effect of dilutive share options
11.9
11. 2
Weighted average number of shares for the purpose of diluted\ue004
earnings per share
600.8
596.9
The dilutive (loss)/earnings per share calculation for 2024, does not include the impact of the 11.9m
dilutive share options, as the inclusion of these potential shares would have an anti-dilutive impact on
the diluted loss per share from continuing operations; it would decrease the diluted loss per share
from continuing operations.
Earnings per share:
2024 2023
cents cents
Earnings per share from continuing operations:
Basic (loss)/earnings
(8.1)
4.8
Diluted (loss)/earnings
(8.1)
4.7
Basic earnings after adjusting items
13.6
11.0
Diluted earnings after adjusting items
13.3
10.8
Earnings per share from discontinued operations:
Basic (loss)/earnings from discontinued operations
\u2013
(0.3)
Diluted (loss)/earnings from discontinued operations
\u2013
(0.3)
Earnings per share from continuing and
discontinued operations:
Basic (loss)/earnings from continuing and discontinued operations
(8.1)
4.5
Diluted (loss)/earnings from continuing and discontinued operations
(8.1)
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "
10. Goodwill and other intangible assets
Other intangible
Goodwill Brand Customer lists assets Total
$m $m $m $m $m
Cost:
At 1 January 2023
699.4
25.3
163.2
98.9
986.8
Exchange differences
12.8
0.1
1.8
2.5
17. 2
Additions
\u2013
\u2013
\u2013
0.1
0.1
At 31 December 2023
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Amortisation and impairment:
At 1 January 2023
218.5
2.5
46.5
5 9.1
326.6
Exchange differences
11.4
\u2013
1.5
0.7
13.6
Charge for the year
\u2013
\u2013
8.6
4.7
13.3
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Carrying amount:
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 31 December 2023
482.3
22.9
108.4
37.0
650.6
At 1 January 2023
480.9
22.8
116.7
39.8
660.2
During 2024, cumulative impairment losses in the Talc business in relation to customer lists and other intangible assets of $23.1m and $24.0m were recognised. These impairment losses have been included
within administrative expenses in the consolidated income statement. See Key Sources of Estimation Uncertainty for further information.
The brand intangibles represent the value ascribed to the trading name and reputation of the
Deuchem, Fancor, Watercryl, Hi-Mar and SummitReheis acquisitions. The Group, with the exception
of SummitReheis, considers these to have significant and ongoing value to the business that will be
maintained and it is therefore considered appropriate to assign these assets an indefinite useful life.
The brand relating to SummitReheis has been amortised over a period of three years, and is
fully amortised.
The carrying amount of brand intangibles with an indefinite useful life is $21.9m (2023: $22.9m).
Brand intangibles with an indefinite useful life are tested annually for impairment as part of the annual
goodwill impairment test and have been allocated to the Personal Care and Coatings CGUs.
The net book value of customer lists includes $76.0m (2023: $82.6m) in relation to the acquisition
of SummitReheis, which have remaining lives of between 2 and 17 years (2023: between 3 and
18 years), and $nil (2023: $25.9m) in relation to the acquisition of Mondo Minerals, which have
no remaining useful life (2023: 10 years).
Included within other intangible assets above are technology-related intangible assets of $0.7m
(2023: $28.3m) arising from the acquisition of Mondo Minerals, which have remaining useful lives
of 9 years (2023: 10 years), and know-how-related intangible assets of $2.6m (2023: $4.5m),
which have remaining useful lives of between 2 and 3 years (2023: 3 and 4 years).
The remaining intangible assets comprise the value ascribed to customer lists, patents and
non-compete clauses, which are being amortised over periods of 4 to 23 years.
Goodwill and brand intangibles with an indefinite useful life impairment testing
Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s CGUs
as follows:
2024 2023
$m $m
Personal Care
295.5
296.6
Coatings
206.5
208.6
At 31 December
502.0
505.2
The Group tests annually for impairment at 31 October, or more frequently, if there are events or
circumstances that indicate that the carrying amount may not be recoverable.
Basis of the recoverable amount
The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations
which use cash flow projections based on financial budgets approved by the Directors covering
a five-year period.
Management\u2019s judgement in estimating the cash flows of a CGU
The key assumptions for the value in use calculations are expected changes to sales volumes, selling
prices and direct costs during the forecast period, growth rates used to extrapolate beyond the
forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes,
selling prices and direct costs are based on past practices and expectations of future changes in the
market. A five-year forecasting model is used for all CGUs.
Growth rates
Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term
growth rates. The rates do not exceed the average long-term growth rate for the relevant products
or markets.
Discount rates
Management estimate discount rates using pre-tax rates that reflect current market assessments
of the time value of money and the risks specific to the CGUs.
Personal Care
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2025 to 2029, a pre-tax discount rate of 12.0% (2023: 12.8%) and a long-term
growth rate of 3.0% (2023: 5.0%). The recoverable amount exceeded the carrying value of the CGU
by $361.7m (2023: $211.7m). The Directors do not consider that any reasonably possible changes to
the key assumptions would reduce the recoverable amount to its carrying value.
Coatings
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and
plans for 2024 to 2029, a pre-tax discount rate of 11.3% (2023: 12.4%) and a long-term growth rate
of 3.0% (2023: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $701.1m
(2023: $402.1m). The Directors do not consider that any reasonably possible changes to the key
assumptions would reduce the recoverable amount to its carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-631": { "value": "10. Goodwill and other intangible assets
Other intangible
Goodwill Brand Customer lists assets Total
$m $m $m $m $m
Cost:
At 1 January 2023
699.4
25.3
163.2
98.9
986.8
Exchange differences
12.8
0.1
1.8
2.5
17. 2
Additions
\u2013
\u2013
\u2013
0.1
0.1
At 31 December 2023
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Amortisation and impairment:
At 1 January 2023
218.5
2.5
46.5
5 9.1
326.6
Exchange differences
11.4
\u2013
1.5
0.7
13.6
Charge for the year
\u2013
\u2013
8.6
4.7
13.3
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Carrying amount:
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 31 December 2023
482.3
22.9
108.4
37.0
650.6
At 1 January 2023
480.9
22.8
116.7
39.8
660.2
During 2024, cumulative impairment losses in the Talc business in relation to customer lists and other intangible assets of $23.1m and $24.0m were recognised. These impairment losses have been included within administrative expenses in the consolidated income statement. See Key Sources of Estimation Uncertainty for further information. The brand intangibles represent the value ascribed to the trading name and reputation of the Deuchem, Fancor, Watercryl, Hi-Mar and SummitReheis acquisitions. The Group, with the exception of SummitReheis, considers these to have significant and ongoing value to the business that will be maintained and it is therefore considered appropriate to assign these assets an indefinite useful life. The brand relating to SummitReheis has been amortised over a period of three years, and is fully amortised. The carrying amount of brand intangibles with an indefinite useful life is $21.9m (2023: $22.9m). Brand intangibles with an indefinite useful life are tested annually for impairment as part of the annual goodwill impairment test and have been allocated to the Personal Care and Coatings CGUs. The net book value of customer lists includes $76.0m (2023: $82.6m) in relation to the acquisition of SummitReheis, which have remaining lives of between 2 and 17 years (2023: between 3 and 18 years), and $nil (2023: $25.9m) in relation to the acquisition of Mondo Minerals, which have no remaining useful life (2023: 10 years). Included within other intangible assets above are technology-related intangible assets of $0.7m (2023: $28.3m) arising from the acquisition of Mondo Minerals, which have remaining useful lives of 9 years (2023: 10 years), and know-how-related intangible assets of $2.6m (2023: $4.5m), which have remaining useful lives of between 2 and 3 years (2023: 3 and 4 years). The remaining intangible assets comprise the value ascribed to customer lists, patents and non-compete clauses, which are being amortised over periods of 4 to 23 years. Goodwill and brand intangibles with an indefinite useful life impairment testing Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s CGUs as follows:
2024 2023
$m $m
Personal Care
295.5
296.6
Coatings
206.5
208.6
At 31 December
502.0
505.2
The Group tests annually for impairment at 31 October, or more frequently, if there are events or circumstances that indicate that the carrying amount may not be recoverable. Basis of the recoverable amount The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations which use cash flow projections based on financial budgets approved by the Directors covering a five-year period. Management\u2019s judgement in estimating the cash flows of a CGU The key assumptions for the value in use calculations are expected changes to sales volumes, selling prices and direct costs during the forecast period, growth rates used to extrapolate beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes, selling prices and direct costs are based on past practices and expectations of future changes in the market. A five-year forecasting model is used for all CGUs. Growth rates Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term growth rates. The rates do not exceed the average long-term growth rate for the relevant products or markets. Discount rates Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Personal Care The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2025 to 2029, a pre-tax discount rate of 12.0% (2023: 12.8%) and a long-term growth rate of 3.0% (2023: 5.0%). The recoverable amount exceeded the carrying value of the CGU by $361.7m (2023: $211.7m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. Coatings The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2024 to 2029, a pre-tax discount rate of 11.3% (2023: 12.4%) and a long-term growth rate of 3.0% (2023: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $701.1m (2023: $402.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-600": { "value": "10. Goodwill and other intangible assets
Other intangible
Goodwill Brand Customer lists assets Total
$m $m $m $m $m
Cost:
At 1 January 2023
699.4
25.3
163.2
98.9
986.8
Exchange differences
12.8
0.1
1.8
2.5
17. 2
Additions
\u2013
\u2013
\u2013
0.1
0.1
At 31 December 2023
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Amortisation and impairment:
At 1 January 2023
218.5
2.5
46.5
5 9.1
326.6
Exchange differences
11.4
\u2013
1.5
0.7
13.6
Charge for the year
\u2013
\u2013
8.6
4.7
13.3
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Carrying amount:
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 31 December 2023
482.3
22.9
108.4
37.0
650.6
At 1 January 2023
480.9
22.8
116.7
39.8
660.2
During 2024, cumulative impairment losses in the Talc business in relation to customer lists and other intangible assets of $23.1m and $24.0m were recognised. These impairment losses have been included within administrative expenses in the consolidated income statement. See Key Sources of Estimation Uncertainty for further information. The brand intangibles represent the value ascribed to the trading name and reputation of the Deuchem, Fancor, Watercryl, Hi-Mar and SummitReheis acquisitions. The Group, with the exception of SummitReheis, considers these to have significant and ongoing value to the business that will be maintained and it is therefore considered appropriate to assign these assets an indefinite useful life. The brand relating to SummitReheis has been amortised over a period of three years, and is fully amortised. The carrying amount of brand intangibles with an indefinite useful life is $21.9m (2023: $22.9m). Brand intangibles with an indefinite useful life are tested annually for impairment as part of the annual goodwill impairment test and have been allocated to the Personal Care and Coatings CGUs. The net book value of customer lists includes $76.0m (2023: $82.6m) in relation to the acquisition of SummitReheis, which have remaining lives of between 2 and 17 years (2023: between 3 and 18 years), and $nil (2023: $25.9m) in relation to the acquisition of Mondo Minerals, which have no remaining useful life (2023: 10 years). Included within other intangible assets above are technology-related intangible assets of $0.7m (2023: $28.3m) arising from the acquisition of Mondo Minerals, which have remaining useful lives of 9 years (2023: 10 years), and know-how-related intangible assets of $2.6m (2023: $4.5m), which have remaining useful lives of between 2 and 3 years (2023: 3 and 4 years). The remaining intangible assets comprise the value ascribed to customer lists, patents and non-compete clauses, which are being amortised over periods of 4 to 23 years. Goodwill and brand intangibles with an indefinite useful life impairment testing Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s CGUs as follows:
2024 2023
$m $m
Personal Care
295.5
296.6
Coatings
206.5
208.6
At 31 December
502.0
505.2
The Group tests annually for impairment at 31 October, or more frequently, if there are events or circumstances that indicate that the carrying amount may not be recoverable. Basis of the recoverable amount The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations which use cash flow projections based on financial budgets approved by the Directors covering a five-year period. Management\u2019s judgement in estimating the cash flows of a CGU The key assumptions for the value in use calculations are expected changes to sales volumes, selling prices and direct costs during the forecast period, growth rates used to extrapolate beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes, selling prices and direct costs are based on past practices and expectations of future changes in the market. A five-year forecasting model is used for all CGUs. Growth rates Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term growth rates. The rates do not exceed the average long-term growth rate for the relevant products or markets. Discount rates Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Personal Care The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2025 to 2029, a pre-tax discount rate of 12.0% (2023: 12.8%) and a long-term growth rate of 3.0% (2023: 5.0%). The recoverable amount exceeded the carrying value of the CGU by $361.7m (2023: $211.7m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. Coatings The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2024 to 2029, a pre-tax discount rate of 11.3% (2023: 12.4%) and a long-term growth rate of 3.0% (2023: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $701.1m (2023: $402.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-650": { "value": "Goodwill and brand intangibles with an indefinite useful life impairment testing Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s CGUs as follows:
2024 2023
$m $m
Personal Care
295.5
296.6
Coatings
206.5
208.6
At 31 December
502.0
505.2
The Group tests annually for impairment at 31 October, or more frequently, if there are events or circumstances that indicate that the carrying amount may not be recoverable. Basis of the recoverable amount The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations which use cash flow projections based on financial budgets approved by the Directors covering a five-year period. Management\u2019s judgement in estimating the cash flows of a CGU The key assumptions for the value in use calculations are expected changes to sales volumes, selling prices and direct costs during the forecast period, growth rates used to extrapolate beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes, selling prices and direct costs are based on past practices and expectations of future changes in the market. A five-year forecasting model is used for all CGUs. Growth rates Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term growth rates. The rates do not exceed the average long-term growth rate for the relevant products or markets. Discount rates Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Personal Care The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2025 to 2029, a pre-tax discount rate of 12.0% (2023: 12.8%) and a long-term growth rate of 3.0% (2023: 5.0%). The recoverable amount exceeded the carrying value of the CGU by $361.7m (2023: $211.7m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. Coatings The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2024 to 2029, a pre-tax discount rate of 11.3% (2023: 12.4%) and a long-term growth rate of 3.0% (2023: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $701.1m (2023: $402.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. During 2024, cumulative impairment losses in the Talc business in relation to plant and machinery and land and buildings of $78.1m and $0.8m were recognised. These impairment losses have been included in administrative expenses in the consolidated income statement. See Key Sources of Estimation Uncertainty for further information. Additions for the year included $7.5m (2023: $28.4m) related to the non-cash rehabilitation and closure provisions (see Note 15). Group capital expenditure contracted but not provided for in these financial statements amounted to $nil (2023: $nil). In 2024 and 2023, the Group reclassified items of property, plant and equipment from under construction to their relevant categories upon the assets becoming available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "value": "
11. Property, plant and equipment
Right-of-use assets
Land and Plant and Fixtures, fittings Under Land and Plant and Fixtures, fittings
buildings machinery and equipment construction buildings machinery and equipment Total
$m $m $m $m $m $m $m $m
Cost:
At 1 January 2023
89.7
510.6
32.1
32.9
55.3
4.2
2.8
727.6
Additions
1.5
62.3
0.1
2.7
4.1
0.3
0.7
71.7
Exchange differences
1.8
13.3
0.1
0.2
0.5
0.1
0.2
16.2
Disposals
(0.8)
(6.4)
(0.3)
\u2013
(5.5)
(2.3)
(1.9)
(17. 2)
Reclassifications
7.9
15.1
0.5
(23.5)
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
100.1
594.9
32.5
12.3
54.4
2.3
1.8
798.3
Additions
1.8
19.1
\u2013
24.0
3.9
0.9
\u2013
49.7
Exchange differences
(2.5)
(26.8)
(0.5)
\u2013
(1.2)
0.2
(0.3)
(31.1)
Disposals
(0.2)
(2.3)
(0.3)
\u2013
(1.2)
(1.2)
(0.8)
(6.0)
Reclassifications
0.9
20.0
1.0
(21.9)
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
100.1
604.9
32.7
14.4
55.9
2.2
0.7
810.9
Accumulated depreciation and impairment losses:
At 1 January 2023
40.5
246.0
23.3
\u2013
26.2
3.0
2.2
341.2
Charge for the year
2.1
33.0
1.2
\u2013
4.1
0.9
0.3
41.6
Exchange differences
1.2
6 .1
0.1
\u2013
0.3
0.1
\u2013
7. 8
Disposals
(0.8)
(6.1)
(0.2)
\u2013
(4.9)
(2.3)
(1.6)
(15.9)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications
\u2013
1.0
(1.0)
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
43.0
280.0
23.4
\u2013
25.7
1.7
0.9
374.7
Charge for the year
3.5
27.3
2.9
\u2013
4.4
0.4
0.3
38.8
Exchange differences
(0.1)
(13.6)
(0.5)
\u2013
(0.2)
\u2013
(0.1)
(14.5)
Disposals
\u2013
(1.6)
(0.3)
\u2013
(1.2)
(1.2)
(0.7)
(5.0)
Impairment
0.8
78.1
\u2013
\u2013
\u2013
\u2013
\u2013
78.9
Reclassifications
\u2013
0.8
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
47. 2
371.0
24.7
\u2013
28.7
0.9
0.4
472.9
Net book value:
At 31 December 2024
52.9
233.9
8.0
14.4
27.2
1.3
0.3
338.0
At 31 December 2023
57.1
314.9
9.1
12.3
28.7
0.6
0.9
423.6
At 1 January 2023
49.2
264.6
8.8
32.9
2 9.1
1.2
0.6
386.4
During 2024, cumulative impairment losses in the Talc business in relation to plant and machinery
and land and buildings of $78.1m and $0.8m were recognised. These impairment losses have been
included in administrative expenses in the consolidated income statement. See Key Sources of
Estimation Uncertainty for further information.
Additions for the year included $7.5m (2023: $28.4m) related to the non-cash rehabilitation and
closure provisions (see Note 15).
Group capital expenditure contracted but not provided for in these financial statements amounted
to $nil (2023: $nil).
In 2024 and 2023, the Group reclassified items of property, plant and equipment from under
construction to their relevant categories upon the assets becoming available for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "value": "
12. Inventories
2024 2023
$m $m
Raw materials and consumables
34.2
43.9
Work in progress
10.4
7. 2
Finished goods and goods purchased for resale
107.9
112.2
At 31 December
152.5
163.3
Inventories are disclosed net of provisions for obsolescence of $6.7m (2023: $6.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-567": { "value": "
13. Trade and other receivables
2024 2023
$m $m
Trade receivables
78.1
80.1
Other receivables
6.8
13.5
Prepayments
8.4
8.2
At 31 December
93.3
101.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-653": { "value": "13. Trade and other receivables
2024 2023
$m $m
Trade receivables
78.1
80.1
Other receivables
6.8
13.5
Prepayments
8.4
8.2
At 31 December
93.3
101.8
16. Deferred tax
Retirement Accelerated tax Amortisation of Other intangible Other temporary Unrelieved tax
benefit plans depreciation US goodwill assets differences losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(6.1)
(34.3)
(63.0)
(27. 9)
15.2
9.6
(106.5)
Credit/(charge) to the income statement
(0.5)
(4.8)
0.2
2.0
0.8
(6.1)
(8.4)
Credit to other comprehensive income
(2.8)
\u2013
\u2013
\u2013
(0.6)
\u2013
(3.4)
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
(1.4)
\u2013
(1.4)
Disposal
\u2013
3.2
\u2013
\u2013
\u2013
\u2013
3.2
Currency translation differences
(0.3)
(3.7)
\u2013
(0.7)
2.4
(0.3)
(2.6)
At 31 December 2023
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
4.5
2.9
7. 4
Deferred tax liabilities
(5.8)
(19.5)
(62.5)
(10.3)
\u2013
\u2013
(98.1)
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable profits have been modelled using the Group\u2019s five year financial shape. Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are filed and where tax assets and liabilities may be netted. At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $31.8m (2023: $30.9m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $nil (gross $nil) (2023: $4.5m (gross $21.4m)) in relation to restricted US interest deductions, an unrecognised deferred tax asset of $4.9m (gross $24.6m) (2023: $4.9m (gross $24.6m)) in relation to restricted Finnish interest deductions and an unrecognised deferred tax asset of $9.3m (gross $28.2m) (2023: $11.1m (gross $33.7m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-601": { "value": "13. Trade and other receivables
2024 2023
$m $m
Trade receivables
78.1
80.1
Other receivables
6.8
13.5
Prepayments
8.4
8.2
At 31 December
93.3
101.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "value": "
14. Trade and other payables
2024 2023
$m $m
Trade payables
52.3
60.5
Other payables
7.4
14.2
Accruals
48.7
43.2
At 31 December
108.4
117.9
The Group entered into supplier financing arrangements with US Bank. At the end of the period,
the net balance outstanding on the US Bank facility was $1.1m (2023: $0.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-654": { "value": "14. Trade and other payables
2024 2023
$m $m
Trade payables
52.3
60.5
Other payables
7.4
14.2
Accruals
48.7
43.2
At 31 December
108.4
117.9
The Group entered into supplier financing arrangements with US Bank. At the end of the period, the net balance outstanding on the US Bank facility was $1.1m (2023: $0.8m). 16. Deferred tax
Retirement Accelerated tax Amortisation of Other intangible Other temporary Unrelieved tax
benefit plans depreciation US goodwill assets differences losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(6.1)
(34.3)
(63.0)
(27. 9)
15.2
9.6
(106.5)
Credit/(charge) to the income statement
(0.5)
(4.8)
0.2
2.0
0.8
(6.1)
(8.4)
Credit to other comprehensive income
(2.8)
\u2013
\u2013
\u2013
(0.6)
\u2013
(3.4)
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
(1.4)
\u2013
(1.4)
Disposal
\u2013
3.2
\u2013
\u2013
\u2013
\u2013
3.2
Currency translation differences
(0.3)
(3.7)
\u2013
(0.7)
2.4
(0.3)
(2.6)
At 31 December 2023
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
4.5
2.9
7. 4
Deferred tax liabilities
(5.8)
(19.5)
(62.5)
(10.3)
\u2013
\u2013
(98.1)
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable profits have been modelled using the Group\u2019s five year financial shape. Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are filed and where tax assets and liabilities may be netted. At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $31.8m (2023: $30.9m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $nil (gross $nil) (2023: $4.5m (gross $21.4m)) in relation to restricted US interest deductions, an unrecognised deferred tax asset of $4.9m (gross $24.6m) (2023: $4.9m (gross $24.6m)) in relation to restricted Finnish interest deductions and an unrecognised deferred tax asset of $9.3m (gross $28.2m) (2023: $11.1m (gross $33.7m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-602": { "value": "14. Trade and other payables
2024 2023
$m $m
Trade payables
52.3
60.5
Other payables
7.4
14.2
Accruals
48.7
43.2
At 31 December
108.4
117.9
The Group entered into supplier financing arrangements with US Bank. At the end of the period, the net balance outstanding on the US Bank facility was $1.1m (2023: $0.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "value": "
15. Provisions
Self-
Environmental insurance Restructuring Other Total
$m $m $m $m $m
At 1 January 2024
60.5
0.5
20.1
0.8
81.9
Increase/(decrease) in provisions
6.3
(0.3)
0.1
0.2
6.3
Unused amounts reversed
\u2013
\u2013
\u2013
(0.6)
(0.6)
Unwinding of discount
1.6
\u2013
0.4
\u2013
2.0
Utilised during the year
(1.9)
\u2013
(16.3)
\u2013
(18.2)
Currency translation differences
(2.5)
\u2013
0.4
(0.1)
(2.2)
Transferred to liabilities held
for sale
(20.8)
\u2013
\u2013
\u2013
(20.8)
At 31 December 2024
43.2
0.2
4.7
0.3
48.4
Due within 1 year
1.1
0.2
4.7
0.3
6.3
Due after 1 year
42.1
\u2013
\u2013
\u2013
42.1
Environmental provisions include restoration provisions relating to manufacturing and distribution
sites, including certain sites no longer owned by the Group, as well as rehabilitation and closure
provisions related to the mining activities of the Talc business.
Restoration provisions have been derived using a discounted cash flow methodology and reflect
the extent to which it is probable that expenditure will be incurred over the next 25 years. The level
of these provisions are based on management\u2019s best estimate of the most likely outcome for each
individual exposure. These provisions are discounted using discount rates which reflect market
assessments and the risks specific to the liabilities. The discount rates used were 4.8% in the
US and 3.3% in Canada.
Rehabilitation and closure provisions have been derived using a discounted cash flow methodology
and reflect management\u2019s best estimate of the current obligation for restoration and closure of
mining sites in Finland, excluding passive mines, in line with latest best practice guidelines and
Finnish mining regulatory guidelines. The provisions will not be utilised until the mines are closed.
The provisions are discounted using discount rates which reflect market assessments and the risks
specific to the liabilities. The discount rate used was 2.9%.
The following table shows the timeframes over which undiscounted costs in relation to all
environmental provisions are expected to be incurred:
1-10 years 11-20 years 20-25 years 25+ years Total
$m $m $m $m $m
Environmental provisions
24.1
21.4
8.2
13.4
67.1
Additional environmental provisions of $7.7m were recognised due to extra remediation and
rehabilitation work identified during the year, which was offset by a reduction of $1.4m due to
changes in the discount rates used. A credit of $1.2m is included within adjusting items, with $7.5m
included as an addition to property, plant and equipment (see Note 11). If the cost estimates on which
the provisions are based were to change by 10%, which is reasonably possible, the provisions
recognised would increase by approximately $4.1m.
Whilst a range of outcomes is possible, the Directors believe that the reasonably possible range for
the environmental provision is from $49.5m to $42.2m.
Self-insurance provisions relate to personal injury and other claims from former employees or third
parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not
yet reported which together make up the full liability recognised as a provision. Insurance recoveries
are recognised as a separate reimbursement asset. The self-insurance provisions are expected to
be utilised within one year.
Restructuring provisions relate to costs of adjusting headcount and other costs of restructuring
where a need to do so has been identified by management. An overall increase in the restructuring
provisions of $0.1m was recognised during the year, including additional restructuring provisions
of $0.7m related to the Middletown plant closure, which was announced in 2024, and a decrease
of $0.6m related to the Fit for the Future programme, which was announced in 2023. These changes
in the restructuring provisions are included within adjusting items (see Note 5). The restructuring
provisions are based on management\u2019s best estimate of the cash outflow required to settle the
obligation. If the cost estimates on which the additional restructuring provisions are based were
to change by 10%, which is reasonably possible, the provision recognised would increase by
approximately $nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-603": { "value": "15. Provisions
Self-
Environmental insurance Restructuring Other Total
$m $m $m $m $m
At 1 January 2024
60.5
0.5
20.1
0.8
81.9
Increase/(decrease) in provisions
6.3
(0.3)
0.1
0.2
6.3
Unused amounts reversed
\u2013
\u2013
\u2013
(0.6)
(0.6)
Unwinding of discount
1.6
\u2013
0.4
\u2013
2.0
Utilised during the year
(1.9)
\u2013
(16.3)
\u2013
(18.2)
Currency translation differences
(2.5)
\u2013
0.4
(0.1)
(2.2)
Transferred to liabilities held
for sale
(20.8)
\u2013
\u2013
\u2013
(20.8)
At 31 December 2024
43.2
0.2
4.7
0.3
48.4
Due within 1 year
1.1
0.2
4.7
0.3
6.3
Due after 1 year
42.1
\u2013
\u2013
\u2013
42.1
Environmental provisions include restoration provisions relating to manufacturing and distribution sites, including certain sites no longer owned by the Group, as well as rehabilitation and closure provisions related to the mining activities of the Talc business. Restoration provisions have been derived using a discounted cash flow methodology and reflect the extent to which it is probable that expenditure will be incurred over the next 25 years. The level of these provisions are based on management\u2019s best estimate of the most likely outcome for each individual exposure. These provisions are discounted using discount rates which reflect market assessments and the risks specific to the liabilities. The discount rates used were 4.8% in the US and 3.3% in Canada. Rehabilitation and closure provisions have been derived using a discounted cash flow methodology and reflect management\u2019s best estimate of the current obligation for restoration and closure of mining sites in Finland, excluding passive mines, in line with latest best practice guidelines and Finnish mining regulatory guidelines. The provisions will not be utilised until the mines are closed. The provisions are discounted using discount rates which reflect market assessments and the risks specific to the liabilities. The discount rate used was 2.9%. The following table shows the timeframes over which undiscounted costs in relation to all environmental provisions are expected to be incurred:
1-10 years 11-20 years 20-25 years 25+ years Total
$m $m $m $m $m
Environmental provisions
24.1
21.4
8.2
13.4
67.1
Additional environmental provisions of $7.7m were recognised due to extra remediation and rehabilitation work identified during the year, which was offset by a reduction of $1.4m due to changes in the discount rates used. A credit of $1.2m is included within adjusting items, with $7.5m included as an addition to property, plant and equipment (see Note 11). If the cost estimates on which the provisions are based were to change by 10%, which is reasonably possible, the provisions recognised would increase by approximately $4.1m. Whilst a range of outcomes is possible, the Directors believe that the reasonably possible range for the environmental provision is from $49.5m to $42.2m. Self-insurance provisions relate to personal injury and other claims from former employees or third parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not yet reported which together make up the full liability recognised as a provision. Insurance recoveries are recognised as a separate reimbursement asset. The self-insurance provisions are expected to be utilised within one year. Restructuring provisions relate to costs of adjusting headcount and other costs of restructuring where a need to do so has been identified by management. An overall increase in the restructuring provisions of $0.1m was recognised during the year, including additional restructuring provisions of $0.7m related to the Middletown plant closure, which was announced in 2024, and a decrease of $0.6m related to the Fit for the Future programme, which was announced in 2023. These changes in the restructuring provisions are included within adjusting items (see Note 5). The restructuring provisions are based on management\u2019s best estimate of the cash outflow required to settle the obligation. If the cost estimates on which the additional restructuring provisions are based were to change by 10%, which is reasonably possible, the provision recognised would increase by approximately $nil. 30. Contingent liabilities As is the case with other chemical companies, the Group occasionally receives notice of litigation relating to regulatory and legal matters. A provision is recognised when the Group believes it has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where it is deemed that an obligation is merely possible and that the probability of a material outflow is not remote, the Group would disclose a contingent liability. The Group has not received any notice of litigation relating to events arising prior to the balance sheet date that is expected to lead to a material exposure. During 2021, HM Revenue and Customs (\u201cHMRC\u201d) opened a tax audit into the 2019 tax returns of certain UK Group entities, focused specifically on the tax-efficient financing structure set up in 2014. The Group has been working constructively with HMRC and is hopeful of bringing these matters to a conclusion during 2025. At this stage management have concluded that there is a possible obligation but that any such obligation cannot be measured with sufficient reliability. During 2022, the Group terminated a distribution agreement with one of its distributors. The distributor has brought a claim for compensation as a result of the termination. This matter has now proceeded to arbitration and management have concluded at this stage that the obligation cannot be measured with sufficient reliability. During Q4 2023, an environmental incident occurred at the Eaglescliffe site, which, following investigation during H1 2024, is likely to require additional remediation work at the site and could result in a fine from the relevant supervisory body. Under the terms of the sale and purchase agreement with Flacks Group, signed in March 2024, Flacks Group are responsible for the cost of any remediation and associated fine. As the transaction has not yet completed, Elementis have disclosed the event. Management have concluded at this stage that the obligation cannot be measured with sufficient reliability. As part of ongoing submission of mining closure plans to the Finnish Safety and Chemicals Agency, the Group has noted that further costs associated with activities for the closure and termination of mining activities will be incurred. The Group has recognised a provision where a reliable estimate of the costs required for mining closure is available. A reliable estimate of future costs is not available for all sites as the work to determine these costs and the future mining closure plan is still in progress. A contingent liability is therefore disclosed in respect of these costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-632": { "value": "16. Deferred tax
Retirement Accelerated tax Amortisation of Other intangible Other temporary Unrelieved tax
benefit plans depreciation US goodwill assets differences losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(6.1)
(34.3)
(63.0)
(27. 9)
15.2
9.6
(106.5)
Credit/(charge) to the income statement
(0.5)
(4.8)
0.2
2.0
0.8
(6.1)
(8.4)
Credit to other comprehensive income
(2.8)
\u2013
\u2013
\u2013
(0.6)
\u2013
(3.4)
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
(1.4)
\u2013
(1.4)
Disposal
\u2013
3.2
\u2013
\u2013
\u2013
\u2013
3.2
Currency translation differences
(0.3)
(3.7)
\u2013
(0.7)
2.4
(0.3)
(2.6)
At 31 December 2023
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
4.5
2.9
7. 4
Deferred tax liabilities
(5.8)
(19.5)
(62.5)
(10.3)
\u2013
\u2013
(98.1)
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable profits have been modelled using the Group\u2019s five year financial shape. Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are filed and where tax assets and liabilities may be netted. At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $31.8m (2023: $30.9m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $nil (gross $nil) (2023: $4.5m (gross $21.4m)) in relation to restricted US interest deductions, an unrecognised deferred tax asset of $4.9m (gross $24.6m) (2023: $4.9m (gross $24.6m)) in relation to restricted Finnish interest deductions and an unrecognised deferred tax asset of $9.3m (gross $28.2m) (2023: $11.1m (gross $33.7m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-604": { "value": "16. Deferred tax
Retirement Accelerated tax Amortisation of Other intangible Other temporary Unrelieved tax
benefit plans depreciation US goodwill assets differences losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(6.1)
(34.3)
(63.0)
(27. 9)
15.2
9.6
(106.5)
Credit/(charge) to the income statement
(0.5)
(4.8)
0.2
2.0
0.8
(6.1)
(8.4)
Credit to other comprehensive income
(2.8)
\u2013
\u2013
\u2013
(0.6)
\u2013
(3.4)
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
(1.4)
\u2013
(1.4)
Disposal
\u2013
3.2
\u2013
\u2013
\u2013
\u2013
3.2
Currency translation differences
(0.3)
(3.7)
\u2013
(0.7)
2.4
(0.3)
(2.6)
At 31 December 2023
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
4.5
2.9
7. 4
Deferred tax liabilities
(5.8)
(19.5)
(62.5)
(10.3)
\u2013
\u2013
(98.1)
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable profits have been modelled using the Group\u2019s five year financial shape. Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are filed and where tax assets and liabilities may be netted. At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $31.8m (2023: $30.9m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $nil (gross $nil) (2023: $4.5m (gross $21.4m)) in relation to restricted US interest deductions, an unrecognised deferred tax asset of $4.9m (gross $24.6m) (2023: $4.9m (gross $24.6m)) in relation to restricted Finnish interest deductions and an unrecognised deferred tax asset of $9.3m (gross $28.2m) (2023: $11.1m (gross $33.7m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "value": "
17. Share capital
2024 2023
$m $m
At 1 January
52.5
52.3
Issue of shares
0.2
0.2
At 31 December
52.7
52.5
At 31 December 2024, the Group held 968,021 (2023: 1,458,404) Elementis plc shares through the ESOT with a value of $1.7m (2023: $2.5m). These shares are held to settle share options and awards
granted to employees. Refer to Note 26 for further details.
18. Other reserves
Capital
redemption Translation Hedging Share options
reserve reserve reserve reserve Total
$m $m $m $m $m
At 1 January 2023
158.8
(122.4)
(1.0)
6.7
42.1
Share-based payments
\u2013
\u2013
\u2013
4.2
4.2
Exchange differences
\u2013
9.7
\u2013
0.2
9.9
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(6.3)
\u2013
(6.3)
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
12.7
\u2013
12.7
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
0.5
\u2013
0.5
Recycle deferred foreign exchange losses on disposal
\u2013
9.3
\u2013
\u2013
9.3
Transfer
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
158.8
(103.4)
5.9
8.8
70.1
Share-based payments
\u2013
\u2013
\u2013
5.7
5.7
Exchange differences
\u2013
(17.4)
\u2013
0.1
(17.3)
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(4.4)
\u2013
(4.4)
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
2.3
\u2013
2.3
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
0.4
\u2013
0.4
Recycle deferred foreign exchange losses on disposal
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer
\u2013
\u2013
\u2013
(5.3)
(5.3)
At 31 December 2024
158.8
(120.8)
4.2
9.3
51.5
The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable profits. The capital redemption reserve
represents the nominal value of the shares redeemed.
The translation reserve comprises all foreign currency differences arising from the translation of the
financial statements of foreign operations as well as from the translation of liabilities that hedge the
Company\u2019s net investment in a foreign subsidiary.
The hedging reserve comprises the effective portion of the cumulative net change in the fair value
of cash flow hedging instruments related to hedged transactions that have not yet occurred.
The share options reserve comprises amounts accumulated in equity in respect of share options and
awards granted to employees. The transfers from the share options reserve to retained earnings is
as a result of the exercise and expiry of share options and awards during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-605": { "value": "17. Share capital
2024 2023
$m $m
At 1 January
52.5
52.3
Issue of shares
0.2
0.2
At 31 December
52.7
52.5
At 31 December 2024, the Group held 968,021 (2023: 1,458,404) Elementis plc shares through the ESOT with a value of $1.7m (2023: $2.5m). These shares are held to settle share options and awards granted to employees. Refer to Note 26 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-606": { "value": "18. Other reserves
Capital
redemption Translation Hedging Share options
reserve reserve reserve reserve Total
$m $m $m $m $m
At 1 January 2023
158.8
(122.4)
(1.0)
6.7
42.1
Share-based payments
\u2013
\u2013
\u2013
4.2
4.2
Exchange differences
\u2013
9.7
\u2013
0.2
9.9
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(6.3)
\u2013
(6.3)
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
12.7
\u2013
12.7
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
0.5
\u2013
0.5
Recycle deferred foreign exchange losses on disposal
\u2013
9.3
\u2013
\u2013
9.3
Transfer
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
158.8
(103.4)
5.9
8.8
70.1
Share-based payments
\u2013
\u2013
\u2013
5.7
5.7
Exchange differences
\u2013
(17.4)
\u2013
0.1
(17.3)
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(4.4)
\u2013
(4.4)
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
2.3
\u2013
2.3
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
0.4
\u2013
0.4
Recycle deferred foreign exchange losses on disposal
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer
\u2013
\u2013
\u2013
(5.3)
(5.3)
At 31 December 2024
158.8
(120.8)
4.2
9.3
51.5
The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable profits. The capital redemption reserve represents the nominal value of the shares redeemed. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations as well as from the translation of liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The share options reserve comprises amounts accumulated in equity in respect of share options and awards granted to employees. The transfers from the share options reserve to retained earnings is as a result of the exercise and expiry of share options and awards during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-607": { "value": "
19. Borrowings
2024 2023
$m $m
Bank loans
222.9
267.8
Unamortised syndicate loan fees
(3.7)
(3.1)
Short-term borrowings
\u2013
\u2013
Carrying value of borrowings at 31 December
219.2
264.7
The borrowings are repayable as follows:
Within one year
\u2013
\u2013
Within two to four years
222.9
2 67. 8
In the fifth year
\u2013
\u2013
222.9
267.8
The weighted average interest rates paid were as follows:
2024 2023
% %
Bank loans
5.9
5.8
Group borrowings were denominated as follows:
2024 2023
$m $m
US dollar
75.0
110.0
Euro
147.9
157. 8
Total bank loans
222.9
267.8
The Group\u2019s bank loans include term loans that mature in June 2026.
The US dollar borrowings comprised of a fully drawn $75.0m term loan (2023: $100.0m) and $nil
of RCF drawings (2023: $10.0m). The euro borrowings comprised a fully drawn \u20ac142.9m term loan
(2023: \u20ac142.9m) and \u20acnil of RCF drawings (2023: \u20acnil).
The RCF and term loans are governed by the Group\u2019s bank syndicate facilities agreement, under
which certain Group entities act as guarantors. The guarantors to the facilities agreement are
required to constitute at least 75% of the Group\u2019s total fixed assets plus current assets less current
liabilities and 75% of the Group\u2019s profits before interest expense and tax.
Each guarantor irrevocably and unconditionally jointly and severally guarantees the punctual
performance under the Group\u2019s bank syndicate facilities agreement. There are no fixed or floating
charges over assets.
28. Movement in net borrowings
2024 2023
$m $m
Change in net cash resulting from cash flows:
Increase/(decrease) in cash and cash equivalents
(3.2)
9.9
Decrease in borrowings repayable within one year
\u2013
2.5
Decrease in borrowings repayable after one year
34.8
158.0
31.6
170.4
Currency translation differences
7.3
(5.6)
Decrease in net borrowings
38.9
164.8
Held for sale cash
5.9
\u2013
Net borrowings at 1 January
(202.0)
(366.8)
Net borrowings at 31 December
(157.2)
(202.0)
Bank and Total Cash Net debt
other Lease financing and cash and lease
borrowings liabilities liabilities equivalents liabilities
$m $m $m $m $m
At 1 January 2023
(421.7)
(36.3)
(458.0)
54.9
(403.1)
Exchange rate adjustments
(6.6)
(0.7)
(7.3)
1.0
(6.3)
Cash flows from
financing activities
160.5
6.5
167.0
9.9
176.9
Other movements
\u2013
(5.0)
(5.0)
\u2013
(5.0)
At 31 December 2023
(267.8)
(35.5)
(303.3)
65.8
(237.5)
Exchange rate adjustments
10.1
0.8
10.9
(2.7)
8.2
Cash flows from
financing activities
34.8
6.7
41.5
2.7
44.2
Other movements
\u2013
(6.4)
(6.4)
\u2013
(6.4)
Transferred to held for sale
\u2013
\u2013
\u2013
(5.9)
(5.9)
At 31 December 2024
(222.9)
(34.4)
(257.3)
59.9
(197.4)
Included in the net movement of other loans and borrowings of $9.6m (2023: $110.5m) are total drawdowns of $86.6m (2023: $122.3m) and total repayments of $96.2m (2023: 232.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-571": { "value": "
20. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024 2023
$m $m
Cash at bank and on hand at 31 December
59.9
65.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-572": { "value": "
21. Financial instruments
2024
2023
Held at fair value
Held at amortised cost
Held at fair value
Held at amortised cost
Through Derivatives Through Derivatives
profit and used for Total book Total fair profit and used for Total book Total fair
loss hedging Assets Liabilities value value loss hedging Assets Liabilities value value
At 31 December:
Note
$m $m $m $m $m $m $m $m $m $m $m
$m
Current:
Trade and other receivables
13
\u2013
\u2013
84.9
\u2013
84.9
84.9
\u2013
\u2013
93.6
\u2013
93.6
93.6
Derivative financial assets
22
\u2013
3.6
\u2013
\u2013
3.6
3.6
\u2013
7.4
\u2013
\u2013
7.4
7.4
Cash and cash equivalents
20
\u2013
\u2013
59.9
\u2013
59.9
59.9
\u2013
\u2013
65.8
\u2013
65.8
65.8
Non-current:
Derivative financial assets
22
\u2013
1.8
\u2013
\u2013
1.8
1.8
\u2013
6.0
\u2013
\u2013
6.0
6.0
Financial assets
\u2013
5.4
144.8
\u2013
150.2
150.2
\u2013
13.4
159.4
\u2013
172.8
172.8
Current:
Bank overdrafts and loans
19
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade and other payables
14
\u2013
\u2013
\u2013
(108.4)
(108.4)
(108.4)
\u2013
\u2013
\u2013
(117. 9)
(117. 9)
(117. 9)
Derivative financial liabilities
22
\u2013
(1.5)
\u2013
\u2013
(1.5)
(1.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
24
\u2013
\u2013
\u2013
(5.9)
(5.9)
(5.9)
\u2013
\u2013
\u2013
(5.9)
(5.9)
(5.9)
Non-current:
Loans and borrowings
1
19
\u2013
\u2013
\u2013
(219.2)
(219.2)
(222.9)
\u2013
\u2013
\u2013
(264.7)
(264.7)
(2 67. 8)
Lease liabilities
24
\u2013
\u2013
\u2013
(28.8)
(28.8)
(28.8)
\u2013
\u2013
\u2013
(30.3)
(30.3)
(30.3)
Derivative financial liabilities
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.1)
\u2013
\u2013
(2.1)
(2.1)
Financial liabilities
\u2013
(1.5)
\u2013
(362.3)
(363.8)
(367.5)
\u2013
(2.1)
\u2013
(418.8)
(420.9)
(424.0)
Total
\u2013
3.9
144.8
(362.3)
(213.6)
(217.3)
\u2013
11.3
159.4
(418.8)
(248.1)
(251.2)
1 The total book value of loans and borrowings are shown net of facility fees of $3.7m (2023: $3.1m).
Fair values measurement and hierarchy
Basis for determining fair values
The Group measures fair values in respect of financial instruments in accordance with IFRS 13,
using the following fair value hierarchy that reflects the significance of the inputs used in making
the measurements:
Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.
Level 2: Valuation techniques based on observable inputs, either directly or indirectly.
Level 3: Valuation techniques using significant unobservable inputs. This category includes
contingent consideration.
The following summarises the significant methods and assumptions used in estimating the fair values
of financial instruments:
The Group assesses that the fair values of cash and cash equivalents, trade and other receivables,
trade and other payables, and the current portion of floating rate bank and other borrowings,
approximate to book values due to the short maturity periods of these financial instruments.
For trade and other receivables, allowances are made within their book value for credit risk.
Derivatives (Level 2)
Fair value is estimated by discounting the difference between the contractual forward price and
the current forward price for the residual maturity of the contract using a risk-free interest rate
(based on government bonds).
Loans and borrowings (Level 2)
Fair value is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.
The following table shows amounts recognised in profit or loss in relation to financial assets and
liabilities within the scope of IFRS 9:
2024 2023
$m $m
Recognised in profit or loss
Revenue \u2013 fair value of cash flow hedges transferred from
equity to the income statement
6.2
0.4
Interest income on bank deposits held at amortised cost
0.3
0.5
Fair value movement on derivatives
\u2013
1.5
Financial income
0.3
2.0
Interest on bank loans
(18.6)
(23.4)
Fair value of cash flow hedges transferred from equity to the
income statement
(1.8)
5.9
Fair value movement on derivatives
\u2013
(1.1)
Interest on lease liabilities
(1.4)
(1.3)
Financial costs
(21.8)
(19.9)
The following table shows amounts recognised directly in equity in relation to financial assets and
liabilities within the scope of IFRS 9:
2024 2023
$m $m
Recognised directly in equity
Effective portion of changes in fair value of cash flow hedge
2.3
12.7
Fair value of cash flow hedges transferred to income statement
(4.4)
(6.3)
Fair value of cash flow hedges transferred to net assets
0.4
0.5
Effective portion of change in fair value of net investment hedge
6.5
14.8
Foreign currency translation differences for foreign operations
(23.9)
(5.1)
Recycle deferred foreign exchange losses on disposal of
subsidiary
\u2013
9.3
Recognised in:
Hedging reserve
(1.7)
6.9
Translation reserve
(17.4)
19.0
22. Derivative financial instruments and hedging activities
2024
2023
Contract or underlying Contract or underlying
principal amount
Fair value
principal amount
Fair value
Assets Liabilities Assets Liabilities
At 31 December:
Liabilities
Assets
$m
$m
Liabilities
Assets
$m $m
Current:
Interest rate swaps \u2013 cash flow hedges
\u20ac142m
\u2013
\u2013
(1.4)
\u2013
$100m
2.0
\u2013
Interest rate swaps
\u2013
$25m
0.2
\u2013
\u2013
$50m
0.6
\u2013
Nickel swaps \u2013 cash flow hedges
270
\u2013
MT
3.2
\u2013
3
\u2013
24MT
4.4
\u2013
Aluminium swaps \u2013 cash flow hedges
8
2,000MT
00MT
0.1
(0.1)
2,460
\u2013
MT
0.4
\u2013
Aluminium swaps
\u2013
2,460MT
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Total
3.6
(1.5)
7.4
\u2013
Non-current:
Interest rate swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
\u20ac142m
\u2013
\u2013
(2.1)
Nickel swaps \u2013 cash flow hedges
13
\u2013
3MT
1.8
\u2013
576
\u2013
MT
6.0
\u2013
Total
5.4
(1.5)
13.4
(2.1)
Hedging activities
The Group is exposed to certain risks relating to its ongoing business operations. The primary risks
managed using derivative instruments are foreign currency risk, commodity price risk and interest
rate risk.
The Group\u2019s risk management strategy is explained in Note 23.
Derivatives designated as hedging instruments
Commodity price risk
The Group enters into commodity swap contracts to reduce the volatility attributable to price
fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge
accounting, the commodity forward contracts are accounted for as cash flow hedges. The weighted
average strike price on outstanding aluminium hedges was $2,565.4 per metric ton (\u201cMT\u201d)
(2023: $2,266.6 per MT) and the weighted average strike price on outstanding nickel hedges
was $29,213.1 per MT (2023: $30,931.4 per MT).
There is an economic relationship between the hedged items and the hedging instruments as
the terms of the commodity swap contracts match the terms of the expected highly probable
forecast transactions (i.e. notional amount and expected payment date). During the year ended
31 December 2024, the group recognised a gain of $2.9m (2023: $0.6m) within revenue in the
consolidated income statement as a result of the sale of selected nickel hedges. For all other
commodity hedges, as all critical terms matched during the year, hedge ineffectiveness was
immaterial. The hedge ratio is 1:1.
Interest rate risk
The Group enters into interest rate swaps to swap a portion of the interest arising from the Group\u2019s
bank borrowings from floating to fixed. Interest payments are highly probable, the hedged risk is the
change in the market interest rate. The hedged items are the interest rate cash flows on \u20ac142.0m
of EUR denominated debt. The interest rate swaps for the USD denominated debt matured in 2024.
The Group\u2019s total borrowings are shown in Note 19 to the financial statements.
The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments
have been matched along with the contractual interest cash flows, therefore creating an exact offset
for these transactions resulting in a net fixed interest payable. The interest rate swaps and the
hedged items are matched (equal and opposite terms of interest rate, date and maturity); this results
in a designated hedge ratio of 1:1 or 100%.
Hedge ineffectiveness can arise from:
Changes in timing of the hedged item
A reduction in the amount of the hedged item considered to be highly probable
A change in the credit risk of Elementis or the counterparty to the derivative contract
Foreign currency basis spreads
The effect of cash flow hedges in the consolidated income statement and the consolidated statement
of other comprehensive income (\u201cOCI\u201d) is as follows:
Amount Amount Line item in the
Total hedging reclassified from reclassified from profit or loss
(loss)/gain OCI to profit OCI to the statement or
recognised in OCI or loss balance sheet balance sheet
$m $m $m $m
2024
Interest rate swaps \u2013 Finance
cash flow hedges
(2.2)
(1.8)
\u2013
costs
Nickel forward contracts \u2013
cash flow hedges
(0.9)
6.2
\u2013
Revenue
Aluminium forward contracts
\u2013 cash flow hedges
0.8
\u2013
(0.4)
Inventory
2023
Interest rate swaps \u2013
cash flow hedges
2.2
5.9
\u2013
Finance costs
Nickel forward contracts \u2013
cash flow hedges
(15.0)
0.4
\u2013
Revenue
Aluminium forward contracts
\u2013 cash flow hedges
0.1
\u2013
(0.5)
Inventory
Amounts reclassified from other comprehensive income to profit or loss are due to the hedged item
affecting profit or loss in the period. There were no instances of non-occurrence of hedged cash
flows in either the current or comparative period.
Hedge of net investments in foreign operations
The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to match
the currency of its cash flows, earnings and assets which are principally denominated in those currencies.
The euro and US dollar borrowings in Elementis Holdings Limited are designated as net investment
hedges, as the Company\u2019s functional currency is pounds sterling. The Group does not undertake
derivative transactions to hedge the foreign currency translation exposures.
The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency
borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of net
assets. The critical terms of the euro and US dollar borrowings and their corresponding hedged items
are therefore the same.
The Group performs a qualitative assessment of effectiveness and it is expected that the value of the
euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged items
in pounds sterling will systematically move in the opposite direction in response to movements in the
underlying exchange rates.
The main source of ineffectiveness in these hedging relationships is the impact of a decline in the
carrying value of the hedged item compared with the euro and US dollar borrowings, with the result
that the value of the hedged item is less than the value of hedging instrument.
Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis Holdings
Limited are recorded in other comprehensive income and deferred in the foreign currency translation
reserve on the balance sheet as long as the hedge is effective. Any ineffectiveness is recognised in
the income statement for that year.
The impact of the hedged items on the statement of comprehensive income is as follows:
2024
Foreign
2023
Foreign
currency currency
translation translation
Year ended 31 December reserve $m reserve $m
Net investment in foreign subsidiaries
(23.9)
(5.1)
Impact of hedging on equity
Set out below is the reconciliation of each component of equity and the analysis of other
comprehensive income:
Foreign
currency
Cash flow translation
hedge reserve reserve
$m $m
At 1 January 2023
(1.0)
(122.4)
Effective portion of changes in fair value arising from:
Derivative cash flow hedging instruments
12.7
\u2013
Amount reclassified to profit or loss
(6.3)
\u2013
Amount reclassified to net assets
0.5
\u2013
Recycling of deferred foreign exchange losses on disposal of subsidiary
\u2013
9.3
Foreign currency revaluation of the net foreign operations
\u2013
(5.1)
Foreign currency revaluation of borrowings
\u2013
14.8
At 31 December 2023
5.9
(103.4)
Effective portion of changes in fair value arising from:
Derivative cash flow hedging instruments
2.3
\u2013
Amount reclassified to profit or loss
(4.4)
\u2013
Amount reclassified to net assets
0.4
\u2013
Recycling of deferred foreign exchange losses on disposal of subsidiary
\u2013
\u2013
Foreign currency revaluation of the net foreign operations
\u2013
(23.9)
Foreign currency revaluation of borrowings
\u2013
6.5
At 31 December 2024
4.2
(120.8)
28. Movement in net borrowings
2024 2023
$m $m
Change in net cash resulting from cash flows:
Increase/(decrease) in cash and cash equivalents
(3.2)
9.9
Decrease in borrowings repayable within one year
\u2013
2.5
Decrease in borrowings repayable after one year
34.8
158.0
31.6
170.4
Currency translation differences
7.3
(5.6)
Decrease in net borrowings
38.9
164.8
Held for sale cash
5.9
\u2013
Net borrowings at 1 January
(202.0)
(366.8)
Net borrowings at 31 December
(157.2)
(202.0)
Bank and Total Cash Net debt
other Lease financing and cash and lease
borrowings liabilities liabilities equivalents liabilities
$m $m $m $m $m
At 1 January 2023
(421.7)
(36.3)
(458.0)
54.9
(403.1)
Exchange rate adjustments
(6.6)
(0.7)
(7.3)
1.0
(6.3)
Cash flows from
financing activities
160.5
6.5
167.0
9.9
176.9
Other movements
\u2013
(5.0)
(5.0)
\u2013
(5.0)
At 31 December 2023
(267.8)
(35.5)
(303.3)
65.8
(237.5)
Exchange rate adjustments
10.1
0.8
10.9
(2.7)
8.2
Cash flows from
financing activities
34.8
6.7
41.5
2.7
44.2
Other movements
\u2013
(6.4)
(6.4)
\u2013
(6.4)
Transferred to held for sale
\u2013
\u2013
\u2013
(5.9)
(5.9)
At 31 December 2024
(222.9)
(34.4)
(257.3)
59.9
(197.4)
Included in the net movement of other loans and borrowings of $9.6m (2023: $110.5m) are total
drawdowns of $86.6m (2023: $122.3m) and total repayments of $96.2m (2023: 232.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-633": { "value": "2024 2023 Held at fair value Held at amortised cost Held at fair value Held at amortised cost Through Derivatives Through Derivatives profit and used for Total book Total fair profit and used for Total book Total fair loss hedging Assets Liabilities value value loss hedging Assets Liabilities value value At 31 December: Note $m $m $m $m $m $m $m $m $m $m $m Current: Trade and other receivables 13 \u2013 \u2013 84.9 \u2013 84.9 84.9 \u2013 \u2013 93.6 \u2013 93.6 93.6 Derivative financial assets 22 \u2013 3.6 \u2013 \u2013 3.6 3.6 \u2013 7.4 \u2013 \u2013 7.4 7.4 Cash and cash equivalents 20 \u2013 \u2013 59.9 \u2013 59.9 59.9 \u2013 \u2013 65.8 \u2013 65.8 65.8 Non-current: Derivative financial assets 22 \u2013 1.8 \u2013 \u2013 1.8 1.8 \u2013 6.0 \u2013 \u2013 6.0 6.0 Financial assets \u2013 5.4 144.8 \u2013 150.2 150.2 \u2013 13.4 159.4 \u2013 172.8 172.8 Current: Bank overdrafts and loans 19 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Trade and other payables 14 \u2013 \u2013 \u2013 (108.4) (108.4) (108.4) \u2013 \u2013 \u2013 (117. 9) (117. 9) (117. 9) Derivative financial liabilities 22 \u2013 (1.5) \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Lease liabilities 24 \u2013 \u2013 \u2013 (5.9) (5.9) (5.9) \u2013 \u2013 \u2013 (5.9) (5.9) (5.9) Non-current: Loans and borrowings1 19 \u2013 \u2013 \u2013 (219.2) (219.2) (222.9) \u2013 \u2013 \u2013 (264.7) (264.7) (2 67. 8) Lease liabilities 24 \u2013 \u2013 \u2013 (28.8) (28.8) (28.8) \u2013 \u2013 \u2013 (30.3) (30.3) (30.3) Derivative financial liabilities 22 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2.1) \u2013 \u2013 (2.1) (2.1) Financial liabilities \u2013 (1.5) \u2013 (362.3) (363.8) (367.5) \u2013 (2.1) \u2013 (418.8) (420.9) (424.0) Total \u2013 3.9 144.8 (362.3) (213.6) (217.3) \u2013 11.3 159.4 (418.8) (248.1) (251.2) 1 The total book value of loans and borrowings are shown net of facility fees of $3.7m (2023: $3.1m). 28. Movement in net borrowings
2024 2023
$m $m
Change in net cash resulting from cash flows:
Increase/(decrease) in cash and cash equivalents
(3.2)
9.9
Decrease in borrowings repayable within one year
\u2013
2.5
Decrease in borrowings repayable after one year
34.8
158.0
31.6
170.4
Currency translation differences
7.3
(5.6)
Decrease in net borrowings
38.9
164.8
Held for sale cash
5.9
\u2013
Net borrowings at 1 January
(202.0)
(366.8)
Net borrowings at 31 December
(157.2)
(202.0)
Bank and Total Cash Net debt
other Lease financing and cash and lease
borrowings liabilities liabilities equivalents liabilities
$m $m $m $m $m
At 1 January 2023
(421.7)
(36.3)
(458.0)
54.9
(403.1)
Exchange rate adjustments
(6.6)
(0.7)
(7.3)
1.0
(6.3)
Cash flows from
financing activities
160.5
6.5
167.0
9.9
176.9
Other movements
\u2013
(5.0)
(5.0)
\u2013
(5.0)
At 31 December 2023
(267.8)
(35.5)
(303.3)
65.8
(237.5)
Exchange rate adjustments
10.1
0.8
10.9
(2.7)
8.2
Cash flows from
financing activities
34.8
6.7
41.5
2.7
44.2
Other movements
\u2013
(6.4)
(6.4)
\u2013
(6.4)
Transferred to held for sale
\u2013
\u2013
\u2013
(5.9)
(5.9)
At 31 December 2024
(222.9)
(34.4)
(257.3)
59.9
(197.4)
Included in the net movement of other loans and borrowings of $9.6m (2023: $110.5m) are total drawdowns of $86.6m (2023: $122.3m) and total repayments of $96.2m (2023: 232.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-608": { "value": "2024 2023 Held at fair value Held at amortised cost Held at fair value Held at amortised cost Through Derivatives Through Derivatives profit and used for Total book Total fair profit and used for Total book Total fair loss hedging Assets Liabilities value value loss hedging Assets Liabilities value value At 31 December: Note $m $m $m $m $m $m $m $m $m $m $m Current: Trade and other receivables 13 \u2013 \u2013 84.9 \u2013 84.9 84.9 \u2013 \u2013 93.6 \u2013 93.6 93.6 Derivative financial assets 22 \u2013 3.6 \u2013 \u2013 3.6 3.6 \u2013 7.4 \u2013 \u2013 7.4 7.4 Cash and cash equivalents 20 \u2013 \u2013 59.9 \u2013 59.9 59.9 \u2013 \u2013 65.8 \u2013 65.8 65.8 Non-current: Derivative financial assets 22 \u2013 1.8 \u2013 \u2013 1.8 1.8 \u2013 6.0 \u2013 \u2013 6.0 6.0 Financial assets \u2013 5.4 144.8 \u2013 150.2 150.2 \u2013 13.4 159.4 \u2013 172.8 172.8 Current: Bank overdrafts and loans 19 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Trade and other payables 14 \u2013 \u2013 \u2013 (108.4) (108.4) (108.4) \u2013 \u2013 \u2013 (117. 9) (117. 9) (117. 9) Derivative financial liabilities 22 \u2013 (1.5) \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Lease liabilities 24 \u2013 \u2013 \u2013 (5.9) (5.9) (5.9) \u2013 \u2013 \u2013 (5.9) (5.9) (5.9) Non-current: Loans and borrowings1 19 \u2013 \u2013 \u2013 (219.2) (219.2) (222.9) \u2013 \u2013 \u2013 (264.7) (264.7) (2 67. 8) Lease liabilities 24 \u2013 \u2013 \u2013 (28.8) (28.8) (28.8) \u2013 \u2013 \u2013 (30.3) (30.3) (30.3) Derivative financial liabilities 22 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2.1) \u2013 \u2013 (2.1) (2.1) Financial liabilities \u2013 (1.5) \u2013 (362.3) (363.8) (367.5) \u2013 (2.1) \u2013 (418.8) (420.9) (424.0) Total \u2013 3.9 144.8 (362.3) (213.6) (217.3) \u2013 11.3 159.4 (418.8) (248.1) (251.2) 1 The total book value of loans and borrowings are shown net of facility fees of $3.7m (2023: $3.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-634": { "value": "Fair values measurement and hierarchy Basis for determining fair values The Group measures fair values in respect of financial instruments in accordance with IFRS 13, using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Valuation techniques based on observable inputs, either directly or indirectly. Level 3: Valuation techniques using significant unobservable inputs. This category includes contingent consideration. The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments: The Group assesses that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables, and the current portion of floating rate bank and other borrowings, approximate to book values due to the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within their book value for credit risk. Derivatives (Level 2) Fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). Loans and borrowings (Level 2) Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. The following table shows amounts recognised in profit or loss in relation to financial assets and liabilities within the scope of IFRS 9:
2024 2023
$m $m
Recognised in profit or loss
Revenue \u2013 fair value of cash flow hedges transferred from
equity to the income statement
6.2
0.4
Interest income on bank deposits held at amortised cost
0.3
0.5
Fair value movement on derivatives
\u2013
1.5
Financial income
0.3
2.0
Interest on bank loans
(18.6)
(23.4)
Fair value of cash flow hedges transferred from equity to the
income statement
(1.8)
5.9
Fair value movement on derivatives
\u2013
(1.1)
Interest on lease liabilities
(1.4)
(1.3)
Financial costs
(21.8)
(19.9)
The following table shows amounts recognised directly in equity in relation to financial assets and liabilities within the scope of IFRS 9:
2024 2023
$m $m
Recognised directly in equity
Effective portion of changes in fair value of cash flow hedge
2.3
12.7
Fair value of cash flow hedges transferred to income statement
(4.4)
(6.3)
Fair value of cash flow hedges transferred to net assets
0.4
0.5
Effective portion of change in fair value of net investment hedge
6.5
14.8
Foreign currency translation differences for foreign operations
(23.9)
(5.1)
Recycle deferred foreign exchange losses on disposal of
subsidiary
\u2013
9.3
Recognised in:
Hedging reserve
(1.7)
6.9
Translation reserve
(17.4)
19.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-609": { "value": "Fair values measurement and hierarchy Basis for determining fair values The Group measures fair values in respect of financial instruments in accordance with IFRS 13, using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Valuation techniques based on observable inputs, either directly or indirectly. Level 3: Valuation techniques using significant unobservable inputs. This category includes contingent consideration. The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments: The Group assesses that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables, and the current portion of floating rate bank and other borrowings, approximate to book values due to the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within their book value for credit risk. Derivatives (Level 2) Fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). Loans and borrowings (Level 2) Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. The following table shows amounts recognised in profit or loss in relation to financial assets and liabilities within the scope of IFRS 9:
2024 2023
$m $m
Recognised in profit or loss
Revenue \u2013 fair value of cash flow hedges transferred from
equity to the income statement
6.2
0.4
Interest income on bank deposits held at amortised cost
0.3
0.5
Fair value movement on derivatives
\u2013
1.5
Financial income
0.3
2.0
Interest on bank loans
(18.6)
(23.4)
Fair value of cash flow hedges transferred from equity to the
income statement
(1.8)
5.9
Fair value movement on derivatives
\u2013
(1.1)
Interest on lease liabilities
(1.4)
(1.3)
Financial costs
(21.8)
(19.9)
The following table shows amounts recognised directly in equity in relation to financial assets and liabilities within the scope of IFRS 9:
2024 2023
$m $m
Recognised directly in equity
Effective portion of changes in fair value of cash flow hedge
2.3
12.7
Fair value of cash flow hedges transferred to income statement
(4.4)
(6.3)
Fair value of cash flow hedges transferred to net assets
0.4
0.5
Effective portion of change in fair value of net investment hedge
6.5
14.8
Foreign currency translation differences for foreign operations
(23.9)
(5.1)
Recycle deferred foreign exchange losses on disposal of
subsidiary
\u2013
9.3
Recognised in:
Hedging reserve
(1.7)
6.9
Translation reserve
(17.4)
19.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-635": { "value": "22. Derivative financial instruments and hedging activities
2024
2023
Contract or underlying Contract or underlying
principal amount
Fair value
principal amount
Fair value
Assets Liabilities Assets Liabilities
At 31 December:
Liabilities
Assets
$m
$m
Liabilities
Assets
$m $m
Current:
Interest rate swaps \u2013 cash flow hedges
\u20ac142m
\u2013
\u2013
(1.4)
\u2013
$100m
2.0
\u2013
Interest rate swaps
\u2013
$25m
0.2
\u2013
\u2013
$50m
0.6
\u2013
Nickel swaps \u2013 cash flow hedges
270
\u2013
MT
3.2
\u2013
3
\u2013
24MT
4.4
\u2013
Aluminium swaps \u2013 cash flow hedges
8
2,000MT
00MT
0.1
(0.1)
2,460
\u2013
MT
0.4
\u2013
Aluminium swaps
\u2013
2,460MT
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Total
3.6
(1.5)
7.4
\u2013
Non-current:
Interest rate swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
\u20ac142m
\u2013
\u2013
(2.1)
Nickel swaps \u2013 cash flow hedges
13
\u2013
3MT
1.8
\u2013
576
\u2013
MT
6.0
\u2013
Total
5.4
(1.5)
13.4
(2.1)
Hedging activities The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk, commodity price risk and interest rate risk. The Group\u2019s risk management strategy is explained in Note 23. Derivatives designated as hedging instruments Commodity price risk The Group enters into commodity swap contracts to reduce the volatility attributable to price fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge accounting, the commodity forward contracts are accounted for as cash flow hedges. The weighted average strike price on outstanding aluminium hedges was $2,565.4 per metric ton (\u201cMT\u201d) (2023: $2,266.6 per MT) and the weighted average strike price on outstanding nickel hedges was $29,213.1 per MT (2023: $30,931.4 per MT). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity swap contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). During the year ended 31 December 2024, the group recognised a gain of $2.9m (2023: $0.6m) within revenue in the consolidated income statement as a result of the sale of selected nickel hedges. For all other commodity hedges, as all critical terms matched during the year, hedge ineffectiveness was immaterial. The hedge ratio is 1:1. Interest rate risk The Group enters into interest rate swaps to swap a portion of the interest arising from the Group\u2019s bank borrowings from floating to fixed. Interest payments are highly probable, the hedged risk is the change in the market interest rate. The hedged items are the interest rate cash flows on \u20ac142.0m of EUR denominated debt. The interest rate swaps for the USD denominated debt matured in 2024. The Group\u2019s total borrowings are shown in Note 19 to the financial statements. The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments have been matched along with the contractual interest cash flows, therefore creating an exact offset for these transactions resulting in a net fixed interest payable. The interest rate swaps and the hedged items are matched (equal and opposite terms of interest rate, date and maturity); this results in a designated hedge ratio of 1:1 or 100%. Hedge ineffectiveness can arise from: Changes in timing of the hedged item A reduction in the amount of the hedged item considered to be highly probable A change in the credit risk of Elementis or the counterparty to the derivative contract Foreign currency basis spreads The effect of cash flow hedges in the consolidated income statement and the consolidated statement of other comprehensive income (\u201cOCI\u201d) is as follows:
Amount Amount Line item in the
Total hedging reclassified from reclassified from profit or loss
(loss)/gain OCI to profit OCI to the statement or
recognised in OCI or loss balance sheet balance sheet
$m $m $m $m
2024
Interest rate swaps \u2013 Finance
cash flow hedges
(2.2)
(1.8)
\u2013
costs
Nickel forward contracts \u2013
cash flow hedges
(0.9)
6.2
\u2013
Revenue
Aluminium forward contracts
\u2013 cash flow hedges
0.8
\u2013
(0.4)
Inventory
2023
Interest rate swaps \u2013
cash flow hedges
2.2
5.9
\u2013
Finance costs
Nickel forward contracts \u2013
cash flow hedges
(15.0)
0.4
\u2013
Revenue
Aluminium forward contracts
\u2013 cash flow hedges
0.1
\u2013
(0.5)
Inventory
Amounts reclassified from other comprehensive income to profit or loss are due to the hedged item affecting profit or loss in the period. There were no instances of non-occurrence of hedged cash flows in either the current or comparative period. Hedge of net investments in foreign operations The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to match the currency of its cash flows, earnings and assets which are principally denominated in those currencies. The euro and US dollar borrowings in Elementis Holdings Limited are designated as net investment hedges, as the Company\u2019s functional currency is pounds sterling. The Group does not undertake derivative transactions to hedge the foreign currency translation exposures. The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of net assets. The critical terms of the euro and US dollar borrowings and their corresponding hedged items are therefore the same. The Group performs a qualitative assessment of effectiveness and it is expected that the value of the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged items in pounds sterling will systematically move in the opposite direction in response to movements in the underlying exchange rates. The main source of ineffectiveness in these hedging relationships is the impact of a decline in the carrying value of the hedged item compared with the euro and US dollar borrowings, with the result that the value of the hedged item is less than the value of hedging instrument. Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis Holdings Limited are recorded in other comprehensive income and deferred in the foreign currency translation reserve on the balance sheet as long as the hedge is effective. Any ineffectiveness is recognised in the income statement for that year. The impact of the hedged items on the statement of comprehensive income is as follows:
2024
Foreign
2023
Foreign
currency currency
translation translation
Year ended 31 December reserve $m reserve $m
Net investment in foreign subsidiaries
(23.9)
(5.1)
Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Foreign
currency
Cash flow translation
hedge reserve reserve
$m $m
At 1 January 2023
(1.0)
(122.4)
Effective portion of changes in fair value arising from:
Derivative cash flow hedging instruments
12.7
\u2013
Amount reclassified to profit or loss
(6.3)
\u2013
Amount reclassified to net assets
0.5
\u2013
Recycling of deferred foreign exchange losses on disposal of subsidiary
\u2013
9.3
Foreign currency revaluation of the net foreign operations
\u2013
(5.1)
Foreign currency revaluation of borrowings
\u2013
14.8
At 31 December 2023
5.9
(103.4)
Effective portion of changes in fair value arising from:
Derivative cash flow hedging instruments
2.3
\u2013
Amount reclassified to profit or loss
(4.4)
\u2013
Amount reclassified to net assets
0.4
\u2013
Recycling of deferred foreign exchange losses on disposal of subsidiary
\u2013
\u2013
Foreign currency revaluation of the net foreign operations
\u2013
(23.9)
Foreign currency revaluation of borrowings
\u2013
6.5
At 31 December 2024
4.2
(120.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-610": { "value": "22. Derivative financial instruments and hedging activities
2024
2023
Contract or underlying Contract or underlying
principal amount
Fair value
principal amount
Fair value
Assets Liabilities Assets Liabilities
At 31 December:
Liabilities
Assets
$m
$m
Liabilities
Assets
$m $m
Current:
Interest rate swaps \u2013 cash flow hedges
\u20ac142m
\u2013
\u2013
(1.4)
\u2013
$100m
2.0
\u2013
Interest rate swaps
\u2013
$25m
0.2
\u2013
\u2013
$50m
0.6
\u2013
Nickel swaps \u2013 cash flow hedges
270
\u2013
MT
3.2
\u2013
3
\u2013
24MT
4.4
\u2013
Aluminium swaps \u2013 cash flow hedges
8
2,000MT
00MT
0.1
(0.1)
2,460
\u2013
MT
0.4
\u2013
Aluminium swaps
\u2013
2,460MT
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Total
3.6
(1.5)
7.4
\u2013
Non-current:
Interest rate swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
\u20ac142m
\u2013
\u2013
(2.1)
Nickel swaps \u2013 cash flow hedges
13
\u2013
3MT
1.8
\u2013
576
\u2013
MT
6.0
\u2013
Total
5.4
(1.5)
13.4
(2.1)
Hedging activities The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk, commodity price risk and interest rate risk. The Group\u2019s risk management strategy is explained in Note 23. Derivatives designated as hedging instruments Commodity price risk The Group enters into commodity swap contracts to reduce the volatility attributable to price fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge accounting, the commodity forward contracts are accounted for as cash flow hedges. The weighted average strike price on outstanding aluminium hedges was $2,565.4 per metric ton (\u201cMT\u201d) (2023: $2,266.6 per MT) and the weighted average strike price on outstanding nickel hedges was $29,213.1 per MT (2023: $30,931.4 per MT). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity swap contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). During the year ended 31 December 2024, the group recognised a gain of $2.9m (2023: $0.6m) within revenue in the consolidated income statement as a result of the sale of selected nickel hedges. For all other commodity hedges, as all critical terms matched during the year, hedge ineffectiveness was immaterial. The hedge ratio is 1:1. Interest rate risk The Group enters into interest rate swaps to swap a portion of the interest arising from the Group\u2019s bank borrowings from floating to fixed. Interest payments are highly probable, the hedged risk is the change in the market interest rate. The hedged items are the interest rate cash flows on \u20ac142.0m of EUR denominated debt. The interest rate swaps for the USD denominated debt matured in 2024. The Group\u2019s total borrowings are shown in Note 19 to the financial statements. The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments have been matched along with the contractual interest cash flows, therefore creating an exact offset for these transactions resulting in a net fixed interest payable. The interest rate swaps and the hedged items are matched (equal and opposite terms of interest rate, date and maturity); this results in a designated hedge ratio of 1:1 or 100%. Hedge ineffectiveness can arise from: Changes in timing of the hedged item A reduction in the amount of the hedged item considered to be highly probable A change in the credit risk of Elementis or the counterparty to the derivative contract Foreign currency basis spreads The effect of cash flow hedges in the consolidated income statement and the consolidated statement of other comprehensive income (\u201cOCI\u201d) is as follows:
Amount Amount Line item in the
Total hedging reclassified from reclassified from profit or loss
(loss)/gain OCI to profit OCI to the statement or
recognised in OCI or loss balance sheet balance sheet
$m $m $m $m
2024
Interest rate swaps \u2013 Finance
cash flow hedges
(2.2)
(1.8)
\u2013
costs
Nickel forward contracts \u2013
cash flow hedges
(0.9)
6.2
\u2013
Revenue
Aluminium forward contracts
\u2013 cash flow hedges
0.8
\u2013
(0.4)
Inventory
2023
Interest rate swaps \u2013
cash flow hedges
2.2
5.9
\u2013
Finance costs
Nickel forward contracts \u2013
cash flow hedges
(15.0)
0.4
\u2013
Revenue
Aluminium forward contracts
\u2013 cash flow hedges
0.1
\u2013
(0.5)
Inventory
Amounts reclassified from other comprehensive income to profit or loss are due to the hedged item affecting profit or loss in the period. There were no instances of non-occurrence of hedged cash flows in either the current or comparative period. Hedge of net investments in foreign operations The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to match the currency of its cash flows, earnings and assets which are principally denominated in those currencies. The euro and US dollar borrowings in Elementis Holdings Limited are designated as net investment hedges, as the Company\u2019s functional currency is pounds sterling. The Group does not undertake derivative transactions to hedge the foreign currency translation exposures. The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of net assets. The critical terms of the euro and US dollar borrowings and their corresponding hedged items are therefore the same. The Group performs a qualitative assessment of effectiveness and it is expected that the value of the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged items in pounds sterling will systematically move in the opposite direction in response to movements in the underlying exchange rates. The main source of ineffectiveness in these hedging relationships is the impact of a decline in the carrying value of the hedged item compared with the euro and US dollar borrowings, with the result that the value of the hedged item is less than the value of hedging instrument. Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis Holdings Limited are recorded in other comprehensive income and deferred in the foreign currency translation reserve on the balance sheet as long as the hedge is effective. Any ineffectiveness is recognised in the income statement for that year. The impact of the hedged items on the statement of comprehensive income is as follows:
2024
Foreign
2023
Foreign
currency currency
translation translation
Year ended 31 December reserve $m reserve $m
Net investment in foreign subsidiaries
(23.9)
(5.1)
Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Foreign
currency
Cash flow translation
hedge reserve reserve
$m $m
At 1 January 2023
(1.0)
(122.4)
Effective portion of changes in fair value arising from:
Derivative cash flow hedging instruments
12.7
\u2013
Amount reclassified to profit or loss
(6.3)
\u2013
Amount reclassified to net assets
0.5
\u2013
Recycling of deferred foreign exchange losses on disposal of subsidiary
\u2013
9.3
Foreign currency revaluation of the net foreign operations
\u2013
(5.1)
Foreign currency revaluation of borrowings
\u2013
14.8
At 31 December 2023
5.9
(103.4)
Effective portion of changes in fair value arising from:
Derivative cash flow hedging instruments
2.3
\u2013
Amount reclassified to profit or loss
(4.4)
\u2013
Amount reclassified to net assets
0.4
\u2013
Recycling of deferred foreign exchange losses on disposal of subsidiary
\u2013
\u2013
Foreign currency revaluation of the net foreign operations
\u2013
(23.9)
Foreign currency revaluation of borrowings
\u2013
6.5
At 31 December 2024
4.2
(120.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-573": { "value": "
23. Financial risk management
Risk management objectives
The Group has exposure to the following risks from its use of financial instruments:
Credit risk
Liquidity risk
Market risk
The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s
risk management framework. The Group\u2019s risk management policies are established to identify and
analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks
and adherence to limits. Risk management policies and systems are reviewed regularly to reflect
changes in market conditions and the Group\u2019s activities.
The Group\u2019s Audit Committee oversees how management monitors compliance with the Group\u2019s risk
management policies and procedures and reviews the adequacy of the risk management framework
in relation to the risks faced by the Group. The Group\u2019s Audit Committee is assisted in its oversight
role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management
controls and procedures, the results of which are reported to the Audit Committee.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables
from customers.
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The demographics of the Group\u2019s customer base, including the default risk of the industry
and country in which customers operate, has less influence on credit risk. No single customer
accounts for a significant proportion of the Group\u2019s revenue.
Each new customer is analysed individually for creditworthiness before the Group\u2019s standard
payment and delivery terms and conditions are offered. The Group\u2019s review includes external ratings,
where available, and in some cases bank references. Purchase limits are established for each
customer, which represents the maximum open amount without requiring approval from the Board
of Directors. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with
the Group only on a prepayment basis.
The Group applies the IFRS 9 simplified approach in establishing an allowance for expected credit
losses (\u201cECLs\u201d). The Group therefore does not track changes in credit risk but instead recognises a
loss allowance based on lifetime ECLs at each reporting date. A provision matrix is used to calculate
lifetime ECLs which takes into account the Group\u2019s historical credit loss experience adjusted for
historical conditions that are not relevant to future cash flows and forward-looking factors specific
to the debtor and economic environment.
Investments
The Group limits its exposure to credit risk through a treasury policy that imposes graduated limits
on the amount of funds that can be deposited with counterparties by reference to the counterparties\u2019
credit ratings, as defined by S&P Global Ratings or Moody\u2019s. Management does not expect any
counterparty to fail to meet its obligations.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
Carrying amount
2024 2023
$m $m
Trade receivables
78.1
80.1
Cash and cash equivalents
59.9
65.8
At 31 December
138.0
145.9
The maximum exposure to credit risk for trade receivables at the reporting date by geographic
region was:
Carrying amount
2024 2023
$m $m
North America
21.9
26.0
Europe
30.7
32.4
Rest of the World
25.5
21.7
At 31 December
78.1
80.1
Expected credit losses
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using
a provision matrix:
2024
2023
Expected Expected Expected Expected
Gross credit loss credit loss Gross credit loss credit loss
$m rate $m $m rate $m
Not past due
66.6
0.0%
\u2013
71.0
0.1%
\u2013
Past due 0-30 days
9.6
0.4%
\u2013
7.5
0.0%
\u2013
Past due 31-120 days
1.0
18.7%
(0.3)
1.8
13.2%
(0.3)
Past due > 121 days
0.9
80.1%
(0.7)
0.7
97.1%
(0.6)
Total
78.1
(1.0)
81.0
(0.9)
The movement in the allowance for expected credit losses during the year was as follows:
2024 2023
$m $m
At 1 January
0.9
1.5
Additional/(released to income statement) \u2013 administrative
expenses
0.1
(0.6)
Amounts written off
\u2013
\u2013
At 31 December
1.0
0.9
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group\u2019s funding
policy is to have committed borrowings in place to cover at least 125% of the maximum forecast
net borrowings for the next 12-month period.
The committed facilities at 31 December were as follows:
2024
2023
Total Undrawn Drawn Total Undrawn Drawn
committed committed committed committed committed committed
facilities facilities facilities facilities facilities facilities
$m $m $m $m $m $m
US dollar term loan
75.0
\u2013
75.0
100.0
\u2013
100.0
Euro term loan
147.9
\u2013
147.9
157. 8
\u2013
157.8
RCF
250.0
250.0
\u2013
375.0
365.0
10.0
Lines of credit
16.3
12.0
4.2
22.9
22.9
\u2013
Total
489.2
262.0
227.1
6 57.7
387.9
267. 8
of which expires after
more than 1 year
260.0
303.4
In addition, some suppliers have access to utilise the Group\u2019s supplier finance programmes,
which are provided by Santander and US Bank. There is no cost to the Group for providing these
programmes as the cost is borne by the suppliers. These programmes allow suppliers to choose
whether they want to accelerate the payment of their invoices, by the financing banks, at a low
interest cost. The amounts outstanding to the banks are presented within trade and other payables,
and the cash flows are presented with cash flows from operating activities. At the end of the period,
the total facility with Santander was $14.5m (2023 $15.5m), with the net balance outstanding of
$nil (2023: $nil); and the total facility with US Bank was $3.5m (2023: $3.5m), with the net balance
outstanding of $1.1m (2023: $0.8m).
Exposure to liquidity risk
The maturity analyses for financial liabilities showing the anticipated remaining contractual
undiscounted cash flows, including future interest payments, at current-year exchange rates and
assuming floating interest rates remain at the latest fixing rates, are:
31 December 2024
Within 1 to 2 2 to 5 After 5
1 year years years years Total
$m $m $m $m $m
Non-derivative financial liabilities:
Bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Secured bank loan
11.9
228.2
\u2013
\u2013
240.1
Trade and other payables
108.4
\u2013
\u2013
\u2013
108.4
Lease liabilities
5.9
4.9
11.9
18.2
40.9
Total
126.2
233.1
11.9
18.2
389.4
Derivative financial liabilities:
Interest rate swaps
1.9
\u2013
\u2013
\u2013
1.9
Commodity swap contracts
(3.4)
(2.1)
\u2013
\u2013
(5.5)
Total
(1.5)
(2.1)
\u2013
\u2013
(3.6)
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest
rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective
of market risk management is to manage and control market risk exposures within acceptable
parameters, whilst optimising the return on risk.
The Group uses derivatives in the ordinary course of business, and also incurs financial liabilities,
in order to manage market risks. All such transactions are carried out within the guidelines set by
the Board.
Market risk \u2013 currency risk
The Group is exposed to currency risk on sales, purchases and borrowings that are denominated
in a foreign currency other than the respective functional currencies of Group entities, primarily the
US dollar and the euro. The Group hedges up to 100% of current and forecast trade receivables and
trade payables denominated in a foreign currency. The Group uses forward exchange contracts to
hedge its currency risk, with a maturity of less than one year from the reporting date.
Interest on borrowings is denominated in currencies that match the cash flows generated by the
underlying operations of the Group, primarily US dollar, but also euro and pounds sterling. This provides
an economic hedge in instances where hedging derivatives are not entered into. In respect of other
monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net
exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when
necessary to address short-term imbalances.
The Group\u2019s net investment in overseas subsidiaries creates exposure to foreign exchange
fluctuations. The risk is hedged by US dollar and euro denominated drawdowns under the syndicated
facility designated as the hedged item in net investment hedge relationships. This mitigates the
currency risk arising from the retranslation of a subsidiary\u2019s net assets into pounds sterling, the
functional currency of the ultimate parent Elementis plc.
Currency risk sensitivity analysis
The following table illustrates the effect on the income statement and items that are recognised
directly in equity that would result from a 10% strengthening of the US dollar against the following
currencies, before the effect of tax. The analysis covers only financial assets and liabilities held at the
balance sheet date and assumes that all other variables, in particular interest rates, remain constant.
2024
2023
Income Income
statement Equity statement Equity
$m $m $m $m
Gain from US dollar
strengthening 10%
against euro
0.4
0.4
0.4
0.9
Gain/(loss) from US dollar
strengthening 10%
against sterling
0.1
(8.2)
0.2
(12.0)
Market risk \u2013 interest rate
The Group\u2019s policy is to borrow at both fixed and floating interest rates and to use interest rate swaps
to generate the required interest profile. These interest swaps are designated within cash flow
hedging relationships with the interest payments on the borrowings they are hedging. The risk being
hedged is the exposure of the Group to market rate volatility on a portion of the core Group debt.
The Group policy does not require that a specific proportion of the Group\u2019s borrowings are at fixed
rates of interest.
Interest rate sensitivity analysis
A change of 100 basis points (\u201cbps\u201d) (1%) in interest rates would have impacted profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular foreign currency
rates, remain constant.
2024
2023
100bps 100bps 100bps 100bps
increase decrease increase decrease
$m $m $m $m
Variable rate instruments \u2013
gain/(loss)
0.2
(0.2)
0.7
(0.7)
Market risk \u2013 commodity price risk
The Group is exposed to movements in the prices of commodities it purchases and sells, such as
aluminium and nickel. The volatility in the prices of these commodities has led to the decision to enter
into commodity swap contracts. The swap contracts do not result in physical delivery, but are
designated as cash flow hedges to offset the effect of price changes.
Commodity price sensitivity analysis
In 2024 and 2023 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap
derivatives achieved hedge accounting; there was no impact on profit or loss and no sensitivity
is presented.
Other market price risk
Equity price risk arises from equity securities held within the Group\u2019s defined benefit pension
obligations. In respect of the US schemes, management monitors the mix of debt and equity
securities in its investment portfolio based on market expectations. The primary goal of the Group\u2019s
investment strategy is to maximise investment returns, without excessive risk-taking, in order to meet
partially the Group\u2019s unfunded benefit obligations; management is assisted by external advisers in
this regard. In respect of the UK scheme, the investment strategy is set by the trustees and the Board
is kept informed.
Capital management
The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence, sustain future development of the business and maximise shareholder value. The capital
structure of the Group consists of debt (see Note 19), cash and cash equivalents (see Note 20) and
equity attributable to equity holders of the parent comprising capital, reserves and retained earnings
(see Statement of changes in equity).
The Group utilises a mix of debt funding sources including term loans and RCFs from the Group\u2019s
syndicated borrowing facility with differing maturities to ensure continuity and provide flexibility.
The Group is subject to two financial covenants which apply to the Group\u2019s syndicated borrowing
facilities. Following the refinancing on 29 May 2024, the Group is required to maintain a ratio of net
debt/EBITDA (post IFRS 16) of less than 3.50x and a minimum net interest cover of 3.0x (in relation
to earnings before net interest expense and tax). The post IFRS 16 net debt/EBITDA ratio stood at
1.1x at 31 December 2024 (2023: 1.6x) and the Directors anticipate the strong cash generation
of the Group will continue to drive a deleveraging profile going forward. Net interest cover at
31 December 2024 was 7.1x (2023: 6.2x).
The Board monitors the adjusted ROCE, both including and excluding goodwill, as defined on
page 193.
The dividend policy is set out in the Chair\u2019s statement on page 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-611": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Group\u2019s customer base, including the default risk of the industry and country in which customers operate, has less influence on credit risk. No single customer accounts for a significant proportion of the Group\u2019s revenue. Each new customer is analysed individually for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are offered. The Group\u2019s review includes external ratings, where available, and in some cases bank references. Purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Board of Directors. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis. The Group applies the IFRS 9 simplified approach in establishing an allowance for expected credit losses (\u201cECLs\u201d). The Group therefore does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. A provision matrix is used to calculate lifetime ECLs which takes into account the Group\u2019s historical credit loss experience adjusted for historical conditions that are not relevant to future cash flows and forward-looking factors specific to the debtor and economic environment. Investments The Group limits its exposure to credit risk through a treasury policy that imposes graduated limits on the amount of funds that can be deposited with counterparties by reference to the counterparties\u2019 credit ratings, as defined by S&P Global Ratings or Moody\u2019s. Management does not expect any counterparty to fail to meet its obligations. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2024 2023
$m $m
Trade receivables
78.1
80.1
Cash and cash equivalents
59.9
65.8
At 31 December
138.0
145.9
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2024 2023
$m $m
North America
21.9
26.0
Europe
30.7
32.4
Rest of the World
25.5
21.7
At 31 December
78.1
80.1
Expected credit losses Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:
2024
2023
Expected Expected Expected Expected
Gross credit loss credit loss Gross credit loss credit loss
$m rate $m $m rate $m
Not past due
66.6
0.0%
\u2013
71.0
0.1%
\u2013
Past due 0-30 days
9.6
0.4%
\u2013
7.5
0.0%
\u2013
Past due 31-120 days
1.0
18.7%
(0.3)
1.8
13.2%
(0.3)
Past due > 121 days
0.9
80.1%
(0.7)
0.7
97.1%
(0.6)
Total
78.1
(1.0)
81.0
(0.9)
The movement in the allowance for expected credit losses during the year was as follows:
2024 2023
$m $m
At 1 January
0.9
1.5
Additional/(released to income statement) \u2013 administrative
expenses
0.1
(0.6)
Amounts written off
\u2013
\u2013
At 31 December
1.0
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-636": { "value": "Expected credit losses Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:
2024
2023
Expected Expected Expected Expected
Gross credit loss credit loss Gross credit loss credit loss
$m rate $m $m rate $m
Not past due
66.6
0.0%
\u2013
71.0
0.1%
\u2013
Past due 0-30 days
9.6
0.4%
\u2013
7.5
0.0%
\u2013
Past due 31-120 days
1.0
18.7%
(0.3)
1.8
13.2%
(0.3)
Past due > 121 days
0.9
80.1%
(0.7)
0.7
97.1%
(0.6)
Total
78.1
(1.0)
81.0
(0.9)
The movement in the allowance for expected credit losses during the year was as follows:
2024 2023
$m $m
At 1 January
0.9
1.5
Additional/(released to income statement) \u2013 administrative
expenses
0.1
(0.6)
Amounts written off
\u2013
\u2013
At 31 December
1.0
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-612": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group\u2019s funding policy is to have committed borrowings in place to cover at least 125% of the maximum forecast net borrowings for the next 12-month period. The committed facilities at 31 December were as follows:
2024
2023
Total Undrawn Drawn Total Undrawn Drawn
committed committed committed committed committed committed
facilities facilities facilities facilities facilities facilities
$m $m $m $m $m $m
US dollar term loan
75.0
\u2013
75.0
100.0
\u2013
100.0
Euro term loan
147.9
\u2013
147.9
157. 8
\u2013
157.8
RCF
250.0
250.0
\u2013
375.0
365.0
10.0
Lines of credit
16.3
12.0
4.2
22.9
22.9
\u2013
Total
489.2
262.0
227.1
6 57.7
387.9
267. 8
of which expires after
more than 1 year
260.0
303.4
In addition, some suppliers have access to utilise the Group\u2019s supplier finance programmes, which are provided by Santander and US Bank. There is no cost to the Group for providing these programmes as the cost is borne by the suppliers. These programmes allow suppliers to choose whether they want to accelerate the payment of their invoices, by the financing banks, at a low interest cost. The amounts outstanding to the banks are presented within trade and other payables, and the cash flows are presented with cash flows from operating activities. At the end of the period, the total facility with Santander was $14.5m (2023 $15.5m), with the net balance outstanding of $nil (2023: $nil); and the total facility with US Bank was $3.5m (2023: $3.5m), with the net balance outstanding of $1.1m (2023: $0.8m). Exposure to liquidity risk The maturity analyses for financial liabilities showing the anticipated remaining contractual undiscounted cash flows, including future interest payments, at current-year exchange rates and assuming floating interest rates remain at the latest fixing rates, are:
31 December 2024
Within 1 to 2 2 to 5 After 5
1 year years years years Total
$m $m $m $m $m
Non-derivative financial liabilities:
Bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Secured bank loan
11.9
228.2
\u2013
\u2013
240.1
Trade and other payables
108.4
\u2013
\u2013
\u2013
108.4
Lease liabilities
5.9
4.9
11.9
18.2
40.9
Total
126.2
233.1
11.9
18.2
389.4
Derivative financial liabilities:
Interest rate swaps
1.9
\u2013
\u2013
\u2013
1.9
Commodity swap contracts
(3.4)
(2.1)
\u2013
\u2013
(5.5)
Total
(1.5)
(2.1)
\u2013
\u2013
(3.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-637": { "value": "
31 December 2024
Within 1 to 2 2 to 5 After 5
1 year years years years Total
$m $m $m $m $m
Non-derivative financial liabilities:
Bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Secured bank loan
11.9
228.2
\u2013
\u2013
240.1
Trade and other payables
108.4
\u2013
\u2013
\u2013
108.4
Lease liabilities
5.9
4.9
11.9
18.2
40.9
Total
126.2
233.1
11.9
18.2
389.4
Derivative financial liabilities:
Interest rate swaps
1.9
\u2013
\u2013
\u2013
1.9
Commodity swap contracts
(3.4)
(2.1)
\u2013
\u2013
(5.5)
Total
(1.5)
(2.1)
\u2013
\u2013
(3.6)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-651": { "value": "
31 December 2024
Within 1 to 2 2 to 5 After 5
1 year years years years Total
$m $m $m $m $m
Non-derivative financial liabilities:
Bank overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
Secured bank loan
11.9
228.2
\u2013
\u2013
240.1
Trade and other payables
108.4
\u2013
\u2013
\u2013
108.4
Lease liabilities
5.9
4.9
11.9
18.2
40.9
Total
126.2
233.1
11.9
18.2
389.4
Derivative financial liabilities:
Interest rate swaps
1.9
\u2013
\u2013
\u2013
1.9
Commodity swap contracts
(3.4)
(2.1)
\u2013
\u2013
(5.5)
Total
(1.5)
(2.1)
\u2013
\u2013
(3.6)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-613": { "value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, whilst optimising the return on risk. The Group uses derivatives in the ordinary course of business, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Board. Market risk \u2013 currency risk The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a foreign currency other than the respective functional currencies of Group entities, primarily the US dollar and the euro. The Group hedges up to 100% of current and forecast trade receivables and trade payables denominated in a foreign currency. The Group uses forward exchange contracts to hedge its currency risk, with a maturity of less than one year from the reporting date. Interest on borrowings is denominated in currencies that match the cash flows generated by the underlying operations of the Group, primarily US dollar, but also euro and pounds sterling. This provides an economic hedge in instances where hedging derivatives are not entered into. In respect of other monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short-term imbalances. The Group\u2019s net investment in overseas subsidiaries creates exposure to foreign exchange fluctuations. The risk is hedged by US dollar and euro denominated drawdowns under the syndicated facility designated as the hedged item in net investment hedge relationships. This mitigates the currency risk arising from the retranslation of a subsidiary\u2019s net assets into pounds sterling, the functional currency of the ultimate parent Elementis plc. Currency risk sensitivity analysis The following table illustrates the effect on the income statement and items that are recognised directly in equity that would result from a 10% strengthening of the US dollar against the following currencies, before the effect of tax. The analysis covers only financial assets and liabilities held at the balance sheet date and assumes that all other variables, in particular interest rates, remain constant.
2024
2023
Income Income
statement Equity statement Equity
$m $m $m $m
Gain from US dollar
strengthening 10%
against euro
0.4
0.4
0.4
0.9
Gain/(loss) from US dollar
strengthening 10%
against sterling
0.1
(8.2)
0.2
(12.0)
Market risk \u2013 interest rate The Group\u2019s policy is to borrow at both fixed and floating interest rates and to use interest rate swaps to generate the required interest profile. These interest swaps are designated within cash flow hedging relationships with the interest payments on the borrowings they are hedging. The risk being hedged is the exposure of the Group to market rate volatility on a portion of the core Group debt. The Group policy does not require that a specific proportion of the Group\u2019s borrowings are at fixed rates of interest. Interest rate sensitivity analysis A change of 100 basis points (\u201cbps\u201d) (1%) in interest rates would have impacted profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
2024
2023
100bps 100bps 100bps 100bps
increase decrease increase decrease
$m $m $m $m
Variable rate instruments \u2013
gain/(loss)
0.2
(0.2)
0.7
(0.7)
Market risk \u2013 commodity price risk The Group is exposed to movements in the prices of commodities it purchases and sells, such as aluminium and nickel. The volatility in the prices of these commodities has led to the decision to enter into commodity swap contracts. The swap contracts do not result in physical delivery, but are designated as cash flow hedges to offset the effect of price changes. Commodity price sensitivity analysis In 2024 and 2023 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap derivatives achieved hedge accounting; there was no impact on profit or loss and no sensitivity is presented. Other market price risk Equity price risk arises from equity securities held within the Group\u2019s defined benefit pension obligations. In respect of the US schemes, management monitors the mix of debt and equity securities in its investment portfolio based on market expectations. The primary goal of the Group\u2019s investment strategy is to maximise investment returns, without excessive risk-taking, in order to meet partially the Group\u2019s unfunded benefit obligations; management is assisted by external advisers in this regard. In respect of the UK scheme, the investment strategy is set by the trustees and the Board is kept informed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-638": { "value": "Currency risk sensitivity analysis The following table illustrates the effect on the income statement and items that are recognised directly in equity that would result from a 10% strengthening of the US dollar against the following currencies, before the effect of tax. The analysis covers only financial assets and liabilities held at the balance sheet date and assumes that all other variables, in particular interest rates, remain constant.
2024
2023
Income Income
statement Equity statement Equity
$m $m $m $m
Gain from US dollar
strengthening 10%
against euro
0.4
0.4
0.4
0.9
Gain/(loss) from US dollar
strengthening 10%
against sterling
0.1
(8.2)
0.2
(12.0)
Interest rate sensitivity analysis A change of 100 basis points (\u201cbps\u201d) (1%) in interest rates would have impacted profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
2024
2023
100bps 100bps 100bps 100bps
increase decrease increase decrease
$m $m $m $m
Variable rate instruments \u2013
gain/(loss)
0.2
(0.2)
0.7
(0.7)
Commodity price sensitivity analysis In 2024 and 2023 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap derivatives achieved hedge accounting; there was no impact on profit or loss and no sensitivity is presented. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-614": { "value": "Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence, sustain future development of the business and maximise shareholder value. The capital structure of the Group consists of debt (see Note 19), cash and cash equivalents (see Note 20) and equity attributable to equity holders of the parent comprising capital, reserves and retained earnings (see Statement of changes in equity). The Group utilises a mix of debt funding sources including term loans and RCFs from the Group\u2019s syndicated borrowing facility with differing maturities to ensure continuity and provide flexibility. The Group is subject to two financial covenants which apply to the Group\u2019s syndicated borrowing facilities. Following the refinancing on 29 May 2024, the Group is required to maintain a ratio of net debt/EBITDA (post IFRS 16) of less than 3.50x and a minimum net interest cover of 3.0x (in relation to earnings before net interest expense and tax). The post IFRS 16 net debt/EBITDA ratio stood at 1.1x at 31 December 2024 (2023: 1.6x) and the Directors anticipate the strong cash generation of the Group will continue to drive a deleveraging profile going forward. Net interest cover at 31 December 2024 was 7.1x (2023: 6.2x). The Board monitors the adjusted ROCE, both including and excluding goodwill, as defined on page 193. The dividend policy is set out in the Chair\u2019s statement on page 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-574": { "value": "
24. Leases
Group as lessee
The Group has lease contracts for various items of property, plant, machinery, vehicles and other
equipment used in its operations. Disclosures in relation to right-of-use assets are included within
Note 11 \u2013 Property, plant and equipment.
The Group also has certain leases with lease terms of 12 months or less and leases of low-value
assets to which the Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019
recognition exemptions.
The weighted average incremental borrowing rate applied to lease liabilities is 5.8% (2023: 3.0%).
The following are the amounts recognised in profit or loss:
2024 2023
$m $m
Depreciation expense on right-of-use assets
5.3
5.3
Interest expense on lease liabilities
1.4
1.3
Expense related to short-term leases and low-value assets
0.3
0.3
Expense relating to variable lease payments not included
in lease liabilities
1.0
0.5
Set out below are the carrying amounts of lease liabilities and the movements during the period:
2024 2023
$m $m
At 1 January
36.2
36.3
Additions
4.8
5.1
Disposals
\u2013
(0.6)
Interest expense
1.4
1.3
Payments
(6.7)
(6.5)
Foreign exchange movements
(1.0)
0.6
At 31 December
34.7
36.2
The maturity analysis of lease liabilities is as follows:
2024 2023
$m $m
Within one year
5.9
5.9
In the second to fifth years inclusive
16.7
17.5
After five years
12.1
12.8
At 31 December
34.7
36.2
At 31 December 2024 there were no leases that had not yet commenced to which the Group had
committed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-575": { "value": "25. Retirement benefit obligations The Group has a number of contributory and non-contributory post-retirement benefit plans providing retirement benefits for the majority of employees and Executive Directors. At 31 December 2024, the main schemes in the UK and US were of the defined benefit type, the benefit being based on number of years of service and either the employee\u2019s final remuneration or the employee\u2019s average remuneration during a period of years before retirement. The assets of these schemes are held in separate trustee-administered funds or are unfunded but provided for on the Group balance sheet. The UK defined benefit scheme had a surplus under IAS 19 of $23.0m (2023: $38.7m). In addition, the US defined benefit scheme also had a surplus under IAS 19 of $4.6m (2023: $3.4m). In accordance with the requirements of IFRIC 14, management have concluded that the unconditional right to a refund of any surplus under any winding up of the plan provides sufficient evidence that an asset ceiling does not exist and as such the full surplus has been recognised. In addition the Group operates an unfunded post-retirement medical benefit (\u201cPRMB\u201d) scheme in the US. The entitlement to these benefits is usually based on the employee remaining in service until retirement age and completion of a minimum service period. Other employee benefit schemes included in the table overleaf relate to two unfunded pension schemes, a long-term service award scheme in Germany and a special benefits programme for a small number of former employees of the Eaglescliffe plant. The Group also acquired two further unfunded pension schemes and two long-term service award schemes, all in Germany, as part of the SummitReheis acquisition in 2017. These are included within this category. The Group also operates a small number of defined contribution schemes, and the contributions payable during the year are recognised as incurred. The pension charge for the defined contribution pension schemes for the year is $6.5m (2023: $6.7m). Employer contributions in 2024 were $nil (2023: $1.8m) to the UK scheme and $1.0m (2023: $1.4m) to US schemes. Top-up contributions to the UK scheme in 2025 will be $nil based on the 2023 triennial valuation. The Group is aware of a case involving Virgin Media and NTL Pension Trustee and the decision on 24 July 2024, upholding the High Court\u2019s ruling in the Virgin Media v NTL Pension Trustees II court case relating to section 37 and contracted-out defined benefit scheme amendments. The Trustees to the scheme have considered the implications of this case for the UK scheme, and have concluded that no additional liabilities are required as a result of this ruling. This is because the ruling does not apply to the UK scheme, which was not contracted out over the relevant period.
Net defined benefit liability
The net liability was as follows:
UK US US
pension pension PRMB
scheme schemes scheme Other Total
$m $m $m $m $m
2024
Total market value of assets
414.0
88.5
\u2013
\u2013
502.5
Present value of scheme liabilities
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Net asset/(liability) recognised in the
balance sheet
23.0
4.6
(3.4)
(5.2)
19.0
2023
Total market value of assets
483.6
93.8
\u2013
\u2013
577.4
Present value of scheme liabilities
(444.9)
(90.4)
(3.4)
(5.6)
(544.3)
Net asset/(liability) recognised in the
balance sheet
38.7
3.4
(3.4)
(5.6)
33.1
Plan assets
Plan assets for the schemes comprise:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
Equities
60.0
4.8
\u2013
\u2013
64.8
Bonds
1
297.9
72.1
\u2013
\u2013
370.4
Cash/liquidity funds
56.1
11.6
\u2013
\u2013
67.3
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
Equities
100.8
22.4
\u2013
\u2013
123.2
Bonds
1
339.4
58.6
\u2013
\u2013
398.0
Cash/liquidity funds
43.4
12.8
\u2013
\u2013
56.2
At 31 December 2023
483.6
93.8
\u2013
\u2013
57 7. 4
1 Including LDI repurchase agreement liabilities.
To reduce volatility risk, a liability-driven investment (\u201cLDI\u201d) strategy forms part of the Trustees\u2019
management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate
bonds and derivatives. The bond assets category in the table above includes gross assets of
$298.3m (2023: $587.0m) and associated repurchase agreement liabilities of $nil (2023: $247.6m).
Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure
to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate
and inflation rate derivatives are also employed to complement the use of fixed and index-linked
bonds in matching the profile of the scheme\u2019s liabilities.
All equities, bonds and liquidity funds have quoted prices in active markets. Other assets include
insured annuities, an insurance fund and various swap products.
Within the UK pension scheme, the current asset allocation is approximately 57% in a liability
matching fund consisting of gilts (fixed interest and index linked), bonds, cash and swaps, 23% in a
buy and maintain fund, and 20% in an investment fund that includes various equity and equity-like
funds. The aim of the trustees is to manage the risk relative to the liabilities associated with the
scheme\u2019s investments through a combination of diversification, inflation protection and hedging of
risk (currency, interest rate and inflation risk). The US scheme currently has approximately 5% of its
asset value invested in a range of equity funds designed to target higher returns and thus reduce the
pension deficit, with the balance invested in fixed-income bonds and cash. The strategy is that as the
deficit reduces, a greater proportion of investments will be made into liability matching funds.
Fair value of plan assets
Changes in the fair value of plan assets for the schemes are as follows:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
At 1 January 2023
462.8
91.6
\u2013
\u2013
554.4
Expected return
23.3
4.4
\u2013
\u2013
27.7
Running costs
(1.9)
(0.4)
\u2013
\u2013
(2.3)
Actuarial gains
9.7
4.3
\u2013
\u2013
14.0
Contributions by employer
1.8
0.9
\u2013
\u2013
2.7
Benefits paid
(39.2)
(7.0)
\u2013
\u2013
(46.2)
Exchange differences
27.1
\u2013
\u2013
\u2013
27.1
At 31 December 2023
483.6
93.8
\u2013
\u2013
577. 4
Expected return
20.7
4.3
\u2013
\u2013
25.0
Running costs
(1.4)
(0.4)
\u2013
\u2013
(1.8)
Actuarial losses
(46.2)
(2.2)
\u2013
\u2013
(48.4)
Contributions by employer
\u2013
0.4
\u2013
\u2013
0.4
Benefits paid
(34.9)
(7.4)
\u2013
\u2013
(42.3)
Exchange differences
(7.8)
\u2013
\u2013
\u2013
(7.8)
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
Defined benefit obligation
Changes in the present value of the defined benefit obligation for the schemes are as follows:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
At 1 January 2023
(436.4)
(91.6)
(3.5)
(5.4)
(536.9)
Service cost
(0.1)
(0.3)
\u2013
(0.1)
(0.5)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(21.9)
(4.4)
(0.2)
(0.1)
(26.6)
Actuarial gains/(losses)
\u2013 demographic assumptions
12.2
\u2013
\u2013
0.1
12.3
\u2013 financial assumptions
(9.5)
(1.9)
(0.2)
(0.1)
(11.7)
\u2013 experience adjustments
(3.0)
0.8
\u2013
\u2013
(2.2)
Benefits paid
39.2
7.0
0.5
0.4
47.1
Exchange differences
(25.4)
\u2013
\u2013
(0.4)
(25.8)
At 31 December 2023
(444.9)
(90.4)
(3.4)
(5.6)
(544.3)
Service cost
(0.1)
(0.3)
\u2013
(0.1)
(0.5)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(19.0)
(4.2)
(0.2)
(0.2)
(23.6)
Actuarial gains/(losses)
\u2013 demographic assumptions
8.5
\u2013
\u2013
\u2013
8.5
\u2013 financial assumptions
26.8
4.1
(0.4)
\u2013
30.5
\u2013 experience adjustments
(4.4)
(0.5)
\u2013
\u2013
(4.9)
Benefits paid
34.9
7.4
0.6
0.3
43.2
Exchange differences
7. 2
\u2013
\u2013
0.4
7.6
At 31 December 2024
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Recognised in profit and loss
2024 2023
$m $m
Current service cost
(0.5)
(0.5)
Running costs
(1.8)
(2.3)
Net interest income
1.4
1.1
Total
(0.9)
(1.7)
Recognised in statement of other comprehensive income
2024 2023
$m $m
Return on plan assets excluding interest income
(48.4)
14.0
Actuarial gains arising from demographic assumptions
8.5
12.3
Actuarial gains/(losses) from financial assumptions
30.5
(11.7)
Actuarial losses arising from experience adjustment
(4.9)
(2.2)
Exchange differences
(0.2)
1.3
Total
(14.5)
13.7
Actuarial assumptions
A full actuarial valuation was carried out as at 30 September 2023 for the UK scheme and as at
31 December 2015 for the US schemes.
The principal assumptions used by the actuaries for the major schemes have been updated by the
actuaries at the balance sheet date and were as follows:
UK %
US %
2024
Rate of increase in salaries
4.3
3.0
Rate of increase in pensions in payment
3.1
N/A
Discount rate
5.4
5.4
Inflation
3.3
2.4
2023
Rate of increase in salaries
4.2
3.0
Rate of increase in pensions in payment
3.1
N/A
Discount rate
4.5
5.1
Inflation
3.2
2.4
The assumed life expectancies on retirement are:
UK
US
2024 2023 2024 2023
years years years years
Retiring at 31 December
Males
21
21
21
21
Females
23
24
23
22
Retiring in 20 years
Males
22
23
21
21
Females
25
25
23
23
The main assumptions for the PRMB scheme are a discount rate of 5.4% (2023: 4.8%) per annum
and a health care cost trend of 6.8% (2023: 6.9%) per annum for claims pre age 65, reducing to
4.0% per annum by 2033 (2023: 4.1%). Actuarial valuations of retirement benefit plans in other
jurisdictions have either not been updated for IAS 19 purposes or have been disclosed separately
because of the costs involved and the considerably smaller scheme sizes and numbers of
employees involved.
At 31 December 2024, the weighted average duration of the defined benefit obligations for the major
schemes was as follows:
UK: 9 years
US: 8 years
Sensitivity analysis
The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set
out below:
Assumption
Change in assumption
Impact on UK scheme
Impact on US scheme
Discount rate
Increased/decreased
Decreased/ Decreased/
by 0.5% increased by 4% increased by 4%
Rate of inflation
Increased/decreased
Increased/ Increased/
by 0.5% decreased by 3% decreased by 0%
Rate of salary growth
Increased/decreased
Increased/ Increased/
by 0.5% decreased by 0% decreased by 0%
Rate of mortality
Increased by 1 year
Increased by 4%
Increased by 3%
The sensitivity analyses above have been determined based on a method that extrapolates the
impact on the defined benefit obligation as a result of reasonable changes in key assumptions
occurring at the end of the reporting period. These sensitivities have been calculated to show the
movement of the defined obligation following a change in a particular assumption in isolation,
assuming no other changes in market conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-615": { "value": "Net defined benefit liability The net liability was as follows:
UK US US
pension pension PRMB
scheme schemes scheme Other Total
$m $m $m $m $m
2024
Total market value of assets
414.0
88.5
\u2013
\u2013
502.5
Present value of scheme liabilities
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Net asset/(liability) recognised in the
balance sheet
23.0
4.6
(3.4)
(5.2)
19.0
2023
Total market value of assets
483.6
93.8
\u2013
\u2013
577.4
Present value of scheme liabilities
(444.9)
(90.4)
(3.4)
(5.6)
(544.3)
Net asset/(liability) recognised in the
balance sheet
38.7
3.4
(3.4)
(5.6)
33.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-616": { "value": "Plan assets Plan assets for the schemes comprise:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
Equities
60.0
4.8
\u2013
\u2013
64.8
Bonds
1
297.9
72.1
\u2013
\u2013
370.4
Cash/liquidity funds
56.1
11.6
\u2013
\u2013
67.3
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
Equities
100.8
22.4
\u2013
\u2013
123.2
Bonds
1
339.4
58.6
\u2013
\u2013
398.0
Cash/liquidity funds
43.4
12.8
\u2013
\u2013
56.2
At 31 December 2023
483.6
93.8
\u2013
\u2013
57 7. 4
1 Including LDI repurchase agreement liabilities. To reduce volatility risk, a liability-driven investment (\u201cLDI\u201d) strategy forms part of the Trustees\u2019 management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The bond assets category in the table above includes gross assets of $298.3m (2023: $587.0m) and associated repurchase agreement liabilities of $nil (2023: $247.6m). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities. All equities, bonds and liquidity funds have quoted prices in active markets. Other assets include insured annuities, an insurance fund and various swap products. Within the UK pension scheme, the current asset allocation is approximately 57% in a liability matching fund consisting of gilts (fixed interest and index linked), bonds, cash and swaps, 23% in a buy and maintain fund, and 20% in an investment fund that includes various equity and equity-like funds. The aim of the trustees is to manage the risk relative to the liabilities associated with the scheme\u2019s investments through a combination of diversification, inflation protection and hedging of risk (currency, interest rate and inflation risk). The US scheme currently has approximately 5% of its asset value invested in a range of equity funds designed to target higher returns and thus reduce the pension deficit, with the balance invested in fixed-income bonds and cash. The strategy is that as the deficit reduces, a greater proportion of investments will be made into liability matching funds. Fair value of plan assets Changes in the fair value of plan assets for the schemes are as follows:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
At 1 January 2023
462.8
91.6
\u2013
\u2013
554.4
Expected return
23.3
4.4
\u2013
\u2013
27.7
Running costs
(1.9)
(0.4)
\u2013
\u2013
(2.3)
Actuarial gains
9.7
4.3
\u2013
\u2013
14.0
Contributions by employer
1.8
0.9
\u2013
\u2013
2.7
Benefits paid
(39.2)
(7.0)
\u2013
\u2013
(46.2)
Exchange differences
27.1
\u2013
\u2013
\u2013
27.1
At 31 December 2023
483.6
93.8
\u2013
\u2013
577. 4
Expected return
20.7
4.3
\u2013
\u2013
25.0
Running costs
(1.4)
(0.4)
\u2013
\u2013
(1.8)
Actuarial losses
(46.2)
(2.2)
\u2013
\u2013
(48.4)
Contributions by employer
\u2013
0.4
\u2013
\u2013
0.4
Benefits paid
(34.9)
(7.4)
\u2013
\u2013
(42.3)
Exchange differences
(7.8)
\u2013
\u2013
\u2013
(7.8)
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-639": { "value": "Fair value of plan assets Changes in the fair value of plan assets for the schemes are as follows:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
At 1 January 2023
462.8
91.6
\u2013
\u2013
554.4
Expected return
23.3
4.4
\u2013
\u2013
27.7
Running costs
(1.9)
(0.4)
\u2013
\u2013
(2.3)
Actuarial gains
9.7
4.3
\u2013
\u2013
14.0
Contributions by employer
1.8
0.9
\u2013
\u2013
2.7
Benefits paid
(39.2)
(7.0)
\u2013
\u2013
(46.2)
Exchange differences
27.1
\u2013
\u2013
\u2013
27.1
At 31 December 2023
483.6
93.8
\u2013
\u2013
577. 4
Expected return
20.7
4.3
\u2013
\u2013
25.0
Running costs
(1.4)
(0.4)
\u2013
\u2013
(1.8)
Actuarial losses
(46.2)
(2.2)
\u2013
\u2013
(48.4)
Contributions by employer
\u2013
0.4
\u2013
\u2013
0.4
Benefits paid
(34.9)
(7.4)
\u2013
\u2013
(42.3)
Exchange differences
(7.8)
\u2013
\u2013
\u2013
(7.8)
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-617": { "value": "Defined benefit obligation Changes in the present value of the defined benefit obligation for the schemes are as follows:
UK US US
pension pension PRMB Other
scheme schemes scheme schemes Total
$m $m $m $m $m
At 1 January 2023
(436.4)
(91.6)
(3.5)
(5.4)
(536.9)
Service cost
(0.1)
(0.3)
\u2013
(0.1)
(0.5)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(21.9)
(4.4)
(0.2)
(0.1)
(26.6)
Actuarial gains/(losses)
\u2013 demographic assumptions
12.2
\u2013
\u2013
0.1
12.3
\u2013 financial assumptions
(9.5)
(1.9)
(0.2)
(0.1)
(11.7)
\u2013 experience adjustments
(3.0)
0.8
\u2013
\u2013
(2.2)
Benefits paid
39.2
7.0
0.5
0.4
47.1
Exchange differences
(25.4)
\u2013
\u2013
(0.4)
(25.8)
At 31 December 2023
(444.9)
(90.4)
(3.4)
(5.6)
(544.3)
Service cost
(0.1)
(0.3)
\u2013
(0.1)
(0.5)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(19.0)
(4.2)
(0.2)
(0.2)
(23.6)
Actuarial gains/(losses)
\u2013 demographic assumptions
8.5
\u2013
\u2013
\u2013
8.5
\u2013 financial assumptions
26.8
4.1
(0.4)
\u2013
30.5
\u2013 experience adjustments
(4.4)
(0.5)
\u2013
\u2013
(4.9)
Benefits paid
34.9
7.4
0.6
0.3
43.2
Exchange differences
7. 2
\u2013
\u2013
0.4
7.6
At 31 December 2024
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Recognised in profit and loss
2024 2023
$m $m
Current service cost
(0.5)
(0.5)
Running costs
(1.8)
(2.3)
Net interest income
1.4
1.1
Total
(0.9)
(1.7)
Recognised in statement of other comprehensive income
2024 2023
$m $m
Return on plan assets excluding interest income
(48.4)
14.0
Actuarial gains arising from demographic assumptions
8.5
12.3
Actuarial gains/(losses) from financial assumptions
30.5
(11.7)
Actuarial losses arising from experience adjustment
(4.9)
(2.2)
Exchange differences
(0.2)
1.3
Total
(14.5)
13.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-618": { "value": "Actuarial assumptions A full actuarial valuation was carried out as at 30 September 2023 for the UK scheme and as at 31 December 2015 for the US schemes. The principal assumptions used by the actuaries for the major schemes have been updated by the actuaries at the balance sheet date and were as follows:
UK %
US %
2024
Rate of increase in salaries
4.3
3.0
Rate of increase in pensions in payment
3.1
N/A
Discount rate
5.4
5.4
Inflation
3.3
2.4
2023
Rate of increase in salaries
4.2
3.0
Rate of increase in pensions in payment
3.1
N/A
Discount rate
4.5
5.1
Inflation
3.2
2.4
The assumed life expectancies on retirement are:
UK
US
2024 2023 2024 2023
years years years years
Retiring at 31 December
Males
21
21
21
21
Females
23
24
23
22
Retiring in 20 years
Males
22
23
21
21
Females
25
25
23
23
The main assumptions for the PRMB scheme are a discount rate of 5.4% (2023: 4.8%) per annum and a health care cost trend of 6.8% (2023: 6.9%) per annum for claims pre age 65, reducing to 4.0% per annum by 2033 (2023: 4.1%). Actuarial valuations of retirement benefit plans in other jurisdictions have either not been updated for IAS 19 purposes or have been disclosed separately because of the costs involved and the considerably smaller scheme sizes and numbers of employees involved. At 31 December 2024, the weighted average duration of the defined benefit obligations for the major schemes was as follows: UK: 9 years US: 8 years Sensitivity analysis The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:
Assumption
Change in assumption
Impact on UK scheme
Impact on US scheme
Discount rate
Increased/decreased
Decreased/ Decreased/
by 0.5% increased by 4% increased by 4%
Rate of inflation
Increased/decreased
Increased/ Increased/
by 0.5% decreased by 3% decreased by 0%
Rate of salary growth
Increased/decreased
Increased/ Increased/
by 0.5% decreased by 0% decreased by 0%
Rate of mortality
Increased by 1 year
Increased by 4%
Increased by 3%
The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. These sensitivities have been calculated to show the movement of the defined obligation following a change in a particular assumption in isolation, assuming no other changes in market conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-576": { "value": "
26. Share-based payments
The Group maintains a number of active share option and award plans and schemes for its
employees. These are as follows:
Savings-related options
Options are granted under the tax-advantaged Save As You Earn (\u201cSAYE\u201d) share option scheme in
the UK. The SAYE allows UK-based eligible employees to acquire options over the Company\u2019s shares
at a discount of up to 20% of their market value at the date of grant. Options are normally exercisable
during the six-month period following either the third or fifth anniversary of the start of the relevant
savings contract. Savings contracts are subject to the statutory savings limit of \u00a3500 per month.
US-based employees can enter into a similar share-save scheme. Employees can enter into two-year
savings contracts saving up to a maximum of $2,000 per month, allowing eligible employees to
acquire options over the Company\u2019s shares at a discount of up to 15% of their market value at the
date of grant.
Long-term incentive plan (\u201cLTIP\u201d) awards
The LTIP is a discretionary employee share scheme for Executive Directors and senior managers.
The vesting of the awards are subject to performance conditions over a three-year period at the
discretion of the Remuneration Committee. The performance conditions of the LTIP are detailed in
the Remuneration Report on pages 121 and 122. As approved at the 2018 AGM, restricted shares
(i.e. shares that vest based on time only) are awarded to participants below Board level. Shadow
LTIPs are in place for senior managers based in China and Malaysia.
Deferred share bonus plan (\u201cDSBP\u201d) awards
The DSBP operates exclusively for the Executive Directors. Under this scheme, 50% of any cash
bonus payable is awarded in shares and deferred for two years. There are no other performance
conditions other than continued employment.
Legacy schemes
Prior to the introduction of the LTIP for senior managers, certain employees participated in the
Executive Share Option Scheme (\u201cESOS\u201d). The ESOS, except for outstanding awards which will run
their course, has been discontinued. The Company operated a shadow ESOS for a number of senior
managers, who were employed or based in China or Malaysia.
Share-based payment awards were valued (as shown in the table below) using the binomial option
pricing model. The weighted fair value per award granted and the weighted average assumptions
used in the calculations are as follows:
2024
2023
Fair value per option (pence)
133.5
104.2
Expected volatility (%)
31.0
38.0
Risk-free rate (%)
2.1
4.7
Expected dividend yield (%)
3.9
2.4
Expected volatility was determined by calculating the historical volatility of the Company\u2019s share price
over the previous five years. The expected life used in the model has been adjusted, based on
management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and
behavioural considerations.
The Group recognised total expenses of $6.1m for continuing operations (2023: $4.4m), with $6.1m
recognised for total operations (2023: $4.4m) related to share-based payment transactions during
the year.
At 31 December 2024, the following options/awards to subscribe for ordinary shares were outstanding:
Exercisable
At 1
At 31
January December
Year of Exercise 2024 Granted Exercised Expired 2024
grant
price (p)
1
From
To
\u2019000 \u2019000 \u2019000 \u2019000 \u2019000
UK savings-related share option scheme
2021
117.0 0
01/11/24
01/05/25
19
\u2013
(7)
(3)
9
2022
88.00
01/11/25
01/05/26
130
\u2013
(1)
(21)
108
2022
88.00
01/11/27
01/15/28
\u2013
\u2013
\u2013
\u2013
\u2013
2023
91.00
01/11/26
01/05/27
315
\u2013
(1)
(22)
292
2023
91.00
01/11/28
01/05/29
49
\u2013
\u2013
\u2013
49
2024
126.00
01/11/27
01/05/28
\u2013
131
\u2013
\u2013
131
513
131
(9)
(46)
589
US savings-related share option scheme
2020
63.11
16/09/22
16/12/22
107
\u2013
\u2013
(107)
\u2013
2022
92.31
15/09/24
15/12/24
594
\u2013
(350)
(126)
118
2023
94.86
15/09/25
15/12/26
211
\u2013
\u2013
(16)
195
2024
140.25
15/09/26
15/12/27
\u2013
233
\u2013
\u2013
233
912
233
(350)
(249)
546
Exercisable
At 1
At 31
January December
Year of Exercise 2024 Granted Exercised Expired 2024
grant
price (p)
1
From
To
\u2019000 \u2019000 \u2019000 \u2019000 \u2019000
Executive share option schemes/awards
granted under the LTIP
7
2015
Nil
27/04/18
27/04/25
7
\u2013
\u2013
\u2013
7
2016
218.17
04/04/19
04/04/26
21
\u2013
\u2013
\u2013
21
2017
3
Nil
07/03/17
07/03/27
92
\u2013
\u2013
\u2013
92
2017
5
Nil
07/03/19
07/03/27
7
\u2013
\u2013
\u2013
7
2017
6
Nil
07/03/20
07/03/27
17
\u2013
\u2013
\u2013
17
2017
2
264.66
03/04/20
03/04/27
31
\u2013
\u2013
\u2013
31
2018
5
Nil
05/03/20
05/03/28
73
\u2013
\u2013
\u2013
73
2019
5
Nil
06/03/21
06/03/29
49
\u2013
\u2013
\u2013
49
2020
5
Nil
05/03/23
05/03/30
76
\u2013
\u2013
\u2013
76
2020
4,7
Nil
07/04/23
07/04/30
7
\u2013
\u2013
\u2013
7
2020
4,7
Nil
07/04/23
07/04/23
55
\u2013
(24)
\u2013
31
2020
4,7
Nil
03/08/23
03/08/23
33
\u2013
(9)
\u2013
24
2020
4,7
Nil
30/12/23
30/12/23
30
\u2013
(21)
\u2013
9
2021
7
Nil
06/04/24
06/04/31
2,548
\u2013
(1,354)
(1,172)
22
2021
7
Nil
06/04/24
06/04/31
1,289
\u2013
(1,196)
(36)
57
2021
Nil
06/04/24
16/08/31
20
\u2013
\u2013
(20)
\u2013
2021
Nil
06/04/24
01/09/31
9
\u2013
(9)
\u2013
\u2013
2021
Nil
06/04/24
13/09/31
18
\u2013
(18)
\u2013
\u2013
2021
7
Nil
06/04/24
01/10/31
133
\u2013
(101)
(6)
26
2021
Nil
06/04/24
13/12/31
70
\u2013
(70)
\u2013
\u2013
2022
7
Nil
05/03/25
05/03/32
213
\u2013
\u2013
\u2013
213
2022
5
Nil
05/03/25
05/03/32
490
\u2013
(490)
\u2013
\u2013
2022
4,7
Nil
04/04/25
04/04/32
2,912
\u2013
\u2013
(77)
2,835
2022
4,7
Nil
04/04/25
04/04/25
1,106
\u2013
\u2013
(77)
1,029
2022
7
Nil
04/04/25
04/04/25
450
\u2013
(5)
(1)
444
2022
7
Nil
04/04/25
04/04/25
120
\u2013
\u2013
(39)
81
2022
Nil
06/04/24
06/04/24
16
\u2013
(16)
\u2013
\u2013
2022
Nil
04/04/25
04/04/25
12
\u2013
\u2013
\u2013
12
2022
Nil
04/04/25
04/04/25
18
\u2013
\u2013
\u2013
18
2023
5
Nil
08/03/26
08/03/33
374
\u2013
\u2013
\u2013
374
2023
8
Nil
08/03/26
08/03/33
148
\u2013
\u2013
\u2013
148
Exercisable At 1 At 31 January December Year of Exercise 2024 Granted Exercised Expired 2024 grant price (p)1 From To \u2019000 \u2019000 \u2019000 \u2019000 20234,7 Nil 04/04/26 04/04/33 3,183 \u2013 \u2013 (99) 3,084 20234,7 Nil 04/04/26 04/04/26 1,248 \u2013 \u2013 (99) 1,149 2023 Nil 21/06/25 21/06/25 20 \u2013 \u2013 \u2013 20 2023 Nil 24/07/25 24/07/25 14 \u2013 \u2013 \u2013 14 20237 Nil 03/04/25 03/04/25 320 \u2013 (5) (27) 288 20248 Nil 08/03/27 08/03/34 \u2013 138 \u2013 \u2013 138 20245 Nil 08/03/27 08/03/34 \u2013 324 \u2013 \u2013 324 20244,7 Nil 08/04/27 08/04/34 \u2013 2,568 \u2013 (14) 2,554 20247 Nil 08/04/27 08/04/27 \u2013 972 \u2013 (14) 958 2024 Nil 08/04/26 08/04/26 \u2013 27 \u2013 \u2013 27 20247 Nil 08/04/26 08/04/26 \u2013 148 \u2013 \u2013 148 20247 Nil 07/10/27 07/10/27 \u2013 155 \u2013 \u2013 155 15,229 4,332 (3,318) (1,681) 14,562 1 Where necessary option prices were adjusted by a factor of 1.092715 to reflect the dilutive effects of the 2018 Rights Issue. 2 These options include cash-settled shadow executive options granted to a number of executives on the same basis as the executive options (with the same performance conditions and exercise provisions). These shadow options are included in the calculation of the total expenses recognised by the Group related to share-based payments. The closing balance of the 2011, 2012 and 2017 options shown above include no shadow options. 3 Awards made as one-off agreements that borrow from the terms of the LTIP. 4 These options include cash-settled shadow LTIPs granted to a number of executives on the same basis as the LTIP (with the same performance conditions and exercise provisions). These shadow LTIPs are included in the calculation of the total expenses recognised by the Group related to share-based payments. 5 Conditional share award under the DSBP. 6 Awards made as one-off agreements under the DSBP (nil cost options). 7 The closing balance of 2020, 2021, 2022, 2023 and 2024 LTIPs shown above include approximately 71,032, 105,385, 282,174, 113,154 and 165,439 shadow LTIPs respectively. 8 Conditional share award under the DSBP (nil cost award, structured as restricted share units).
The weighted average remaining contractual life of the above shares outstanding at 31 December 2024
was 5.6 years (2023: 5.6 years).
The weighted average exercise prices of options disclosed in the previous table were as follows:
2024 2023
Average Average
exercise price exercise price
(p) (p)
At 1 January
8.6
9.6
Granted
10.5
8.9
Exercised
10.4
12.3
Expired
12.3
10.0
At 31 December
8.6
8.6
Exercisable at 31 December
38.3
31.8
The weighted average share price at the date of exercise of share options exercised during the year
was 10.6 pence (2023: 12.3 pence).
The number of exercisable options outstanding as at 31 December 2024 was 667,924 (2023: 676,151).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-619": { "value": "The weighted average remaining contractual life of the above shares outstanding at 31 December 2024 was 5.6 years (2023: 5.6 years). The weighted average exercise prices of options disclosed in the previous table were as follows:
2024 2023
Average Average
exercise price exercise price
(p) (p)
At 1 January
8.6
9.6
Granted
10.5
8.9
Exercised
10.4
12.3
Expired
12.3
10.0
At 31 December
8.6
8.6
Exercisable at 31 December
38.3
31.8
The weighted average share price at the date of exercise of share options exercised during the year was 10.6 pence (2023: 12.3 pence). The number of exercisable options outstanding as at 31 December 2024 was 667,924 (2023: 676,151).", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-577": { "value": "
27. Related-party transactions
The Company is a guarantor to the UK pension scheme under which it guarantees all current and
future obligations of UK subsidiaries currently participating in the pension scheme to make payments
to the scheme, up to a specified maximum amount. The maximum amount of the guarantee is that
which is needed (at the time the guarantee is called on) to bring the scheme\u2019s funding level up to
105% of its liabilities, calculated in accordance with section 179 of the Pensions Act 2004. This is
also sometimes known as a Pension Protection Fund (\u201cPPF\u201d) guarantee, as having such a guarantee
in place reduces the annual PPF levy on the scheme.
The Group consists of the parent company, Elementis plc, being the ultimate parent company of
the Group, incorporated in the United Kingdom and its subsidiaries and associates. In accordance
with Section 409 of the Companies Act 2006, a full list of related undertakings, the country of
incorporation and the effective percentage of equity owned as at 31 December 2024 is disclosed
in Note 6 to the parent company financial statements.
The remuneration of key management personnel of the Group, which is defined as the Board of
Directors, is shown below:
2024 2023
$m $m
Salaries and short-term employee benefits
4.1
3.6
Post-employment benefits
0.3
0.3
Other long-term benefits
0.3
0.4
Share-based payments
1.8
1.3
Total
6.5
5.6
Full details of all elements of the remuneration of Directors is set out in the Directors\u2019 Remuneration
report on pages 101 to 129.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-620": { "value": "27. Related-party transactions The Company is a guarantor to the UK pension scheme under which it guarantees all current and future obligations of UK subsidiaries currently participating in the pension scheme to make payments to the scheme, up to a specified maximum amount. The maximum amount of the guarantee is that which is needed (at the time the guarantee is called on) to bring the scheme\u2019s funding level up to 105% of its liabilities, calculated in accordance with section 179 of the Pensions Act 2004. This is also sometimes known as a Pension Protection Fund (\u201cPPF\u201d) guarantee, as having such a guarantee in place reduces the annual PPF levy on the scheme. The Group consists of the parent company, Elementis plc, being the ultimate parent company of the Group, incorporated in the United Kingdom and its subsidiaries and associates. In accordance with Section 409 of the Companies Act 2006, a full list of related undertakings, the country of incorporation and the effective percentage of equity owned as at 31 December 2024 is disclosed in Note 6 to the parent company financial statements. The remuneration of key management personnel of the Group, which is defined as the Board of Directors, is shown below:
2024 2023
$m $m
Salaries and short-term employee benefits
4.1
3.6
Post-employment benefits
0.3
0.3
Other long-term benefits
0.3
0.4
Share-based payments
1.8
1.3
Total
6.5
5.6
Full details of all elements of the remuneration of Directors is set out in the Directors\u2019 Remuneration report on pages 101 to 129.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-640": { "value": "The remuneration of key management personnel of the Group, which is defined as the Board of Directors, is shown below:
2024 2023
$m $m
Salaries and short-term employee benefits
4.1
3.6
Post-employment benefits
0.3
0.3
Other long-term benefits
0.3
0.4
Share-based payments
1.8
1.3
Total
6.5
5.6
Full details of all elements of the remuneration of Directors is set out in the Directors\u2019 Remuneration report on pages 101 to 129.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-578": { "value": "
29. Dividends
An interim dividend of 1.1 cents per share (2023: nil cents per share) was paid on 27 September 2024
and the Group is proposing a final dividend for the year of 2.9 cents per share (2023: 2. 1 cents
per share). The total dividend for the year is 4.0 cents per share (2023: 2.1 cents per share).
The amount payable for the final dividend, based on the anticipated number of qualifying ordinary
shares registered on the record date is $17.1m.
The payment of this dividend will not have any tax consequences for the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-621": { "value": "0.029", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-622": { "value": "0.021", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-579": { "value": "
30. Contingent liabilities
As is the case with other chemical companies, the Group occasionally receives notice of litigation
relating to regulatory and legal matters. A provision is recognised when the Group believes it has a
present legal or constructive obligation as a result of a past event, and it is probable that an outflow
of economic benefits will be required to settle the obligation. Where it is deemed that an obligation is
merely possible and that the probability of a material outflow is not remote, the Group would disclose
a contingent liability.
The Group has not received any notice of litigation relating to events arising prior to the balance sheet
date that is expected to lead to a material exposure.
During 2021, HM Revenue and Customs (\u201cHMRC\u201d) opened a tax audit into the 2019 tax returns of
certain UK Group entities, focused specifically on the tax-efficient financing structure set up in 2014.
The Group has been working constructively with HMRC and is hopeful of bringing these matters to a
conclusion during 2025. At this stage management have concluded that there is a possible obligation
but that any such obligation cannot be measured with sufficient reliability.
During 2022, the Group terminated a distribution agreement with one of its distributors. The distributor
has brought a claim for compensation as a result of the termination. This matter has now proceeded
to arbitration and management have concluded at this stage that the obligation cannot be measured
with sufficient reliability.
During Q4 2023, an environmental incident occurred at the Eaglescliffe site, which, following
investigation during H1 2024, is likely to require additional remediation work at the site and could
result in a fine from the relevant supervisory body. Under the terms of the sale and purchase
agreement with Flacks Group, signed in March 2024, Flacks Group are responsible for the cost
of any remediation and associated fine. As the transaction has not yet completed, Elementis have
disclosed the event. Management have concluded at this stage that the obligation cannot be
measured with sufficient reliability.
As part of ongoing submission of mining closure plans to the Finnish Safety and Chemicals Agency,
the Group has noted that further costs associated with activities for the closure and termination of
mining activities will be incurred. The Group has recognised a provision where a reliable estimate
of the costs required for mining closure is available. A reliable estimate of future costs is not available
for all sites as the work to determine these costs and the future mining closure plan is still in progress.
A contingent liability is therefore disclosed in respect of these costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-641": { "value": "30. Contingent liabilities As is the case with other chemical companies, the Group occasionally receives notice of litigation relating to regulatory and legal matters. A provision is recognised when the Group believes it has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where it is deemed that an obligation is merely possible and that the probability of a material outflow is not remote, the Group would disclose a contingent liability. The Group has not received any notice of litigation relating to events arising prior to the balance sheet date that is expected to lead to a material exposure. During 2021, HM Revenue and Customs (\u201cHMRC\u201d) opened a tax audit into the 2019 tax returns of certain UK Group entities, focused specifically on the tax-efficient financing structure set up in 2014. The Group has been working constructively with HMRC and is hopeful of bringing these matters to a conclusion during 2025. At this stage management have concluded that there is a possible obligation but that any such obligation cannot be measured with sufficient reliability. During 2022, the Group terminated a distribution agreement with one of its distributors. The distributor has brought a claim for compensation as a result of the termination. This matter has now proceeded to arbitration and management have concluded at this stage that the obligation cannot be measured with sufficient reliability. During Q4 2023, an environmental incident occurred at the Eaglescliffe site, which, following investigation during H1 2024, is likely to require additional remediation work at the site and could result in a fine from the relevant supervisory body. Under the terms of the sale and purchase agreement with Flacks Group, signed in March 2024, Flacks Group are responsible for the cost of any remediation and associated fine. As the transaction has not yet completed, Elementis have disclosed the event. Management have concluded at this stage that the obligation cannot be measured with sufficient reliability. As part of ongoing submission of mining closure plans to the Finnish Safety and Chemicals Agency, the Group has noted that further costs associated with activities for the closure and termination of mining activities will be incurred. The Group has recognised a provision where a reliable estimate of the costs required for mining closure is available. A reliable estimate of future costs is not available for all sites as the work to determine these costs and the future mining closure plan is still in progress. A contingent liability is therefore disclosed in respect of these costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-580": { "value": "
31. Events after the balance sheet date
There were no significant events after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-581": { "value": "
32. Business exits
2024 business exits
On 6 March 2024, the Group entered into an agreement to sell its former Chromium manufacturing
site at Eaglescliffe to Flacks Group for negative purchase consideration of \u00a311.5m ($14.5m).
The completion of the transaction is conditional on regulatory approval. Whilst the transaction is
still awaiting regulatory approval, Elementis and the Flacks Group are committed to the sale and
therefore the site was classified as held for sale as of 30 June 2024.
Net assets classified as held for sale at 31 December 2024 were as follows:
2024
$m
Trade and other receivables
0.3
Cash and bank balances
5.9
Total assets
6.2
Trade and other payables
(0.7)
Provisions
(22.0)
Tax liabilities
\u2013
Total liabilities
(22.7)
Net assets
(16.5)
2023 business exits
On 29 November 2022, the Group entered into a share purchase agreement to sell the Chromium
business to Yildirim Group for an enterprise value of $170m. At 30 November 2022, the completion
of the sale within the next 12 months was deemed to be highly probable and as such the Chromium
business met the criteria to be classified as a held for sale asset and a discontinued operation.
The sale completed on 31 January 2023, and Elementis received gross cash proceeds of $139.2m
($127.2m net of total disposal transaction costs).
The results of the discontinued operation, which have been included in the consolidated income
statement within \u2018Profit from discontinued operations\u2019, were as follows:
2023
$m
Revenue
14.4
Expenses
(14.2)
Calculated gain on sale of Chromium business
26.6
Disposal transaction costs
(6.4)
Recycling of deferred foreign exchange losses on sale of business
(9.3)
Profit before income tax
11.1
Tax
(12.8)
Loss from discontinued operations
(1.7)
Revenue includes $nil (2023: $nil) related to inter-segment sales.
A reconciliation of the reported operating profit/loss from discontinued operations to adjusted
operating profit/loss from discontinued operations is provided below:
2023
$m
Operating profit
11.1
Adjusting items:
Calculated gain on sale of Chromium business
(26.6)
Disposal transaction costs
6.4
Recycling of deferred foreign exchange losses on sale of business
9.3
Adjusted operating profit
0.2
Details of assets and liabilities at the date of disposal are provided in the following table:
2023
$m
Intangible assets
1.0
Property, plant and equipment
70.2
Inventories
69.1
Trade and other receivables
20.7
Total assets
161.0
Trade and other payables
(23.2)
Provisions
(19.7)
Pensions
(2.2)
Tax liabilities
(3.2)
Lease liabilities
(0.1)
Total liabilities
(48.4)
Net assets disposed
112.6
Gross cash proceeds
139.2
Calculated gain on sale of Chromium business
26.6
", "dimensions": { "concept": "elementisplc:DisclosureOfBusinessExits", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }