{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "wppplc": "http://wppplc.com/xbrl/2023", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://wppplc.com/xbrl/2023/wppplc-2023-12-31.xsd" ] }, "facts": { "fact-619": { "value": "ACCOUNTING POLICIES The consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) as they apply to the financial statements of the Group for the year ended 31 December 2023. The separate financial statements of WPP plc (the Company), a company registered in Jersey, for the year ending 31 December 2023 are filed with the Company\u2019s registrar in Jersey . BASIS OF PREPARATION The Group consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial instruments. In performing its going concern assessment, management's forecasts and projections, taking account of (i) reasonably possible declines in revenue less pass-through costs and (ii) remotely possible declines in revenue less pass-through costs for stress-testing purposes compared to 2023, considering the Group\u2019s liquidity headroom taking into account the suspension of share buybacks, dividends and acquisitions, and cost-mitigation actions which could be implemented, show that the Company and the Group would be able to operate with appropriate liquidity and be able to meet its liabilities as they fall due, considering that the Group was in a \u00a32.3 billion net current liability position as at 31 December 2023. The Company modelled a range of revenue less pass-through cost declines up to 31% compared with the year ended 31 December 2023. The Directors therefore have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. The principal accounting policies are set out below. BASIS OF CONSOLIDATION The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. Subsidiary undertakings are those entities controlled by the Group. Control exists where the Group is exposed to, or has the rights to variable returns from its involvement with, the investee and has the ability to use its power over the investee to affect its returns. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal. Non-controlling interests represent the share of earnings or equity in subsidiaries that is not attributable, directly or indirectly, to shareholders of the Group. NEW IFRS ACCOUNTING PRONOUNCEMENTS The Group has applied the following standards and amendments for the first time for their annual reporting period commencing on or after 1 January 2023: \u2013 IFRS 17 Insurance Contracts \u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 The standards and amendments listed above did not have any impact on the amounts recognised in prior periods, did not have a significant impact on the amounts recognised in the current period, and are not expected to significantly affect the future periods. At the date of authorisation of these financial statements, there were a number of standards or amendments to standards, which have not been applied in these financial statements, that were in issue but not yet effective. The Group does not consider that any of these standards or amendments to standards in issue but not yet effective will have a significant impact on the financial statements. GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise goodwill, certain acquired separable corporate brand names, acquired customer relationships, acquired proprietary tools and capitalised computer software not integral to a related item of hardware. Goodwill represents the excess of fair value attributed to investments in businesses over the fair value of the underlying net assets where relevant, including intangible assets, at the date of their acquisition. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, defined as the higher of fair value less costs of disposal and value in use. The net present value of future cash flows, to determine value in use, is derived from the underlying assets using a projection period of up to five years for each cash-generating unit. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any goodwill impairment is recognised immediately as an expense and is not subsequently reversed. Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Certain corporate brands of the Group are considered to have an indefinite economic life because of the institutional nature of the corporate brand names, their proven ability to maintain market leadership and profitable operations over long periods of time and the Group\u2019s commitment to develop and enhance their value. The carrying value of these intangible assets is reviewed at least annually for impairment and adjusted to the recoverable amount if required. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows: \u2013 brand names (with finite lives) \u2013 10-20 years \u2013 customer-related intangibles \u2013 3-10 years \u2013 other proprietary tools \u2013 3-10 years \u2013 other (including capitalised computer software) \u2013 3-5 years CONTINGENT CONSIDERATION Contingent consideration is accounted for in accordance with IFRS 3 Business Combinations. Contingent consideration only applies to situations where contingent payments are not dependent on future employment of vendors and any such payments are expensed when they relate to future employment. Future anticipated payments to vendors in respect of contingent consideration (earnout agreements) are initially recorded at fair value which is the present value of the expected cash outflows of the obligations. The obligations are dependent on the future financial performance of the interests acquired (typically over a four- to five-year period following the year of acquisition) and assume the operating companies improve profits in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. Subsequent adjustments to the fair value are recorded in the consolidated income statement within revaluation and retranslation of financial instruments. The effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date are accounted for as revisions to goodwill, as permitted by IFRS 3 Business Combinations.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are shown at cost less accumulated
depreciation and any provision for impairment with the exception of freehold
land which is not depreciated. The Group assesses the carrying value of its
property, plant and equipment to determine if any impairment indicators exist.
Where this indicates that an asset may be impaired, the Group applies the
requirements of IAS 36 Impairment of Assets in assessing the carrying amount
of the asset. This process includes comparing its recoverable amount with its
carrying value, where the recoverable amount is the higher of an asset's fair
value less costs of disposal and value in use. Property, plant and equipment
impairment charges also form part of the property-related restructuring costs
described in note 3; and are derived applying the method described in the
Leases accounting policy. Depreciation is provided at rates calculated to write
off the cost less estimated residual value of each asset on a straight-line basis
over its estimated useful life, as follows:
\u2013 freehold buildings \u2013 50 years
\u2013 leasehold land and buildings \u2013 over the term of the lease or life of the asset,
if shorter
\u2013 fixtures, fittings and equipment \u2013 3-10 years
\u2013 computer equipment \u2013 3-5 years
INTERESTS IN ASSOCIATES AND JOINT VENTURES
An associate is an entity over which the Group has significant influence. In
certain circumstances, significant influence may be represented by factors
other than ownership and voting rights, such as representation on the Board
of Directors.
The Group\u2019s share of the profits less losses of associate undertakings net
of tax, interest and non-controlling interests is included in the consolidated
income statement and the Group\u2019s share of net assets is shown within interests
in associates and joint ventures in the consolidated balance sheet. The Group\u2019s
share of the profits less losses and net assets is based on current information
produced by the undertakings, adjusted to conform with the accounting
policies of the Group. The Group discontinues recognising its share of net
assets or its share of net results from an associate if the value of the investment
has reduced to nil. Any additional losses are provided for, and a liability is
recognised, only to the extent that the Group has incurred legal or constructive
obligations or made payments on behalf of the associate. If the associate
subsequently reports a positive equity, the Group resumes recognising its
share of net assets, net result and other comprehensive income.
The Group assesses the carrying value of its associate undertakings to
determine if any impairment has occurred. Where this indicates that an
investment may be impaired, the Group applies the requirements of IAS 36
in assessing the carrying amount of the investment. This process includes
comparing its recoverable amount with its carrying value. The recoverable
amount is defined as the higher of fair value less costs of disposal and value
in use.
The Group accounts for joint venture investments under the equity method
which is consistent with the Group\u2019s treatment of associates.
OTHER INVESTMENTS
Certain equity investments are designated as either fair value through other
comprehensive income or fair value through profit or loss. Movements in fair
value through profit or loss are recorded in the consolidated income
statement within revaluation and retranslation of financial instruments.
The Group generally elects to classify equity investments as fair value through
other comprehensive income where the Group forms a strategic partnership
with the investee.
ACCRUED AND DEFERRED INCOME
Accrued income is a receivable within the scope of IFRS 9 Financial
Instruments, and is recognised when a performance obligation has been
satisfied but has not yet been billed. Accrued income is transferred to trade
receivables once the right to consideration is billed per the terms of the
contractual agreement.
In certain cases, payments are received from customers or amounts are billed
with an unconditional right to receive consideration prior to satisfaction of
performance obligations and recognised as deferred income. These balances
are considered contract liabilities and are typically related to prepayments for
third-party expenses that are incurred shortly after billing.
TRADE RECEIVABLES AND UNBILLED COSTS
Trade receivables are stated net of expected credit loss.
Unbilled costs (previously named Work in progress) includes outlays incurred
on behalf of clients, including production costs, and other third-party costs
that have not yet been billed and are considered receivables under IFRS 15
Revenue from Contracts with Customers.
EXPECTED CREDIT LOSSES
The Group has applied the simplified approach to measuring expected credit
losses, as permitted by IFRS 9 Financial Instruments. This has been applied to
trade receivables, contract assets and lease receivables. Under this approach,
the Group utilises a provision matrix based on the age of the trade receivables
and historical loss rates to determine the expected credit losses. The Group
also considers forward-looking information. Therefore, the Group does not
track changes in credit risk, but recognises a loss allowance based on the
financial asset's lifetime expected credit loss. For all other assets, the general
approach has been applied and a loss allowance for 12-month expected credit
losses is recognised.
Under IFRS 9, the expected credit losses are measured as the difference
between the asset\u2019s gross carrying amount and the present value of estimated
future cash flows discounted at the financial asset\u2019s original effective interest
rate. Given the short-term nature of the Group\u2019s trade receivables, unbilled
costs and accrued income, which are mainly due from large national or
multinational companies, the Group's assessment of expected credit losses
includes provisions for specific clients and receivables where the contractual
cash flow is deemed at risk.
The Group considers that the credit risk increased significantly since
initial recognition when the credit rating changes adversely, the debtor
has significant financial difficulty or if there was a breach of contract.
Financial assets are written off when there is evidence indicating that the
debtor is in severe financial difficulty and the Group has no realistic prospect
of recovery. Receivables written off are still subject to enforcement activity
and pursued by the Group.
Further details on expected credit losses are provided in note 17.
FOREIGN CURRENCY AND INTEREST RATE HEDGING
The Group\u2019s policy on interest rate and foreign exchange rate management
sets out the instruments and methods available to hedge interest and currency
risk exposures and the control procedures in place to ensure effectiveness.
The Group uses derivative financial instruments to reduce exposure to foreign
exchange risk and interest rate movements. The Group does not hold or issue
derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative
contract is entered into and are subsequently remeasured to their fair value
at each balance sheet date. The resulting gain or loss is recognised in profit or
loss immediately unless the derivative is designated and effective as a hedging
instrument, in which event the timing of the recognition in profit or loss
depends on the nature of the hedge relationship.
At inception of the hedge relationship, the Group documents the relationship
between hedging instruments and hedged items, including whether changes
in the cash flows of the hedging instruments are expected to offset changes
in the fair values or cash flows of hedged items. Furthermore the Group
documents its risk management objectives and its strategy for undertaking
various hedge transactions.
Note 25 contains details of the fair values of the derivative instruments used
for hedging purposes.
Changes in the fair value of derivatives that are designated and qualify as fair
value hedges are recorded in profit or loss immediately, together with any
changes in the fair value of the hedged items that are attributable to the
hedged risk.
The effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow or net investment hedges is recognised
in other comprehensive income and deferred in equity. The gain or loss
relating to the ineffective portion is recognised immediately in profit or loss.
Amounts deferred in equity are recycled in profit or loss in the periods when
the hedged item is recognised in profit or loss. However, when the forecast
transaction that is hedged results in the recognition of a non-financial asset or
a non-financial liability, the gains and losses previously deferred in equity are
transferred from equity and included in the initial measurement of the cost of
the asset or liability.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised, or no longer qualifies for hedge accounting.
At that time, any cumulative gain or loss on the hedging instrument recognised
in equity is retained in equity until the forecast transaction occurs. If a hedged
transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to profit or loss for the period.
Derivatives embedded in other financial liabilities or other host contracts
are treated as separate derivatives when their risks and characteristics are
not closely related to those of host contracts and the host contracts are not
carried at fair value with unrealised gains or losses reported in the
consolidated income statement.
LIABILITIES IN RESPECT OF OPTION AGREEMENTS
Option agreements that allow the Group\u2019s equity partners to require the
Group to purchase a non-controlling interest are recorded in the consolidated
balance sheet initially at the present value of the redemption amount in
accordance with IAS 32 Financial Instruments: Presentation and subsequently,
the financial liability is measured at amortised cost in accordance with IFRS 9
Financial Instruments. On initial recognition, the corresponding amount is
recognised against the equity reserve, which is subsequently reversed on
derecognition, either through exercise or non-exercise of the option agreement.
Changes in the measurement of the financial liability due to the unwinding of
the discount or changes in the amount that the Group could be required to
pay are recognised in profit or loss within revaluation and retranslation of
financial instruments in the consolidated income statement.
DERECOGNITION OF FINANCIAL LIABILITIES
In accordance with IFRS 9 Financial Instruments, a financial liability of the
Group is only removed from the statement of financial position when the
underlying legal obligation is extinguished.
DEBT
Interest-bearing debt is recorded at the proceeds received, net of direct
issue costs.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash at bank and in hand and short-term
highly liquid investments which are readily convertible to known amounts of
cash and are subject to insignificant risk of changes in value, including bank
deposits and money market funds. For Cash Flow Statement presentation
purposes, the Group's overdrafts are included in cash and cash equivalents
where they are repayable on demand, are components of the Group's
centralised treasury strategy employed across the Group and form an integral
part of the Group's cash management, in accordance with IAS 7 Statement
of Cash Flows.
BORROWING COSTS
Finance costs of borrowing are recognised in the consolidated income
statement over the term of those borrowings.
REVENUE RECOGNITION
The Group is a leading worldwide creative transformation organisation
offering national and multinational clients a comprehensive range of
communications, experience, commerce and technology services. Contracts
often involve multiple agencies offering different services in different
countries. As such, the terms of local, regional and global contracts can
vary to meet client needs and regulatory requirements. Consistent with
the industry, contracts are typically short-term in nature and tend to be
cancellable by either party with 90 days' notice. The Group is generally
entitled to payment for work performed to date.
The Group is generally paid in arrears for its services. Invoices are typically
payable within 30 to 60 days. Revenue comprises commissions and fees
earned in respect of amounts billed and is stated exclusive of VAT, sales
taxes and trade discounts. Pass-through costs comprise fees paid to external
suppliers when they are engaged to perform part or all of a specific project
and are charged directly to clients. This includes media costs where the Group
is buying digital media for its own account on a transparent opt-in basis and,
as a result, the subsequent media pass-through costs are recorded as Group
revenue. As the contracts are generally short-term in nature, the Group has
applied the practical expedient permitted by IFRS 15 to expense costs to
obtain a contract as incurred, where applicable.
In most instances, promised services in a contract are not considered distinct
or represent a series of services that are substantially the same with the same
pattern of transfer to the customer and, as such, are accounted for as a single
performance obligation. However, where there are contracts with services
that are capable of being distinct, are distinct within the context of the contract,
and are accounted for as separate performance obligations, revenue is
allocated to each of the performance obligations based on relative stand-alone
selling prices.
Revenue is recognised when a performance obligation is satisfied in
accordance with the terms of the contractual arrangement. Typically,
performance obligations are satisfied over time as services are rendered.
Revenue recognised over time is based on the proportion of the level of
service performed. Either an input method or an output method, depending
on the particular arrangement, is used to measure progress for each
performance obligation. For most fee arrangements, costs incurred are
used as an objective input measure of performance. The primary input of
substantially all work performed under these arrangements is labour. There
is normally a direct relationship between costs incurred and the proportion
of the contract performed to date. In other circumstances relevant output
measures, such as the achievement of any project milestones stipulated
in the contract, are used to assess proportional performance.
For our retainer arrangements, we have a stand-ready obligation to perform
services on an ongoing basis over the life of the contract. The scope of these
arrangements is broad and generally not reconcilable to another input or
output criteria. In these instances, revenue is recognised using a time-based
method resulting in straight-line revenue recognition.
The amount of revenue recognised depends on whether we act as an
agent or as a principal. Certain arrangements with our clients are such that
our responsibility is to arrange for a third party to provide a specified good
or service to the client. In these cases we are acting as an agent as we do
not control the relevant good or service before it is transferred to the client.
When we act as an agent, the revenue recorded is the net amount retained.
Costs incurred with external suppliers (such as production costs and media
suppliers) are excluded from revenue and recorded as unbilled costs
until billed.
The Group acts as principal when we control the specified good or service
prior to transfer. When the Group acts as a principal (such as when supplying
in-house production services, events and branding), the revenue recorded is
the gross amount billed. Billings related to out-of-pocket costs such as travel
are also recognised at the gross amount billed with a corresponding amount
recorded as an expense.
Further details on revenue recognition are detailed by sector below.
GLOBAL INTEGRATED AGENCIES
Revenue is typically derived from integrated product offerings including
media placements and creative services. Revenue may consist of various
arrangements involving commissions, fees, incentive-based revenue or a
combination of the three, as agreed upon with each client. Revenue for
commissions on purchased media is typically recognised at the point in
time the media is run.
The Group receives volume rebates from certain suppliers for transactions
entered into on behalf of clients that, based on the terms of the relevant
contracts and local law, are either remitted to clients or retained by the Group.
If amounts are passed on to clients they are recorded as liabilities until settled
or, if retained by the Group, are recorded as revenue when earned.
Variable incentive-based revenue typically comprises both quantitative and
qualitative elements. Incentive compensation is estimated using the most
likely amount and is included in revenue up to the amount that is highly
probable not to result in a significant reversal of cumulative revenue
recognised once the related uncertainty is resolved. The Group recognises
incentive revenue as the related performance obligation or obligations are
satisfied depending on the specific contractual terms.
PUBLIC RELATIONS AND SPECIALIST AGENCIES
Revenue for these services is typically derived from retainer fees and fees for
services to be performed subject to specific agreement. Most revenue under
these arrangements is earned over time, in accordance with the terms of the
contractual arrangement.
TAXATION
Corporate taxes are payable on taxable profits at current rates. The tax
expense represents the sum of the tax currently payable and deferred tax.
The Group is subject to corporate taxes in a number of different jurisdictions
and judgement is required in determining the appropriate provision for
transactions where the ultimate tax determination is uncertain. In such
circumstances, the Group recognises liabilities for anticipated taxes based
on the best information available and where the anticipated liability is both
probable and able to be estimated, liabilities are classified as current. Any
interest and penalties accrued are included in corporate income taxes both
in the consolidated income statement and balance sheet. Where the final
outcome of such matters differs from the amount recorded, any differences
may impact the income tax and deferred tax provisions in the period in which
the final determination is made.
The tax laws that apply to the Group\u2019s subsidiaries may be amended by the
relevant tax authorities. Such potential amendments are regularly monitored
and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets
and liabilities where necessary.
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the consolidated income statement
because it excludes items of income or expense that are taxable or deductible
in other years and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of
taxable profit, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are recognised for all taxable temporary differences
unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged
or credited in the consolidated income statement, except when it relates to
items charged or credited to other comprehensive income or directly to
equity, in which case the deferred tax is also recognised within other
comprehensive income or equity. Deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised, which can require the use
of accounting estimation and the exercise of judgement. Such assets and
liabilities are not recognised if the temporary difference arises from the initial
recognition of goodwill or other assets and liabilities (other than in a business
combination) in a transaction that affects neither the taxable profit nor the
accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to
be recovered.
Deferred tax liabilities are recognised for taxable temporary differences arising
on investments in subsidiaries and associates, and interests in joint ventures,
except where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable
right to set off current tax assets against current tax liabilities and when they
relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised based on enacted
or substantively enacted legislation.
RETIREMENT BENEFIT COSTS
The Group accounts for retirement benefit costs in accordance with IAS 19
Employee Benefits.
For defined contribution plans, contributions are charged to the consolidated
income statement as payable in respect of the accounting period.
For defined benefit plans the amounts charged to operating profit are the
current service costs, past service costs, administrative expenses and gains
and losses on settlements and curtailments. They are included as part of
staff costs. Past service costs are recognised immediately in the consolidated
income statement when the related plan amendment occurs. Net interest
expense is calculated by applying the discount rate to the recognised overall
surplus or deficit in the plan.
Actuarial gains and losses are recognised immediately in other
comprehensive income.
Where defined benefit plans are funded, the assets of the plan are held
separately from those of the Group, in separate independently managed
funds. Pension plan assets are measured at fair value and liabilities are
measured on an actuarial basis using the projected unit method and
discounted at a rate equivalent to the current rate of return on a high-quality
corporate bond of equivalent currency and term to the plan liabilities. The
actuarial valuations are obtained at least triennially and are updated at each
balance sheet date.
Recognition of a surplus in a defined benefit plan is limited based on the
economic gain the Group is expected to benefit from in the future by means
of a refund or reduction in future contributions to the plan, in accordance
with IAS 19.
PROVISIONS FOR LIABILITIES AND CHARGES
Provisions comprise liabilities where there is uncertainty about the timing of
settlement, but where a reliable estimate can be made of the amount using
either the most likely or expected value, depending on which method best
estimates the uncertainty. These include provisions for other property-related
liabilities such as onerous contracts and dilapidations. The timing of utilisation
or release of such provisions are typically dependent on the term of the
underlying lease. The eventual settling of such property-related provisions
will be dependent on negotiations with the relevant landlord. Also included
are other provisions, primarily long-term employee benefits such as deferred
compensation plans, and legal claims, where the likelihood of settlement is
considered probable. The timing of release and utilisation of the deferred
compensation plans are dependent on applicable plan rules while the timing
of settlement of legal claims are dependent on the status of any relevant legal
proceedings. While we have factored in all known facts and circumstances,
it is likely certain legal settlements will vary from the provisioned amount.
CONTINGENT LIABILITIES
Contingent liabilities are possible obligations whose existence will only be
confirmed by future events not wholly within the control of the group, or
present obligations where it is not probable that an outflow of resources will
be required or the amount of the obligation cannot be measured with
sufficient reliability. Contingent liabilities are not recognised in the
consolidated financial statements but are disclosed, if material, unless the
possibility of an outflow of economic resources is considered remote.
LEASES
The Group leases most of its offices in cities where it operates. Other lease
contracts include office equipment and motor vehicles.
At inception of a contract, the Group assesses whether a contract is, or
contains, a lease based on whether the contract conveys the right to
control the use of an identified asset for a period of time in exchange
for consideration.
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured based on
the initial amount of the lease liability adjusted for any lease payments made
at or before the commencement date, plus any initial direct costs incurred,
less any lease incentives received. The assets are depreciated over the term
of the lease using the straight-line method. The lease term includes periods
covered by an option to extend if the Group is reasonably certain to exercise
that option.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined,
the Group\u2019s incremental borrowing rate for the same term as the underlying
lease. Lease payments included in the measurement of lease liabilities
comprise fixed payments less any lease incentives receivable and variable
lease payments that depend on an index or a rate as at the commencement
date. Lease modifications result in remeasurement of the lease liability.
Depreciation is recognised in both costs of services and general and
administrative costs and interest expense is recognised under finance costs
in the consolidated income statement.
The Group has elected to use the exemption not to recognise right-of-use
assets and lease liabilities for short-term leases that have a lease term of 12
months or less and leases of low-value assets (under $5,000). The payments
associated with these leases are recognised as cost of services and general
and administrative costs within the consolidated income statement on a
straight-line basis over the lease term.
The Group assesses at the reporting date whether there are any indicators of
impairment and performs an impairment test when an impairment indicator
exists. The Group tests a right-of use asset as a stand-alone asset for
impairment when it either meets the definition of investment property which
generates independent cash flows or it is vacant with minimal to no continued
utility for the Group. When a right-of-use asset is tested as a stand-alone asset,
an impairment loss is recognised when the carrying amount of the right-of-use
asset exceeds its recoverable amount. The recoverable amount of a right-of-
use asset is estimated mainly based on the present value of the estimated
sublease income, discounted using the property yield rates.
The property held by the Group as right-of-use assets to earn rentals is
classified as investment property. The Group measures its investment
property applying the cost model.
TRANSLATION OF FOREIGN CURRENCIES
Foreign currency transactions arising from normal trading activities are
recorded at the rates in effect at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the year-end are translated
at the year-end exchange rate. Foreign currency gains and losses are credited
or charged to the consolidated income statement as they arise.
The income statements of foreign subsidiary undertakings, with functional
currencies other than pounds sterling, are translated into pounds sterling at
average exchange rates and the year-end net assets of these companies are
translated at year-end exchange rates.
Exchange differences arising from retranslation of the opening net assets and
on foreign currency borrowings (to the extent that they hedge the Group\u2019s
investment in such operations) are reported in the consolidated statement
of comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign
entity are treated as assets and liabilities of the foreign entity and translated
at the closing rate.
HYPERINFLATION IN ARGENTINA AND TURKEY
During 2023, 2022 and 2021, Argentina was designated as a hyperinflationary
economy. During 2023 and 2022, Turkey was designated as a hyperinflationary
economy. The financial statements of the Group\u2019s subsidiaries in Argentina and
Turkey have been adjusted for the effects of inflation in accordance with IAS 29
Financial Reporting in Hyperinflationary Economies.
IAS 29 requires that the income statement is adjusted for inflation in the period
and translated at the year-end foreign exchange rate and that non-monetary
assets and liabilities on the balance sheet are restated to reflect the change
in purchasing power caused by inflation from the date of initial recognition.
The impact on other non-monetary assets and liabilities and the impact on
the Group\u2019s income statement in the year were immaterial.
SHARE-BASED PAYMENTS
The Group issues equity-settled share-based payments (including share
options) to certain employees and accounts for these awards in accordance
with IFRS 2 Share-based Payment. Equity-settled share-based payments are
measured at fair value (excluding the effect of non-market-based vesting
conditions) at the date of grant. Details regarding the fair value of equity
settled share-based transactions are set out in note 22.
The fair value determined at the grant date is recognised in the consolidated
income statement as an expense on a straight-line basis over the relevant
vesting period, based on the Group\u2019s estimate of the number of shares
that will ultimately vest and adjusted for the effect of non-market-based
vesting conditions.
GOVERNMENT SUPPORT
In reaction to the Covid-19 pandemic, certain governments introduced
measures to assist companies. A reduction to operating costs is recorded in
relation to government subsidies/schemes where these amounts will never
have to be repaid. In other cases, this involves the deferral of certain tax
payments in order to stimulate the economy. The deferral of payments does
not impact the income statement and these are charged as normal in the
period they are incurred.
NON-CONTROLLING INTERESTS
Non-controlling interests in acquired companies are measured at the
non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net
assets. The acquisition of a non-controlling interest in a subsidiary, and the sale
of an interest while retaining control, is accounted for within equity, and the
cash cost of such purchases is included within 'Financing activities' in the cash
flow statement.
CLIMATE CHANGE CONSIDERATIONS
In preparing these consolidated financial statements, the potential impacts
of climate change risks, particularly in the context of the TCFD Statement on
pages 62-68 and the Strategic Report on pages 53-71, have been considered.
This primarily focused on the impairment assessments for goodwill and
intangible assets with indefinite useful lives; the carrying value and estimated
useful life of intangible assets, property, plant and equipment and right-of-use
assets; the measurement of deferred tax assets and provisions, including
post-employment benefits; and the going concern period and viability of
the Group over the next three years. There has been no material impact on
the financial statements for the years ending 31 December 2023 and 2022.
The potential implications of climate change risks on the financial statements
will continue to be monitored and assessed in future periods.
CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY
IN APPLYING ACCOUNTING POLICIES
Management is required to make key decisions and judgements whilst
acknowledging there is estimation uncertainty in the process of applying the
Group\u2019s accounting policies. These estimates and judgements are reviewed
on an ongoing basis. Where judgement has been applied or estimation
uncertainty exists, the key factors taken into consideration are disclosed in
the accounting policies and the appropriate note in these financial statements.
The most significant area of estimation uncertainty is:
\u2013 Goodwill: the discounted cash flow methodology applied by the Group
when testing for goodwill impairment requires key estimates regarding
operating margins and discount rates. Further details of the methodology
and key estimates used in relation to the goodwill impairment assessment,
and the approach to sensitivities to these estimates, are set out in note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "The consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) as they apply to the financial statements of the Group for the year ended 31 December 2023. The separate financial statements of WPP plc (the Company), a company registered in Jersey, for the year ending 31 December 2023 are filed with the Company\u2019s registrar in Jersey ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "
BASIS OF PREPARATION
The Group consolidated financial statements have been prepared on a going
concern basis, under the historical cost convention, except for the revaluation
of certain financial instruments. In performing its going concern assessment,
management's forecasts and projections, taking account of (i) reasonably
possible declines in revenue less pass-through costs and (ii) remotely possible
declines in revenue less pass-through costs for stress-testing purposes
compared to 2023, considering the Group\u2019s liquidity headroom taking into
account the suspension of share buybacks, dividends and acquisitions, and
cost-mitigation actions which could be implemented, show that the Company
and the Group would be able to operate with appropriate liquidity and be
able to meet its liabilities as they fall due, considering that the Group was in a
\u00a32.3 billion net current liability position as at 31 December 2023. The Company
modelled a range of revenue less pass-through cost declines up to 31%
compared with the year ended 31 December 2023. The Directors therefore
have a reasonable expectation that the Company and the Group have
adequate resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting
in preparing the financial statements.
The principal accounting policies are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-674": { "value": "The Group consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial instruments. In performing its going concern assessment, management's forecasts and projections, taking account of (i) reasonably possible declines in revenue less pass-through costs and (ii) remotely possible declines in revenue less pass-through costs for stress-testing purposes compared to 2023, considering the Group\u2019s liquidity headroom taking into account the suspension of share buybacks, dividends and acquisitions, and cost-mitigation actions which could be implemented, show that the Company and the Group would be able to operate with appropriate liquidity and be able to meet its liabilities as they fall due, considering that the Group was in a \u00a32.3 billion net current liability position as at 31 December 2023. The Company modelled a range of revenue less pass-through cost declines up to 31% compared with the year ended 31 December 2023. The Directors therefore have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. The principal accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "
BASIS OF CONSOLIDATION
The consolidated financial statements include the results of the Company
and all its subsidiary undertakings made up to the same accounting date.
All intra-Group balances, transactions, income and expenses are eliminated
in full on consolidation. Subsidiary undertakings are those entities controlled
by the Group. Control exists where the Group is exposed to, or has the rights
to variable returns from its involvement with, the investee and has the ability
to use its power over the investee to affect its returns. The results of subsidiary
undertakings acquired or disposed of during the period are included or
excluded from the consolidated income statement from the effective date
of acquisition or disposal. Non-controlling interests represent the share of
earnings or equity in subsidiaries that is not attributable, directly or indirectly,
to shareholders of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "
NEW IFRS ACCOUNTING PRONOUNCEMENTS
The Group has applied the following standards and amendments for the first
time for their annual reporting period commencing on or after 1 January 2023:
\u2013 IFRS 17 Insurance Contracts
\u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice
Statement 2
\u2013 Deferred Tax related to Assets and Liabilities arising from a Single
Transaction \u2013 Amendments to IAS 12
\u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12
The standards and amendments listed above did not have any impact on
the amounts recognised in prior periods, did not have a significant impact
on the amounts recognised in the current period, and are not expected to
significantly affect the future periods.
At the date of authorisation of these financial statements, there were a
number of standards or amendments to standards, which have not been
applied in these financial statements, that were in issue but not yet effective.
The Group does not consider that any of these standards or amendments to
standards in issue but not yet effective will have a significant impact on the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-675": { "value": "The Group has applied the following standards and amendments for the first time for their annual reporting period commencing on or after 1 January 2023: \u2013 IFRS 17 Insurance Contracts \u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 The standards and amendments listed above did not have any impact on the amounts recognised in prior periods, did not have a significant impact on the amounts recognised in the current period, and are not expected to significantly affect the future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-676": { "value": "At the date of authorisation of these financial statements, there were a number of standards or amendments to standards, which have not been applied in these financial statements, that were in issue but not yet effective. The Group does not consider that any of these standards or amendments to standards in issue but not yet effective will have a significant impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-677": { "value": "
GOODWILL AND OTHER INTANGIBLE ASSETS
Intangible assets comprise goodwill, certain acquired separable corporate
brand names, acquired customer relationships, acquired proprietary tools
and capitalised computer software not integral to a related item of hardware.
Goodwill represents the excess of fair value attributed to investments in
businesses over the fair value of the underlying net assets where relevant,
including intangible assets, at the date of their acquisition.
Goodwill impairment reviews are undertaken annually or more frequently
if events or changes in circumstances indicate a potential impairment.
The carrying value of goodwill is compared to the recoverable amount,
defined as the higher of fair value less costs of disposal and value in use.
The net present value of future cash flows, to determine value in use, is
derived from the underlying assets using a projection period of up to five
years for each cash-generating unit. After the projection period, a steady
growth rate representing an appropriate long-term growth rate for the
industry is applied. Any goodwill impairment is recognised immediately
as an expense and is not subsequently reversed.
Corporate brand names, customer relationships and proprietary tools
acquired as part of acquisitions of businesses are capitalised separately from
goodwill as intangible assets if their value can be measured reliably on initial
recognition and it is probable that the expected future economic benefits
that are attributable to the asset will flow to the Group.
Certain corporate brands of the Group are considered to have an indefinite
economic life because of the institutional nature of the corporate brand
names, their proven ability to maintain market leadership and profitable
operations over long periods of time and the Group\u2019s commitment to develop
and enhance their value. The carrying value of these intangible assets is
reviewed at least annually for impairment and adjusted to the recoverable
amount if required.
Amortisation is provided at rates calculated to write off the cost less estimated
residual value of each asset on a straight-line basis over its estimated useful life
as follows:
\u2013 brand names (with finite lives) \u2013 10-20 years
\u2013 customer-related intangibles \u2013 3-10 years
\u2013 other proprietary tools \u2013 3-10 years
\u2013 other (including capitalised computer software) \u2013 3-5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise goodwill, certain acquired separable corporate brand names, acquired customer relationships, acquired proprietary tools and capitalised computer software not integral to a related item of hardware. Goodwill represents the excess of fair value attributed to investments in businesses over the fair value of the underlying net assets where relevant, including intangible assets, at the date of their acquisition. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, defined as the higher of fair value less costs of disposal and value in use. The net present value of future cash flows, to determine value in use, is derived from the underlying assets using a projection period of up to five years for each cash-generating unit. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any goodwill impairment is recognised immediately as an expense and is not subsequently reversed. Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Certain corporate brands of the Group are considered to have an indefinite economic life because of the institutional nature of the corporate brand names, their proven ability to maintain market leadership and profitable operations over long periods of time and the Group\u2019s commitment to develop and enhance their value. The carrying value of these intangible assets is reviewed at least annually for impairment and adjusted to the recoverable amount if required. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows: \u2013 brand names (with finite lives) \u2013 10-20 years \u2013 customer-related intangibles \u2013 3-10 years \u2013 other proprietary tools \u2013 3-10 years \u2013 other (including capitalised computer software) \u2013 3-5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-702": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise goodwill, certain acquired separable corporate brand names, acquired customer relationships, acquired proprietary tools and capitalised computer software not integral to a related item of hardware. Goodwill represents the excess of fair value attributed to investments in businesses over the fair value of the underlying net assets where relevant, including intangible assets, at the date of their acquisition. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, defined as the higher of fair value less costs of disposal and value in use. The net present value of future cash flows, to determine value in use, is derived from the underlying assets using a projection period of up to five years for each cash-generating unit. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any goodwill impairment is recognised immediately as an expense and is not subsequently reversed. Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Certain corporate brands of the Group are considered to have an indefinite economic life because of the institutional nature of the corporate brand names, their proven ability to maintain market leadership and profitable operations over long periods of time and the Group\u2019s commitment to develop and enhance their value. The carrying value of these intangible assets is reviewed at least annually for impairment and adjusted to the recoverable amount if required. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows: \u2013 brand names (with finite lives) \u2013 10-20 years \u2013 customer-related intangibles \u2013 3-10 years \u2013 other proprietary tools \u2013 3-10 years \u2013 other (including capitalised computer software) \u2013 3-5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "
CONTINGENT CONSIDERATION
Contingent consideration is accounted for in accordance with IFRS 3 Business
Combinations. Contingent consideration only applies to situations where
contingent payments are not dependent on future employment of vendors
and any such payments are expensed when they relate to future employment.
Future anticipated payments to vendors in respect of contingent consideration
(earnout agreements) are initially recorded at fair value which is the present
value of the expected cash outflows of the obligations. The obligations are
dependent on the future financial performance of the interests acquired
(typically over a four- to five-year period following the year of acquisition)
and assume the operating companies improve profits in line with Directors\u2019
estimates. The Directors derive their estimates from internal business plans
together with financial due diligence performed in connection with
the acquisition.
Subsequent adjustments to the fair value are recorded in the consolidated
income statement within revaluation and retranslation of financial instruments.
The effect of any revisions to fair value adjustments that had been determined
provisionally at the immediately preceding balance sheet date are accounted
for as revisions to goodwill, as permitted by IFRS 3 Business Combinations.
CONTINGENT LIABILITIES Contingent liabilities are possible obligations whose existence will only be confirmed by future events not wholly within the control of the group, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognised in the consolidated financial statements but are disclosed, if material, unless the possibility of an outflow of economic resources is considered remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are shown at cost less accumulated depreciation and any provision for impairment with the exception of freehold land which is not depreciated. The Group assesses the carrying value of its property, plant and equipment to determine if any impairment indicators exist. Where this indicates that an asset may be impaired, the Group applies the requirements of IAS 36 Impairment of Assets in assessing the carrying amount of the asset. This process includes comparing its recoverable amount with its carrying value, where the recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. Property, plant and equipment impairment charges also form part of the property-related restructuring costs described in note 3; and are derived applying the method described in the Leases accounting policy. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life, as follows: \u2013 freehold buildings \u2013 50 years \u2013 leasehold land and buildings \u2013 over the term of the lease or life of the asset, if shorter \u2013 fixtures, fittings and equipment \u2013 3-10 years \u2013 computer equipment \u2013 3-5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-703": { "value": "INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group discontinues recognising its share of net assets or its share of net results from an associate if the value of the investment has reduced to nil. Any additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports a positive equity, the Group resumes recognising its share of net assets, net result and other comprehensive income. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-678": { "value": "INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group discontinues recognising its share of net assets or its share of net results from an associate if the value of the investment has reduced to nil. Any additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports a positive equity, the Group resumes recognising its share of net assets, net result and other comprehensive income. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group discontinues recognising its share of net assets or its share of net results from an associate if the value of the investment has reduced to nil. Any additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports a positive equity, the Group resumes recognising its share of net assets, net result and other comprehensive income. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "OTHER INVESTMENTS Certain equity investments are designated as either fair value through other comprehensive income or fair value through profit or loss. Movements in fair value through profit or loss are recorded in the consolidated income statement within revaluation and retranslation of financial instruments. The Group generally elects to classify equity investments as fair value through other comprehensive income where the Group forms a strategic partnership with the investee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "ACCRUED AND DEFERRED INCOME Accrued income is a receivable within the scope of IFRS 9 Financial Instruments, and is recognised when a performance obligation has been satisfied but has not yet been billed. Accrued income is transferred to trade receivables once the right to consideration is billed per the terms of the contractual agreement. In certain cases, payments are received from customers or amounts are billed with an unconditional right to receive consideration prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are typically related to prepayments for third-party expenses that are incurred shortly after billing. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForAccruedAndDeferredIncome", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "value": "TRADE RECEIVABLES AND UNBILLED COSTS Trade receivables are stated net of expected credit loss. Unbilled costs (previously named Work in progress) includes outlays incurred on behalf of clients, including production costs, and other third-party costs that have not yet been billed and are considered receivables under IFRS 15 Revenue from Contracts with Customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "EXPECTED CREDIT LOSSES The Group has applied the simplified approach to measuring expected credit losses, as permitted by IFRS 9 Financial Instruments. This has been applied to trade receivables, contract assets and lease receivables. Under this approach, the Group utilises a provision matrix based on the age of the trade receivables and historical loss rates to determine the expected credit losses. The Group also considers forward-looking information. Therefore, the Group does not track changes in credit risk, but recognises a loss allowance based on the financial asset's lifetime expected credit loss. For all other assets, the general approach has been applied and a loss allowance for 12-month expected credit losses is recognised. Under IFRS 9, the expected credit losses are measured as the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. Given the short-term nature of the Group\u2019s trade receivables, unbilled costs and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. The Group considers that the credit risk increased significantly since initial recognition when the credit rating changes adversely, the debtor has significant financial difficulty or if there was a breach of contract. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Receivables written off are still subject to enforcement activity and pursued by the Group. Further details on expected credit losses are provided in note 17. ", "dimensions": { "concept": "wppplc:DescriptionOAccountingPolicyForExpectedCreditLosses", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-704": { "value": "FOREIGN CURRENCY AND INTEREST RATE HEDGING The Group\u2019s policy on interest rate and foreign exchange rate management sets out the instruments and methods available to hedge interest and currency risk exposures and the control procedures in place to ensure effectiveness. The Group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the fair values or cash flows of hedged items. Furthermore the Group documents its risk management objectives and its strategy for undertaking various hedge transactions. Note 25 contains details of the fair values of the derivative instruments used for hedging purposes. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow or net investment hedges is recognised in other comprehensive income and deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts deferred in equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss for the period. Derivatives embedded in other financial liabilities or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-679": { "value": "FOREIGN CURRENCY AND INTEREST RATE HEDGING The Group\u2019s policy on interest rate and foreign exchange rate management sets out the instruments and methods available to hedge interest and currency risk exposures and the control procedures in place to ensure effectiveness. The Group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the fair values or cash flows of hedged items. Furthermore the Group documents its risk management objectives and its strategy for undertaking various hedge transactions. Note 25 contains details of the fair values of the derivative instruments used for hedging purposes. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow or net investment hedges is recognised in other comprehensive income and deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts deferred in equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss for the period. Derivatives embedded in other financial liabilities or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "FOREIGN CURRENCY AND INTEREST RATE HEDGING The Group\u2019s policy on interest rate and foreign exchange rate management sets out the instruments and methods available to hedge interest and currency risk exposures and the control procedures in place to ensure effectiveness. The Group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the fair values or cash flows of hedged items. Furthermore the Group documents its risk management objectives and its strategy for undertaking various hedge transactions. Note 25 contains details of the fair values of the derivative instruments used for hedging purposes. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow or net investment hedges is recognised in other comprehensive income and deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts deferred in equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss for the period. Derivatives embedded in other financial liabilities or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the consolidated income statement. TRANSLATION OF FOREIGN CURRENCIES Foreign currency transactions arising from normal trading activities are recorded at the rates in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end are translated at the year-end exchange rate. Foreign currency gains and losses are credited or charged to the consolidated income statement as they arise. The income statements of foreign subsidiary undertakings, with functional currencies other than pounds sterling, are translated into pounds sterling at average exchange rates and the year-end net assets of these companies are translated at year-end exchange rates. Exchange differences arising from retranslation of the opening net assets and on foreign currency borrowings (to the extent that they hedge the Group\u2019s investment in such operations) are reported in the consolidated statement of comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. HYPERINFLATION IN ARGENTINA AND TURKEY During 2023, 2022 and 2021, Argentina was designated as a hyperinflationary economy. During 2023 and 2022, Turkey was designated as a hyperinflationary economy. The financial statements of the Group\u2019s subsidiaries in Argentina and Turkey have been adjusted for the effects of inflation in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies. IAS 29 requires that the income statement is adjusted for inflation in the period and translated at the year-end foreign exchange rate and that non-monetary assets and liabilities on the balance sheet are restated to reflect the change in purchasing power caused by inflation from the date of initial recognition. The impact on other non-monetary assets and liabilities and the impact on the Group\u2019s income statement in the year were immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "value": "LIABILITIES IN RESPECT OF OPTION AGREEMENTS Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are recorded in the consolidated balance sheet initially at the present value of the redemption amount in accordance with IAS 32 Financial Instruments: Presentation and subsequently, the financial liability is measured at amortised cost in accordance with IFRS 9 Financial Instruments. On initial recognition, the corresponding amount is recognised against the equity reserve, which is subsequently reversed on derecognition, either through exercise or non-exercise of the option agreement. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be required to pay are recognised in profit or loss within revaluation and retranslation of financial instruments in the consolidated income statement. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForLiabilitiesInRespectOfOptionAgreements", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "value": "DERECOGNITION OF FINANCIAL LIABILITIES In accordance with IFRS 9 Financial Instruments, a financial liability of the Group is only removed from the statement of financial position when the underlying legal obligation is extinguished. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-705": { "value": "DERECOGNITION OF FINANCIAL LIABILITIES In accordance with IFRS 9 Financial Instruments, a financial liability of the Group is only removed from the statement of financial position when the underlying legal obligation is extinguished. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "value": "DEBT Interest-bearing debt is recorded at the proceeds received, net of direct issue costs. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForDebt", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and in hand and short-term highly liquid investments which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value, including bank deposits and money market funds. For Cash Flow Statement presentation purposes, the Group's overdrafts are included in cash and cash equivalents where they are repayable on demand, are components of the Group's centralised treasury strategy employed across the Group and form an integral part of the Group's cash management, in accordance with IAS 7 Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "value": "BORROWING COSTS Finance costs of borrowing are recognised in the consolidated income statement over the term of those borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "value": "REVENUE RECOGNITION The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services. Contracts often involve multiple agencies offering different services in different countries. As such, the terms of local, regional and global contracts can vary to meet client needs and regulatory requirements. Consistent with the industry, contracts are typically short-term in nature and tend to be cancellable by either party with 90 days' notice. The Group is generally entitled to payment for work performed to date. The Group is generally paid in arrears for its services. Invoices are typically payable within 30 to 60 days. Revenue comprises commissions and fees earned in respect of amounts billed and is stated exclusive of VAT, sales taxes and trade discounts. Pass-through costs comprise fees paid to external suppliers when they are engaged to perform part or all of a specific project and are charged directly to clients. This includes media costs where the Group is buying digital media for its own account on a transparent opt-in basis and, as a result, the subsequent media pass-through costs are recorded as Group revenue. As the contracts are generally short-term in nature, the Group has applied the practical expedient permitted by IFRS 15 to expense costs to obtain a contract as incurred, where applicable. In most instances, promised services in a contract are not considered distinct or represent a series of services that are substantially the same with the same pattern of transfer to the customer and, as such, are accounted for as a single performance obligation. However, where there are contracts with services that are capable of being distinct, are distinct within the context of the contract, and are accounted for as separate performance obligations, revenue is allocated to each of the performance obligations based on relative stand-alone selling prices. Revenue is recognised when a performance obligation is satisfied in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over time as services are rendered. Revenue recognised over time is based on the proportion of the level of service performed. Either an input method or an output method, depending on the particular arrangement, is used to measure progress for each performance obligation. For most fee arrangements, costs incurred are used as an objective input measure of performance. The primary input of substantially all work performed under these arrangements is labour. There is normally a direct relationship between costs incurred and the proportion of the contract performed to date. In other circumstances relevant output measures, such as the achievement of any project milestones stipulated in the contract, are used to assess proportional performance. For our retainer arrangements, we have a stand-ready obligation to perform services on an ongoing basis over the life of the contract. The scope of these arrangements is broad and generally not reconcilable to another input or output criteria. In these instances, revenue is recognised using a time-based method resulting in straight-line revenue recognition. The amount of revenue recognised depends on whether we act as an agent or as a principal. Certain arrangements with our clients are such that our responsibility is to arrange for a third party to provide a specified good or service to the client. In these cases we are acting as an agent as we do not control the relevant good or service before it is transferred to the client. When we act as an agent, the revenue recorded is the net amount retained. Costs incurred with external suppliers (such as production costs and media suppliers) are excluded from revenue and recorded as unbilled costs until billed. The Group acts as principal when we control the specified good or service prior to transfer. When the Group acts as a principal (such as when supplying in-house production services, events and branding), the revenue recorded is the gross amount billed. Billings related to out-of-pocket costs such as travel are also recognised at the gross amount billed with a corresponding amount recorded as an expense. Further details on revenue recognition are detailed by sector below. GLOBAL INTEGRATED AGENCIES Revenue is typically derived from integrated product offerings including media placements and creative services. Revenue may consist of various arrangements involving commissions, fees, incentive-based revenue or a combination of the three, as agreed upon with each client. Revenue for commissions on purchased media is typically recognised at the point in time the media is run. The Group receives volume rebates from certain suppliers for transactions entered into on behalf of clients that, based on the terms of the relevant contracts and local law, are either remitted to clients or retained by the Group. If amounts are passed on to clients they are recorded as liabilities until settled or, if retained by the Group, are recorded as revenue when earned. Variable incentive-based revenue typically comprises both quantitative and qualitative elements. Incentive compensation is estimated using the most likely amount and is included in revenue up to the amount that is highly probable not to result in a significant reversal of cumulative revenue recognised once the related uncertainty is resolved. The Group recognises incentive revenue as the related performance obligation or obligations are satisfied depending on the specific contractual terms. PUBLIC RELATIONS AND SPECIALIST AGENCIES Revenue for these services is typically derived from retainer fees and fees for services to be performed subject to specific agreement. Most revenue under these arrangements is earned over time, in accordance with the terms of the contractual arrangement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-680": { "value": "TAXATION Corporate taxes are payable on taxable profits at current rates. The tax expense represents the sum of the tax currently payable and deferred tax. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and able to be estimated, liabilities are classified as current. Any interest and penalties accrued are included in corporate income taxes both in the consolidated income statement and balance sheet. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. The tax laws that apply to the Group\u2019s subsidiaries may be amended by the relevant tax authorities. Such potential amendments are regularly monitored and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets and liabilities where necessary. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also recognised within other comprehensive income or equity. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised, which can require the use of accounting estimation and the exercise of judgement. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on enacted or substantively enacted legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "value": "TAXATION Corporate taxes are payable on taxable profits at current rates. The tax expense represents the sum of the tax currently payable and deferred tax. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and able to be estimated, liabilities are classified as current. Any interest and penalties accrued are included in corporate income taxes both in the consolidated income statement and balance sheet. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. The tax laws that apply to the Group\u2019s subsidiaries may be amended by the relevant tax authorities. Such potential amendments are regularly monitored and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets and liabilities where necessary. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also recognised within other comprehensive income or equity. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised, which can require the use of accounting estimation and the exercise of judgement. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on enacted or substantively enacted legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "value": "RETIREMENT BENEFIT COSTS The Group accounts for retirement benefit costs in accordance with IAS 19 Employee Benefits. For defined contribution plans, contributions are charged to the consolidated income statement as payable in respect of the accounting period. For defined benefit plans the amounts charged to operating profit are the current service costs, past service costs, administrative expenses and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the consolidated income statement when the related plan amendment occurs. Net interest expense is calculated by applying the discount rate to the recognised overall surplus or deficit in the plan. Actuarial gains and losses are recognised immediately in other comprehensive income. Where defined benefit plans are funded, the assets of the plan are held separately from those of the Group, in separate independently managed funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. Recognition of a surplus in a defined benefit plan is limited based on the economic gain the Group is expected to benefit from in the future by means of a refund or reduction in future contributions to the plan, in accordance with IAS 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "value": "PROVISIONS FOR LIABILITIES AND CHARGES Provisions comprise liabilities where there is uncertainty about the timing of settlement, but where a reliable estimate can be made of the amount using either the most likely or expected value, depending on which method best estimates the uncertainty. These include provisions for other property-related liabilities such as onerous contracts and dilapidations. The timing of utilisation or release of such provisions are typically dependent on the term of the underlying lease. The eventual settling of such property-related provisions will be dependent on negotiations with the relevant landlord. Also included are other provisions, primarily long-term employee benefits such as deferred compensation plans, and legal claims, where the likelihood of settlement is considered probable. The timing of release and utilisation of the deferred compensation plans are dependent on applicable plan rules while the timing of settlement of legal claims are dependent on the status of any relevant legal proceedings. While we have factored in all known facts and circumstances, it is likely certain legal settlements will vary from the provisioned amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-681": { "value": "LEASES The Group leases most of its offices in cities where it operates. Other lease contracts include office equipment and motor vehicles. At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated over the term of the lease using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of lease liabilities comprise fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate as at the commencement date. Lease modifications result in remeasurement of the lease liability. Depreciation is recognised in both costs of services and general and administrative costs and interest expense is recognised under finance costs in the consolidated income statement. The Group has elected to use the exemption not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets (under $5,000). The payments associated with these leases are recognised as cost of services and general and administrative costs within the consolidated income statement on a straight-line basis over the lease term. The Group assesses at the reporting date whether there are any indicators of impairment and performs an impairment test when an impairment indicator exists. The Group tests a right-of use asset as a stand-alone asset for impairment when it either meets the definition of investment property which generates independent cash flows or it is vacant with minimal to no continued utility for the Group. When a right-of-use asset is tested as a stand-alone asset, an impairment loss is recognised when the carrying amount of the right-of-use asset exceeds its recoverable amount. The recoverable amount of a right-of- use asset is estimated mainly based on the present value of the estimated sublease income, discounted using the property yield rates. The property held by the Group as right-of-use assets to earn rentals is classified as investment property. The Group measures its investment property applying the cost model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "LEASES The Group leases most of its offices in cities where it operates. Other lease contracts include office equipment and motor vehicles. At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated over the term of the lease using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of lease liabilities comprise fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate as at the commencement date. Lease modifications result in remeasurement of the lease liability. Depreciation is recognised in both costs of services and general and administrative costs and interest expense is recognised under finance costs in the consolidated income statement. The Group has elected to use the exemption not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets (under $5,000). The payments associated with these leases are recognised as cost of services and general and administrative costs within the consolidated income statement on a straight-line basis over the lease term. The Group assesses at the reporting date whether there are any indicators of impairment and performs an impairment test when an impairment indicator exists. The Group tests a right-of use asset as a stand-alone asset for impairment when it either meets the definition of investment property which generates independent cash flows or it is vacant with minimal to no continued utility for the Group. When a right-of-use asset is tested as a stand-alone asset, an impairment loss is recognised when the carrying amount of the right-of-use asset exceeds its recoverable amount. The recoverable amount of a right-of- use asset is estimated mainly based on the present value of the estimated sublease income, discounted using the property yield rates. The property held by the Group as right-of-use assets to earn rentals is classified as investment property. The Group measures its investment property applying the cost model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "value": "SHARE-BASED PAYMENTS The Group issues equity-settled share-based payments (including share options) to certain employees and accounts for these awards in accordance with IFRS 2 Share-based Payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. Details regarding the fair value of equity settled share-based transactions are set out in note 22. The fair value determined at the grant date is recognised in the consolidated income statement as an expense on a straight-line basis over the relevant vesting period, based on the Group\u2019s estimate of the number of shares that will ultimately vest and adjusted for the effect of non-market-based vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "value": "GOVERNMENT SUPPORT In reaction to the Covid-19 pandemic, certain governments introduced measures to assist companies. A reduction to operating costs is recorded in relation to government subsidies/schemes where these amounts will never have to be repaid. In other cases, this involves the deferral of certain tax payments in order to stimulate the economy. The deferral of payments does not impact the income statement and these are charged as normal in the period they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "NON-CONTROLLING INTERESTS Non-controlling interests in acquired companies are measured at the non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net assets. The acquisition of a non-controlling interest in a subsidiary, and the sale of an interest while retaining control, is accounted for within equity, and the cash cost of such purchases is included within 'Financing activities' in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "value": "CLIMATE CHANGE CONSIDERATIONS In preparing these consolidated financial statements, the potential impacts of climate change risks, particularly in the context of the TCFD Statement on pages 62-68 and the Strategic Report on pages 53-71, have been considered. This primarily focused on the impairment assessments for goodwill and intangible assets with indefinite useful lives; the carrying value and estimated useful life of intangible assets, property, plant and equipment and right-of-use assets; the measurement of deferred tax assets and provisions, including post-employment benefits; and the going concern period and viability of the Group over the next three years. There has been no material impact on the financial statements for the years ending 31 December 2023 and 2022. The potential implications of climate change risks on the financial statements will continue to be monitored and assessed in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "value": "CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY IN APPLYING ACCOUNTING POLICIES Management is required to make key decisions and judgements whilst acknowledging there is estimation uncertainty in the process of applying the Group\u2019s accounting policies. These estimates and judgements are reviewed on an ongoing basis. Where judgement has been applied or estimation uncertainty exists, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements. The most significant area of estimation uncertainty is: \u2013 Goodwill: the discounted cash flow methodology applied by the Group when testing for goodwill impairment requires key estimates regarding operating margins and discount rates. Further details of the methodology and key estimates used in relation to the goodwill impairment assessment, and the approach to sensitivities to these estimates, are set out in note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "14844800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "14428700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "12801100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LSGBXPYHXGDT93", "period": 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"scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-601": { "value": "0", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughSharePurchasesClosePeriodCommitments", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-602": { "value": "0", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-603": { "value": "0", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-604": { "value": "0", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-605": { "value": "0", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-606": { "value": "-3100000", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-607": { "value": "-3100000", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-608": { "value": "15100000", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-609": { "value": "12000000", "decimals": -5, "dimensions": { "concept": "wppplc:IncreaseDecreaseThroughAcquisitionsOfSubsidiariesAndChangesInOwnershipInterestsOfSubsidiaries", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-610": { "value": "114100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-611": { "value": "576600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-612": { "value": "186600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-613": { "value": "-990100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-614": { "value": "3488400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-615": { "value": "3375600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-616": { "value": "457100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-617": { "value": "3832700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-2": { "value": "346500000", "decimals": -5, "dimensions": { "concept": "wppplc:EquityInvestmentsHeldAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "343700000", "decimals": -5, "dimensions": { "concept": "wppplc:EquityInvestmentsHeldAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-648": { "value": "
1. GENERAL INFORMATION
WPP plc is a company incorporated in Jersey. The address of the registered office is 22 Grenville Street, St Helier, Jersey, JE4 8PX and the address of the principal
executive office is Sea Containers, 18 Upper Ground, London, United Kingdom, SE1 9GL. The nature of the Group\u2019s operations and its principal activities are set
out in note 2. These consolidated financial statements are presented in pounds sterling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "WPP plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "22 Grenville Street, St Helier, Jersey, JE4 8PX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "18 Upper Ground, London, United Kingdom, SE1 9GL", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "value": "2. SEGMENT INFORMATION The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services. Substantially all of the Group\u2019s revenue is from contracts with customers. Reportable segments The Group is organised into three reportable segments \u2013 Global Integrated Agencies, Public Relations and Specialist Agencies. IFRS 8 Operating Segments requires operating segments to be identified on the same basis as is used internally for the review of performance and allocation of resources by the Group\u2019s Chief Executive Officer (the Chief Operating Decision Maker). Provided certain quantitative and qualitative criteria are fulfilled, IFRS 8 permits aggregation of these components into reportable segments for the purposes of disclosure in the Group\u2019s financial statements. In assessing the Group\u2019s reportable segments, which includes the aggregation of certain operating segments, the Directors have had regard to the similar economic characteristics of certain operating segments, their shared client bases, the similar nature of their products or services and their long-term margins, amongst other factors. Reported contributions were as follows: Income statement 2
Revenue less Headline
pass-through operating
Revenue costs pro\ufb01t
\u00a3m \u00a3m \u00a3m
2023
Global Integrated Agencies
12,594.9
9,808.2
1,474.3
Public Relations
1,262.2
1,180.0
191.1
Specialist Agencies
987.7
871.5
84.8
14,844.8
11,859.7
1,750.2
2022
Global Integrated Agencies
12,191.9
9,743.6
1,433.4
Public Relations
1,232.4
1,161.2
191.9
Specialist Agencies
1,004.4
894.5
116.5
14,428.7
11,799.3
1,741.8
2021
Global Integrated Agencies
10,887.6
8,680.4
1,221.2
Public Relations
963.5
914.2
144.6
Specialist Agencies
950.0
802.6
127.7
12,801.1
10,397.2
1,493.5
3 4 1 1 Notes 1 Prior year \ufb01gures have been re-presented to re\ufb02ect the reallocation of a number of businesses between Global Integrated Agencies, Specialist Agencies and Public Relations 2 Intersegment sales have not been separately disclosed as they are not material 3 Revenue less pass-through costs is de\ufb01ned on page 233 4 A reconciliation from pro\ufb01t before taxation to headline operating pro\ufb01t is provided on page 223 183W
Other information
2
Depreciation Earnings/(loss) Interests in
Share-based Capital and Goodwill from associates and
payments additions amortisation impairment associates joint ventures
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Global Integrated Agencies
118.9
180.4
362.8
40.3
56.4
93.1
Public Relations
14.3
15.4
40.0
\u2013
0.2
\u2013
Specialist Agencies
6.9
21.4
43.9
23.3
13.6
193.4
140.1
217.2
446.7
63.6
70.2
286.5
2022
Global Integrated Agencies
100.7
193.8
373.0
\u2013
10.8
80.1
Public Relations
14.4
11.1
36.7
3.7
0.5
0.1
Specialist Agencies
6.9
18.4
41.3
34.2
(71.7)
224.9
122.0
223.3
451.0
37.9
(60.4)
305.1
2021
Global Integrated Agencies
92.5
253.1
374.7
\u2013
22.7
115.2
Public Relations
4.8
18.0
28.2
\u2013
1.7
8.0
Specialist Agencies
2.3
22.0
41.1
1.8
(0.6)
289.7
99.6
293.1
444.0
1.8
23.8
412.9
3
1
1
Notes
1
Prior year \ufb01gures have been re-presented to re\ufb02ect the reallocation of a number of businesses between Global Integrated Agencies, Specialist Agencies and Public Relations
2
Capital additions include purchases of property, plant and equipment and other intangible assets (including capitalised computer software)
3
Depreciation of property, plant and equipment, depreciation of right-of-use assets and amortisation of other intangible assets
Contributions by geographical area were as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Revenue
1
North America
5,527.6
5,549.5
4,494.2
United Kingdom
2,155.4
2,003.8
1,866.9
Western Continental Europe
3,037.2
2,876.2
2,786.3
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
4,124.6
3,999.2
3,653.7
14,844.8
14,428.7
12,801.1
Revenue less pass-through costs
North America
4,556.3
4,688.1
3,849.2
United Kingdom
1,626.3
1,537.2
1,414.3
Western Continental Europe
2,410.5
2,318.5
2,225.4
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
3,266.6
3,255.5
2,908.3
11,859.7
11,799.3
10,397.2
Headline operating pro\ufb01t
North America
834.3
770.4
655.7
United Kingdom
214.5
187.1
180.9
Western Continental Europe
258.4
301.3
288.6
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
443.0
483.0
368.3
1,750.2
1,741.8
1,493.5
2
3
2
4
2
Notes
1
Intersegment sales have not been separately disclosed as they are not material
2
North America includes the US with revenue of \u00a35,187.1 million (2022: \u00a35,230.9 million,
2021: \u00a34,220.8 million), revenue less pass-through costs of \u00a34,270.6 million (2022: \u00a34,402.0 million,
2021: \u00a33,597.4 million) and headline operating pro\ufb01t of \u00a3785.4 million (2022: \u00a3727.6 million,
2021: \u00a3615.2 million)
3
Revenue less pass-through costs and headline operating pro\ufb01t are de\ufb01ned on page 233
4
A reconciliation from reported pro\ufb01t before tax to headline operating pro\ufb01t is provided
on page 223
2023 2022
\u00a3m \u00a3m
Non-current assets
North America
5,217.6
5,896.4
United Kingdom
1,669.7
1,556.2
Western Continental Europe
2,695.5
2,797.9
Asia Paci\ufb01c, Latin America, Africa & Middle East
and Central & Eastern Europe
2,739.3
3,151.0
12,322.1
13,401.5
1
2
Notes
1
Non-current assets excluding \ufb01nancial instruments and deferred tax
2
North America includes the US with non-current assets of \u00a35,113.9 million (2022: \u00a35,379.5 million)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services. Substantially all of the Group\u2019s revenue is from contracts with customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-682": { "value": "Contributions by geographical area were as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Revenue
1
North America
5,527.6
5,549.5
4,494.2
United Kingdom
2,155.4
2,003.8
1,866.9
Western Continental Europe
3,037.2
2,876.2
2,786.3
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
4,124.6
3,999.2
3,653.7
14,844.8
14,428.7
12,801.1
Revenue less pass-through costs
North America
4,556.3
4,688.1
3,849.2
United Kingdom
1,626.3
1,537.2
1,414.3
Western Continental Europe
2,410.5
2,318.5
2,225.4
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
3,266.6
3,255.5
2,908.3
11,859.7
11,799.3
10,397.2
Headline operating pro\ufb01t
North America
834.3
770.4
655.7
United Kingdom
214.5
187.1
180.9
Western Continental Europe
258.4
301.3
288.6
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
443.0
483.0
368.3
1,750.2
1,741.8
1,493.5
2 3 2 4 2 Notes 1 Intersegment sales have not been separately disclosed as they are not material 2 North America includes the US with revenue of \u00a35,187.1 million (2022: \u00a35,230.9 million, 2021: \u00a34,220.8 million), revenue less pass-through costs of \u00a34,270.6 million (2022: \u00a34,402.0 million, 2021: \u00a33,597.4 million) and headline operating pro\ufb01t of \u00a3785.4 million (2022: \u00a3727.6 million, 2021: \u00a3615.2 million) 3 Revenue less pass-through costs and headline operating pro\ufb01t are de\ufb01ned on page 233 4 A reconciliation from reported pro\ufb01t before tax to headline operating pro\ufb01t is provided on page 223
2023 2022
\u00a3m \u00a3m
Non-current assets
North America
5,217.6
5,896.4
United Kingdom
1,669.7
1,556.2
Western Continental Europe
2,695.5
2,797.9
Asia Paci\ufb01c, Latin America, Africa & Middle East
and Central & Eastern Europe
2,739.3
3,151.0
12,322.1
13,401.5
1 2 Notes 1 Non-current assets excluding \ufb01nancial instruments and deferred tax 2 North America includes the US with non-current assets of \u00a35,113.9 million (2022: \u00a35,379.5 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "value": "
3. COSTS OF SERVICES AND GENERAL
AND ADMINISTRATIVE COSTS
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Costs of services
12,325.8
11,890.1
10,597.5
General and administrative costs
1,988.0
1,180.4
974.6
14,313.8
13,070.5
11,572.1
Costs of services and general and administrative costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Staff costs (note 5)
8,137.6
8,165.8
7,166.7
Establishment costs
515.8
536.0
529.0
Media pass-through costs
2,173.6
1,905.7
1,865.3
Other costs of services and general and
administrative costs
3,486.8
2,463.0
2,011.1
14,313.8
13,070.5
11,572.1
1
Note
1
Other costs of services and general and administrative costs include \u00a3811.5 million
(2022: \u00a3723.7 million, 2021: \u00a3538.6 million) of other pass-through costs
Included within costs of services and general administrative costs are
the following:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Goodwill impairment (note 13)
63.6
37.9
1.8
Amortisation and impairment of acquired
intangible assets
727.9
62.1
97.8
Investment and other impairment charges/
(reversals)
17.8
77.0
(42.4)
Restructuring and transformation costs
195.5
218.8
175.4
Property-related restructuring costs
232.5
18.0
\u2013
(Gains)/losses on disposal of investments
and subsidiaries
(7.1)
36.3
10.6
Gains on remeasurement of equity interests
arising from a change in scope of ownership
\u2013
(66.5)
\u2013
Litigation settlement
(11.0)
\u2013
21.3
Amortisation of other intangible assets
24.8
21.9
19.9
Depreciation of property, plant and equipment
165.1
166.9
151.2
Depreciation of right-of-use assets
256.8
262.2
272.9
Losses/(gains) on sale of property, plant
and equipment
0.4
(6.4)
(1.3)
Net foreign exchange (gains)/losses
(14.5)
(8.7)
4.4
Short-term lease expense
22.2
20.2
18.0
Low-value lease expense
2.8
1.9
2.3
In 2023, operating profit includes credits totalling \u00a316.9 million (2022:
\u00a329.3 million, 2021: \u00a319.3 million) relating to the release of provisions and
other balances established in respect of acquisitions completed prior to 2022.
Further details of the Group\u2019s approach to acquisition provisions, as required
by IFRS 3 Business Combinations, are given in note 28.
The goodwill impairment charge of \u00a363.6 million in 2023 (2022: \u00a337.9 million,
2021: \u00a31.8 million) relates to businesses in the Group that have closed or where
the impact of current macroeconomic conditions and trading circumstances
indicate impairment to the carrying value.
Amortisation and impairment of acquired intangible assets of \u00a3727.9 million
(2022: \u00a362.1 million including \u00a30.2 million relating to associates, 2021: \u00a397.8
million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million, 2021: \u00a347.9
million) predominantly in relation to certain brands that no longer have any
useful life. This includes accelerated amortisation charges of \u00a3430.8 million
and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively,
due to the creation of VML in the fourth quarter of 2023.
The investment and other impairment charges/(reversals) of \u00a317.8 million
(2022: \u00a377.0 million, 2021: reversal of \u00a342.4 million) relate to the same
macroeconomic factors noted above. The 2022 charge of \u00a377.0 million
consisted of \u00a348.0 million related to impairments due also to macroeconomic
factors and a \u00a329.0 million impairment of capitalised configuration and
customisation costs related to software development projects.
Restructuring and transformation costs of \u00a3195.5 million (2022: \u00a3218.8 million,
2021: \u00a3175.4 million) include \u00a3113.4 million (2022: \u00a3134.5 million, 2021: \u00a394.2 million)
in relation to the Group\u2019s IT-transformation programme. These IT costs include
costs of \u00a352.3 million (2022: \u00a396.8 million, 2021: \u00a362.2 million) in relation to the
rollout of new ERP systems in order to drive efficiency and collaboration
throughout the Group; and \u00a338.3 million (2022: nil, 2021: nil) related to an
IT-transition programme to move to a multi-vendor environment.
Also included within restructuring and transformation costs is \u00a39.8 million
(2022: \u00a315.1 million, 2021: \u00a329.9 million) of ongoing property costs, related
to impairments the Group recognised in prior years in response to the
Covid-19 pandemic. The remaining restructuring and transformation costs of
\u00a372.3 million (2022: \u00a369.2 million, 2021: \u00a351.3 million) relates to the continuing
restructuring plan, including the creation of VML and simplification of GroupM.
This includes restructuring actions at under-performing businesses, aiming to
reduce ongoing costs and simplify operational structures.
Property-related restructuring costs of \u00a3232.5 million (2022: \u00a318.0 million,
2021: nil) have been incurred related to a review of the Group\u2019s property
requirements in 2023, following the stabilisation of return-to-work practices
post the Covid-19 pandemic and campus strategy. This identified a number
of properties that are surplus to requirements and opportunities to further
consolidate Agencies within the existing Campus portfolio. The impairment
charges included within property-related restructuring costs include
\u00a3128.8 million (2022: \u00a318.0 million, 2021: nil) in relation to right-of-use assets
and \u00a355.8 million (2022: nil, 2021: nil) of related property, plant and equipment.
Gains on disposal of investments and subsidiaries of \u00a37.1 million in 2023
includes a gain of \u00a318.1 million related to net receipts from the prior disposal
of Kantar, offset primarily by losses on disposals of \u00a311.0 million including
disposal of the Group\u2019s investment in Astus Australia. Losses on disposal of
investments and subsidiaries of \u00a336.3 million in 2022 primarily included a loss
of \u00a363.1 million on the divestment of the Group's Russian interests which
completed in May 2022. This was partially offset by gains on other disposals
during the period including Res Publica for \u00a317.7 million and Mutual Mobile for
\u00a39.4 million with the remaining gains/losses due to individually insignificant
transactions. Losses on disposal of investments and subsidiaries of
\u00a310.6 million in 2021 included a loss of \u00a34.9 million on the disposal of XMKT
in China, which completed in September 2021.
There were no remeasurements of equity interests in 2023. In 2022, gains
on remeasurement of equity interests arising from a change in scope of
ownership of \u00a366.5 million (2021: nil) comprises a gain in relation to the
reclassification of the Group's interest in Imagina in Spain from interests
in associates to other investments.
In 2023, \u00a311.0 million (2022: nil) has been received by the Group (net of legal
costs) related to a previous litigation matter that settled in 2023.
Auditors\u2019 remuneration:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for
the audit of the Company and Group's annual
accounts
10.0
8.4
7.1
Fees payable for the audit of the Company\u2019s
subsidiaries
29.9
28.5
24.8
Fees payable to the auditors pursuant to
legislation
39.9
36.9
31.9
Audit-related services
0.5
0.4
0.4
Other services
1.7
0.6
1.4
Tax compliance services
\u2013
0.1
\u2013
Total other fees
2.2
1.1
1.8
Total fees
42.1
38.0
33.7
1
2
3
Notes
1
Includes fees in respect of the audit of internal control over \ufb01nancial reporting
2
Audit-related assurance services are in respect of the review of the interim \ufb01nancial information
3
Other services include audits for earnout purposes, non-statutory audits and other agreed
upon procedures
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-722": { "value": "3. COSTS OF SERVICES AND GENERAL AND ADMINISTRATIVE COSTS
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Costs of services
12,325.8
11,890.1
10,597.5
General and administrative costs
1,988.0
1,180.4
974.6
14,313.8
13,070.5
11,572.1
Costs of services and general and administrative costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Staff costs (note 5)
8,137.6
8,165.8
7,166.7
Establishment costs
515.8
536.0
529.0
Media pass-through costs
2,173.6
1,905.7
1,865.3
Other costs of services and general and
administrative costs
3,486.8
2,463.0
2,011.1
14,313.8
13,070.5
11,572.1
1 Note 1 Other costs of services and general and administrative costs include \u00a3811.5 million (2022: \u00a3723.7 million, 2021: \u00a3538.6 million) of other pass-through costs Included within costs of services and general administrative costs are the following:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Goodwill impairment (note 13)
63.6
37.9
1.8
Amortisation and impairment of acquired
intangible assets
727.9
62.1
97.8
Investment and other impairment charges/
(reversals)
17.8
77.0
(42.4)
Restructuring and transformation costs
195.5
218.8
175.4
Property-related restructuring costs
232.5
18.0
\u2013
(Gains)/losses on disposal of investments
and subsidiaries
(7.1)
36.3
10.6
Gains on remeasurement of equity interests
arising from a change in scope of ownership
\u2013
(66.5)
\u2013
Litigation settlement
(11.0)
\u2013
21.3
Amortisation of other intangible assets
24.8
21.9
19.9
Depreciation of property, plant and equipment
165.1
166.9
151.2
Depreciation of right-of-use assets
256.8
262.2
272.9
Losses/(gains) on sale of property, plant
and equipment
0.4
(6.4)
(1.3)
Net foreign exchange (gains)/losses
(14.5)
(8.7)
4.4
Short-term lease expense
22.2
20.2
18.0
Low-value lease expense
2.8
1.9
2.3
In 2023, operating profit includes credits totalling \u00a316.9 million (2022: \u00a329.3 million, 2021: \u00a319.3 million) relating to the release of provisions and other balances established in respect of acquisitions completed prior to 2022. Further details of the Group\u2019s approach to acquisition provisions, as required by IFRS 3 Business Combinations, are given in note 28. The goodwill impairment charge of \u00a363.6 million in 2023 (2022: \u00a337.9 million, 2021: \u00a31.8 million) relates to businesses in the Group that have closed or where the impact of current macroeconomic conditions and trading circumstances indicate impairment to the carrying value. Amortisation and impairment of acquired intangible assets of \u00a3727.9 million (2022: \u00a362.1 million including \u00a30.2 million relating to associates, 2021: \u00a397.8 million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million, 2021: \u00a347.9 million) predominantly in relation to certain brands that no longer have any useful life. This includes accelerated amortisation charges of \u00a3430.8 million and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively, due to the creation of VML in the fourth quarter of 2023. The investment and other impairment charges/(reversals) of \u00a317.8 million (2022: \u00a377.0 million, 2021: reversal of \u00a342.4 million) relate to the same macroeconomic factors noted above. The 2022 charge of \u00a377.0 million consisted of \u00a348.0 million related to impairments due also to macroeconomic factors and a \u00a329.0 million impairment of capitalised configuration and customisation costs related to software development projects. Restructuring and transformation costs of \u00a3195.5 million (2022: \u00a3218.8 million, 2021: \u00a3175.4 million) include \u00a3113.4 million (2022: \u00a3134.5 million, 2021: \u00a394.2 million) in relation to the Group\u2019s IT-transformation programme. These IT costs include costs of \u00a352.3 million (2022: \u00a396.8 million, 2021: \u00a362.2 million) in relation to the rollout of new ERP systems in order to drive efficiency and collaboration throughout the Group; and \u00a338.3 million (2022: nil, 2021: nil) related to an IT-transition programme to move to a multi-vendor environment. Also included within restructuring and transformation costs is \u00a39.8 million (2022: \u00a315.1 million, 2021: \u00a329.9 million) of ongoing property costs, related to impairments the Group recognised in prior years in response to the Covid-19 pandemic. The remaining restructuring and transformation costs of \u00a372.3 million (2022: \u00a369.2 million, 2021: \u00a351.3 million) relates to the continuing restructuring plan, including the creation of VML and simplification of GroupM. This includes restructuring actions at under-performing businesses, aiming to reduce ongoing costs and simplify operational structures. Property-related restructuring costs of \u00a3232.5 million (2022: \u00a318.0 million, 2021: nil) have been incurred related to a review of the Group\u2019s property requirements in 2023, following the stabilisation of return-to-work practices post the Covid-19 pandemic and campus strategy. This identified a number of properties that are surplus to requirements and opportunities to further consolidate Agencies within the existing Campus portfolio. The impairment charges included within property-related restructuring costs include \u00a3128.8 million (2022: \u00a318.0 million, 2021: nil) in relation to right-of-use assets and \u00a355.8 million (2022: nil, 2021: nil) of related property, plant and equipment. Gains on disposal of investments and subsidiaries of \u00a37.1 million in 2023 includes a gain of \u00a318.1 million related to net receipts from the prior disposal of Kantar, offset primarily by losses on disposals of \u00a311.0 million including disposal of the Group\u2019s investment in Astus Australia. Losses on disposal of investments and subsidiaries of \u00a336.3 million in 2022 primarily included a loss of \u00a363.1 million on the divestment of the Group's Russian interests which completed in May 2022. This was partially offset by gains on other disposals during the period including Res Publica for \u00a317.7 million and Mutual Mobile for \u00a39.4 million with the remaining gains/losses due to individually insignificant transactions. Losses on disposal of investments and subsidiaries of \u00a310.6 million in 2021 included a loss of \u00a34.9 million on the disposal of XMKT in China, which completed in September 2021. There were no remeasurements of equity interests in 2023. In 2022, gains on remeasurement of equity interests arising from a change in scope of ownership of \u00a366.5 million (2021: nil) comprises a gain in relation to the reclassification of the Group's interest in Imagina in Spain from interests in associates to other investments. In 2023, \u00a311.0 million (2022: nil) has been received by the Group (net of legal costs) related to a previous litigation matter that settled in 2023. Auditors\u2019 remuneration:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for
the audit of the Company and Group's annual
accounts
10.0
8.4
7.1
Fees payable for the audit of the Company\u2019s
subsidiaries
29.9
28.5
24.8
Fees payable to the auditors pursuant to
legislation
39.9
36.9
31.9
Audit-related services
0.5
0.4
0.4
Other services
1.7
0.6
1.4
Tax compliance services
\u2013
0.1
\u2013
Total other fees
2.2
1.1
1.8
Total fees
42.1
38.0
33.7
1 2 3 Notes 1 Includes fees in respect of the audit of internal control over \ufb01nancial reporting 2 Audit-related assurance services are in respect of the review of the interim \ufb01nancial information 3 Other services include audits for earnout purposes, non-statutory audits and other agreed upon procedures", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-683": { "value": "3. COSTS OF SERVICES AND GENERAL AND ADMINISTRATIVE COSTS
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Costs of services
12,325.8
11,890.1
10,597.5
General and administrative costs
1,988.0
1,180.4
974.6
14,313.8
13,070.5
11,572.1
Costs of services and general and administrative costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Staff costs (note 5)
8,137.6
8,165.8
7,166.7
Establishment costs
515.8
536.0
529.0
Media pass-through costs
2,173.6
1,905.7
1,865.3
Other costs of services and general and
administrative costs
3,486.8
2,463.0
2,011.1
14,313.8
13,070.5
11,572.1
1 Note 1 Other costs of services and general and administrative costs include \u00a3811.5 million (2022: \u00a3723.7 million, 2021: \u00a3538.6 million) of other pass-through costs Included within costs of services and general administrative costs are the following:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Goodwill impairment (note 13)
63.6
37.9
1.8
Amortisation and impairment of acquired
intangible assets
727.9
62.1
97.8
Investment and other impairment charges/
(reversals)
17.8
77.0
(42.4)
Restructuring and transformation costs
195.5
218.8
175.4
Property-related restructuring costs
232.5
18.0
\u2013
(Gains)/losses on disposal of investments
and subsidiaries
(7.1)
36.3
10.6
Gains on remeasurement of equity interests
arising from a change in scope of ownership
\u2013
(66.5)
\u2013
Litigation settlement
(11.0)
\u2013
21.3
Amortisation of other intangible assets
24.8
21.9
19.9
Depreciation of property, plant and equipment
165.1
166.9
151.2
Depreciation of right-of-use assets
256.8
262.2
272.9
Losses/(gains) on sale of property, plant
and equipment
0.4
(6.4)
(1.3)
Net foreign exchange (gains)/losses
(14.5)
(8.7)
4.4
Short-term lease expense
22.2
20.2
18.0
Low-value lease expense
2.8
1.9
2.3
In 2023, operating profit includes credits totalling \u00a316.9 million (2022: \u00a329.3 million, 2021: \u00a319.3 million) relating to the release of provisions and other balances established in respect of acquisitions completed prior to 2022. Further details of the Group\u2019s approach to acquisition provisions, as required by IFRS 3 Business Combinations, are given in note 28. The goodwill impairment charge of \u00a363.6 million in 2023 (2022: \u00a337.9 million, 2021: \u00a31.8 million) relates to businesses in the Group that have closed or where the impact of current macroeconomic conditions and trading circumstances indicate impairment to the carrying value. Amortisation and impairment of acquired intangible assets of \u00a3727.9 million (2022: \u00a362.1 million including \u00a30.2 million relating to associates, 2021: \u00a397.8 million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million, 2021: \u00a347.9 million) predominantly in relation to certain brands that no longer have any useful life. This includes accelerated amortisation charges of \u00a3430.8 million and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively, due to the creation of VML in the fourth quarter of 2023. The investment and other impairment charges/(reversals) of \u00a317.8 million (2022: \u00a377.0 million, 2021: reversal of \u00a342.4 million) relate to the same macroeconomic factors noted above. The 2022 charge of \u00a377.0 million consisted of \u00a348.0 million related to impairments due also to macroeconomic factors and a \u00a329.0 million impairment of capitalised configuration and customisation costs related to software development projects. Restructuring and transformation costs of \u00a3195.5 million (2022: \u00a3218.8 million, 2021: \u00a3175.4 million) include \u00a3113.4 million (2022: \u00a3134.5 million, 2021: \u00a394.2 million) in relation to the Group\u2019s IT-transformation programme. These IT costs include costs of \u00a352.3 million (2022: \u00a396.8 million, 2021: \u00a362.2 million) in relation to the rollout of new ERP systems in order to drive efficiency and collaboration throughout the Group; and \u00a338.3 million (2022: nil, 2021: nil) related to an IT-transition programme to move to a multi-vendor environment. Also included within restructuring and transformation costs is \u00a39.8 million (2022: \u00a315.1 million, 2021: \u00a329.9 million) of ongoing property costs, related to impairments the Group recognised in prior years in response to the Covid-19 pandemic. The remaining restructuring and transformation costs of \u00a372.3 million (2022: \u00a369.2 million, 2021: \u00a351.3 million) relates to the continuing restructuring plan, including the creation of VML and simplification of GroupM. This includes restructuring actions at under-performing businesses, aiming to reduce ongoing costs and simplify operational structures. Property-related restructuring costs of \u00a3232.5 million (2022: \u00a318.0 million, 2021: nil) have been incurred related to a review of the Group\u2019s property requirements in 2023, following the stabilisation of return-to-work practices post the Covid-19 pandemic and campus strategy. This identified a number of properties that are surplus to requirements and opportunities to further consolidate Agencies within the existing Campus portfolio. The impairment charges included within property-related restructuring costs include \u00a3128.8 million (2022: \u00a318.0 million, 2021: nil) in relation to right-of-use assets and \u00a355.8 million (2022: nil, 2021: nil) of related property, plant and equipment. Gains on disposal of investments and subsidiaries of \u00a37.1 million in 2023 includes a gain of \u00a318.1 million related to net receipts from the prior disposal of Kantar, offset primarily by losses on disposals of \u00a311.0 million including disposal of the Group\u2019s investment in Astus Australia. Losses on disposal of investments and subsidiaries of \u00a336.3 million in 2022 primarily included a loss of \u00a363.1 million on the divestment of the Group's Russian interests which completed in May 2022. This was partially offset by gains on other disposals during the period including Res Publica for \u00a317.7 million and Mutual Mobile for \u00a39.4 million with the remaining gains/losses due to individually insignificant transactions. Losses on disposal of investments and subsidiaries of \u00a310.6 million in 2021 included a loss of \u00a34.9 million on the disposal of XMKT in China, which completed in September 2021. There were no remeasurements of equity interests in 2023. In 2022, gains on remeasurement of equity interests arising from a change in scope of ownership of \u00a366.5 million (2021: nil) comprises a gain in relation to the reclassification of the Group's interest in Imagina in Spain from interests in associates to other investments. In 2023, \u00a311.0 million (2022: nil) has been received by the Group (net of legal costs) related to a previous litigation matter that settled in 2023. Auditors\u2019 remuneration:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for
the audit of the Company and Group's annual
accounts
10.0
8.4
7.1
Fees payable for the audit of the Company\u2019s
subsidiaries
29.9
28.5
24.8
Fees payable to the auditors pursuant to
legislation
39.9
36.9
31.9
Audit-related services
0.5
0.4
0.4
Other services
1.7
0.6
1.4
Tax compliance services
\u2013
0.1
\u2013
Total other fees
2.2
1.1
1.8
Total fees
42.1
38.0
33.7
1 2 3 Notes 1 Includes fees in respect of the audit of internal control over \ufb01nancial reporting 2 Audit-related assurance services are in respect of the review of the interim \ufb01nancial information 3 Other services include audits for earnout purposes, non-statutory audits and other agreed upon procedures", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-706": { "value": "
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Costs of services
12,325.8
11,890.1
10,597.5
General and administrative costs
1,988.0
1,180.4
974.6
14,313.8
13,070.5
11,572.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-716": { "value": "
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Costs of services
12,325.8
11,890.1
10,597.5
General and administrative costs
1,988.0
1,180.4
974.6
14,313.8
13,070.5
11,572.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-707": { "value": "Auditors\u2019 remuneration:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for
the audit of the Company and Group's annual
accounts
10.0
8.4
7.1
Fees payable for the audit of the Company\u2019s
subsidiaries
29.9
28.5
24.8
Fees payable to the auditors pursuant to
legislation
39.9
36.9
31.9
Audit-related services
0.5
0.4
0.4
Other services
1.7
0.6
1.4
Tax compliance services
\u2013
0.1
\u2013
Total other fees
2.2
1.1
1.8
Total fees
42.1
38.0
33.7
1 2 3 Notes 1 Includes fees in respect of the audit of internal control over \ufb01nancial reporting 2 Audit-related assurance services are in respect of the review of the interim \ufb01nancial information 3 Other services include audits for earnout purposes, non-statutory audits and other agreed upon procedures", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "value": "
4. EARNINGS/(LOSS) FROM ASSOCIATES \u2013 AFTER INTEREST
AND TAX
Earnings/(loss) from associates \u2013 after interest and tax was earnings of
\u00a370.2 million in 2023, a loss of \u00a360.4 million in 2022 and earnings of \u00a323.8 million
in 2021. In 2023 this included \u00a345.1 million of non-refundable distributions
received from Kantar, which are recorded in the income statement (non
headline) given the Group's balance sheet investment in Kantar is nil (2022: nil,
2021: \u00a361.2 million). The loss in 2022 included \u00a375.8 million (2021: \u00a338.8 million)
of amortisation and impairment of acquired intangible assets as well as
restructuring and one-off transaction costs of \u00a354.8 million (2021: \u00a318.8 million)
within Kantar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "value": "
5. OUR PEOPLE
Our staff numbers averaged 114,732 for the year ended 31 December 2023
against 114,129 in 2022 and 104,808 in 2021. Their geographical distribution
was as follows:
2023
2022
2021
North America
23,562
23,740
21,764
United Kingdom
12,457
12,490
10,995
Western Continental Europe
23,580
22,717
21,514
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
55,133
55,182
50,535
114,732
114,129
104,808
Their reportable segment distribution was as follows:
2023
2022
2021
Global Integrated Agencies
97,838
97,288
89,701
Public Relations
8,377
8,125
7,121
Specialist Agencies
8,517
8,716
7,986
114,732
114,129
104,808
At the end of 2023, staff numbers were 114,173 (2022: 115,473, 2021: 109,382).
Staff costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Wages and salaries
5,878.8
5,721.0
4,797.2
Cash-based incentive plans
232.9
292.6
455.2
Share-based incentive plans (note 22)
140.1
122.0
99.6
Social security costs
715.1
689.4
630.1
Pension costs (note 23)
213.1
204.8
177.7
Severance
78.2
44.2
41.8
Other staff costs
879.4
1,091.8
965.1
8,137.6
8,165.8
7,166.7
Note
1
1
Freelance and temporary staff costs are included in other staff costs
Compensation for key management personnel includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Short-term employee bene\ufb01ts
28.1
29.7
28.0
Pensions and other post-retirement bene\ufb01ts
1.3
1.1
0.9
Share-based payments
30.1
29.8
14.6
59.5
60.6
43.5
Key management personnel comprises the Board and the Executive
Committee. Further details of compensation for the Board are disclosed on
pages 139 to 168.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-728": { "value": "
6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND
REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS
Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1
Note
1
Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held
at amortised cost
Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million
of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of
Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling
bonds at an average interest rate of 3.21%.
Average borrowings in 2023 under the US Dollar Revolving Credit Facilities
(note 10) amounted to $41 million at an average interest rate of 4.54%
(2022: nil).
Average borrowings under the US Commercial Paper Programme for 2023
amounted to $433 million at an average interest rate of 5.45% inclusive of
margin (2022: $195 million at an average interest rate of 2.56% inclusive
of margin).
Average borrowings under the Euro Commercial Paper Programme for 2023
amounted to \u00a345 million at an average interest rate of 4.90% inclusive of
currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive
of currency swaps).
10. SOURCES OF FINANCE The following table summarises the equity and debt financing of the Group, and changes during the year:
Shares
Debt
Analysis of changes 2023 2022 2021 2023 2022 2021
in \ufb01nancing \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
690.0
697.1
699.9
4,465.1
4,441.7
5,032.7
Ordinary shares
issued
0.7
1.2
4.4
\u2013
\u2013
\u2013
Share cancellations
\u2013
(8.3)
(7.2)
\u2013
\u2013
\u2013
Net decrease in
drawings on bank
loans and bonds
\u2013
\u2013
\u2013
(48.9)
(220.6)
(397.1)
Amortisation of
\ufb01nancing costs
included in debt
\u2013
\u2013
\u2013
0.2
7.0
8.1
Acquisition of
subsidiaries
\u2013
\u2013
\u2013
48.9
\u2013
\u2013
Changes in fair value
due to hedging
arrangements
\u2013
\u2013
\u2013
\u2013
\u2013
(2.5)
Other movements
\u2013
\u2013
\u2013
(3.5)
(0.2)
(0.4)
Exchange
adjustments
\u2013
\u2013
\u2013
(98.7)
237.2
(199.1)
End of year
690.7
690.0
697.1
4,363.1
4,465.1
4,441.7
The table above excludes bank overdrafts which fall within cash and cash equivalents for the purposes of the consolidated cash flow statement. Other liabilities from financing activities, including lease liabilities and derivatives used for hedging debts, are disclosed in note 12 and note 25, respectively. SHARES At 31 December 2023, the Company's share base was entirely composed of ordinary equity share capital and share premium of \u00a3690.7 million (2022: \u00a3690.0 million, 2021: \u00a3697.1 million), further details of which are disclosed in note 26. DEBT AS AT 31 DECEMBER 2023 US$ bonds The Group had in issue $750 million of 3.75% bonds due September 2024, $93 million of 5.125% bonds due September 2042 and $220 million of 5.625% bonds due November 2043. Eurobonds During the year, the Group issued \u20ac750 million of 4.125% bonds due May 2028. The Group also had in issue \u20ac500 million of 1.375% bonds due March 2025, \u20ac750 million of 2.25% bonds due September 2026, \u20ac750 million of 2.375% bonds due May 2027, and \u20ac600 million of 1.625% bonds due March 2030. In November 2023, \u20ac750 million of 3.0% bonds were repaid. Sterling bonds The Group had in issue \u00a3250 million of 3.750% bonds due May 2032 and \u00a3400 million of 2.875% bonds due September 2046. Revolving Credit Facility The Group had a five-year Revolving Credit Facility of $2.5 billion due March 2026, signed in November 2021. The Group\u2019s borrowings under these facilities, which are drawn down predominantly in pounds sterling, averaged $41 million in 2023 (2022: nil, 2021: nil). In May 2021, the Group's subsidiary, WPP AUNZ, repaid in full its A$150 million Revolving Credit Facility due August 2021, and its A$270 million Revolving Credit Facility due August 2023. The Group's borrowings under the Australian dollar facilities, which were drawn down in Australian dollars and New Zealand dollars, averaged the equivalent of nil in 2023 (2022: nil, 2021: A$52 million). The Group had available undrawn committed credit facilities of \u00a31,963.7 million at 31 December 2023 (2022: \u00a32,069.0 million, 2021: \u00a31,847.5 million). Borrowings under the $2.5 billion Revolving Credit Facility were governed by certain financial covenants based on the results and financial position of the Group. During 2023, and until 20 February 2024 when the Revolving Credit Facility was refinanced with no financial covenants (see note 30 for further details), all covenants have been complied with. The $2.5 billion Revolving Credit Facility, due March 2026, included terms which required the consent of the majority of the lenders if a proposed merger or consolidation of the Company would alter its legal personality or identity. COMMERCIAL PAPER PROGRAMMES The Group operates commercial paper programmes using its Revolving Credit Facility as a backstop. The average US commercial paper in issue in 2023 was $433 million (2022: $195 million, 2021: nil). The average Euro commercial paper in issue in 2023 was \u00a345 million (2022: \u00a334 million, 2021: nil) inclusive of the effect of currency swaps, where applicable. There was no US or Euro commercial paper outstanding at 31 December 2023.
The following table is an analysis of future anticipated cash flows in relation to
the Group\u2019s debt, on an undiscounted basis which, therefore, differs from the
fair value and carrying value:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Within one year
(711.3)
(791.6)
(326.8)
Between one and two years
(534.6)
(724.3)
(745.4)
Between two and three years
(746.2)
(524.2)
(646.5)
Between three and four years
(726.2)
(740.3)
(492.8)
Between four and \ufb01ve years
(704.1)
(719.9)
(698.0)
Over \ufb01ve years
(1,858.8)
(1,963.7)
(2,546.3)
Debt \ufb01nancing (including interest) under the
Revolving Credit Facility and in relation to
unsecured loan notes
(5,281.2)
(5,464.0)
(5,455.8)
Short-term overdrafts \u2013 within one year
(358.2)
(505.7)
(342.3)
Future anticipated cash \ufb02ows
(5,639.4)
(5,969.7)
(5,798.1)
Effect of discounting/\ufb01nancing rates
918.1
998.9
1,014.1
Debt \ufb01nancing
(4,721.3)
(4,970.8)
(4,784.0)
Cash and short-term deposits
2,217.5
2,491.5
3,882.9
Adjusted net debt
(2,503.8)
(2,479.3)
(901.1)
Analysis of fixed and floating rate debt by currency including the effect of
cross-currency swaps:
2023 \u00a3m
Fixed
1
Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,471.7
4.62
n/a
66
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
130
\u20ac
\u2013 \ufb01xed
1,820.5
2.12
n/a
48
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(23.2)
n/a
n/a
n/a
4,363.1
1
2022 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,379.5
4.18
n/a
60
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
143
\u20ac
\u2013 \ufb01xed
2,080.6
2.21
n/a
55
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(89.1)
n/a
n/a
n/a
4,465.1
1
1
2021 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,231.8
4.18
n/a
72
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
155
\u20ac
\u2013 \ufb01xed
1,976.0
2.04
n/a
69
\u2013 \ufb02oating
210.2
n/a
EURIBOR
3
Other
(70.4)
n/a
n/a
n/a
4,441.7
1
1
Note
1
Weighted average
The following table is an analysis of future undiscounted anticipated cash flows
in relation to the Group\u2019s financial derivatives, which include interest rate
swaps, forward contracts and other foreign exchange swaps assuming interest
rates and foreign exchange rates as at 31 December:
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
682.2
681.3
335.3
310.7
Between one and
two years
15.9
15.7
487.4
479.6
Between two and
three years
15.0
14.6
37.5
32.3
Between three and four
years
14.7
14.2
37.1
32.5
Between four and \ufb01ve
years
3.7
3.5
646.6
714.8
731.5
729.3
1,543.9
1,569.9
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
1,186.3
1,126.2
347.1
345.7
Between one and
two years
\u2013
\u2013
11.6
6.2
Between two and
three years
\u2013
\u2013
449.8
461.8
1,186.3
1,126.2
808.5
813.7
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2021 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
185.8
173.7
581.1
582.5
Between one and
two years
551.4
521.1
30.0
30.4
Between two and
three years
11.6
6.0
\u2013
\u2013
Between three and
four years
449.8
445.6
\u2013
\u2013
1,198.6
1,146.4
611.1
612.9
ANALYSIS OF CHANGE IN FINANCING ACTIVITIES (INCLUSIVE OF LEASES) The table below details changes arising from financing activities, including both cash and non-cash changes. 2023
Opening Acquisition of Foreign Interest and Closing
balance Cash \ufb02ow subsidiaries exchange other balance
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,465.1
(48.9)
48.9
(98.7)
(3.3)
4,363.1
Derivatives (note 11, 17, 18 and 19)
52.3
(46.0)
\u2013
(50.8)
13.6
(30.9)
Lease liabilities (note 12)
2
2,210.6
(361.6)
1.9
(75.6)
379.2
2,154.5
Liabilities from \ufb01nancing activities
6,728.0
(456.5)
50.8
(225.1)
389.5
6,486.7
Cash and short-term deposits (note 11 and 25)
(2,491.5)
216.9
(22.5)
79.6
\u2013
(2,217.5)
Bank overdrafts
505.7
(147.5)
\u2013
\u2013
\u2013
358.2
4,742.2
(387.1)
28.3
(145.5)
389.5
4,627.4
2022
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,441.7
(220.6)
\u2013
237.2
6.8
4,465.1
Derivatives (note 11, 17, 18 and 19)
50.6
\u2013
\u2013
6.4
(4.7)
52.3
Lease liabilities (note 12)
2
2,041.8
(402.0)
0.1
145.8
424.9
2,210.6
Share repurchase commitments
211.7
(211.7)
\u2013
\u2013
\u2013
\u2013
Liabilities from \ufb01nancing activities
6,745.8
(834.3)
0.1
389.4
427.0
6,728.0
Cash and short-term deposits (note 11 and 25)
(3,882.9)
1,494.4
(38.8)
(64.2)
\u2013
(2,491.5)
Bank overdrafts
342.3
163.4
\u2013
\u2013
\u2013
505.7
3,205.2
823.5
(38.7)
325.2
427.0
4,742.2
1 1 Notes 1 Borrowings includes: bonds and bank loans. The interest and other amounts within borrowings comprises amortisation of capitalised borrowing costs 2 Repayment of lease liabilities includes \u00a3102.9 million (2022: \u00a392.4 million) of interest paid on lease liabilities recognised within net cash in\ufb02ow from operating activities (note 11). Interest and other within lease liabilities comprises interest on leases as well as the lease liability additions and disposals as disclosed in note 12 20. BANK OVERDRAFTS AND BONDS Amounts falling due within one year:
2023 2022
\u00a3m \u00a3m
Bank overdrafts
358.2
505.7
Bonds
588.1
663.3
946.3
1,169.0
The Group considers that the carrying amount of bank overdrafts approximates their fair value. Amounts falling due after more than one year:
2023 2022
\u00a3m \u00a3m
Bonds
3,775.0
3,801.8
The Group estimates that the fair value of bonds is \u00a34,119.5 million at 31 December 2023 (2022: \u00a34,049.1 million). The fair values of the bonds are based on quoted market prices and are within Level 1 of the fair value hierarchy. The bonds and bank overdrafts included within liabilities fall due for repayment as follows:
2023 2022
\u00a3m \u00a3m
Within one year
946.3
1,169.0
Between one and two years
432.9
618.0
Between two and three years
647.2
441.5
Between three and four years
648.0
658.8
Between four and \ufb01ve years
647.5
661.1
Over \ufb01ve years
1,399.4
1,422.4
4,721.3
4,970.8
25. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency-denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. During the year, the Group entered into cross currency swap contracts due in May 2028 with receipts of \u20ac750.0 million and payments of $810.9 million. In November 2023, the Group's contracts for receipts of \u20ac500.0 million and payments of $604.2 million matured. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. In March 2023, the Group designated \u00a380.6 million of non-deliverable forward foreign exchange contracts as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk on highly probable forecast foreign currency transactions (primarily INR and USD). The contracts have maturity dates between 2024 and 2028. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2023, the fair value of the Group\u2019s currency derivatives in designated hedging relationships is estimated to be a net asset of approximately \u00a331.7 million (2022: net liability of \u00a352.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a331.7 million (2022: \u00a30.6 million) assets included in trade and other receivables and nil (2022: \u00a353.3 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated as hedges and considered effective was a credit of \u00a3108.2 million (2022: debit of \u00a3141.5 million) for net investment hedges. For cash flow hedge arrangements, amounts of a debit of \u00a343.3 million (2022: credit of \u00a338.5 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and \u00a344.2 million was reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. During the year the hedges of the \u20ac750.0 million Eurobond were discontinued as the hedging item and hedging instrument matured which resulted in a debit of \u00a311.8 million taken to equity and recycled to profit and loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a35.0 million (2022: \u00a32.7 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a3955.2 million (2022: \u00a31,004.8 million). The Group estimates the fair value of these contracts to be a net liability of \u00a30.8 million (2022: net asset of \u00a30.4 million). As at 31 December 2023, the Group had designated its $93.0 million bond, $750.0 million bond, $220.0 million bond, and $810.9 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated the \u20ac500.0 million leg of its March 2025 cross currency swap and \u20ac750.0 million of its May 2028 cross currency swap as hedging instruments in cash flow hedges. \u00a380.6 million of non-deliverable forward foreign exchange contracts has also been designated as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. All hedge relationships were effective during the year. These arrangements are designed to address significant foreign exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Other investments
\u2013
257.2
75.5
\u2013
332.7
Cash and short-term deposits
\u2013
180.7
\u2013
2,036.8
2,217.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(946.3)
(946.3)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,775.0)
(3,775.0)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
10,601.4
10,601.4
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
118.3
118.3
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(10,917.4)
(10,917.4)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(1.5)
(1.5)
Derivative assets
31.7
2.2
\u2013
\u2013
33.9
Derivative liabilities
\u2013
(3.0)
\u2013
\u2013
(3.0)
Payments due to vendors (earnout agreements)
\u2013
(198.7)
\u2013
\u2013
(198.7)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(103.6)
(103.6)
31.7
238.4
75.5
(2,987.3)
(2,641.7)
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2022
Other investments
\u2013
255.7
114.1
\u2013
369.8
Cash and short-term deposits
\u2013
219.9
\u2013
2,271.6
2,491.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(1,169.0)
(1,169.0)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,801.8)
(3,801.8)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
11,338.0
11,338.0
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
146.2
146.2
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(11,283.0)
(11,283.0)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Derivative assets
0.6
5.1
\u2013
\u2013
5.7
Derivative liabilities
(53.3)
(4.7)
\u2013
\u2013
(58.0)
Payments due to vendors (earnout agreements)
\u2013
(160.1)
\u2013
\u2013
(160.1)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(342.1)
(342.1)
(52.7)
315.9
114.1
(2,841.0)
(2,463.7)
1 2 Notes 1 Certain money market funds included within cash and short-term deposits for the year ended 31 December 2022 have been re-presented given they are measured at held at fair value through pro\ufb01t or loss in accordance with IFRS 9. Prior year balances were presented as amortised cost 2 Liabilities in respect of put option balances for the year ended 31 December 2022 have been re-presented given they are measured at amortised cost in accordance with IFRS 9. Prior year balances were presented as held at fair value through pro\ufb01t or loss
The following table provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into levels
1 to 3 based on the degree to which the fair value is observable:
Level 1 fair value measurements are those derived from quoted prices
(unadjusted) in active markets for identical assets or liabilities;
Level 2 fair value measurements are those derived from inputs other than
quoted prices included within level 1 that are observable for the asset or
liability, either directly (ie as prices) or indirectly (ie derived from prices);
Level 3 fair value measurements are those derived from valuation techniques
that include inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
31.7
\u2013
31.7
Derivative liabilities
\u2013
\u2013
\u2013
\u2013
Held at fair value through pro\ufb01t or loss
Other investments
0.6
\u2013
256.6
257.2
Derivative assets
\u2013
2.2
\u2013
2.2
Derivative liabilities
\u2013
(3.0)
\u2013
(3.0)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(198.7)
(198.7)
Held at fair value through other
comprehensive income
Other investments
7.4
\u2013
68.1
75.5
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
0.6
\u2013
0.6
Derivative liabilities
\u2013
(53.3)
\u2013
(53.3)
Held at fair value through pro\ufb01t or loss
Other investments
0.4
\u2013
255.3
255.7
Derivative assets
\u2013
5.1
\u2013
5.1
Derivative liabilities
\u2013
(4.7)
\u2013
(4.7)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(160.1)
(160.1)
Held at fair value through other
comprehensive income
Other investments
10.9
\u2013
103.2
114.1
There have been no transfers between these levels in the years presented.
Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout Other
agreements) investments
\u00a3m \u00a3m
1 January 2022
(196.7)
290.0
Gains recognised in the income statement
26.2
23.1
Losses recognised in other comprehensive income
\u2013
(5.3)
Exchange adjustments
(14.3)
\u2013
Additions
(46.7)
66.7
Disposals
\u2013
(16.0)
Cancellations
\u2013
\u2013
Settlements
71.4
\u2013
31 December 2022
(160.1)
358.5
Gains/(losses) recognised in the income statement
50.8
(26.7)
Gains recognised in other comprehensive income
\u2013
0.7
Exchange adjustments
1.8
\u2013
Additions
(149.7)
2.6
Disposals
\u2013
(10.4)
Settlements
58.5
\u2013
31 December 2023
(198.7)
324.7
The fair values of financial assets and liabilities are based on quoted market
prices where available. Where the market value is not available, the Group has
estimated relevant fair values on the basis of available information from outside
sources. There have been no movements between level 3 and other levels.
PAYMENTS DUE TO VENDORS (EARNOUT AGREEMENTS) AND LIABILITIES IN RESPECT OF PUT OPTIONS Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. As of 31 December 2023, the potential undiscounted amount of future payments that could be required under the earnout agreements for acquisitions completed in the current year and for all earnout agreements ranges from nil to \u00a3326 million (2022: nil to \u00a3226 million) and nil to \u00a3753 million (2022: nil to \u00a3695 million), respectively. The increase in the maximum potential undiscounted amount of future payments for all earnout agreements is due to current year acquisitions, which is partially offset by earnout arrangements that have been completed and paid. At 31 December 2023, the weighted average growth rate in estimating future financial performance was 14.6% (2022: 12.4%). The weighted average of the risk-adjusted discount rate applied to these obligations at 31 December 2023 was 7.0% (2022: 7.6%). A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately \u00a31.4 million (2022: \u00a39.1 million) and \u00a35.5 million (2022: \u00a36.9 million), respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately \u00a32.5 million (2022: \u00a37.3 million) and \u00a32.5 million (2022: \u00a37.4 million), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease would result in a gain. OTHER INVESTMENTS The fair value of other investments included in level 1 is based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, discounted cash flows and the share of fund net asset value. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value. During 2022, Imagina stepped down from interests in associates to other investments and this investment was designated as fair value through other comprehensive income. There were no step downs to other investments which occurred in 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-726": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings in 2023 under the US Dollar Revolving Credit Facilities (note 10) amounted to $41 million at an average interest rate of 4.54% (2022: nil). Average borrowings under the US Commercial Paper Programme for 2023 amounted to $433 million at an average interest rate of 5.45% inclusive of margin (2022: $195 million at an average interest rate of 2.56% inclusive of margin). Average borrowings under the Euro Commercial Paper Programme for 2023 amounted to \u00a345 million at an average interest rate of 4.90% inclusive of currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-723": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings in 2023 under the US Dollar Revolving Credit Facilities (note 10) amounted to $41 million at an average interest rate of 4.54% (2022: nil). Average borrowings under the US Commercial Paper Programme for 2023 amounted to $433 million at an average interest rate of 5.45% inclusive of margin (2022: $195 million at an average interest rate of 2.56% inclusive of margin). Average borrowings under the Euro Commercial Paper Programme for 2023 amounted to \u00a345 million at an average interest rate of 4.90% inclusive of currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-717": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings in 2023 under the US Dollar Revolving Credit Facilities (note 10) amounted to $41 million at an average interest rate of 4.54% (2022: nil). Average borrowings under the US Commercial Paper Programme for 2023 amounted to $433 million at an average interest rate of 5.45% inclusive of margin (2022: $195 million at an average interest rate of 2.56% inclusive of margin). Average borrowings under the Euro Commercial Paper Programme for 2023 amounted to \u00a345 million at an average interest rate of 4.90% inclusive of currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-708": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings in 2023 under the US Dollar Revolving Credit Facilities (note 10) amounted to $41 million at an average interest rate of 4.54% (2022: nil). Average borrowings under the US Commercial Paper Programme for 2023 amounted to $433 million at an average interest rate of 5.45% inclusive of margin (2022: $195 million at an average interest rate of 2.56% inclusive of margin). Average borrowings under the Euro Commercial Paper Programme for 2023 amounted to \u00a345 million at an average interest rate of 4.90% inclusive of currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-684": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings in 2023 under the US Dollar Revolving Credit Facilities (note 10) amounted to $41 million at an average interest rate of 4.54% (2022: nil). Average borrowings under the US Commercial Paper Programme for 2023 amounted to $433 million at an average interest rate of 5.45% inclusive of margin (2022: $195 million at an average interest rate of 2.56% inclusive of margin). Average borrowings under the Euro Commercial Paper Programme for 2023 amounted to \u00a345 million at an average interest rate of 4.90% inclusive of currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Income from equity investments
12.9
24.5
17.9
Interest income
114.4
120.9
51.5
127.3
145.4
69.4
Finance costs include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Net interest expense on pension plans
4.3
2.2
1.8
Interest on other long-term employee bene\ufb01ts
6.0
3.7
2.4
Interest expense and similar charges
272.4
257.8
188.5
Interest expense related to lease liabilities
106.3
95.7
90.9
389.0
359.4
283.6
1 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost Revaluation and retranslation of financial instruments include:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Movements in fair value of treasury instruments
(3.1)
0.5
9.1
Premium on the early repayment of bonds
\u2013
\u2013
(13.0)
Revaluation of investments and other assets
held at fair value through pro\ufb01t or loss
(20.9)
23.1
(7.5)
Remeasurement of put options over
non-controlling interests
(1.5)
27.9
(40.6)
Revaluation of payments due to vendors
(earnout agreements)
50.8
26.2
(58.7)
Retranslation of \ufb01nancial instruments
(18.5)
(1.7)
22.9
6.8
76.0
(87.8)
The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.46% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings in 2023 under the US Dollar Revolving Credit Facilities (note 10) amounted to $41 million at an average interest rate of 4.54% (2022: nil). Average borrowings under the US Commercial Paper Programme for 2023 amounted to $433 million at an average interest rate of 5.45% inclusive of margin (2022: $195 million at an average interest rate of 2.56% inclusive of margin). Average borrowings under the Euro Commercial Paper Programme for 2023 amounted to \u00a345 million at an average interest rate of 4.90% inclusive of currency swaps (2022: \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "
7. TAXATION
In 2023, the effective tax rate on reported profit before taxation was 43.1%
(2022: 33.1%, 2021: 24.2%).
The tax charge comprises:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Corporation tax
Current year
432.8
425.8
404.0
Prior years
(85.6)
(55.5)
(41.4)
347.2
370.3
362.6
Deferred tax
Current year
(197.1)
9.4
(131.0)
Prior years
(1.0)
4.7
(1.5)
(198.1)
14.1
(132.5)
Tax charge
149.1
384.4
230.1
The corporation tax credit for prior years in 2023, 2022 and 2021 primarily
comprises the release of a number of provisions following the resolution of tax
matters in various countries.
The current year deferred tax credit of \u00a3197.1 million (2022: debit of \u00a39.4 million,
2021: credit of \u00a3131.0 million) reflects the tax impact of accelerated
amortisation of intangible assets as a result of the creation of VML.
The tax charge for the year can be reconciled to profit before taxation in the
consolidated income statement as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Pro\ufb01t before taxation
346.3
1,159.8
950.8
Tax at the corporation tax rate of 23.5%
81.4
220.4
180.7
Tax effect of (earnings)/losses from associates
(15.0)
17.4
(13.3)
Irrecoverable withholding taxes
34.8
25.9
52.3
Tax effect of items that are not deductible
in determining taxable pro\ufb01ts
39.0
66.7
29.3
Tax effect of non-deductible goodwill
impairment
16.2
7. 2
0.6
Effect of different tax rates in subsidiaries
operating in other jurisdictions
41.8
94.3
81.2
Origination and reversal of unrecognised
temporary differences
8.8
(1.1)
(36.3)
Tax losses not recognised or utilised in the year
44.0
9.8
7.4
Utilisation of tax losses not previously
recognised
(15.3)
(5.4)
(5.1)
Net release of prior year provisions in relation
to acquired businesses
(3.9)
(2.8)
(1.1)
Other prior year adjustments
(82.7)
(48.0)
(41.8)
Impact of deferred tax rate change
\u2013
\u2013
(23.8)
Tax charge
149.1
384.4
230.1
Effective tax rate on pro\ufb01t before tax
43.1%
33.1%
24.2%
1
Note
1
As the Group is subject to the tax rates of more than one country, it has chosen to present
its reconciliation of the tax charge using the UK corporation tax rate of 23.5% (2022: 19.0%,
2021: 19.0%)
FACTORS AFFECTING THE TAX CHARGE IN FUTURE YEARS
The tax charge may be affected by the impact of acquisitions, disposals and
other corporate restructurings, the resolution of open tax issues, and the
ability to use brought forward tax losses. Changes in local or international tax
rules, and changes arising from the application of existing rules, new demands
and assessments or challenges by tax authorities, may expose the Group to
additional tax liabilities or impact the carrying value of deferred tax assets,
which could affect the future tax charge.
Legislation in respect of the UK adoption of OECD Pillar Two Multinational
top-up tax was substantively enacted in the UK in 2023 and is to apply for
periods commencing 1 January 2024. The Group is currently monitoring the
potential impact, which is expected to be insignificant on the Group\u2019s tax
charge, including assessing the applicability of legislative safe harbours. The
IAS 12 exception to recognise and disclose information about deferred tax
assets and liabilities related to Pillar Two income taxes has been applied.
Liabilities relating to open and judgemental matters are based upon an
assessment of whether the tax authorities will accept the position taken,
after considering external advice where appropriate. Where the final tax
outcome of these matters is different from the amounts which were initially
recorded, such differences will impact the current and deferred income tax
assets and liabilities in the period in which such determination is made. The
Group does not currently consider that judgements made in assessing tax
liabilities have a significant risk of resulting in any material additional charges
or credits in respect of these matters, within the next financial year, beyond
the amounts already provided.
Following the enactment in 2021 of an increase in the UK corporation tax rate
from 19% to 25% from 1 April 2023, the Group remeasured UK deferred tax
balances accordingly and recognised a tax credit of \u00a323.8 million in 2021.
TAX RISK MANAGEMENT
We look to maintain open and transparent relationships with the tax
authorities and relevant government representatives in the jurisdictions in
which we operate. We maintain active engagement with a wide range of
international companies and business organisations with similar issues. We
engage advisors and legal counsel to obtain opinions on tax legislation and
principles. We have a Tax Risk Management Strategy in place which sets out
the controls established and our assessment procedures for decision making
and how we monitor tax risk. We monitor proposed changes in taxation
legislation and ensure these are taken into account when we consider our
future business plans. Our Directors are informed by management of any
significant tax law changes, the nature and status of any significant ongoing
tax audits, and other developments that could materially affect the Group's
tax position.
16. DEFERRED TAX
The Group's deferred tax assets and liabilities are measured at the end of each
period in accordance with IAS 12 Income Taxes. The recognition of deferred
tax assets is determined by reference to the Group's estimate of recoverability,
using models, where appropriate, to forecast future taxable profits.
Deferred tax assets have only been recognised for territories where the Group
considers that it is probable that all or a portion of the deferred tax assets will
be realised. The main factors that we consider include:
\u2013 The future earnings potential determined through the use of internal forecasts
\u2013 The cumulative losses in recent years
\u2013 The various jurisdictions in which the potential deferred tax assets arise
\u2013 The history of losses carried forward and other tax assets expiring
\u2013 The timing of future reversal of taxable temporary differences
\u2013 The expiry period associated with the deferred tax assets
\u2013 The nature of the income that can be used to realise the deferred tax asset
If it is probable that some portion of these assets will not be realised, no asset
is recognised in relation to that portion.
If market conditions improve and future results of operations exceed our
current expectations, our existing recognised deferred tax assets may be
adjusted, resulting in future tax benefits. Alternatively, if market conditions
deteriorate further or future results of operations are less than expected,
future assessments may result in a determination that some or all of the
deferred tax assets are not realisable. As a result, all or a portion of the
deferred tax assets may need to be reversed.
The following is the analysis of the deferred tax balances for financial reporting purposes:
Offset of
balances arising Gross balances
from a single before offset Offset within As
Gross transaction within countries countries reported
2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
684.9
(94.0)
590.9
(266.5)
324.4
Deferred tax liabilities
(539.0)
94.0
(445.0)
266.5
(178.5)
145.9
\u2013
145.9
\u2013
145.9
1
Offset of
balances arising Gross balances
from a single before offset Offset within As
Gross transaction within countries countries reported
2022 2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
734.2
(145.4)
588.8
(266.7)
322.1
Deferred tax liabilities
(762.9)
145.4
(617.5)
266.7
(350.8)
(28.7)
\u2013
(28.7)
\u2013
(28.7)
1
Note
1
The Group has applied Deferred tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). Transactions which give rise to the recognition of an asset and a liability
on the Group\u2019s balance sheet, including leases for which the Group recognises a right-of-use asset and a lease liability, lead to taxable and deductible temporary differences in certain jurisdictions.
The resulting deferred tax assets and deferred tax liabilities arising from these temporary differences have been offset and reported net on the Group\u2019s balance sheet
The following are the major gross deferred tax assets before offset within countries recognised by the Group and movements thereon in 2023 and 2022:
Accounting Retirement Other
Deferred provisions bene\ufb01t Plant and Tax losses Share-based Restructuring temporary
compensation and accruals obligations equipment Property and credits payments provisions differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
108.5
106.2
53.4
15.0
53.0
110.5
43.5
61.1
13.8
565.0
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
1.1
(Charge)/credit to income
(38.7)
3.3
(2.9)
(1.0)
(9.0)
5.0
1.3
21.2
(14.2)
(35.0)
Charge to other comprehensive income
\u2013
\u2013
(7.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7.0)
Charge to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(15.5)
\u2013
\u2013
(15.5)
Exchange differences and other movements
4.5
10.6
4.5
33.9
9.7
7.0
3.0
2.3
4.7
80.2
31 December 2022
74.3
120.1
48.0
47.9
53.7
122.5
32.3
84.6
5.4
588.8
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(Charge)/credit to income
(6.0)
13.8
2.8
(11.8)
(5.7)
(11.5)
3.7
38.7
1.8
25.8
Credit to other comprehensive income
\u2013
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
Charge to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Exchange differences and other movements
(3.2)
(2.2)
(2.6)
(0.3)
8.4
(6.8)
(0.7)
(15.7)
(1.8)
(24.9)
31 December 2023
65.1
131.7
49.7
35.8
56.4
104.2
35.0
107.6
5.4
590.9
Other temporary differences comprise a number of items, none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2023
the balance related to temporary differences in relation to revenue adjustments, tax deductible goodwill, fair value adjustments and other temporary differences.
In addition the Group has recognised the following gross deferred tax liabilities before offset within countries and movements thereon in 2023 and 2022:
Brands Other
and other Associate Plant and temporary
intangibles earnings Goodwill equipment differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
325.1
36.8
133.2
\u2013
40.9
536.0
Acquisition of subsidiaries
15.1
\u2013
\u2013
\u2013
\u2013
15.1
(Credit)/charge to income
(12.4)
(3.5)
19.7
(14.2)
(10.5)
(20.9)
Charge to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Exchange differences and other movements
24.8
3.2
20.5
37.2
1.2
86.9
31 December 2022
352.6
36.5
173.4
23.0
32.0
617.5
Acquisition of subsidiaries
35.0
\u2013
\u2013
\u2013
\u2013
35.0
(Credit)/charge to income
(173.7)
(15.6)
18.4
0.3
(1.7)
(172.3)
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Exchange differences and other movements
(21.2)
(1.1)
(10.8)
(1.1)
(0.8)
(35.0)
31 December 2023
192.7
19.8
181.0
22.2
29.3
445.0
Other temporary differences comprise a number of items none of which is individually significant to the Group's consolidated balance sheet. At 31 December
2023 the balance related to temporary differences in relation to unremitted earnings of subsidiaries and other temporary differences.
At the balance sheet date, the Group has gross tax losses and other temporary
differences of \u00a310,321.0 million (2022: \u00a37,667.4 million) available for offset
against future profits. Deferred tax assets have been recognised in respect
of the tax benefit of \u00a32,399.4 million (2022: \u00a32,259.7 million) of such tax losses
and other temporary differences. No deferred tax asset has been recognised
in respect of the remaining \u00a37,921.6 million (2022: \u00a35,407.7 million) of losses and
other temporary differences as the Group considers that there will not be
enough taxable profits in the entities concerned such that any additional asset
could be considered recoverable. Included in the total unrecognised temporary
differences are losses of \u00a392.0 million (2022: \u00a360.3 million) that will expire
within one to ten years, and \u00a37,712.8 million (2022: \u00a35,138.1 million) of losses
that may be carried forward indefinitely. The increase in losses primarily arose
in Luxembourg as a result of steps that were part of the Group's continuing
structural simplification programme.
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 \u00a31,355.1 million (2022: \u00a31,346.1 million). 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "value": "
8. ORDINARY DIVIDENDS
Amounts recognised as distributions to equity holders in the year:
2023
2022
2021
2023
2022
2021
Per share
Pence per share
\u00a3m
\u00a3m
\u00a3m
Final dividend in
respect of the
prior year (2022)
24. 40p
18. 70p
14.00p
261.8
203.5
167.7
Interim dividend
in respect of the
current year (2023)
15.00p
15. 00p
12.50p
161.0
161.9
147.0
39.40p
33.70p
26.50p
422.8
365.4
314.7
2023
2022
2021
2023
2022
2021
Per ADR
Cents per ADR
$m
$m
$m
Final dividend in
respect of the
prior year (2022)
150.83\u00a2
128.63\u00a2
89.85\u00a2
323.7
280.0
215.3
Interim dividend
in respect of the
current year (2023)
93.29\u00a2
92.72\u00a2
85.98\u00a2
200.3
200.1
202.2
244.12\u00a2
221.35\u00a2
175.83\u00a2
524.0
480.1
417.5
1
Proposed final dividend for the year ended 31 December 2023:
2023
2022
2021
Per share
Pence per share
Final dividend
24.40p
24.40p
18.70p
2023
2022
2021
Per ADR Cents per share
Final dividend
151.74\u00a2
150.83\u00a2
128.63\u00a2
1
Note
1
These \ufb01gures have been translated for convenience purposes only, using the approximate
average rate for the year of US$1.2438 (2022: US$1.2363, 2021: US$1.3757). This conversion should
not be construed as a representation that the pound sterling amounts actually represent, or
could be converted into, US dollars at the rates indicated
The payment of dividends will not have any tax consequences for the Group.
Final dividends are paid in the subsequent year to which they relate.
At 31 December 2023 the WPP plc (the parent Company) distributable
reserves amounted to \u00a34,797.7 million (2022: \u00a35,465.0 million) which, under
the Companies (Jersey) Law 1991, is total reserves excluding share capital and
capital redemption reserve. Further details of the Company\u2019s share capital are
shown in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "0.244", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-11": { "value": "0.187", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "0.15", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-10": { "value": "0.15", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-13": { "value": "161000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-656": { "value": "
9. EARNINGS PER SHARE
BASIC EPS
The calculation of basic EPS is as follows:
2023
2022
2021
Earnings
1
(\u00a3m)
110.4
682.7
637.7
Weighted average shares used in basic EPS
calculation (m)
1,072.1
1,097.9
1,194.1
EPS
10.3p
62.2p
53.4p
Note
1
Earnings is equivalent to pro\ufb01t for the year attributable to equity holders of the parent
DILUTED EPS
The calculation of diluted EPS is as follows:
2023
2022
2021
Earnings
1
(\u00a3m)
110.4
682.7
637.7
Weighted average shares used in reported
diluted EPS calculation (m)
1,094.0
1,116.4
1,215.3
Diluted EPS
10.1p
61.2p
52.5p
Note
1
Earnings is equivalent to pro\ufb01t for the year attributable to equity holders of the parent
Diluted EPS has been calculated based on the earnings amounts above.
At 31 December 2023, options to purchase 25.2 million ordinary shares
(2022: 19.7 million, 2021: 7.2 million) were outstanding, but were excluded
from the computation of diluted earnings per share because the exercise
prices of these options were greater than the average market price of the
Group\u2019s shares and, therefore, their inclusion would have been accretive.
A reconciliation between the shares used in calculating basic and diluted EPS
is as follows:
2023 2022 2021
m m m
Weighted average shares used in basic
EPS calculation
1,072.1
1,097.9
1,194.1
Dilutive share options outstanding
0.6
0.7
1.3
Other potentially issuable shares
21.3
17.8
19.9
Weighted average shares used in diluted
EPS calculation
1,094.0
1,116.4
1,215.3
At 31 December 2023 there were 1,141,513,196 (2022: 1,141,427,296, 2021:
1,224,459,550) ordinary shares in issue, including 66,675,497 treasury shares
(2022: 70,489,953, 2021: 70,489,953).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-727": { "value": "
10. SOURCES OF FINANCE
The following table summarises the equity and debt financing of the Group,
and changes during the year:
Shares
Debt
Analysis of changes 2023 2022 2021 2023 2022 2021
in \ufb01nancing \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
690.0
697.1
699.9
4,465.1
4,441.7
5,032.7
Ordinary shares
issued
0.7
1.2
4.4
\u2013
\u2013
\u2013
Share cancellations
\u2013
(8.3)
(7.2)
\u2013
\u2013
\u2013
Net decrease in
drawings on bank
loans and bonds
\u2013
\u2013
\u2013
(48.9)
(220.6)
(397.1)
Amortisation of
\ufb01nancing costs
included in debt
\u2013
\u2013
\u2013
0.2
7.0
8.1
Acquisition of
subsidiaries
\u2013
\u2013
\u2013
48.9
\u2013
\u2013
Changes in fair value
due to hedging
arrangements
\u2013
\u2013
\u2013
\u2013
\u2013
(2.5)
Other movements
\u2013
\u2013
\u2013
(3.5)
(0.2)
(0.4)
Exchange
adjustments
\u2013
\u2013
\u2013
(98.7)
237.2
(199.1)
End of year
690.7
690.0
697.1
4,363.1
4,465.1
4,441.7
The table above excludes bank overdrafts which fall within cash and cash
equivalents for the purposes of the consolidated cash flow statement. Other
liabilities from financing activities, including lease liabilities and derivatives
used for hedging debts, are disclosed in note 12 and note 25, respectively.
SHARES
At 31 December 2023, the Company's share base was entirely composed
of ordinary equity share capital and share premium of \u00a3690.7 million
(2022: \u00a3690.0 million, 2021: \u00a3697.1 million), further details of which are
disclosed in note 26.
DEBT AS AT 31 DECEMBER 2023
US$ bonds The Group had in issue $750 million of 3.75% bonds due September
2024, $93 million of 5.125% bonds due September 2042 and $220 million of
5.625% bonds due November 2043.
Eurobonds During the year, the Group issued \u20ac750 million of 4.125% bonds
due May 2028. The Group also had in issue \u20ac500 million of 1.375% bonds due
March 2025, \u20ac750 million of 2.25% bonds due September 2026, \u20ac750 million
of 2.375% bonds due May 2027, and \u20ac600 million of 1.625% bonds due
March 2030. In November 2023, \u20ac750 million of 3.0% bonds were repaid.
Sterling bonds The Group had in issue \u00a3250 million of 3.750% bonds due
May 2032 and \u00a3400 million of 2.875% bonds due September 2046.
Revolving Credit Facility The Group had a five-year Revolving Credit Facility of
$2.5 billion due March 2026, signed in November 2021. The Group\u2019s borrowings
under these facilities, which are drawn down predominantly in pounds
sterling, averaged $41 million in 2023 (2022: nil, 2021: nil).
In May 2021, the Group's subsidiary, WPP AUNZ, repaid in full its A$150 million
Revolving Credit Facility due August 2021, and its A$270 million Revolving
Credit Facility due August 2023. The Group's borrowings under the Australian
dollar facilities, which were drawn down in Australian dollars and New Zealand
dollars, averaged the equivalent of nil in 2023 (2022: nil, 2021: A$52 million).
The Group had available undrawn committed credit facilities of \u00a31,963.7 million
at 31 December 2023 (2022: \u00a32,069.0 million, 2021: \u00a31,847.5 million).
Borrowings under the $2.5 billion Revolving Credit Facility were governed by
certain financial covenants based on the results and financial position of the
Group. During 2023, and until 20 February 2024 when the Revolving Credit Facility
was refinanced with no financial covenants (see note 30 for further details),
all covenants have been complied with.
The $2.5 billion Revolving Credit Facility, due March 2026, included terms
which required the consent of the majority of the lenders if a proposed merger
or consolidation of the Company would alter its legal personality or identity.
COMMERCIAL PAPER PROGRAMMES
The Group operates commercial paper programmes using its Revolving Credit
Facility as a backstop. The average US commercial paper in issue in 2023 was
$433 million (2022: $195 million, 2021: nil). The average Euro commercial paper
in issue in 2023 was \u00a345 million (2022: \u00a334 million, 2021: nil) inclusive of the
effect of currency swaps, where applicable. There was no US or Euro
commercial paper outstanding at 31 December 2023.
The following table is an analysis of future anticipated cash flows in relation to the Group\u2019s debt, on an undiscounted basis which, therefore, differs from the fair value and carrying value:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Within one year
(711.3)
(791.6)
(326.8)
Between one and two years
(534.6)
(724.3)
(745.4)
Between two and three years
(746.2)
(524.2)
(646.5)
Between three and four years
(726.2)
(740.3)
(492.8)
Between four and \ufb01ve years
(704.1)
(719.9)
(698.0)
Over \ufb01ve years
(1,858.8)
(1,963.7)
(2,546.3)
Debt \ufb01nancing (including interest) under the
Revolving Credit Facility and in relation to
unsecured loan notes
(5,281.2)
(5,464.0)
(5,455.8)
Short-term overdrafts \u2013 within one year
(358.2)
(505.7)
(342.3)
Future anticipated cash \ufb02ows
(5,639.4)
(5,969.7)
(5,798.1)
Effect of discounting/\ufb01nancing rates
918.1
998.9
1,014.1
Debt \ufb01nancing
(4,721.3)
(4,970.8)
(4,784.0)
Cash and short-term deposits
2,217.5
2,491.5
3,882.9
Adjusted net debt
(2,503.8)
(2,479.3)
(901.1)
Analysis of fixed and floating rate debt by currency including the effect of cross-currency swaps: 2023 \u00a3m Fixed 1
Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,471.7
4.62
n/a
66
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
130
\u20ac
\u2013 \ufb01xed
1,820.5
2.12
n/a
48
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(23.2)
n/a
n/a
n/a
4,363.1
1 2022 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,379.5
4.18
n/a
60
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
143
\u20ac
\u2013 \ufb01xed
2,080.6
2.21
n/a
55
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(89.1)
n/a
n/a
n/a
4,465.1
1 1 2021 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,231.8
4.18
n/a
72
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
155
\u20ac
\u2013 \ufb01xed
1,976.0
2.04
n/a
69
\u2013 \ufb02oating
210.2
n/a
EURIBOR
3
Other
(70.4)
n/a
n/a
n/a
4,441.7
1 1 Note 1 Weighted average The following table is an analysis of future undiscounted anticipated cash flows in relation to the Group\u2019s financial derivatives, which include interest rate swaps, forward contracts and other foreign exchange swaps assuming interest rates and foreign exchange rates as at 31 December:
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
682.2
681.3
335.3
310.7
Between one and
two years
15.9
15.7
487.4
479.6
Between two and
three years
15.0
14.6
37.5
32.3
Between three and four
years
14.7
14.2
37.1
32.5
Between four and \ufb01ve
years
3.7
3.5
646.6
714.8
731.5
729.3
1,543.9
1,569.9
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
1,186.3
1,126.2
347.1
345.7
Between one and
two years
\u2013
\u2013
11.6
6.2
Between two and
three years
\u2013
\u2013
449.8
461.8
1,186.3
1,126.2
808.5
813.7
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2021 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
185.8
173.7
581.1
582.5
Between one and
two years
551.4
521.1
30.0
30.4
Between two and
three years
11.6
6.0
\u2013
\u2013
Between three and
four years
449.8
445.6
\u2013
\u2013
1,198.6
1,146.4
611.1
612.9
ANALYSIS OF CHANGE IN FINANCING ACTIVITIES (INCLUSIVE OF LEASES)
The table below details changes arising from financing activities, including both cash and non-cash changes.
2023
Opening Acquisition of Foreign Interest and Closing
balance Cash \ufb02ow subsidiaries exchange other balance
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,465.1
(48.9)
48.9
(98.7)
(3.3)
4,363.1
Derivatives (note 11, 17, 18 and 19)
52.3
(46.0)
\u2013
(50.8)
13.6
(30.9)
Lease liabilities (note 12)
2
2,210.6
(361.6)
1.9
(75.6)
379.2
2,154.5
Liabilities from \ufb01nancing activities
6,728.0
(456.5)
50.8
(225.1)
389.5
6,486.7
Cash and short-term deposits (note 11 and 25)
(2,491.5)
216.9
(22.5)
79.6
\u2013
(2,217.5)
Bank overdrafts
505.7
(147.5)
\u2013
\u2013
\u2013
358.2
4,742.2
(387.1)
28.3
(145.5)
389.5
4,627.4
2022
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,441.7
(220.6)
\u2013
237.2
6.8
4,465.1
Derivatives (note 11, 17, 18 and 19)
50.6
\u2013
\u2013
6.4
(4.7)
52.3
Lease liabilities (note 12)
2
2,041.8
(402.0)
0.1
145.8
424.9
2,210.6
Share repurchase commitments
211.7
(211.7)
\u2013
\u2013
\u2013
\u2013
Liabilities from \ufb01nancing activities
6,745.8
(834.3)
0.1
389.4
427.0
6,728.0
Cash and short-term deposits (note 11 and 25)
(3,882.9)
1,494.4
(38.8)
(64.2)
\u2013
(2,491.5)
Bank overdrafts
342.3
163.4
\u2013
\u2013
\u2013
505.7
3,205.2
823.5
(38.7)
325.2
427.0
4,742.2
1
1
Notes
1
Borrowings includes: bonds and bank loans. The interest and other amounts within borrowings comprises amortisation of capitalised borrowing costs
2
Repayment of lease liabilities includes \u00a3102.9 million (2022: \u00a392.4 million) of interest paid on lease liabilities recognised within net cash in\ufb02ow from operating activities (note 11). Interest and other within
lease liabilities comprises interest on leases as well as the lease liability additions and disposals as disclosed in note 12
25. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency-denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. During the year, the Group entered into cross currency swap contracts due in May 2028 with receipts of \u20ac750.0 million and payments of $810.9 million. In November 2023, the Group's contracts for receipts of \u20ac500.0 million and payments of $604.2 million matured. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. In March 2023, the Group designated \u00a380.6 million of non-deliverable forward foreign exchange contracts as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk on highly probable forecast foreign currency transactions (primarily INR and USD). The contracts have maturity dates between 2024 and 2028. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2023, the fair value of the Group\u2019s currency derivatives in designated hedging relationships is estimated to be a net asset of approximately \u00a331.7 million (2022: net liability of \u00a352.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a331.7 million (2022: \u00a30.6 million) assets included in trade and other receivables and nil (2022: \u00a353.3 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated as hedges and considered effective was a credit of \u00a3108.2 million (2022: debit of \u00a3141.5 million) for net investment hedges. For cash flow hedge arrangements, amounts of a debit of \u00a343.3 million (2022: credit of \u00a338.5 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and \u00a344.2 million was reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. During the year the hedges of the \u20ac750.0 million Eurobond were discontinued as the hedging item and hedging instrument matured which resulted in a debit of \u00a311.8 million taken to equity and recycled to profit and loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a35.0 million (2022: \u00a32.7 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a3955.2 million (2022: \u00a31,004.8 million). The Group estimates the fair value of these contracts to be a net liability of \u00a30.8 million (2022: net asset of \u00a30.4 million). As at 31 December 2023, the Group had designated its $93.0 million bond, $750.0 million bond, $220.0 million bond, and $810.9 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated the \u20ac500.0 million leg of its March 2025 cross currency swap and \u20ac750.0 million of its May 2028 cross currency swap as hedging instruments in cash flow hedges. \u00a380.6 million of non-deliverable forward foreign exchange contracts has also been designated as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. All hedge relationships were effective during the year. These arrangements are designed to address significant foreign exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Other investments
\u2013
257.2
75.5
\u2013
332.7
Cash and short-term deposits
\u2013
180.7
\u2013
2,036.8
2,217.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(946.3)
(946.3)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,775.0)
(3,775.0)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
10,601.4
10,601.4
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
118.3
118.3
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(10,917.4)
(10,917.4)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(1.5)
(1.5)
Derivative assets
31.7
2.2
\u2013
\u2013
33.9
Derivative liabilities
\u2013
(3.0)
\u2013
\u2013
(3.0)
Payments due to vendors (earnout agreements)
\u2013
(198.7)
\u2013
\u2013
(198.7)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(103.6)
(103.6)
31.7
238.4
75.5
(2,987.3)
(2,641.7)
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2022
Other investments
\u2013
255.7
114.1
\u2013
369.8
Cash and short-term deposits
\u2013
219.9
\u2013
2,271.6
2,491.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(1,169.0)
(1,169.0)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,801.8)
(3,801.8)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
11,338.0
11,338.0
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
146.2
146.2
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(11,283.0)
(11,283.0)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Derivative assets
0.6
5.1
\u2013
\u2013
5.7
Derivative liabilities
(53.3)
(4.7)
\u2013
\u2013
(58.0)
Payments due to vendors (earnout agreements)
\u2013
(160.1)
\u2013
\u2013
(160.1)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(342.1)
(342.1)
(52.7)
315.9
114.1
(2,841.0)
(2,463.7)
1 2 Notes 1 Certain money market funds included within cash and short-term deposits for the year ended 31 December 2022 have been re-presented given they are measured at held at fair value through pro\ufb01t or loss in accordance with IFRS 9. Prior year balances were presented as amortised cost 2 Liabilities in respect of put option balances for the year ended 31 December 2022 have been re-presented given they are measured at amortised cost in accordance with IFRS 9. Prior year balances were presented as held at fair value through pro\ufb01t or loss The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
31.7
\u2013
31.7
Derivative liabilities
\u2013
\u2013
\u2013
\u2013
Held at fair value through pro\ufb01t or loss
Other investments
0.6
\u2013
256.6
257.2
Derivative assets
\u2013
2.2
\u2013
2.2
Derivative liabilities
\u2013
(3.0)
\u2013
(3.0)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(198.7)
(198.7)
Held at fair value through other
comprehensive income
Other investments
7.4
\u2013
68.1
75.5
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
0.6
\u2013
0.6
Derivative liabilities
\u2013
(53.3)
\u2013
(53.3)
Held at fair value through pro\ufb01t or loss
Other investments
0.4
\u2013
255.3
255.7
Derivative assets
\u2013
5.1
\u2013
5.1
Derivative liabilities
\u2013
(4.7)
\u2013
(4.7)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(160.1)
(160.1)
Held at fair value through other
comprehensive income
Other investments
10.9
\u2013
103.2
114.1
There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout Other
agreements) investments
\u00a3m \u00a3m
1 January 2022
(196.7)
290.0
Gains recognised in the income statement
26.2
23.1
Losses recognised in other comprehensive income
\u2013
(5.3)
Exchange adjustments
(14.3)
\u2013
Additions
(46.7)
66.7
Disposals
\u2013
(16.0)
Cancellations
\u2013
\u2013
Settlements
71.4
\u2013
31 December 2022
(160.1)
358.5
Gains/(losses) recognised in the income statement
50.8
(26.7)
Gains recognised in other comprehensive income
\u2013
0.7
Exchange adjustments
1.8
\u2013
Additions
(149.7)
2.6
Disposals
\u2013
(10.4)
Settlements
58.5
\u2013
31 December 2023
(198.7)
324.7
The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels. PAYMENTS DUE TO VENDORS (EARNOUT AGREEMENTS) AND LIABILITIES IN RESPECT OF PUT OPTIONS Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. As of 31 December 2023, the potential undiscounted amount of future payments that could be required under the earnout agreements for acquisitions completed in the current year and for all earnout agreements ranges from nil to \u00a3326 million (2022: nil to \u00a3226 million) and nil to \u00a3753 million (2022: nil to \u00a3695 million), respectively. The increase in the maximum potential undiscounted amount of future payments for all earnout agreements is due to current year acquisitions, which is partially offset by earnout arrangements that have been completed and paid. At 31 December 2023, the weighted average growth rate in estimating future financial performance was 14.6% (2022: 12.4%). The weighted average of the risk-adjusted discount rate applied to these obligations at 31 December 2023 was 7.0% (2022: 7.6%). A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately \u00a31.4 million (2022: \u00a39.1 million) and \u00a35.5 million (2022: \u00a36.9 million), respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately \u00a32.5 million (2022: \u00a37.3 million) and \u00a32.5 million (2022: \u00a37.4 million), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease would result in a gain. OTHER INVESTMENTS The fair value of other investments included in level 1 is based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, discounted cash flows and the share of fund net asset value. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value. During 2022, Imagina stepped down from interests in associates to other investments and this investment was designated as fair value through other comprehensive income. There were no step downs to other investments which occurred in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-709": { "value": "10. SOURCES OF FINANCE The following table summarises the equity and debt financing of the Group, and changes during the year:
Shares
Debt
Analysis of changes 2023 2022 2021 2023 2022 2021
in \ufb01nancing \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
690.0
697.1
699.9
4,465.1
4,441.7
5,032.7
Ordinary shares
issued
0.7
1.2
4.4
\u2013
\u2013
\u2013
Share cancellations
\u2013
(8.3)
(7.2)
\u2013
\u2013
\u2013
Net decrease in
drawings on bank
loans and bonds
\u2013
\u2013
\u2013
(48.9)
(220.6)
(397.1)
Amortisation of
\ufb01nancing costs
included in debt
\u2013
\u2013
\u2013
0.2
7.0
8.1
Acquisition of
subsidiaries
\u2013
\u2013
\u2013
48.9
\u2013
\u2013
Changes in fair value
due to hedging
arrangements
\u2013
\u2013
\u2013
\u2013
\u2013
(2.5)
Other movements
\u2013
\u2013
\u2013
(3.5)
(0.2)
(0.4)
Exchange
adjustments
\u2013
\u2013
\u2013
(98.7)
237.2
(199.1)
End of year
690.7
690.0
697.1
4,363.1
4,465.1
4,441.7
The table above excludes bank overdrafts which fall within cash and cash equivalents for the purposes of the consolidated cash flow statement. Other liabilities from financing activities, including lease liabilities and derivatives used for hedging debts, are disclosed in note 12 and note 25, respectively. SHARES At 31 December 2023, the Company's share base was entirely composed of ordinary equity share capital and share premium of \u00a3690.7 million (2022: \u00a3690.0 million, 2021: \u00a3697.1 million), further details of which are disclosed in note 26. DEBT AS AT 31 DECEMBER 2023 US$ bonds The Group had in issue $750 million of 3.75% bonds due September 2024, $93 million of 5.125% bonds due September 2042 and $220 million of 5.625% bonds due November 2043. Eurobonds During the year, the Group issued \u20ac750 million of 4.125% bonds due May 2028. The Group also had in issue \u20ac500 million of 1.375% bonds due March 2025, \u20ac750 million of 2.25% bonds due September 2026, \u20ac750 million of 2.375% bonds due May 2027, and \u20ac600 million of 1.625% bonds due March 2030. In November 2023, \u20ac750 million of 3.0% bonds were repaid. Sterling bonds The Group had in issue \u00a3250 million of 3.750% bonds due May 2032 and \u00a3400 million of 2.875% bonds due September 2046. Revolving Credit Facility The Group had a five-year Revolving Credit Facility of $2.5 billion due March 2026, signed in November 2021. The Group\u2019s borrowings under these facilities, which are drawn down predominantly in pounds sterling, averaged $41 million in 2023 (2022: nil, 2021: nil). In May 2021, the Group's subsidiary, WPP AUNZ, repaid in full its A$150 million Revolving Credit Facility due August 2021, and its A$270 million Revolving Credit Facility due August 2023. The Group's borrowings under the Australian dollar facilities, which were drawn down in Australian dollars and New Zealand dollars, averaged the equivalent of nil in 2023 (2022: nil, 2021: A$52 million). The Group had available undrawn committed credit facilities of \u00a31,963.7 million at 31 December 2023 (2022: \u00a32,069.0 million, 2021: \u00a31,847.5 million). Borrowings under the $2.5 billion Revolving Credit Facility were governed by certain financial covenants based on the results and financial position of the Group. During 2023, and until 20 February 2024 when the Revolving Credit Facility was refinanced with no financial covenants (see note 30 for further details), all covenants have been complied with. The $2.5 billion Revolving Credit Facility, due March 2026, included terms which required the consent of the majority of the lenders if a proposed merger or consolidation of the Company would alter its legal personality or identity. COMMERCIAL PAPER PROGRAMMES The Group operates commercial paper programmes using its Revolving Credit Facility as a backstop. The average US commercial paper in issue in 2023 was $433 million (2022: $195 million, 2021: nil). The average Euro commercial paper in issue in 2023 was \u00a345 million (2022: \u00a334 million, 2021: nil) inclusive of the effect of currency swaps, where applicable. There was no US or Euro commercial paper outstanding at 31 December 2023. The following table is an analysis of future anticipated cash flows in relation to the Group\u2019s debt, on an undiscounted basis which, therefore, differs from the fair value and carrying value:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Within one year
(711.3)
(791.6)
(326.8)
Between one and two years
(534.6)
(724.3)
(745.4)
Between two and three years
(746.2)
(524.2)
(646.5)
Between three and four years
(726.2)
(740.3)
(492.8)
Between four and \ufb01ve years
(704.1)
(719.9)
(698.0)
Over \ufb01ve years
(1,858.8)
(1,963.7)
(2,546.3)
Debt \ufb01nancing (including interest) under the
Revolving Credit Facility and in relation to
unsecured loan notes
(5,281.2)
(5,464.0)
(5,455.8)
Short-term overdrafts \u2013 within one year
(358.2)
(505.7)
(342.3)
Future anticipated cash \ufb02ows
(5,639.4)
(5,969.7)
(5,798.1)
Effect of discounting/\ufb01nancing rates
918.1
998.9
1,014.1
Debt \ufb01nancing
(4,721.3)
(4,970.8)
(4,784.0)
Cash and short-term deposits
2,217.5
2,491.5
3,882.9
Adjusted net debt
(2,503.8)
(2,479.3)
(901.1)
Analysis of fixed and floating rate debt by currency including the effect of cross-currency swaps: 2023 \u00a3m Fixed 1
Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,471.7
4.62
n/a
66
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
130
\u20ac
\u2013 \ufb01xed
1,820.5
2.12
n/a
48
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(23.2)
n/a
n/a
n/a
4,363.1
1 2022 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,379.5
4.18
n/a
60
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
143
\u20ac
\u2013 \ufb01xed
2,080.6
2.21
n/a
55
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(89.1)
n/a
n/a
n/a
4,465.1
1 1 2021 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,231.8
4.18
n/a
72
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
155
\u20ac
\u2013 \ufb01xed
1,976.0
2.04
n/a
69
\u2013 \ufb02oating
210.2
n/a
EURIBOR
3
Other
(70.4)
n/a
n/a
n/a
4,441.7
1 1 Note 1 Weighted average The following table is an analysis of future undiscounted anticipated cash flows in relation to the Group\u2019s financial derivatives, which include interest rate swaps, forward contracts and other foreign exchange swaps assuming interest rates and foreign exchange rates as at 31 December:
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
682.2
681.3
335.3
310.7
Between one and
two years
15.9
15.7
487.4
479.6
Between two and
three years
15.0
14.6
37.5
32.3
Between three and four
years
14.7
14.2
37.1
32.5
Between four and \ufb01ve
years
3.7
3.5
646.6
714.8
731.5
729.3
1,543.9
1,569.9
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
1,186.3
1,126.2
347.1
345.7
Between one and
two years
\u2013
\u2013
11.6
6.2
Between two and
three years
\u2013
\u2013
449.8
461.8
1,186.3
1,126.2
808.5
813.7
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2021 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
185.8
173.7
581.1
582.5
Between one and
two years
551.4
521.1
30.0
30.4
Between two and
three years
11.6
6.0
\u2013
\u2013
Between three and
four years
449.8
445.6
\u2013
\u2013
1,198.6
1,146.4
611.1
612.9
ANALYSIS OF CHANGE IN FINANCING ACTIVITIES (INCLUSIVE OF LEASES) The table below details changes arising from financing activities, including both cash and non-cash changes. 2023
Opening Acquisition of Foreign Interest and Closing
balance Cash \ufb02ow subsidiaries exchange other balance
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,465.1
(48.9)
48.9
(98.7)
(3.3)
4,363.1
Derivatives (note 11, 17, 18 and 19)
52.3
(46.0)
\u2013
(50.8)
13.6
(30.9)
Lease liabilities (note 12)
2
2,210.6
(361.6)
1.9
(75.6)
379.2
2,154.5
Liabilities from \ufb01nancing activities
6,728.0
(456.5)
50.8
(225.1)
389.5
6,486.7
Cash and short-term deposits (note 11 and 25)
(2,491.5)
216.9
(22.5)
79.6
\u2013
(2,217.5)
Bank overdrafts
505.7
(147.5)
\u2013
\u2013
\u2013
358.2
4,742.2
(387.1)
28.3
(145.5)
389.5
4,627.4
2022
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,441.7
(220.6)
\u2013
237.2
6.8
4,465.1
Derivatives (note 11, 17, 18 and 19)
50.6
\u2013
\u2013
6.4
(4.7)
52.3
Lease liabilities (note 12)
2
2,041.8
(402.0)
0.1
145.8
424.9
2,210.6
Share repurchase commitments
211.7
(211.7)
\u2013
\u2013
\u2013
\u2013
Liabilities from \ufb01nancing activities
6,745.8
(834.3)
0.1
389.4
427.0
6,728.0
Cash and short-term deposits (note 11 and 25)
(3,882.9)
1,494.4
(38.8)
(64.2)
\u2013
(2,491.5)
Bank overdrafts
342.3
163.4
\u2013
\u2013
\u2013
505.7
3,205.2
823.5
(38.7)
325.2
427.0
4,742.2
1 1 Notes 1 Borrowings includes: bonds and bank loans. The interest and other amounts within borrowings comprises amortisation of capitalised borrowing costs 2 Repayment of lease liabilities includes \u00a3102.9 million (2022: \u00a392.4 million) of interest paid on lease liabilities recognised within net cash in\ufb02ow from operating activities (note 11). Interest and other within lease liabilities comprises interest on leases as well as the lease liability additions and disposals as disclosed in note 12 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-685": { "value": "10. SOURCES OF FINANCE The following table summarises the equity and debt financing of the Group, and changes during the year:
Shares
Debt
Analysis of changes 2023 2022 2021 2023 2022 2021
in \ufb01nancing \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
690.0
697.1
699.9
4,465.1
4,441.7
5,032.7
Ordinary shares
issued
0.7
1.2
4.4
\u2013
\u2013
\u2013
Share cancellations
\u2013
(8.3)
(7.2)
\u2013
\u2013
\u2013
Net decrease in
drawings on bank
loans and bonds
\u2013
\u2013
\u2013
(48.9)
(220.6)
(397.1)
Amortisation of
\ufb01nancing costs
included in debt
\u2013
\u2013
\u2013
0.2
7.0
8.1
Acquisition of
subsidiaries
\u2013
\u2013
\u2013
48.9
\u2013
\u2013
Changes in fair value
due to hedging
arrangements
\u2013
\u2013
\u2013
\u2013
\u2013
(2.5)
Other movements
\u2013
\u2013
\u2013
(3.5)
(0.2)
(0.4)
Exchange
adjustments
\u2013
\u2013
\u2013
(98.7)
237.2
(199.1)
End of year
690.7
690.0
697.1
4,363.1
4,465.1
4,441.7
The table above excludes bank overdrafts which fall within cash and cash equivalents for the purposes of the consolidated cash flow statement. Other liabilities from financing activities, including lease liabilities and derivatives used for hedging debts, are disclosed in note 12 and note 25, respectively. SHARES At 31 December 2023, the Company's share base was entirely composed of ordinary equity share capital and share premium of \u00a3690.7 million (2022: \u00a3690.0 million, 2021: \u00a3697.1 million), further details of which are disclosed in note 26. DEBT AS AT 31 DECEMBER 2023 US$ bonds The Group had in issue $750 million of 3.75% bonds due September 2024, $93 million of 5.125% bonds due September 2042 and $220 million of 5.625% bonds due November 2043. Eurobonds During the year, the Group issued \u20ac750 million of 4.125% bonds due May 2028. The Group also had in issue \u20ac500 million of 1.375% bonds due March 2025, \u20ac750 million of 2.25% bonds due September 2026, \u20ac750 million of 2.375% bonds due May 2027, and \u20ac600 million of 1.625% bonds due March 2030. In November 2023, \u20ac750 million of 3.0% bonds were repaid. Sterling bonds The Group had in issue \u00a3250 million of 3.750% bonds due May 2032 and \u00a3400 million of 2.875% bonds due September 2046. Revolving Credit Facility The Group had a five-year Revolving Credit Facility of $2.5 billion due March 2026, signed in November 2021. The Group\u2019s borrowings under these facilities, which are drawn down predominantly in pounds sterling, averaged $41 million in 2023 (2022: nil, 2021: nil). In May 2021, the Group's subsidiary, WPP AUNZ, repaid in full its A$150 million Revolving Credit Facility due August 2021, and its A$270 million Revolving Credit Facility due August 2023. The Group's borrowings under the Australian dollar facilities, which were drawn down in Australian dollars and New Zealand dollars, averaged the equivalent of nil in 2023 (2022: nil, 2021: A$52 million). The Group had available undrawn committed credit facilities of \u00a31,963.7 million at 31 December 2023 (2022: \u00a32,069.0 million, 2021: \u00a31,847.5 million). Borrowings under the $2.5 billion Revolving Credit Facility were governed by certain financial covenants based on the results and financial position of the Group. During 2023, and until 20 February 2024 when the Revolving Credit Facility was refinanced with no financial covenants (see note 30 for further details), all covenants have been complied with. The $2.5 billion Revolving Credit Facility, due March 2026, included terms which required the consent of the majority of the lenders if a proposed merger or consolidation of the Company would alter its legal personality or identity. COMMERCIAL PAPER PROGRAMMES The Group operates commercial paper programmes using its Revolving Credit Facility as a backstop. The average US commercial paper in issue in 2023 was $433 million (2022: $195 million, 2021: nil). The average Euro commercial paper in issue in 2023 was \u00a345 million (2022: \u00a334 million, 2021: nil) inclusive of the effect of currency swaps, where applicable. There was no US or Euro commercial paper outstanding at 31 December 2023. The following table is an analysis of future anticipated cash flows in relation to the Group\u2019s debt, on an undiscounted basis which, therefore, differs from the fair value and carrying value:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Within one year
(711.3)
(791.6)
(326.8)
Between one and two years
(534.6)
(724.3)
(745.4)
Between two and three years
(746.2)
(524.2)
(646.5)
Between three and four years
(726.2)
(740.3)
(492.8)
Between four and \ufb01ve years
(704.1)
(719.9)
(698.0)
Over \ufb01ve years
(1,858.8)
(1,963.7)
(2,546.3)
Debt \ufb01nancing (including interest) under the
Revolving Credit Facility and in relation to
unsecured loan notes
(5,281.2)
(5,464.0)
(5,455.8)
Short-term overdrafts \u2013 within one year
(358.2)
(505.7)
(342.3)
Future anticipated cash \ufb02ows
(5,639.4)
(5,969.7)
(5,798.1)
Effect of discounting/\ufb01nancing rates
918.1
998.9
1,014.1
Debt \ufb01nancing
(4,721.3)
(4,970.8)
(4,784.0)
Cash and short-term deposits
2,217.5
2,491.5
3,882.9
Adjusted net debt
(2,503.8)
(2,479.3)
(901.1)
Analysis of fixed and floating rate debt by currency including the effect of cross-currency swaps: 2023 \u00a3m Fixed 1
Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,471.7
4.62
n/a
66
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
130
\u20ac
\u2013 \ufb01xed
1,820.5
2.12
n/a
48
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(23.2)
n/a
n/a
n/a
4,363.1
1 2022 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,379.5
4.18
n/a
60
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
143
\u20ac
\u2013 \ufb01xed
2,080.6
2.21
n/a
55
\u2013 \ufb02oating
\u2013
n/a
EURIBOR
\u2013
Other
(89.1)
n/a
n/a
n/a
4,465.1
1 1 2021 \u00a3m
Fixed Floating Period
rate basis pro\ufb01t
Currency
$
\u2013 \ufb01xed
1,231.8
4.18
n/a
72
\u00a3
\u2013 \ufb01xed
1,094.1
2.97
n/a
155
\u20ac
\u2013 \ufb01xed
1,976.0
2.04
n/a
69
\u2013 \ufb02oating
210.2
n/a
EURIBOR
3
Other
(70.4)
n/a
n/a
n/a
4,441.7
1 1 Note 1 Weighted average The following table is an analysis of future undiscounted anticipated cash flows in relation to the Group\u2019s financial derivatives, which include interest rate swaps, forward contracts and other foreign exchange swaps assuming interest rates and foreign exchange rates as at 31 December:
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
682.2
681.3
335.3
310.7
Between one and
two years
15.9
15.7
487.4
479.6
Between two and
three years
15.0
14.6
37.5
32.3
Between three and four
years
14.7
14.2
37.1
32.5
Between four and \ufb01ve
years
3.7
3.5
646.6
714.8
731.5
729.3
1,543.9
1,569.9
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
1,186.3
1,126.2
347.1
345.7
Between one and
two years
\u2013
\u2013
11.6
6.2
Between two and
three years
\u2013
\u2013
449.8
461.8
1,186.3
1,126.2
808.5
813.7
Financial liabilities
Financial assets
Payable Receivable Payable Receivable
2021 \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
185.8
173.7
581.1
582.5
Between one and
two years
551.4
521.1
30.0
30.4
Between two and
three years
11.6
6.0
\u2013
\u2013
Between three and
four years
449.8
445.6
\u2013
\u2013
1,198.6
1,146.4
611.1
612.9
ANALYSIS OF CHANGE IN FINANCING ACTIVITIES (INCLUSIVE OF LEASES) The table below details changes arising from financing activities, including both cash and non-cash changes. 2023
Opening Acquisition of Foreign Interest and Closing
balance Cash \ufb02ow subsidiaries exchange other balance
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,465.1
(48.9)
48.9
(98.7)
(3.3)
4,363.1
Derivatives (note 11, 17, 18 and 19)
52.3
(46.0)
\u2013
(50.8)
13.6
(30.9)
Lease liabilities (note 12)
2
2,210.6
(361.6)
1.9
(75.6)
379.2
2,154.5
Liabilities from \ufb01nancing activities
6,728.0
(456.5)
50.8
(225.1)
389.5
6,486.7
Cash and short-term deposits (note 11 and 25)
(2,491.5)
216.9
(22.5)
79.6
\u2013
(2,217.5)
Bank overdrafts
505.7
(147.5)
\u2013
\u2013
\u2013
358.2
4,742.2
(387.1)
28.3
(145.5)
389.5
4,627.4
2022
Borrowings (excluding lease liabilities) (note 11, 20 and 25)
4,441.7
(220.6)
\u2013
237.2
6.8
4,465.1
Derivatives (note 11, 17, 18 and 19)
50.6
\u2013
\u2013
6.4
(4.7)
52.3
Lease liabilities (note 12)
2
2,041.8
(402.0)
0.1
145.8
424.9
2,210.6
Share repurchase commitments
211.7
(211.7)
\u2013
\u2013
\u2013
\u2013
Liabilities from \ufb01nancing activities
6,745.8
(834.3)
0.1
389.4
427.0
6,728.0
Cash and short-term deposits (note 11 and 25)
(3,882.9)
1,494.4
(38.8)
(64.2)
\u2013
(2,491.5)
Bank overdrafts
342.3
163.4
\u2013
\u2013
\u2013
505.7
3,205.2
823.5
(38.7)
325.2
427.0
4,742.2
1 1 Notes 1 Borrowings includes: bonds and bank loans. The interest and other amounts within borrowings comprises amortisation of capitalised borrowing costs 2 Repayment of lease liabilities includes \u00a3102.9 million (2022: \u00a392.4 million) of interest paid on lease liabilities recognised within net cash in\ufb02ow from operating activities (note 11). Interest and other within lease liabilities comprises interest on leases as well as the lease liability additions and disposals as disclosed in note 12 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "value": "
11. ANALYSIS OF CASH FLOWS
The following tables analyse the items included within the main cash flow
headings on page 180.
Net cash from operating activities:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Pro\ufb01t for the year
197.2
775.4
720.7
Taxation
149.1
384.4
230.1
Revaluation and retranslation of \ufb01nancial
instruments
(6.8)
(76.0)
87.8
Finance costs
389.0
359.4
283.6
Finance and investment income
(127.3)
(145.4)
(69.4)
(Earnings)/loss from associates \u2013 after interest
and tax
(70.2)
60.4
(23.8)
Operating pro\ufb01t of continuing and
discontinued operations
531.0
1,358.2
1,229.0
Adjustments for
Non-cash share-based incentive plans
(including share options)
140.1
122.0
99.6
Depreciation of property, plant and equipment
165.1
166.9
151.2
Depreciation of right-of-use assets
256.8
262.2
272.9
Impairment charges included within
restructuring costs
184.6
43.3
39.2
Goodwill impairment
63.6
37.9
1.8
Amortisation and impairment of acquired
intangible assets
727.9
62.1
97.8
Amortisation of other intangible assets
24.8
21.9
19.9
Investment and other impairment charges/
(reversals)
17.8
77.0
(42.4)
(Gains)/losses on disposal of investments
and subsidiaries
(7.1)
36.3
10.6
Gains on remeasurement of equity interests
arising from a change in scope of ownership
\u2013
(66.5)
\u2212
Losses/(gains) on sale of property, plant
and equipment
0.4
(6.4)
(1.3)
Operating cash \ufb02ow before movements
in working capital and provisions
2,105.0
2,114.9
1,878.3
Decrease/(increase) in trade receivables
and accrued income
231.8
(498.6)
(458.9)
(Decrease)/increase in trade payables and
deferred income
(238.0)
170.6
777.8
Decrease/(increase) in other receivables
125.0
(154.1)
(120.0)
(Decrease)/increase in other payables \u2013
short-term
(563.5)
(259.6)
547.0
Increase/(decrease) in other payables \u2013
long-term
118.8
(67.0)
(11.0)
Increase/(decrease) in provisions
65.7
(38.0)
(32.9)
Cash generated by operations
1,844.8
1,268.2
2,580.3
Corporation and overseas tax paid
(395.3)
(390.9)
(391.1)
Payment on early settlement of bonds
\u2013
\u2013
(13.0)
Interest paid on lease liabilities
(102.9)
(92.4)
(88.4)
Other interest and similar charges paid
(274.5)
(210.2)
(173.7)
Interest received
115.8
88.9
47.5
Investment income
12.9
24.5
17.8
Dividends from associates
43.4
37.6
53.4
Earnout payments recognised in operating
activities
(6.0)
(24.8)
(3.8)
Net cash in\ufb02ow from operating activities
1,238.2
700.9
2,029.0
1
2
Notes
1
Impairment charges included within restructuring costs includes impairments for right-of-use
assets, property, plant and equipment and other intangible assets
2
Earnout payments in excess of the amount determined at acquisition are recorded as
operating activities
Acquisitions and disposals:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Initial cash consideration
(227.0)
(218.3)
(227.6)
Cash and cash equivalents acquired
22.5
38.8
(2.3)
Earnout payments recognised in investing
activities
(52.5)
(46.6)
(53.2)
Purchase of other investments
(including associates)
(9.8)
(10.1)
(99.2)
Acquisitions
(266.8)
(236.2)
(382.3)
Proceeds on disposal of investments
and subsidiaries
99.5
50.1
51.9
Cash and cash equivalents disposed
(0.7)
(12.4)
(23.6)
Disposals of investments and subsidiaries
98.8
37.7
28.3
Cash consideration received from
non-controlling interests
46.1
\u2013
39.5
Cash consideration for purchase of
non-controlling interests
(16.4)
(84.2)
(135.0)
Cash consideration for
non-controlling interests
29.7
(84.2)
(95.5)
Net acquisition payments and
disposal proceeds
(138.3)
(282.7)
(449.5)
1
2
Notes
1
Earnout payments in excess of the amount determined at acquisition are recorded as
operating activities
2
Proceeds on disposal of investments and subsidiaries includes return of capital from investments
in associates
Share repurchases and buybacks:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Purchase of own shares by ESOP Trusts
(53.9)
(55.3)
(89.2)
Shares purchased into treasury for cancellation
\u2013
(807.4)
(729.3)
Net cash out\ufb02ow
(53.9)
(862.7)
(818.5)
Proceeds from issue of bonds:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Proceeds from issue of \u20ac750 million bonds
652.6
\u2013
\u2013
Drawdown of revolving credit facility
400.0
\u2013
\u2013
Net cash in\ufb02ow
1,052.6
\u2013
\u2013
Repayment of borrowings:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Decrease in drawings on bank loans
\u2013
(11.3)
(36.3)
Repayment of borrowing-related derivatives
(46.0)
\u2212
\u2212
Repayment of revolving credit facility
(400.0)
\u2212
\u2212
Net repayment of debt assumed on acquisition
(48.9)
\u2212
\u2212
Repayment of \u20ac750 million bonds
(652.6)
\u2212
\u2212
Repayment of $500 million bonds
\u2013
\u2212
(360.8)
Repayment of \u20ac250 million bonds
\u2013
(209.3)
\u2212
Net cash out\ufb02ow
(1,147.5)
(220.6)
(397.1)
Cash and cash equivalents:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Cash at bank and in hand
2,036.8
2,271.6
2,776.6
Short-term bank deposits
180.7
219.9
1,106.3
Overdrafts
(358.2)
(505.7)
(342.3)
1,859.3
1,985.8
3,540.6
1
Note
1
Bank overdrafts are included in cash and cash equivalents because they form an integral part of
the Group\u2019s cash management
The Group considers that the carrying amount of cash and cash equivalents
approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "value": "
12. LEASES
The movements in 2023 and 2022 were as follows:
Right-of-use assets
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
1 January 2022
1,357.0
38.1
1,395.1
Additions
363.8
23.8
387.6
Transfers to net investment in subleases
(7.0)
\u2013
(7.0)
Disposals
(42.2)
(0.8)
(43.0)
Depreciation of right-of-use assets
(245.3)
(16.9)
(262.2)
Impairment charges included within
restructuring costs
(33.3)
(0.2)
(33.5)
Exchange adjustments
89.2
2.3
91.5
31 December 2022
1,482.2
46.3
1,528.5
Additions
255.0
49.6
304.6
Transfers to net investment in subleases
(4.6)
\u2013
(4.6)
Disposals
(9.2)
(1.1)
(10.3)
Depreciation of right-of-use assets
(235.9)
(20.9)
(256.8)
Impairment charges included within
restructuring costs
(128.8)
\u2013
(128.8)
Exchange adjustments
(49.1)
(1.3)
(50.4)
31 December 2023
1,309.6
72.6
1,382.2
1
Note
1
For the year ended 31 December 2023, the Company has \u00a320.8 million (2022: \u00a318.5 million) of
right-of-use assets that are classi\ufb01ed as investment property
Lease liabilities
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
1 January 2022
2,002.5
39.3
2,041.8
Additions
353.6
23.7
377.3
Interest expense related to lease liabilities
94.2
1.5
95.7
Disposals
(46.1)
(1.9)
(48.0)
Repayment of lease liabilities (including
interest)
(385.6)
(16.4)
(402.0)
Exchange adjustments
143.6
2.2
145.8
31 December 2022
2,162.2
48.4
2,210.6
Additions
237.7
50.2
287.9
Interest expense related to lease liabilities
103.4
2.9
106.3
Disposals
(11.4)
(1.7)
(13.1)
Repayment of lease liabilities (including
interest)
(340.0)
(21.6)
(361.6)
Exchange adjustments
(74.1)
(1.5)
(75.6)
31 December 2023
2,077.8
76.7
2,154.5
The following table shows the breakdown of the lease expense between
amounts charged to operating profit and amounts charged to finance costs:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Depreciation of right-of-use assets:
Land and buildings
(235.9)
(245.3)
(254.7)
Plant and machinery
(20.9)
(16.9)
(18.2)
Impairment charges
(128.8)
(33.5)
(12.5)
Short-term lease expense
(22.2)
(20.2)
(18.0)
Low-value lease expense
(2.8)
(1.9)
(2.3)
Variable lease expense
(45.5)
(57.3)
(56.2)
Sublease income
17.3
18.6
17.3
Charge to operating pro\ufb01t
(438.8)
(356.5)
(344.6)
Interest expense related to lease liabilities
(106.3)
(95.7)
(90.9)
Charge to pro\ufb01t before taxation for leases
(545.1)
(452.2)
(435.5)
Variable lease payments primarily include real estate taxes and insurance costs.
The maturity of lease liabilities at 31 December 2023 and 2022 were as follows:
2023 2022
\u00a3m \u00a3m
Within one year
405.9
379.1
Between one and two years
326.9
337.7
Between two and three years
282.1
293.0
Between three and four years
261.0
252.3
Between four and \ufb01ve years
231.1
234.8
Over \ufb01ve years
1,265.2
1,328.5
2,772.2
2,825.4
Effect of discounting
(617.7)
(614.8)
Lease liability at end of year
2,154.5
2,210.6
Short-term lease liability
292.3
282.4
Long-term lease liability
1,862.2
1,928.2
The total committed future cash flows for leases not yet commenced at
31 December 2023 is \u00a3280.0 million (2022: \u00a3440.0 million).
The Group does not face a significant liquidity risk with regard to its lease
liabilities. Refer to note 24 for management of liquidity risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "value": "
13. INTANGIBLE ASSETS
GOODWILL
The movements in 2023 and 2022 were as follows:
\u00a3m
Cost
1 January 2022
10,991.0
Additions 262.6
Disposals
\u2013
Exchange adjustments
891.0
31 December 2022
12,144.6
Additions 319.1
Disposals
\u2013
Exchange adjustments
(484.5)
31 December 2023
11,979.2
Accumulated impairment losses and write-downs
1 January 2022
3,378.7
Impairment losses for the year
37.9
Exchange adjustments
274.6
31 December 2022
3,691.2
Impairment losses for the year
63.6
Exchange adjustments
(164.5)
31 December 2023
3,590.3
Net book value
31 December 2023
8,388.9
31 December 2022
8,453.4
1 January 2022
7,612.3
Note
1
1
1
Additions represent goodwill arising on the acquisition of subsidiary undertakings including
the effect of any revisions to fair value adjustments that had been determined provisionally at
the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations.
The effect of such revisions was not material in either year presented
OTHER INTANGIBLE ASSETS
The movements in 2023 and 2022 were as follows:
Brands
with an
inde\ufb01nite Acquired
useful life intangibles Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
1,067.3
921.4
288.1
2,276.8
Additions
\u2212
\u2212
14.9
14.9
Disposals and
derecognition
\u2212
(33.8)
(59.2)
(93.0)
New acquisitions
\u2212
46.5
1.2
47.7
Other movements
\u2212
9.3
0.8
10.1
Exchange adjustments
98.7
129.8
34.7
263.2
31 December 2022
1,166.0
1,073.2
280.5
2,519.7
Additions
\u2212
\u2212
40.0
40.0
Disposals and
derecognition
\u2212
(15.1)
(51.8)
(66.9)
Reclassi\ufb01cations
(665.4)
665.4
\u2013
\u2013
New acquisitions
\u2212
138.5
2.9
141.4
Other movements
\u2212
\u2212
17.0
17.0
Exchange adjustments
(28.4)
(47.5)
(9.4)
(85.3)
31 December 2023
472.2
1,814.5
279.2
2,565.9
1
1
2
1
1
2
Brands
with an
inde\ufb01nite Acquired
useful life intangibles Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation and impairment
1 January 2022
56.8
648.0
212.5
917.3
Charge for the year
\u2212
61.9
21.9
83.8
Impairment charges
included within
restructuring costs
\u2212
\u2212
29.0
29.0
Disposals and
derecognition
\u2212
(33.6)
(59.4)
(93.0)
Exchange adjustments
1
5.8
108.2
16.7
130.7
31 December 2022
62.6
784.5
220.7
1,067.8
Charge for the year
\u2013
727.9
24.8
752.7
Other movements
\u2212
\u2212
(0.7)
(0.7)
Disposals and
derecognition
\u2212
(15.1)
(51.5)
(66.6)
Exchange adjustments
(2.8)
(27.0)
(7.4)
(37.2)
31 December 2023
59.8
1,470.3
185.9
1,716.0
Net book value
31 December 2023
412.4
344.2
93.3
849.9
31 December 2022
1,103.4
288.7
59.8
1,451.9
1 January 2022
1,010.5
273.4
75.6
1,359.5
1
3
1
1
2
Notes
1
The acquired intangibles balances within these line items have been re-presented to re\ufb02ect
the derecognition of previously fully amortised assets that had no future economic bene\ufb01t in
prior periods
2
Other movements in acquired intangibles include reclassi\ufb01cations of items previously recorded
in trade and other receivables; and revisions to fair value adjustments arising on the acquisition
of subsidiary undertakings that had been determined provisionally at the immediately preceding
balance sheet date, as permitted by IFRS 3 Business Combinations
3
Refer to note 3 for further explanation in relation to the impairment charges included within
restructuring costs
Cash-generating units (CGUs) with significant goodwill and brands with an
indefinite useful life as at 31 December are:
Brands with an
Goodwill inde\ufb01nite useful life
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
GroupM
3,254.9
3,178.3
\u2212
\u2212
Wunderman Thompson
1,165.0
1,210.8
\u2212
442.0
VMLY&R
814.6
776.0
\u2212
207.6
Ogilvy
809.3
849.8
213.2
222.8
BCW
618.8
646.0
112.7
140.5
AKQA Group
600.1
628.7
\u2212
\u2212
FGS Global
452.1
451.8
\u2212
\u2212
Hill & Knowlton
141.7
145.7
33.2
34.8
Landor Group
115.0
106.5
53.3
55.7
Other
417.4
459.8
\u2212
\u2212
8,388.9
8,453.4
412.4
1,103.4
Other goodwill represents goodwill on a large number of CGUs, none of which
is individually significant in comparison to the total carrying value of goodwill.
Separately identifiable brands with an indefinite useful life are carried at
historical cost in accordance with the Group\u2019s accounting policy for intangible
assets. The carrying values of the other brands with an indefinite useful life
are not individually significant in comparison with the total carrying value of
brands with an indefinite useful life.
Acquired intangible assets at net book value at 31 December 2023 include
brand names of \u00a3134.6 million (2022: \u00a3142.3 million), customer-related
intangibles of \u00a3108.2 million (2022: \u00a3120.3 million) and other assets
(including proprietary tools) of \u00a3101.4 million (2022: \u00a326.1 million).
AMORTISATION AND IMPAIRMENT
The total amortisation and impairment of acquired intangible assets of
\u00a3727.9 million (2022: \u00a361.9 million) includes a charge of \u00a3650.1 million (2022:
\u00a31.4 million) predominantly in regard to certain brands that no longer have
any useful life. This includes accelerated amortisation charges of \u00a3430.8 million
and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively,
due to the creation of VML in the fourth quarter of 2023.
In accordance with the Group\u2019s accounting policy, the carrying values of
goodwill and intangible assets with indefinite useful lives are reviewed for
impairment annually or more frequently if events or changes in circumstances
indicate that the asset might be impaired. The impairment review is undertaken
annually on 30 September. The goodwill impairment charge of \u00a363.6 million
(2022: \u00a337.9 million) recognised during the year relates to businesses in the
Group that have closed or where the impact of current macroeconomic
conditions and trading circumstances indicate impairment to the carrying value.
This year, \u00a340.3 million of the impairment charge related to the Global
Integrated Agencies segment and \u00a323.3 million related to the Specialist
Agencies segment.
IMPAIRMENT ASSESSMENT PROCESS
Under IFRS, an impairment charge is required for both goodwill and other
indefinite life assets when the carrying amount exceeds the 'recoverable
amount', defined as the higher of fair value less costs of disposal and value
in use. The review assessed whether the carrying value of goodwill and
intangible assets with indefinite useful lives was supported by the value
in use determined as the net present value of future cash flows.
RECOVERABLE AMOUNT ASSESSMENT
Due to the significant number of CGUs, the impairment test was performed
in two steps. In the first step, the recoverable amount was calculated for each
CGU using the latest available forecasts for 2023 and/or 2024, nil growth rate
thereafter (2022: nil) and a conservative pre-tax discount rate of 14.7% (2022:
15.5%). The pre-tax discount rate of 14.7% was above the rate calculated for the
global networks of 13.7% (2022: 14.5%). For smaller CGUs that operate primarily
in a particular region subject to higher risk, the higher of 14.7% or 100 basis
points above the regional discount rate was used in the first step.
The recoverable amount was then compared to the carrying amount, which
includes goodwill, intangible assets and other assets. CGUs where the
recoverable amount exceeded the carrying amount were not considered
to be impaired. Those CGUs where the recoverable amount did not exceed
the carrying amount were then further reviewed in the second step.
In the second step, these CGUs were retested for impairment using more
refined assumptions. This included using a CGU-specific pre-tax discount rate
and management forecasts for a projection period of up to five years, followed
by an assumed long-term growth rate of 2.0% (2022: 2.0%). If the recoverable
amount using the more specific assumptions did not exceed the carrying value
of a CGU, an impairment charge was recorded.
The long-term growth rate is derived from management\u2019s best estimate of
the likely long-term trading performance with reference to external industry
reports and other relevant market trends. As at 31 December 2023, we have
assessed long-term industry trends based on recent historical data and
assumed a long-term growth rate of 2.0% (2022: 2.0%). Management has made
the judgement that the long-term growth rate does not exceed the long-term
average growth rate for the industry.
DISCOUNT RATES
The discount rate uses the capital asset pricing model (CAPM) to derive the
cost of equity along with an estimated cost of debt that is weighted by an
appropriate capital structure to derive an indication of a weighted average
cost of capital, which is then adjusted for relevant market and asset-specific
risk where they are not already adjusted for within the underlying cash flow
estimates. The cost of equity is calculated based on long-term government
bond yield, an estimate of the required premium for investment in equity
relative to government securities and further considers the volatility associated
with peer public companies relative to the market. The cost of debt reflects
an estimated market yield for long-term debt financing after taking into
account the credit profile of public peer companies in the industry. The capital
structure used to weight the cost of equity and cost of debt has been derived
from the observed capital structure of public peer companies.
The pre-tax discount rate applied to the cash flow projections for the CGUs
that operate globally was 13.7% (2022: 14.5%). We developed a global discount
rate that takes into account the diverse nature of the operations, as these CGUs
operate with a diverse range of clients in a range of industries throughout the
world, hence are subject to similar levels of market risks. The pre-tax discount
rates applied to the CGUs that have more regional specific operations ranged
from 12.6% (2022: 14.0%) to 28.4% (2022: 22.6%).
DISCOUNTED CASH FLOW ASSESSMENT
Our approach in determining the recoverable amount utilises a discounted
cash flow methodology, which necessarily involves making numerous estimates
and assumptions regarding revenue less pass-through costs growth, operating
margins, appropriate discount rates and working capital requirements. The
key assumptions used for estimating cash flow projections in the Group\u2019s
impairment testing are those relating to operating margins and discount rates.
The key assumptions take account of the business\u2019s expectations for the
projection period. These expectations consider the macroeconomic
environment, industry and market conditions, the CGU\u2019s historical
performance and any other circumstances particular to the unit, such as
business strategy and client mix.
These estimates will likely differ from future actual results of operations and
cash flows, and it is possible that these differences could be material. In
addition, judgements are applied in determining the level of CGU identified for
impairment testing and the criteria used to determine which assets should be
aggregated. A difference in testing levels could affect whether an impairment
is recorded and the extent of impairment loss. Changes in our business activities
or structure may also result in additional changes to the level of testing in
future periods. Further, future events could cause the Group to conclude that
impairment indicators exist and that the asset values associated with a given
operation have become impaired.
Historically, the Group's impairment losses have resulted from a specific
event, condition or circumstance in one or more of our companies, such as
the impact of Covid-19 or the loss of a significant client. As a result, changes
in the assumptions used in our impairment model have generally not had
a significant effect on the impairment charges recognised. Following the
\u00a3650.1 million amortisation charge recorded in the fourth quarter of 2023,
described further above and in note 3, for certain brands that no longer have
any useful life, as at 31 December 2023 there are no CGUs for which a
reasonably possible change in key assumptions would lead to a significant
impairment. The carrying value of goodwill and other intangible assets will
continue to be reviewed at least annually for impairment and adjusted down
to the recoverable amount, if required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-710": { "value": "13. INTANGIBLE ASSETS GOODWILL The movements in 2023 and 2022 were as follows:
\u00a3m
Cost
1 January 2022
10,991.0
Additions 262.6
Disposals
\u2013
Exchange adjustments
891.0
31 December 2022
12,144.6
Additions 319.1
Disposals
\u2013
Exchange adjustments
(484.5)
31 December 2023
11,979.2
Accumulated impairment losses and write-downs
1 January 2022
3,378.7
Impairment losses for the year
37.9
Exchange adjustments
274.6
31 December 2022
3,691.2
Impairment losses for the year
63.6
Exchange adjustments
(164.5)
31 December 2023
3,590.3
Net book value
31 December 2023
8,388.9
31 December 2022
8,453.4
1 January 2022
7,612.3
Note
1
1 1 Additions represent goodwill arising on the acquisition of subsidiary undertakings including the effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations. The effect of such revisions was not material in either year presented OTHER INTANGIBLE ASSETS The movements in 2023 and 2022 were as follows:
Brands
with an
inde\ufb01nite Acquired
useful life intangibles Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
1,067.3
921.4
288.1
2,276.8
Additions
\u2212
\u2212
14.9
14.9
Disposals and
derecognition
\u2212
(33.8)
(59.2)
(93.0)
New acquisitions
\u2212
46.5
1.2
47.7
Other movements
\u2212
9.3
0.8
10.1
Exchange adjustments
98.7
129.8
34.7
263.2
31 December 2022
1,166.0
1,073.2
280.5
2,519.7
Additions
\u2212
\u2212
40.0
40.0
Disposals and
derecognition
\u2212
(15.1)
(51.8)
(66.9)
Reclassi\ufb01cations
(665.4)
665.4
\u2013
\u2013
New acquisitions
\u2212
138.5
2.9
141.4
Other movements
\u2212
\u2212
17.0
17.0
Exchange adjustments
(28.4)
(47.5)
(9.4)
(85.3)
31 December 2023
472.2
1,814.5
279.2
2,565.9
1 1 2 1 1 2
Brands
with an
inde\ufb01nite Acquired
useful life intangibles Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation and impairment
1 January 2022
56.8
648.0
212.5
917.3
Charge for the year
\u2212
61.9
21.9
83.8
Impairment charges
included within
restructuring costs
\u2212
\u2212
29.0
29.0
Disposals and
derecognition
\u2212
(33.6)
(59.4)
(93.0)
Exchange adjustments
1
5.8
108.2
16.7
130.7
31 December 2022
62.6
784.5
220.7
1,067.8
Charge for the year
\u2013
727.9
24.8
752.7
Other movements
\u2212
\u2212
(0.7)
(0.7)
Disposals and
derecognition
\u2212
(15.1)
(51.5)
(66.6)
Exchange adjustments
(2.8)
(27.0)
(7.4)
(37.2)
31 December 2023
59.8
1,470.3
185.9
1,716.0
Net book value
31 December 2023
412.4
344.2
93.3
849.9
31 December 2022
1,103.4
288.7
59.8
1,451.9
1 January 2022
1,010.5
273.4
75.6
1,359.5
1 3 1 1 2 Notes 1 The acquired intangibles balances within these line items have been re-presented to re\ufb02ect the derecognition of previously fully amortised assets that had no future economic bene\ufb01t in prior periods 2 Other movements in acquired intangibles include reclassi\ufb01cations of items previously recorded in trade and other receivables; and revisions to fair value adjustments arising on the acquisition of subsidiary undertakings that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations 3 Refer to note 3 for further explanation in relation to the impairment charges included within restructuring costs Cash-generating units (CGUs) with significant goodwill and brands with an indefinite useful life as at 31 December are:
Brands with an
Goodwill inde\ufb01nite useful life
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
GroupM
3,254.9
3,178.3
\u2212
\u2212
Wunderman Thompson
1,165.0
1,210.8
\u2212
442.0
VMLY&R
814.6
776.0
\u2212
207.6
Ogilvy
809.3
849.8
213.2
222.8
BCW
618.8
646.0
112.7
140.5
AKQA Group
600.1
628.7
\u2212
\u2212
FGS Global
452.1
451.8
\u2212
\u2212
Hill & Knowlton
141.7
145.7
33.2
34.8
Landor Group
115.0
106.5
53.3
55.7
Other
417.4
459.8
\u2212
\u2212
8,388.9
8,453.4
412.4
1,103.4
Other goodwill represents goodwill on a large number of CGUs, none of which is individually significant in comparison to the total carrying value of goodwill. Separately identifiable brands with an indefinite useful life are carried at historical cost in accordance with the Group\u2019s accounting policy for intangible assets. The carrying values of the other brands with an indefinite useful life are not individually significant in comparison with the total carrying value of brands with an indefinite useful life. Acquired intangible assets at net book value at 31 December 2023 include brand names of \u00a3134.6 million (2022: \u00a3142.3 million), customer-related intangibles of \u00a3108.2 million (2022: \u00a3120.3 million) and other assets (including proprietary tools) of \u00a3101.4 million (2022: \u00a326.1 million). AMORTISATION AND IMPAIRMENT The total amortisation and impairment of acquired intangible assets of \u00a3727.9 million (2022: \u00a361.9 million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million) predominantly in regard to certain brands that no longer have any useful life. This includes accelerated amortisation charges of \u00a3430.8 million and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively, due to the creation of VML in the fourth quarter of 2023. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. The goodwill impairment charge of \u00a363.6 million (2022: \u00a337.9 million) recognised during the year relates to businesses in the Group that have closed or where the impact of current macroeconomic conditions and trading circumstances indicate impairment to the carrying value. This year, \u00a340.3 million of the impairment charge related to the Global Integrated Agencies segment and \u00a323.3 million related to the Specialist Agencies segment. IMPAIRMENT ASSESSMENT PROCESS Under IFRS, an impairment charge is required for both goodwill and other indefinite life assets when the carrying amount exceeds the 'recoverable amount', defined as the higher of fair value less costs of disposal and value in use. The review assessed whether the carrying value of goodwill and intangible assets with indefinite useful lives was supported by the value in use determined as the net present value of future cash flows. RECOVERABLE AMOUNT ASSESSMENT Due to the significant number of CGUs, the impairment test was performed in two steps. In the first step, the recoverable amount was calculated for each CGU using the latest available forecasts for 2023 and/or 2024, nil growth rate thereafter (2022: nil) and a conservative pre-tax discount rate of 14.7% (2022: 15.5%). The pre-tax discount rate of 14.7% was above the rate calculated for the global networks of 13.7% (2022: 14.5%). For smaller CGUs that operate primarily in a particular region subject to higher risk, the higher of 14.7% or 100 basis points above the regional discount rate was used in the first step. The recoverable amount was then compared to the carrying amount, which includes goodwill, intangible assets and other assets. CGUs where the recoverable amount exceeded the carrying amount were not considered to be impaired. Those CGUs where the recoverable amount did not exceed the carrying amount were then further reviewed in the second step. In the second step, these CGUs were retested for impairment using more refined assumptions. This included using a CGU-specific pre-tax discount rate and management forecasts for a projection period of up to five years, followed by an assumed long-term growth rate of 2.0% (2022: 2.0%). If the recoverable amount using the more specific assumptions did not exceed the carrying value of a CGU, an impairment charge was recorded. The long-term growth rate is derived from management\u2019s best estimate of the likely long-term trading performance with reference to external industry reports and other relevant market trends. As at 31 December 2023, we have assessed long-term industry trends based on recent historical data and assumed a long-term growth rate of 2.0% (2022: 2.0%). Management has made the judgement that the long-term growth rate does not exceed the long-term average growth rate for the industry. DISCOUNT RATES The discount rate uses the capital asset pricing model (CAPM) to derive the cost of equity along with an estimated cost of debt that is weighted by an appropriate capital structure to derive an indication of a weighted average cost of capital, which is then adjusted for relevant market and asset-specific risk where they are not already adjusted for within the underlying cash flow estimates. The cost of equity is calculated based on long-term government bond yield, an estimate of the required premium for investment in equity relative to government securities and further considers the volatility associated with peer public companies relative to the market. The cost of debt reflects an estimated market yield for long-term debt financing after taking into account the credit profile of public peer companies in the industry. The capital structure used to weight the cost of equity and cost of debt has been derived from the observed capital structure of public peer companies. The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 13.7% (2022: 14.5%). We developed a global discount rate that takes into account the diverse nature of the operations, as these CGUs operate with a diverse range of clients in a range of industries throughout the world, hence are subject to similar levels of market risks. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 12.6% (2022: 14.0%) to 28.4% (2022: 22.6%). DISCOUNTED CASH FLOW ASSESSMENT Our approach in determining the recoverable amount utilises a discounted cash flow methodology, which necessarily involves making numerous estimates and assumptions regarding revenue less pass-through costs growth, operating margins, appropriate discount rates and working capital requirements. The key assumptions used for estimating cash flow projections in the Group\u2019s impairment testing are those relating to operating margins and discount rates. The key assumptions take account of the business\u2019s expectations for the projection period. These expectations consider the macroeconomic environment, industry and market conditions, the CGU\u2019s historical performance and any other circumstances particular to the unit, such as business strategy and client mix. These estimates will likely differ from future actual results of operations and cash flows, and it is possible that these differences could be material. In addition, judgements are applied in determining the level of CGU identified for impairment testing and the criteria used to determine which assets should be aggregated. A difference in testing levels could affect whether an impairment is recorded and the extent of impairment loss. Changes in our business activities or structure may also result in additional changes to the level of testing in future periods. Further, future events could cause the Group to conclude that impairment indicators exist and that the asset values associated with a given operation have become impaired. Historically, the Group's impairment losses have resulted from a specific event, condition or circumstance in one or more of our companies, such as the impact of Covid-19 or the loss of a significant client. As a result, changes in the assumptions used in our impairment model have generally not had a significant effect on the impairment charges recognised. Following the \u00a3650.1 million amortisation charge recorded in the fourth quarter of 2023, described further above and in note 3, for certain brands that no longer have any useful life, as at 31 December 2023 there are no CGUs for which a reasonably possible change in key assumptions would lead to a significant impairment. The carrying value of goodwill and other intangible assets will continue to be reviewed at least annually for impairment and adjusted down to the recoverable amount, if required.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-686": { "value": "13. INTANGIBLE ASSETS GOODWILL The movements in 2023 and 2022 were as follows:
\u00a3m
Cost
1 January 2022
10,991.0
Additions 262.6
Disposals
\u2013
Exchange adjustments
891.0
31 December 2022
12,144.6
Additions 319.1
Disposals
\u2013
Exchange adjustments
(484.5)
31 December 2023
11,979.2
Accumulated impairment losses and write-downs
1 January 2022
3,378.7
Impairment losses for the year
37.9
Exchange adjustments
274.6
31 December 2022
3,691.2
Impairment losses for the year
63.6
Exchange adjustments
(164.5)
31 December 2023
3,590.3
Net book value
31 December 2023
8,388.9
31 December 2022
8,453.4
1 January 2022
7,612.3
Note
1
1 1 Additions represent goodwill arising on the acquisition of subsidiary undertakings including the effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations. The effect of such revisions was not material in either year presented OTHER INTANGIBLE ASSETS The movements in 2023 and 2022 were as follows:
Brands
with an
inde\ufb01nite Acquired
useful life intangibles Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
1,067.3
921.4
288.1
2,276.8
Additions
\u2212
\u2212
14.9
14.9
Disposals and
derecognition
\u2212
(33.8)
(59.2)
(93.0)
New acquisitions
\u2212
46.5
1.2
47.7
Other movements
\u2212
9.3
0.8
10.1
Exchange adjustments
98.7
129.8
34.7
263.2
31 December 2022
1,166.0
1,073.2
280.5
2,519.7
Additions
\u2212
\u2212
40.0
40.0
Disposals and
derecognition
\u2212
(15.1)
(51.8)
(66.9)
Reclassi\ufb01cations
(665.4)
665.4
\u2013
\u2013
New acquisitions
\u2212
138.5
2.9
141.4
Other movements
\u2212
\u2212
17.0
17.0
Exchange adjustments
(28.4)
(47.5)
(9.4)
(85.3)
31 December 2023
472.2
1,814.5
279.2
2,565.9
1 1 2 1 1 2
Brands
with an
inde\ufb01nite Acquired
useful life intangibles Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation and impairment
1 January 2022
56.8
648.0
212.5
917.3
Charge for the year
\u2212
61.9
21.9
83.8
Impairment charges
included within
restructuring costs
\u2212
\u2212
29.0
29.0
Disposals and
derecognition
\u2212
(33.6)
(59.4)
(93.0)
Exchange adjustments
1
5.8
108.2
16.7
130.7
31 December 2022
62.6
784.5
220.7
1,067.8
Charge for the year
\u2013
727.9
24.8
752.7
Other movements
\u2212
\u2212
(0.7)
(0.7)
Disposals and
derecognition
\u2212
(15.1)
(51.5)
(66.6)
Exchange adjustments
(2.8)
(27.0)
(7.4)
(37.2)
31 December 2023
59.8
1,470.3
185.9
1,716.0
Net book value
31 December 2023
412.4
344.2
93.3
849.9
31 December 2022
1,103.4
288.7
59.8
1,451.9
1 January 2022
1,010.5
273.4
75.6
1,359.5
1 3 1 1 2 Notes 1 The acquired intangibles balances within these line items have been re-presented to re\ufb02ect the derecognition of previously fully amortised assets that had no future economic bene\ufb01t in prior periods 2 Other movements in acquired intangibles include reclassi\ufb01cations of items previously recorded in trade and other receivables; and revisions to fair value adjustments arising on the acquisition of subsidiary undertakings that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations 3 Refer to note 3 for further explanation in relation to the impairment charges included within restructuring costs Cash-generating units (CGUs) with significant goodwill and brands with an indefinite useful life as at 31 December are:
Brands with an
Goodwill inde\ufb01nite useful life
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
GroupM
3,254.9
3,178.3
\u2212
\u2212
Wunderman Thompson
1,165.0
1,210.8
\u2212
442.0
VMLY&R
814.6
776.0
\u2212
207.6
Ogilvy
809.3
849.8
213.2
222.8
BCW
618.8
646.0
112.7
140.5
AKQA Group
600.1
628.7
\u2212
\u2212
FGS Global
452.1
451.8
\u2212
\u2212
Hill & Knowlton
141.7
145.7
33.2
34.8
Landor Group
115.0
106.5
53.3
55.7
Other
417.4
459.8
\u2212
\u2212
8,388.9
8,453.4
412.4
1,103.4
Other goodwill represents goodwill on a large number of CGUs, none of which is individually significant in comparison to the total carrying value of goodwill. Separately identifiable brands with an indefinite useful life are carried at historical cost in accordance with the Group\u2019s accounting policy for intangible assets. The carrying values of the other brands with an indefinite useful life are not individually significant in comparison with the total carrying value of brands with an indefinite useful life. Acquired intangible assets at net book value at 31 December 2023 include brand names of \u00a3134.6 million (2022: \u00a3142.3 million), customer-related intangibles of \u00a3108.2 million (2022: \u00a3120.3 million) and other assets (including proprietary tools) of \u00a3101.4 million (2022: \u00a326.1 million). AMORTISATION AND IMPAIRMENT The total amortisation and impairment of acquired intangible assets of \u00a3727.9 million (2022: \u00a361.9 million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million) predominantly in regard to certain brands that no longer have any useful life. This includes accelerated amortisation charges of \u00a3430.8 million and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively, due to the creation of VML in the fourth quarter of 2023. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. The goodwill impairment charge of \u00a363.6 million (2022: \u00a337.9 million) recognised during the year relates to businesses in the Group that have closed or where the impact of current macroeconomic conditions and trading circumstances indicate impairment to the carrying value. This year, \u00a340.3 million of the impairment charge related to the Global Integrated Agencies segment and \u00a323.3 million related to the Specialist Agencies segment. IMPAIRMENT ASSESSMENT PROCESS Under IFRS, an impairment charge is required for both goodwill and other indefinite life assets when the carrying amount exceeds the 'recoverable amount', defined as the higher of fair value less costs of disposal and value in use. The review assessed whether the carrying value of goodwill and intangible assets with indefinite useful lives was supported by the value in use determined as the net present value of future cash flows. RECOVERABLE AMOUNT ASSESSMENT Due to the significant number of CGUs, the impairment test was performed in two steps. In the first step, the recoverable amount was calculated for each CGU using the latest available forecasts for 2023 and/or 2024, nil growth rate thereafter (2022: nil) and a conservative pre-tax discount rate of 14.7% (2022: 15.5%). The pre-tax discount rate of 14.7% was above the rate calculated for the global networks of 13.7% (2022: 14.5%). For smaller CGUs that operate primarily in a particular region subject to higher risk, the higher of 14.7% or 100 basis points above the regional discount rate was used in the first step. The recoverable amount was then compared to the carrying amount, which includes goodwill, intangible assets and other assets. CGUs where the recoverable amount exceeded the carrying amount were not considered to be impaired. Those CGUs where the recoverable amount did not exceed the carrying amount were then further reviewed in the second step. In the second step, these CGUs were retested for impairment using more refined assumptions. This included using a CGU-specific pre-tax discount rate and management forecasts for a projection period of up to five years, followed by an assumed long-term growth rate of 2.0% (2022: 2.0%). If the recoverable amount using the more specific assumptions did not exceed the carrying value of a CGU, an impairment charge was recorded. The long-term growth rate is derived from management\u2019s best estimate of the likely long-term trading performance with reference to external industry reports and other relevant market trends. As at 31 December 2023, we have assessed long-term industry trends based on recent historical data and assumed a long-term growth rate of 2.0% (2022: 2.0%). Management has made the judgement that the long-term growth rate does not exceed the long-term average growth rate for the industry. DISCOUNT RATES The discount rate uses the capital asset pricing model (CAPM) to derive the cost of equity along with an estimated cost of debt that is weighted by an appropriate capital structure to derive an indication of a weighted average cost of capital, which is then adjusted for relevant market and asset-specific risk where they are not already adjusted for within the underlying cash flow estimates. The cost of equity is calculated based on long-term government bond yield, an estimate of the required premium for investment in equity relative to government securities and further considers the volatility associated with peer public companies relative to the market. The cost of debt reflects an estimated market yield for long-term debt financing after taking into account the credit profile of public peer companies in the industry. The capital structure used to weight the cost of equity and cost of debt has been derived from the observed capital structure of public peer companies. The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 13.7% (2022: 14.5%). We developed a global discount rate that takes into account the diverse nature of the operations, as these CGUs operate with a diverse range of clients in a range of industries throughout the world, hence are subject to similar levels of market risks. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 12.6% (2022: 14.0%) to 28.4% (2022: 22.6%). DISCOUNTED CASH FLOW ASSESSMENT Our approach in determining the recoverable amount utilises a discounted cash flow methodology, which necessarily involves making numerous estimates and assumptions regarding revenue less pass-through costs growth, operating margins, appropriate discount rates and working capital requirements. The key assumptions used for estimating cash flow projections in the Group\u2019s impairment testing are those relating to operating margins and discount rates. The key assumptions take account of the business\u2019s expectations for the projection period. These expectations consider the macroeconomic environment, industry and market conditions, the CGU\u2019s historical performance and any other circumstances particular to the unit, such as business strategy and client mix. These estimates will likely differ from future actual results of operations and cash flows, and it is possible that these differences could be material. In addition, judgements are applied in determining the level of CGU identified for impairment testing and the criteria used to determine which assets should be aggregated. A difference in testing levels could affect whether an impairment is recorded and the extent of impairment loss. Changes in our business activities or structure may also result in additional changes to the level of testing in future periods. Further, future events could cause the Group to conclude that impairment indicators exist and that the asset values associated with a given operation have become impaired. Historically, the Group's impairment losses have resulted from a specific event, condition or circumstance in one or more of our companies, such as the impact of Covid-19 or the loss of a significant client. As a result, changes in the assumptions used in our impairment model have generally not had a significant effect on the impairment charges recognised. Following the \u00a3650.1 million amortisation charge recorded in the fourth quarter of 2023, described further above and in note 3, for certain brands that no longer have any useful life, as at 31 December 2023 there are no CGUs for which a reasonably possible change in key assumptions would lead to a significant impairment. The carrying value of goodwill and other intangible assets will continue to be reviewed at least annually for impairment and adjusted down to the recoverable amount, if required.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-724": { "value": "AMORTISATION AND IMPAIRMENT The total amortisation and impairment of acquired intangible assets of \u00a3727.9 million (2022: \u00a361.9 million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million) predominantly in regard to certain brands that no longer have any useful life. This includes accelerated amortisation charges of \u00a3430.8 million and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively, due to the creation of VML in the fourth quarter of 2023. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. The goodwill impairment charge of \u00a363.6 million (2022: \u00a337.9 million) recognised during the year relates to businesses in the Group that have closed or where the impact of current macroeconomic conditions and trading circumstances indicate impairment to the carrying value. This year, \u00a340.3 million of the impairment charge related to the Global Integrated Agencies segment and \u00a323.3 million related to the Specialist Agencies segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-718": { "value": "AMORTISATION AND IMPAIRMENT The total amortisation and impairment of acquired intangible assets of \u00a3727.9 million (2022: \u00a361.9 million) includes a charge of \u00a3650.1 million (2022: \u00a31.4 million) predominantly in regard to certain brands that no longer have any useful life. This includes accelerated amortisation charges of \u00a3430.8 million and \u00a3202.3 million for Wunderman Thompson and Y&R brands respectively, due to the creation of VML in the fourth quarter of 2023. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. The goodwill impairment charge of \u00a363.6 million (2022: \u00a337.9 million) recognised during the year relates to businesses in the Group that have closed or where the impact of current macroeconomic conditions and trading circumstances indicate impairment to the carrying value. This year, \u00a340.3 million of the impairment charge related to the Global Integrated Agencies segment and \u00a323.3 million related to the Specialist Agencies segment. IMPAIRMENT ASSESSMENT PROCESS Under IFRS, an impairment charge is required for both goodwill and other indefinite life assets when the carrying amount exceeds the 'recoverable amount', defined as the higher of fair value less costs of disposal and value in use. The review assessed whether the carrying value of goodwill and intangible assets with indefinite useful lives was supported by the value in use determined as the net present value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "value": "
14. PROPERTY, PLANT AND EQUIPMENT
The movements in 2023 and 2022 were as follows:
Fixtures,
Freehold Leasehold \ufb01ttings and Computer
Land buildings buildings equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
43.2
61.4
1,075.0
149.5
391.8
1,720.9
Additions
13.8
0.1
75.8
32.1
86.6
208.4
New acquisitions
\u2013
\u2013
0.5
0.2
0.6
1.3
Disposals
(0.1)
(8.3)
(62.1)
(40.0)
(72.1)
(182.6)
Exchange
adjustments
(16.9)
39.3
89.7
23.0
39.8
174.9
31 December 2022
40.0
92.5
1,178.9
164.8
446.7
1,922.9
Additions
3.5
3.3
88.3
17.1
65.0
177.2
New acquisitions
\u2013
\u2013
0.8
\u2013
\u2013
0.8
Disposals
\u2013
\u2013
(155.9)
(51.0)
(95.6)
(302.5)
Exchange
adjustments
(31.6)
(61.5)
(51.0)
(11.5)
(26.3)
(181.9)
31 December 2023
11.9
34.3
1,061.1
119.4
389.8
1,616.5
Depreciation and impairment
1 January 2022
\u2013
2.7
469.6
71.9
280.3
824.5
Charge for the year
\u2013
0.7
74.0
26.5
65.7
166.9
Impairment charges
included within
restructuring costs
\u2013
\u2013
9.1
0.6
0.1
9.8
Disposals
\u2013
(1.7)
(63.5)
(36.7)
(71.1)
(173.0)
Exchange
adjustments
\u2013
0.3
43.2
17.5
33.0
94.0
31 December 2022
\u2013
2.0
532.4
79.8
308.0
922.2
Charge for the year
\u2013
1.0
70.5
24.9
68.7
165.1
Impairment charges
included within
restructuring costs
\u2013
\u2013
52.2
2.7
0.9
55.8
Disposals
\u2013
(0.2)
(144.9)
(48.4)
(94.1)
(287.6)
Exchange
adjustments
\u2013
(0.2)
(29.0)
(14.2)
(24.1)
(67.5)
31 December 2023
\u2013
2.6
481.2
44.8
259.4
788.0
Net book value
31 December 2023
11.9
31.7
579.9
74.6
130.4
828.5
31 December 2022
40.0
90.5
646.5
85.0
138.7
1,000.7
1 January 2022
43.2
58.7
605.4
77.6
111.5
896.4
At 31 December 2023, capital commitments contracted, but not provided
for in respect of property, plant and equipment, were \u00a338.4 million
(2022: \u00a3128.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "value": "
15. INTERESTS IN ASSOCIATES AND OTHER INVESTMENTS
The movements in 2023 and 2022 were as follows:
Interests in Other
associates investments
\u00a3m \u00a3m
1 January 2022
412.9
318.3
Additions
4.4
5.1
Loss from associates \u2013 after interest and tax
(60.4)
\u2212
Share of other comprehensive income
of associate undertakings
51.2
\u2212
Dividends
(37.6)
\u2212
Other movements
2.9
\u2212
Exchange adjustments
17.1
\u2212
Disposals
(9.6)
(16.0)
Reclassi\ufb01cation from subsidiaries
(5.9)
\u2212
Reclassi\ufb01cation from associates to other
investments
(22.5)
61.6
Revaluation of other investments through
pro\ufb01t or loss
\u2212
23.1
Revaluation of other investments through
other comprehensive income
\u2212
(22.3)
Amortisation of other intangible assets
(0.2)
\u2212
Impairment charges
(47.2)
\u2212
31 December 2022
305.1
369.8
Additions
39.4
2.5
Gain from associates \u2013 after interest and tax
25.1
\u2013
Share of other comprehensive loss
of associate undertakings
(0.9)
\u2013
Dividends
(30.4)
\u2013
Other movements
(12.5)
-
Exchange adjustments
(19.3)
-
Disposals
(5.4)
(10.4)
Reclassi\ufb01cation to subsidiaries
\u2013
\u2013
Reclassi\ufb01cation from associates to
other investments
\u2013
\u2013
Revaluation of other investments through
pro\ufb01t or loss
\u2013
(26.2)
Revaluation of other investments through
other comprehensive income
\u2013
(3.0)
Amortisation of other intangible assets
\u2013
\u2013
Impairment charges
(14.6)
\u2013
31 December 2023
286.5
332.7
Interests in joint ventures are immaterial and none of the Group's associates
are individually material at 31 December 2023.
The investments included above as 'Other investments' represent investments
in equity securities that present the Group with the opportunity for return
through dividend income and trading gains. They have no fixed maturity or
coupon rate. The fair values of the listed securities are based on quoted market
prices at the balance sheet date. For unlisted securities, where market value is
not available, the Group has estimated relevant fair values on the basis of
information from outside sources at the balance sheet date.
The carrying values of the Group\u2019s associates are reviewed for impairment in
accordance with the Group\u2019s accounting policies.
CONTINUED
AGGREGATE INFORMATION OF ASSOCIATES THAT ARE NOT
INDIVIDUALLY MATERIAL
The following table presents a summary of the aggregate financial
performance of the Group\u2019s associate undertakings.
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Earnings/(loss) from associates \u2013 after interest
and tax (note 4)
70.2
(60.4)
23.8
Share of other comprehensive (loss)/earnings
of associate undertakings
(0.9)
51.2
13.5
Share of total comprehensive earnings/(loss)
of associate undertakings
69.3
(9.2)
37.3
The application of equity accounting is ordinarily discontinued when the
investment is reduced to zero and additional losses are not provided for unless
the Group has guaranteed obligations of the investee or is otherwise
committed to provide further financial support for the investee.
As at 31 December 2023, share of losses of \u00a330.1 million (2022: \u00a329.5 million) for
the US and \u00a3137.9 million (2022: \u00a333.8 million) for the Rest of World have not
been recognised in relation to Kantar as the investment was previously
reduced to zero.
As at 31 December 2021, the cumulative share of unrecognised losses in relation
to Imagina, an associate in Spain with the investment carrying value reduced
to zero, were \u00a323.0 million. In 2022, the Group partially disposed of its
investment in Imagina in Spain resulting in its reclassification from interests in
associates to other investments (within the scope of IFRS 9) designated as fair
value through other comprehensive income. Refer to note 25 for further details
on financial instruments held at fair value though other comprehensive income.
At 31 December 2023, capital commitments contracted, but not provided for,
in respect of interests in associates and other investments were \u00a32.2 million
(2022: \u00a33.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-725": { "value": "15. INTERESTS IN ASSOCIATES AND OTHER INVESTMENTS The movements in 2023 and 2022 were as follows:
Interests in Other
associates investments
\u00a3m \u00a3m
1 January 2022
412.9
318.3
Additions
4.4
5.1
Loss from associates \u2013 after interest and tax
(60.4)
\u2212
Share of other comprehensive income
of associate undertakings
51.2
\u2212
Dividends
(37.6)
\u2212
Other movements
2.9
\u2212
Exchange adjustments
17.1
\u2212
Disposals
(9.6)
(16.0)
Reclassi\ufb01cation from subsidiaries
(5.9)
\u2212
Reclassi\ufb01cation from associates to other
investments
(22.5)
61.6
Revaluation of other investments through
pro\ufb01t or loss
\u2212
23.1
Revaluation of other investments through
other comprehensive income
\u2212
(22.3)
Amortisation of other intangible assets
(0.2)
\u2212
Impairment charges
(47.2)
\u2212
31 December 2022
305.1
369.8
Additions
39.4
2.5
Gain from associates \u2013 after interest and tax
25.1
\u2013
Share of other comprehensive loss
of associate undertakings
(0.9)
\u2013
Dividends
(30.4)
\u2013
Other movements
(12.5)
-
Exchange adjustments
(19.3)
-
Disposals
(5.4)
(10.4)
Reclassi\ufb01cation to subsidiaries
\u2013
\u2013
Reclassi\ufb01cation from associates to
other investments
\u2013
\u2013
Revaluation of other investments through
pro\ufb01t or loss
\u2013
(26.2)
Revaluation of other investments through
other comprehensive income
\u2013
(3.0)
Amortisation of other intangible assets
\u2013
\u2013
Impairment charges
(14.6)
\u2013
31 December 2023
286.5
332.7
Interests in joint ventures are immaterial and none of the Group's associates are individually material at 31 December 2023. The investments included above as 'Other investments' represent investments in equity securities that present the Group with the opportunity for return through dividend income and trading gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices at the balance sheet date. For unlisted securities, where market value is not available, the Group has estimated relevant fair values on the basis of information from outside sources at the balance sheet date. The carrying values of the Group\u2019s associates are reviewed for impairment in accordance with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-719": { "value": "15. INTERESTS IN ASSOCIATES AND OTHER INVESTMENTS The movements in 2023 and 2022 were as follows:
Interests in Other
associates investments
\u00a3m \u00a3m
1 January 2022
412.9
318.3
Additions
4.4
5.1
Loss from associates \u2013 after interest and tax
(60.4)
\u2212
Share of other comprehensive income
of associate undertakings
51.2
\u2212
Dividends
(37.6)
\u2212
Other movements
2.9
\u2212
Exchange adjustments
17.1
\u2212
Disposals
(9.6)
(16.0)
Reclassi\ufb01cation from subsidiaries
(5.9)
\u2212
Reclassi\ufb01cation from associates to other
investments
(22.5)
61.6
Revaluation of other investments through
pro\ufb01t or loss
\u2212
23.1
Revaluation of other investments through
other comprehensive income
\u2212
(22.3)
Amortisation of other intangible assets
(0.2)
\u2212
Impairment charges
(47.2)
\u2212
31 December 2022
305.1
369.8
Additions
39.4
2.5
Gain from associates \u2013 after interest and tax
25.1
\u2013
Share of other comprehensive loss
of associate undertakings
(0.9)
\u2013
Dividends
(30.4)
\u2013
Other movements
(12.5)
-
Exchange adjustments
(19.3)
-
Disposals
(5.4)
(10.4)
Reclassi\ufb01cation to subsidiaries
\u2013
\u2013
Reclassi\ufb01cation from associates to
other investments
\u2013
\u2013
Revaluation of other investments through
pro\ufb01t or loss
\u2013
(26.2)
Revaluation of other investments through
other comprehensive income
\u2013
(3.0)
Amortisation of other intangible assets
\u2013
\u2013
Impairment charges
(14.6)
\u2013
31 December 2023
286.5
332.7
Interests in joint ventures are immaterial and none of the Group's associates are individually material at 31 December 2023. The investments included above as 'Other investments' represent investments in equity securities that present the Group with the opportunity for return through dividend income and trading gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices at the balance sheet date. For unlisted securities, where market value is not available, the Group has estimated relevant fair values on the basis of information from outside sources at the balance sheet date. The carrying values of the Group\u2019s associates are reviewed for impairment in accordance with the Group\u2019s accounting policies. CONTINUED AGGREGATE INFORMATION OF ASSOCIATES THAT ARE NOT INDIVIDUALLY MATERIAL The following table presents a summary of the aggregate financial performance of the Group\u2019s associate undertakings.
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Earnings/(loss) from associates \u2013 after interest
and tax (note 4)
70.2
(60.4)
23.8
Share of other comprehensive (loss)/earnings
of associate undertakings
(0.9)
51.2
13.5
Share of total comprehensive earnings/(loss)
of associate undertakings
69.3
(9.2)
37.3
The application of equity accounting is ordinarily discontinued when the investment is reduced to zero and additional losses are not provided for unless the Group has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. As at 31 December 2023, share of losses of \u00a330.1 million (2022: \u00a329.5 million) for the US and \u00a3137.9 million (2022: \u00a333.8 million) for the Rest of World have not been recognised in relation to Kantar as the investment was previously reduced to zero. As at 31 December 2021, the cumulative share of unrecognised losses in relation to Imagina, an associate in Spain with the investment carrying value reduced to zero, were \u00a323.0 million. In 2022, the Group partially disposed of its investment in Imagina in Spain resulting in its reclassification from interests in associates to other investments (within the scope of IFRS 9) designated as fair value through other comprehensive income. Refer to note 25 for further details on financial instruments held at fair value though other comprehensive income. At 31 December 2023, capital commitments contracted, but not provided for, in respect of interests in associates and other investments were \u00a32.2 million (2022: \u00a33.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-711": { "value": "15. INTERESTS IN ASSOCIATES AND OTHER INVESTMENTS The movements in 2023 and 2022 were as follows:
Interests in Other
associates investments
\u00a3m \u00a3m
1 January 2022
412.9
318.3
Additions
4.4
5.1
Loss from associates \u2013 after interest and tax
(60.4)
\u2212
Share of other comprehensive income
of associate undertakings
51.2
\u2212
Dividends
(37.6)
\u2212
Other movements
2.9
\u2212
Exchange adjustments
17.1
\u2212
Disposals
(9.6)
(16.0)
Reclassi\ufb01cation from subsidiaries
(5.9)
\u2212
Reclassi\ufb01cation from associates to other
investments
(22.5)
61.6
Revaluation of other investments through
pro\ufb01t or loss
\u2212
23.1
Revaluation of other investments through
other comprehensive income
\u2212
(22.3)
Amortisation of other intangible assets
(0.2)
\u2212
Impairment charges
(47.2)
\u2212
31 December 2022
305.1
369.8
Additions
39.4
2.5
Gain from associates \u2013 after interest and tax
25.1
\u2013
Share of other comprehensive loss
of associate undertakings
(0.9)
\u2013
Dividends
(30.4)
\u2013
Other movements
(12.5)
-
Exchange adjustments
(19.3)
-
Disposals
(5.4)
(10.4)
Reclassi\ufb01cation to subsidiaries
\u2013
\u2013
Reclassi\ufb01cation from associates to
other investments
\u2013
\u2013
Revaluation of other investments through
pro\ufb01t or loss
\u2013
(26.2)
Revaluation of other investments through
other comprehensive income
\u2013
(3.0)
Amortisation of other intangible assets
\u2013
\u2013
Impairment charges
(14.6)
\u2013
31 December 2023
286.5
332.7
Interests in joint ventures are immaterial and none of the Group's associates are individually material at 31 December 2023. The investments included above as 'Other investments' represent investments in equity securities that present the Group with the opportunity for return through dividend income and trading gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices at the balance sheet date. For unlisted securities, where market value is not available, the Group has estimated relevant fair values on the basis of information from outside sources at the balance sheet date. The carrying values of the Group\u2019s associates are reviewed for impairment in accordance with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-687": { "value": "15. INTERESTS IN ASSOCIATES AND OTHER INVESTMENTS The movements in 2023 and 2022 were as follows:
Interests in Other
associates investments
\u00a3m \u00a3m
1 January 2022
412.9
318.3
Additions
4.4
5.1
Loss from associates \u2013 after interest and tax
(60.4)
\u2212
Share of other comprehensive income
of associate undertakings
51.2
\u2212
Dividends
(37.6)
\u2212
Other movements
2.9
\u2212
Exchange adjustments
17.1
\u2212
Disposals
(9.6)
(16.0)
Reclassi\ufb01cation from subsidiaries
(5.9)
\u2212
Reclassi\ufb01cation from associates to other
investments
(22.5)
61.6
Revaluation of other investments through
pro\ufb01t or loss
\u2212
23.1
Revaluation of other investments through
other comprehensive income
\u2212
(22.3)
Amortisation of other intangible assets
(0.2)
\u2212
Impairment charges
(47.2)
\u2212
31 December 2022
305.1
369.8
Additions
39.4
2.5
Gain from associates \u2013 after interest and tax
25.1
\u2013
Share of other comprehensive loss
of associate undertakings
(0.9)
\u2013
Dividends
(30.4)
\u2013
Other movements
(12.5)
-
Exchange adjustments
(19.3)
-
Disposals
(5.4)
(10.4)
Reclassi\ufb01cation to subsidiaries
\u2013
\u2013
Reclassi\ufb01cation from associates to
other investments
\u2013
\u2013
Revaluation of other investments through
pro\ufb01t or loss
\u2013
(26.2)
Revaluation of other investments through
other comprehensive income
\u2013
(3.0)
Amortisation of other intangible assets
\u2013
\u2013
Impairment charges
(14.6)
\u2013
31 December 2023
286.5
332.7
Interests in joint ventures are immaterial and none of the Group's associates are individually material at 31 December 2023. The investments included above as 'Other investments' represent investments in equity securities that present the Group with the opportunity for return through dividend income and trading gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices at the balance sheet date. For unlisted securities, where market value is not available, the Group has estimated relevant fair values on the basis of information from outside sources at the balance sheet date. The carrying values of the Group\u2019s associates are reviewed for impairment in accordance with the Group\u2019s accounting policies. CONTINUED AGGREGATE INFORMATION OF ASSOCIATES THAT ARE NOT INDIVIDUALLY MATERIAL The following table presents a summary of the aggregate financial performance of the Group\u2019s associate undertakings.
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Earnings/(loss) from associates \u2013 after interest
and tax (note 4)
70.2
(60.4)
23.8
Share of other comprehensive (loss)/earnings
of associate undertakings
(0.9)
51.2
13.5
Share of total comprehensive earnings/(loss)
of associate undertakings
69.3
(9.2)
37.3
The application of equity accounting is ordinarily discontinued when the investment is reduced to zero and additional losses are not provided for unless the Group has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. As at 31 December 2023, share of losses of \u00a330.1 million (2022: \u00a329.5 million) for the US and \u00a3137.9 million (2022: \u00a333.8 million) for the Rest of World have not been recognised in relation to Kantar as the investment was previously reduced to zero. As at 31 December 2021, the cumulative share of unrecognised losses in relation to Imagina, an associate in Spain with the investment carrying value reduced to zero, were \u00a323.0 million. In 2022, the Group partially disposed of its investment in Imagina in Spain resulting in its reclassification from interests in associates to other investments (within the scope of IFRS 9) designated as fair value through other comprehensive income. Refer to note 25 for further details on financial instruments held at fair value though other comprehensive income. At 31 December 2023, capital commitments contracted, but not provided for, in respect of interests in associates and other investments were \u00a32.2 million (2022: \u00a33.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-688": { "value": "16. DEFERRED TAX The Group's deferred tax assets and liabilities are measured at the end of each period in accordance with IAS 12 Income Taxes. The recognition of deferred tax assets is determined by reference to the Group's estimate of recoverability, using models, where appropriate, to forecast future taxable profits. Deferred tax assets have only been recognised for territories where the Group considers that it is probable that all or a portion of the deferred tax assets will be realised. The main factors that we consider include: \u2013 The future earnings potential determined through the use of internal forecasts \u2013 The cumulative losses in recent years \u2013 The various jurisdictions in which the potential deferred tax assets arise \u2013 The history of losses carried forward and other tax assets expiring \u2013 The timing of future reversal of taxable temporary differences \u2013 The expiry period associated with the deferred tax assets \u2013 The nature of the income that can be used to realise the deferred tax asset If it is probable that some portion of these assets will not be realised, no asset is recognised in relation to that portion. If market conditions improve and future results of operations exceed our current expectations, our existing recognised deferred tax assets may be adjusted, resulting in future tax benefits. Alternatively, if market conditions deteriorate further or future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realisable. As a result, all or a portion of the deferred tax assets may need to be reversed. The following is the analysis of the deferred tax balances for financial reporting purposes:
Offset of
balances arising Gross balances
from a single before offset Offset within As
Gross transaction within countries countries reported
2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
684.9
(94.0)
590.9
(266.5)
324.4
Deferred tax liabilities
(539.0)
94.0
(445.0)
266.5
(178.5)
145.9
\u2013
145.9
\u2013
145.9
1
Offset of
balances arising Gross balances
from a single before offset Offset within As
Gross transaction within countries countries reported
2022 2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
734.2
(145.4)
588.8
(266.7)
322.1
Deferred tax liabilities
(762.9)
145.4
(617.5)
266.7
(350.8)
(28.7)
\u2013
(28.7)
\u2013
(28.7)
1 Note 1 The Group has applied Deferred tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). Transactions which give rise to the recognition of an asset and a liability on the Group\u2019s balance sheet, including leases for which the Group recognises a right-of-use asset and a lease liability, lead to taxable and deductible temporary differences in certain jurisdictions. The resulting deferred tax assets and deferred tax liabilities arising from these temporary differences have been offset and reported net on the Group\u2019s balance sheet The following are the major gross deferred tax assets before offset within countries recognised by the Group and movements thereon in 2023 and 2022:
Accounting Retirement Other
Deferred provisions bene\ufb01t Plant and Tax losses Share-based Restructuring temporary
compensation and accruals obligations equipment Property and credits payments provisions differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
108.5
106.2
53.4
15.0
53.0
110.5
43.5
61.1
13.8
565.0
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
1.1
(Charge)/credit to income
(38.7)
3.3
(2.9)
(1.0)
(9.0)
5.0
1.3
21.2
(14.2)
(35.0)
Charge to other comprehensive income
\u2013
\u2013
(7.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7.0)
Charge to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(15.5)
\u2013
\u2013
(15.5)
Exchange differences and other movements
4.5
10.6
4.5
33.9
9.7
7.0
3.0
2.3
4.7
80.2
31 December 2022
74.3
120.1
48.0
47.9
53.7
122.5
32.3
84.6
5.4
588.8
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(Charge)/credit to income
(6.0)
13.8
2.8
(11.8)
(5.7)
(11.5)
3.7
38.7
1.8
25.8
Credit to other comprehensive income
\u2013
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.5
Charge to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Exchange differences and other movements
(3.2)
(2.2)
(2.6)
(0.3)
8.4
(6.8)
(0.7)
(15.7)
(1.8)
(24.9)
31 December 2023
65.1
131.7
49.7
35.8
56.4
104.2
35.0
107.6
5.4
590.9
Other temporary differences comprise a number of items, none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2023 the balance related to temporary differences in relation to revenue adjustments, tax deductible goodwill, fair value adjustments and other temporary differences. In addition the Group has recognised the following gross deferred tax liabilities before offset within countries and movements thereon in 2023 and 2022:
Brands Other
and other Associate Plant and temporary
intangibles earnings Goodwill equipment differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
325.1
36.8
133.2
\u2013
40.9
536.0
Acquisition of subsidiaries
15.1
\u2013
\u2013
\u2013
\u2013
15.1
(Credit)/charge to income
(12.4)
(3.5)
19.7
(14.2)
(10.5)
(20.9)
Charge to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Exchange differences and other movements
24.8
3.2
20.5
37.2
1.2
86.9
31 December 2022
352.6
36.5
173.4
23.0
32.0
617.5
Acquisition of subsidiaries
35.0
\u2013
\u2013
\u2013
\u2013
35.0
(Credit)/charge to income
(173.7)
(15.6)
18.4
0.3
(1.7)
(172.3)
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Exchange differences and other movements
(21.2)
(1.1)
(10.8)
(1.1)
(0.8)
(35.0)
31 December 2023
192.7
19.8
181.0
22.2
29.3
445.0
Other temporary differences comprise a number of items none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2023 the balance related to temporary differences in relation to unremitted earnings of subsidiaries and other temporary differences. At the balance sheet date, the Group has gross tax losses and other temporary differences of \u00a310,321.0 million (2022: \u00a37,667.4 million) available for offset against future profits. Deferred tax assets have been recognised in respect of the tax benefit of \u00a32,399.4 million (2022: \u00a32,259.7 million) of such tax losses and other temporary differences. No deferred tax asset has been recognised in respect of the remaining \u00a37,921.6 million (2022: \u00a35,407.7 million) of losses and other temporary differences as the Group considers that there will not be enough taxable profits in the entities concerned such that any additional asset could be considered recoverable. Included in the total unrecognised temporary differences are losses of \u00a392.0 million (2022: \u00a360.3 million) that will expire within one to ten years, and \u00a37,712.8 million (2022: \u00a35,138.1 million) of losses that may be carried forward indefinitely. The increase in losses primarily arose in Luxembourg as a result of steps that were part of the Group's continuing structural simplification programme. 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 \u00a31,355.1 million (2022: \u00a31,346.1 million). 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "
17. TRADE AND OTHER RECEIVABLES
The following are included in trade and other receivables
1
:
2023 2022
\u00a3m \u00a3m
Amounts to be realised within one year
Trade receivables (net of loss allowance)
7,055 .0
7,4 03.9
Unbilled costs
273.6
352.4
VAT and sales taxes recoverable
370.7
448.1
Prepayments
239.0
236.6
Fair value of derivatives
1.6
5.1
Other debtors
520.7
585.3
8,460.6
9,031.4
2
3
Notes
1
Accrued income was previously presented in Trade and other receivables
2
Previously named 'Work in progress'
3
This balance includes campus related enhancement prepayments and other individually not
material items
The ageing of trade receivables and other financial assets by due date is
as follows:
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2023 due days days days 1 year 1 year
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,098.9
6,173.0
612.7
183.0
52.7
30.6
46.9
Expected
credit losses
(43.9)
(1.4)
(1.1)
(0.9)
(2.6)
(10.3)
(27.6)
7,055.0
6,171.6
611.6
182.1
50.1
20.3
19.3
Expected
credit loss
rate
0.6%
0.0%
0.2%
0.5%
4.9%
33.7%
58.8%
Gross
accrued
income
3,165.6
2,022.1
548.3
336.7
244.5
14.0
\u2013
Expected
credit losses
(15.0)
(0.3)
(0.5)
(1.3)
(12.8)
(0.1)
\u2013
3,150.6
2,021.8
547.8
335.4
231.7
13.9
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.1%
0.4%
5.2%
0.7%
n/a
Other
\ufb01nancial
assets
514.1
413.2
33.8
14.4
6.4
17.2
29.1
10,719.7
8,606.6
1,193.2
531.9
288.2
51.4
48.4
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2022 due days days days 1 year 1 year
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,475.4
6,386.5
706.4
247.1
66.8
23.5
45.1
Expected
credit losses
(71.5)
(1.6)
(5.8)
(6.6)
(6.6)
(13.3)
(37.6)
7,403.9
6,384.9
700.6
240.5
60.2
10.2
7.5
Expected
credit loss
rate
1.0%
0.0%
0.8%
2.7%
9.9%
56.6%
83.4%
Gross
accrued
income
3,485.6
2,027.0
603.8
450.5
376.8
27.5
\u2013
Expected
credit losses
(17.3)
(0.1)
(0.2)
(0.1)
(16.9)
\u2013
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.0%
0.0%
4.5%
0.0%
n/a
Expected
credit loss
rate
3,468.3
2,026.9
603.6
450.4
359.9
27.5
\u2013
Other
\ufb01nancial
assets
612.0
538.8
31.2
6.1
1.0
6.2
28.7
11,484.2
8,950.6
1,335.4
697.0
421.1
43.9
36.2
Other financial assets are included in other debtors.
2023 2022
\u00a3m \u00a3m
Amounts to be realised after more than one year
Prepayments
2.0
3.9
Fair value of derivatives
32.3
0.6
Other debtors
174.9
214.1
209.2
218.6
The Group has applied the practical expedient permitted by IFRS 15 to not
disclose the transaction price allocated to performance obligations unsatisfied
(or partially unsatisfied) as of the end of the reporting period as contracts
typically have an original expected duration of a year or less.
Other debtors falling due after more than one year at 31 December 2023
includes \u00a313.7 million in relation to pension plans in surplus (2022: \u00a315.4 million).
2023 2022
\u00a3m \u00a3m
Expected credit losses
At beginning of year
71.5
70.5
New acquisitions
0.6
\u2212
Charged to the income statement
14.9
29.1
Released to the income statement
(22.2)
(8.4)
Exchange adjustments
(5.3)
5.1
Utilisations and other movements
(15.6)
(24.8)
At end of year
43.9
71.5
The expected credit loss is equivalent to 0.6% (2022: 1.0%) of gross
trade receivables.
Expected credit losses on unbilled costs, and other debtors were immaterial
for the years presented.
The Group considers that the carrying amount of trade and other receivables
approximates their fair value.
EXPECTED CREDIT LOSSES
Given the short-term nature of the Group\u2019s trade receivables, unbilled costs,
and accrued income, which are mainly due from large national or multinational
companies, the Group's assessment of expected credit losses includes
provisions for specific clients and receivables where the contractual cash flow
is deemed at risk. Considerations include the current economic environment,
and the level of credit insurance the Group has along with historical loss rates
for each category of customers adjusted for forward-looking information.
Additional provisions are made based on the assessment of recoverability
of aged receivables over one year where sufficient evidence of recoverability
is not evident.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-720": { "value": "17. TRADE AND OTHER RECEIVABLES The following are included in trade and other receivables1:
2023 2022
\u00a3m \u00a3m
Amounts to be realised within one year
Trade receivables (net of loss allowance)
7,055 .0
7,4 03.9
Unbilled costs
273.6
352.4
VAT and sales taxes recoverable
370.7
448.1
Prepayments
239.0
236.6
Fair value of derivatives
1.6
5.1
Other debtors
520.7
585.3
8,460.6
9,031.4
2 3 Notes 1 Accrued income was previously presented in Trade and other receivables 2 Previously named 'Work in progress' 3 This balance includes campus related enhancement prepayments and other individually not material items The ageing of trade receivables and other financial assets by due date is as follows:
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2023 due days days days 1 year 1 year
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,098.9
6,173.0
612.7
183.0
52.7
30.6
46.9
Expected
credit losses
(43.9)
(1.4)
(1.1)
(0.9)
(2.6)
(10.3)
(27.6)
7,055.0
6,171.6
611.6
182.1
50.1
20.3
19.3
Expected
credit loss
rate
0.6%
0.0%
0.2%
0.5%
4.9%
33.7%
58.8%
Gross
accrued
income
3,165.6
2,022.1
548.3
336.7
244.5
14.0
\u2013
Expected
credit losses
(15.0)
(0.3)
(0.5)
(1.3)
(12.8)
(0.1)
\u2013
3,150.6
2,021.8
547.8
335.4
231.7
13.9
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.1%
0.4%
5.2%
0.7%
n/a
Other
\ufb01nancial
assets
514.1
413.2
33.8
14.4
6.4
17.2
29.1
10,719.7
8,606.6
1,193.2
531.9
288.2
51.4
48.4
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2022 due days days days 1 year 1 year
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,475.4
6,386.5
706.4
247.1
66.8
23.5
45.1
Expected
credit losses
(71.5)
(1.6)
(5.8)
(6.6)
(6.6)
(13.3)
(37.6)
7,403.9
6,384.9
700.6
240.5
60.2
10.2
7.5
Expected
credit loss
rate
1.0%
0.0%
0.8%
2.7%
9.9%
56.6%
83.4%
Gross
accrued
income
3,485.6
2,027.0
603.8
450.5
376.8
27.5
\u2013
Expected
credit losses
(17.3)
(0.1)
(0.2)
(0.1)
(16.9)
\u2013
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.0%
0.0%
4.5%
0.0%
n/a
Expected
credit loss
rate
3,468.3
2,026.9
603.6
450.4
359.9
27.5
\u2013
Other
\ufb01nancial
assets
612.0
538.8
31.2
6.1
1.0
6.2
28.7
11,484.2
8,950.6
1,335.4
697.0
421.1
43.9
36.2
Other financial assets are included in other debtors.
2023 2022
\u00a3m \u00a3m
Amounts to be realised after more than one year
Prepayments
2.0
3.9
Fair value of derivatives
32.3
0.6
Other debtors
174.9
214.1
209.2
218.6
The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. Other debtors falling due after more than one year at 31 December 2023 includes \u00a313.7 million in relation to pension plans in surplus (2022: \u00a315.4 million).
2023 2022
\u00a3m \u00a3m
Expected credit losses
At beginning of year
71.5
70.5
New acquisitions
0.6
\u2212
Charged to the income statement
14.9
29.1
Released to the income statement
(22.2)
(8.4)
Exchange adjustments
(5.3)
5.1
Utilisations and other movements
(15.6)
(24.8)
At end of year
43.9
71.5
The expected credit loss is equivalent to 0.6% (2022: 1.0%) of gross trade receivables. Expected credit losses on unbilled costs, and other debtors were immaterial for the years presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value. EXPECTED CREDIT LOSSES Given the short-term nature of the Group\u2019s trade receivables, unbilled costs, and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment, and the level of credit insurance the Group has along with historical loss rates for each category of customers adjusted for forward-looking information. Additional provisions are made based on the assessment of recoverability of aged receivables over one year where sufficient evidence of recoverability is not evident.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-712": { "value": "17. TRADE AND OTHER RECEIVABLES The following are included in trade and other receivables1:
2023 2022
\u00a3m \u00a3m
Amounts to be realised within one year
Trade receivables (net of loss allowance)
7,055 .0
7,4 03.9
Unbilled costs
273.6
352.4
VAT and sales taxes recoverable
370.7
448.1
Prepayments
239.0
236.6
Fair value of derivatives
1.6
5.1
Other debtors
520.7
585.3
8,460.6
9,031.4
2 3 Notes 1 Accrued income was previously presented in Trade and other receivables 2 Previously named 'Work in progress' 3 This balance includes campus related enhancement prepayments and other individually not material items The ageing of trade receivables and other financial assets by due date is as follows:
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2023 due days days days 1 year 1 year
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,098.9
6,173.0
612.7
183.0
52.7
30.6
46.9
Expected
credit losses
(43.9)
(1.4)
(1.1)
(0.9)
(2.6)
(10.3)
(27.6)
7,055.0
6,171.6
611.6
182.1
50.1
20.3
19.3
Expected
credit loss
rate
0.6%
0.0%
0.2%
0.5%
4.9%
33.7%
58.8%
Gross
accrued
income
3,165.6
2,022.1
548.3
336.7
244.5
14.0
\u2013
Expected
credit losses
(15.0)
(0.3)
(0.5)
(1.3)
(12.8)
(0.1)
\u2013
3,150.6
2,021.8
547.8
335.4
231.7
13.9
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.1%
0.4%
5.2%
0.7%
n/a
Other
\ufb01nancial
assets
514.1
413.2
33.8
14.4
6.4
17.2
29.1
10,719.7
8,606.6
1,193.2
531.9
288.2
51.4
48.4
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2022 due days days days 1 year 1 year
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,475.4
6,386.5
706.4
247.1
66.8
23.5
45.1
Expected
credit losses
(71.5)
(1.6)
(5.8)
(6.6)
(6.6)
(13.3)
(37.6)
7,403.9
6,384.9
700.6
240.5
60.2
10.2
7.5
Expected
credit loss
rate
1.0%
0.0%
0.8%
2.7%
9.9%
56.6%
83.4%
Gross
accrued
income
3,485.6
2,027.0
603.8
450.5
376.8
27.5
\u2013
Expected
credit losses
(17.3)
(0.1)
(0.2)
(0.1)
(16.9)
\u2013
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.0%
0.0%
4.5%
0.0%
n/a
Expected
credit loss
rate
3,468.3
2,026.9
603.6
450.4
359.9
27.5
\u2013
Other
\ufb01nancial
assets
612.0
538.8
31.2
6.1
1.0
6.2
28.7
11,484.2
8,950.6
1,335.4
697.0
421.1
43.9
36.2
Other financial assets are included in other debtors.
2023 2022
\u00a3m \u00a3m
Amounts to be realised after more than one year
Prepayments
2.0
3.9
Fair value of derivatives
32.3
0.6
Other debtors
174.9
214.1
209.2
218.6
The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. Other debtors falling due after more than one year at 31 December 2023 includes \u00a313.7 million in relation to pension plans in surplus (2022: \u00a315.4 million).
2023 2022
\u00a3m \u00a3m
Expected credit losses
At beginning of year
71.5
70.5
New acquisitions
0.6
\u2212
Charged to the income statement
14.9
29.1
Released to the income statement
(22.2)
(8.4)
Exchange adjustments
(5.3)
5.1
Utilisations and other movements
(15.6)
(24.8)
At end of year
43.9
71.5
The expected credit loss is equivalent to 0.6% (2022: 1.0%) of gross trade receivables. Expected credit losses on unbilled costs, and other debtors were immaterial for the years presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value. EXPECTED CREDIT LOSSES Given the short-term nature of the Group\u2019s trade receivables, unbilled costs, and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment, and the level of credit insurance the Group has along with historical loss rates for each category of customers adjusted for forward-looking information. Additional provisions are made based on the assessment of recoverability of aged receivables over one year where sufficient evidence of recoverability is not evident.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-689": { "value": "17. TRADE AND OTHER RECEIVABLES The following are included in trade and other receivables1:
2023 2022
\u00a3m \u00a3m
Amounts to be realised within one year
Trade receivables (net of loss allowance)
7,055 .0
7,4 03.9
Unbilled costs
273.6
352.4
VAT and sales taxes recoverable
370.7
448.1
Prepayments
239.0
236.6
Fair value of derivatives
1.6
5.1
Other debtors
520.7
585.3
8,460.6
9,031.4
2 3 Notes 1 Accrued income was previously presented in Trade and other receivables 2 Previously named 'Work in progress' 3 This balance includes campus related enhancement prepayments and other individually not material items The ageing of trade receivables and other financial assets by due date is as follows:
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2023 due days days days 1 year 1 year
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,098.9
6,173.0
612.7
183.0
52.7
30.6
46.9
Expected
credit losses
(43.9)
(1.4)
(1.1)
(0.9)
(2.6)
(10.3)
(27.6)
7,055.0
6,171.6
611.6
182.1
50.1
20.3
19.3
Expected
credit loss
rate
0.6%
0.0%
0.2%
0.5%
4.9%
33.7%
58.8%
Gross
accrued
income
3,165.6
2,022.1
548.3
336.7
244.5
14.0
\u2013
Expected
credit losses
(15.0)
(0.3)
(0.5)
(1.3)
(12.8)
(0.1)
\u2013
3,150.6
2,021.8
547.8
335.4
231.7
13.9
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.1%
0.4%
5.2%
0.7%
n/a
Other
\ufb01nancial
assets
514.1
413.2
33.8
14.4
6.4
17.2
29.1
10,719.7
8,606.6
1,193.2
531.9
288.2
51.4
48.4
Days past due
Carrying
amount at 181 Greater
31 December Not past 0-30 31-90 91-180 days- than
2022 due days days days 1 year 1 year
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross trade
receivables
7,475.4
6,386.5
706.4
247.1
66.8
23.5
45.1
Expected
credit losses
(71.5)
(1.6)
(5.8)
(6.6)
(6.6)
(13.3)
(37.6)
7,403.9
6,384.9
700.6
240.5
60.2
10.2
7.5
Expected
credit loss
rate
1.0%
0.0%
0.8%
2.7%
9.9%
56.6%
83.4%
Gross
accrued
income
3,485.6
2,027.0
603.8
450.5
376.8
27.5
\u2013
Expected
credit losses
(17.3)
(0.1)
(0.2)
(0.1)
(16.9)
\u2013
\u2013
Expected
credit loss
rate
0.5%
0.0%
0.0%
0.0%
4.5%
0.0%
n/a
Expected
credit loss
rate
3,468.3
2,026.9
603.6
450.4
359.9
27.5
\u2013
Other
\ufb01nancial
assets
612.0
538.8
31.2
6.1
1.0
6.2
28.7
11,484.2
8,950.6
1,335.4
697.0
421.1
43.9
36.2
Other financial assets are included in other debtors.
2023 2022
\u00a3m \u00a3m
Amounts to be realised after more than one year
Prepayments
2.0
3.9
Fair value of derivatives
32.3
0.6
Other debtors
174.9
214.1
209.2
218.6
The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. Other debtors falling due after more than one year at 31 December 2023 includes \u00a313.7 million in relation to pension plans in surplus (2022: \u00a315.4 million).
2023 2022
\u00a3m \u00a3m
Expected credit losses
At beginning of year
71.5
70.5
New acquisitions
0.6
\u2212
Charged to the income statement
14.9
29.1
Released to the income statement
(22.2)
(8.4)
Exchange adjustments
(5.3)
5.1
Utilisations and other movements
(15.6)
(24.8)
At end of year
43.9
71.5
The expected credit loss is equivalent to 0.6% (2022: 1.0%) of gross trade receivables. Expected credit losses on unbilled costs, and other debtors were immaterial for the years presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value. EXPECTED CREDIT LOSSES Given the short-term nature of the Group\u2019s trade receivables, unbilled costs, and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment, and the level of credit insurance the Group has along with historical loss rates for each category of customers adjusted for forward-looking information. Additional provisions are made based on the assessment of recoverability of aged receivables over one year where sufficient evidence of recoverability is not evident.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-690": { "value": "
18. TRADE AND OTHER PAYABLES: AMOUNTS FALLING
DUE WITHIN ONE YEAR
The following are included in trade and other payables falling due within
one year
1
:
2023 2022
\u00a3m \u00a3m
Trade payables
10,825.7
11,182.3
Payments due to vendors (earnout agreements)
73.3
62.0
Liabilities in respect of put option agreements
with vendors
13.6
18.8
Fair value of derivatives
1.8
58.0
Other creditors and accruals
2,408.7
2,914.8
13,323.1
14,235.9
2
Note
1
Deferred income was previously presented in Trade and other payables
2
This balance includes staff costs, indirect taxes payable and other individually not material items
The Group considers that the carrying amount of trade and other payables
approximates their fair value, except for liabilities in respect of put option
agreements with vendors for which the fair value is \u00a312.3 million (this is level 3
fair value that is derived using a discounted cash flow approach).
In all material respects, deferred income at 31 December 2022 was recognised
as revenue during the year. Other than business-as-usual movements, and
deferred income acquired on the acquisition of subsidiaries, there were no
other significant changes in contract liability balances during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-713": { "value": "18. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR The following are included in trade and other payables falling due within one year 1 :
2023 2022
\u00a3m \u00a3m
Trade payables
10,825.7
11,182.3
Payments due to vendors (earnout agreements)
73.3
62.0
Liabilities in respect of put option agreements
with vendors
13.6
18.8
Fair value of derivatives
1.8
58.0
Other creditors and accruals
2,408.7
2,914.8
13,323.1
14,235.9
2 Note 1 Deferred income was previously presented in Trade and other payables 2 This balance includes staff costs, indirect taxes payable and other individually not material items The Group considers that the carrying amount of trade and other payables approximates their fair value, except for liabilities in respect of put option agreements with vendors for which the fair value is \u00a312.3 million (this is level 3 fair value that is derived using a discounted cash flow approach). In all material respects, deferred income at 31 December 2022 was recognised as revenue during the year. Other than business-as-usual movements, and deferred income acquired on the acquisition of subsidiaries, there were no other significant changes in contract liability balances during the year. 19. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR The following are included in trade and other payables falling due after more than one year:
2023 2022
\u00a3m \u00a3m
Payments due to vendors (earnout agreements)
125.4
98.1
Liabilities in respect of put option agreements
with vendors
90.0
323.3
Fair value of derivatives
1.2
\u2013
Other creditors and accruals
66.2
69.5
282.8
490.9
The Group considers that the carrying amount of trade and other payables approximates their fair value, except for liabilities in respect of put option agreements with vendors for which the fair value is approximately \u00a382.4 million (this is level 3 fair value that is derived using a discounted cash flow approach). Liabilities in respect of put option agreements with vendors are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. The cash flows of put options, which are discounted using the original effective interest rate, are dependent on future earnings and are remeasured each reporting period via the income statement. The Group's approach to payments due to vendors (earnouts) is further described in note 25. The following table sets out payments due to vendors (earnouts), comprising contingent consideration and the Directors\u2019 best estimates of future earnout-related obligations:
2023 2022
\u00a3m \u00a3m
Within one year
73.3
62.0
Between one and two years
54.1
19.5
Between two and three years
70.9
27.6
Between three and four years
0.4
28.6
Between four and \ufb01ve years
\u2013
22.4
198.7
160.1
The following table is an analysis of future anticipated cash flows in relation to liabilities in respect of put option agreements with vendors at 31 December:
2023 2022
\u00a3m \u00a3m
Within one year
13.6
18.8
Between one and two years
24.0
5.2
Between two and three years
38.6
76.6
Between three and four years
9.8
99.2
Between four and \ufb01ve years
6.2
74.8
Over \ufb01ve years
11.4
67.5
103.6
342.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "18. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR The following are included in trade and other payables falling due within one year 1 :
2023 2022
\u00a3m \u00a3m
Trade payables
10,825.7
11,182.3
Payments due to vendors (earnout agreements)
73.3
62.0
Liabilities in respect of put option agreements
with vendors
13.6
18.8
Fair value of derivatives
1.8
58.0
Other creditors and accruals
2,408.7
2,914.8
13,323.1
14,235.9
2 Note 1 Deferred income was previously presented in Trade and other payables 2 This balance includes staff costs, indirect taxes payable and other individually not material items The Group considers that the carrying amount of trade and other payables approximates their fair value, except for liabilities in respect of put option agreements with vendors for which the fair value is \u00a312.3 million (this is level 3 fair value that is derived using a discounted cash flow approach). In all material respects, deferred income at 31 December 2022 was recognised as revenue during the year. Other than business-as-usual movements, and deferred income acquired on the acquisition of subsidiaries, there were no other significant changes in contract liability balances during the year. 19. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR The following are included in trade and other payables falling due after more than one year:
2023 2022
\u00a3m \u00a3m
Payments due to vendors (earnout agreements)
125.4
98.1
Liabilities in respect of put option agreements
with vendors
90.0
323.3
Fair value of derivatives
1.2
\u2013
Other creditors and accruals
66.2
69.5
282.8
490.9
The Group considers that the carrying amount of trade and other payables approximates their fair value, except for liabilities in respect of put option agreements with vendors for which the fair value is approximately \u00a382.4 million (this is level 3 fair value that is derived using a discounted cash flow approach). Liabilities in respect of put option agreements with vendors are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. The cash flows of put options, which are discounted using the original effective interest rate, are dependent on future earnings and are remeasured each reporting period via the income statement. The Group's approach to payments due to vendors (earnouts) is further described in note 25. The following table sets out payments due to vendors (earnouts), comprising contingent consideration and the Directors\u2019 best estimates of future earnout-related obligations:
2023 2022
\u00a3m \u00a3m
Within one year
73.3
62.0
Between one and two years
54.1
19.5
Between two and three years
70.9
27.6
Between three and four years
0.4
28.6
Between four and \ufb01ve years
\u2013
22.4
198.7
160.1
The following table is an analysis of future anticipated cash flows in relation to liabilities in respect of put option agreements with vendors at 31 December:
2023 2022
\u00a3m \u00a3m
Within one year
13.6
18.8
Between one and two years
24.0
5.2
Between two and three years
38.6
76.6
Between three and four years
9.8
99.2
Between four and \ufb01ve years
6.2
74.8
Over \ufb01ve years
11.4
67.5
103.6
342.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-691": { "value": "
19. TRADE AND OTHER PAYABLES: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR
The following are included in trade and other payables falling due after more
than one year:
2023 2022
\u00a3m \u00a3m
Payments due to vendors (earnout agreements)
125.4
98.1
Liabilities in respect of put option agreements
with vendors
90.0
323.3
Fair value of derivatives
1.2
\u2013
Other creditors and accruals
66.2
69.5
282.8
490.9
The Group considers that the carrying amount of trade and other payables
approximates their fair value, except for liabilities in respect of put option
agreements with vendors for which the fair value is approximately \u00a382.4 million
(this is level 3 fair value that is derived using a discounted cash flow approach).
Liabilities in respect of put option agreements with vendors are initially
recorded at the present value of the redemption amount in accordance with
IAS 32 and subsequently measured at amortised cost in accordance with
IFRS 9. The cash flows of put options, which are discounted using the original
effective interest rate, are dependent on future earnings and are remeasured
each reporting period via the income statement.
The Group's approach to payments due to vendors (earnouts) is further
described in note 25. The following table sets out payments due to vendors
(earnouts), comprising contingent consideration and the Directors\u2019 best
estimates of future earnout-related obligations:
2023 2022
\u00a3m \u00a3m
Within one year
73.3
62.0
Between one and two years
54.1
19.5
Between two and three years
70.9
27.6
Between three and four years
0.4
28.6
Between four and \ufb01ve years
\u2013
22.4
198.7
160.1
The following table is an analysis of future anticipated cash flows in relation to
liabilities in respect of put option agreements with vendors at 31 December:
2023 2022
\u00a3m \u00a3m
Within one year
13.6
18.8
Between one and two years
24.0
5.2
Between two and three years
38.6
76.6
Between three and four years
9.8
99.2
Between four and \ufb01ve years
6.2
74.8
Over \ufb01ve years
11.4
67.5
103.6
342.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "value": "
20. BANK OVERDRAFTS AND BONDS
Amounts falling due within one year:
2023 2022
\u00a3m \u00a3m
Bank overdrafts
358.2
505.7
Bonds
588.1
663.3
946.3
1,169.0
The Group considers that the carrying amount of bank overdrafts approximates
their fair value.
Amounts falling due after more than one year:
2023 2022
\u00a3m \u00a3m
Bonds
3,775.0
3,801.8
The Group estimates that the fair value of bonds is \u00a34,119.5 million at
31 December 2023 (2022: \u00a34,049.1 million). The fair values of the bonds are based
on quoted market prices and are within Level 1 of the fair value hierarchy.
The bonds and bank overdrafts included within liabilities fall due for
repayment as follows:
2023 2022
\u00a3m \u00a3m
Within one year
946.3
1,169.0
Between one and two years
432.9
618.0
Between two and three years
647.2
441.5
Between three and four years
648.0
658.8
Between four and \ufb01ve years
647.5
661.1
Over \ufb01ve years
1,399.4
1,422.4
4,721.3
4,970.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-692": { "value": "20. BANK OVERDRAFTS AND BONDS Amounts falling due within one year:
2023 2022
\u00a3m \u00a3m
Bank overdrafts
358.2
505.7
Bonds
588.1
663.3
946.3
1,169.0
The Group considers that the carrying amount of bank overdrafts approximates their fair value. Amounts falling due after more than one year:
2023 2022
\u00a3m \u00a3m
Bonds
3,775.0
3,801.8
The Group estimates that the fair value of bonds is \u00a34,119.5 million at 31 December 2023 (2022: \u00a34,049.1 million). The fair values of the bonds are based on quoted market prices and are within Level 1 of the fair value hierarchy. The bonds and bank overdrafts included within liabilities fall due for repayment as follows:
2023 2022
\u00a3m \u00a3m
Within one year
946.3
1,169.0
Between one and two years
432.9
618.0
Between two and three years
647.2
441.5
Between three and four years
648.0
658.8
Between four and \ufb01ve years
647.5
661.1
Over \ufb01ve years
1,399.4
1,422.4
4,721.3
4,970.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "value": "
21. PROVISIONS FOR LIABILITIES AND CHARGES
The movements in 2023 and 2022 were as follows:
Employee
bene\ufb01ts Property Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
140.3
70.6
57.6
268.5
Charged to the income statement
4.3
8.1
2.1
14.5
Acquisitions
\u2013
\u2013
1.3
1.3
Utilised
(32.5)
(12.8)
(4.7)
(50.0)
Released to the income statement
\u2013
(3.2)
(22.2)
(25.4)
Other movements
14.6
(4.8)
3.2
13.0
Exchange adjustments
16.4
4.9
1.4
22.7
31 December 2022
143.1
62.8
38.7
244.6
Charged to the income statement
3.1
64.2
24.9
92.2
Acquisitions
\u2013
\u2013
0.6
0.6
Utilised
(21.8)
(18.7)
(0.7)
(41.2)
Released to the income statement
(2.3)
(4.0)
(8.5)
(14.8)
Other movements
38.1
(2.9)
(0.2)
35.0
Exchange adjustments
(7.4)
(2.7)
(1.8)
(11.9)
31 December 2023
152.8
98.7
53.0
304.5
1
1
Note
1
Acquisitions include \u00a30.6 million (2022: \u00a31.3 million) of provisions arising from fair value
adjustments related to the acquisition of subsidiary undertakings as required by IFRS 3 Business
Combinations
Employee benefits relate to statutory or contractual employee entitlements
where there is uncertainty over the timing or amount of the settlement.
The majority of this provision relates to various employee defined contribution
and deferred compensation plans in the USA. It is anticipated that these costs
will be incurred when employees choose to take their benefits or depart from
the Company.
The property provision balance relates primarily to onerous property
contracts and decommissioning where the Group has the obligation to
make-good its leased properties. Where the Group has made a decision to
exit a leased property, onerous property contract provisions do not include
rent in accordance with IFRS 16 Leases, however, do include unavoidable
costs related to the lease such as ongoing service charges. Utilisation of
the recognised provisions is expected to be incurred in conjunction with
the profile of the leases to which they relate.
Other provisions primarily relate to legal provisions as well as various items
that do not fall within the Group\u2019s categories of provisions above. The
Company and various of its subsidiaries are, from time to time, parties to
legal proceedings and claims which arise in the ordinary course of business.
The Directors do not anticipate that the outcome of these proceedings and
claims will have a material adverse effect on the Group\u2019s financial position
or on the results of its operations.
CONTINGENT LIABILITIES
The Group operates in a large number of markets with complex tax and
legislative regimes that are open to subjective interpretation, and for which
tax audits can take several years to resolve. The Group has received a number
of demands and assessments from different states in India that have been or will
be appealed to the courts, none of which are individually material. However,
as permitted by IAS 37, the provision of any further information within this
disclosure is expected to seriously prejudice the Group\u2019s position in the dispute,
given that appeals are ongoing. The Group believes that we will be successful
in our appeals, however any appeal process is intrinsically uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "value": "
22. SHARE-BASED PAYMENTS
Charges for share-based incentive plans were as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Share-based payments
140.1
122.0
99.6
Share-based payments comprise charges for stock options and restricted
stock awards to employees of the Group.
As of 31 December 2023, there was \u00a3179.9 million (2022: \u00a3200.7 million) of total
unrecognised compensation cost related to the Group\u2019s restricted stock plans.
RESTRICTED STOCK PLANS
The Group operates a number of equity-settled share incentive schemes,
in most cases satisfied by the delivery of stock from one of the Group\u2019s
ESOP Trusts. The most significant current schemes are as follows:
EXECUTIVE PERFORMANCE SHARE PLAN (EPSP)
This scheme is intended to reward and incentivise the most senior executives
of the Group. The performance period is three or five complete financial years,
commencing with the financial year in which the award is granted. The vest
date will usually be in the March following the end of the performance period.
Vesting is conditional on continued employment throughout the vesting period.
The 2020, 2021, 2022 and 2023 EPSP awards are subject to three equally
weighted performance conditions: three-year average Return on Invested
Capital (ROIC), cumulative Adjusted Free Cash Flow (AFCF), and relative Total
Shareholder Return (TSR). Achieving the threshold performance requirement
will result in a vesting opportunity of 20% for that element. The vesting
opportunity will increase on a straight-line basis to 100% of the award for
maximum performance. The Compensation Committee has an overriding
discretion to determine the extent to which the award will vest.
PERFORMANCE SHARE AWARDS (PSA)
Conditional stock awards made under the PSA are dependent upon annual
performance targets, typically based on one or more of: operating profit,
profit before taxation and operating margin. Grants are made in the year
following the year of performance measurement, and vest two years after
grant date provided the individual concerned is continually employed by
the Group throughout this time.
LEADERSHIP SHARE AWARDS
WPP Leadership Awards are conditional stock awards made to around 1,900
of our key executives. Awards vest three years after grant, provided the
participant is still employed within the Group.
VALUATION METHODOLOGY
For all of these schemes, the valuation methodology is based upon fair value
on grant date, which is determined by the market price on that date or the
application of a Black-Scholes model, depending upon the characteristics of
the scheme concerned. The assumptions underlying the Black-Scholes model
are detailed below including details of assumed dividend yields. Market price
on any given day is obtained from external, publicly available sources.
MARKET/NON-MARKET CONDITIONS
Most share-based plans are subject to non-market performance conditions,
such as margin or growth targets, as well as continued employment.
EPSP is subject to a number of performance conditions, including TSR,
a market-based condition.
For schemes without market-based performance conditions, the valuation
methodology above is applied and, at each year-end, the relevant charge
for each grant is revised, if appropriate, to take account of any changes
in estimate of the likely number of shares expected to vest.
For schemes with market-based performance conditions, the probability
of satisfying these conditions is assessed at grant date through a statistical
model (such as the Monte Carlo model) and applied to the fair value. This initial
valuation remains fixed throughout the life of the relevant plan, irrespective
of the actual outcome in terms of performance. Where a lapse occurs due to
cessation of employment, the cumulative charge taken to date is reversed.
Movement on ordinary shares granted for significant restricted stock plans:
Non- Non-
vested vested
1 January 31 December
2023 Granted Forfeited Vested 2023
number number number number number
m m m m m
Executive Performance
Share Plan (EPSP)
20.4
7.8
(1.4)
(3.9)
22.9
Performance Share
Awards (PSA)
4.1
2.3
(0.5)
(0.4)
5.5
Leadership Share
Awards
11.3
5.9
(1.0)
(3.8)
12.4
Weighted average fair
value (pence per share)
Executive Performance
Share Plan (EPSP)
924p
919p
947p
752p
950p
Performance Share
Awards (PSA)
952p
857p
939p
926p
915p
Leadership Share
Awards
899p
654p
934p
673p
848p
Non- Non-
vested vested
1 January 31 December
2022 Granted Forfeited Vested 2022
number number number number number
m m m m m
Executive Performance
Share Plan (EPSP)
16.7
6.1
(2.2)
(0.2)
20.4
Performance Share
Awards (PSA)
3.1
4.0
(0.2)
(2.8)
4.1
Leadership Share
Awards
10.4
4.9
(1.2)
(2.8)
11.3
Weighted average fair
value (pence per share)
Executive Performance
Share Plan (EPSP)
900p
1,025p
1,055p
613p
924p
Performance Share
Awards (PSA)
604p
911p
798p
519p
952p
Leadership Share
Awards
922p
787p
881p
795p
899p
The total fair value of shares vested for all the Group\u2019s restricted stock plans
during the year ended 31 December 2023 was \u00a381.6 million (2022: \u00a365.4 million,
2021: \u00a364.1 million).
SHARE OPTIONS
TERMS OF SHARE OPTION PLANS
In 2015, the Group introduced the Share Option Plan 2015 to replace both
the 'all-employee' Worldwide Share Ownership Plan and the discretionary
Executive Stock Option Plan. Two kinds of options over ordinary shares can
be granted, both with a market value exercise price. Firstly, options can be
granted to employees who have worked at a company owned by WPP plc for
at least two years which are not subject to performance conditions. Secondly,
options may be granted on a discretionary basis subject to the satisfaction
of performance conditions.
The Worldwide Share Ownership Programme was open for participation
to employees with at least two years\u2019 employment in the Group. It was not
available to those participating in other share-based incentive programmes
or to Executive Directors. The vesting period for each grant is three years
and there are no performance conditions other than continued employment
with the Group.
The Executive Stock Option Plan has historically been open for participation
to WPP Group Leaders, Partners and High Potential Group. It is not currently
offered to Parent Company Executive Directors. The vesting period is three
years and performance conditions include achievement of various TSR
(Total Shareholder Return) and EPS (Earnings Per Share) objectives, as well
as continued employment. The terms of these stock options are such that if,
after nine years and eight months, the performance conditions have not
been met, the stock option will lapse automatically.
The Group grants stock options with a life of ten years, including the
vesting period.
WPP WORLDWIDE SHARE OWNERSHIP PROGRAMME (WWOP)
As at 31 December 2023, unexercised options over ordinary shares of 650,825
and unexercised options over ADRs of 72,695 have been granted under the
WPP Worldwide Share Ownership Programme as follows:
Number of ordinary shares Exercise price Exercise
under option per share (\u00a3) dates
647,575
13.145
2017-2024
3,250
13.145
2018-2024
Number of ADRs Exercise price Exercise
under option per share (\u00a3) dates
72,695
102.670
2017-2024
WPP SHARE OPTION PLAN 2015 (WSOP)
As at 31 December 2023, unexercised options over ordinary shares of
15,369,025 and unexercised options over ADRs of 1,772,400 have been granted
under the WPP Share Option Plan as follows:
Number of ordinary shares Exercise price Exercise
under option per share (\u00a3) dates
3,524,700
7.064
2025-2032
1,806,625
7.344
2023-2030
9,500
7.34 4
2023-2027
849,350
8.372
2021-2028
7,000
8.372
2021-2025
125,125
8.684
2025-2029
2,682,975
8.684
2025-2032
1,466,100
9.600
2022-2029
8,875
9.600
2022-2026
2,237,900
11.065
2023-2030
1,040,350
13.085
2020-2027
7,625
13 .085
2020 -2 024
4,000
15.150
2019-2025
739,850
15.150
2018-2025
859,050
17.055
2019-2026
Number of ADRs Exercise price Exercise
under option per ADR ($) dates
409,115
44.120
2025-2032
198,380
48.950
2023-2030
318,125
52.600
2025-2032
120,995
53.140
2021-2028
169,790
62.590
2022-2029
255,510
73.780
2023-2030
117,650
88.260
2020-2027
100,960
105.490
2020-2026
81,875
115.940
2018-2025
The aggregate status of the WPP Share Option Plans during 2023 was as follows:
MOVEMENTS ON OPTIONS GRANTED (REPRESENTED IN ORDINARY SHARES)
Outstanding Exercisable
1 January 31 December 31 December
2023
Granted
Exercised
Forfeited
2023 2023
WPP
\u2013
\u2013
\u2013
\u2013
\u2013
-
WWOP
1,639,025
\u2013
\u2013
(624,725)
1,014,300
-
WSOP
21,299,025
5,586,650
(85,900)
(2,568,750)
24,231,025
7,386,400
22,938,050
5,586,650
(85,900)
(3,193,475)
25,245,325
7,386,400
1 January
Outstanding Exercisable
31 December 31 December
2022
Granted
Exercised
Forfeited
2022 2022
WPP
6,741
\u2013
\u2013
(6,741)
\u2013
\u2013
WWOP
2,049,299
\u2013
(2,575)
(407,699)
1,639,025
\u2013
WSOP
19,608,150
5,224,050
(123,125)
(3,410,050)
21,299,025
3,188,675
21,664,190
5,224,050
(125,700)
(3,824,490)
22,938,050
3,188,675
WEIGHTED AVERAGE EXERCISE PRICE FOR OPTIONS OVER
Outstanding Exercisable
1 January 31 December 31 December
2023
Granted
Exercised
Forfeited
2023 2023
Ordinary shares (\u00a3)
WPP
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
WWOP
13.224
\u2013
\u2013
13.432
13.145
\u2013
WSOP
10.356
\u2013
8.350
9.959
9.652
\u2013
ADRs ($)
WWOP
106.379
\u2013
\u2013
109.949
102.670
\u2013
WSOP
67.910
\u2013
48.950
66.181
62.587
44.120
Outstanding Exercisable
1 January 31 December 31 December
2022
Granted
Exercised
Forfeited
2022 2022
Ordinary shares (\u00a3)
WPP
9.355
\u2013
\u2013
9.355
\u2013
\u2013
WWOP
12.923
\u2013
8.458
11.565
13.224
\u2212
WSOP
10.854
8.684
8.357
10.530
10.356
7.344
ADRs ($)
WWOP
101.693
\u2013
\u2013
85.706
106.379
\u2212
WSOP
72.228
52.600
53.270
71.674
67.910
48.950
OPTIONS OVER ORDINARY SHARES
Weighted Weighted
Range of average average
exercise prices exercise price contractual life
Outstanding \u00a3 \u00a3 Months
7.344-17.055
10.455
70
OPTIONS OVER ADRs
Weighted Weighted
Range of average average
exercise prices exercise price contractual life
Outstanding $ $ Months
44.120-115.940
64.166
80
As at 31 December 2023 there was \u00a310.1 million (2022: \u00a311.1 million) of total
unrecognised compensation costs related to share options. The cost is
expected to be recognised over a weighted average period of 19 months
(2022: 20 months).
Share options are satisfied out of newly issued shares.
The weighted average fair value of options granted in the year calculated
using the Black-Scholes model was as follows:
Outstanding
2023
2022
2021
Fair value of UK options
(shares)
131.0p
177.0p
220.0p
Fair value of US options
(ADRs)
$8.59
$11.48
$14.89
Weighted average
assumptions
UK risk-free interest rate
4.00%
2.92%
0.63%
US risk-free interest rate
4.53%
4.09%
1.16%
Expected life (months)
48
48
48
Expected volatility
33%
32%
34%
Dividend yield
5.6%
3.9%
3.4%
Options are issued at an exercise price equal to market value on the date
of grant.
The average share price of the Group for the year ended 31 December 2023
was \u00a38.41 (2022: \u00a39.13, 2021: \u00a39.64) and the average ADR price for the same
period was $52.31 (2022: $56.80, 2021: $66.44). The average share price of the
Group for year ended 31 December 2023 approximates the weighted average
share price during the periods of exercise throughout the year.
Expected volatility is sourced from external market data and represents the
historical volatility in the Company\u2019s share price over a period equivalent to
the expected option life.
Expected life is based on a review of historical exercise behaviour in the
context of the contractual terms of the options, as described in more detail
on page 201.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "
23. EMPLOYEE BENEFIT OBLIGATIONS
Companies within the Group operate a large number of pension plans,
the forms and benefits of which vary with conditions and practices in the
countries concerned. The Group\u2019s pension costs are analysed as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
De\ufb01ned contribution plans
198.1
191.3
162.8
De\ufb01ned bene\ufb01t plans charge to operating pro\ufb01t
15.0
13.5
14.9
Pension costs (note 5)
213.1
204.8
177.7
Net interest expense on pension plans (note 6)
4.3
2.2
1.8
217.4
207.0
179.5
DEFINED BENEFIT PLANS
The pension costs are assessed in accordance with the advice of local
independent qualified actuaries. The latest full actuarial valuations for the
various pension plans were carried out at various dates in the last three years.
These valuations have been updated by the local actuaries to 31 December 2023.
The majority of plans provide final salary benefits, with plan benefits
typically based either on mandatory plans under local legislation, termination
indemnity benefits, or on the rules of WPP-sponsored supplementary plans.
The implications of IFRIC 14 have been allowed for where relevant, in particular
with regard to the asset ceiling/irrecoverable surplus.
The Group\u2019s policy is to close existing defined benefit plans to new members.
This has been implemented across a significant number of the pension plans.
Contributions to funded plans are determined in line with local conditions and
practices. Contributions in respect of unfunded plans are paid as they fall due.
The total contributions (for funded plans) and benefit payments (for unfunded
plans) paid for 2023 amounted to \u00a319.8 million (2022: \u00a324.0 million, 2021: \u00a316.7
million). Employer contributions and benefit payments in 2024 are expected
to be approximately \u00a317.0 million.
(A) ASSETS AND LIABILITIES At 31 December, the fair value of the assets in the pension plans and the assessed present value of the liabilities in the pension plans are shown in the following table:
2023 2022 2021
\u00a3m
%
\u00a3m
%
\u00a3m
%
Equities
24.2
9.3
26.7
6.2
31.8
5.8
Bonds
170.2
65.7
208.8
48.5
259.7
47.0
Insured annuities
3.0
1.2
149.2
34.7
222.5
40.3
Property
1.3
0.5
1.4
0.3
1.0
0.2
Cash
18.3
7.1
18.1
4.2
15.3
2.8
Other
42.0
16.2
26.3
6.1
21.8
3.9
Total fair value of assets
259.0
100.0
430.5
100.0
552.1
100.0
Present value of liabilities
(381.2)
(552.6)
(688.5)
De\ufb01cit in the plans
(122.2)
(122.1)
(136.4)
Irrecoverable surplus
\u2013
\u2013
(0.2)
Net liability
(122.2)
(122.1)
(136.6)
Plans in surplus
13.7
15.4
30.1
Plans in de\ufb01cit
(135.9)
(137.5)
(166.7)
1 2 Notes 1 The related deferred tax asset is discussed in note 16 2 The net asset related to plans in surplus of \u00a313.7 million for 31 December 2023 (2022: \u00a315.4 million) is recorded in the consolidated balance sheet within other debtors. The corresponding \ufb01gures for 31 December 2021 are recorded in provision for post-employment bene\ufb01ts All plan assets have quoted prices in active markets with the exception of other assets. Surplus/(de\ufb01cit) in plans by region
2023 2022 2021
\u00a3m \u00a3m \u00a3m
UK
0.7
2.3
0.4
North America
(29.7)
(37.1)
(28.1)
Western Continental Europe
(60.1)
(52.6)
(74.0)
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
(33.1)
(34.7)
(34.7)
De\ufb01cit in the plans
(122.2)
(122.1)
(136.4)
Some of the Group\u2019s defined benefit plans are unfunded (or largely unfunded) by common custom and practice in certain jurisdictions. In the case of these unfunded plans, the benefit payments are made as and when they fall due. Pre-funding of these plans would not be typical business practice. The following table shows the split of the deficit at 31 December between funded and unfunded pension plans.
2023 2022 2021
2023 Present 2022 Present 2021 Present
Surplus/ value of Surplus/ value of Surplus/ value of
(de\ufb01cit) liabilities (de\ufb01cit) liabilities (de\ufb01cit) liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Funded plans
by region
UK
0.7
(9.2)
2.3
(155.5)
0.4
(231.9)
North America
7. 4
(182 .9)
4.1
(208.5)
20.1
(237.9)
Western
Continental
Europe
(34.1)
(70.6)
(29.1)
(67.9)
(45.1)
(87.6)
Asia Paci\ufb01c,
Latin America,
Africa & Middle
East and
Central &
Eastern Europe
(5.4)
(27.6)
(4.1)
(25.4)
(6.4)
(25.7)
De\ufb01cit/
liabilities in
the funded
plans
(31.4)
(290.3)
(26.8)
(457.3)
(31.0)
(583.1)
Unfunded
plans by
region
North America
(37.1)
(37.1)
(41.2)
(41.2)
(48.2)
(48.2)
Western
Continental
Europe
(26.0)
(26.0)
(23.5)
(23.5)
(28.9)
(28.9)
Asia Paci\ufb01c,
Latin America,
Africa & Middle
East and
Central &
Eastern Europe
(27.7)
(27.8)
(30.6)
(30.6)
(28.3)
(28.3)
De\ufb01cit/
liabilities in
the unfunded
plans
(90.8)
(90.9)
(95.3)
(95.3)
(105.4)
(105.4)
De\ufb01cit/
liabilities in
the plans
(122.2)
(381.2)
(122.1)
(552.6)
(136.4)
(688.5)
In accordance with IAS 19, plans that are wholly or partially funded are considered funded plans.
(B) ASSUMPTIONS
There are a number of areas in pension accounting that involve estimates
made by management based on advice of qualified advisors. These include
establishing the discount rates, rates of increase in salaries and pensions in
payment, inflation, and mortality assumptions. The main weighted average
assumptions used for the actuarial valuations at 31 December are shown in
the following table:
2023 2022 2021 2020
% pa % pa % pa % pa
UK
Discount rate
4.7
5.1
1.8
1.3
Rate of increase in
pensions in payment
2.5
4.4
4.5
4.4
In\ufb02ation
3.1
3.0
3.2
2.8
North America
Discount rate
4.9
5.2
2.6
2.0
Rate of increase in
salaries
n/a
n/a
n/a
3.0
Western Continental
Europe
Discount rate
3.4
4.1
1.2
0.9
Rate of increase in
salaries
2.5
2.5
2.3
2.2
Rate of increase in
pensions in payment
2.0
2.0
1.8
1.8
In\ufb02ation
2.0
2.0
1.7
1.7
Asia Paci\ufb01c, Latin
America, Africa & Middle
East and Central &
Eastern Europe
Discount rate
6.5
6.4
5.3
4.2
Rate of increase
in salaries
6.2
5.7
5.6
5.2
In\ufb02ation
3.4
3.4
3.7
3.7
1
1
2
1
1
Notes
1
Discount rates are based on high-quality corporate bond yields. In countries where there is
no deep market in corporate bonds, the discount rate assumption has been set with regard
to the yield on long-term government bonds
2
The salary assumptions are no longer applicable to the US as all plans were frozen.
Active participants will not accrue additional bene\ufb01ts for future services under these plans
For the Group\u2019s pension plans, the plans\u2019 assets are invested with the objective
of being able to meet current and future benefit payment needs, while
controlling balance sheet volatility and future contributions. Pension plan
assets are invested with a number of investment managers, and assets are
diversified among equities, bonds, insured annuities, property and cash or
other liquid investments. The primary use of bonds as an investment class is to
match the anticipated cash flows from the plans to pay pensions. The Group is
invested in high-quality corporate and government bonds which share similar
risk characteristics and are of equivalent currency and term to the plan liabilities.
Various insurance policies have also been bought historically to provide a more
exact match for the cash flows, including a match for the actual mortality of
specific plan members. These insurance policies effectively provide protection
against both investment fluctuations and longevity risks. The strategic target
allocation varies among the individual plans.
Management considers the types of investment classes in which the pension
plan assets are invested. The types of investment classes are determined by
economic and market conditions and in consideration of specific asset-class risk.
The investment strategy of the Group varies by country, albeit there was a
general directive by the Group in recent years to de-risk the larger funded
plans (mainly in the US and UK) and move towards a liability driven
investment strategy.
Management periodically commissions detailed asset and liability studies
performed by third-party professional investment advisors and actuaries
that generate probability-adjusted expected future returns on those assets.
These studies also project the estimated future pension payments and
evaluate the efficiency of the allocation of the pension plan assets into various
investment categories.
At 31 December 2023, the life expectancies underlying the value of the accrued liabilities for the main defined benefit pension plans operated by the Group were as follows:
Western
Years life expectancy All North Continental
after age 65 plan
America
UK
Europe
Other
1
Current pensioners
(at age 65) \u2013 male
21.8
22.0
23.4
21.1
20.3
Current pensioners
(at age 65) \u2013 female
23.6
23.4
24.9
24.2
25.1
Future pensioners
(current age 45)
\u2013 male
23.5
23.4
25.4
23.4
20.3
Future pensioners
(current age 45)
\u2013 female
25.2
24.8
27.0
26.0
25.1
Note 1 Includes Asia Paci\ufb01c, Latin America, Africa & Middle East and Central & Eastern Europe The life expectancies after age 65 at 31 December 2022 were 22.3 years and 24.0 years for male and female current pensioners (at age 65) respectively, and 24.0 years and 25.7 years for male and female future pensioners (current age 45), respectively. In the determination of mortality assumptions, management uses the most up-to-date mortality tables available in each country. The following table provides information on the weighted average duration of the defined benefit pension obligations and the distribution of the timing of benefit payments for the next ten years. The duration corresponds to the weighted average length of the underlying cash flows.
Western
All North Continental
plan
America
UK
Europe
Other
1
Weighted average
duration of the de\ufb01ned
bene\ufb01t obligation (years)
8.0
7.4
6.3
10.2
5.9
Expected bene\ufb01t
payments over the
next ten years (\u00a3m)
Within 12 months
30.2
18.5
0.7
6.0
5.0
In 2025
28.3
18.1
0.6
6.0
3.6
In 2026
29.2
17.8
0.6
6.2
4.6
In 2027
29.0
18.7
0.5
6.2
3.6
In 2028
27.6
15.7
0.5
7.0
4.4
In the next \ufb01ve years
144.4
83.7
1.6
33.2
25.9
Note 1 Includes Asia Paci\ufb01c, Latin America, Africa & Middle East and Central & Eastern Europe The following table presents a sensitivity analysis for each significant actuarial assumption showing how the defined benefit obligation would have been affected by changes in the relevant actuarial assumption that were reasonably possible at the balance sheet date. This sensitivity analysis applies to the defined benefit obligation only and not to the net defined benefit pension liability in its entirety, the measurement of which is driven by a number of factors including, in addition to the assumptions below, the fair value of plan assets. The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant so that interdependencies between the assumptions are excluded. The methodology applied is consistent with that used to determine the recognised defined benefit obligation. The sensitivity analysis for inflation is not shown as it is an underlying assumption to build the pension and salary increase assumptions. Changing the inflation assumption on its own without changing the salary or pension assumptions will not result in a significant change in pension liabilities. (Decrease)/increase in bene\ufb01t obligation Sensitivity analysis of signi\ufb01cant actuarial assumptions 2023 \u00a3m 2022 \u00a3m Discount rate Increase by 25 basis points: UK (0.1) (3.6) North America (3.8) (4.4) Western Continental Europe (2.3) (2.0) Other 1 (0.5) (0.5) Decrease by 25 basis points: UK 0.2 3.8 North America 3.9 4.6 Western Continental Europe 2.4 2.1 Other 1 0.5 0.6 Rate of increase in salaries Increase by 25 basis points: Western Continental Europe 0.6 0.5 Other 1 0.4 0.5 Decrease by 25 basis points: Western Continental Europe (0.6) (0.5) Other 1 (0.5) (0.5) Rate of increase in pensions in payment Increase by 25 basis points: UK 0.2 0.7 Western Continental Europe 1.2 1.1 Decrease by 25 basis points: UK \u2013 (0.6) Western Continental Europe (1.2) (1.0) Life expectancy Increase in longevity by one additional year: UK 0.7 6.8 North America 3.3 4.2 Western Continental Europe 3.0 2.6 Note 1 Includes Asia Paci\ufb01c, Latin America, Africa & Middle East and Central & Eastern Europe (C) PENSION EXPENSE The following tables show the breakdown of the pension expense between amounts charged to operating profit and amounts charged to finance costs:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Service cost
12.2
10.4
12.6
Administrative expenses
2.8
3.1
2.3
Charge to operating pro\ufb01t
15.0
13.5
14.9
Net interest expense on pension plans
4.3
2.2
1.8
Charge to pro\ufb01t before taxation
for de\ufb01ned bene\ufb01t plans
19.3
15.7
16.7
1 Note 1 Includes current service cost, past service costs related to plan amendments and (gain)/loss on settlements and curtailments The following table shows the breakdown of amounts recognised in other comprehensive income (OCI):
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Return on plan assets (excluding interest income)
6.5
(127.6)
(29.3)
Changes in demographic assumptions underlying
the present value of the plan liabilities
(0.5)
0.6
(3.6)
Changes in \ufb01nancial assumptions underlying the
present value of the plan liabilities
(13.8)
143.5
31.1
Experience (loss)/gain arising on the plan liabilities
(1.3)
(0.1)
15.7
Change in irrecoverable surplus
\u2013
0.2
0.4
Actuarial (loss)/gain recognised in OCI
(9.1)
16.6
14.3
(D) MOVEMENT IN PLAN LIABILITIES
The following table shows an analysis of the movement in the pension plan
liabilities for each accounting period:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Plan liabilities at beginning of year
552.6
688.5
772.7
Service cost
12.2
10.4
12.6
Interest cost
20.5
15.5
12.0
Actuarial loss/(gain):
Effect of changes in demographic assumptions
0.5
(0.6)
3.6
Effect of changes in \ufb01nancial assumptions
13.8
(143.5)
(31.1)
Effect of experience adjustments
1.3
0.1
(15.7)
Bene\ufb01ts paid
(37.5)
(52.0)
(59.5)
(Gain)/loss due to exchange rate movements
(16.7)
40.4
(6.1)
Settlement payments
(163.2)
(8.7)
(0.3)
Other
(2.3)
2.5
0.3
Plan liabilities at end of year
381.2
552.6
688.5
1
2
3
Notes
1
Includes current service cost, past service costs related to plan amendments and (gain)/loss on
settlements and curtailments
2
During the year ended 31 December 2023, the Group completed the winding-up of two de\ufb01ned
bene\ufb01t pension plans: The Ogilvy & Mather Group Pension and Life Assurance Plan and the JWT
Pension and Life Assurance Scheme, constituting settlements under IAS 19. The settlements led
to the full elimination of associated plan assets and plan liabilities of \u00a3145.0 million, the fair value
of plan assets equalled the underlying liabilities upon settlement such that there is no impact on
2023 net assets or the income statement
3
Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassi\ufb01cations. The
reclassi\ufb01cations represent certain of the Group\u2019s de\ufb01ned bene\ufb01t plans which are included in this
note for the \ufb01rst time in the periods presented
(E) MOVEMENT IN PLAN ASSETS
The following table shows an analysis of the movement in the pension plan
assets for each accounting period:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Fair value of plan assets at beginning of year
430.5
552.1
616.6
Interest income on plan assets
16.2
13.3
10.2
Return on plan assets (excluding interest income)
6.5
(127.6)
(29.3)
Employer contributions
19.8
24.0
16.7
Bene\ufb01ts paid
(37.5)
(52.0)
(59.5)
(Loss)/gain due to exchange rate movements
(12.4)
31.5
(0.6)
Settlement payments
(163.2)
(8.7)
(0.3)
Administrative expenses
(2.8)
(3.1)
(1.8)
Other
1.9
1.0
0.1
Fair value of plan assets at end of year
259.0
430.5
552.1
Actual return/(loss) on plan assets
22.7
(114.3)
(19.1)
1
2
Notes
1
During the year ended 31 December 2023, the Group completed the winding-up of two de\ufb01ned
bene\ufb01t pension plans: The Ogilvy & Mather Group Pension and Life Assurance Plan and the JWT
Pension and Life Assurance Scheme, constituting settlements under IAS 19. The settlements led
to the full elimination of associated plan assets and plan liabilities of \u00a3145.0 million, the fair value
of plan assets equaled the underlying liabilities upon settlement such that there is no impact on
2023 net assets or the income statement
2
Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassi\ufb01cations. The
reclassi\ufb01cations represent certain of the Group\u2019s de\ufb01ned bene\ufb01t plans which are included in this
note for the \ufb01rst time in the periods presented
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-693": { "value": "23. EMPLOYEE BENEFIT OBLIGATIONS Companies within the Group operate a large number of pension plans, the forms and benefits of which vary with conditions and practices in the countries concerned. The Group\u2019s pension costs are analysed as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
De\ufb01ned contribution plans
198.1
191.3
162.8
De\ufb01ned bene\ufb01t plans charge to operating pro\ufb01t
15.0
13.5
14.9
Pension costs (note 5)
213.1
204.8
177.7
Net interest expense on pension plans (note 6)
4.3
2.2
1.8
217.4
207.0
179.5
DEFINED BENEFIT PLANS The pension costs are assessed in accordance with the advice of local independent qualified actuaries. The latest full actuarial valuations for the various pension plans were carried out at various dates in the last three years. These valuations have been updated by the local actuaries to 31 December 2023. The majority of plans provide final salary benefits, with plan benefits typically based either on mandatory plans under local legislation, termination indemnity benefits, or on the rules of WPP-sponsored supplementary plans. The implications of IFRIC 14 have been allowed for where relevant, in particular with regard to the asset ceiling/irrecoverable surplus. The Group\u2019s policy is to close existing defined benefit plans to new members. This has been implemented across a significant number of the pension plans. Contributions to funded plans are determined in line with local conditions and practices. Contributions in respect of unfunded plans are paid as they fall due. The total contributions (for funded plans) and benefit payments (for unfunded plans) paid for 2023 amounted to \u00a319.8 million (2022: \u00a324.0 million, 2021: \u00a316.7 million). Employer contributions and benefit payments in 2024 are expected to be approximately \u00a317.0 million.
(A) ASSETS AND LIABILITIES
At 31 December, the fair value of the assets in the pension plans and the
assessed present value of the liabilities in the pension plans are shown
in the following table:
2023 2022 2021
\u00a3m
%
\u00a3m
%
\u00a3m
%
Equities
24.2
9.3
26.7
6.2
31.8
5.8
Bonds
170.2
65.7
208.8
48.5
259.7
47.0
Insured annuities
3.0
1.2
149.2
34.7
222.5
40.3
Property
1.3
0.5
1.4
0.3
1.0
0.2
Cash
18.3
7.1
18.1
4.2
15.3
2.8
Other
42.0
16.2
26.3
6.1
21.8
3.9
Total fair value of assets
259.0
100.0
430.5
100.0
552.1
100.0
Present value of liabilities
(381.2)
(552.6)
(688.5)
De\ufb01cit in the plans
(122.2)
(122.1)
(136.4)
Irrecoverable surplus
\u2013
\u2013
(0.2)
Net liability
(122.2)
(122.1)
(136.6)
Plans in surplus
13.7
15.4
30.1
Plans in de\ufb01cit
(135.9)
(137.5)
(166.7)
1
2
Notes
1
The related deferred tax asset is discussed in note 16
2
The net asset related to plans in surplus of \u00a313.7 million for 31 December 2023 (2022: \u00a315.4 million)
is recorded in the consolidated balance sheet within other debtors. The corresponding \ufb01gures
for 31 December 2021 are recorded in provision for post-employment bene\ufb01ts
All plan assets have quoted prices in active markets with the exception of
other assets.
Surplus/(de\ufb01cit) in plans by region
2023 2022 2021
\u00a3m \u00a3m \u00a3m
UK
0.7
2.3
0.4
North America
(29.7)
(37.1)
(28.1)
Western Continental Europe
(60.1)
(52.6)
(74.0)
Asia Paci\ufb01c, Latin America, Africa & Middle
East and Central & Eastern Europe
(33.1)
(34.7)
(34.7)
De\ufb01cit in the plans
(122.2)
(122.1)
(136.4)
Some of the Group\u2019s defined benefit plans are unfunded (or largely unfunded)
by common custom and practice in certain jurisdictions. In the case of these
unfunded plans, the benefit payments are made as and when they fall due.
Pre-funding of these plans would not be typical business practice.
The following table shows the split of the deficit at 31 December between
funded and unfunded pension plans.
2023 2022 2021
2023 Present 2022 Present 2021 Present
Surplus/ value of Surplus/ value of Surplus/ value of
(de\ufb01cit) liabilities (de\ufb01cit) liabilities (de\ufb01cit) liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Funded plans
by region
UK
0.7
(9.2)
2.3
(155.5)
0.4
(231.9)
North America
7. 4
(182 .9)
4.1
(208.5)
20.1
(237.9)
Western
Continental
Europe
(34.1)
(70.6)
(29.1)
(67.9)
(45.1)
(87.6)
Asia Paci\ufb01c,
Latin America,
Africa & Middle
East and
Central &
Eastern Europe
(5.4)
(27.6)
(4.1)
(25.4)
(6.4)
(25.7)
De\ufb01cit/
liabilities in
the funded
plans
(31.4)
(290.3)
(26.8)
(457.3)
(31.0)
(583.1)
Unfunded
plans by
region
North America
(37.1)
(37.1)
(41.2)
(41.2)
(48.2)
(48.2)
Western
Continental
Europe
(26.0)
(26.0)
(23.5)
(23.5)
(28.9)
(28.9)
Asia Paci\ufb01c,
Latin America,
Africa & Middle
East and
Central &
Eastern Europe
(27.7)
(27.8)
(30.6)
(30.6)
(28.3)
(28.3)
De\ufb01cit/
liabilities in
the unfunded
plans
(90.8)
(90.9)
(95.3)
(95.3)
(105.4)
(105.4)
De\ufb01cit/
liabilities in
the plans
(122.2)
(381.2)
(122.1)
(552.6)
(136.4)
(688.5)
In accordance with IAS 19, plans that are wholly or partially funded are
considered funded plans.
(B) ASSUMPTIONS There are a number of areas in pension accounting that involve estimates made by management based on advice of qualified advisors. These include establishing the discount rates, rates of increase in salaries and pensions in payment, inflation, and mortality assumptions. The main weighted average assumptions used for the actuarial valuations at 31 December are shown in the following table:
2023 2022 2021 2020
% pa % pa % pa % pa
UK
Discount rate
4.7
5.1
1.8
1.3
Rate of increase in
pensions in payment
2.5
4.4
4.5
4.4
In\ufb02ation
3.1
3.0
3.2
2.8
North America
Discount rate
4.9
5.2
2.6
2.0
Rate of increase in
salaries
n/a
n/a
n/a
3.0
Western Continental
Europe
Discount rate
3.4
4.1
1.2
0.9
Rate of increase in
salaries
2.5
2.5
2.3
2.2
Rate of increase in
pensions in payment
2.0
2.0
1.8
1.8
In\ufb02ation
2.0
2.0
1.7
1.7
Asia Paci\ufb01c, Latin
America, Africa & Middle
East and Central &
Eastern Europe
Discount rate
6.5
6.4
5.3
4.2
Rate of increase
in salaries
6.2
5.7
5.6
5.2
In\ufb02ation
3.4
3.4
3.7
3.7
1 1 2 1 1 Notes 1 Discount rates are based on high-quality corporate bond yields. In countries where there is no deep market in corporate bonds, the discount rate assumption has been set with regard to the yield on long-term government bonds 2 The salary assumptions are no longer applicable to the US as all plans were frozen. Active participants will not accrue additional bene\ufb01ts for future services under these plans For the Group\u2019s pension plans, the plans\u2019 assets are invested with the objective of being able to meet current and future benefit payment needs, while controlling balance sheet volatility and future contributions. Pension plan assets are invested with a number of investment managers, and assets are diversified among equities, bonds, insured annuities, property and cash or other liquid investments. The primary use of bonds as an investment class is to match the anticipated cash flows from the plans to pay pensions. The Group is invested in high-quality corporate and government bonds which share similar risk characteristics and are of equivalent currency and term to the plan liabilities. Various insurance policies have also been bought historically to provide a more exact match for the cash flows, including a match for the actual mortality of specific plan members. These insurance policies effectively provide protection against both investment fluctuations and longevity risks. The strategic target allocation varies among the individual plans. Management considers the types of investment classes in which the pension plan assets are invested. The types of investment classes are determined by economic and market conditions and in consideration of specific asset-class risk. The investment strategy of the Group varies by country, albeit there was a general directive by the Group in recent years to de-risk the larger funded plans (mainly in the US and UK) and move towards a liability driven investment strategy. Management periodically commissions detailed asset and liability studies performed by third-party professional investment advisors and actuaries that generate probability-adjusted expected future returns on those assets. These studies also project the estimated future pension payments and evaluate the efficiency of the allocation of the pension plan assets into various investment categories.
At 31 December 2023, the life expectancies underlying the value of the
accrued liabilities for the main defined benefit pension plans operated
by the Group were as follows:
Western
Years life expectancy All North Continental
after age 65 plan
America
UK
Europe
Other
1
Current pensioners
(at age 65) \u2013 male
21.8
22.0
23.4
21.1
20.3
Current pensioners
(at age 65) \u2013 female
23.6
23.4
24.9
24.2
25.1
Future pensioners
(current age 45)
\u2013 male
23.5
23.4
25.4
23.4
20.3
Future pensioners
(current age 45)
\u2013 female
25.2
24.8
27.0
26.0
25.1
Note
1
Includes Asia Paci\ufb01c, Latin America, Africa & Middle East and Central & Eastern Europe
The life expectancies after age 65 at 31 December 2022 were 22.3 years and
24.0 years for male and female current pensioners (at age 65) respectively,
and 24.0 years and 25.7 years for male and female future pensioners (current
age 45), respectively.
In the determination of mortality assumptions, management uses the most
up-to-date mortality tables available in each country.
The following table provides information on the weighted average duration
of the defined benefit pension obligations and the distribution of the timing
of benefit payments for the next ten years. The duration corresponds to the
weighted average length of the underlying cash flows.
Western
All North Continental
plan
America
UK
Europe
Other
1
Weighted average
duration of the de\ufb01ned
bene\ufb01t obligation (years)
8.0
7.4
6.3
10.2
5.9
Expected bene\ufb01t
payments over the
next ten years (\u00a3m)
Within 12 months
30.2
18.5
0.7
6.0
5.0
In 2025
28.3
18.1
0.6
6.0
3.6
In 2026
29.2
17.8
0.6
6.2
4.6
In 2027
29.0
18.7
0.5
6.2
3.6
In 2028
27.6
15.7
0.5
7.0
4.4
In the next \ufb01ve years
144.4
83.7
1.6
33.2
25.9
Note
1
Includes Asia Paci\ufb01c, Latin America, Africa & Middle East and Central & Eastern Europe
The following table presents a sensitivity analysis for each significant actuarial
assumption showing how the defined benefit obligation would have been
affected by changes in the relevant actuarial assumption that were reasonably
possible at the balance sheet date. This sensitivity analysis applies to the
defined benefit obligation only and not to the net defined benefit pension
liability in its entirety, the measurement of which is driven by a number of
factors including, in addition to the assumptions below, the fair value of
plan assets.
The sensitivity analyses are based on a change in one assumption while
holding all other assumptions constant so that interdependencies between
the assumptions are excluded. The methodology applied is consistent with
that used to determine the recognised defined benefit obligation. The
sensitivity analysis for inflation is not shown as it is an underlying assumption
to build the pension and salary increase assumptions. Changing the inflation
assumption on its own without changing the salary or pension assumptions
will not result in a significant change in pension liabilities.
(Decrease)/increase
in bene\ufb01t obligation
Sensitivity analysis of signi\ufb01cant actuarial assumptions
2023
\u00a3m
2022
\u00a3m
Discount rate
Increase by 25 basis points:
UK (0.1) (3.6)
North America (3.8) (4.4)
Western Continental Europe
(2.3) (2.0)
Other
1
(0.5) (0.5)
Decrease by 25 basis points:
UK 0.2 3.8
North America 3.9 4.6
Western Continental Europe
2.4 2.1
Other
1
0.5 0.6
Rate of increase in salaries
Increase by 25 basis points:
Western Continental Europe 0.6 0.5
Other
1
0.4 0.5
Decrease by 25 basis points:
Western Continental Europe (0.6) (0.5)
Other
1
(0.5) (0.5)
Rate of increase in pensions in payment
Increase by 25 basis points:
UK
0.2 0.7
Western Continental Europe
1.2 1.1
Decrease by 25 basis points:
UK
\u2013 (0.6)
Western Continental Europe
(1.2) (1.0)
Life expectancy
Increase in longevity by one additional year:
UK
0.7 6.8
North America 3.3 4.2
Western Continental Europe 3.0 2.6
Note
1
Includes Asia Paci\ufb01c, Latin America, Africa & Middle East and Central & Eastern Europe
(C) PENSION EXPENSE
The following tables show the breakdown of the pension expense between
amounts charged to operating profit and amounts charged to finance costs:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Service cost
12.2
10.4
12.6
Administrative expenses
2.8
3.1
2.3
Charge to operating pro\ufb01t
15.0
13.5
14.9
Net interest expense on pension plans
4.3
2.2
1.8
Charge to pro\ufb01t before taxation
for de\ufb01ned bene\ufb01t plans
19.3
15.7
16.7
1
Note
1
Includes current service cost, past service costs related to plan amendments and (gain)/loss on
settlements and curtailments
The following table shows the breakdown of amounts recognised in other
comprehensive income (OCI):
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Return on plan assets (excluding interest income)
6.5
(127.6)
(29.3)
Changes in demographic assumptions underlying
the present value of the plan liabilities
(0.5)
0.6
(3.6)
Changes in \ufb01nancial assumptions underlying the
present value of the plan liabilities
(13.8)
143.5
31.1
Experience (loss)/gain arising on the plan liabilities
(1.3)
(0.1)
15.7
Change in irrecoverable surplus
\u2013
0.2
0.4
Actuarial (loss)/gain recognised in OCI
(9.1)
16.6
14.3
(D) MOVEMENT IN PLAN LIABILITIES The following table shows an analysis of the movement in the pension plan liabilities for each accounting period:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Plan liabilities at beginning of year
552.6
688.5
772.7
Service cost
12.2
10.4
12.6
Interest cost
20.5
15.5
12.0
Actuarial loss/(gain):
Effect of changes in demographic assumptions
0.5
(0.6)
3.6
Effect of changes in \ufb01nancial assumptions
13.8
(143.5)
(31.1)
Effect of experience adjustments
1.3
0.1
(15.7)
Bene\ufb01ts paid
(37.5)
(52.0)
(59.5)
(Gain)/loss due to exchange rate movements
(16.7)
40.4
(6.1)
Settlement payments
(163.2)
(8.7)
(0.3)
Other
(2.3)
2.5
0.3
Plan liabilities at end of year
381.2
552.6
688.5
1 2 3 Notes 1 Includes current service cost, past service costs related to plan amendments and (gain)/loss on settlements and curtailments 2 During the year ended 31 December 2023, the Group completed the winding-up of two de\ufb01ned bene\ufb01t pension plans: The Ogilvy & Mather Group Pension and Life Assurance Plan and the JWT Pension and Life Assurance Scheme, constituting settlements under IAS 19. The settlements led to the full elimination of associated plan assets and plan liabilities of \u00a3145.0 million, the fair value of plan assets equalled the underlying liabilities upon settlement such that there is no impact on 2023 net assets or the income statement 3 Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassi\ufb01cations. The reclassi\ufb01cations represent certain of the Group\u2019s de\ufb01ned bene\ufb01t plans which are included in this note for the \ufb01rst time in the periods presented (E) MOVEMENT IN PLAN ASSETS The following table shows an analysis of the movement in the pension plan assets for each accounting period:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Fair value of plan assets at beginning of year
430.5
552.1
616.6
Interest income on plan assets
16.2
13.3
10.2
Return on plan assets (excluding interest income)
6.5
(127.6)
(29.3)
Employer contributions
19.8
24.0
16.7
Bene\ufb01ts paid
(37.5)
(52.0)
(59.5)
(Loss)/gain due to exchange rate movements
(12.4)
31.5
(0.6)
Settlement payments
(163.2)
(8.7)
(0.3)
Administrative expenses
(2.8)
(3.1)
(1.8)
Other
1.9
1.0
0.1
Fair value of plan assets at end of year
259.0
430.5
552.1
Actual return/(loss) on plan assets
22.7
(114.3)
(19.1)
1 2 Notes 1 During the year ended 31 December 2023, the Group completed the winding-up of two de\ufb01ned bene\ufb01t pension plans: The Ogilvy & Mather Group Pension and Life Assurance Plan and the JWT Pension and Life Assurance Scheme, constituting settlements under IAS 19. The settlements led to the full elimination of associated plan assets and plan liabilities of \u00a3145.0 million, the fair value of plan assets equaled the underlying liabilities upon settlement such that there is no impact on 2023 net assets or the income statement 2 Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassi\ufb01cations. The reclassi\ufb01cations represent certain of the Group\u2019s de\ufb01ned bene\ufb01t plans which are included in this note for the \ufb01rst time in the periods presented", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "value": "
24. RISK MANAGEMENT POLICIES
FOREIGN CURRENCY RISK
The Group\u2019s results in pounds sterling are subject to fluctuation as a result
of exchange rate movements. The Group does not hedge this translation
exposure to its earnings but does partially hedge the currency element
of its net assets using foreign currency borrowings, cross-currency swaps,
forward foreign exchange contracts and non-deliverable forward contracts.
The Group effects these currency net asset hedges by borrowing in the same
currencies as the operating (or \"functional\") currencies of its main operating
units. The majority of the Group\u2019s debt is therefore denominated in US dollars,
pounds sterling and euros. The Group\u2019s borrowings (including cross currency
swaps) at 31 December 2023 were primarily made up of $1,874 million,
\u00a31,094 million and \u20ac2,100 million (2022: $1,667 million, \u00a31,094 million and
\u20ac2,350 million). The Group\u2019s average gross debt during the course of 2023
was $2,511 million, \u00a31,173 million and \u20ac2,321 million (2022: $1,667 million,
\u00a31,094 million and \u20ac2,404 million).
The Group\u2019s operations conduct the majority of their activities in their own
local currency and consequently the Group has no significant transactional
foreign exchange exposures arising from its operations. Any significant
cross-border trading exposures are hedged by the use of forward foreign-
exchange contracts. No speculative foreign exchange trading is undertaken.
INTEREST RATE RISK
The Group is exposed to interest rate risk on both interest-bearing assets and
interest-bearing liabilities. The Group has a policy of actively managing its
interest rate risk exposure while recognising that fixing rates on all its debt
eliminates the possibility of benefiting from rate reductions and, similarly, having
all its debt at floating rates unduly exposes the Group to increases in rates.
Including the effect of interest rate and cross-currency swaps, 100% of the
year-end US dollar debt is at fixed rates averaging 4.62% for an average period
of 66 months; 100% of the sterling debt is at a fixed rate of 2.97% for an
average period of 130 months; and 100% of the euro debt is at fixed rates
averaging 2.12% for an average period of 48 months.
GOING CONCERN AND LIQUIDITY RISK
In considering going concern and liquidity risk, the Directors have reviewed
the Group\u2019s future cash requirements and earnings projections. The Directors
believe these forecasts have been prepared on a prudent basis and have also
considered the impact of a range of potential changes to trading performance.
The Company modelled a range of revenue less pass-through costs compared
with the year ended 31 December 2023 and a number of mitigating cost actions
that are available to the Company. Considering the Group\u2019s liquidity headroom
and cost mitigation actions which could be implemented, the Group would be
able to operate with appropriate liquidity and be able to meet its liabilities as
they fall due. The Company modelled a range of revenue less pass-through cost
declines up to 31% compared with the year ended 31 December 2023. The
likelihood of such a decline is considered remote as compared to Company
expectations and external benchmarks. The modelling in this extreme scenario
includes cost mitigations of 70% of the decline in revenue less pass-through
costs and the suspension of the share buyback programme and dividend.
Further measures that were not included in the modelling, should the Company
face such an extreme scenario, include the reduction of capital expenditure and
acquisitions. Based on the outcome of the above assessments, the Directors
have concluded that it is reasonable to expect that the Group will be able to
operate within its current facilities for the period of assessment and are
therefore comfortable that the Company will be a going concern for at least
12 months from the date of signing the Group's consolidated financial
statements. As such, it is appropriate to prepare the financial statements
of the Group on a going concern basis.
At 31 December 2023, the Group has access to \u00a36.4 billion of committed facilities with maturity dates spread over the years 2024 to 2046 as illustrated below:
2024 2025 2026 2027 2028+
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3 bonds \u00a3400m (2.875% 2046)
400.0
400.0
US bond $220m (5.625% 2043)
172.7
172.7
US bond $93m (5.125% 2042)
72.9
72.9
\u00a3 bonds \u00a3250m (3.75% 2032)
250.0
250.0
Eurobonds \u20ac600m (1.625% 2030)
520.2
520.2
Eurobonds \u20ac750m (4.125% 2028)
650.2
650.2
Eurobonds \u20ac750m (2.375% 2027)
650.2
650.2
Eurobonds \u20ac750m (2.25% 2026)
650.2
650.2
Bank revolver ($2,500m 2026)
1,963.7
1,963.7
Eurobonds \u20ac500m (1.375% 2025)
433.5
433.5
US bond $750m (3.75% 2024)
589.1
589.1
Total committed facilities available
6,352.7
589.1
433.5
2,613.9
650.2
2,066.0
Drawn down facilities at 31 December 2023
4,389.0
589.1
433.5
650.2
650.2
2,066.0
Undrawn committed credit facilities
1,963.7
Drawn down facilities at 31 December 2023
4,389.0
Net cash at 31 December 2023
(1,859.3)
Other adjustments
(25.9)
Adjusted net debt at 31 December 2023
2,503.8
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are high-rated (AAA) funds, banks with high credit ratings assigned by international credit-rating agencies or banks that have been financed by their government. EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL POSITION AND PERFORMANCE The effects of the hedging instruments on the Group's financial position and performance are as follows:
2023
2022
(i) Cash \ufb02ow hedges of foreign currency risk
Carrying amount of derivative hedging instruments
(\u00a316.5m)
(\u00a36.6m)
Notional amount of hedged items
\u20ac1,250.0m
\u20ac1,000.0m
Notional amount of hedging instruments
\u20ac1,250.0m
\u20ac1,000.0m
Maturity date
2025-2028
2023-2025
Hedge ratio
1:1
1:1
Change in value of hedged item used to
determine hedge effectiveness for outstanding
hedging instruments
(\u00a332.4m)
\u00a338.5m
Change in value of hedging instrument
used to determine hedge effectiveness for
outstanding hedging instruments
\u00a329.6m
(\u00a341.4m)
Hedge ineffectiveness (revaluation and
retranslation of \ufb01nancial instruments)
\u00a32.7m
\u00a32.9m
Weighted average hedged rate for outstanding
hedging instruments
4.4%
3.2%
(ii) Net investment hedges of foreign currency risk
Carrying amount of derivative hedging instruments
\u00a348.2m
(\u00a346.9m)
Carrying amount of non-derivative hedging
instruments (bonds and bank loans)
(\u00a3835.0m)
(\u00a3879.5m)
Notional amount of hedging instruments
$1,873.9m
$1,666.8m
Notional amount of hedged net assets
$1,873.9m
$1,666.8m
Hedge ratio
1:1
1:1
Change in value of hedged item used
to determine hedge effectiveness
\u00a3108.2m
(\u00a3141.5m)
Change in value of hedging instrument
used to determine effectiveness
(\u00a3110.1m)
\u00a3141.5m
Hedge ineffectiveness (revaluation and
retranslation of \ufb01nancial instruments)
\u00a31.9m
\u2212
Weighted average hedged rate for the year
(USD/GBP)
1.2731
1.2083
1 2 2 Notes 1 Relates to cross currency swaps designated as cash \ufb02ow hedges 2 This amount is presented in trade and other receivables, and trade and other payables. The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type, whereas they are presented at an instrument level in the balance sheet Given its debt maturity profile and available facilities, the Directors believe the Group has sufficient liquidity to match its requirements for the foreseeable future. TREASURY ACTIVITIES Treasury activity is managed centrally from London, New York and Hong Kong, and is principally concerned with the monitoring of working capital, managing external and internal funding requirements and the monitoring and management of financial market risks, in particular interest rate and foreign exchange exposures. The treasury operation is not a profit centre and its activities are carried out in accordance with policies approved by the Board of Directors and subject to regular review and audit. The Group manages liquidity risk by ensuring continuity and flexibility of funding even in difficult market conditions. Undrawn committed borrowing facilities are maintained in excess of peak net-borrowing levels and debt maturities are closely monitored. Targets for average adjusted net debt are set on an annual basis and, to assist in meeting this, working capital targets are set for all the Group\u2019s major operations. CAPITAL RISK MANAGEMENT The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 10, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and in notes 26 and 27. CREDIT RISK The Group\u2019s principal financial assets are cash and short-term deposits, trade and other receivables and other investments, the carrying values of which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets, as shown in note 25. The Group\u2019s credit risk is primarily attributable to its trade receivables. The majority of the Group\u2019s trade receivables are due from large national or multinational companies where the risk of default is considered low. The amounts presented in the consolidated balance sheet are net of expected credit losses, estimated by the Group\u2019s management based on expected losses, prior experience and their assessment of the current economic environment. A relatively small number of clients make up a significant percentage of the Group\u2019s debtors, but no single client represents more than 6% of total trade receivables as at 31 December 2023 or 31 December 2022.
SENSITIVITY ANALYSIS
The following sensitivity analysis addresses the effect of currency and interest
rate risks on the Group\u2019s financial instruments. The analysis assumes that all
hedges are highly effective.
CURRENCY RISK
A 10% weakening of sterling against the Group\u2019s major currencies would
result in the following impacts on the income statement and equity, which
would arise on the retranslation of foreign currency-denominated monetary
items. A 10% strengthening of sterling would have an equal and opposite
effect.
Impact on income statement
Impact on equity
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar
(41.0)
(179.6)
(18.0)
34.6
Euro
(185.8)
78.9
\u2013
(11.3)
INTEREST RATE RISK
A one percentage point increase in market interest rates for all currencies
in which the Group had cash and borrowings at 31 December 2023 would
increase profit before tax by approximately \u00a318.6 million (2022: \u00a319.9 million).
A one percentage point decrease in market interest rates would have an
equal and opposite effect. This has been calculated by applying the interest
rate change to the Group\u2019s variable rate cash and borrowings. Note that
in practice, the Group has a cyclical cash profile throughout the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-694": { "value": "FOREIGN CURRENCY RISK The Group\u2019s results in pounds sterling are subject to fluctuation as a result of exchange rate movements. The Group does not hedge this translation exposure to its earnings but does partially hedge the currency element of its net assets using foreign currency borrowings, cross-currency swaps, forward foreign exchange contracts and non-deliverable forward contracts. The Group effects these currency net asset hedges by borrowing in the same currencies as the operating (or \"functional\") currencies of its main operating units. The majority of the Group\u2019s debt is therefore denominated in US dollars, pounds sterling and euros. The Group\u2019s borrowings (including cross currency swaps) at 31 December 2023 were primarily made up of $1,874 million, \u00a31,094 million and \u20ac2,100 million (2022: $1,667 million, \u00a31,094 million and \u20ac2,350 million). The Group\u2019s average gross debt during the course of 2023 was $2,511 million, \u00a31,173 million and \u20ac2,321 million (2022: $1,667 million, \u00a31,094 million and \u20ac2,404 million). The Group\u2019s operations conduct the majority of their activities in their own local currency and consequently the Group has no significant transactional foreign exchange exposures arising from its operations. Any significant cross-border trading exposures are hedged by the use of forward foreign- exchange contracts. No speculative foreign exchange trading is undertaken. INTEREST RATE RISK The Group is exposed to interest rate risk on both interest-bearing assets and interest-bearing liabilities. The Group has a policy of actively managing its interest rate risk exposure while recognising that fixing rates on all its debt eliminates the possibility of benefiting from rate reductions and, similarly, having all its debt at floating rates unduly exposes the Group to increases in rates. Including the effect of interest rate and cross-currency swaps, 100% of the year-end US dollar debt is at fixed rates averaging 4.62% for an average period of 66 months; 100% of the sterling debt is at a fixed rate of 2.97% for an average period of 130 months; and 100% of the euro debt is at fixed rates averaging 2.12% for an average period of 48 months. EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL POSITION AND PERFORMANCE The effects of the hedging instruments on the Group's financial position and performance are as follows:
2023
2022
(i) Cash \ufb02ow hedges of foreign currency risk
Carrying amount of derivative hedging instruments
(\u00a316.5m)
(\u00a36.6m)
Notional amount of hedged items
\u20ac1,250.0m
\u20ac1,000.0m
Notional amount of hedging instruments
\u20ac1,250.0m
\u20ac1,000.0m
Maturity date
2025-2028
2023-2025
Hedge ratio
1:1
1:1
Change in value of hedged item used to
determine hedge effectiveness for outstanding
hedging instruments
(\u00a332.4m)
\u00a338.5m
Change in value of hedging instrument
used to determine hedge effectiveness for
outstanding hedging instruments
\u00a329.6m
(\u00a341.4m)
Hedge ineffectiveness (revaluation and
retranslation of \ufb01nancial instruments)
\u00a32.7m
\u00a32.9m
Weighted average hedged rate for outstanding
hedging instruments
4.4%
3.2%
(ii) Net investment hedges of foreign currency risk
Carrying amount of derivative hedging instruments
\u00a348.2m
(\u00a346.9m)
Carrying amount of non-derivative hedging
instruments (bonds and bank loans)
(\u00a3835.0m)
(\u00a3879.5m)
Notional amount of hedging instruments
$1,873.9m
$1,666.8m
Notional amount of hedged net assets
$1,873.9m
$1,666.8m
Hedge ratio
1:1
1:1
Change in value of hedged item used
to determine hedge effectiveness
\u00a3108.2m
(\u00a3141.5m)
Change in value of hedging instrument
used to determine effectiveness
(\u00a3110.1m)
\u00a3141.5m
Hedge ineffectiveness (revaluation and
retranslation of \ufb01nancial instruments)
\u00a31.9m
\u2212
Weighted average hedged rate for the year
(USD/GBP)
1.2731
1.2083
1 2 2 Notes 1 Relates to cross currency swaps designated as cash \ufb02ow hedges 2 This amount is presented in trade and other receivables, and trade and other payables. The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type, whereas they are presented at an instrument level in the balance sheet SENSITIVITY ANALYSIS The following sensitivity analysis addresses the effect of currency and interest rate risks on the Group\u2019s financial instruments. The analysis assumes that all hedges are highly effective. CURRENCY RISK A 10% weakening of sterling against the Group\u2019s major currencies would result in the following impacts on the income statement and equity, which would arise on the retranslation of foreign currency-denominated monetary items. A 10% strengthening of sterling would have an equal and opposite effect.
Impact on income statement
Impact on equity
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar
(41.0)
(179.6)
(18.0)
34.6
Euro
(185.8)
78.9
\u2013
(11.3)
INTEREST RATE RISK A one percentage point increase in market interest rates for all currencies in which the Group had cash and borrowings at 31 December 2023 would increase profit before tax by approximately \u00a318.6 million (2022: \u00a319.9 million). A one percentage point decrease in market interest rates would have an equal and opposite effect. This has been calculated by applying the interest rate change to the Group\u2019s variable rate cash and borrowings. Note that in practice, the Group has a cyclical cash profile throughout the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-695": { "value": "GOING CONCERN AND LIQUIDITY RISK In considering going concern and liquidity risk, the Directors have reviewed the Group\u2019s future cash requirements and earnings projections. The Directors believe these forecasts have been prepared on a prudent basis and have also considered the impact of a range of potential changes to trading performance. The Company modelled a range of revenue less pass-through costs compared with the year ended 31 December 2023 and a number of mitigating cost actions that are available to the Company. Considering the Group\u2019s liquidity headroom and cost mitigation actions which could be implemented, the Group would be able to operate with appropriate liquidity and be able to meet its liabilities as they fall due. The Company modelled a range of revenue less pass-through cost declines up to 31% compared with the year ended 31 December 2023. The likelihood of such a decline is considered remote as compared to Company expectations and external benchmarks. The modelling in this extreme scenario includes cost mitigations of 70% of the decline in revenue less pass-through costs and the suspension of the share buyback programme and dividend. Further measures that were not included in the modelling, should the Company face such an extreme scenario, include the reduction of capital expenditure and acquisitions. Based on the outcome of the above assessments, the Directors have concluded that it is reasonable to expect that the Group will be able to operate within its current facilities for the period of assessment and are therefore comfortable that the Company will be a going concern for at least 12 months from the date of signing the Group's consolidated financial statements. As such, it is appropriate to prepare the financial statements of the Group on a going concern basis.
At 31 December 2023, the Group has access to \u00a36.4 billion of committed facilities with maturity dates spread over the years 2024 to 2046 as illustrated below:
2024 2025 2026 2027 2028+
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3 bonds \u00a3400m (2.875% 2046)
400.0
400.0
US bond $220m (5.625% 2043)
172.7
172.7
US bond $93m (5.125% 2042)
72.9
72.9
\u00a3 bonds \u00a3250m (3.75% 2032)
250.0
250.0
Eurobonds \u20ac600m (1.625% 2030)
520.2
520.2
Eurobonds \u20ac750m (4.125% 2028)
650.2
650.2
Eurobonds \u20ac750m (2.375% 2027)
650.2
650.2
Eurobonds \u20ac750m (2.25% 2026)
650.2
650.2
Bank revolver ($2,500m 2026)
1,963.7
1,963.7
Eurobonds \u20ac500m (1.375% 2025)
433.5
433.5
US bond $750m (3.75% 2024)
589.1
589.1
Total committed facilities available
6,352.7
589.1
433.5
2,613.9
650.2
2,066.0
Drawn down facilities at 31 December 2023
4,389.0
589.1
433.5
650.2
650.2
2,066.0
Undrawn committed credit facilities
1,963.7
Drawn down facilities at 31 December 2023
4,389.0
Net cash at 31 December 2023
(1,859.3)
Other adjustments
(25.9)
Adjusted net debt at 31 December 2023
2,503.8
Given its debt maturity profile and available facilities, the Directors believe
the Group has sufficient liquidity to match its requirements for the
foreseeable future.
TREASURY ACTIVITIES
Treasury activity is managed centrally from London, New York and Hong Kong,
and is principally concerned with the monitoring of working capital,
managing external and internal funding requirements and the monitoring
and management of financial market risks, in particular interest rate and
foreign exchange exposures.
The treasury operation is not a profit centre and its activities are carried out
in accordance with policies approved by the Board of Directors and subject
to regular review and audit.
The Group manages liquidity risk by ensuring continuity and flexibility of
funding even in difficult market conditions. Undrawn committed borrowing
facilities are maintained in excess of peak net-borrowing levels and debt
maturities are closely monitored. Targets for average adjusted net debt are
set on an annual basis and, to assist in meeting this, working capital targets
are set for all the Group\u2019s major operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-715": { "value": "
EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL
POSITION AND PERFORMANCE
The effects of the hedging instruments on the Group's financial position
and performance are as follows:
2023
2022
(i) Cash \ufb02ow hedges of foreign currency risk
Carrying amount of derivative hedging instruments
(\u00a316.5m)
(\u00a36.6m)
Notional amount of hedged items
\u20ac1,250.0m
\u20ac1,000.0m
Notional amount of hedging instruments
\u20ac1,250.0m
\u20ac1,000.0m
Maturity date
2025-2028
2023-2025
Hedge ratio
1:1
1:1
Change in value of hedged item used to
determine hedge effectiveness for outstanding
hedging instruments
(\u00a332.4m)
\u00a338.5m
Change in value of hedging instrument
used to determine hedge effectiveness for
outstanding hedging instruments
\u00a329.6m
(\u00a341.4m)
Hedge ineffectiveness (revaluation and
retranslation of \ufb01nancial instruments)
\u00a32.7m
\u00a32.9m
Weighted average hedged rate for outstanding
hedging instruments
4.4%
3.2%
(ii) Net investment hedges of foreign currency risk
Carrying amount of derivative hedging instruments
\u00a348.2m
(\u00a346.9m)
Carrying amount of non-derivative hedging
instruments (bonds and bank loans)
(\u00a3835.0m)
(\u00a3879.5m)
Notional amount of hedging instruments
$1,873.9m
$1,666.8m
Notional amount of hedged net assets
$1,873.9m
$1,666.8m
Hedge ratio
1:1
1:1
Change in value of hedged item used
to determine hedge effectiveness
\u00a3108.2m
(\u00a3141.5m)
Change in value of hedging instrument
used to determine effectiveness
(\u00a3110.1m)
\u00a3141.5m
Hedge ineffectiveness (revaluation and
retranslation of \ufb01nancial instruments)
\u00a31.9m
\u2212
Weighted average hedged rate for the year
(USD/GBP)
1.2731
1.2083
1
2
2
Notes
1
Relates to cross currency swaps designated as cash \ufb02ow hedges
2
This amount is presented in trade and other receivables, and trade and other payables. The use
of derivatives may entail a derivative transaction qualifying for more than one hedge type
designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type,
whereas they are presented at an instrument level in the balance sheet
25. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency-denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. During the year, the Group entered into cross currency swap contracts due in May 2028 with receipts of \u20ac750.0 million and payments of $810.9 million. In November 2023, the Group's contracts for receipts of \u20ac500.0 million and payments of $604.2 million matured. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. In March 2023, the Group designated \u00a380.6 million of non-deliverable forward foreign exchange contracts as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk on highly probable forecast foreign currency transactions (primarily INR and USD). The contracts have maturity dates between 2024 and 2028. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2023, the fair value of the Group\u2019s currency derivatives in designated hedging relationships is estimated to be a net asset of approximately \u00a331.7 million (2022: net liability of \u00a352.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a331.7 million (2022: \u00a30.6 million) assets included in trade and other receivables and nil (2022: \u00a353.3 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated as hedges and considered effective was a credit of \u00a3108.2 million (2022: debit of \u00a3141.5 million) for net investment hedges. For cash flow hedge arrangements, amounts of a debit of \u00a343.3 million (2022: credit of \u00a338.5 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and \u00a344.2 million was reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. During the year the hedges of the \u20ac750.0 million Eurobond were discontinued as the hedging item and hedging instrument matured which resulted in a debit of \u00a311.8 million taken to equity and recycled to profit and loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a35.0 million (2022: \u00a32.7 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a3955.2 million (2022: \u00a31,004.8 million). The Group estimates the fair value of these contracts to be a net liability of \u00a30.8 million (2022: net asset of \u00a30.4 million). As at 31 December 2023, the Group had designated its $93.0 million bond, $750.0 million bond, $220.0 million bond, and $810.9 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated the \u20ac500.0 million leg of its March 2025 cross currency swap and \u20ac750.0 million of its May 2028 cross currency swap as hedging instruments in cash flow hedges. \u00a380.6 million of non-deliverable forward foreign exchange contracts has also been designated as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. All hedge relationships were effective during the year. These arrangements are designed to address significant foreign exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Other investments
\u2013
257.2
75.5
\u2013
332.7
Cash and short-term deposits
\u2013
180.7
\u2013
2,036.8
2,217.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(946.3)
(946.3)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,775.0)
(3,775.0)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
10,601.4
10,601.4
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
118.3
118.3
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(10,917.4)
(10,917.4)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(1.5)
(1.5)
Derivative assets
31.7
2.2
\u2013
\u2013
33.9
Derivative liabilities
\u2013
(3.0)
\u2013
\u2013
(3.0)
Payments due to vendors (earnout agreements)
\u2013
(198.7)
\u2013
\u2013
(198.7)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(103.6)
(103.6)
31.7
238.4
75.5
(2,987.3)
(2,641.7)
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2022
Other investments
\u2013
255.7
114.1
\u2013
369.8
Cash and short-term deposits
\u2013
219.9
\u2013
2,271.6
2,491.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(1,169.0)
(1,169.0)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,801.8)
(3,801.8)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
11,338.0
11,338.0
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
146.2
146.2
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(11,283.0)
(11,283.0)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Derivative assets
0.6
5.1
\u2013
\u2013
5.7
Derivative liabilities
(53.3)
(4.7)
\u2013
\u2013
(58.0)
Payments due to vendors (earnout agreements)
\u2013
(160.1)
\u2013
\u2013
(160.1)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(342.1)
(342.1)
(52.7)
315.9
114.1
(2,841.0)
(2,463.7)
1 2 Notes 1 Certain money market funds included within cash and short-term deposits for the year ended 31 December 2022 have been re-presented given they are measured at held at fair value through pro\ufb01t or loss in accordance with IFRS 9. Prior year balances were presented as amortised cost 2 Liabilities in respect of put option balances for the year ended 31 December 2022 have been re-presented given they are measured at amortised cost in accordance with IFRS 9. Prior year balances were presented as held at fair value through pro\ufb01t or loss The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
31.7
\u2013
31.7
Derivative liabilities
\u2013
\u2013
\u2013
\u2013
Held at fair value through pro\ufb01t or loss
Other investments
0.6
\u2013
256.6
257.2
Derivative assets
\u2013
2.2
\u2013
2.2
Derivative liabilities
\u2013
(3.0)
\u2013
(3.0)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(198.7)
(198.7)
Held at fair value through other
comprehensive income
Other investments
7.4
\u2013
68.1
75.5
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
0.6
\u2013
0.6
Derivative liabilities
\u2013
(53.3)
\u2013
(53.3)
Held at fair value through pro\ufb01t or loss
Other investments
0.4
\u2013
255.3
255.7
Derivative assets
\u2013
5.1
\u2013
5.1
Derivative liabilities
\u2013
(4.7)
\u2013
(4.7)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(160.1)
(160.1)
Held at fair value through other
comprehensive income
Other investments
10.9
\u2013
103.2
114.1
There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout Other
agreements) investments
\u00a3m \u00a3m
1 January 2022
(196.7)
290.0
Gains recognised in the income statement
26.2
23.1
Losses recognised in other comprehensive income
\u2013
(5.3)
Exchange adjustments
(14.3)
\u2013
Additions
(46.7)
66.7
Disposals
\u2013
(16.0)
Cancellations
\u2013
\u2013
Settlements
71.4
\u2013
31 December 2022
(160.1)
358.5
Gains/(losses) recognised in the income statement
50.8
(26.7)
Gains recognised in other comprehensive income
\u2013
0.7
Exchange adjustments
1.8
\u2013
Additions
(149.7)
2.6
Disposals
\u2013
(10.4)
Settlements
58.5
\u2013
31 December 2023
(198.7)
324.7
The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels. PAYMENTS DUE TO VENDORS (EARNOUT AGREEMENTS) AND LIABILITIES IN RESPECT OF PUT OPTIONS Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. As of 31 December 2023, the potential undiscounted amount of future payments that could be required under the earnout agreements for acquisitions completed in the current year and for all earnout agreements ranges from nil to \u00a3326 million (2022: nil to \u00a3226 million) and nil to \u00a3753 million (2022: nil to \u00a3695 million), respectively. The increase in the maximum potential undiscounted amount of future payments for all earnout agreements is due to current year acquisitions, which is partially offset by earnout arrangements that have been completed and paid. At 31 December 2023, the weighted average growth rate in estimating future financial performance was 14.6% (2022: 12.4%). The weighted average of the risk-adjusted discount rate applied to these obligations at 31 December 2023 was 7.0% (2022: 7.6%). A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately \u00a31.4 million (2022: \u00a39.1 million) and \u00a35.5 million (2022: \u00a36.9 million), respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately \u00a32.5 million (2022: \u00a37.3 million) and \u00a32.5 million (2022: \u00a37.4 million), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease would result in a gain. OTHER INVESTMENTS The fair value of other investments included in level 1 is based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, discounted cash flows and the share of fund net asset value. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value. During 2022, Imagina stepped down from interests in associates to other investments and this investment was designated as fair value through other comprehensive income. There were no step downs to other investments which occurred in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-714": { "value": "TREASURY ACTIVITIES Treasury activity is managed centrally from London, New York and Hong Kong, and is principally concerned with the monitoring of working capital, managing external and internal funding requirements and the monitoring and management of financial market risks, in particular interest rate and foreign exchange exposures. The treasury operation is not a profit centre and its activities are carried out in accordance with policies approved by the Board of Directors and subject to regular review and audit. The Group manages liquidity risk by ensuring continuity and flexibility of funding even in difficult market conditions. Undrawn committed borrowing facilities are maintained in excess of peak net-borrowing levels and debt maturities are closely monitored. Targets for average adjusted net debt are set on an annual basis and, to assist in meeting this, working capital targets are set for all the Group\u2019s major operations. COMPANY\u2019S OWN SHARES The Company\u2019s holdings of own shares are stated at cost and represent shares held in treasury and purchases by the Employee Share Ownership Plan (ESOP) trusts of shares in the Company for the purpose of funding certain of the Group\u2019s share-based incentive plans, details of which are disclosed in the Compensation Committee report on pages 139 to 168. The trustees of the ESOP purchase the Company\u2019s ordinary shares in the open market using funds provided by the Company. The Company also has an obligation to make regular contributions to the ESOP to enable it to meet its administrative costs. The number and market value of the ordinary shares of the Company held by the ESOP at 31 December 2023 was 490,646 (2022: 1,211,974) and \u00a33.7 million (2022: \u00a39.9 million) respectively. The number and market value of ordinary shares held in treasury at 31 December 2023 was 66,675,497 (2022: 70,489,953) and \u00a3502.1 million (2022: \u00a3578.2 million) respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-696": { "value": "
CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group will be able
to continue as a going concern while maximising the return to stakeholders
through the optimisation of the debt and equity balance. The capital structure
of the Group consists of debt, which includes the borrowings disclosed in note
10, cash and cash equivalents and equity attributable to equity holders of the
parent, comprising issued capital, reserves and retained earnings as disclosed
in the consolidated statement of changes in equity and in notes 26 and 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-697": { "value": "
CREDIT RISK
The Group\u2019s principal financial assets are cash and short-term deposits,
trade and other receivables and other investments, the carrying values of
which represent the Group\u2019s maximum exposure to credit risk in relation to
financial assets, as shown in note 25.
The Group\u2019s credit risk is primarily attributable to its trade receivables.
The majority of the Group\u2019s trade receivables are due from large national
or multinational companies where the risk of default is considered low.
The amounts presented in the consolidated balance sheet are net of
expected credit losses, estimated by the Group\u2019s management based
on expected losses, prior experience and their assessment of the current
economic environment. A relatively small number of clients make up a
significant percentage of the Group\u2019s debtors, but no single client
represents more than 6% of total trade receivables as at 31 December 2023
or 31 December 2022.
The credit risk on liquid funds and derivative financial instruments is limited
because the counterparties are high-rated (AAA) funds, banks with high
credit ratings assigned by international credit-rating agencies or banks
that have been financed by their government.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "
25. FINANCIAL INSTRUMENTS
CURRENCY DERIVATIVES
The Group utilises currency derivatives to hedge significant future transactions
and cash flows and the exchange risk arising on translation of the Group\u2019s
investments in foreign operations. The Group is a party to a variety of foreign
currency derivatives in the management of its exchange rate exposures.
The instruments purchased are primarily denominated in the currencies of the
Group\u2019s principal markets. The Group designates foreign currency-denominated
debt as hedging instruments against the exposure to movements in the spot
translation rates associated with the translation of its foreign operations.
The Group also designates certain cross currency swaps as hedging
instruments in cash flow hedges to manage its exposure to foreign exchange
risk and interest rate risk on its borrowings. During the year, the Group
entered into cross currency swap contracts due in May 2028 with receipts of
\u20ac750.0 million and payments of $810.9 million. In November 2023, the Group's
contracts for receipts of \u20ac500.0 million and payments of $604.2 million
matured. Contracts due in March 2025 have receipts of \u20ac500.0 million and
payments of \u00a3444.1 million.
In March 2023, the Group designated \u00a380.6 million of non-deliverable forward
foreign exchange contracts as hedging instruments in cash flow hedges to
manage its exposure to foreign exchange risk on highly probable forecast
foreign currency transactions (primarily INR and USD). The contracts have
maturity dates between 2024 and 2028.
Critical terms of hedging instruments and hedged items are transacted
to match on a 1:1 ratio by notional values. Hedge ineffectiveness can
nonetheless arise from inherent differences between derivatives and
non-derivative instruments and other market factors including credit,
correlations, supply and demand, and market volatilities. In addition, hedge
ineffectiveness can arise as a result of the currency basis being included in
the hedge designation. Hedge accounting is discontinued when a hedging
relationship no longer qualifies for hedge accounting.
At 31 December 2023, the fair value of the Group\u2019s currency derivatives in
designated hedging relationships is estimated to be a net asset of
approximately \u00a331.7 million (2022: net liability of \u00a352.7 million). These amounts
are based on market values of equivalent instruments at the balance sheet
date, comprising \u00a331.7 million (2022: \u00a30.6 million) assets included in trade and
other receivables and nil (2022: \u00a353.3 million) liabilities included in trade and
other payables. The fair value of currency derivatives is based on the present
value of contractual cash flows using foreign currency and interest rate
forward market curves at the balance sheet date. The amounts taken to and
deferred in equity during the year for currency derivatives that are designated
as hedges and considered effective was a credit of \u00a3108.2 million (2022: debit of
\u00a3141.5 million) for net investment hedges.
For cash flow hedge arrangements, amounts of a debit of \u00a343.3 million (2022:
credit of \u00a338.5 million) representing the effective portion of the gain or loss
on the hedging instrument were taken to equity, and \u00a344.2 million was
reclassified to profit or loss in the same period when the related foreign
exchange impact on the associated hedged item affected profit or loss. During
the year the hedges of the \u20ac750.0 million Eurobond were discontinued as the
hedging item and hedging instrument matured which resulted in a debit of
\u00a311.8 million taken to equity and recycled to profit and loss.
Changes in the fair value relating to the ineffective portion of the currency
derivatives that are designated hedges amounted to \u00a35.0 million (2022:
\u00a32.7 million) which is included within revaluation and retranslation of financial
instruments in the income statement. At the balance sheet date, the total
nominal amount of outstanding forward foreign exchange contracts not
designated as hedges was \u00a3955.2 million (2022: \u00a31,004.8 million). The Group
estimates the fair value of these contracts to be a net liability of \u00a30.8 million
(2022: net asset of \u00a30.4 million).
As at 31 December 2023, the Group had designated its $93.0 million bond,
$750.0 million bond, $220.0 million bond, and $810.9 million leg of its cross
currency swap, as the hedging instruments in a net investment hedge
relationship. The Group has designated the \u20ac500.0 million leg of its March 2025
cross currency swap and \u20ac750.0 million of its May 2028 cross currency swap
as hedging instruments in cash flow hedges. \u00a380.6 million of non-deliverable
forward foreign exchange contracts has also been designated as the hedging
instrument in a cash flow hedge. Possible sources of ineffectiveness include
any impairments to the Group's net investment in US dollars. The hedges are
documented and are assessed for effectiveness on an ongoing basis. All hedge
relationships were effective during the year.
These arrangements are designed to address significant foreign exchange
exposure and are renewed on a revolving basis as required.
An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Other investments
\u2013
257.2
75.5
\u2013
332.7
Cash and short-term deposits
\u2013
180.7
\u2013
2,036.8
2,217.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(946.3)
(946.3)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,775.0)
(3,775.0)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
10,601.4
10,601.4
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
118.3
118.3
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(10,917.4)
(10,917.4)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(1.5)
(1.5)
Derivative assets
31.7
2.2
\u2013
\u2013
33.9
Derivative liabilities
\u2013
(3.0)
\u2013
\u2013
(3.0)
Payments due to vendors (earnout agreements)
\u2013
(198.7)
\u2013
\u2013
(198.7)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(103.6)
(103.6)
31.7
238.4
75.5
(2,987.3)
(2,641.7)
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2022
Other investments
\u2013
255.7
114.1
\u2013
369.8
Cash and short-term deposits
\u2013
219.9
\u2013
2,271.6
2,491.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(1,169.0)
(1,169.0)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,801.8)
(3,801.8)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
11,338.0
11,338.0
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
146.2
146.2
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(11,283.0)
(11,283.0)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Derivative assets
0.6
5.1
\u2013
\u2013
5.7
Derivative liabilities
(53.3)
(4.7)
\u2013
\u2013
(58.0)
Payments due to vendors (earnout agreements)
\u2013
(160.1)
\u2013
\u2013
(160.1)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(342.1)
(342.1)
(52.7)
315.9
114.1
(2,841.0)
(2,463.7)
1
2
Notes
1
Certain money market funds included within cash and short-term deposits for the year ended 31 December 2022 have been re-presented given they are measured at held at fair value through pro\ufb01t
or loss in accordance with IFRS 9. Prior year balances were presented as amortised cost
2
Liabilities in respect of put option balances for the year ended 31 December 2022 have been re-presented given they are measured at amortised cost in accordance with IFRS 9. Prior year balances
were presented as held at fair value through pro\ufb01t or loss
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
31.7
\u2013
31.7
Derivative liabilities
\u2013
\u2013
\u2013
\u2013
Held at fair value through pro\ufb01t or loss
Other investments
0.6
\u2013
256.6
257.2
Derivative assets
\u2013
2.2
\u2013
2.2
Derivative liabilities
\u2013
(3.0)
\u2013
(3.0)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(198.7)
(198.7)
Held at fair value through other
comprehensive income
Other investments
7.4
\u2013
68.1
75.5
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
0.6
\u2013
0.6
Derivative liabilities
\u2013
(53.3)
\u2013
(53.3)
Held at fair value through pro\ufb01t or loss
Other investments
0.4
\u2013
255.3
255.7
Derivative assets
\u2013
5.1
\u2013
5.1
Derivative liabilities
\u2013
(4.7)
\u2013
(4.7)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(160.1)
(160.1)
Held at fair value through other
comprehensive income
Other investments
10.9
\u2013
103.2
114.1
There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout Other
agreements) investments
\u00a3m \u00a3m
1 January 2022
(196.7)
290.0
Gains recognised in the income statement
26.2
23.1
Losses recognised in other comprehensive income
\u2013
(5.3)
Exchange adjustments
(14.3)
\u2013
Additions
(46.7)
66.7
Disposals
\u2013
(16.0)
Cancellations
\u2013
\u2013
Settlements
71.4
\u2013
31 December 2022
(160.1)
358.5
Gains/(losses) recognised in the income statement
50.8
(26.7)
Gains recognised in other comprehensive income
\u2013
0.7
Exchange adjustments
1.8
\u2013
Additions
(149.7)
2.6
Disposals
\u2013
(10.4)
Settlements
58.5
\u2013
31 December 2023
(198.7)
324.7
The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels.
PAYMENTS DUE TO VENDORS (EARNOUT AGREEMENTS) AND
LIABILITIES IN RESPECT OF PUT OPTIONS
Future anticipated payments due to vendors in respect of contingent
consideration (earnout agreements) are recorded at fair value, which is the
present value of the expected cash outflows of the obligations. Liabilities
in respect of put option agreements are initially recorded at the present
value of the redemption amount in accordance with IAS 32 and subsequently
measured at amortised cost in accordance with IFRS 9. Both types of
obligations are dependent on the future financial performance of the entity
and it is assumed that future profits are in line with Directors\u2019 estimates.
The Directors derive their estimates from internal business plans together
with financial due diligence performed in connection with the acquisition.
As of 31 December 2023, the potential undiscounted amount of future
payments that could be required under the earnout agreements for
acquisitions completed in the current year and for all earnout agreements
ranges from nil to \u00a3326 million (2022: nil to \u00a3226 million) and nil to \u00a3753 million
(2022: nil to \u00a3695 million), respectively. The increase in the maximum potential
undiscounted amount of future payments for all earnout agreements is due to
current year acquisitions, which is partially offset by earnout arrangements
that have been completed and paid.
At 31 December 2023, the weighted average growth rate in estimating future
financial performance was 14.6% (2022: 12.4%). The weighted average of the
risk-adjusted discount rate applied to these obligations at 31 December 2023
was 7.0% (2022: 7.6%).
A one percentage point increase or decrease in the growth rate in estimated
future financial performance would increase or decrease the combined
liabilities due to earnout agreements and put options by approximately
\u00a31.4 million (2022: \u00a39.1 million) and \u00a35.5 million (2022: \u00a36.9 million), respectively.
A 0.5 percentage point increase or decrease in the risk adjusted discount
rate would decrease or increase the combined liabilities by approximately
\u00a32.5 million (2022: \u00a37.3 million) and \u00a32.5 million (2022: \u00a37.4 million), respectively.
An increase in the liability would result in a loss in the revaluation of financial
instruments, while a decrease would result in a gain.
OTHER INVESTMENTS
The fair value of other investments included in level 1 is based on quoted
market prices. Other investments included in level 3 are unlisted securities,
where market value is not readily available. The Group has estimated relevant
fair values on the basis of information from outside sources using the most
appropriate valuation technique, including all external funding rounds, revenue
and EBITDA multiples, discounted cash flows and the share of fund net asset
value. The sensitivity to changes in unobservable inputs is specific to each
individual investment. A change to one or more of these unobservable inputs
to reflect a reasonably possible alternative assumption would not result in a
significant change to the fair value.
During 2022, Imagina stepped down from interests in associates to other
investments and this investment was designated as fair value through other
comprehensive income. There were no step downs to other investments
which occurred in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-721": { "value": "25. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency-denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. During the year, the Group entered into cross currency swap contracts due in May 2028 with receipts of \u20ac750.0 million and payments of $810.9 million. In November 2023, the Group's contracts for receipts of \u20ac500.0 million and payments of $604.2 million matured. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. In March 2023, the Group designated \u00a380.6 million of non-deliverable forward foreign exchange contracts as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk on highly probable forecast foreign currency transactions (primarily INR and USD). The contracts have maturity dates between 2024 and 2028. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2023, the fair value of the Group\u2019s currency derivatives in designated hedging relationships is estimated to be a net asset of approximately \u00a331.7 million (2022: net liability of \u00a352.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a331.7 million (2022: \u00a30.6 million) assets included in trade and other receivables and nil (2022: \u00a353.3 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated as hedges and considered effective was a credit of \u00a3108.2 million (2022: debit of \u00a3141.5 million) for net investment hedges. For cash flow hedge arrangements, amounts of a debit of \u00a343.3 million (2022: credit of \u00a338.5 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and \u00a344.2 million was reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. During the year the hedges of the \u20ac750.0 million Eurobond were discontinued as the hedging item and hedging instrument matured which resulted in a debit of \u00a311.8 million taken to equity and recycled to profit and loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a35.0 million (2022: \u00a32.7 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a3955.2 million (2022: \u00a31,004.8 million). The Group estimates the fair value of these contracts to be a net liability of \u00a30.8 million (2022: net asset of \u00a30.4 million). As at 31 December 2023, the Group had designated its $93.0 million bond, $750.0 million bond, $220.0 million bond, and $810.9 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated the \u20ac500.0 million leg of its March 2025 cross currency swap and \u20ac750.0 million of its May 2028 cross currency swap as hedging instruments in cash flow hedges. \u00a380.6 million of non-deliverable forward foreign exchange contracts has also been designated as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. All hedge relationships were effective during the year. These arrangements are designed to address significant foreign exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Other investments
\u2013
257.2
75.5
\u2013
332.7
Cash and short-term deposits
\u2013
180.7
\u2013
2,036.8
2,217.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(946.3)
(946.3)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,775.0)
(3,775.0)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
10,601.4
10,601.4
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
118.3
118.3
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(10,917.4)
(10,917.4)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(1.5)
(1.5)
Derivative assets
31.7
2.2
\u2013
\u2013
33.9
Derivative liabilities
\u2013
(3.0)
\u2013
\u2013
(3.0)
Payments due to vendors (earnout agreements)
\u2013
(198.7)
\u2013
\u2013
(198.7)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(103.6)
(103.6)
31.7
238.4
75.5
(2,987.3)
(2,641.7)
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2022
Other investments
\u2013
255.7
114.1
\u2013
369.8
Cash and short-term deposits
\u2013
219.9
\u2013
2,271.6
2,491.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(1,169.0)
(1,169.0)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,801.8)
(3,801.8)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
11,338.0
11,338.0
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
146.2
146.2
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(11,283.0)
(11,283.0)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Derivative assets
0.6
5.1
\u2013
\u2013
5.7
Derivative liabilities
(53.3)
(4.7)
\u2013
\u2013
(58.0)
Payments due to vendors (earnout agreements)
\u2013
(160.1)
\u2013
\u2013
(160.1)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(342.1)
(342.1)
(52.7)
315.9
114.1
(2,841.0)
(2,463.7)
1 2 Notes 1 Certain money market funds included within cash and short-term deposits for the year ended 31 December 2022 have been re-presented given they are measured at held at fair value through pro\ufb01t or loss in accordance with IFRS 9. Prior year balances were presented as amortised cost 2 Liabilities in respect of put option balances for the year ended 31 December 2022 have been re-presented given they are measured at amortised cost in accordance with IFRS 9. Prior year balances were presented as held at fair value through pro\ufb01t or loss The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
31.7
\u2013
31.7
Derivative liabilities
\u2013
\u2013
\u2013
\u2013
Held at fair value through pro\ufb01t or loss
Other investments
0.6
\u2013
256.6
257.2
Derivative assets
\u2013
2.2
\u2013
2.2
Derivative liabilities
\u2013
(3.0)
\u2013
(3.0)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(198.7)
(198.7)
Held at fair value through other
comprehensive income
Other investments
7.4
\u2013
68.1
75.5
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
0.6
\u2013
0.6
Derivative liabilities
\u2013
(53.3)
\u2013
(53.3)
Held at fair value through pro\ufb01t or loss
Other investments
0.4
\u2013
255.3
255.7
Derivative assets
\u2013
5.1
\u2013
5.1
Derivative liabilities
\u2013
(4.7)
\u2013
(4.7)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(160.1)
(160.1)
Held at fair value through other
comprehensive income
Other investments
10.9
\u2013
103.2
114.1
There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout Other
agreements) investments
\u00a3m \u00a3m
1 January 2022
(196.7)
290.0
Gains recognised in the income statement
26.2
23.1
Losses recognised in other comprehensive income
\u2013
(5.3)
Exchange adjustments
(14.3)
\u2013
Additions
(46.7)
66.7
Disposals
\u2013
(16.0)
Cancellations
\u2013
\u2013
Settlements
71.4
\u2013
31 December 2022
(160.1)
358.5
Gains/(losses) recognised in the income statement
50.8
(26.7)
Gains recognised in other comprehensive income
\u2013
0.7
Exchange adjustments
1.8
\u2013
Additions
(149.7)
2.6
Disposals
\u2013
(10.4)
Settlements
58.5
\u2013
31 December 2023
(198.7)
324.7
The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels. PAYMENTS DUE TO VENDORS (EARNOUT AGREEMENTS) AND LIABILITIES IN RESPECT OF PUT OPTIONS Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. As of 31 December 2023, the potential undiscounted amount of future payments that could be required under the earnout agreements for acquisitions completed in the current year and for all earnout agreements ranges from nil to \u00a3326 million (2022: nil to \u00a3226 million) and nil to \u00a3753 million (2022: nil to \u00a3695 million), respectively. The increase in the maximum potential undiscounted amount of future payments for all earnout agreements is due to current year acquisitions, which is partially offset by earnout arrangements that have been completed and paid. At 31 December 2023, the weighted average growth rate in estimating future financial performance was 14.6% (2022: 12.4%). The weighted average of the risk-adjusted discount rate applied to these obligations at 31 December 2023 was 7.0% (2022: 7.6%). A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately \u00a31.4 million (2022: \u00a39.1 million) and \u00a35.5 million (2022: \u00a36.9 million), respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately \u00a32.5 million (2022: \u00a37.3 million) and \u00a32.5 million (2022: \u00a37.4 million), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease would result in a gain. OTHER INVESTMENTS The fair value of other investments included in level 1 is based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, discounted cash flows and the share of fund net asset value. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value. During 2022, Imagina stepped down from interests in associates to other investments and this investment was designated as fair value through other comprehensive income. There were no step downs to other investments which occurred in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-698": { "value": "25. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency-denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. During the year, the Group entered into cross currency swap contracts due in May 2028 with receipts of \u20ac750.0 million and payments of $810.9 million. In November 2023, the Group's contracts for receipts of \u20ac500.0 million and payments of $604.2 million matured. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. In March 2023, the Group designated \u00a380.6 million of non-deliverable forward foreign exchange contracts as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk on highly probable forecast foreign currency transactions (primarily INR and USD). The contracts have maturity dates between 2024 and 2028. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2023, the fair value of the Group\u2019s currency derivatives in designated hedging relationships is estimated to be a net asset of approximately \u00a331.7 million (2022: net liability of \u00a352.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a331.7 million (2022: \u00a30.6 million) assets included in trade and other receivables and nil (2022: \u00a353.3 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated as hedges and considered effective was a credit of \u00a3108.2 million (2022: debit of \u00a3141.5 million) for net investment hedges. For cash flow hedge arrangements, amounts of a debit of \u00a343.3 million (2022: credit of \u00a338.5 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and \u00a344.2 million was reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. During the year the hedges of the \u20ac750.0 million Eurobond were discontinued as the hedging item and hedging instrument matured which resulted in a debit of \u00a311.8 million taken to equity and recycled to profit and loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a35.0 million (2022: \u00a32.7 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a3955.2 million (2022: \u00a31,004.8 million). The Group estimates the fair value of these contracts to be a net liability of \u00a30.8 million (2022: net asset of \u00a30.4 million). As at 31 December 2023, the Group had designated its $93.0 million bond, $750.0 million bond, $220.0 million bond, and $810.9 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated the \u20ac500.0 million leg of its March 2025 cross currency swap and \u20ac750.0 million of its May 2028 cross currency swap as hedging instruments in cash flow hedges. \u00a380.6 million of non-deliverable forward foreign exchange contracts has also been designated as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. All hedge relationships were effective during the year. These arrangements are designed to address significant foreign exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Other investments
\u2013
257.2
75.5
\u2013
332.7
Cash and short-term deposits
\u2013
180.7
\u2013
2,036.8
2,217.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(946.3)
(946.3)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,775.0)
(3,775.0)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
10,601.4
10,601.4
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
118.3
118.3
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(10,917.4)
(10,917.4)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(1.5)
(1.5)
Derivative assets
31.7
2.2
\u2013
\u2013
33.9
Derivative liabilities
\u2013
(3.0)
\u2013
\u2013
(3.0)
Payments due to vendors (earnout agreements)
\u2013
(198.7)
\u2013
\u2013
(198.7)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(103.6)
(103.6)
31.7
238.4
75.5
(2,987.3)
(2,641.7)
Held at
Derivatives in fair value
designated Held at fair through other
hedge value through comprehensive Amortised Carrying
relationships pro\ufb01t or loss income cost value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2022
Other investments
\u2013
255.7
114.1
\u2013
369.8
Cash and short-term deposits
\u2013
219.9
\u2013
2,271.6
2,491.5
Bank overdrafts and bonds: amounts falling due within one year
\u2013
\u2013
\u2013
(1,169.0)
(1,169.0)
Bonds: amounts falling due after more than one year
\u2013
\u2013
\u2013
(3,801.8)
(3,801.8)
Trade and other receivables: amounts falling due within one year
\u2013
\u2013
\u2013
11,338.0
11,338.0
Trade and other receivables: amounts falling due after more than one year
\u2013
\u2013
\u2013
146.2
146.2
Trade and other payables: amounts falling due within one year
\u2013
\u2013
\u2013
(11,283.0)
(11,283.0)
Trade and other payables: amounts falling due after more than one year
\u2013
\u2013
\u2013
(0.9)
(0.9)
Derivative assets
0.6
5.1
\u2013
\u2013
5.7
Derivative liabilities
(53.3)
(4.7)
\u2013
\u2013
(58.0)
Payments due to vendors (earnout agreements)
\u2013
(160.1)
\u2013
\u2013
(160.1)
Liabilities in respect of put options
\u2013
\u2013
\u2013
(342.1)
(342.1)
(52.7)
315.9
114.1
(2,841.0)
(2,463.7)
1 2 Notes 1 Certain money market funds included within cash and short-term deposits for the year ended 31 December 2022 have been re-presented given they are measured at held at fair value through pro\ufb01t or loss in accordance with IFRS 9. Prior year balances were presented as amortised cost 2 Liabilities in respect of put option balances for the year ended 31 December 2022 have been re-presented given they are measured at amortised cost in accordance with IFRS 9. Prior year balances were presented as held at fair value through pro\ufb01t or loss The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
31.7
\u2013
31.7
Derivative liabilities
\u2013
\u2013
\u2013
\u2013
Held at fair value through pro\ufb01t or loss
Other investments
0.6
\u2013
256.6
257.2
Derivative assets
\u2013
2.2
\u2013
2.2
Derivative liabilities
\u2013
(3.0)
\u2013
(3.0)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(198.7)
(198.7)
Held at fair value through other
comprehensive income
Other investments
7.4
\u2013
68.1
75.5
2022
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in designated hedge
relationships
Derivative assets
\u2013
0.6
\u2013
0.6
Derivative liabilities
\u2013
(53.3)
\u2013
(53.3)
Held at fair value through pro\ufb01t or loss
Other investments
0.4
\u2013
255.3
255.7
Derivative assets
\u2013
5.1
\u2013
5.1
Derivative liabilities
\u2013
(4.7)
\u2013
(4.7)
Payments due to vendors
(earnout agreements)
\u2013
\u2013
(160.1)
(160.1)
Held at fair value through other
comprehensive income
Other investments
10.9
\u2013
103.2
114.1
There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout Other
agreements) investments
\u00a3m \u00a3m
1 January 2022
(196.7)
290.0
Gains recognised in the income statement
26.2
23.1
Losses recognised in other comprehensive income
\u2013
(5.3)
Exchange adjustments
(14.3)
\u2013
Additions
(46.7)
66.7
Disposals
\u2013
(16.0)
Cancellations
\u2013
\u2013
Settlements
71.4
\u2013
31 December 2022
(160.1)
358.5
Gains/(losses) recognised in the income statement
50.8
(26.7)
Gains recognised in other comprehensive income
\u2013
0.7
Exchange adjustments
1.8
\u2013
Additions
(149.7)
2.6
Disposals
\u2013
(10.4)
Settlements
58.5
\u2013
31 December 2023
(198.7)
324.7
The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels. PAYMENTS DUE TO VENDORS (EARNOUT AGREEMENTS) AND LIABILITIES IN RESPECT OF PUT OPTIONS Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at amortised cost in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. As of 31 December 2023, the potential undiscounted amount of future payments that could be required under the earnout agreements for acquisitions completed in the current year and for all earnout agreements ranges from nil to \u00a3326 million (2022: nil to \u00a3226 million) and nil to \u00a3753 million (2022: nil to \u00a3695 million), respectively. The increase in the maximum potential undiscounted amount of future payments for all earnout agreements is due to current year acquisitions, which is partially offset by earnout arrangements that have been completed and paid. At 31 December 2023, the weighted average growth rate in estimating future financial performance was 14.6% (2022: 12.4%). The weighted average of the risk-adjusted discount rate applied to these obligations at 31 December 2023 was 7.0% (2022: 7.6%). A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately \u00a31.4 million (2022: \u00a39.1 million) and \u00a35.5 million (2022: \u00a36.9 million), respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately \u00a32.5 million (2022: \u00a37.3 million) and \u00a32.5 million (2022: \u00a37.4 million), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease would result in a gain. OTHER INVESTMENTS The fair value of other investments included in level 1 is based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, discounted cash flows and the share of fund net asset value. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value. During 2022, Imagina stepped down from interests in associates to other investments and this investment was designated as fair value through other comprehensive income. There were no step downs to other investments which occurred in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "value": "
26. AUTHORISED AND ISSUED SHARE CAPITAL
Equity Nominal
ordinary value
shares \u00a3m
Authorised
1 January 2022
1,750,000,000
175.0
31 December 2022
1,750,000,000
175.0
31 December 2023
1,750,000,000
175.0
Issued and fully paid
1 January 2022
1,224,459,550
122.4
Exercise of share options
125,700
\u2013
Share cancellations
(83,157,954)
(8.3)
At 31 December 2022
1,141,427,296
114.1
Exercise of share options
85,900
\u2013
Share cancellations
\u2013
\u2013
At 31 December 2023
1,141,513,196
114.1
COMPANY\u2019S OWN SHARES
The Company\u2019s holdings of own shares are stated at cost and represent shares
held in treasury and purchases by the Employee Share Ownership Plan (ESOP)
trusts of shares in the Company for the purpose of funding certain of the
Group\u2019s share-based incentive plans, details of which are disclosed in the
Compensation Committee report on pages 139 to 168.
The trustees of the ESOP purchase the Company\u2019s ordinary shares in the
open market using funds provided by the Company. The Company also has
an obligation to make regular contributions to the ESOP to enable it to meet its
administrative costs. The number and market value of the ordinary shares of the
Company held by the ESOP at 31 December 2023 was 490,646 (2022: 1,211,974)
and \u00a33.7 million (2022: \u00a39.9 million) respectively. The number and market
value of ordinary shares held in treasury at 31 December 2023 was 66,675,497
(2022: 70,489,953) and \u00a3502.1 million (2022: \u00a3578.2 million) respectively.
27. OTHER RESERVES Other reserves comprise the following:
Capital Total
redemption Equity Hedging Translation other
reserve reserve reserve reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
13.6
(576.7)
\u2013
227.2
(335.9)
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
409.0
409.0
Loss on net investment hedges
\u2013
\u2013
\u2013
(141.5)
(141.5)
Cash \ufb02ow hedges:
Fair value gain arising on hedging instruments
\u2013
\u2013
38.5
\u2013
38.5
Less: loss reclassi\ufb01ed to pro\ufb01t or loss
\u2013
\u2013
(38.5)
\u2013
(38.5)
Share of other comprehensive income of associate undertakings
\u2013
\u2013
\u2013
31.9
31.9
Share cancellations
8.3
\u2013
\u2013
\u2013
8.3
Recognition/derecognition of liabilities in respect of put options
\u2013
101.7
\u2013
\u2013
101.7
Share purchases \u2013 close period commitments
\u2013
211.7
\u2013
\u2013
211.7
Balance at 31 December 2022
21.9
(263.3)
\u2013
526.6
285.2
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
(404.0)
(404.0)
Gain on net investment hedges
\u2013
\u2013
\u2013
108.2
108.2
Cash \ufb02ow hedges:
Fair value loss arising on hedging instruments
\u2013
\u2013
(43.3)
\u2013
(43.3)
Less: gain reclassi\ufb01ed to pro\ufb01t or loss
\u2013
\u2013
44.2
\u2013
44.2
Share of other comprehensive loss of associate undertakings
\u2013
\u2013
\u2013
(0.9)
(0.9)
Share cancellations
\u2013
\u2013
\u2013
\u2013
\u2013
Recognition/derecognition of liabilities in respect of put options
\u2013
197.2
\u2013
\u2013
197.2
Share purchases \u2013 close period commitments
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2023
21.9
(66.1)
0.9
229.9
186.6
The capital redemption reserve relates entirely to share cancellations. The equity reserve primarily relates to the recognition/derecognition of liabilities in respect of put option agreements entered into by the Group as part of a business combination that allows non-controlling shareholders to sell their shares to the Group in the future. During 2023, the Company sold a portion of its ownership of FGS to KKR. As part of this transaction the previous put option granted to management shareholders was derecognised. During 2021, the Company entered into an agreement with a third party to conduct share buybacks on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was also recognised as a movement in the equity reserve in the year ended 31 December 2021. After the close period ended on 18 February 2022, the liability was settled and the amount in other reserves was reclassified to retained earnings. The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedges less amounts reclassified to profit or loss. The translation reserve contains the accumulated gains/(losses) on currency translation of foreign operations arising on consolidation. The translation reserve comprises:
2023 2022
\u00a3m \u00a3m
Balance relating to continuing net investment hedges
(53.1)
(143.8)
Balance relating to discontinued net investment hedges
(67.5)
(85.0)
Balance relating to foreign exchange differences on translation of foreign operations
350.5
755.4
229.9
526.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-699": { "value": "26. AUTHORISED AND ISSUED SHARE CAPITAL
Equity Nominal
ordinary value
shares \u00a3m
Authorised
1 January 2022
1,750,000,000
175.0
31 December 2022
1,750,000,000
175.0
31 December 2023
1,750,000,000
175.0
Issued and fully paid
1 January 2022
1,224,459,550
122.4
Exercise of share options
125,700
\u2013
Share cancellations
(83,157,954)
(8.3)
At 31 December 2022
1,141,427,296
114.1
Exercise of share options
85,900
\u2013
Share cancellations
\u2013
\u2013
At 31 December 2023
1,141,513,196
114.1
COMPANY\u2019S OWN SHARES The Company\u2019s holdings of own shares are stated at cost and represent shares held in treasury and purchases by the Employee Share Ownership Plan (ESOP) trusts of shares in the Company for the purpose of funding certain of the Group\u2019s share-based incentive plans, details of which are disclosed in the Compensation Committee report on pages 139 to 168. The trustees of the ESOP purchase the Company\u2019s ordinary shares in the open market using funds provided by the Company. The Company also has an obligation to make regular contributions to the ESOP to enable it to meet its administrative costs. The number and market value of the ordinary shares of the Company held by the ESOP at 31 December 2023 was 490,646 (2022: 1,211,974) and \u00a33.7 million (2022: \u00a39.9 million) respectively. The number and market value of ordinary shares held in treasury at 31 December 2023 was 66,675,497 (2022: 70,489,953) and \u00a3502.1 million (2022: \u00a3578.2 million) respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-700": { "value": "
27. OTHER RESERVES
Other reserves comprise the following:
Capital Total
redemption Equity Hedging Translation other
reserve reserve reserve reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
13.6
(576.7)
\u2013
227.2
(335.9)
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
409.0
409.0
Loss on net investment hedges
\u2013
\u2013
\u2013
(141.5)
(141.5)
Cash \ufb02ow hedges:
Fair value gain arising on hedging instruments
\u2013
\u2013
38.5
\u2013
38.5
Less: loss reclassi\ufb01ed to pro\ufb01t or loss
\u2013
\u2013
(38.5)
\u2013
(38.5)
Share of other comprehensive income of associate undertakings
\u2013
\u2013
\u2013
31.9
31.9
Share cancellations
8.3
\u2013
\u2013
\u2013
8.3
Recognition/derecognition of liabilities in respect of put options
\u2013
101.7
\u2013
\u2013
101.7
Share purchases \u2013 close period commitments
\u2013
211.7
\u2013
\u2013
211.7
Balance at 31 December 2022
21.9
(263.3)
\u2013
526.6
285.2
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
(404.0)
(404.0)
Gain on net investment hedges
\u2013
\u2013
\u2013
108.2
108.2
Cash \ufb02ow hedges:
Fair value loss arising on hedging instruments
\u2013
\u2013
(43.3)
\u2013
(43.3)
Less: gain reclassi\ufb01ed to pro\ufb01t or loss
\u2013
\u2013
44.2
\u2013
44.2
Share of other comprehensive loss of associate undertakings
\u2013
\u2013
\u2013
(0.9)
(0.9)
Share cancellations
\u2013
\u2013
\u2013
\u2013
\u2013
Recognition/derecognition of liabilities in respect of put options
\u2013
197.2
\u2013
\u2013
197.2
Share purchases \u2013 close period commitments
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2023
21.9
(66.1)
0.9
229.9
186.6
The capital redemption reserve relates entirely to share cancellations.
The equity reserve primarily relates to the recognition/derecognition of liabilities in respect of put option agreements entered into by the Group as part of
a business combination that allows non-controlling shareholders to sell their shares to the Group in the future. During 2023, the Company sold a portion of
its ownership of FGS to KKR. As part of this transaction the previous put option granted to management shareholders was derecognised. During 2021, the
Company entered into an agreement with a third party to conduct share buybacks on its behalf in the close period commencing on 16 December 2021 and
ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021
and was also recognised as a movement in the equity reserve in the year ended 31 December 2021. After the close period ended on 18 February 2022,
the liability was settled and the amount in other reserves was reclassified to retained earnings.
The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedges less amounts reclassified to profit or loss.
The translation reserve contains the accumulated gains/(losses) on currency translation of foreign operations arising on consolidation.
The translation reserve comprises:
2023 2022
\u00a3m \u00a3m
Balance relating to continuing net investment hedges
(53.1)
(143.8)
Balance relating to discontinued net investment hedges
(67.5)
(85.0)
Balance relating to foreign exchange differences on translation of foreign operations
350.5
755.4
229.9
526.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-671": { "value": "
28. ACQUISITIONS
The Group accounts for acquisitions in accordance with IFRS 3 Business
Combinations. IFRS 3 requires the acquiree\u2019s identifiable assets, liabilities and
contingent liabilities (other than non-current assets or disposal groups held for
sale) to be recognised at fair value at acquisition date. In assessing fair value at
acquisition date, management make their best estimate of the likely outcome
where the fair value of an asset or liability may be contingent on a future event.
In certain instances, the underlying transaction giving rise to an estimate may
not be resolved until some years after the acquisition date. IFRS 3 requires the
release to profit of any acquisition reserves which subsequently become
excess in the same way as any excess costs over those provided at acquisition
date are charged to profit. At each period end management assess provisions
and other balances established in respect of acquisitions for their continued
probability of occurrence and amend the relevant value accordingly through
the consolidated income statement or as an adjustment to goodwill as
appropriate under IFRS 3.
The Group acquired a number of subsidiaries in the year. Details of the purchase
consideration, the assets and liabilities recognised as a result of the acquisition
and the goodwill recognised has been outlined in the table below.
Book value at Fair value Fair value
acquisition adjustments to Group
\u00a3m \u00a3m \u00a3m
Intangible assets
2.9
138.5
141.4
Right-of-use assets
2.4
\u2013
2.4
Property, plant and equipment
0.8
\u2013
0.8
Cash and cash equivalents
22.5
\u2013
22.5
Trade receivables due within
one year
12.6
\u2013
12.6
Other current assets
4.9
\u2013
4.9
Total assets
46.1
138.5
184.6
Short-term loans
(48.9)
\u2013
(48.9)
Other current liabilities
(37.1)
\u2013
(37.1)
Trade and other payables due
after one year
(0.6)
(3.0)
(3.6)
Deferred tax liabilities
1.5
(35.0)
(33.5)
Long-term lease liabilities
(1.9)
\u2013
(1.9)
Provisions
(0.4)
(0.2)
(0.6)
Total liabilities
(87.4)
(38.2)
(125.6)
Net assets
(41.3)
100.3
59.0
Non-controlling interests
(1.7)
Goodwill
297.8
Consideration
355.1
Consideration satis\ufb01ed by:
Cash
227.4
Payments due to vendors
127.7
Goodwill arising from acquisitions represents the value of synergies with our
existing portfolio of businesses and skilled staff to deliver services to our
clients. Goodwill that is expected to be deductible for tax purposes is
\u00a361.9 million.
Non-controlling interests in acquired companies are measured at the
non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable
net assets. There were no newly acquired subsidiaries with non-controlling
interests that are individually material to the Group.
The contribution to revenue and operating profit of acquisitions completed
in the year was not material. There were no material acquisitions completed
between 31 December 2023 and the date the financial statements have been
authorised for issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-672": { "value": "
29. RELATED PARTY TRANSACTIONS
The Group enters into transactions with its associate undertakings.
The Group has continuing transactions with Kantar, including sales,
purchases, the provision of IT services, subleases and property-related items.
In the year ended 31 December 2023, revenue of \u00a3233.0 million (2022:
\u00a3159.7 million
1
) was reported in relation to Compas, an associate in the USA,
and revenue of \u00a320.9 million (2022: \u00a342.7 million) was reported in relation
to Kantar. All other transactions in the years presented were immaterial.
The following amounts were outstanding at 31 December:
2023 2022
\u00a3m \u00a3m
Amounts owed by related parties
Kantar
17.5
26.1
Other
56.0
62.4
73.5
88.5
Amounts owed to related parties
Kantar
(4.7)
(10.5)
Other
(70.4)
(65.2)
(75.1)
(75.7)
There are no material provisions for doubtful debts relating to these balances
and no material expense has been recognised in the income statement in
relation to bad or doubtful debts for 2023 or 2022.
Note
1
Revenue in relation to Compas for the period ended 31 December 2022 was restated from
\u00a388.3 million to \u00a3159.7 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-701": { "value": "29. RELATED PARTY TRANSACTIONS The Group enters into transactions with its associate undertakings. The Group has continuing transactions with Kantar, including sales, purchases, the provision of IT services, subleases and property-related items. In the year ended 31 December 2023, revenue of \u00a3233.0 million (2022: \u00a3159.7 million1 ) was reported in relation to Compas, an associate in the USA, and revenue of \u00a320.9 million (2022: \u00a342.7 million) was reported in relation to Kantar. All other transactions in the years presented were immaterial. The following amounts were outstanding at 31 December:
2023 2022
\u00a3m \u00a3m
Amounts owed by related parties
Kantar
17.5
26.1
Other
56.0
62.4
73.5
88.5
Amounts owed to related parties
Kantar
(4.7)
(10.5)
Other
(70.4)
(65.2)
(75.1)
(75.7)
There are no material provisions for doubtful debts relating to these balances and no material expense has been recognised in the income statement in relation to bad or doubtful debts for 2023 or 2022. Note 1 Revenue in relation to Compas for the period ended 31 December 2022 was restated from \u00a388.3 million to \u00a3159.7 million", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-673": { "value": "
30. EVENTS AFTER THE REPORTING PERIOD
On 20 February 2024, the Group refinanced its five-year Revolving Credit
Facility of $2.5 billion maturing March 2026. The new $2.5 billion facility runs
for five years with two one-year extension options maturing February 2029
(excluding options) and with no financial covenants.
On 12 March 2024, the Group refinanced its $750 million of 3.75% bonds due
September 2024 and \u20ac500 million of 1.375% bonds due March 2025 as planned,
issuing two bonds, \u20ac600 million of 3.625% bonds due September 2029 and
\u20ac650 million of 4.0% bonds due September 2033.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }