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"value": "Notes to the consolidated financial statements 1 Corporate information The consolidated financial statements of Keller Group plc and its subsidiaries (collectively, the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issue in accordance with the resolution of the Directors on 10 March 2023. Keller Group plc (the \u2018company\u2019) is a public limited company, incorporated and domiciled in the United Kingdom, whose shares are publicly traded on the London Stock Exchange. The registered office is located at 2 Kingdom Street, London W2 6BD. The Group is principally engaged in the provision of specialist geotechnical services. Information on the Group\u2019s structure is provided in note 9 of the company financial statements. 2 Significant accounting policies Basis of preparation In accordance with the Companies Act 2006, these consolidated financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The company prepares its parent company financial statements in accordance with FRS 101. The consolidated financial statements have been prepared on an historical cost basis, except for derivative financial instruments that have been measured at fair value. The carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to recognise changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand, expressed in millions to one decimal point, except when otherwise indicated. Prior year restatements Prior year financial reporting fraud Following an internal management operational review at the Austral business in Australia, the Group has identified a historical overstatement of revenue and profit relating to the years ended 31 December 2021, 31 December 2020 and 31 December 2019 due to a financial reporting fraud. This reporting error has been corrected by restating the prior year comparatives, reducing contract assets and prepayments (included with trade and other receivables) by \u00a38.1m and \u00a30.3m respectively, and increasing other payables (included within trade and other payables) by \u00a32.3m at 31 December 2021. Contract assets were reduced by \u00a36.5m and other payables were increased by \u00a30.2m as at 1 January 2021. The impact on the consolidated income statement for the year ended 31 December 2021 is a decrease in revenue of \u00a31.9m and an increase in operating costs of \u00a32.4m, resulting in a decrease in operating profit and profit before tax of \u00a34.3m. The lower profit before tax recognised within the consolidated Australia group of entities as a result, has impacted the recognition of deferred tax assets recognised in respect of tax losses carried forward as the asset is no longer regarded as recoverable. The deferred tax asset at 31 December 2021 is reduced by \u00a34.2m and the deferred tax asset at 1 January 2021 is reduced by \u00a32.0m. The deferred tax charge for the year ended 31 December 2021 is increased by \u00a32.4m. Net assets are \u00a314.9m lower than previously reported at 31 December 2021 and \u00a38.7m lower at 1 January 2021. The consolidated cash flow statement has been restated to show the change in profit before tax and the change in trade and other receivables and trade and other payables. There is no impact on the cash generated from operations for the year ended 31 December 2021. The restatement decreased diluted statutory earnings per share from 86.1p to 77.2p and diluted underlying earnings per share from 88.4p per share to 84.2p per share for the year ended 31 December 2021. The basic statutory earnings per share was reduced from 89.5p to 85.2p. Notes 4, 5, 7, 9, 12, 14, 15, 20, 23 and the alternative performance measures set out on pages 203 to 205 have also been restated, where relevant, to incorporate these changes. A reconciliation of the changes made to the restated financial results for the year ended 31 December 2021 are set out in detail in note 3. Further details regarding the restatements are provided in the Audit and Risk Committee report on page 101. Prior year measurement period adjustment In the year to 31 December 2021, the Group acquired RECON Services Inc. and the trade and assets of Subterranean (Manitoba) Ltd. At 31 December 2021, the purchase price allocation for both business combinations was prepared on a provisional basis in accordance with IFRS 3 \u2018Business Combinations\u2019. Under IFRS 3 \u2018Business Combinations\u2019 there is a measurement period of no longer than 12 months in which to finalise the valuation of the acquired assets and liabilities. During the measurement period, the Group finalised the valuation of intangible assets recognised on acquisition of RECON in respect of the trade name and customer relationships and the associated deferred tax liabilities. The Group also finalised the valuation of trade receivables acquired with Subterranean. The impact of the measurement period adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021 have been restated. The impact of these adjustments on the comparatives for the year ended 31 December 2021 is included in note 3 and further detail is set out in note 6. Going concern At 31 December 2022, the Group had undrawn committed and uncommitted borrowing facilities totalling \u00a3273.8m, comprising \u00a3113.6m of the unutilised portion of the revolving credit facility, \u00a3114.1m of other undrawn committed borrowing facilities and undrawn uncommitted borrowing facilities of \u00a346.1m, as well as cash and cash equivalents of \u00a3101.1m. At 31 December 2022, the Group\u2019s net debt to underlying EBITDA ratio (calculated on an IAS 17 covenant basis) was 1.2x, well within the limit of 3.0x. The Group has prepared a forecast of financial projections for the three-year period to 31 December 2025. The forecast underpins the going concern assessment which has been made for the period through to 31 March 2024, a period of at least 12 months from when the financial statements are authorised for issue and aligning with the period in which the Group\u2019s banking covenants are tested. The base case reflects the assumptions made by the Group with respect to increased market penetration including key project wins, organic growth, a focus on cost reduction, and mobilisation and delivery of the NEOM project. The forecast shows significant headroom and supports the position that the Group can operate within its available banking facilities and covenants throughout this period. Notes to the consolidated financial statements continued 2 Significant accounting policies continued Going concern continued For the going concern assessment, management ran a series of downside scenarios over the base case forecast to assess covenant headroom against available funding facilities. This process involved constructing scenarios to reflect the Group\u2019s current assessment of its principal risks, including those that would threaten its business model, future performance, solvency or liquidity. The principal risks and uncertainties modelled by management align with those disclosed within this Annual Report and Accounts. The following severe but plausible downside assumptions were modelled: \u2022 Rapid downturn in the Group\u2019s markets resulting in up to a 10% decline in revenues. \u2022 Ineffective execution of projects reducing profits by 1% of revenue. \u2022 Not having the right skills to deliver reducing profits by 0.5% of revenue. \u2022 A combination of other principal risks and trading risks materialising together reducing profits by up to \u00a342.9m over the period to 31 March 2024. These risks include changing environmental factors, costs of ethical misconduct and regulatory non-compliance, occurrence of an accident causing serious injury to an employee or member of the public, the cost of a product or solution failure and the impact of a previously unrecorded tax liability. \u2022 Deterioration of working capital performance by 5% of six months\u2019 sales. The financial and cash effects of these scenarios were modelled individually and in combination. The focus was on the ability to secure or retain future work and potential downward pressure on margins. Management applied sensitivities against projected revenue, margin and working capital metrics reflecting a series of plausible downside scenarios. Against the most negative scenario, mitigating actions were overlaid. These include a range of cost-cutting measures and overhead savings designed to preserve cash flows. The most extreme downside scenario modelled, included an aggregation of all risks considered, which showed a decrease in operating profit of 29.8% and an increase in net debt of 45.2% against the Group\u2019s latest forecast profit and cash flow projections for the review period up to 31 March 2024. The adjusted projections within this scenario does not forecast a breach of covenants in respect of available funding facilities or any liquidity shortfall. Consideration was given to scenarios where covenants would be breached and the circumstances giving rise to these scenarios were considered extreme and remote. This process allowed the Board to conclude that the Group will continue to operate on a going concern basis for the period through to the end of March 2024, a period of at least 12 months from when the financial statements are authorised for issue. Accordingly, the consolidated financial statements are prepared on a going concern basis. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change , particularly in the context of the risks identified in the TCFD disclosure on pages 45 to 48 this year. There has been no material impact identified on the financial reporting judgements and estimates. In particular, management considered the impact of climate change in respect of the following areas: \u2022 estimates of future cash flows used in impairment assessments of the carrying value of goodwill; \u2022 the useful economic life of plant, equipment and other intangible assets; and \u2022 going concern and viability of the Group over the next three years Whilst there is currently no medium-term impact expected from climate change, management are aware of the variable risks arising from climate change and will regularly assess these risks against judgement and estimates made in preparation of the Group\u2019s financial statements. Changes in accounting policies and disclosures New and amended standards and interpretations The following applicable amendments became effective during the year to 31 December 2022: \u2022 Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019. \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019. \u2022 IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019. These amendments have a limited impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019 An onerous contract is a contract under which the unavoidable costs (ie, the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (eg, the costs of direct labour and materials) and an allocation of costs directly related to contract activities (eg, depreciation of equipment used to fulfil the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This amendment does not have an impact on the consolidated financial statements of the Group as an allocation of costs directly related to contract activities was previously included in the unavoidable costs used in the costs to complete assessment for onerous contracts and the Group does not include an allocation of general overheads. Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019 The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented. IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019 The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. This amendment had no impact on the consolidated financial statements of the Group as there were no modifications of the Group\u2019s financial instruments during the period Basis of consolidation
The consolidated financial statements consolidate the accounts of
the parent and its subsidiary undertakings to 31 December each year.
Subsidiaries are entities controlled by the company. Control exists when
the company has power over an entity, exposure to variable returns from
its involvement with the entity and the ability to use its power over the
entity to affect its returns. Where subsidiary undertakings were acquired
or sold during the year, the accounts include the results for the part of the
year for which they were subsidiary undertakings using the acquisition
method of accounting. Intra-group balances, and any unrealised income
and expense arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements.
Joint operations
Where the Group undertakes contracts jointly with other parties, these
are accounted for as joint operations as defined by IFRS 11. In accordance
with IFRS 11, the Group accounts for its own share of assets, liabilities,
revenues and expenses measured according to the terms of the joint
operations agreement.
Joint ventures
A joint venture is a type of joint arrangement whereby the parties that
have joint control of the arrangement have rights to the net assets of the
joint arrangement. The consolidated financial statements incorporate a
share of the results, assets and liabilities of joint ventures using the equity
method of accounting, whereby the investment is carried at cost plus
post-acquisition changes in the share of net assets of the joint venture,
less any provision for impairment. Losses in excess of the consolidated
interest in joint ventures are not recognised except where the Group has
a constructive commitment to make good those losses. The results of
joint ventures acquired or disposed of during the year are included in the
consolidated income statement from the effective date of acquisition or
up to the effective date of disposal, as appropriate.
Summary of significant accounting policies
Foreign currencies
The Group\u2019s consolidated financial statements are presented in pounds
sterling, which is also the parent company\u2019s functional currency. For each
entity, the Group determines the functional currency and items included
in the financial statements of each entity are measured using that
functional currency.
Transactions and balances
Transactions in foreign currencies are initially recorded by the Group\u2019s
entities at their respective functional currency spot rates at the date the
transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are
translated at the functional currency spot rates of exchange at the
reporting date. Differences arising on settlement or translation of
monetary items are recognised in the consolidated income statement.
Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rates at the dates of
the initial transactions.
Group companies
On consolidation, the assets and liabilities of foreign operations are
translated into pounds sterling at the rate of exchange prevailing at
the reporting date and their income statements are translated at
exchange rates prevailing at the dates of the transactions. The exchange
movements arising on translation for consolidation are recognised in
other comprehensive income (OCI). On disposal of a foreign operation,
the component of the translation reserve relating to that particular foreign
operation is reclassified to profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any
fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the foreign
operation and translated at the average rate.
The exchange rates used in respect of principal currencies are:
Average rates 2022 2021
US dollar 1.24 1.38
Canadian dollar 1.61 1.72
Euro 1.17 1.16
Singapore dollar 1.70 1.85
Australian dollar 1.78 1.83
Year-end rates 2022 2021
US dollar 1.21 1.35
Canadian dollar 1.63 1.71
Euro 1.12 1.19
Singapore dollar 1.62 1.82
Australian dollar 1.76 1.86
Revenue from construction contracts
The Group\u2019s operations involve the provision of specialist geotechnical
services. The majority of the Group\u2019s revenue is derived from construction
contracts. Typically, the Group\u2019s construction contracts consist of one
performance obligation; however, for certain contracts (for example
where contracts involve separate phases or products that are not highly
interrelated) multiple performance obligations exist. Where multiple
performance obligations exist, total revenue is allocated to performance
obligations based on the relative standalone selling prices of each
performance obligation.
For each contract, revenue is the amount that is expected to be received
from the customer. Revenue is typically invoiced in stages during the
contracts, however smaller contracts are usually invoiced on completion.
Variable consideration and contract modifications are assessed
on a contract-by-contract basis, according to the terms, facts and
circumstances of the project. Variable consideration is recognised only
to the extent that it is highly probable that there will not be a significant
reversal. The effects of contract modifications are recognised only when
the Group considers there is an enforceable right to consideration.
In certain circumstances, uncertainty over whether a project will be
completed or not will mean that it is not appropriate to recognise
contracted revenues.
Revenue attributed to each performance obligation is recognised based on
either the input or the output method. The output method is the Group\u2019s
default revenue recognition approach. The input method is generally used
for longer-term, more complex contracts. These methods best reflect the
transfer of benefits to the customer.
Notes to the consolidated financial statements continued
2 Significant accounting policies continued
Revenue from construction contracts continued
\u2022 Output method: revenue is recognised on the direct measurement of
progress based on output, such as units of production relative to the
total number of contracted production units.
\u2022 Input method: revenue is recognised on the percentage of completion
with reference to cost. The percentage of completion is calculated
based on the costs incurred to date as a percentage of the total
costs expected to satisfy the performance obligation. Estimates
of revenues, costs or extent of progress towards completion are
revised if circumstances change. Any resulting increases or decreases
in estimated revenues or costs are reflected in the percentage of
completion calculation in the period in which the circumstances that
give rise to the revision become known.
Where the Group becomes aware that a loss may arise on a contract,
and that loss is probable, full provision is made in the consolidated
balance sheet; based on the estimated unavoidable costs of meeting the
obligations of the contract, where these exceed the economic benefits
expected to be received. The unavoidable costs under a contract reflect
the least net cost of exiting from the contract, which is the lower of the
cost of fulfilling it and any compensation or penalties arising from failure to
fulfil it.
Incremental bid/tender costs and fulfilment costs are not material to the
overall contract and are expensed as incurred.
Any revenues recognised in excess of billings are recognised as contract
assets within trade and other receivables. Any payments received in excess
of revenue recognised are recognised as contract liabilities within trade
and other payables.
Revenue from the sale of goods and services
The Group\u2019s revenue recognised from the sale of goods and services
primarily relates to certain parts of the North America business. These
contracts typically have a single performance obligation, or a series of
distinct performance obligations that are substantially the same. There are
typically two types of contract:
\u2022 Delivery of goods: revenue for such contracts is recognised at a point
in time, on delivery of the goods to the customer.
\u2022 Delivery of goods with installation and/or post-delivery services:
revenue for these contracts is recognised at a point in time by reference
to the date on which the goods are installed and/or accepted by the
customer.
Taxes
Current income tax
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that are enacted
or substantively enacted at the reporting date in the countries where
the Group operates and generates taxable income. Current income tax
relating to items recognised directly in equity is recognised in equity and
not in the consolidated income statement.
The Group provides for future liabilities in respect of uncertain tax
positions where additional tax may become payable in future periods. Such
provisions are based on management\u2019s best judgement of the probability
of the outcome in reaching agreement with the relevant tax authorities.
For further information refer to note 12.
Deferred tax
Deferred tax is provided using the liability method on temporary
differences between the tax bases of assets and liabilities, and their
carrying amounts for financial reporting purposes at the reporting date.
Deferred tax is recognised on temporary differences in line with IAS 12
\u2018Income Taxes\u2019. Deferred tax assets are recognised when it is considered
likely that they will be utilised against future taxable profits or deferred tax
liabilities.
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. Deferred tax is
charged or credited to the income statement, except when it relates to
items charged or credited directly to equity or to OCI, in which case the
related deferred tax is also dealt with in equity or in OCI.
The carrying amount of deferred tax assets is reviewed at each reporting
date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset
to be utilised. Unrecognised deferred tax assets are reassessed at each
reporting date and are recognised to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be
recovered.
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.
Interest income and expense
All interest income and expense is recognised in the income statement on
an accruals basis, using the effective interest method.
Employee benefit costs
The Group operates a number of defined benefit pension schemes, and
also makes payments into defined contribution schemes.
The liability in respect of defined benefit schemes is the present value of
the defined benefit obligations at the balance sheet date, calculated using
the projected unit credit method, less the fair value of the schemes\u2019 assets
where applicable. The Group recognises the administration costs, current
service cost and interest on scheme net liabilities in the income statement,
and remeasurements of defined benefit plans in OCI in full in the period in
which they occur. Any surplus resulting from this calculation is limited to
the present value of any economic benefits available in the form of refunds
from the plans or reductions in future contributions to the plans. Where
there is no legal right to a refund from the plan, the liability is calculated as
the minimum funding requirement to the plan that exists at the balance
sheet date.
The Group also has long service arrangements in certain overseas
countries. These are accounted for in accordance with IAS 19 \u2018Employee
Benefits\u2019 and accounting follows the same principles as for a defined
benefit scheme.
Payments to defined contribution schemes are accounted for on an
accruals basis.
Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any. Further details
are set out in note 16 for impairments recognised in the year. Subsequent
expenditure on property, plant and equipment is capitalised when it
enhances or improves the condition of the item of property, plant and
equipment beyond its original assessed standard of performance.
Maintenance expenditure is expensed as incurred.
Depreciation
Depreciation is provided to write off the cost less the estimated residual
value of property, plant and equipment using the straight-line method by
reference to their estimated useful lives as follows:
Buildings 50 years
Plant and equipment 3 to 12 years
Motor vehicles 4 years
Computers 3 years
Depreciation is not provided for on freehold land.
An item of property, plant and equipment is derecognised upon disposal
(ie at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the asset) is included in the
income statement when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property,
plant and equipment are reviewed at each financial year end and adjusted
where appropriate.
Leases
The Group assesses at contract inception whether a contract is, or
contains, a lease. That is, if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for
consideration.
Group as lessee
The Group applies a single recognition and measurement approach for all
leases, except for short-term leases and leases of low-value assets (less
than \u00a33,000). The Group recognises lease liabilities to make payments and
right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date
of the lease (ie the date the underlying asset is available for use). Right-of-
use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities.
The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives received. Right-
of-use assets are depreciated on a straight-line basis over the shorter of
the lease term and estimated useful lives as follows:
Land and buildings 3 to 15 years
Plant and equipment 2 to 8 years
Motor vehicles 3 to 5 years
Right-of-use assets are tested for impairment in accordance with IAS 36
\u2018Impairment of Assets\u2019.
Lease liabilities
At the commencement date of the lease, the Group recognises lease
liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments less
any lease incentives receivable, variable lease payments that depend
on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of
a purchase option reasonably certain to be exercised by the Group and
payments of penalties for terminating a lease, if the lease term reflects the
Group exercising the option to terminate. Variable lease payments that
do not depend on an index or a rate are recognised as an expense in the
period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses
the incremental borrowing rate at the lease commencement date, if
the interest rate implicit in the lease is not readily determinable. The
incremental borrowing rate applied to each lease is determined by taking
into account the risk-free rate of the country where the asset under lease
is located, matched to the term of the lease and adjusted for factors such
as the credit risk profile of the lessee. Incremental borrowing rates applied
to individual leases range from 1.07% to 16.78%.
After the commencement date, the amount of lease liabilities is increased
to reflect the addition of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in lease
payments (eg changes to future payments resulting from a change in an
index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset. The Group\u2019s
lease liabilities are included in interest-bearing loans and borrowings. Refer
to note 26 for details.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its
short-term leases of plant, machinery and vehicles (ie those leases that
have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value
assets recognition exemption to leases of office equipment that are
considered of low asset value (below \u00a33,000). Lease payments on short-
term leases and leases of low-value assets are recognised as an expense
on a straight-line basis over the lease term.
Business combinations
Business combinations are accounted for using the acquisition method
as at the acquisition date, which is the date on which control is transferred
to the Group. Control is the power to govern the financial and operating
policies of an entity so as to obtain benefits from its activities. In assessing
control, the Group takes into consideration potential voting rights that
currently are exercisable. The cost of an acquisition is measured as the
aggregate of the consideration transferred, which is measured at the
fair value at the acquisition date. Acquisition-related costs are expensed
as incurred and included in administrative expenses. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition
date. The excess of cost of an acquisition over the fair value of the Group\u2019s
share of the identifiable net assets acquired, including assets identified as
intangibles on acquisition, is recorded as goodwill.
The results of subsidiaries which have been disposed are included up to
the effective date of disposal.
Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate
of the consideration transferred. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. Goodwill is
reviewed for impairment annually and whenever there is an indication that
the goodwill may be impaired in accordance with IAS 36, any impairment
losses are recognised immediately in the income statement. Goodwill
arising prior to 1 January 1998 was taken directly to equity in the year
in which it arose. Such goodwill has not been reinstated on the balance
sheet. For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated to each of the
Group\u2019s cash-generating units (CGUs) that are expected to benefit from
the combination, irrespective of whether other assets or liabilities of the
acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the operation
within that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in these
circumstances is measured based on the relative values of the disposed
operation and the portion of the CGU retained.
Notes to the consolidated financial statements continued
2 Significant accounting policies continued
Other intangible assets
Intangible assets, other than goodwill, include purchased licences,
software (including internally generated software), customer relationships,
customer contracts and trade names. Intangible assets are capitalised
at cost and amortised on a straight-line basis over their useful economic
lives from the date that they are available for use and are stated at cost less
accumulated amortisation and impairment losses. The estimated useful
economic lives are as follows:
Licences 1 to 4 years
Software 3 to 7 years
Patents 2 to 7 years
Customer relationships 5 to 7 years
Customer contracts 1 to 2 years
Trade names 5 to 7 years
Software-as-a-service arrangements
The Group\u2019s current SaaS arrangements are arrangements in which the
Group does not control the underlying software used in the arrangement.
Software development costs incurred to configure or customise
application software provided under a cloud computing arrangement and
associated fees are recognised as operating expenses as and when the
services are received where the costs represent a distinct service provided
to the Group.
When such costs incurred do not provide a distinct service, the costs
are recognised as expenses over the duration of the SaaS contract. The
Group capitalises other software costs when the requirements of IAS 38
\u2018Intangible Assets\u2019 are satisfied, including configuration and customisation
costs which are distinct and within the control of the Group. Such software
costs are capitalised and carried at cost less any accumulated amortisation
and impairment, and amortised on a straight-line basis over the period
which the developed software is expected to be used.
Amortisation commences when the development is complete and the
asset is available for use and is included in the operating costs item of the
consolidated income statement. The amortisation is reviewed at least at
the end of each reporting period and any changes are treated as changes
in accounting estimates.
Impairment of assets excluding goodwill
The carrying values of property, plant and equipment, right-of-use assets
and other intangibles are reviewed for impairment when events or changes
in circumstances indicate the carrying value may be impaired. If any such
indication exists, the recoverable amount, being the lower of their carrying
amount and fair value less costs to sell, of the asset is estimated in order to
determine the extent of impairment loss.
Capital work in progress
Capital work in progress represents expenditure on property, plant and
equipment in the course of construction. Transfers are made to other
property, plant and equipment categories when the assets are available
for use.
Inventories
Inventories are measured at the lower of cost and estimated net realisable
value with allowance made for obsolete or slow-moving items.
Cost comprises direct materials and, where applicable, direct labour costs
and those overheads that have been incurred in bringing the inventories to
their present location and condition.
Write-downs to net realisable value are made for slow-moving, damaged
or obsolete items based on evaluations made at the local level by
reference to frequency of stock turnover or specific factors affecting
the items concerned.
Assets held for sale
Assets are classified as held for sale if their carrying amount will be
recovered by sale rather than by continuing use in the business. Assets
held for sale are measured at the lower of their carrying amount and fair
value less costs to sell, with reference to comparable market transactions.
Assets that are classified as held for sale are not depreciated.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s
balance sheet when the Group becomes a party to the contractual
provisions of the instrument. The principal financial assets and liabilities
of the Group are as follows:
(a) Trade receivables and trade payables
Trade receivables are initially recorded at fair value and subsequently
measured at cost and reduced by allowances for estimated irrecoverable
amounts.
Trade receivables and contract assets are stated net of expected credit
losses (ECLs). At each reporting date, the Group evaluates the estimated
recoverability of trade receivables and contract assets and records
allowances for ECLs based on experience.
The Group applies the simplified approach to measurement of ECLs in
respect of trade receivables, which requires expected lifetime losses to be
recognised from initial recognition of the receivable.
Immediately after an individual trade receivable or contract asset is
assessed to be unlikely to be recovered, an impairment is recognised as
the difference between the carrying amount of the receivable and the
present value of estimated future cash flows. Customer specific factors
are considered when identifying impairments, which can include the
geographic location and credit rating of a customer.
Where there are no specific concerns over recovery, other than the
increasing age of a trade receivable or contract asset balance past
payment terms, the Group uses a provision matrix, where provision rates
are based on days past due. The provision matrix used reflects estimates
based on past experience, current economic factors and consideration
of forward looking estimates of economic conditions. Generally, trade
receivables are written-off completely if past due for more than 180 days.
Default is defined as the point where there is no further legal address
available for the Group to recover the receivable amount.
The information about the ECLs on the Group\u2019s trade receivables and
contract assets is disclosed in note 20.
Trade payables that are not interest bearing are initially recognised at fair
value and carried at amortised cost.
(b) Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and on hand and short-term deposits with a maturity of three months
or less. For the purpose of the consolidated statement of cash flows,
cash and cash equivalents consist of cash and short-term deposits, as
defined above, net of outstanding bank overdrafts as they are considered
an integral part of the Group\u2019s cash management. Bank overdrafts are
included within financial liabilities in current liabilities in the balance sheet.
(c) Bank and other borrowings
Interest-bearing bank and other borrowings are recorded at the fair value
of the proceeds received, net of direct issue costs. Subsequent to initial
recognition, borrowings are stated at amortised cost, where applicable.
Bank or other borrowings are derecognised when the obligation under
the liability is discharged, cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the
consolidated income statement.
Financial assets and financial liabilities are offset and the net amount is
reported in the consolidated balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, ie to realise the assets and settle the
liabilities simultaneously.
(d) Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to manage interest rate
risk and to hedge fluctuations in foreign currencies in accordance with its
risk management policy. In cases where these derivative instruments are
significant, hedge accounting is applied as described below. The Group
does not use derivative financial instruments for speculative purposes.
Derivatives are initially recognised in the balance sheet at fair value on
the date the derivative contract is entered into and are subsequently
remeasured at reporting periods to their fair values. Derivatives are carried
as financial assets when the fair value is positive and as financial liabilities
when the fair value is negative.
Changes in the fair value of the effective portion of derivatives that are
designated and qualify as cash flow hedges are recognised in other
comprehensive income (OCI). Changes in the fair value of the ineffective
portion of cash flow hedges are recognised in the income statement.
Amounts originally recognised in OCI are transferred to the income
statement when the underlying transaction occurs or if the transaction
results in the recognition of a non-financial asset or liability, the amount
accumulated in equity is included in the initial cost or carrying amount of
the hedged asset or liability.
Changes in the fair value of derivative financial instruments that do not
qualify for hedge accounting are recognised in the income statement as
they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. At that time, any cumulative gain or loss on the hedging
instrument recognised in OCI is retained in equity until the hedged
transaction occurs. If a hedged transaction is no longer expected to occur,
the net cumulative gain or loss recognised in OCI is transferred to the
income statement in the period.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Cash flow hedges when hedging the exposure or variability in cash flows
that is either attributable to a particular risk associated with a recognised
asset or liability or a highly probable transaction.
\u2022 Fair value hedges when hedging the exposure to changes in the fair
value of a recognised asset or liability.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates
and documents the hedge relationship to which it wishes to apply
hedge accounting and the risk management objective and strategy for
undertaking the hedge. The documentation includes identification of the
hedging instrument, the hedged item, the nature of the risk being hedged
and how the Group will assess whether the hedging relationship meets
the hedge effectiveness requirements (including the analysis of sources of
hedge ineffectiveness and how the hedge ratio is determined). A hedging
relationship qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the
hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that
result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting
from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses
to hedge that quantity of hedged item.
Provisions
Provisions have been made for employee-related liabilities, restructuring
commitments, onerous contracts, insured liabilities and legal claims,
and other property-related commitments. These are recognised as
management\u2019s best estimate of the expenditure required to settle the
Group\u2019s liability at the reporting date.
A provision is recognised in the balance sheet when the Group has a
present legal or constructive obligation as a result of a past event and
where it is probable that an outflow will be required to settle the obligation
and the amount of the obligation can be estimated reliably. If the effect is
material, expected future cash flows are discounted using a current pre-
tax rate that reflects, where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision due to unwinding
the discount is recognised as a finance cost. Details of provisions are set
out in note 24.
Provisions for insured liabilities and legal claims include the full estimated
value of the liability. Any related insurance reimbursement asset that is
virtually certain to be received is separately presented gross within trade
and other receivables or other non-current assets on the consolidated
balance sheet.
Contingent liabilities
Contingent liabilities are possible obligations of the Group of which the
timing and amount are subject to significant uncertainty. Contingent
liabilities are not recognised in the consolidated balance sheet, unless
they are assumed by the Group as part of a business combination. They
are however disclosed, unless they are considered to be remote. If a
contingent liability becomes probable and the amount can be reliably
measured it is no longer treated as contingent and recognised as a liability
on the balance sheet.
Notes to the consolidated financial statements continued
2 Significant accounting policies continued
Contingent assets
Contingent assets are possible assets of the Group of which the timing
and amount are subject to significant uncertainty. Contingent assets
are not recognised in the consolidated balance sheet. They are however
disclosed, when they are considered to be probable. A contingent asset
is recognised in the financial statements when the inflow of economic
benefits is virtually certain.
Share-based payments
The Group operates a number of equity-settled executive and employee
share plans. For all grants of share options and awards, the fair value of the
employee services received in exchange for the grant of share options
is recognised as an expense, calculated using appropriate option pricing
models. The total amount to be expensed over the vesting period is
determined by reference to the fair value of the options granted, excluding
the impact of any non-market vesting conditions, with a corresponding
increase in retained earnings. The charge is adjusted to reflect expected
actual levels of options vesting due to non-market conditions.
Shares purchased and held in trust in connection with the Group\u2019s
share schemes are deducted from retained earnings. No gain or loss is
recognised within the income statement on the market value of these
shares compared with the original cost.
Segmental reporting
During the year the Group comprised three geographical divisions which
have only one major product or service: specialist geotechnical services.
North America; Europe; and Asia-Pacific, Middle East and Africa continue
to be managed as separate geographical divisions. This is reflected in the
Group\u2019s management structure and in the segment information reviewed
by the Chief Operating Decision Maker.
Dividends
Interim dividends are recorded in the Group\u2019s consolidated financial
statements when paid. Final dividends are recorded in the Group\u2019s
consolidated financial statements in the period in which they receive
shareholder approval.
Non-underlying items
Non-underlying items are disclosed separately in the financial statements
where it is necessary to do so to provide further understanding of the
financial performance of the Group. They are items which are exceptional by
their size and/or are non-trading in nature, including amortisation of acquired
intangibles, goodwill impairment, restructuring costs and other non-trading
amounts, including those relating to acquisitions and disposals. Tax arising
on these items, including movement in deferred tax assets arising from
non-underlying provisions, is also classified as a non-underlying item.
Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated financial statements in
conformity with IFRS requires management to make judgements, estimates
and assumptions that affect the application of policies, reported amounts
of assets and liabilities, revenue and expenses and the accompanying
disclosures, and the disclosure of contingent liabilities. The estimates are
based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and liabilities
that are not readily apparent from other sources. Uncertainty about these
assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future
periods. Actual results may also differ from these estimates.
The estimates are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised
if the revision affects only that and prior periods, or in the period of
the revision and future periods if the revision affects both current and
future periods.
The key assumptions concerning the future and other key sources of
estimation uncertainty at the reporting date, that have a significant risk
of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described below. The Group
based its assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing circumstances
and assumptions about future developments, however, may change due to
market changes or circumstances arising that are beyond the control of the
Group. Such changes are reflected in the assumptions when they occur.
Construction contracts
The Group\u2019s approach to key estimates and judgements relating to
construction contracts is set out in the revenue recognition policy. In the
Group consolidated balance sheet this impacts contract assets, contract
liabilities and contract provisions (refer to notes 5 and 24). As described
in the policy the default revenue recognition approach is the output
method. When revenue is recognised based on the output method, there
is little judgement involved in accounting for construction contracts as the
amount of revenue that has not been certified/accepted by the client is
typically small and is usually based on volumes achieved at agreed rates.
These contracts can still be subject to claims and variations resulting in an
adjustment to the revenue recognised.
When revenue is recognised based on the input (cost) method, the main
factors considered when making estimates and judgements include the
cost of the work required to complete the contract in order to estimate
the percentage completion, and the outcome of claims raised against
the Group by customers or third parties. The Group performed around
6,000 contracts during 2022, at an average revenue of approximately
\u00a3500,000 and a typical range of between \u00a325,000 and \u00a310m in value. The
majority of contracts were completed in the year and therefore there are
no estimates involved in accounting for these. For contracts that are not
complete at year end, the Group estimates the total costs to complete in
order to measure progress and therefore how much revenue to recognise,
which may impact the contract asset or liability recorded in the balance
sheet. Contract assets are \u00a3105.3m and contract liabilities are \u00a385.6m at
31 December 2022. The actual total costs incurred on these contracts
will differ from the estimate at 31 December and it is reasonably possible
that outcomes on these contracts within the next year could be materially
different in aggregate to those estimated.
However, due to the level of uncertainty and timing across a large portfolio
of contracts, which will be at different stages of their contract life, it is not
practical to provide a quantitative analysis of the aggregated judgements
that are applied at a portfolio level. The estimated costs to complete
are management\u2019s best estimate at this point in time and no individual
estimate or judgement is expected to have a materially different outcome.
In the case of loss-making contracts, a full provision is made based on the
estimated unavoidable costs of meeting the obligations of the contract,
where these exceed the economic benefits expected to be received.
The process for estimating the total cost to complete is the same as
for in progress profitable contracts, and will include management\u2019s best
estimate of all labour, equipment and materials costs required to complete
the contracted work. All cost to complete estimates involve judgement
over the likely future cost of labour, equipment and materials and the
impact of inflation is included if material. The amount included within
provisions in respect of contract provisions is \u00a337.8m (2021: \u00a341.9m).
As stated in the revenue recognition accounting policy, variable
consideration is assessed on a contract-by-contract basis, according to
the terms, facts and circumstances of the project. Variable consideration
is recognised only to the extent that it is highly probable that there will not
be a significant reversal; management judgement is required in order to
determine when variable consideration is highly probable. Uncertainty over
whether a project will be completed or not can mean that it is appropriate
to treat the contracted revenue as variable consideration.
The restatement of the prior period financial statements for the impact of
the financing reporting fraud at Austral has involved the use of estimates.
Primarily this has been in calculating the correct accrued cost inputs at
a project level and therefore the relevant revenue to be recognised on
a percentage of completion basis. The estimated costs to complete
included in the restatement of the 31 December 2020 and 2021 balance
sheets are management\u2019s best estimate and no individual estimate or
judgement would result in a materially different outcome.
Non-underlying items
Non-underlying items are disclosed separately in the financial statements
where it is necessary to do so to provide further understanding of the
financial performance of the Group. They are items which are exceptional
by their size and/or are non-trading in nature, including amortisation
of acquired intangibles, goodwill impairment, restructuring costs and
other non-trading amounts, including those relating to acquisitions and
disposals. Tax arising on these items, including movement in deferred tax
assets arising from non-underlying provisions, is also classified as a non-
underlying item.
The Group exercises judgement in assessing whether restructuring
items should be classified as non-underlying. This assessment covers the
nature of the item, cause of the occurrence and scale of impact of that
item on the reported performance. Typically, management will categorise
restructuring costs incurred to exit a specific geography as non-
underlying, in addition restructuring programmes which are incremental to
normal operations undertaken to add value to the business are included in
non-underlying items. The value of exceptional restructuring costs in 2022
(\u00a35.3m) is lower than in 2021 (\u00a37.3m).
Carrying value of goodwill
The Group tests annually whether goodwill has suffered any impairment
in accordance with the accounting policy set out above. Impairment exists
when the carrying value of an asset or cash-generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal
and its value-in-use. The fair value less costs of disposal calculation is
based on available market data for transactions conducted at arm\u2019s length,
for similar assets or observable market prices less incremental costs of
disposing of the asset. The Group estimates the recoverable amount based
on value-in-use calculations. The value-in-use calculation is based on a
discounted cash flow (DCF) model. The cash flows are derived from the
relevant budget and forecasts for the next three years, including a terminal
value assumption. The recoverable amount is sensitive to the discount rate
used for the DCF model as well as the expected future cash inflows, growth
rates and maintainable earnings assumed within the calculation. Refer to
note 15 for further information.
Deferred tax assets
Deferred tax assets are recognised for unused tax losses and other
timing differences to the extent that it is probable that future taxable
profits will be available against which the losses can be utilised.
Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the
likely timing and the level of future taxable profits (based on the same
Board-approved information to support the going concern and goodwill
impairment assessments).
The Group uses judgement in assessing the recoverability of deferred tax
assets, for which the significant assumption is forecast taxable profits.
A 10% shortfall in expected profits would have a proportional impact
on the value of the deferred tax assets recoverable Refer to note 12 for
further information.
The restatement of the prior period financial statements for the impact of
the financing reporting fraud at Austral has involved the use of estimates in
determining the amount of deferred tax assets that should be recognised
on the restated balance sheets as at 31 December 2020 and 2021. The
restatement impact was to reduce the deferred tax assets by \u00a32.0m at 31
December 2020 and by \u00a34.2m at 31 December 2021. This is the maximum
impact, an increase in the forecast taxable profit of 10% would not have a
material impact on the value of these adjustments.
Insurance and legal provisions
The recognition of provisions for insurance and legal disputes is subject to
a significant degree of estimation. In making its estimates, management
seek specialist input from legal advisers and the Group\u2019s insurance claims
handler to estimate the most likely legal outcome. Provisions are reviewed
regularly and amounts updated where necessary to reflect developments
in the disputes. The ultimate liability may differ from the amount provided
depending on the outcome of court proceedings and settlement
negotiations or if investigations bring to light new facts. Refer to note 24
for further information.
Notes to the consolidated financial statements continued
3 Prior year correction of errors arising from the fraud at Austral and business combination measurement period
adjustments as at 31 December 2021
As set out in the basis of preparation, following an internal management operational review at the Austral business in Australia, the Group has identified
a historical overstatement of revenue and profit relating to the years ended 31 December 2021, 31 December 2020 and 31 December 2019 due to a
financial reporting fraud.
The errors have been corrected by restating each of the affected financial statement line items for the prior periods.
In addition, the results and financial position for the year to 31 December 2021 have been restated to reflect the final purchase price allocation
adjustments in respect of 2021 business combinations. The impact of the measurement period adjustments has been applied retrospectively, in
accordance with IFRS 3 Business Combinations. Further detail is included in note 6.
The following tables summarise the impacts on the Group\u2019s financial statements.
Restatement of consolidated income statement for the year ended 31 December 2021 (statutory results)
2021 Statutory
(as presented)
\u00a3m
Impact of prior
period error
\u00a3m
Impact of measurement
period adjustments
\u00a3m
2021 Statutory
(as restated)
\u00a3m
Revenue 2,224.4 (1.9) \u2013 2,222.5
Operating costs (2,141.6) (2.4) \u2013 (2,144.0)
Amortisation of acquired intangible assets (2.8) \u2013 0.2 (2.6)
Other operating income 0.7 \u2013 \u2013 0.7
Share of post-tax results of joint ventures (0.2) \u2013 \u2013 (0.2)
Operating profit/(loss) 80.5 (4.3) 0.2 76.4
Finance income 0.4 \u2013 \u2013 0.4
Finance costs (9.3) \u2013 \u2013 (9.3)
Profit/(loss) before taxation 71.6 (4.3) 0.2 67.5
Taxation (9.5) (2.4) \u2013 (11.9)
Profit/(loss) for the year 62.1 (6.7) 0.2 55.6
Attributable to:
Equity holders of the parent 63.0 (6.7) 0.2 56.5
Non-controlling interests (0.9) \u2013 \u2013 (0.9)
62.1 (6.7) 0.2 55.6
Earnings per share
Basic 87.1p (9.3p) 0.3p 78.1p
Diluted 86.1p (9.2p) 0.3p 77.2p
Restatement of consolidated income statement for the year ended 31 December 2021 (underlying results)
2021 Underlying
(as presented)
\u00a3m
Impact of prior
period error
\u00a3m
Impact of measurement
period adjustments
\u00a3m
2021 Underlying
(as restated)
\u00a3m
Revenue 2,224.4 (1.9) \u2013 2,222.5
Operating costs (2,132.0) (2.4) \u2013 (2,134.4)
Share of post-tax results of joint ventures 0.4 \u2013 \u2013 0.4
Operating profit/(loss) 92.8 (4.3) \u2013 88.5
Finance income 0.4 \u2013 \u2013 0.4
Finance costs (9.3) \u2013 \u2013 (9.3)
Profit/(loss) before taxation 83.9 (4.3) \u2013 79.6
Taxation (20.1) 1.2 \u2013 (18.9)
Profit/(loss) for the year 63.8 (3.1) \u2013 60.7
Attributable to:
Equity holders of the parent 64.7 (3.1) \u2013 61.6
Non-controlling interests (0.9) \u2013 \u2013 (0.9)
63.8 (3.1) \u2013 60.7
Earnings per share
Basic 89.5p (4.3p) \u2013 85.2p
Diluted 88.4p (4.2p) \u2013 84.2p
The impact of the restatement of deferred tax in respect of the Austral accounting error is split between underlying and non-underlying as it comprises
the reversal of a \u00a31.2m underlying deferred tax charge and a \u00a33.6m non-underlying deferred tax credit originally recognised in 2021. The restatement
results in a net \u00a32.4m increase in the Group\u2019s statutory tax charge for 2021.
Restatement of consolidated statement of comprehensive income for the year ended 31 December 2021
2021
(as presented)
\u00a3m
Impact of prior
period error
\u00a3m
Impact of measurement
period adjustments
\u00a3m
2021
(as restated)
\u00a3m
Profit for the year 62.1 (6.7) 0.2 55.6
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange movements on translation of foreign operations (4.3) 0.5 \u2013 (3.8)
Transfer of translation reserve on disposal of subsidiaries (0.4) \u2013 \u2013 (0.4)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit pension schemes 1.2 \u2013 \u2013 1.2
Tax on remeasurements of defined benefit pension schemes (0.2) \u2013 \u2013 (0.2)
Other comprehensive loss for the year, net of tax (3.7) 0.5 \u2013 (3.2)
Total comprehensive income for the year 58.4 (6.2) 0.2 52.4
Attributable to:
Equity holders of the parent 59.3 (6.2) 0.2 53.3
Non-controlling interests (0.9) \u2013 \u2013 (0.9)
58.4 (6.2) 0.2 52.4
Notes to the consolidated financial statements continued
3 Prior year correction of errors arising from the fraud at Austral and business combination measurement period
adjustments as at 31 December 2021 continued
Restatement of consolidated balance sheet at 1 January 2021
At 1 January 2021
(as presented)
\u00a3m
Impact of prior
period error
\u00a3m
At 1 January 2021
(as restated)
\u00a3m
Assets
Non-current assets
Goodwill and intangible assets 118.8 \u2013 118.8
Property, plant and equipment 434.9 \u2013 434.9
Investments in joint ventures 4.4 \u2013 4.4
Deferred tax assets 10.3 (2.0) 8.3
Other assets 60.3 \u2013 60.3
628.7 (2.0) 626.7
Current assets
Inventories 60.1 \u2013 60.1
Trade and other receivables 501.9 (6.5) 495.4
Current tax assets 2.1 \u2013 2.1
Cash and cash equivalents 66.3 \u2013 66.3
Assets held for sale 8.7 \u2013 8.7
639.1 (6.5) 632.6
Total assets 1, 267.8 (8.5) 1,259.3
Liabilities
Current liabilities
Loans and borrowings (67.0) \u2013 (67.0)
Current tax liabilities (17.1) \u2013 (17.1)
Trade and other payables (381.7) (0.2) (381.9)
Provisions (54.4) \u2013 (54.4)
(520.2) (0.2) (520.4)
Non-current liabilities
Loans and borrowings (191.8) \u2013 (191.8)
Retirement benefit liabilities (31.1) \u2013 (31.1)
Deferred tax liabilities (21.3) \u2013 (21.3)
Provisions (71.4) \u2013 (71.4)
Other liabilities (22.0) \u2013 (22.0)
(337.6) \u2013 (337.6)
Total liabilities (857.8) (0.2) (858.0)
Net assets 410.0 (8.7) 401.3
Equity
Share capital 7.3 \u2013 7.3
Share premium account 38.1 \u2013 38.1
Capital redemption reserve 7.6 \u2013 7.6
Translation reserve 16.3 \u2013 16.3
Other reserve 56.9 \u2013 56.9
Retained earnings 280.1 (8.7) 271.4
Equity attributable to equity holders of the parent 406.3 (8.7) 397.6
Non-controlling interests 3.7 \u2013 3.7
Total equity 410.0 (8.7) 401.3
Restatement of consolidated balance sheet at 31 December 2021
At 31 December 2021
(as presented)
\u00a3m
Impact of prior
period error
\u00a3m
Impact of measurement
period adjustments
\u00a3m
At 31 December 2021
(as restated)
\u00a3m
Assets
Non-current assets
Goodwill and intangible assets 141.5 \u2013 (2.0) 139.5
Property, plant and equipment 443.4 \u2013 \u2013 443.4
Investments in joint ventures 4.0 \u2013 \u2013 4.0
Deferred tax assets 13.0 (4.2) \u2013 8.8
Other assets 88.5 \u2013 \u2013 88.5
690.4 (4.2) (2.0) 684.2
Current assets
Inventories 72.1 \u2013 \u2013 72.1
Trade and other receivables 592.0 (8.4) 1.9 585.5
Current tax assets 8.9 \u2013 \u2013 8.9
Cash and cash equivalents 82.7 \u2013 \u2013 82.7
Assets held for sale 3.4 \u2013 \u2013 3.4
759.1 (8.4) 1.9 752.6
Total assets 1,449.5 (12.6) (0.1) 1,436.8
Liabilities
Current liabilities
Loans and borrowings (29.8) \u2013 \u2013 (29.8)
Current tax liabilities (17.9) \u2013 \u2013 (17.9)
Trade and other payables (505.7) (2.3) \u2013 (508.0)
Provisions (53.8) \u2013 \u2013 (53.8)
(607.2) (2.3) \u2013 (609.5)
Non-current liabilities
Loans and borrowings (246.2) \u2013 \u2013 (246.2)
Retirement benefit liabilities (25.7) \u2013 \u2013 (25.7)
Deferred tax liabilities (28.6) \u2013 0.3 (28.3)
Provisions (77.9) \u2013 \u2013 (77.9)
Other liabilities (21.2) \u2013 \u2013 (21.2)
(399.6) \u2013 0.3 (399.3)
Total liabilities (1,006.8) (2.3) 0.3 (1,008.8)
Net assets 442.7 (14.9) 0.2 428.0
Equity
Share capital 7.3 \u2013 \u2013 7.3
Share premium account 38.1 \u2013 \u2013 38.1
Capital redemption reserve 7.6 \u2013 \u2013 7.6
Translation reserve 11.6 0.5 \u2013 12.1
Other reserve 56.9 \u2013 \u2013 56.9
Retained earnings 318.4 (15.4) 0.2 303.2
Equity attributable to equity holders of the parent 439.9 (14.9) 0.2 425.2
Non-controlling interests 2.8 \u2013 \u2013 2.8
Total equity 442.7 (14.9) 0.2 428.0
Notes to the consolidated financial statements continued
3 Prior year correction of errors arising from the fraud at Austral and business combination measurement period
adjustments as at 31 December 2021 continued
Restatement of consolidated cash flow statement for the year ended 31 December 2021
2021
(as presented)
\u00a3m
Impact of prior
period error
\u00a3m
Impact of
measurement
period
adjustments
\u00a3m
Presentation
reclassification for
proceeds from assets
held for sale1
\u00a3m
2021
(as restated)
\u00a3m
Cash flows from operating activities
Profit before taxation 71.6 (4.3) 0.2 \u2013 67.5
Non-underlying items 12.3 \u2013 (0.2) \u2013 12.1
Finance income (0.4) \u2013 \u2013 \u2013 (0.4)
Finance costs 9.3 \u2013 \u2013 \u2013 9.3
Underlying operating profit 92.8 (4.3) \u2013 \u2013 88.5
Depreciation of property, plant and equipment 90.6 \u2013 \u2013 \u2013 90.6
Amortisation of intangible assets 0.6 \u2013 \u2013 \u2013 0.6
Share of underlying post-tax results of joint ventures (0.4) \u2013 \u2013 \u2013 (0.4)
Profit on sale of property, plant and equipment (1.8) \u2013 \u2013 \u2013 (1.8)
Other non-cash movements 8.3 \u2013 \u2013 \u2013 8.3
Foreign exchange losses 0.1 \u2013 \u2013 \u2013 0.1
Operating cash flows before movements in working
capital and other underlying items 190.2 (4.3) \u2013 \u2013 185.9
(Increase)/decrease in inventories (18.3) \u2013 \u2013 \u2013 (18.3)
(Increase)/decrease in trade and other receivables (104.4) 1.9 \u2013 \u2013 (102.5)
Increase/(decrease) in trade and other payables 119.0 2.4 \u2013 \u2013 121.4
(Decrease)/increase in provisions, retirement benefit and
other non-current liabilities (7.8) \u2013 \u2013 \u2013 (7.8)
Cash generated from operations before non-underlying
items 178.7 \u2013 \u2013 \u2013 178.7
Cash inflows from non-underlying items (2.0) \u2013 \u2013 (2.4) (4.4)
Cash generated from operations 176.7 \u2013 \u2013 (2.4) 174.3
Interest paid (2.0) \u2013 \u2013 \u2013 (2.0)
Interest element of lease rental payments (3.1) \u2013 \u2013 \u2013 (3.1)
Income tax paid (15.9) \u2013 \u2013 \u2013 (15.9)
Net cash inflow from operating activities 155.7 \u2013 \u2013 (2.4) 153.3
Net cash outflow from investing activities (97.0) \u2013 \u2013 2.4 (94.6)
Net cash outflow from financing activities (37.6) \u2013 \u2013 \u2013 (37.6)
Net increase/(decrease) in cash and cash equivalents 21.1 \u2013 \u2013 \u2013 21.1
Cash and cash equivalents at beginning of year 61.6 \u2013 \u2013 \u2013 61.6
Effect of exchange rate movements (0.9) \u2013 \u2013 \u2013 (0.9)
Cash and cash equivalents at end of year 81.8 \u2013 \u2013 \u2013 81.8
1 The consolidated cash flow statement has also been restated to reclassify cash flows arising from the disposal of assets held for sale. These proceeds were previously disclosed as cash inflows from
non-underlying items and have now been classified within proceeds from disposal of property, plant and equipment within net cash outflow from investing activities.
4 Segmental analysis
During the year the Group was managed as three geographical divisions and has only one major product or service: specialist geotechnical services.
This is reflected in the Group\u2019s management structure and in the segment information reviewed by the Chief Operating Decision Maker.
2022 2021 (Restated)
4
Revenue
\u00a3m
Operating profit
\u00a3m
Revenue
\u00a3m
Operating profit
\u00a3m
North America 1,896.1 82.0 1,323.1 73.0
Europe 649.3 29.1 549.2 24.3
Asia-Pacific, Middle East and Africa 399.2 6.6 350.2 (0.9)
2,944.6 117.7 2,222.5 96.4
Central items \u2013 (9.1) \u2013 (7.9)
Underlying 2,944.6 108.6 2,222.5 88.5
Non-underlying items (note 9) \u2013 (40.8) \u2013 (12.1)
2,944.6 67.8 2,222.5 76.4
2022
Segment
assets
\u00a3m
Segment
liabilities
\u00a3m
Capital
employed
\u00a3m
Capital
additions
\u00a3m
Depreciation
2
and amortisation
\u00a3m
Tangible
3
and intangible
assets
\u00a3m
North America 1,016.3 (349.1) 667.2 33.8 54.6 352.5
Europe 338.2 (208.0) 130.2 23.2 27. 8 158.9
Asia-Pacific, Middle East and Africa 251.1 (163.4) 87.7 24.7 13.7 109.6
1,605.6 (720.5) 885.1 81.7 96.1 621.0
Central items
1
96.3 (484.6) (388.3) \u2013 0.9 2.7
1,701.9 (1,205.1) 496.8 81.7 97.0 623.7
2021
4
Segment
assets
\u00a3m
Segment
liabilities
\u00a3m
Capital
employed
\u00a3m
Capital
additions
\u00a3m
Depreciation
2
and amortisation
\u00a3m
Tangible
3
and intangible
assets
\u00a3m
North America 826.9 (349.6) 477.3 36.4 46.1 332.7
Europe 273.9 (184.7) 89.2 23.8 25.0 143.7
Asia-Pacific, Middle East and Africa 209.6 (102.2) 107.4 24.2 19.5 103.5
1,310.4 (636.5) 673.9 84.4 90.6 579.9
Central items
1
126.4 (372.3) (245.9) \u2013 0.6 3.0
1,436.8 (1,008.8) 428.0 84.4 91.2 582.9
1 Central items include net debt and tax balances, which are managed by the Group.
2 Depreciation and amortisation excludes amortisation of acquired intangible assets.
3 Tangible and intangible assets comprise goodwill, intangible assets and property, plant and equipment.
4 The 31 December 2021 consolidated income statement and balance sheet has been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period
business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
Notes to the consolidated financial statements continued
4 Segmental analysis continued
Revenue analysed by country:
2022
\u00a3m
2021
(Restated)
1
\u00a3m
United States 1,758.0 1,197.6
Australia 228.4 200.5
Canada 137.9 125.1
United Kingdom 127.4 100.4
Germany 115.9 110.0
Other 577.0 488.9
2,944.6 2,222.5
1 The 31 December 2021 consolidated revenue has been restated in respect of the correction of prior period errors arising from the fraud at Austral, as outlined in note 3 to the consolidated
financial statements.
5 Revenue
The Group\u2019s revenue is derived from contracts with customers. In the following table, revenue is disaggregated by primary geographical market, being the
Group\u2019s operating segments (see note 4) and timing of revenue recognition:
Year ended 31 December 2022 Year ended 31 December 2021 (Restated)
1
Revenue
recognised on
performance
obligations
satisfied
over time
\u00a3m
Revenue
recognised on
performance
obligations
satisfied at a
point in time
\u00a3m
Total revenue
\u00a3m
Revenue
recognised on
performance
obligations
satisfied
over time
\u00a3m
Revenue
recognised on
performance
obligations
satisfied at a
point in time
\u00a3m
Total revenue
\u00a3m
North America 1,434.7 461.4 1,896.1 1,005.0 318.1 1,323.1
Europe 649.3 \u2013 649.3 549.2 \u2013 549.2
Asia-Pacific, Middle East and Africa 399.2 \u2013 399.2 350.2 \u2013 350.2
2,483.2 461.4 2,944.6 1,904.4 318.1 2,222.5
1 The 31 December 2021 consolidated revenue has been restated in respect of the correction of prior period errors arising from the fraud at Austral, as outlined in note 3 to the consolidated
financial statements.
The final contract value will not always have been agreed at the year end. The contract value, and therefore revenue allocated to a performance obligation,
may change subsequent to the year end as variations and claims are agreed with the customer. The amount of revenue recognised in 2022 from
performance obligations satisfied in previous periods is \u00a315.7m (2021: \u00a328.0m).
The Group\u2019s order book comprises the unexecuted elements of orders on contracts that have been awarded. Where a contract is subject to variations,
only secured variations are included in the reported order book. As at 31 December 2022, the total order book is \u00a31,407.1m (2021: \u00a31,302.1m). The order
book as at 31 December 2021 has been restated in respect of prior period measurement adjustments.
The order book for contracts with a total duration over one year is \u00a3384.5m (2021: \u00a3402.0m). Revenue on these contracts is expected to be recognised
as follows:
2022
\u00a3m
2021
\u00a3m
Less than one year 289.3 279.7
One to two years 87.1 103.7
More than two years 8.1 18.6
384.5 402.0
The following table provides information about trade receivables, contract assets and contract liabilities arising from contracts with customers:
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Trade receivables 615.4 450.7
Contract assets 105.3 99.2
Contract liabilities (85.6) (46.5)
1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period
business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
Trade receivables include invoiced amounts for retentions, which are balances typically payable at the end of a construction project, when all contractual
performance obligations have been met, and are therefore received over a longer period of time. Included in the trade receivables balance is \u00a3121.3m
(2021: \u00a385.9m) in respect of retentions anticipated to be receivable within one year. Included in non-current other assets is \u00a316.3m (2021: \u00a324.4m)
anticipated to be receivable in more than one year. All contract assets and liabilities are current.
Significant changes in the contract assets and liabilities during the year are as follows:
2022 2021 (Restated)
1
Contract
assets
\u00a3m
Contract liabilities
\u00a3m
Contract
assets
\u00a3m
Contract
liabilities
\u00a3m
As at 1 January 99.2 (46.5) 64.7 (43.9)
Revenue recognised in the current year 911.2 824.2 652.4 516.0
Acquired with businesses 0.6 \u2013 2.0 (0.3)
Amounts transferred to trade receivables (914.1) \u2013 (619.5) \u2013
Cash received/invoices raised for performance obligations not yet satisfied \u2013 (858.9) \u2013 (518.3)
Exchange movements 8.4 (4.4) (0.4) \u2013
As at 31 December 105.3 (85.6) 99.2 (46.5)
1 The 31 December 2021 consolidated contract asset has been restated in respect of the correction of prior period errors arising from the fraud at Austral as outlined in note 3 to the consolidated
financial statements.
6 Acquisitions and disposals
Acquisitions
Current period
GKM Consultants Inc.
On 1 May 2022, the Group acquired 100% of the issued share capital of GKM Consultants Inc., an instrumentation and monitoring provider in Quebec,
Canada, for an initial cash consideration of \u00a33.3m (CAD$5.3m). In addition, contingent consideration is payable dependent on the cumulative EBITDA in
the three-year period post acquisition. At the acquisition date, the fair value of the contingent consideration was \u00a31.2m (CAD$2.0m), based on expected
cashflows generated by the business over a three-year period at that point in time. At 31 December 2022, the fair value of the contingent consideration
has been revised to \u00a30.9m, with the reduction in the amount payable recognised in the income statement as a non-underlying item. The maximum value
of the contingent consideration is \u00a31.2m, the minimum payable would be zero.
The fair value of intangible assets acquired represents the fair value of customer contracts at the date of acquisition, customer relationships and
the tradename. Goodwill arising on acquisition is attributable to the knowledge and expertise of the assembled workforce, the expectation of future
contracts and customer relationships and the operating synergies that arise from the Group\u2019s strengthened market position. The goodwill is not
expected to be deductible for tax purposes.
In the period to 31 December 2022, the acquisition contributed \u00a36.8m to revenue and a profit before tax of \u00a3nil. Had the acquisition taken place on
1 January 2022, total Group revenue would have been \u00a32,984.0m and statutory profit before tax for the period would have been \u00a364.4m.
Notes to the consolidated financial statements continued
6 Acquisitions and disposals continued
The identifiable assets and liabilities as at the date of acquisition were:
Carrying
amount
\u00a3m
Fair value
adjustment
\u00a3m
Fair
value
\u00a3m
Assets
Intangible assets \u2013 1.5 1.5
Property, plant and equipment 0.3 \u2013 0.3
Inventories 0.6 \u2013 0.6
Trade and other receivables
1
2.8 (0.1) 2.7
Current tax assets 0.1 \u2013 0.1
Cash and cash equivalents 0.2 \u2013 0.2
4.0 1.4 5.4
Liabilities
Trade and other payables (1.9) \u2013 (1.9)
Deferred tax liabilities (0.1) (0.4) (0.5)
(2.0) (0.4) (2.4)
Total identifiable net assets 2.0 1.0 3.0
Goodwill 1.6
Total consideration 4.6
Satisfied by:
Initial cash consideration 3.3
Contingent consideration 1.2
Purchase price adjustment 0.1
4.6
Acquisition of businesses per the cash flow statement:
Initial cash consideration 3.3
Purchase price adjustment paid 0.1
Less cash acquired (0.2)
3.2
1 The fair value of trade receivables amounts to \u00a32.7m. The gross amount of trade receivables before the expected credit loss provision is \u00a32.8m and it is expected that the full contractual amounts can
be collected.
Nordwest Fundamentering AS
On 15 November 2022, the Group acquired 100% of the issued share capital of Nordwest Fundamentering AS, a small specialist geotechnical contractor
provider in Norway, for an initial cash consideration of \u00a35.5m (NOK65m). In addition, deferred consideration of \u00a30.5m (NOK6m) is payable.
Due to the timing of the acquisition, the review of the fair value of net assets acquired is expected to be completed in H1 2023. The value of assets
acquired is therefore provisional and will be finalised within 12 months of the acquisition date. All asset values, other than for cash and cash equivalents,
are provisional, including the value of any intangible assets that have been acquired with the business but not yet separated from the goodwill balance.
The provisional value of net assets acquired was \u00a31.0m, resulting in a goodwill and other intangibles value of \u00a35.3m.
In the period to 31 December 2022, the acquisition contributed \u00a32.0m to revenue and a profit before tax of \u00a3nil. Had the acquisition taken place on
1 January 2022, total Group revenue would have been \u00a32,956.5m and statutory profit before tax for the period would have been \u00a366.2m.
The identifiable assets and liabilities as at the date of acquisition were:
Carrying
amount
\u00a3m
Fair value
adjustment
\u00a3m
Fair
value
\u00a3m
Assets
Property, plant and equipment 0.3 \u2013 0.3
Property, plant and equipment \u2013 right of use asset 2.1 \u2013 2.1
Trade and other receivables 1.5 \u2013 1.5
Cash and cash equivalents 1.1 \u2013 1.1
5.0 \u2013 5.0
Liabilities
Trade and other payables (1.5) \u2013 (1.5)
Loans and borrowings, including lease liabilities (2.2) \u2013 (2.2)
Deferred tax liabilities (0.3) \u2013 (0.3)
(4.0) \u2013 (4.0)
Total identifiable net assets 1.0 \u2013 1.0
Goodwill 5.3
Total consideration 6.3
Satisfied by:
Initial cash consideration 5.5
Deferred consideration 0.5
Purchase price adjustment 0.3
6.3
Acquisition of businesses per the cash flow statement:
Initial cash consideration 5.5
Purchase price adjustment paid 0.3
Less cash acquired (1.1)
4.7
Prior year acquisitions
On 13 July 2021, the Group acquired 100% of the issued share capital of RECON Services Inc., a geotechnical environmental remediation and industrial
services company based in Texas, US.
On 29 September 2021, the Group acquired the trade and assets of Subterranean (Manitoba) Ltd., a geotechnical contractor in Canada.
On 1 November 2021, the Group acquired the trade and assets of Voges Drilling, a geotechnical foundation company based in Texas, US.
Total contingent and deferred consideration in respect of prior year acquisitions of \u00a312.3m was paid during the period, comprising \u00a38.1m in respect of the
RECON Services Inc. acquisition in 2021 and \u00a33.8m in respect of the Geo Construction Group (Bencor) acquisition in 2015. These both represent final
agreements. Additionally, \u00a30.2m was paid in respect of the Geo Instruments acquisition and \u00a30.2m deferred consideration in respect of the Voges Drilling
acquisition.
Notes to the consolidated financial statements continued
6 Acquisitions and disposals continued
Prior period measurements adjustments
Under IFRS 3 \u2018Business Combinations\u2019 there is a measurement period of no longer than 12 months in which to finalise the valuation of the acquired assets
and liabilities. During the measurement period, the acquirer retrospectively adjusts the provisional amounts recognised at the acquisition date to reflect
any new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement
of the amounts recognised as of that date.
The valuation of the RECON Services Inc. acquired assets and liabilities is now final and the adjustments to the provisional fair values that were made
during the measurement period are set out in the table below:
Provisional fair value
recognised on
acquisition
\u00a3m
Adjustments during
measurement
period
\u00a3m
Revised provisional
fair value recognised
on acquisition
\u00a3m
Assets
Intangible assets
1
18.9 (1.4) 17.5
Property, plant and equipment 4.7 \u2013 4.7
Other non-current assets 0.1 \u2013 0.1
Trade and other receivables 20.4 \u2013 20.4
Current tax assets 1.4 \u2013 1.4
Cash and cash equivalents 0.9 \u2013 0.9
46.4 (1.4) 45.0
Liabilities
Lease liabilities (1.4) \u2013 (1.4)
Trade and other payables (11.2) \u2013 (11.2)
Current tax liabilities (1.1) \u2013 (1.1)
Deferred tax liabilities
2
(5.1) 0.3 (4.8)
Provisions (1.4) \u2013 (1.4)
Other non-current assets (0.3) \u2013 (0.3)
(20.5) 0.3 (20.2)
Total identifiable net assets 25.9 (1.1) 24.8
Goodwill 3.7 1.1 4.8
Total consideration 29.6 \u2013 29.6
Satisfied by:
Initial cash consideration 20.2 \u2013 20.2
Initial valuation of contingent consideration 9.5 \u2013 9.5
Purchase price adjustment (0.1) \u2013 (0.1)
29.6 \u2013 29.6
1 The adjustment to intangible assets relates to the revised valuation of the tradename and customer relationships acquired.
2 The adjustment to deferred tax liabilities relates to the updated value of intangible assets.
The impact of these adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021 have
been restated, as detailed in note 2. The adjustment to intangible assets at acquisition resulted in a lower amortisation charge in the year to 31 December
2021 of \u00a30.2m, resulting in a net adjustment to the net book value of intangible assets of \u00a31.2m as at 31 December 2021.
The valuation of the Subterranean (Manitoba) Ltd. and Voges Drilling acquired assets and liabilities is now final and the adjustments to the provisional fair
values that were made during the measurement period are set out in the table below:
Provisional fair value
recognised on
acquisition
\u00a3m
Adjustments during
measurement
period
\u00a3m
Revised provisional
fair value recognised
on acquisition
\u00a3m
Assets
Intangible assets 0.4 \u2013 0.4
Property, plant and equipment 6.1 \u2013 6.1
Trade and other receivables
1
2.7 1.9 4.6
9.2 1.9 11.1
Liabilities
Trade and other payables (1.3) \u2013 (1.3)
(1.3) \u2013 (1.3)
Total identifiable net assets 7.9 1.9 9.8
Goodwill 1.9 (1.9) \u2013
Total consideration 9.8 \u2013 9.8
Satisfied by:
Initial cash consideration 9.2 \u2013 9.2
Deferred consideration 0.8 \u2013 0.8
Purchase price adjustment (0.2) \u2013 (0.2)
9.8 \u2013 9.8
1 The adjustment to trade and other receivables relates to the revised valuation of fair value of the billed and unbilled receivables acquired with Subterranean in relation to their recoverability.
The impact of these adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021
have been restated, as detailed in note 3. The adjustments did not result in any impact on the income statement for the year ended 31 December 2021.
A summary of the prior period acquisitions after the final measurement period adjustments is set out in the table below:
Acquisition
Goodwill
\u00a3m
Acquired
intangible
assets
\u00a3m
Acquired
deferred tax
liabilities
\u00a3m
Fair value
of other
identifiable
assets and
liabilities
\u00a3m
Consideration
paid
\u00a3m
Cash acquired
\u00a3m
Non-cash
elements
\u00a3m
Net cash
outflow
\u00a3m
RECON 4.8 17.5 (4.8) 12.1 29.6 0.9 8.0 (20.7)
Subterranean and Voges \u2013 0.4 \u2013 9.4 9.8 \u2013 0.6 (9.2)
4.8 17.9 (4.8) 21.5 39.4 0.9 8.6 (29.9)
Disposals
Current year
There were no material disposals during the year to 31 December 2022. Contingent consideration of \u00a30.7m was received in accordance with the terms of
the sale and purchase agreement of Wannenwetsch GmbH, which was disposed of in 2020.
Prior year
In 2021, the Group disposed of its Cyntech Anchors operation in Canada, being 100% of the issued share capital of Keller Cyntech U.S. and Cyntech
Anchors Ltd., for a total consideration of \u00a36.0m (CAD$10.2m), consisting of the sale price of \u00a33.1m (CAD$5.3m) and further sale price adjustments in
relation to working capital of \u00a32.9m (CAD$4.9m). A non-underlying loss on disposal of \u00a30.2m was recognised.
In 2021, the Group completed the disposal of its Colcrete business, being 100% of the issued share capital of Keller Colcrete Limited, for a cash
consideration of \u00a30.4m. A non-underlying loss of disposal of \u00a30.4m was recognised in 2020. Contingent consideration of \u00a30.7m in relation to the disposal
of Wannenwetsch GmbH was received in 2021 in addition to the initial cash consideration received in 2020.
Notes to the consolidated financial statements continued
7 Operating costs
Note
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Raw materials and consumables 1,054.3 711.8
Staff costs 8 699.8 580.7
Other operating charges 764.7 583.2
Amortisation of intangible assets 15 0.5 0.6
Expenses relating to short-term leases and leases of low-value assets 201.7 154.8
Depreciation:
Owned property, plant and equipment 16a 71.1 64.1
Right-of-use assets 16b 29.7 26.5
Net expected credit loss of trade receivables and contract assets
2
20 15.7 12.7
Underlying operating costs 2,837.5 2,134.4
Non-underlying items 9 30.0 9.6
Statutory operating costs 2,867.5 2,144.0
Other operating charges include:
Redundancy and other reorganisation costs \u2013 \u2013
Fees payable to the company\u2019s auditor for the audit of the company\u2019s Annual Report and Accounts 1.4 1.1
Fees payable to the company\u2019s auditor for other services:
The audit of the company\u2019s subsidiaries, pursuant to legislation 2.0 1.9
Other assurance services 0.1 0.1
1 The 31 December 2021 other operating charges has been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination
measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
2 Of this amount \u00a311.5m (2021: \u00a315.3m) are subject to enforcement activity.
During the year, the Group received \u00a3nil (2021: \u00a32.4m) of direct subsidies with respect to COVID-19 related aid measures introduced by government
bodies in various countries. These subsidies are recognised as an offset against the expense item which they are intended to compensate.
8 Employees
The aggregate staff costs of the Group were:
2022
\u00a3m
2021
\u00a3m
Wages and salaries 606.7 505.6
Social security costs 66.7 57.5
Other pension costs 23.1 13.7
Share-based payments 3.3 3.9
699.8 580.7
These costs include Directors\u2019 remuneration. Fees payable to Non-executive Directors totalled \u00a30.5m (2021: \u00a30.5m).
In the United States, the Coronavirus Aid, Relief, and Economic Security Act allowed employers to defer the payment of the employer\u2019s share of social
security taxes otherwise required to be paid between 27 March and 31 December 2020. The payment of the deferred taxes is required in two instalments;
the first half was paid on 3 January 2022 and the remainder was paid on 3 January 2023.
The average number of staff, including Directors, employed by the Group during the year was:
2022
Number
2021
Number
North America 4,604 4,722
Europe 3,043 2,922
Asia-Pacific, Middle East and Africa 2,174 2,080
9,821 9,724
9 Non-underlying items
Non-underlying items include items which are exceptional by their size and/or are non-trading in nature, including amortisation of acquired intangibles,
goodwill impairment, restructuring costs and other non-trading amounts, including those relating to acquisitions and disposals. Tax arising on these
items, including movement in deferred tax assets arising from non-underlying provisions, is also classified as a non-underlying item. These are detailed in
the table below.
As underlying results include the benefits of restructuring programmes and acquisitions but exclude significant costs (such as major restructuring costs
and the amortisation of acquired intangible assets) they should not be regarded as a complete picture of the Group\u2019s financial performance, which is
presented in its total statutory results. The exclusion of non-underlying items may result in underlying earnings being materially higher or lower than total
statutory earnings. In particular, when significant impairments and restructuring charges are excluded, underlying earnings will be higher than total
statutory earnings.
2022
\u00a3m
2021
(Restated)
1
\u00a3m
ERP implementation costs 6.3 \u2013
Goodwill impairment 12.5 \u2013
Exceptional restructuring costs 5.3 7.3
Exceptional historic contract dispute 3.5 \u2013
Claims related to closed business 2.5 \u2013
Impairment costs 0.3 \u2013
Contingent consideration: additional amounts provided 0.1 1.3
Change in fair value of contingent consideration (0.7) \u2013
Loss on disposal of operations \u2013 0.5
Acquisition costs 0.2 0.5
Non-underlying items in operating costs 30.0 9.6
Amortisation of acquired intangible assets 10.3 2.6
Contingent consideration received (0.7) (0.7)
Non-underlying items in other operating income (0.7) (0.7)
Amortisation of joint venture acquired intangibles 1.2 0.6
Total non-underlying items in operating profit 40.8 12.1
Non-underlying items in finance income (3.6) \u2013
Total non-underlying items before taxation 37.2 12.1
Taxation (9.0) (7.0)
Total non-underlying items after taxation 28.2 5.1
1 The 31 December 2021 consolidated amortisation of acquired intangible assets has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3
and 6 to the consolidated financial statements.
Notes to the consolidated financial statements continued
9 Non-underlying items continued
Non-underlying items in operating costs
ERP implementation costs
The Group has commenced a strategic project to implement a new cloud computing enterprise resource planning (ERP) system across the Group.
Due to the size, nature and incidence of the relevant costs expected to be incurred, the costs are presented as a non-underlying item, as they are not
reflective of underlying performance of the Group. As this is a complex implementation, project costs are expected to be incurred over the next five years.
Non-underlying ERP costs of \u00a36.3m include only costs relating directly to the implementation including external consultancy costs and the cost of the
dedicated implementation team. Non-underlying costs does not include operational post-deployment costs such as licence costs for businesses that
have transitioned. There were no ERP implementation costs in 2021.
Goodwill impairment
The goodwill impairment of \u00a312.5m relates to Austral (\u00a37.7m) due to uncertainty over the future profitability of the cash-generating unit, following the
discovery of the financial reporting fraud; and Sweden (\u00a34.8m) due to a downward revision to the medium-term forecast as forward projections did not
fully support the carrying value of the goodwill. Refer to note 15 for further information. There was no goodwill impairment cost in 2021.
Exceptional restructuring costs
Exceptional restructuring costs of \u00a35.3m comprises \u00a33.4m in the North America Division, \u00a31.8m in the Europe Division, a credit of \u00a30.6m in AMEA and
\u00a30.7m incurred centrally. In North America, the costs arose as a result of a management and property reorganisation within the parts of the business
located in Texas. Costs include redundancy costs and property duplication costs. In Europe, the costs related to the scheduled exit of the Ivory Coast and
Morocco businesses, including asset impairments and redundancy costs. In AMEA, the credit arose from restructuring costs provided for in prior years as
costs incurred were lower than originally anticipated.
The Group exercises judgement in assessing whether restructuring items should be classified as non-underlying. This assessment covers the nature
of the item, cause of the occurrence and scale of impact of that item on the reported performance. Typically, management will categorise restructuring
costs incurred to exit a specific geography as non-underlying, in addition restructuring programmes which are incremental to normal operations
undertaken to add value to the business are included in non-underlying items. The value of exceptional restructuring costs in 2022 (\u00a35.3m) is lower than
in 2021 (\u00a37.3m).
In 2021, exceptional restructuring costs of \u00a37.3m comprised \u00a34.4m in Europe, \u00a32.5m in Asia-Pacific, Middle East and Africa, \u00a31.6m of central items
and a credit of \u00a31.2m in North America. In Europe, these costs arose as a continuation of the strategic project to rationalise the Europe Division. The
restructuring costs during the period comprised redundancy costs, property costs, asset impairments and costs of market exit which include project
termination costs. In Asia-Pacific, Middle East and Africa these costs arose as part of the project to rationalise the Middle East and Africa business. The
restructuring costs during the period comprised mainly asset impairments and redundancy costs. Centrally, restructuring costs were incurred in KGS, the
in-house equipment manufacturer, as a result of a restructuring plan for this business. These costs comprised redundancy costs and asset impairments.
In North America the credit arose from the reduction in restructuring costs provided for in 2020 as costs incurred were lower than originally anticipated.
Exceptional historic contract dispute and claims related to closed business
The \u00a33.5m exceptional charge relates to a provision made for additional legal costs relating to the historical Avonmouth contract dispute following a
negotiation with insurers during 2022. In addition, a \u00a32.5m provision for a legal claim in respect of a closed business has been recognised.
Impairment costs
An impairment charge of \u00a30.3m by the North-East Europe Business Unit is in respect of trade receivables in Ukraine that are not expected to be
recovered due to the ongoing conflict.
Contingent consideration
Additional contingent consideration of \u00a30.1m relates to the acquisition of the Geo Instruments US business in 2017. A credit of \u00a30.7m arose from the
reduction in the fair value of contingent consideration payable in respect of the RECON and GKM acquisitions. The contingent consideration paid in
respect of RECON has been finalised and was settled during the year.
In 2021, additional contingent consideration payable of \u00a31.3m relates to the acquisition of the Geo Construction Group (Bencor) in 2015, following
finalisation of items referenced in the sale and purchase agreement.
Loss on disposal of operations
The Cyntech Anchors operation in Canada was disposed of on 28 June 2021, resulting in a net loss on disposal of \u00a30.2m. During 2021 there was a true-
up of the sale price of the Brazil disposal reflected in 2020, resulting in an additional loss of \u00a30.3m in the year. This increased the total non-underlying loss
on disposal for this transaction to \u00a39.5m.
Acquisition costs
Acquisition and other costs of \u00a30.9m in the year comprised professional fees relating to the NWF acquisition in Norway and centrally incurred project costs. In
2021, acquisition costs of \u00a30.5m in the year comprised professional fees relating to the RECON and Subterranean acquisitions.
Amortisation of acquired intangible assets
Amortisation of acquired intangible assets relates to the RECON, GKM, Moretrench and Voges acquisitions, as restated for the prior period measurement
adjustment to the RECON acquired intangible assets.
Non-underlying items in other operating income
During 2022, the second instalment of contingent consideration was received in relation to the Wannenwetsch disposal in September 2020, in
accordance with the terms of the sale and purchase agreement. The first instalment was received during 2021.
Amortisation of joint venture acquired intangibles
Amortisation of joint venture intangibles relates to NordPile, an acquisition by the Group\u2019s joint venture interest KFS Finland Oy on 8 September 2021.
Non-underlying finance income
During the year the Group entered into an interest rate derivative with the purpose of hedging a highly probable forecast transaction. The forecast
transaction did not take place and as a result the amount arising from the hedging instrument has been recognised in the income statement. This
has resulted in the recognition of \u00a33.6m of finance income which has been included in non-underlying as it material in size and is not reflective of the
underlying finance income and costs of the Group.
Non-underlying taxation
Refer to note 12 for details of the non-underlying tax items.
10 Finance income
2022
\u00a3m
2021
\u00a3m
Bank and other interest receivable 0.3 0.2
Net pension interest income 0.1 \u2013
Other finance income 0.1 0.2
Underlying finance income 0.5 0.4
Non-underlying finance income 3.6 \u2013
Total finance income 4.1 0.4
11 Finance costs
2022
\u00a3m
2021
\u00a3m
Interest payable on bank loans and overdrafts 7.8 3.1
Interest payable on other loans 2.4 1.3
Interest on lease liabilities 3.6 3.1
Net pension interest cost 0.1 0.2
Other interest costs 1.5 1.0
Total interest costs 15.4 8.7
Unwinding of discount and effect of changes in discount rates on provisions 0.2 0.6
Total finance costs 15.6 9.3
Notes to the consolidated financial statements continued
12 Taxation
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Current tax expense:
Current year 46.6 14.0
Prior years (2.5) (3.0)
Total current tax 44.1 11.0
Deferred tax expense:
Current year (32.0) 0.7
Prior years (0.8) 0.2
Total deferred tax (32.8) 0.9
11.3 11.9
1 The 31 December 2021 consolidated tax expense has been restated in respect of the correction of prior period errors arising from the fraud at Austral as outlined in notes 3 and 6 to the consolidated
financial statements.
UK corporation tax is calculated at 19% (2021: 19%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the
rates prevailing in the respective jurisdictions.
The effective tax rate can be reconciled to the UK corporation tax rate of 19% (2021: 19%) as follows:
2022 2021 (Restated)
1
Underlying
\u00a3m
Non-underlying
items (note 9)
\u00a3m
Statutory
\u00a3m
Underlying
\u00a3m
Non- underlying
items (note 9)
\u00a3m
Statutory
\u00a3m
Profit/(loss) before tax 93.5 (37.2) 56.3 79.6 (12.1) 67.5
UK corporation tax charge/(credit) at 19% (2021: 19%) 17.8 (7.1) 10.7 15.1 (2.3) 12.8
Tax charged at rates other than 19% (2021: 19%) 3.1 (1.0) 2.1 5.1 (0.5) 4.6
Tax losses and other deductible temporary
differences not recognised 6.6 0.8 7.4 3.3 1.2 4.5
Utilisation of tax losses and other deductible temporary
differences previously unrecognised (0.7) (4.3) (5.0) (1.4) (5.5) (6.9)
Permanent differences (2.8) 2.6 (0.2) (0.5) 0.1 (0.4)
Adjustments to tax charge in respect of previous periods (3.3) \u2013 (3.3) (2.8) \u2013 (2.8)
Other (0.4) \u2013 (0.4) 0.1 \u2013 0.1
Tax charge/(credit) 20.3 (9.0) 11.3 18.9 (7.0) 11.9
Effective tax rate 21.7% 24.2% 20.1% 23.7% 57.9% 17.6%
1 The 31 December 2021 consolidated profit/(loss) before tax and tax charge/(credit) have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior
period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
The tax credit of \u00a39.0m on non-underlying losses includes \u00a34.7m as the tax benefit of amounts which are expected to be deductible for tax purposes
and \u00a34.3m from the re-recognition of deferred tax assets in Canada at 31 December 2022. The deferred tax asset has been reassessed as recoverable
following the improved performance of the business demonstrating a more reliable source of taxable income in order to utilise the tax losses. As the
de-recognition of the deferred tax asset was booked through the non-underlying tax charge, the credit from the re-recognition of the deferred tax asset
has also been treated as a non-underlying item. The 2021 restated tax credit on non-underlying items is \u00a37.0m. This includes a partial re-recognition
of Canadian deferred tax assets of \u00a35.5m and the benefit of a net tax credit on other non-underlying charges which are expected to be deductible for
tax purposes.
The effective tax rate in 2022 on non-underlying items before the re-recognition of the deferred tax asset is lower than the effective tax rate on
underlying items due to the inclusion of goodwill impairment costs for which there is no corresponding tax credit.
The Group is subject to taxation in over 40 countries worldwide and the risk of changes in tax legislation and interpretation from tax authorities in the
jurisdictions in which it operates. The assessment of uncertain positions is subjective and subject to management\u2019s best judgement of the probability
of the outcome in reaching agreement with the relevant tax authorities. Where tax positions are uncertain, provision is made where necessary based on
interpretation of legislation, management experience and appropriate professional advice. Management do not expect the outcome of these estimates
to be materially different from the position taken.
The UK government has released draft legislation introducing a global minimum tax of 15% in line with the OECD\u2019s Pillar 2 rules. If enacted the rules will
apply to Keller from 1 January 2024. Based on the draft legislation, it is not expected that the Pillar 2 rules will have a material impact on the group\u2019s overall
tax charge.
The following are the major deferred tax liabilities and assets recognised by the Group and the movements during the current and prior reporting periods:
Unused tax
losses
\u00a3m
Accelerated
capital
allowances
\u00a3m
Retirement
benefit
obligations
\u00a3m
Other
employee-
related
liabilities
\u00a3m
Bad debts
\u00a3m
Other
2
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2021 (Restated)
1
(8.9) 34.4 (4.0) (6.5) (6.2) 4.2 13.0
(Credit)/charge to the income statement (4.2) 3.2 (0.7) 0.3 (2.4) 4.5 0.7
Charge to other comprehensive income \u2013 \u2013 0.2 \u2013 \u2013 \u2013 0.2
Acquisition and disposal of businesses \u2013 0.3 \u2013 \u2013 \u2013 4.4 4.7
Exchange movements 0.1 0.3 0.2 (0.1) (0.1) 0.2 0.6
Other reallocations/transfers \u2013 \u2013 0.1 \u2013 \u2013 0.2 0.3
At 31 December 2021 and 1 January 2022 (Restated)
1
(13.0) 38.2 (4.2) (6.3) (8.7) 13.5 19.5
(Credit)/charge to the income statement (1.0) (31.2) 0.3 0.9 (0.3) (1.6) (32.9)
Charge to other comprehensive income \u2013 \u2013 0.6 \u2013 \u2013 \u2013 0.6
Acquisition and disposal of businesses \u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8
Exchange movements (0.5) 3.9 0.1 (0.7) (1.1) 0.6 2.3
Other reallocations/transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) (0.1)
At 31 December 2022 (14.5) 10.9 (3.2) (6.1) (10.1) 13.2 (9.8)
1 The 1 January 2021 and 31 December 2021 consolidated deferred tax assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period
business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
2 Other temporary differences are mainly in respect of intangible assets.
The movement from a net deferred tax liability of \u00a319.5m at 31 December 2021 to a net deferred tax asset of \u00a39.8m at 31 December 2022 is largely as a
result of a change in law in the US with regards to the timing of the deductibility of R&D expenditure (totalling \u00a329.3m included in the charge in accelerated
capital allowances for the year). Previously, R&D expenditure was tax deductible in the year that it was incurred, whereas following the law change in 2022
R&D expenditure is capitalised for tax purposes and amortised over five years.
Deferred tax assets include amounts of \u00a315.1m (2021 as restated: \u00a38.8m) where recovery is based on forecasts of future taxable profits that are
expected to be available to offset the reversal of the associated temporary differences. The deferred tax assets arise predominantly in Canada
(\u00a39.1m), the US (\u00a34.1m) and the UK (\u00a31.8m). The amount of profits in each territory which are necessary to be realised over the forecast period to
support these assets are \u00a337m, \u00a316m and \u00a37m respectively. Canadian tax rules currently allow tax losses to be carried forward up to 20 years. The
UK and the US allow losses to be carried forward indefinitely. The recovery of deferred tax assets has been assessed by reviewing the likely timing
and level of future taxable profits. The period assessed for recovery of assets is appropriate for each territory having regard to the specific facts and
circumstances and the probability of achieving forecast profitability. A 10% shortfall in expected profits would have a proportional impact on the value
of the deferred tax assets recoverable.
The following is the analysis of the deferred tax balances:
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Deferred tax liabilities 5.3 28.3
Deferred tax assets (15.1) (8.8)
(9.8) 19.5
1 The 31 December 2021 consolidated deferred tax assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination
measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
Notes to the consolidated financial statements continued
12 Taxation continued
At the balance sheet date, the Group had unused tax losses of \u00a3140.9m (2021: \u00a3125.0m), mainly arising in Canada, Australia, Malaysia and the UK,
available for offset against future profits, on which no deferred tax asset has been recognised. Of these losses, \u00a3118.2m (2021: \u00a374.3m) may be carried
forward indefinitely. Of the remaining losses, \u00a319.2m expire in 2025 and \u00a33.5m expire in 2035.
At the balance sheet date, the aggregate of other deductible temporary differences for which no deferred tax asset has been recognised was \u00a318.0m
(2021: \u00a313.9m). These differences have no expiry term.
At the balance sheet date the aggregate of temporary differences associated with investments in subsidiaries, branches and joint ventures for which
no deferred tax liability has been recognised is \u00a3156.7m (2021: \u00a3124.9m), on the basis that the Group can control the reversal of temporary differences
and it is probable that the temporary differences will not reverse in the foreseeable future. The unprovided deferred tax liability in respect of these timing
differences is \u00a310.2m (2021: \u00a37.6m).
13 Dividends payable to equity holders of the parent
Ordinary dividends on equity shares:
2022
\u00a3m
2021
\u00a3m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2021 of 23.3p (2020: 23.3p) per share 16.8 16.8
Interim dividend for the year ended 31 December 2022 of 13.2p (2021: 12.6p) per share 9.6 9.1
26.4 25.9
The Board has recommended a final dividend for the year ended 31 December 2022 of \u00a317.7m, representing 24.5p (2021: 23.3p) per share. The
proposed dividend is subject to approval by shareholders at the Annual General Meeting on 17 May 2023 and has not been included as a liability in these
financial statements.
14 Earnings per share
Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year.
When the Group makes a profit, diluted earnings per share equals the profit attributable to equity holders of the parent adjusted for the dilutive impact
divided by the weighted average diluted number of shares. When the Group makes a loss, diluted earnings per share equals the loss attributable to the
equity holders of the parent divided by the basic average number of shares. This ensures that earnings per share on losses is shown in full and not diluted
by unexercised share awards.
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation
of these financial statements.
Basic and diluted earnings per share are calculated as follows:
Underlying earnings attributable to
the equity holders of the parent
Earnings attributable to the
equity holders of the parent
2022
2021
(Restated)
1
2022
2021
(Restated)
1
Basic and diluted earnings (\u00a3m) 74.2 61.6 46.0 56.5
Weighted average number of ordinary shares (m)
2
Basic number of ordinary shares outstanding 72.7 72.3 72.7 72.3
Effect of dilution from:
Share options and awards 1.0 0.9 1.0 0.9
Diluted number of ordinary shares outstanding 73.7 73.2 73.7 73.2
Earnings per share
Basic earnings per share (p) 102.1 85.2 63.3 78.1
Diluted earnings per share (p) 100.7 84.2 62.4 77.2
1 The 31 December 2021 consolidated earnings attributable to the equity holders of the parent has been restated in respect of the correction of prior period errors arising from the fraud at Austral and
prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
2 The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year. The weighted average number of shares excludes those held in
the Employee Share Ownership Plan Trust and those held in treasury, which for the purpose of this calculation are treated as cancelled.
15 Goodwill and intangible assets
Goodwill
\u00a3m
Arising on
acquisition
\u00a3m
Other
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021 219.6 58.9 23.3 301.8
Additions \u2013 \u2013 0.4 0.4
Acquired with businesses
1
4.8 17.9 \u2013 22.7
Disposals \u2013 \u2013 (0.7) (0.7)
Exchange movements 1.1 0.5 (0.6) 1.0
At 31 December 2021 and 1 January 2022
1
225.5 77.3 22.4 325.2
Additions \u2013 \u2013 0.1 0.1
Acquired with businesses (note 6)
2
6.9 1.5 \u2013 8.4
Exchange movements 15.8 3.2 4.6 23.6
At 31 December 2022 248.2 82.0 27.1 357.3
Accumulated amortisation and impairment
At 1 January 2021 104.4 56.5 22.1 183.0
Amortisation charge for the year
1
\u2013 2.6 0.6 3.2
Disposals \u2013 \u2013 (0.7) (0.7)
Exchange movements 0.6 (0.1) (0.3) 0.2
At 31 December 2021 and 1 January 2022
1
105.0 59.0 21.7 185.7
Impairment charge for the year 12.5 \u2013 \u2013 12.5
Amortisation charge for the year \u2013 10.3 0.4 10.7
Exchange movements 5.4 1.4 4.4 11.2
At 31 December 2022 122.9 70.7 26.5 220.1
Carrying amount
At 1 January 2021 115.2 2.4 1.2 118.8
At 31 December 2021 and 1 January 2022
1
120.5 18.3 0.7 139.5
At 31 December 2022 125.3 11.3 0.6 137.2
1 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated
financial statements.
2 Goodwill arising on acquisition during the year relates to the acquisition of GKM Consultants Inc. and Nordwest Fundamentering AS.
Intangible assets arising on acquisition represent customer contracts and relationships with a carrying amount of \u00a35.5m (2021: \u00a312.4m) and trade
names with a carrying amount of \u00a35.8m (2021: \u00a35.9m). Other intangibles represent internally developed software and licences. There are no indicators
of impairment for these assets at 31 December 2022.
For the purposes of impairment testing, goodwill has been allocated to ten (2021: nine) separate cash-generating units (CGUs). The carrying amount of
goodwill allocated to the five CGUs with the largest goodwill balances is significant in comparison to the total carrying amount of goodwill and comprises
95% of the total (2021: 92%). The relevant CGUs and the carrying amount of the goodwill allocated to each are as set out below, together with the pre-
tax discount rate and medium-term growth rate used in their value-in-use calculations:
CGU Geographical segment
2022 2021
Carrying
value
\u00a3m
Pre-tax
discount rate1
%
Forecast
growth rate
%
Carrying
value
\u00a3m
Pre-tax
discount rate1
%
Forecast
growth rate
%
Keller US North America 51.9 13.6 2.0 45.0 11.6 2.0
Suncoast North America 35.5 13.5 2.0 31.9 11.6 2.0
Keller Canada North America 13.7 12.7 2.0 13.1 11.8 2.0
Keller Limited Europe 12.1 13.2 2.0 12.1 10.1 3.0
Austral Asia-Pacific, Middle East and Africa \u2013 \u2013 \u2013 7.3 12.9 2.0
Other North America and Europe 12.1 11.1
125.3 120.5
1 Pre-tax discount rates and forecast growth rates are defined by market.
2 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated
financial statements.
Notes to the consolidated financial statements continued
15 Goodwill and intangible assets continued
The recoverable amount of the goodwill allocated to each CGU has been calculated on a value-in-use basis. The calculations use cash flow projections
based on financial budgets and forecasts approved by management and cover a three-year period.
The Group\u2019s businesses operate in a diverse geographical set of markets, some of which are expected to continue to face uncertain conditions in future
years. The most important factors in the value-in-use calculations are the forecast revenues and operating margins during the forecast period, the
growth rates and discount rates applied to future cash flows. The key assumptions underlying the cash flow forecasts are revenue and operating margins
assumed throughout the forecast period. Revenue and operating margins are prepared as part of the Group\u2019s three-year forecast in line with the Group\u2019s
annual business planning process. The Group\u2019s budget for 2023 and financial projections for 2024 and 2025 were approved by the Board, and have been
used as the basis for input into the value-in-use calculation.
Management considers all the forecast revenues, margins and profits to be reasonably achievable given recent performance and the historic trading
results of the relevant CGUs. A margin for historical forecasting error has also been factored into the value-in-use model. Cash flows beyond 2025
which are deemed to be on a continuing basis have been extrapolated using the forecast growth rates above and do not exceed the long-term average
growth rates for the markets in which the relevant CGUs operate. The growth rates used in the Group\u2019s value-in-use calculation into perpetuity are
based on forecasted growth in the construction sector in each region where a CGU is located and adjusted for longer-term compound annual growth
rates for each CGU as estimated by management. The discount rates used in the value-in-use calculations are based on the weighted average cost of
capital of companies comparable to the relevant CGUs, adjusted as necessary to reflect the risk associated with the asset being tested. Management\u2019s
assessment for Keller Limited is sensitive to the future successful execution of business plans designed to address the reduction in revenue, margins and
profits from HS2 contracts, scheduled to be completed within the three year-forecast period.
Following the discovery of the financial reporting fraud at Austral and the uncertainty over the forecast operating profit of this CGU, the goodwill in Austral
of \u00a37.7m has been impaired. The goodwill in Keller Grundlaggning was impaired during the year by \u00a34.5m, and the goodwill in Keller Getec impaired during
the year by \u00a30.3m. For the remaining CGUs, management believes that any reasonable possible change in the key assumptions on which the recoverable
amounts of the CGUs are based would not cause any of their carrying amounts to exceed their recoverable amounts.
A number of sensitivities were run on the projections to identify the changes required in each of the key assumptions that, in isolation, would give rise to
an impairment of the following goodwill balances.
CGU Geographical segment
Increase in
1
discount rate
%
Reduction in
1
future growth rate
%
Reduction in final
year cash flow
%
Keller US North America 28.1 48.9 89.4
Suncoast North America 45.1 112.9 101.0
Keller Canada North America 15.1 21.9 74.3
Keller Limited Europe 4.3 5.3 35.7
1 The increase in discount rate and reduction in future growth rate are presented as gross movements.
16 Property, plant and equipment
Property, plant and equipment comprises owned and leased assets.
Note
2022
\u00a3m
2021
\u00a3m
Property, plant and equipment \u2013 owned assets 16a 409.5 375.5
Right-of-use assets \u2013 leased assets 16b 77.0 67.9
At 31 December 486.5 443.4
16 a) Property, plant and equipment \u2013 owned assets
Land and
buildings
\u00a3m
Plant, machinery
and vehicles
\u00a3m
Capital work
in progress
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021 68.9 878.7 7.3 954.9
Additions 3.4 79.3 1.3 84.0
Acquired with businesses 0.7 8.7 \u2013 9.4
Disposals (2.5) (41.4) \u2013 (43.9)
Net transfers to held for sale \u2013 1.3 \u2013 1.3
Disposal of businesses \u2013 (1.2) (0.5) (1.7)
Reclassification \u2013 2.4 (2.4) \u2013
Exchange movements (1.5) (16.9) (0.2) (18.6)
At 31 December 2021 and 1 January 2022 69.0 910.9 5.5 985.4
Additions 1.9 72.4 7.3 81.6
Acquired with businesses (note 6) \u2013 0.7 \u2013 0.7
Disposals \u2013 (34.8) \u2013 (34.8)
Net transfers to held for sale
1
\u2013 (1.5) \u2013 (1.5)
Reclassification \u2013 2.2 (2.2) \u2013
Exchange movements 5.3 68.2 0.6 74.1
At 31 December 2022 76.2 1,018.1 11.2 1,105.5
Accumulated depreciation and impairment
At 1 January 2021 21.4 568.1 \u2013 589.5
Charge for the year 1.7 62.4 \u2013 64.1
Disposals (0.7) (35.2) \u2013 (35.9)
Net transfers to held for sale \u2013 0.9 \u2013 0.9
Disposal of businesses \u2013 (0.3) \u2013 (0.3)
Impairments \u2013 3.4 \u2013 3.4
Exchange movements (0.5) (11.3) \u2013 (11.8)
At 31 December 2021 and 1 January 2022 21.9 588.0 \u2013 609.9
Charge for the year 1.9 69.2 \u2013 71.1
Disposals \u2013 (30.1) \u2013 (30.1)
Net transfers to held for sale
1
\u2013 (1.2) \u2013 (1.2)
Exchange movements 1.6 44.7 \u2013 46.3
At 31 December 2022 25.4 670.6 \u2013 696.0
Carrying amount
At 1 January 2021 47.5 310.6 7.3 365.4
At 31 December 2021 and 1 January 2022 47.1 322.9 5.5 375.5
At 31 December 2022 50.8 347.5 11.2 409.5
1 The carrying amount of assets held for sale at the balance sheet date are detailed in note 22.
The Group had contractual commitments for the acquisition of property, plant and equipment of \u00a317.6m (2021: \u00a37.2m) at the balance sheet date. These
amounts were not included in the balance sheet at the year end.
In 2021, impairments included the write-down of surplus equipment to their value-in-use in the Middle East and Africa; and KGS, the in-house equipment
manufacturer, where it was not relocated to other more active parts of the Group. The carrying amount of these assets was \u00a31.9m, compared to a
value-in-use of \u00a30.3m, which resulted in a non-underlying impairment charge of \u00a31.6m. Details of restructuring are set out in note 9. Also included are
impairments related to assets that are inaccessible due to a contract suspension. The carrying amount of these assets was \u00a31.8m, compared to a value-
in-use of \u00a3nil, which resulted in an underlying impairment charge of \u00a31.8m.
Notes to the consolidated financial statements continued
16 Property, plant and equipment continued
16 b) Right-of-use assets \u2013 leased assets
The Group has lease contracts for various items of land and buildings, plant, machinery and vehicles used in its operations. Leases of land and buildings
generally have lease terms between three and 15 years, while plant, machinery and vehicles generally have lease terms between two and eight years. The
Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the lease assets. Generally, the Group is restricted from assigning and sub-leasing
its leased assets. There are several lease contracts that include extension and termination options.
The Group has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the
\u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
Set out below are the carrying amounts of the right-of-use assets recognised and the movements during the year:
Land and
buildings
\u00a3m
Plant, machinery
and vehicles
\u00a3m
Total
\u00a3m
At 1 January 2021 42.2 27.3 69.5
Additions 11.3 12.1 23.4
Acquired with businesses 0.4 1.0 1.4
Depreciation expense (12.6) (13.9) (26.5)
Impairment expense \u2013 (4.4) (4.4)
Contract modifications 1.7 3.1 4.8
Exchange movements (0.1) (0.2) (0.3)
At 31 December 2021 and 1 January 2022 42.9 25.0 67.9
Additions 5.9 18.9 24.8
Acquired with businesses \u2013 2.1 2.1
Depreciation expense (14.1) (15.6) (29.7)
Impairment reversal \u2013 4.2 4.2
Contract modifications 6.0 (4.4) 1.6
Exchange movements 3.4 2.7 6.1
At 31 December 2022 44.1 32.9 77.0
The carrying amounts of lease liabilities (included within note 26 within loans and borrowings) and the movements during the year are set out in note 27.
Impairments in 2021 related to assets that were inaccessible due to a contract suspension in AMEA. The carrying amount of these assets was \u00a34.4m,
compared to a value-in-use of \u00a3nil, which resulted in an underlying impairment charge of \u00a34.4m. The impairment was subsequently reversed in the
current year as the assets were transported off site and their value-in-use was reassessed.
17 Investments in joint ventures
The Group\u2019s investment in joint ventures relates to a 50% interest in the ordinary shares of KFS Finland Oy, an entity incorporated in Finland.
2022
\u00a3m
At 1 January 2022 4.0
Share of underlying post-tax results 1.5
Share of non-underlying post-tax results (note 9) (1.2)
Exchange movements 0.1
At 31 December 2022 4.4
2021
\u00a3m
At 1 January 2021 4.4
Share of underlying post-tax results 0.4
Share of non-underlying post-tax results (note 9) (0.6)
Exchange movements (0.2)
At 31 December 2021 4.0
In 2022, KFS Finland Oy earned total revenue of \u00a320.7m (2021: \u00a336.8m) and a statutory profit after tax for the year of \u00a30.3m (2021: statutory loss after
tax of \u00a30.2m).
The joint venture had no contingent liabilities or commitments as at 31 December 2022 (2021: \u00a3nil).
Aggregate amounts relating to joint ventures:
2022 2021
Underlying
\u00a3m
Non-underlying
items (note 9)
\u00a3m
Statutory
\u00a3m
Underlying
\u00a3m
Non-underlying
items (note 9)
\u00a3m
Statutory
\u00a3m
Revenue 20.7 \u2013 20.7 18.4 \u2013 18.4
Operating costs
1
(19.2) (1.2) (20.4) (17.9) (0.6) (18.5)
Operating profit/(loss) 1.5 (1.2) 0.3 0.5 (0.6) (0.1)
Finance costs (0.1) \u2013 (0.1) (0.1) \u2013 (0.1)
Profit/(loss) before taxation 1.4 (1.2) 0.2 0.4 (0.6) (0.2)
Taxation 0.1 \u2013 0.1 \u2013 \u2013 \u2013
Share of post-tax results 1.5 (1.2) 0.3 0.4 (0.6) (0.2)
1 Included within operating costs is depreciation on owned assets of \u00a31.0m (2021: \u00a30.8m).
KFS Finland Oy (100% of results) Group\u2019s portion of the joint venture
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Non-current assets 18.0 20.4 9.0 10.2
Cash and cash equivalents 1.4 1.2 0.7 0.6
Other current assets 4.4 7.8 2.2 3.9
Tot al assets 23.8 29.4 11.9 14.7
Other current liabilities (3.4) (8.4) (1.7) (4.2)
Non-current loans and borrowings (10.8) (11.2) (5.4) (5.6)
Other non-current liabilities (0.8) (1.8) (0.4) (0.9)
Total liabilities (15.0) (21.4) (7.5) (10.7)
Share of net assets 8.8 8.0 4.4 4.0
On 8 September 2021, KFS Finland Oy acquired NordPile, a driven piling contractor, for \u00a37.3m (EUR8.5m). The fair value of the Group\u2019s share of intangibles
acquired was \u00a32.1m (EUR2.4m), representing the fair value of customer contracts at the date of acquisition and customer relationships. Amortisation of
these assets is recognised as a non-underlying item.
18 Other non-current assets
2022
\u00a3m
2021
\u00a3m
Fair value of derivative financial instruments \u2013 2.6
Non-qualifying deferred compensation plan assets 19.4 20.6
Customer retentions 16.3 24.4
Other assets 1.7 2.1
Insurance receivables 23.4 38.8
60.8 88.5
A non-qualifying deferred compensation plan (NQ) is available to US employees, whereby an element of eligible employee bonuses and salary is deferred
over a period of four to six years. The plan allows participants to receive tax relief for contributions beyond the limits of the tax-free amounts allowed
per the 401k defined contribution pension plan. The plan is administered by a professional investment provider with participants able to select their
investments from an approved listing. An amount equal to each participant\u2019s compensation deferral is transferred into a trust and invested in various
marketable securities. The related trust assets are not identical to investments held on behalf of the employee but are invested in similar funds with the
objective that performance of the assets closely tracks the liabilities. The investments held in the trust are designated solely for the purpose of paying
benefits under the non-qualified deferred compensation plan. The investments in the trust would however be available to all unsecured general creditors
in the event of insolvency.
The value of both the employee investments and those held in trust by the company are measured using Level 1 inputs per IFRS 13 (\u2018quoted prices in
active markets for identical assets or liabilities that the entity can access at the measurement date\u2019) based on published market prices at the end of the
period. Adjustments to the fair value are recorded within net finance costs in the consolidated income statement.
At 31 December 2022, non-current assets in relation to the investments held in the trust were \u00a319.4m (2021: \u00a320.6m). The fair value movement on
these assets was \u00a33.5m (2021: \u00a32.0m). During the period proceeds from the sale of NQ-related investments were \u00a3nil (2021: \u00a3nil). At 31 December
2022, non-current liabilities in relation to the participant investments were \u00a314.7m (2021: \u00a315.8m). These are accounted for as financial liabilities at fair
value through profit or loss. The fair value movement on these liabilities was \u00a33.5m (2021: \u00a32.1m). During the year \u00a31.2m (2021: \u00a31.4m) of compensation
was deferred.
Notes to the consolidated financial statements continued
19 Inventories
2022
\u00a3m
2021
\u00a3m
Raw materials and consumables 56.3 40.6
Work in progress 1.9 1.8
Finished goods 66.2 29.7
124.4 72.1
During 2022, \u00a32.0m (2021: \u00a32.4m) of inventory write-downs were recognised as an expense for inventories carried at net realisable value. This is
recognised within operating costs in the consolidated income statement.
20 Trade and other receivables
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Trade receivables 615.5 450.7
Contract assets 105.3 99.2
Other receivables 20.7 15.9
Prepayments 23.1 19.6
Insurance receivables \u2013 0.1
764.6 585.5
1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period
business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
Trade receivables and contract assets included in the balance sheet are shown net of expected credit loss provisions as detailed in note 2.
The movement in the allowance for expected credit losses of trade receivables and contract assets is as follows:
2022
\u00a3m
2021
\u00a3m
At 1 January 53.7 42.9
Used during the year (4.4) (3.1)
Additional provisions 13.8 24.6
Unused amounts reversed (29.5) (11.9)
Acquisition with businesses 0.2 2.4
Exchange movements 2.2 (1.2)
At 31 December 36.0 53.7
Set out below is information about the credit risk exposure on the Group\u2019s trade receivables and contract assets, detailing past due but not impaired, based on agreed terms and conditions with the customer: 2022 Contract assets Trade receivables and non-current customer retentions Total \u00a3m Current \u00a3m Days past due Total \u00a3m <30 days \u00a3m 31\u201390 days \u00a3m >90 days \u00a3m Expected credit loss rate 1% 1% 0% 0% 43% 5% Estimated total gross carrying amount at default 106.4 395.9 112.3 91.2 67.3 666.7 Expected credit loss (1.1) (5.3) (0.3) (0.4) (28.9) (34.9) Carry amount as shown in the balance sheet 105.3 390.6 112.0 90.8 38.4 631.8 2021 (Restated) 1 Contract assets Trade receivables and non-current customer retentions Total \u00a3m Current \u00a3m Days past due Total \u00a3m <30 days \u00a3m 31\u201390 days \u00a3m >90 days \u00a3m Expected credit loss rate 1% 7% 0% 1% 63% 10% Estimated total gross carrying amount at default 99.9 288.9 125.3 60.0 53.9 528.1 Expected credit loss (0.7) (18.8) (0.1) (0.4) (33.7) (53.0) Carry amount as shown in the balance sheet 99.2 270.1 125.2 59.6 20.2 475.1 1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 21 Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Bank balances 97.0 77.9 Short-term deposits 4.1 4.8 Cash and cash equivalents in the balance sheet 101.1 82.7 Bank overdrafts (6.9) (0.9) Cash and cash equivalents in the cash flow statement 94.2 81.8 Cash and cash equivalents include \u00a38.5m (2021: \u00a32.7m) of the Group\u2019s share of cash and cash equivalents held by joint operations, and \u00a31.4m (2021: \u00a31.7m) of restricted cash which is subject to local country restrictions as it is held as collateral in support of bank guarantees. 22 Assets held for sale 2022 \u00a3m 2021 \u00a3m Plant and machinery 2.8 3.1 Inventories \u2013 0.3 2.8 3.4 Assets held for sale in 2022 and 2021 mainly comprises equipment in North America of \u00a31.2m (2021: \u00a31.3m), following a rationalisation exercise, and machinery in the AMEA Division of \u00a31.4m (2021: \u00a31.6m) as a result of the wind-down of the Waterway business. During the year, \u00a30.9m of the North American assets were disposed of. The Waterway assets remain in assets held for sale as they are currently being marketed for sale. No new assets have been added to the assets held for sale category during the year Notes to the consolidated financial statements continued
23 Trade and other payables
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Trade payables 229.4 268.8
Other taxes and social security payable 21.5 25.2
Other payables 139.4 119.5
Contract liabilities 85.6 46.5
Accruals 109.7 48.0
585.6 508.0
1 The 31 December 2021 consolidated other payables have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination
measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
Other payables includes contingent and deferred consideration of \u00a30.8m (2021: \u00a312.3m) and contract specific accruals of \u00a3117.6m (2021: \u00a378.7m).
24 Provisions
Employee
provisions
\u00a3m
Restructuring
provisions
\u00a3m
Contract
provisions
\u00a3m
Insurance
and legal
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
As at 31 December 2021 9.9 3.5 41.9 72.8 3.6 131.7
Charge for the year 3.6 4.3 38.8 24.1 0.1 70.9
Used during the year (3.2) (3.0) (30.2) (28.9) (1.4) (66.7)
Unused amounts reversed (0.9) (1.0) (16.1) (4.7) (0.3) (23.0)
Unwinding of discount and changes in the discount rate 0.1 \u2013 \u2013 0.1 \u2013 0.2
Exchange movements 0.9 0.3 3.4 1.6 0.3 6.5
At 31 December 2022 10.4 4.1 37.8 65.0 2.3 119.6
Current 3.5 3.8 32.4 10.8 2.2 52.7
Non-current 6.9 0.3 5.4 54.2 0.1 66.9
At 31 December 2022 10.4 4.1 37.8 65.0 2.3 119.6
Employee provisions
Employee provisions relate to various liabilities in respect of employee rights and benefits, including the workers\u2019 compensation scheme in North America
and long service leave benefits in Australia.
At 31 December 2022, the provision in respect of workers\u2019 compensation was \u00a37.1m (2021: \u00a36.5m). A provision is recognised when the an employee
informs the company of a workers\u2019 compensation claim. The provision is measured based on information provided by the workers\u2019 compensation
insurer. The actual costs that may be incurred in respect of these claims are dependent on the assessment of an employee\u2019s claim and potential medical
expenses, with timing of outflows variable depending on the claim.
At 31 December 2022, the provision in respect of long service leave was \u00a31.9m (2021: \u00a31.7m). A provision is recognised at the point an employee joins
the company, with an adjustment made to factor the likelihood that the employee will remain in continuous service with the company to meet the
threshold to receive the benefits. It is measured on an IAS 19 basis, at the present value of expected future benefit for services provided by employees
up to the reporting date. The actual costs that may be incurred are dependent on the length of service for employees and amended for any starters and
leavers. The provision is utilised when the leave is taken by the employee or when unused leave is paid on termination of employment.
Employee provisions also includes an amount of \u00a30.8m (2021: \u00a31.4m) in respect of social security contributions on share options. This provision is utilised
as the options are exercised by employees, which occurs when the awards vest.
Restructuring provisions
A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, has raised a valid expectation in those
individuals affected and liabilities have been identified. The measurement of a restructuring provision includes only the direct expenditures arising from
the restructuring.
The restructuring provisions in 2022 relate primarily to the relevant activities in the North America and Europe Divisions. The provisions comprise mainly
amounts for redundancy costs. Estimates may differ from the actual charges depending on the finalisation of redundancy amounts. These provisions are
expected to be utilised within the next 12 months.
Contract provisions
Contract provisions include onerous contracts where the forecast costs of completing the contract exceed the revenue. Provision is made in full when
such losses are foreseen, based on the estimated unavoidable costs of meeting the obligations of the contract, where these exceed the economic
benefits expected to be received. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of
the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The majority of this balance is expected to be utilised in the next
12 months, given the general short-term nature of contracts. The non-current element of the provision relates to longer-term contracts and customer
claims and disputes.
Insurance and legal provisions
Insurance and legal provisions comprises the liability for legal claims against the Group, including those that are retained within the Group\u2019s captive insurer
(the \u2018captive\u2019). The captive covers both public liability and professional indemnity claims for the Group. The captive covers liabilities below an upper limit
above which third-party insurance applies.
Provisions for insurance and legal claims are made based on the best estimate of the likely total settlement value of a claim against the Group.
Management seek specialist input from legal advisers and the Group\u2019s insurance claims handler to estimate the most likely legal outcome. The outcome
of legal negotiations is inherently uncertain; as a result, there can be no guarantee that the assumptions used to estimate the provision will result in an
accurate prediction of the actual costs that may be incurred.
A provision is recognised when it is judged likely that a legal claim will result in a payment to the claimant and the amount of the claim can be reliably
estimated. Provisions are utilised as insurance claims are settled, which may take a number of years. A separate insurance receivable is recognised to
the extent that confirmed third-party insurance is expected to cover any element of an estimated claim value and is virtually certain to be recovered.
The asset is recognised within other non-current assets (refer to note 18) and trade and other receivables (refer to note 20). Management considers
that there are no instances of reimbursable assets which are probable in nature.
Other provisions
Other provisions are in respect of property dilapidation arising from lease obligations and other operational provisions. Where a lease includes a
\u2018make-good\u2019 requirement, provision for the cost is recognised as the obligation is incurred, either at the commencement of the lease or as a
consequence of using the asset, and the cost of the expected work required can be reliably estimated. These are expected to be utilised over the
relevant lease term which ranges from 3 to 15 years across the Group.
25 Other non-current liabilities
2022
\u00a3m
2021
\u00a3m
Non-qualifying compensation plan liabilities 14.7 15.8
Other liabilities 6.6 5.4
21.3 21.2
Other liabilities include deferred and contingent consideration of \u00a31.1m (2021: contingent consideration of \u00a30.4m) and \u00a35.2m (2021: \u00a34.7m) in respect of
US social security tax deferrals, refer to note 8 for further information.
Refer to note 18 for further information on the non-qualifying deferred compensation plan.
Notes to the consolidated financial statements continued
26 Financial instruments
Exposure to credit, interest rate and currency risks arise in the normal course of the Group\u2019s business and have been identified as risks for the Group.
Derivative financial instruments are used to hedge exposure to fluctuations in foreign exchange and interest rates.
The Group does not trade in financial instruments nor does it engage in speculative derivative transactions.
Currency risk
The Group faces currency risk principally on its net assets, most of which are in currencies other than sterling. The Group aims to reduce the impact that
retranslation of these net assets might have on the consolidated balance sheet by matching the currency of its borrowings, where possible, with the
currency of its assets. The majority of the Group\u2019s borrowings are held in sterling, US dollars and Australian dollars.
The Group manages its currency flows to minimise transaction exchange risk. Forward contracts are used to hedge significant individual transactions.
The majority of such currency flows within the Group relate to the repatriation of profits, intra-group loan repayments and any foreign currency cash
flows associated with acquisitions. The Group\u2019s treasury risk management is performed at the Group\u2019s head office.
As at 31 December 2022, the fair value of outstanding foreign exchange forward contracts was \u00a3nil (2021: \u00a3nil) included in current assets/liabilities.
Interest rate risk
Our objectives are to add stability to the interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we
primarily use external debt and interest rate swaps as part of our interest rate risk management strategy.
Interest rate risk is managed by either fixed or floating rate borrowings dependent upon the purpose and term of the financing.
As at 31 December 2022, approximately 80% (2021: 99%) of the Group\u2019s third-party borrowings were at floating interest rates.
Hedging currency risk and interest rate risk
The Group hedges currency risk and interest rate risk. Where hedging instruments are used to hedge significant individual transactions, the Group
ensures that the critical terms, including dates, currencies, nominal amounts, interest rates and lengths of interest periods, are matched. The Group
uses both qualitative and quantitative methods to confirm this and to assess the effectiveness of the hedge.
Credit risk
The Group\u2019s principal financial assets are trade and other receivables, bank and cash balances and a limited number of investments and derivatives held to
hedge certain Group exposures. These represent the Group\u2019s maximum exposure to credit risk in relation to financial assets.
The Group has procedures to manage counterparty risk and the assessment of customer credit risk is embedded in the contract tendering processes.
The counterparty risk on bank and cash balances is managed by limiting the aggregate amount of exposure to any one institution by reference to their
credit rating and by regular review of these ratings.
Customer credit risk is mitigated by the Group\u2019s relatively small average contract size and diversity, both geographically and in terms of end markets. No
individual customer represented more than 6% of revenue in 2022 (2021: 3%). The ageing of trade receivables that were past due but not impaired is
shown in note 20.
The Group evaluates each new customer and assesses their creditworthiness before any contract is undertaken.
The Group reviews customer receivables (including contract assets) on an ageing basis and provides against expected unrecoverable amounts.
Experience has shown the level of historical provision required to be relatively low. Credit loss provisioning reflects past experience, economic factors and
specific conditions.
The Group\u2019s estimated exposure to credit risk for trade receivables and contract assets is disclosed in note 20. This amount is the accumulation of several
years of provisions for known or expected credit losses.
Liquidity risk and capital management
The Group\u2019s capital structure is kept under constant review, taking into account the need for availability and cost of various sources of funding. The capital
structure of the Group consists of net debt and equity as shown in the consolidated balance sheet. The Group maintains a balance between the certainty
of funding and a flexible, cost-effective financing structure, with all main borrowings being from committed facilities. The Group\u2019s policy ensures that its
capital structure is appropriate to support this balance and the Group\u2019s operations.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders,
issue new shares or sell assets to reduce debt. The Group\u2019s debt and committed facilities mainly comprise a $75m private placement repayable in
December 2024 and a \u00a3375m syndicated revolving credit facility expiring in November 2025. In November 2022 the Group increased borrowing facilities
by a $115m bilateral term loan facility, expiring November 2024. This facility has not been used to date. These facilities are subject to certain covenants
linked to the Group\u2019s financing structure, specifically regarding the ratios of net debt and interest to profit. The covenants are calculated on an IAS 17
basis, EBITDA to net debt leverage must be below three times and EBITDA interest cover must be above four times. The Group has complied with these
covenants throughout the year.
At the year end, the Group also had other borrowing facilities available of \u00a375.8m (2021: \u00a376.0m), including overdraft facilities, of which \u00a33.2m was
undrawn at 31 December 2022.
Private placements
In October and December 2014, $50m and $75m were raised through a private placement with US institutions. The proceeds of the issue of $50m Series A
notes 3.81% due 2021 and $75m Series B notes 4.17% due 2024 were used to refinance maturing private placements. In October 2021 the $50m private
placement was repaid, in line with the agreed terms. The US private placement notes are accounted for on an amortised cost basis and are retranslated at the
exchange rate at each period end. The carrying value of the $75m private placement liability at 31 December 2022 was \u00a362.0m (2021: \u00a358.1m).
Hedging
The 2014 $50m and $75m fixed rate private placement liabilities were swapped into floating rates by means of US dollar interest rate swaps (the \u20182014
swaps\u2019). In October 2021, the interest rate swap hedging the tranche of the $50m private placement liability repaid in the year was closed out in line with
the agreed terms. The outstanding 2014 swaps hedging the $75m private placement liability that held the same maturity and were designated as fair
value hedges were settled on 18 May 2022 at a net loss of \u00a30.4m, which was reflected within finance costs in the income statement. The swaps were
settled before the maturity of the private placement as a result of the implementation of Group\u2019s interest management strategy.
The fair value of the 2014 swaps at 31 December 2022 was \u00a3nil (2021: \u00a32.6m); no amount was included in other non-current assets (2021: \u00a36.2m). The
effective portion of the changes in the fair value of the 2014 swaps was \u00a3nil (2021: loss of \u00a33.6m), which has been taken to the income statement along
with the equal and opposite movement in fair value of the corresponding hedged items.
The Group entered into a Treasury lock on 25 August 2022. A Treasury lock is a synthetic forward sale of a US Treasury note, which is settled in cash
based upon the difference between an agreed upon treasury rate and the prevailing treasury rate at settlement. Such Treasury locks are entered into to
effectively fix the treasury component of an upcoming debt issuance. This was in order to hedge the treasury rates on the highly probable launch of a new
US private placement issuance between the date the Treasury lock was entered into and the intended finalisation of the transaction on 28 September
2022. The financing transaction was deferred; therefore, the Treasury lock was settled on maturity. The treasury reference rates increased over the
relevant period, and a net credit was received of \u00a33.6m, which was recognised as finance income in the income statement as a non-underlying item.
All hedges are tested for effectiveness every six months. All hedging relationships remained effective during the year while they were in place. There are
no designated hedging relationships at 31 December 2022. The interest rate hedging relationship in place during 2021 as referred to above remained
effective in 2021.
Notes to the consolidated financial statements continued
26 Financial instruments continued
Accounting classifications
2022
\u00a3m
2021
(Restated)
1
\u00a3m
Financial assets measured at fair value through profit or loss
Non-qualifying deferred compensation plan 19.4 20.6
Interest rate swaps \u2013 2.6
Financial assets measured at amortised cost
Trade receivables 615.5 450.7
Contract assets 105.3 99.2
Cash and cash equivalents 101.1 82.7
Financial liabilities at fair value through profit or loss
Contingent consideration payable (0.9) (12.7)
Financial liabilities measured at amortised cost
Trade payables (229.4) (268.8)
Contract liabilities (85.6) (46.5)
Bank and other loans (319.0) (200.6)
Lease liabilities (81.0) (75.4)
Deferred consideration payable (1.0) \u2013
1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period
business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
Effective interest rates and maturity analysis
In respect of financial liabilities, the following table indicates their effective interest rates and undiscounted contractual cash flows at the balance sheet date:
2022
Effective
interest rate
%
Due within
1 year
\u00a3m
Due within
1\u20132 years
\u00a3m
Due within
2\u20135 years
\u00a3m
Due after more
than 5 years
\u00a3m
Total
\u00a3m
Carrying amount
as shown in the
balance sheet
\u00a3m
Bank loans and overdrafts 5.0 10.4 0.4 245.7 0.1 256.6 256.4
Other loans 4.2 3.2 64.6 \u2013 \u2013 67.8 62.6
Lease liabilities \u2013 28.3 21.4 32.9 7.1 89.7 81.0
Contract liabilities \u2013 85.6 \u2013 \u2013 \u2013 85.6 85.6
Trade payables \u2013 229.4 \u2013 \u2013 \u2013 229.4 229.4
Contingent and deferred
consideration \u2013 0.8 1.1 \u2013 \u2013 1.9 1.9
357.7 87.5 278.6 7. 2 731.0 716.9
2021
Effective
interest rate
%
Due within
1 year
\u00a3m
Due within
1\u20132 years
\u00a3m
Due within
2\u20135 years
\u00a3m
Due after more
than 5 years
\u00a3m
Total
\u00a3m
Carrying amount
as shown in the
balance sheet
\u00a3m
Bank loans and overdrafts 1.0 1.5 0.4 139.3 0.1 141.3 141.8
Bonds and other loans 1.6 3.6 2.3 57.8 \u2013 63.7 58.8
Lease liabilities \u2013 30.3 17.4 27.3 7.6 82.6 75.4
Contract liabilities \u2013 46.5 \u2013 \u2013 \u2013 46.5 46.5
Trade payables \u2013 268.8 \u2013 \u2013 \u2013 268.8 268.8
Contingent consideration \u2013 12.3 0.4 \u2013 \u2013 12.7 12.7
363.0 20.5 224.4 7.7 615.6 604.0
Loans and borrowings analysis
2022
\u00a3m
2021
\u00a3m
$75m private placement (due December 2024) 62.0 58.1
\u00a3375m syndicated revolving credit facility (expiring November 2025) 248.1 138.5
Bank overdrafts 6.9 0.9
Other bank borrowings 1.4 2.4
Other loans 0.6 0.7
Lease liabilities (note 27) 81.0 75.4
Total loans and borrowings 400.0 276.0
The Group has substantial borrowing facilities available to it. The undrawn committed facilities available at 31 December 2022 amounted to \u00a3227.6m
(2021: \u00a3235.5m). This mainly comprised the unutilised portion of the Group\u2019s \u00a3375m revolving credit facility, which expires on 23 November 2025. In
addition, the Group had undrawn uncommitted borrowing facilities totalling \u00a346.1m at 31 December 2022 (2021: \u00a356.4m). Other uncommitted bank
borrowing facilities are normally reaffirmed by the banks annually, although they can theoretically be withdrawn at any time. Facilities totalling \u00a31.5m
(2021: \u00a33.2m) are secured against certain assets. Future obligations under finance leases on a former IAS 17 basis totalled \u00a30.9m (2021: \u00a31.5m), including
interest of \u00a30.1m (2021: \u00a30.1m).
Changes in loans and borrowings were as follows:
2021
\u00a3m
Cash flows
\u00a3m
Other
1
\u00a3m
New leases
\u00a3m
Acquisition of
businesses
\u00a3m
Foreign
exchange
movements
\u00a3m
Fair value
changes
\u00a3m
2022
\u00a3m
Bank overdrafts (0.9) (5.9) \u2013 \u2013 \u2013 (0.1) \u2013 (6.9)
Bank loans (140.9) (98.2) (0.5) \u2013 (0.1) (9.8) \u2013 (249.5)
Other loans (58.8) 0.3 \u2013 \u2013 \u2013 (6.5) 2.4 (62.6)
Lease liabilities (note 27) (75.4) 33.1 (5.2) (24.8) (2.1) (6.6) \u2013 (81.0)
Total loans and borrowings (276.0) (70.7) (5.7) (24.8) (2.2) (23.0) 2.4 (400.0)
Derivative financial instruments 2.6 (0.2) \u2013 \u2013 \u2013 \u2013 (2.4) \u2013
1 Other comprises disposals and contract modifications and interest accretion on lease liabilities. and the amortisation of deferred financing costs on bank loans.
The Group has managed the transition to alternative benchmark rates that are linked to existing interest rate benchmarks related to borrowings, leases
and derivative contracts. The impact of IBOR reform on the Group was limited. The changes only applied to one hedge relationship associated with
managing the fixed rate on the US private placement expiring in December 2024 (refer to note 25) which was closed out in May 2022. In 2021, the Group
amended and restated the \u00a3375m syndicated revolving credit facility to replace any reference to IBOR with reference to applicable risk-free rates. There is
no impact on the incremental borrowing rate for calculating leases liabilities.
Cash flow hedges
At 31 December 2022, the Group held no instruments to hedge exposures to changes in foreign currency rates (2021: \u00a3nil). At 31 December 2021,
the Group\u2019s net value of instruments held to hedge exposures to changes in foreign currency rates was \u00a3nil (2021: \u00a3nil).
Notes to the consolidated financial statements continued
26 Financial instruments continued
Fair value hedges
The Group held the following instruments to hedge exposures to changes in interest rates:
2022
Maturity Carrying amount Change in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Nominal
2
amount
$m
<1 year
\u00a3m
1\u20132 years
\u00a3m
2\u20135 years
\u00a3m
>5 years
\u00a3m
Asset
1
\u00a3m
Liability
\u00a3m
Interest rate swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
2021
Maturity Carrying amount Change in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Nominal
2
amount
$m
<1 year
\u00a3m
1\u20132 years
\u00a3m
2\u20135 years
\u00a3m
>5 years
\u00a3m
Asset
1
\u00a3m
Liability
\u00a3m
Interest rate swaps \u2013 \u2013 2.6 \u2013 2.6 \u2013 \u2013 9.4
1 Included within other assets.
2 The average fixed interest rate is 4.2%.
The Group had the following hedged items relating to the above instruments:
2022 2021
Carrying
1
amount
liability
\u00a3m
Change in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Hedge
2
ineffectiveness
in profit or loss
\u00a3m
Carrying
1
amount
liability
\u00a3m
Change in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Hedge
2
ineffectiveness
in profit or loss
\u00a3m
$75m private placements \u2013 \u2013 \u2013 (58.1) \u2013 \u2013
Fair value hedge adjustments \u2013 \u2013 \u2013 3.6 \u2013 \u2013
1 Included within loans and borrowings.
2 Included in operating profit for the year.
Non-interest-bearing financial liabilities comprise trade payables and contract liabilities of \u00a3315.8m (2021: \u00a3315.3m), payable within one year .
Fair values
The fair values of the Group\u2019s financial assets and liabilities are not materially different from their carrying values. The following summarises the major
methods and assumptions used in estimating the fair values of financial instruments; being derivatives, interest-bearing loans and borrowings, contingent
and deferred consideration and payables, receivables and contract assets, cash and cash equivalents.
Derivatives
The fair values of interest rate and cross-currency swaps are calculated based on expected future principal and interest cash flows, discounted using
market rates prevailing at the balance sheet date. The valuation methods of all of the Group\u2019s derivative financial instruments carried at fair value are
categorised as Level 2. Level 2 assets are financial assets and liabilities that do not have regular market pricing, but whose fair value can be determined
based on other data values or market prices. During the period, the interest rate swaps on the $75m private placement were terminated.
Interest-bearing loans and borrowings
Fair value is calculated based on expected future principal and interest cash flows discounted using appropriate discount rates prevailing at the balance
sheet date.
Contingent and deferred consideration
Fair value is calculated based on the amounts expected to be paid, determined by reference to forecasts of future performance of the acquired
businesses, discounted using appropriate discount rates prevailing at the balance sheet date and the probability of contingent events and targets
being achieved.
The valuation methods of the Group\u2019s contingent consideration carried at fair value are categorised as Level 3. Level 3 assets are financial assets and
liabilities that are considered to be the most illiquid. Their values have been estimated using available management information, including subjective
assumptions. The one individually significant unobservable input used in the fair value measurement of the Group\u2019s contingent consideration as at
31 December 2022 is the estimation of future profits at GKM in order to determine the expected outcome of the earnout arrangement.
The following table shows a reconciliation from the opening to closing balances for contingent and deferred consideration:
2022
\u00a3m
2021
\u00a3m
At 1 January 12.7 3.0
Acquisition of businesses (note 6) 1.7 8.8
Additional amounts provided (note 9) 0.1 1.3
Paid during the period (12.3) (0.4)
Fair value in the income statement during the period (note 9) (0.7) (0.1)
Exchange movements 0.4 0.1
At 31 December 1.9 12.7
On 1 May 2022, the Group acquired GKM Consultants Inc. Contingent consideration is payable dependent on the cumulative EBITDA in the three-year
period post acquisition. The fair value of the contingent consideration was recognised at the date of acquisition at \u00a31.2m, but has been subsequently
reduced following movements in its fair value to \u00a30.8m at 31 December 2022. On 15 November 2022, the Group acquired Nordwest Fundamentering AS,
and the deferred contingent consideration payable relating to this acquisition is \u00a30.5m.
Additional contingent consideration provided of \u00a30.1m relates to the acquisition of the Geo Instruments US business in 2017.
Total contingent and deferred consideration of \u00a312.3m was paid during the period, comprising \u00a38.1m in respect of the RECON Services Inc. acquisition in
2021 and \u00a33.8m in respect of the Geo Construction Group (Bencor) acquisition in 2015. These both represent final agreements. Additionally, \u00a30.2m was
paid in respect of the Geo Instruments acquisition and \u00a30.2m deferred consideration in respect of the Voges Drilling acquisition in 2021.
Fair value movements during the period of \u00a30.7m relate to a fair value adjustment of the RECON contingent consideration on finalisation of the amount
payable (\u00a30.3m) and the reduction in the GKM payable noted above (\u00a30.4m).
Payables, receivables and contract assets
For payables, receivables and contract assets with an expected maturity of one year or less, the carrying amount is deemed to reflect the fair value.
Non-qualifying deferred compensation plan assets and liabilities
The value of both the employee investments and those held in trust by the company are measured using Level 1 inputs per IFRS 13 (\u2018quoted prices in
active markets for identical assets or liabilities that the entity can access at the measurement date\u2019) based on published market prices at the end of the
period. Adjustments to the fair value of the assets and related liabilities are recorded within net finance costs in the consolidated income statement.
Refer to note 18 for further information on the non-qualifying deferred compensation plan.
Notes to the consolidated financial statements continued
26 Financial instruments continued
Interest rate and currency profile
The profile of the Group\u2019s financial assets and financial liabilities after taking account of the impact of hedging instruments was as follows:
2022
GBP USD EUR CAD AUD Other Total
Weighted average fixed debt interest rate (%) \u2013 4.2 1.4 \u2013 \u2013 3.5 \u2013
Weighted average fixed debt period (years) \u2013 2.0 3.2 \u2013 \u2013 0.1 \u2013
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate financial liabilities \u2013 (62.0) (1.4) \u2013 \u2013 (0.6) (64.0)
Floating rate financial liabilities (75.3) (153.8) (0.2) \u2013 25.6 (0.1) (255.0)
Lease liabilities (2.9) (48.4) (10.4) (4.4) (4.6) (10.3) (81.0)
Financial assets 7.1 4.4 14.9 4.7 11.6 58.4 101.1
Net debt (71.1) (259.8) 2.9 0.3 (18.6) 47.4 (298.9)
2021
GBP USD EUR CAD Other
1
Total
Weighted average fixed debt interest rate (%) \u2013 \u2013 1.5 \u2013 6.1 \u2013
Weighted average fixed debt period (years) \u2013 \u2013 4.1 \u2013 0.3 \u2013
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate financial liabilities \u2013 \u2013 (1.7) \u2013 (1.3) (3.0)
Floating rate financial liabilities (63.3) (111.8) (0.1) \u2013 (22.4) (197.6)
Lease liabilities (3.5) (45.1) (12.7) (3.2) (10.9) (75.4)
Financial assets 4.3 14.7 6.9 8.4 48.4 82.7
Net debt (62.5) (142.2) (7.6) 5.2 13.8 (193.3)
1 Included within other floating rate financial liabilities are AUD revolver loans of \u00a321.5m. Included within other financial assets are AUD cash balances of \u00a34.1m.
Sensitivity analysis
At 31 December 2022, it is estimated that a general movement of one percentage point in interest rates would increase or decrease the Group\u2019s profit
before taxation by approximately \u00a31.5m (2021: \u00a31.2m).
It is estimated that a general increase of 10 percentage points in the value of sterling against other principal foreign currencies would have decreased
the Group\u2019s profit before taxation and non-underlying items by approximately \u00a38.8m for the year ended 31 December 2022 (2021: \u00a35.0m). The
estimated impact of a 10 percentage point decrease in the value of sterling is an increase of \u00a37.2m (2021: \u00a36.1m) in the Group\u2019s profit before taxation
and non-underlying items. This sensitivity relates to the impact of retranslation of foreign earnings only. The impact on the Group\u2019s earnings of currency
transaction exchange risk is not significant. These sensitivities assume all other factors remain constant.
27 Lease liabilities
Set out below are the carrying amounts of lease liabilities (included within note 26 within loans and borrowings) and the movements during the year:
2022
\u00a3m
2021
\u00a3m
At 1 January 75.4 73.8
Additions 24.8 24.8
Acquired with businesses 2.1 \u2013
Contract modifications 1.6 4.0
Interest expense 3.6 3.1
Payments (33.1) (29.8)
Exchange movements 6.6 (0.5)
At 31 December 81.0 75.4
Current 24.5 27.5
Non-current 56.5 47.9
28 Share capital and reserves
2022
\u00a3m
2021
\u00a3m
Allotted, called up and fully paid equity share capital:
73,099,735 ordinary shares of 10p each (2021: 73,099,735) 7.3 7.3
The company has one class of ordinary shares, which carries no rights to fixed income. There are no restrictions on the transfer of these shares.
The capital redemption reserve of \u00a37.6m is a non-distributable reserve created when the company\u2019s shares were redeemed or purchased other than
from the proceeds of a fresh issue of shares.
The other reserve of \u00a356.9m is a non-distributable reserve created when merger relief was applied to an issue of shares under section 612 of the
Companies Act 2006 to part-fund the acquisition of Keller Canada. The reserve becomes distributable should Keller Canada be disposed of.
As at 31 December 2022, the total number of shares held in treasury was 328,954 (2021: 777,917).
During the year to 31 December 2022, 135,050 ordinary shares were purchased by the Keller Group Employee Benefit Trust (2021: 417,240), to be
used to satisfy future obligations of the company under the Keller Group plc Long-Term Incentive Plan. This brings the total ordinary shares held by the
Employee Benefit Trust to 552,290 (2021: 417,240). The cost of the market purchases was \u00a31.2m (2021: \u00a33.7m).
There is a dividend waiver in place for both shares held in treasury and by the Keller Group Employee Benefit Trust.
29 Related party transactions
Transactions between the parent, its subsidiaries and joint operations, which are related parties, have been eliminated on consolidation. Other related
party transactions are disclosed below:
Compensation of key management personnel
The remuneration of the Board and Executive Committee, who are the key management personnel, comprised:
2022
\u00a3m
2021
\u00a3m
Short-term employee benefits 4.5 8.2
Post-employment benefits 0.3 0.3
Termination payments 0.4 0.4
5.2 8.9
Other related party transactions
As at 31 December 2022, there was a net balance of \u00a30.1m owed by (2021: \u00a30.1m owed by) the joint venture. These amounts are unsecured, have no
fixed date of repayment and are repayable on demand.
30 Commitments
Capital commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred was \u00a317.6m (2021: \u00a37.2m) and relates to property, plant and
equipment purchases.
31 Guarantees, contingent liabilities and contingent assets
Claims and disputes arise, both in the normal course of business and in relation to the historic construction activities of the Group, some of which lead to
litigation or arbitration procedures. Such claims are predominantly covered by the Group\u2019s insurance arrangements. The Group recognises provisions for
liabilities when it is more likely than not that a settlement will be required and the value of such a payment can be reliably estimated.
At 31 December 2022, the Group had outstanding standby letters of credit and surety bonds for the Group\u2019s captive insurance arrangements totalling
\u00a328.1m (2021: \u00a326.5m). The Group enters into performance and advance payment bonds and other undertakings in the ordinary course of business,
using guarantee facilities with financial institutions to provide these bonds to customers. At 31 December 2022, the Group has \u00a3190.6m outstanding
related to performance and advanced payment bonds (2021: \u00a3138.3m). These are treated as a contingent liability until such time it becomes probable
that payment will be required under the individual terms of each arrangement. It is judged to be a remote possibility that a payment will be required under
any of the current performance or advance payment bonds.
At 31 December 2022, the Group had no contingent assets (2021: \u00a3nil).
Notes to the consolidated financial statements continued
32 Share-based payments
The Group operates a Long-Term Incentive Plan (the \u2018Plan\u2019). Under the Plan, Executive Directors and certain members of senior management are granted
nil-cost share options with a vesting period of three years. The awards are exercised automatically on vesting with the exception of Executive Directors
who are subject to a two-year post-vesting holding period.
Performance share awards are granted to Executive Directors and key management personnel which are subject to performance conditions including
total shareholder return, earnings per share, return on capital employed and operating profit margin. Conditional awards are granted under which senior
management receive shares subject only to service conditions, ie the requirement for participants to remain in employment with the Group over the
vesting period. Participants are entitled to receive dividend equivalents on these awards.
Outstanding awards are as follows:
Number
Outstanding at 1 January 2021 2,063,410
Granted during 2021 805,367
Lapsed during 2021 (782,525)
Exercised during 2021 (111,816)
Outstanding at 31 December 2021 and 1 January 2022 1,974,436
Granted during 2022 817,381
Lapsed during 2022 (365,677)
Exercised during 2022 (448,963)
Outstanding at 31 December 2022 1,977,177
Exercisable at 1 January 2021 \u2013
Exercisable at 31 December 2021 and 1 January 2022 \u2013
Exercisable at 31 December 2022 \u2013
The average share price during the year was 759.3p (2021: 865.1p).
Under IFRS 2, the fair value of services received in return for share awards granted is measured by reference to the fair value of share options granted. The
estimate of the fair value of share awards granted is measured based on a stochastic model. The contractual life of the award is used as an input into this
model, with expectations of early exercise being incorporated into the model.
The inputs into the stochastic model are as follows:
2022 2021
Share price at grant 800.0p 856.0p
Weighted average exercise price 0.0p 0.0p
Expected volatility 41.2% 47.3%
Expected life 3 years 3 years
Risk-free rate 1.35% 0.14%
Expected dividend yield 0.00% 0.00%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three years, adjusted for any
expected changes to future volatility due to publicly available information.
The Group recognised total expenses (included in operating costs) of \u00a32.9m (2021: \u00a33.9m) related to equity-settled, share-based payment transactions.
The weighted average fair value of options granted in the year was 724.2p (2021: 827.6p). Options outstanding at the year-end have a weighted average
remaining contractual life of 1.2 years (2021: 1.1 years).
The awards, which are taken as shares, are intended to be satisfied from shares held under the Keller Group Employee Benefit Trust (the \u2018Trust\u2019) or from
treasury shares held. The shares held by the Trust are accounted for as a deduction from equity in retained earnings. At 31 December 2022, 552,290
(2021: 417,240) ordinary shares were held by the Trust with a value of \u00a34.9m (2021: \u00a33.7m).
33 Retirement benefit liabilities
The Group operates pension schemes in the UK and overseas.
In the UK, the Group operates the Keller Group Pension Scheme (the \u2018Scheme\u2019), a defined benefit scheme, which has been closed to new members since
1999 and was closed to all future benefit accrual with effect from 31 March 2006. Under the Scheme, employees are normally entitled to retirement
benefits on attainment of a retirement age of 65. The Scheme is subject to UK pensions legislation which, inter alia, provides for the regulation of
work-based pension schemes by The Pensions Regulator. The trustees are aware of and adhere to the Codes of Practice issued by The Pensions
Regulator. The Scheme trustees currently comprise one member-nominated trustee and two employer-nominated trustees. An employer-nominated
trustee is also the Chair of the trustees. The Scheme exposes the Group to actuarial risks, such as longevity risk, interest rate risk and market
(investment) risk, which are managed through the investment strategy to acceptable levels established by the trustees. The Scheme can invest in a wide
range of asset classes including equities, bonds, cash, property, alternatives (including private equity, commodities, hedge funds, infrastructure, currency,
high yield debt and derivatives) and annuity policies. Any investment in derivative instruments is only made to contribute to a reduction in the overall level
of risk in the portfolio or for the purposes of efficient portfolio management. With effect from the most recent actuarial valuation date (5 April 2020), the
Group has agreed to pay annual contributions of \u00a32.7m, to increase by 3.6% per annum, until 5 August 2024, subject to a review of the level of employer
contributions at the next actuarial review in 2023.
Between 1990 and 1997, the Scheme members accrued a Guaranteed Minimum Pension (GMP). This amount differed between men and women in
accordance with the rules which were applicable at that time. On 26 October 2018, there was a court judgement (in the case of Lloyds Banking Group
Pensions Trustees Limited v Lloyds Bank PLC) that confirmed that GMP is to be made equal for men and women. In 2018, the estimated increase in the
Scheme\u2019s liabilities was \u00a31.3m, which was recognised as a past service cost in 2018 as a charge to non-underlying items. On 20 November 2020, there
was an updated judgement requiring an allowance to be made for past transfers. The estimated increase in the Scheme\u2019s liability in respect of this is less
than \u00a30.1m. These estimates remain appropriate for 2022. The actual cost may differ when the GMP equalisation exercise is complete.
The Group has two UK defined contribution retirement benefit schemes. There were no contributions outstanding in respect of these schemes at
31 December 2022 (2021: \u00a3nil). The total UK defined contribution pension charge for the year was \u00a31.6m (2021: \u00a31.4m).
The Group has defined benefit retirement obligations in Germany and Austria. Under these schemes, employees are entitled to retirement benefits on
attainment of a retirement age of 65, provided they have either five or ten years of employment with the Group, depending on the area or field they are
working in. The amount of benefit payable depends on the grade of the employee and the number of years of service. Benefits under these schemes only
apply to employees who joined the Group prior to 1997. These defined benefit retirement obligations are funded on the Group\u2019s balance sheet and
obligations are met as and when required by the Group.
The Group has a number of end of service schemes in the Middle East as required by local laws and regulations. The amount of benefit payable depends
on the current salary of the employee and the number of years of service. These retirement obligations are funded on the Group\u2019s balance sheet and
obligations are met as and when required by the Group.
The Group operates a defined contribution scheme for employees in North America, where the Group is required to match employee contributions up to
a certain level in accordance with the scheme rules. The total North America pension charge for the year was \u00a314.6m (2021: \u00a36.4m).
In Australia, there is a defined contribution scheme where the Group is required to ensure that a prescribed level of superannuation support of an
employee\u2019s notional base earnings is made. This prescribed level of support is currently 10.5% (2021: 10.0%). The total Australian pension charge for the
year was \u00a34.6m (2021: \u00a33.8m).
Details of the Group\u2019s defined benefit schemes are as follows:
The Keller
Group Pension
Scheme (UK)
2022
\u00a3m
The Keller
Group Pension
Scheme (UK)
2021
\u00a3m
German
1
,
Austrian and
other schemes
2022
\u00a3m
German
1
,
Austrian and
other schemes
2021
\u00a3m
Present value of the scheme liabilities (39.0) (58.3) (16.7) (18.9)
Fair value of assets 42.2 63.7 \u2013 \u2013
Surplus/(deficit) in the scheme 3.2 5.4 (16.7) (18.9)
Irrecoverable surplus (7.3) (12.2) \u2013 \u2013
Net defined benefit liability (4.1) (6.8) (16.7) (18.9)
1 Included in this balance is \u00a33.5m (2021: \u00a33.0m) in relation to the end of service schemes in the Middle East.
For the Keller Group Pension Scheme, based on the net deficit of the Scheme as at 31 December 2022 and the committed payments under the Schedule
of Contributions agreed on 17 November 2020, there is a irrecoverable surplus of \u00a37.3m (2021: \u00a312.2m). Management is of the view that, based on the
Scheme rules, it does not have an unconditional right to a refund of a surplus under IFRIC 14, and therefore an additional balance sheet liability in respect
of a \u2018minimum funding requirement\u2019 has been recognised. The minimum funding requirement is calculated using the agreed contributions of \u00a32.7m a year
with effect from 1 January 2021, increasing by 3.6% per annum on 1 January going forward to 5 August 2024. The contributions will be reviewed following
the next actuarial review to be prepared as at 5 April 2023.
Notes to the consolidated financial statements continued
33 Retirement benefit liabilities continued
The value of the scheme liabilities has been determined by the actuary using the following assumptions:
The Keller
Group Pension
Scheme (UK)
2022
%
The Keller
Group Pension
Scheme (UK)
2021
%
German and
Austrian
schemes
2022
%
German and
Austrian
schemes
2021
%
Discount rate 4.8 2.0 3.5 0.8
Interest on assets 4.8 2.0 \u2013 \u2013
Rate of increase in pensions in payment 3.4 3.5 2.5 2.0
Rate of increase in pensions in deferment 2.7 2.9 8.3 3.2
Rate of inflation 3.3 3.5 8.3 3.2
The mortality rate assumptions are based on published statistics. The average remaining life expectancy, in years, of a pensioner retiring at the age of 65
at the balance sheet date is:
The Keller
Group Pension
Scheme (UK)
2022
The Keller
Group Pension
Scheme (UK)
2021
German and
Austrian
schemes
2022
German and
Austrian
schemes
2021
Male currently aged 65 21.0 21.0 19.9 19.5
Female currently aged 65 23.4 23.3 23.3 22.8
The assets of the schemes were as follows:
The Keller
Group Pension
Scheme (UK)
2022
\u00a3m
The Keller
Group Pension
Scheme (UK)
2021
\u00a3m
German,
Austrian and
other schemes
2022
\u00a3m
German,
Austrian and
other schemes
2021
\u00a3m
Equities 7.8 16.8 \u2013 \u2013
Target return funds
1
5.0 8.1 \u2013 \u2013
Gilts \u2013 \u2013 \u2013 \u2013
Bonds 13.6 19.7 \u2013 \u2013
Liability driven investing (LDI) portfolios
2
12.9 15.9 \u2013 \u2013
Cash 2.9 3.2 \u2013 \u2013
42.2 63.7 \u2013 \u2013
1 A diversified growth fund split between mainly UK listed equities, bonds and alternative investments which are capped at 20% of the total fund.
2 A portfolio of gilt and swap contracts, backed by investment-grade credit instruments, that is designed to hedge the majority of the interest rate and inflation risks associated with the Schemes\u2019 obligations.
The Keller
Group Pension
Scheme (UK)
2022
\u00a3m
The Keller
Group Pension
Scheme (UK)
2021
\u00a3m
German
1
,
Austrian and
other schemes
2022
\u00a3m
German
1
,
Austrian and
other schemes
2021
\u00a3m
Changes in scheme liabilities
Opening balance (58.3) (65.0) (18.9) (21.9)
Current service cost \u2013 \u2013 (0.8) (0.6)
Interest cost (1.1) (0.8) \u2013 (0.1)
Benefits paid 2.1 2.1 1.0 1.5
Exchange movements \u2013 \u2013 (0.8) 1.0
Experience loss on defined benefit obligation (0.5) \u2013 \u2013 \u2013
Changes to demographic assumptions \u2013 (0.6) \u2013 \u2013
Changes to financial assumptions 18.8 6.0 2.8 1.2
Closing balance (39.0) (58.3) (16.7) (18.9)
Changes in scheme assets
Opening balance 63.7 58.0 \u2013 \u2013
Interest on assets 1.2 0.7 \u2013 \u2013
Administration costs (0.2) (0.2) \u2013 \u2013
Employer contributions 2.8 2.7 \u2013 \u2013
Benefits paid (2.1) (2.1) \u2013 \u2013
Return on plan assets less interest (23.2) 4.6 \u2013 \u2013
Closing balance 42.2 63.7 \u2013 \u2013
Actual return on scheme assets (22.0) 5.3 \u2013 \u2013
Statement of comprehensive income
Return on plan assets less interest (23.2) 4.6 \u2013 \u2013
Experience gain on defined benefit obligation (0.5) \u2013 \u2013 \u2013
Changes to demographic assumptions \u2013 (0.6) \u2013 \u2013
Changes to financial assumptions 18.8 6.0 2.8 1.2
Change in irrecoverable surplus 4.9 (10.0) \u2013 \u2013
Remeasurements of defined benefit plans \u2013 \u2013 2.8 1.2
Cumulative remeasurements of defined benefit plans (25.6) (25.6) (6.4) (9.2)
Expense recognised in the income statement
Current service cost \u2013 \u2013 0.8 0.6
Administration costs 0.2 0.2 \u2013 \u2013
Operating costs 0.2 0.2 0.8 0.6
Net pension interest cost (0.1) 0.1 \u2013 0.1
Expense recognised in the income statement 0.1 0.3 0.8 0.7
Movements in the balance sheet liability
Net liability at start of year 6.8 9.2 18.9 21.9
Expense recognised in the income statement 0.1 0.3 0.8 0.7
Employer contributions (2.8) (2.7) \u2013 \u2013
Benefits paid \u2013 \u2013 (1.0) (1.5)
Exchange movements \u2013 \u2013 0.8 (1.0)
Remeasurements of defined benefit plans \u2013 \u2013 (2.8) (1.2)
Net liability at end of year 4.1 6.8 16.7 18.9
1 Other comprises end of service schemes in the Middle East of \u00a33.5m (2021: \u00a33.0m).
Notes to the consolidated financial statements continued
33 Retirement benefit liabilities continued
A reduction in the discount rate of 0.5% would increase the deficit in the schemes by \u00a32.5m (2021: reduction in the discount rate of 0.1% would increase
the deficit in the scheme by \u00a31.1m), whilst a reduction in the inflation assumption of 0.5%, including its impact on the revaluation in deferment and
pension increases in payment, would decrease the deficit by \u00a31.3m (2021: reduction in the inflation assumption of 0.1% would decrease the deficit by
\u00a30.7m). A decrease in the mortality rate by one year would decrease the deficit in the schemes by \u00a31.8m. Note that these sensitivities do not include end
of service schemes in the Middle East as these are not material to the Group.
The weighted average duration of the defined benefit obligation is approximately 13 years for the UK scheme and 12 years for the German and Austrian
schemes. The history of experience adjustments on scheme assets and liabilities for all the Group\u2019s defined benefit pension schemes, including the end
of service schemes in the Middle East, are as follows:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
2019
\u00a3m
2018
\u00a3m
Present value of defined benefit obligation (55.7) (77.2) (86.9) (81.1) (71.7)
Fair value of scheme assets 42.2 63.7 58.0 52.2 45.2
Deficit in the schemes (13.5) (13.5) (28.9) (28.9) (26.5)
Irrecoverable surplus (7. 3) (12.2) (2.2) (1.8) (1.4)
Net defined benefit liability (20.8) (25.7) (31.1) (30.7) (27.9)
Experience adjustments on scheme liabilities 21.1 6.6 (7.9) (8.2) 3.7
Experience adjustments on scheme assets (23.2) 4.6 6.1 5.4 (1.5)
34 Non-controlling interests
Financial information of subsidiaries that have a material non-controlling interest is provided below:
Name Country of incorporation 2022 2021
Keller Fondations Speciales SPA Algeria 49% 49%
Keller Turki Company Limited Saudi Arabia 35% 35%
Loss attributable to non-controlling interests:
2022
\u00a3m
2021
\u00a3m
Keller Fondations Speciales SPA (0.5) (0.5)
Keller Turki Company Limited (0.3) (0.3)
Other interests (0.2) (0.1)
(1.0) (0.9)
Share of net assets of non-controlling interests:
2022
\u00a3m
2021
\u00a3m
Keller Fondations Speciales SPA 2.7 2.9
Keller Turki Company Limited (0.6) (0.3)
Other interests 0.2 0.2
2.3 2.8
Aggregate amounts relating to material non-controlling interests:
2022
\u00a3m
2021
\u00a3m
Keller
Fondations
Speciales SPA
Keller Turki
Company
Limited
Keller
Fondations
Speciales SPA
Keller Turki
Company
Limited
Revenue 0.1 4.6 0.9 4.2
Operating costs (0.6) (4.9) (1.2) (4.5)
Operating loss (0.5) (0.3) (0.3) (0.3)
Finance costs \u2013 \u2013 \u2013 \u2013
Loss before taxation (0.5) (0.3) (0.3) (0.3)
Taxation \u2013 \u2013 (0.2) \u2013
Loss attributable to non-controlling interests (0.5) (0.3) (0.5) (0.3)
2022
\u00a3m
2021
\u00a3m
Keller
Fondations
Speciales SPA
Keller Turki
Company
Limited
Keller
Fondations
Speciales SPA
Keller Turki
Company
Limited
Non-current assets 0.8 0.7 0.9 0.7
Current assets 2.8 6.0 2.8 2.4
Current liabilities (0.9) (6.2) (0.8) (2.8)
Non-current liabilities \u2013 (1.1) \u2013 (0.6)
Share of net assets/(liabilities) 2.7 (0.6) 2.9 (0.3)
35 Post balance sheet events
There were no material post balance sheet events between the balance sheet date and the date of this report.
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"value": "1 Corporate information The consolidated financial statements of Keller Group plc and its subsidiaries (collectively, the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issue in accordance with the resolution of the Directors on 10 March 2023. Keller Group plc (the \u2018company\u2019) is a public limited company, incorporated and domiciled in the United Kingdom, whose shares are publicly traded on the London Stock Exchange. The registered office is located at 2 Kingdom Street, London W2 6BD. The Group is principally engaged in the provision of specialist geotechnical services. Information on the Group\u2019s structure is provided in note 9 of the company financial statements. ",
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"fact-553": {
"value": "2 Significant accounting policies Basis of preparation In accordance with the Companies Act 2006, these consolidated financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The company prepares its parent company financial statements in accordance with FRS 101. The consolidated financial statements have been prepared on an historical cost basis, except for derivative financial instruments that have been measured at fair value. The carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to recognise changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand, expressed in millions to one decimal point, except when otherwise indicated. Prior year restatements Prior year financial reporting fraud Following an internal management operational review at the Austral business in Australia, the Group has identified a historical overstatement of revenue and profit relating to the years ended 31 December 2021, 31 December 2020 and 31 December 2019 due to a financial reporting fraud. This reporting error has been corrected by restating the prior year comparatives, reducing contract assets and prepayments (included with trade and other receivables) by \u00a38.1m and \u00a30.3m respectively, and increasing other payables (included within trade and other payables) by \u00a32.3m at 31 December 2021. Contract assets were reduced by \u00a36.5m and other payables were increased by \u00a30.2m as at 1 January 2021. The impact on the consolidated income statement for the year ended 31 December 2021 is a decrease in revenue of \u00a31.9m and an increase in operating costs of \u00a32.4m, resulting in a decrease in operating profit and profit before tax of \u00a34.3m. The lower profit before tax recognised within the consolidated Australia group of entities as a result, has impacted the recognition of deferred tax assets recognised in respect of tax losses carried forward as the asset is no longer regarded as recoverable. The deferred tax asset at 31 December 2021 is reduced by \u00a34.2m and the deferred tax asset at 1 January 2021 is reduced by \u00a32.0m. The deferred tax charge for the year ended 31 December 2021 is increased by \u00a32.4m. Net assets are \u00a314.9m lower than previously reported at 31 December 2021 and \u00a38.7m lower at 1 January 2021. The consolidated cash flow statement has been restated to show the change in profit before tax and the change in trade and other receivables and trade and other payables. There is no impact on the cash generated from operations for the year ended 31 December 2021. The restatement decreased diluted statutory earnings per share from 86.1p to 77.2p and diluted underlying earnings per share from 88.4p per share to 84.2p per share for the year ended 31 December 2021. The basic statutory earnings per share was reduced from 89.5p to 85.2p. Notes 4, 5, 7, 9, 12, 14, 15, 20, 23 and the alternative performance measures set out on pages 203 to 205 have also been restated, where relevant, to incorporate these changes. A reconciliation of the changes made to the restated financial results for the year ended 31 December 2021 are set out in detail in note 3. Further details regarding the restatements are provided in the Audit and Risk Committee report on page 101. Prior year measurement period adjustment In the year to 31 December 2021, the Group acquired RECON Services Inc. and the trade and assets of Subterranean (Manitoba) Ltd. At 31 December 2021, the purchase price allocation for both business combinations was prepared on a provisional basis in accordance with IFRS 3 \u2018Business Combinations\u2019. Under IFRS 3 \u2018Business Combinations\u2019 there is a measurement period of no longer than 12 months in which to finalise the valuation of the acquired assets and liabilities. During the measurement period, the Group finalised the valuation of intangible assets recognised on acquisition of RECON in respect of the trade name and customer relationships and the associated deferred tax liabilities. The Group also finalised the valuation of trade receivables acquired with Subterranean. The impact of the measurement period adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021 have been restated. The impact of these adjustments on the comparatives for the year ended 31 December 2021 is included in note 3 and further detail is set out in note 6. Going concern At 31 December 2022, the Group had undrawn committed and uncommitted borrowing facilities totalling \u00a3273.8m, comprising \u00a3113.6m of the unutilised portion of the revolving credit facility, \u00a3114.1m of other undrawn committed borrowing facilities and undrawn uncommitted borrowing facilities of \u00a346.1m, as well as cash and cash equivalents of \u00a3101.1m. At 31 December 2022, the Group\u2019s net debt to underlying EBITDA ratio (calculated on an IAS 17 covenant basis) was 1.2x, well within the limit of 3.0x. The Group has prepared a forecast of financial projections for the three-year period to 31 December 2025. The forecast underpins the going concern assessment which has been made for the period through to 31 March 2024, a period of at least 12 months from when the financial statements are authorised for issue and aligning with the period in which the Group\u2019s banking covenants are tested. The base case reflects the assumptions made by the Group with respect to increased market penetration including key project wins, organic growth, a focus on cost reduction, and mobilisation and delivery of the NEOM project. The forecast shows significant headroom and supports the position that the Group can operate within its available banking facilities and covenants throughout this period. 2 Significant accounting policies continued Going concern continued For the going concern assessment, management ran a series of downside scenarios over the base case forecast to assess covenant headroom against available funding facilities. This process involved constructing scenarios to reflect the Group\u2019s current assessment of its principal risks, including those that would threaten its business model, future performance, solvency or liquidity. The principal risks and uncertainties modelled by management align with those disclosed within this Annual Report and Accounts. The following severe but plausible downside assumptions were modelled: \u2022 Rapid downturn in the Group\u2019s markets resulting in up to a 10% decline in revenues. \u2022 Ineffective execution of projects reducing profits by 1% of revenue. \u2022 Not having the right skills to deliver reducing profits by 0.5% of revenue. \u2022 A combination of other principal risks and trading risks materialising together reducing profits by up to \u00a342.9m over the period to 31 March 2024. These risks include changing environmental factors, costs of ethical misconduct and regulatory non-compliance, occurrence of an accident causing serious injury to an employee or member of the public, the cost of a product or solution failure and the impact of a previously unrecorded tax liability. \u2022 Deterioration of working capital performance by 5% of six months\u2019 sales. The financial and cash effects of these scenarios were modelled individually and in combination. The focus was on the ability to secure or retain future work and potential downward pressure on margins. Management applied sensitivities against projected revenue, margin and working capital metrics reflecting a series of plausible downside scenarios. Against the most negative scenario, mitigating actions were overlaid. These include a range of cost-cutting measures and overhead savings designed to preserve cash flows. The most extreme downside scenario modelled, included an aggregation of all risks considered, which showed a decrease in operating profit of 29.8% and an increase in net debt of 45.2% against the Group\u2019s latest forecast profit and cash flow projections for the review period up to 31 March 2024. The adjusted projections within this scenario does not forecast a breach of covenants in respect of available funding facilities or any liquidity shortfall. Consideration was given to scenarios where covenants would be breached and the circumstances giving rise to these scenarios were considered extreme and remote. This process allowed the Board to conclude that the Group will continue to operate on a going concern basis for the period through to the end of March 2024, a period of at least 12 months from when the financial statements are authorised for issue. Accordingly, the consolidated financial statements are prepared on a going concern basis. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change , particularly in the context of the risks identified in the TCFD disclosure on pages 45 to 48 this year. There has been no material impact identified on the financial reporting judgements and estimates. In particular, management considered the impact of climate change in respect of the following areas: \u2022 estimates of future cash flows used in impairment assessments of the carrying value of goodwill; \u2022 the useful economic life of plant, equipment and other intangible assets; and \u2022 going concern and viability of the Group over the next three years Whilst there is currently no medium-term impact expected from climate change, management are aware of the variable risks arising from climate change and will regularly assess these risks against judgement and estimates made in preparation of the Group\u2019s financial statements. Changes in accounting policies and disclosures New and amended standards and interpretations The following applicable amendments became effective during the year to 31 December 2022: \u2022 Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019. \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019. \u2022 IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019. These amendments have a limited impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019 An onerous contract is a contract under which the unavoidable costs (ie, the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (eg, the costs of direct labour and materials) and an allocation of costs directly related to contract activities (eg, depreciation of equipment used to fulfil the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This amendment does not have an impact on the consolidated financial statements of the Group as an allocation of costs directly related to contract activities was previously included in the unavoidable costs used in the costs to complete assessment for onerous contracts and the Group does not include an allocation of general overheads. Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019 The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented. IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019 The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. This amendment had no impact on the consolidated financial statements of the Group as there were no modifications of the Group\u2019s financial instruments during the period . Basis of consolidation The consolidated financial statements consolidate the accounts of the parent and its subsidiary undertakings to 31 December each year. Subsidiaries are entities controlled by the company. Control exists when the company has power over an entity, exposure to variable returns from its involvement with the entity and the ability to use its power over the entity to affect its returns. Where subsidiary undertakings were acquired or sold during the year, the accounts include the results for the part of the year for which they were subsidiary undertakings using the acquisition method of accounting. Intra-group balances, and any unrealised income and expense arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Joint operations Where the Group undertakes contracts jointly with other parties, these are accounted for as joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of assets, liabilities, revenues and expenses measured according to the terms of the joint operations agreement. Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. The consolidated financial statements incorporate a share of the results, assets and liabilities of joint ventures using the equity method of accounting, whereby the investment is carried at cost plus post-acquisition changes in the share of net assets of the joint venture, less any provision for impairment. Losses in excess of the consolidated interest in joint ventures are not recognised except where the Group has a constructive commitment to make good those losses. The results of joint ventures acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Summary of significant accounting policies Foreign currencies The Group\u2019s consolidated financial statements are presented in pounds sterling, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the consolidated income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Group companies On consolidation, the assets and liabilities of foreign operations are translated into pounds sterling at the rate of exchange prevailing at the reporting date and their income statements are translated at exchange rates prevailing at the dates of the transactions. The exchange movements arising on translation for consolidation are recognised in other comprehensive income (OCI). On disposal of a foreign operation, the component of the translation reserve relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the average rate. The exchange rates used in respect of principal currencies are: Average rates 2022 2021 US dollar 1.24 1.38 Canadian dollar 1.61 1.72 Euro 1.17 1.16 Singapore dollar 1.70 1.85 Australian dollar 1.78 1.83 Year-end rates 2022 2021 US dollar 1.21 1.35 Canadian dollar 1.63 1.71 Euro 1.12 1.19 Singapore dollar 1.62 1.82 Australian dollar 1.76 1.86 Revenue from construction contracts The Group\u2019s operations involve the provision of specialist geotechnical services. The majority of the Group\u2019s revenue is derived from construction contracts. Typically, the Group\u2019s construction contracts consist of one performance obligation; however, for certain contracts (for example where contracts involve separate phases or products that are not highly interrelated) multiple performance obligations exist. Where multiple performance obligations exist, total revenue is allocated to performance obligations based on the relative standalone selling prices of each performance obligation. For each contract, revenue is the amount that is expected to be received from the customer. Revenue is typically invoiced in stages during the contracts, however smaller contracts are usually invoiced on completion. Variable consideration and contract modifications are assessed on a contract-by-contract basis, according to the terms, facts and circumstances of the project. Variable consideration is recognised only to the extent that it is highly probable that there will not be a significant reversal. The effects of contract modifications are recognised only when the Group considers there is an enforceable right to consideration. In certain circumstances, uncertainty over whether a project will be completed or not will mean that it is not appropriate to recognise contracted revenues. Revenue attributed to each performance obligation is recognised based on either the input or the output method. The output method is the Group\u2019s default revenue recognition approach. The input method is generally used for longer-term, more complex contracts. These methods best reflect the transfer of benefits to the customer. 2 Significant accounting policies continued Revenue from construction contracts continued \u2022 Output method: revenue is recognised on the direct measurement of progress based on output, such as units of production relative to the total number of contracted production units. \u2022 Input method: revenue is recognised on the percentage of completion with reference to cost. The percentage of completion is calculated based on the costs incurred to date as a percentage of the total costs expected to satisfy the performance obligation. Estimates of revenues, costs or extent of progress towards completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the percentage of completion calculation in the period in which the circumstances that give rise to the revision become known. Where the Group becomes aware that a loss may arise on a contract, and that loss is probable, full provision is made in the consolidated balance sheet; based on the estimated unavoidable costs of meeting the obligations of the contract, where these exceed the economic benefits expected to be received. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. Incremental bid/tender costs and fulfilment costs are not material to the overall contract and are expensed as incurred. Any revenues recognised in excess of billings are recognised as contract assets within trade and other receivables. Any payments received in excess of revenue recognised are recognised as contract liabilities within trade and other payables. Revenue from the sale of goods and services The Group\u2019s revenue recognised from the sale of goods and services primarily relates to certain parts of the North America business. These contracts typically have a single performance obligation, or a series of distinct performance obligations that are substantially the same. There are typically two types of contract: \u2022 Delivery of goods: revenue for such contracts is recognised at a point in time, on delivery of the goods to the customer. \u2022 Delivery of goods with installation and/or post-delivery services: revenue for these contracts is recognised at a point in time by reference to the date on which the goods are installed and/or accepted by the customer. Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the consolidated income statement. The Group provides for future liabilities in respect of uncertain tax positions where additional tax may become payable in future periods. Such provisions are based on management\u2019s best judgement of the probability of the outcome in reaching agreement with the relevant tax authorities. For further information refer to note 12. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is recognised on temporary differences in line with IAS 12 \u2018Income Taxes\u2019. Deferred tax assets are recognised when it is considered likely that they will be utilised against future taxable profits or deferred tax liabilities. 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. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or to OCI, in which case the related deferred tax is also dealt with in equity or in OCI. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. 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. Interest income and expense All interest income and expense is recognised in the income statement on an accruals basis, using the effective interest method. Employee benefit costs The Group operates a number of defined benefit pension schemes, and also makes payments into defined contribution schemes. The liability in respect of defined benefit schemes is the present value of the defined benefit obligations at the balance sheet date, calculated using the projected unit credit method, less the fair value of the schemes\u2019 assets where applicable. The Group recognises the administration costs, current service cost and interest on scheme net liabilities in the income statement, and remeasurements of defined benefit plans in OCI in full in the period in which they occur. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. Where there is no legal right to a refund from the plan, the liability is calculated as the minimum funding requirement to the plan that exists at the balance sheet date. The Group also has long service arrangements in certain overseas countries. These are accounted for in accordance with IAS 19 \u2018Employee Benefits\u2019 and accounting follows the same principles as for a defined benefit scheme. Payments to defined contribution schemes are accounted for on an accruals basis. Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Further details are set out in note 16 for impairments recognised in the year. Subsequent expenditure on property, plant and equipment is capitalised when it enhances or improves the condition of the item of property, plant and equipment beyond its original assessed standard of performance. Maintenance expenditure is expensed as incurred. Depreciation Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment using the straight-line method by reference to their estimated useful lives as follows: Buildings 50 years Plant and equipment 3 to 12 years Motor vehicles 4 years Computers 3 years Depreciation is not provided for on freehold land. An item of property, plant and equipment is derecognised upon disposal (ie at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted where appropriate. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets (less than \u00a33,000). The Group recognises lease liabilities to make payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (ie the date the underlying asset is available for use). Right-of- use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right- of-use assets are depreciated on a straight-line basis over the shorter of the lease term and estimated useful lives as follows: Land and buildings 3 to 15 years Plant and equipment 2 to 8 years Motor vehicles 3 to 5 years Right-of-use assets are tested for impairment in accordance with IAS 36 \u2018Impairment of Assets\u2019. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate applied to each lease is determined by taking into account the risk-free rate of the country where the asset under lease is located, matched to the term of the lease and adjusted for factors such as the credit risk profile of the lessee. Incremental borrowing rates applied to individual leases range from 1.07% to 16.78%. After the commencement date, the amount of lease liabilities is increased to reflect the addition of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (eg changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings. Refer to note 26 for details. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of plant, machinery and vehicles (ie those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low asset value (below \u00a33,000). Lease payments on short- term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the fair value at the acquisition date. Acquisition-related costs are expensed as incurred and included in administrative expenses. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of cost of an acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired, including assets identified as intangibles on acquisition, is recorded as goodwill. The results of subsidiaries which have been disposed are included up to the effective date of disposal. Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually and whenever there is an indication that the goodwill may be impaired in accordance with IAS 36, any impairment losses are recognised immediately in the income statement. Goodwill arising prior to 1 January 1998 was taken directly to equity in the year in which it arose. Such goodwill has not been reinstated on the balance sheet. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. 2 Significant accounting policies continued Other intangible assets Intangible assets, other than goodwill, include purchased licences, software (including internally generated software), customer relationships, customer contracts and trade names. Intangible assets are capitalised at cost and amortised on a straight-line basis over their useful economic lives from the date that they are available for use and are stated at cost less accumulated amortisation and impairment losses. The estimated useful economic lives are as follows: Licences 1 to 4 years Software 3 to 7 years Patents 2 to 7 years Customer relationships 5 to 7 years Customer contracts 1 to 2 years Trade names 5 to 7 years Software-as-a-service arrangements The Group\u2019s current SaaS arrangements are arrangements in which the Group does not control the underlying software used in the arrangement. Software development costs incurred to configure or customise application software provided under a cloud computing arrangement and associated fees are recognised as operating expenses as and when the services are received where the costs represent a distinct service provided to the Group. When such costs incurred do not provide a distinct service, the costs are recognised as expenses over the duration of the SaaS contract. The Group capitalises other software costs when the requirements of IAS 38 \u2018Intangible Assets\u2019 are satisfied, including configuration and customisation costs which are distinct and within the control of the Group. Such software costs are capitalised and carried at cost less any accumulated amortisation and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used. Amortisation commences when the development is complete and the asset is available for use and is included in the operating costs item of the consolidated income statement. The amortisation is reviewed at least at the end of each reporting period and any changes are treated as changes in accounting estimates. Impairment of assets excluding goodwill The carrying values of property, plant and equipment, right-of-use assets and other intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value may be impaired. If any such indication exists, the recoverable amount, being the lower of their carrying amount and fair value less costs to sell, of the asset is estimated in order to determine the extent of impairment loss. Capital work in progress Capital work in progress represents expenditure on property, plant and equipment in the course of construction. Transfers are made to other property, plant and equipment categories when the assets are available for use. Inventories Inventories are measured at the lower of cost and estimated net realisable value with allowance made for obsolete or slow-moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Write-downs to net realisable value are made for slow-moving, damaged or obsolete items based on evaluations made at the local level by reference to frequency of stock turnover or specific factors affecting the items concerned. Assets held for sale Assets are classified as held for sale if their carrying amount will be recovered by sale rather than by continuing use in the business. Assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell, with reference to comparable market transactions. Assets that are classified as held for sale are not depreciated. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. The principal financial assets and liabilities of the Group are as follows: (a) Trade receivables and trade payables Trade receivables are initially recorded at fair value and subsequently measured at cost and reduced by allowances for estimated irrecoverable amounts. Trade receivables and contract assets are stated net of expected credit losses (ECLs). At each reporting date, the Group evaluates the estimated recoverability of trade receivables and contract assets and records allowances for ECLs based on experience. The Group applies the simplified approach to measurement of ECLs in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivable. Immediately after an individual trade receivable or contract asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between the carrying amount of the receivable and the present value of estimated future cash flows. Customer specific factors are considered when identifying impairments, which can include the geographic location and credit rating of a customer. Where there are no specific concerns over recovery, other than the increasing age of a trade receivable or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates are based on days past due. The provision matrix used reflects estimates based on past experience, current economic factors and consideration of forward looking estimates of economic conditions. Generally, trade receivables are written-off completely if past due for more than 180 days. Default is defined as the point where there is no further legal address available for the Group to recover the receivable amount. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in note 20. Trade payables that are not interest bearing are initially recognised at fair value and carried at amortised cost. (b) Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short-term deposits with a maturity of three months or less. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. Bank overdrafts are included within financial liabilities in current liabilities in the balance sheet. (c) Bank and other borrowings Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Subsequent to initial recognition, borrowings are stated at amortised cost, where applicable. Bank or other borrowings are derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated income statement. Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, ie to realise the assets and settle the liabilities simultaneously. (d) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to manage interest rate risk and to hedge fluctuations in foreign currencies in accordance with its risk management policy. In cases where these derivative instruments are significant, hedge accounting is applied as described below. The Group does not use derivative financial instruments for speculative purposes. Derivatives are initially recognised in the balance sheet at fair value on the date the derivative contract is entered into and are subsequently remeasured at reporting periods to their fair values. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Changes in the fair value of the effective portion of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (OCI). Changes in the fair value of the ineffective portion of cash flow hedges are recognised in the income statement. Amounts originally recognised in OCI are transferred to the income statement when the underlying transaction occurs or if the transaction results in the recognition of a non-financial asset or liability, the amount accumulated in equity is included in the initial cost or carrying amount of the hedged asset or liability. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in OCI is retained in equity until the hedged transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in OCI is transferred to the income statement in the period. For the purpose of hedge accounting, hedges are classified as: \u2022 Cash flow hedges when hedging the exposure or variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable transaction. \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Provisions Provisions have been made for employee-related liabilities, restructuring commitments, onerous contracts, insured liabilities and legal claims, and other property-related commitments. These are recognised as management\u2019s best estimate of the expenditure required to settle the Group\u2019s liability at the reporting date. A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and where it is probable that an outflow will be required to settle the obligation and the amount of the obligation can be estimated reliably. If the effect is material, expected future cash flows are discounted using a current pre- tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to unwinding the discount is recognised as a finance cost. Details of provisions are set out in note 24. Provisions for insured liabilities and legal claims include the full estimated value of the liability. Any related insurance reimbursement asset that is virtually certain to be received is separately presented gross within trade and other receivables or other non-current assets on the consolidated balance sheet. Contingent liabilities Contingent liabilities are possible obligations of the Group of which the timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised in the consolidated balance sheet, unless they are assumed by the Group as part of a business combination. They are however disclosed, unless they are considered to be remote. If a contingent liability becomes probable and the amount can be reliably measured it is no longer treated as contingent and recognised as a liability on the balance sheet. 2 Significant accounting policies continued Contingent assets Contingent assets are possible assets of the Group of which the timing and amount are subject to significant uncertainty. Contingent assets are not recognised in the consolidated balance sheet. They are however disclosed, when they are considered to be probable. A contingent asset is recognised in the financial statements when the inflow of economic benefits is virtually certain. Share-based payments The Group operates a number of equity-settled executive and employee share plans. For all grants of share options and awards, the fair value of the employee services received in exchange for the grant of share options is recognised as an expense, calculated using appropriate option pricing models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions, with a corresponding increase in retained earnings. The charge is adjusted to reflect expected actual levels of options vesting due to non-market conditions. Shares purchased and held in trust in connection with the Group\u2019s share schemes are deducted from retained earnings. No gain or loss is recognised within the income statement on the market value of these shares compared with the original cost. Segmental reporting During the year the Group comprised three geographical divisions which have only one major product or service: specialist geotechnical services. North America; Europe; and Asia-Pacific, Middle East and Africa continue to be managed as separate geographical divisions. This is reflected in the Group\u2019s management structure and in the segment information reviewed by the Chief Operating Decision Maker. Dividends Interim dividends are recorded in the Group\u2019s consolidated financial statements when paid. Final dividends are recorded in the Group\u2019s consolidated financial statements in the period in which they receive shareholder approval. Non-underlying items Non-underlying items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. They are items which are exceptional by their size and/or are non-trading in nature, including amortisation of acquired intangibles, goodwill impairment, restructuring costs and other non-trading amounts, including those relating to acquisitions and disposals. Tax arising on these items, including movement in deferred tax assets arising from non-underlying provisions, is also classified as a non-underlying item. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies, reported amounts of assets and liabilities, revenue and expenses and the accompanying disclosures, and the disclosure of contingent liabilities. The estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Actual results may also differ from these estimates. The estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that and prior periods, or in the period of the revision and future periods if the revision affects both current and future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Construction contracts The Group\u2019s approach to key estimates and judgements relating to construction contracts is set out in the revenue recognition policy. In the Group consolidated balance sheet this impacts contract assets, contract liabilities and contract provisions (refer to notes 5 and 24). As described in the policy the default revenue recognition approach is the output method. When revenue is recognised based on the output method, there is little judgement involved in accounting for construction contracts as the amount of revenue that has not been certified/accepted by the client is typically small and is usually based on volumes achieved at agreed rates. These contracts can still be subject to claims and variations resulting in an adjustment to the revenue recognised. When revenue is recognised based on the input (cost) method, the main factors considered when making estimates and judgements include the cost of the work required to complete the contract in order to estimate the percentage completion, and the outcome of claims raised against the Group by customers or third parties. The Group performed around 6,000 contracts during 2022, at an average revenue of approximately \u00a3500,000 and a typical range of between \u00a325,000 and \u00a310m in value. The majority of contracts were completed in the year and therefore there are no estimates involved in accounting for these. For contracts that are not complete at year end, the Group estimates the total costs to complete in order to measure progress and therefore how much revenue to recognise, which may impact the contract asset or liability recorded in the balance sheet. Contract assets are \u00a3105.3m and contract liabilities are \u00a385.6m at 31 December 2022. The actual total costs incurred on these contracts will differ from the estimate at 31 December and it is reasonably possible that outcomes on these contracts within the next year could be materially different in aggregate to those estimated. However, due to the level of uncertainty and timing across a large portfolio of contracts, which will be at different stages of their contract life, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. The estimated costs to complete are management\u2019s best estimate at this point in time and no individual estimate or judgement is expected to have a materially different outcome. In the case of loss-making contracts, a full provision is made based on the estimated unavoidable costs of meeting the obligations of the contract, where these exceed the economic benefits expected to be received. The process for estimating the total cost to complete is the same as for in progress profitable contracts, and will include management\u2019s best estimate of all labour, equipment and materials costs required to complete the contracted work. All cost to complete estimates involve judgement over the likely future cost of labour, equipment and materials and the impact of inflation is included if material. The amount included within provisions in respect of contract provisions is \u00a337.8m (2021: \u00a341.9m). As stated in the revenue recognition accounting policy, variable consideration is assessed on a contract-by-contract basis, according to the terms, facts and circumstances of the project. Variable consideration is recognised only to the extent that it is highly probable that there will not be a significant reversal; management judgement is required in order to determine when variable consideration is highly probable. Uncertainty over whether a project will be completed or not can mean that it is appropriate to treat the contracted revenue as variable consideration. The restatement of the prior period financial statements for the impact of the financing reporting fraud at Austral has involved the use of estimates. Primarily this has been in calculating the correct accrued cost inputs at a project level and therefore the relevant revenue to be recognised on a percentage of completion basis. The estimated costs to complete included in the restatement of the 31 December 2020 and 2021 balance sheets are management\u2019s best estimate and no individual estimate or judgement would result in a materially different outcome. Non-underlying items Non-underlying items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. They are items which are exceptional by their size and/or are non-trading in nature, including amortisation of acquired intangibles, goodwill impairment, restructuring costs and other non-trading amounts, including those relating to acquisitions and disposals. Tax arising on these items, including movement in deferred tax assets arising from non-underlying provisions, is also classified as a non- underlying item. The Group exercises judgement in assessing whether restructuring items should be classified as non-underlying. This assessment covers the nature of the item, cause of the occurrence and scale of impact of that item on the reported performance. Typically, management will categorise restructuring costs incurred to exit a specific geography as non- underlying, in addition restructuring programmes which are incremental to normal operations undertaken to add value to the business are included in non-underlying items. The value of exceptional restructuring costs in 2022 (\u00a35.3m) is lower than in 2021 (\u00a37.3m). Carrying value of goodwill The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy set out above. Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value-in-use. The fair value less costs of disposal calculation is based on available market data for transactions conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The Group estimates the recoverable amount based on value-in-use calculations. The value-in-use calculation is based on a discounted cash flow (DCF) model. The cash flows are derived from the relevant budget and forecasts for the next three years, including a terminal value assumption. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash inflows, growth rates and maintainable earnings assumed within the calculation. Refer to note 15 for further information. Deferred tax assets Deferred tax assets are recognised for unused tax losses and other timing differences to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits (based on the same Board-approved information to support the going concern and goodwill impairment assessments). The Group uses judgement in assessing the recoverability of deferred tax assets, for which the significant assumption is forecast taxable profits. A 10% shortfall in expected profits would have a proportional impact on the value of the deferred tax assets recoverable Refer to note 12 for further information. The restatement of the prior period financial statements for the impact of the financing reporting fraud at Austral has involved the use of estimates in determining the amount of deferred tax assets that should be recognised on the restated balance sheets as at 31 December 2020 and 2021. The restatement impact was to reduce the deferred tax assets by \u00a32.0m at 31 December 2020 and by \u00a34.2m at 31 December 2021. This is the maximum impact, an increase in the forecast taxable profit of 10% would not have a material impact on the value of these adjustments. Insurance and legal provisions The recognition of provisions for insurance and legal disputes is subject to a significant degree of estimation. In making its estimates, management seek specialist input from legal advisers and the Group\u2019s insurance claims handler to estimate the most likely legal outcome. Provisions are reviewed regularly and amounts updated where necessary to reflect developments in the disputes. The ultimate liability may differ from the amount provided depending on the outcome of court proceedings and settlement negotiations or if investigations bring to light new facts. Refer to note 24 for further information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-555": {
"value": "Basis of preparation In accordance with the Companies Act 2006, these consolidated financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The company prepares its parent company financial statements in accordance with FRS 101. The consolidated financial statements have been prepared on an historical cost basis, except for derivative financial instruments that have been measured at fair value. The carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to recognise changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand, expressed in millions to one decimal point, except when otherwise indicated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "In accordance with the Companies Act 2006, these consolidated financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The company prepares its parent company financial statements in accordance with FRS 101. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "Prior year restatements Prior year financial reporting fraud Following an internal management operational review at the Austral business in Australia, the Group has identified a historical overstatement of revenue and profit relating to the years ended 31 December 2021, 31 December 2020 and 31 December 2019 due to a financial reporting fraud. This reporting error has been corrected by restating the prior year comparatives, reducing contract assets and prepayments (included with trade and other receivables) by \u00a38.1m and \u00a30.3m respectively, and increasing other payables (included within trade and other payables) by \u00a32.3m at 31 December 2021. Contract assets were reduced by \u00a36.5m and other payables were increased by \u00a30.2m as at 1 January 2021. The impact on the consolidated income statement for the year ended 31 December 2021 is a decrease in revenue of \u00a31.9m and an increase in operating costs of \u00a32.4m, resulting in a decrease in operating profit and profit before tax of \u00a34.3m. The lower profit before tax recognised within the consolidated Australia group of entities as a result, has impacted the recognition of deferred tax assets recognised in respect of tax losses carried forward as the asset is no longer regarded as recoverable. The deferred tax asset at 31 December 2021 is reduced by \u00a34.2m and the deferred tax asset at 1 January 2021 is reduced by \u00a32.0m. The deferred tax charge for the year ended 31 December 2021 is increased by \u00a32.4m. Net assets are \u00a314.9m lower than previously reported at 31 December 2021 and \u00a38.7m lower at 1 January 2021. The consolidated cash flow statement has been restated to show the change in profit before tax and the change in trade and other receivables and trade and other payables. There is no impact on the cash generated from operations for the year ended 31 December 2021. The restatement decreased diluted statutory earnings per share from 86.1p to 77.2p and diluted underlying earnings per share from 88.4p per share to 84.2p per share for the year ended 31 December 2021. The basic statutory earnings per share was reduced from 89.5p to 85.2p. Notes 4, 5, 7, 9, 12, 14, 15, 20, 23 and the alternative performance measures set out on pages 203 to 205 have also been restated, where relevant, to incorporate these changes. A reconciliation of the changes made to the restated financial results for the year ended 31 December 2021 are set out in detail in note 3. Further details regarding the restatements are provided in the Audit and Risk Committee report on page 101. Prior year measurement period adjustment In the year to 31 December 2021, the Group acquired RECON Services Inc. and the trade and assets of Subterranean (Manitoba) Ltd. At 31 December 2021, the purchase price allocation for both business combinations was prepared on a provisional basis in accordance with IFRS 3 \u2018Business Combinations\u2019. Under IFRS 3 \u2018Business Combinations\u2019 there is a measurement period of no longer than 12 months in which to finalise the valuation of the acquired assets and liabilities. During the measurement period, the Group finalised the valuation of intangible assets recognised on acquisition of RECON in respect of the trade name and customer relationships and the associated deferred tax liabilities. The Group also finalised the valuation of trade receivables acquired with Subterranean. The impact of the measurement period adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021 have been restated. The impact of these adjustments on the comparatives for the year ended 31 December 2021 is included in note 3 and further detail is set out in note 6. ",
"dimensions": {
"concept": "kellergroupplc:DescriptionOfAccountingPolicyForPriorPeriodRestatements",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "Going concern At 31 December 2022, the Group had undrawn committed and uncommitted borrowing facilities totalling \u00a3273.8m, comprising \u00a3113.6m of the unutilised portion of the revolving credit facility, \u00a3114.1m of other undrawn committed borrowing facilities and undrawn uncommitted borrowing facilities of \u00a346.1m, as well as cash and cash equivalents of \u00a3101.1m. At 31 December 2022, the Group\u2019s net debt to underlying EBITDA ratio (calculated on an IAS 17 covenant basis) was 1.2x, well within the limit of 3.0x. The Group has prepared a forecast of financial projections for the three-year period to 31 December 2025. The forecast underpins the going concern assessment which has been made for the period through to 31 March 2024, a period of at least 12 months from when the financial statements are authorised for issue and aligning with the period in which the Group\u2019s banking covenants are tested. The base case reflects the assumptions made by the Group with respect to increased market penetration including key project wins, organic growth, a focus on cost reduction, and mobilisation and delivery of the NEOM project. The forecast shows significant headroom and supports the position that the Group can operate within its available banking facilities and covenants throughout this period. Going concern continued For the going concern assessment, management ran a series of downside scenarios over the base case forecast to assess covenant headroom against available funding facilities. This process involved constructing scenarios to reflect the Group\u2019s current assessment of its principal risks, including those that would threaten its business model, future performance, solvency or liquidity. The principal risks and uncertainties modelled by management align with those disclosed within this Annual Report and Accounts. The following severe but plausible downside assumptions were modelled: \u2022 Rapid downturn in the Group\u2019s markets resulting in up to a 10% decline in revenues. \u2022 Ineffective execution of projects reducing profits by 1% of revenue. \u2022 Not having the right skills to deliver reducing profits by 0.5% of revenue. \u2022 A combination of other principal risks and trading risks materialising together reducing profits by up to \u00a342.9m over the period to 31 March 2024. These risks include changing environmental factors, costs of ethical misconduct and regulatory non-compliance, occurrence of an accident causing serious injury to an employee or member of the public, the cost of a product or solution failure and the impact of a previously unrecorded tax liability. \u2022 Deterioration of working capital performance by 5% of six months\u2019 sales. The financial and cash effects of these scenarios were modelled individually and in combination. The focus was on the ability to secure or retain future work and potential downward pressure on margins. Management applied sensitivities against projected revenue, margin and working capital metrics reflecting a series of plausible downside scenarios. Against the most negative scenario, mitigating actions were overlaid. These include a range of cost-cutting measures and overhead savings designed to preserve cash flows. The most extreme downside scenario modelled, included an aggregation of all risks considered, which showed a decrease in operating profit of 29.8% and an increase in net debt of 45.2% against the Group\u2019s latest forecast profit and cash flow projections for the review period up to 31 March 2024. The adjusted projections within this scenario does not forecast a breach of covenants in respect of available funding facilities or any liquidity shortfall. Consideration was given to scenarios where covenants would be breached and the circumstances giving rise to these scenarios were considered extreme and remote. This process allowed the Board to conclude that the Group will continue to operate on a going concern basis for the period through to the end of March 2024, a period of at least 12 months from when the financial statements are authorised for issue. Accordingly, the consolidated financial statements are prepared on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-558": {
"value": "Climate change In preparing the consolidated financial statements, management has considered the impact of climate change , particularly in the context of the risks identified in the TCFD disclosure on pages 45 to 48 this year. There has been no material impact identified on the financial reporting judgements and estimates. In particular, management considered the impact of climate change in respect of the following areas: \u2022 estimates of future cash flows used in impairment assessments of the carrying value of goodwill; \u2022 the useful economic life of plant, equipment and other intangible assets; and \u2022 going concern and viability of the Group over the next three years Whilst there is currently no medium-term impact expected from climate change, management are aware of the variable risks arising from climate change and will regularly assess these risks against judgement and estimates made in preparation of the Group\u2019s financial statements. ",
"dimensions": {
"concept": "kellergroupplc:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-559": {
"value": "Changes in accounting policies and disclosures New and amended standards and interpretations The following applicable amendments became effective during the year to 31 December 2022: \u2022 Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019. \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019. \u2022 IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019. These amendments have a limited impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019 An onerous contract is a contract under which the unavoidable costs (ie, the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (eg, the costs of direct labour and materials) and an allocation of costs directly related to contract activities (eg, depreciation of equipment used to fulfil the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This amendment does not have an impact on the consolidated financial statements of the Group as an allocation of costs directly related to contract activities was previously included in the unavoidable costs used in the costs to complete assessment for onerous contracts and the Group does not include an allocation of general overheads. Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019 The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented. IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019 The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. This amendment had no impact on the consolidated financial statements of the Group as there were no modifications of the Group\u2019s financial instruments during the period . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "New and amended standards and interpretations The following applicable amendments became effective during the year to 31 December 2022: \u2022 Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019. \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019. \u2022 IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019. These amendments have a limited impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IAS 37 \u2018Onerous Contracts \u2013 Costs of Fulfilling a Contract\u2019 An onerous contract is a contract under which the unavoidable costs (ie, the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (eg, the costs of direct labour and materials) and an allocation of costs directly related to contract activities (eg, depreciation of equipment used to fulfil the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. This amendment does not have an impact on the consolidated financial statements of the Group as an allocation of costs directly related to contract activities was previously included in the unavoidable costs used in the costs to complete assessment for onerous contracts and the Group does not include an allocation of general overheads. Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019 The amendments prohibit entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented. IFRS 9 Financial Instruments \u2018Fees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u2019 The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. This amendment had no impact on the consolidated financial statements of the Group as there were no modifications of the Group\u2019s financial instruments during the period . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-560": {
"value": "Basis of consolidation The consolidated financial statements consolidate the accounts of the parent and its subsidiary undertakings to 31 December each year. Subsidiaries are entities controlled by the company. Control exists when the company has power over an entity, exposure to variable returns from its involvement with the entity and the ability to use its power over the entity to affect its returns. Where subsidiary undertakings were acquired or sold during the year, the accounts include the results for the part of the year for which they were subsidiary undertakings using the acquisition method of accounting. Intra-group balances, and any unrealised income and expense arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-561": {
"value": "Joint operations Where the Group undertakes contracts jointly with other parties, these are accounted for as joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of assets, liabilities, revenues and expenses measured according to the terms of the joint operations agreement. Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. The consolidated financial statements incorporate a share of the results, assets and liabilities of joint ventures using the equity method of accounting, whereby the investment is carried at cost plus post-acquisition changes in the share of net assets of the joint venture, less any provision for impairment. Losses in excess of the consolidated interest in joint ventures are not recognised except where the Group has a constructive commitment to make good those losses. The results of joint ventures acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "Foreign currencies The Group\u2019s consolidated financial statements are presented in pounds sterling, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the consolidated income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "The Group\u2019s consolidated financial statements are presented in pounds sterling, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "Group companies On consolidation, the assets and liabilities of foreign operations are translated into pounds sterling at the rate of exchange prevailing at the reporting date and their income statements are translated at exchange rates prevailing at the dates of the transactions. The exchange movements arising on translation for consolidation are recognised in other comprehensive income (OCI). On disposal of a foreign operation, the component of the translation reserve relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the average rate. The exchange rates used in respect of principal currencies are: Average rates 2022 2021 US dollar 1.24 1.38 Canadian dollar 1.61 1.72 Euro 1.17 1.16 Singapore dollar 1.70 1.85 Australian dollar 1.78 1.83 Year-end rates 2022 2021 US dollar 1.21 1.35 Canadian dollar 1.63 1.71 Euro 1.12 1.19 Singapore dollar 1.62 1.82 Australian dollar 1.76 1.86 ",
"dimensions": {
"concept": "kellergroupplc:DescriptionOfAccountingPolicyForGroupCompanies",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "Revenue from construction contracts The Group\u2019s operations involve the provision of specialist geotechnical services. The majority of the Group\u2019s revenue is derived from construction contracts. Typically, the Group\u2019s construction contracts consist of one performance obligation; however, for certain contracts (for example where contracts involve separate phases or products that are not highly interrelated) multiple performance obligations exist. Where multiple performance obligations exist, total revenue is allocated to performance obligations based on the relative standalone selling prices of each performance obligation. For each contract, revenue is the amount that is expected to be received from the customer. Revenue is typically invoiced in stages during the contracts, however smaller contracts are usually invoiced on completion. Variable consideration and contract modifications are assessed on a contract-by-contract basis, according to the terms, facts and circumstances of the project. Variable consideration is recognised only to the extent that it is highly probable that there will not be a significant reversal. The effects of contract modifications are recognised only when the Group considers there is an enforceable right to consideration. In certain circumstances, uncertainty over whether a project will be completed or not will mean that it is not appropriate to recognise contracted revenues. Revenue attributed to each performance obligation is recognised based on either the input or the output method. The output method is the Group\u2019s default revenue recognition approach. The input method is generally used for longer-term, more complex contracts. These methods best reflect the transfer of benefits to the customer. Revenue from construction contracts continued \u2022 Output method: revenue is recognised on the direct measurement of progress based on output, such as units of production relative to the total number of contracted production units. \u2022 Input method: revenue is recognised on the percentage of completion with reference to cost. The percentage of completion is calculated based on the costs incurred to date as a percentage of the total costs expected to satisfy the performance obligation. Estimates of revenues, costs or extent of progress towards completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the percentage of completion calculation in the period in which the circumstances that give rise to the revision become known. Where the Group becomes aware that a loss may arise on a contract, and that loss is probable, full provision is made in the consolidated balance sheet; based on the estimated unavoidable costs of meeting the obligations of the contract, where these exceed the economic benefits expected to be received. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. Incremental bid/tender costs and fulfilment costs are not material to the overall contract and are expensed as incurred. Any revenues recognised in excess of billings are recognised as contract assets within trade and other receivables. Any payments received in excess of revenue recognised are recognised as contract liabilities within trade and other payables. Revenue from the sale of goods and services The Group\u2019s revenue recognised from the sale of goods and services primarily relates to certain parts of the North America business. These contracts typically have a single performance obligation, or a series of distinct performance obligations that are substantially the same. There are typically two types of contract: \u2022 Delivery of goods: revenue for such contracts is recognised at a point in time, on delivery of the goods to the customer. \u2022 Delivery of goods with installation and/or post-delivery services: revenue for these contracts is recognised at a point in time by reference to the date on which the goods are installed and/or accepted by the customer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-565": {
"value": "Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the consolidated income statement. The Group provides for future liabilities in respect of uncertain tax positions where additional tax may become payable in future periods. Such provisions are based on management\u2019s best judgement of the probability of the outcome in reaching agreement with the relevant tax authorities. For further information refer to note 12. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is recognised on temporary differences in line with IAS 12 \u2018Income Taxes\u2019. Deferred tax assets are recognised when it is considered likely that they will be utilised against future taxable profits or deferred tax liabilities. 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. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or to OCI, in which case the related deferred tax is also dealt with in equity or in OCI. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the consolidated income statement. The Group provides for future liabilities in respect of uncertain tax positions where additional tax may become payable in future periods. Such provisions are based on management\u2019s best judgement of the probability of the outcome in reaching agreement with the relevant tax authorities. For further information refer to note 12. ",
"dimensions": {
"concept": "kellergroupplc:DescriptionOfAccountingPolicyForCurrentIncomeTax",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is recognised on temporary differences in line with IAS 12 \u2018Income Taxes\u2019. Deferred tax assets are recognised when it is considered likely that they will be utilised against future taxable profits or deferred tax liabilities. 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. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or to OCI, in which case the related deferred tax is also dealt with in equity or in OCI. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "Interest income and expense All interest income and expense is recognised in the income statement on an accruals basis, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-567": {
"value": "Employee benefit costs The Group operates a number of defined benefit pension schemes, and also makes payments into defined contribution schemes. The liability in respect of defined benefit schemes is the present value of the defined benefit obligations at the balance sheet date, calculated using the projected unit credit method, less the fair value of the schemes\u2019 assets where applicable. The Group recognises the administration costs, current service cost and interest on scheme net liabilities in the income statement, and remeasurements of defined benefit plans in OCI in full in the period in which they occur. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. Where there is no legal right to a refund from the plan, the liability is calculated as the minimum funding requirement to the plan that exists at the balance sheet date. The Group also has long service arrangements in certain overseas countries. These are accounted for in accordance with IAS 19 \u2018Employee Benefits\u2019 and accounting follows the same principles as for a defined benefit scheme. Payments to defined contribution schemes are accounted for on an accruals basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-568": {
"value": "Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Further details are set out in note 16 for impairments recognised in the year. Subsequent expenditure on property, plant and equipment is capitalised when it enhances or improves the condition of the item of property, plant and equipment beyond its original assessed standard of performance. Maintenance expenditure is expensed as incurred. Depreciation Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment using the straight-line method by reference to their estimated useful lives as follows: Buildings 50 years Plant and equipment 3 to 12 years Motor vehicles 4 years Computers 3 years Depreciation is not provided for on freehold land. An item of property, plant and equipment is derecognised upon disposal (ie at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted where appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "Depreciation Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment using the straight-line method by reference to their estimated useful lives as follows: Buildings 50 years Plant and equipment 3 to 12 years Motor vehicles 4 years Computers 3 years Depreciation is not provided for on freehold land. An item of property, plant and equipment is derecognised upon disposal (ie at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted where appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets (less than \u00a33,000). The Group recognises lease liabilities to make payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (ie the date the underlying asset is available for use). Right-of- use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right- of-use assets are depreciated on a straight-line basis over the shorter of the lease term and estimated useful lives as follows: Land and buildings 3 to 15 years Plant and equipment 2 to 8 years Motor vehicles 3 to 5 years Right-of-use assets are tested for impairment in accordance with IAS 36 \u2018Impairment of Assets\u2019. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate applied to each lease is determined by taking into account the risk-free rate of the country where the asset under lease is located, matched to the term of the lease and adjusted for factors such as the credit risk profile of the lessee. Incremental borrowing rates applied to individual leases range from 1.07% to 16.78%. After the commencement date, the amount of lease liabilities is increased to reflect the addition of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (eg changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings. Refer to note 26 for details. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of plant, machinery and vehicles (ie those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low asset value (below \u00a33,000). Lease payments on short- term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the fair value at the acquisition date. Acquisition-related costs are expensed as incurred and included in administrative expenses. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of cost of an acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired, including assets identified as intangibles on acquisition, is recorded as goodwill. The results of subsidiaries which have been disposed are included up to the effective date of disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the fair value at the acquisition date. Acquisition-related costs are expensed as incurred and included in administrative expenses. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of cost of an acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired, including assets identified as intangibles on acquisition, is recorded as goodwill. The results of subsidiaries which have been disposed are included up to the effective date of disposal. Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually and whenever there is an indication that the goodwill may be impaired in accordance with IAS 36, any impairment losses are recognised immediately in the income statement. Goodwill arising prior to 1 January 1998 was taken directly to equity in the year in which it arose. Such goodwill has not been reinstated on the balance sheet. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-646": {
"value": "Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually and whenever there is an indication that the goodwill may be impaired in accordance with IAS 36, any impairment losses are recognised immediately in the income statement. Goodwill arising prior to 1 January 1998 was taken directly to equity in the year in which it arose. Such goodwill has not been reinstated on the balance sheet. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually and whenever there is an indication that the goodwill may be impaired in accordance with IAS 36, any impairment losses are recognised immediately in the income statement. Goodwill arising prior to 1 January 1998 was taken directly to equity in the year in which it arose. Such goodwill has not been reinstated on the balance sheet. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. Other intangible assets Intangible assets, other than goodwill, include purchased licences, software (including internally generated software), customer relationships, customer contracts and trade names. Intangible assets are capitalised at cost and amortised on a straight-line basis over their useful economic lives from the date that they are available for use and are stated at cost less accumulated amortisation and impairment losses. The estimated useful economic lives are as follows: Licences 1 to 4 years Software 3 to 7 years Patents 2 to 7 years Customer relationships 5 to 7 years Customer contracts 1 to 2 years Trade names 5 to 7 years Software-as-a-service arrangements The Group\u2019s current SaaS arrangements are arrangements in which the Group does not control the underlying software used in the arrangement. Software development costs incurred to configure or customise application software provided under a cloud computing arrangement and associated fees are recognised as operating expenses as and when the services are received where the costs represent a distinct service provided to the Group. When such costs incurred do not provide a distinct service, the costs are recognised as expenses over the duration of the SaaS contract. The Group capitalises other software costs when the requirements of IAS 38 \u2018Intangible Assets\u2019 are satisfied, including configuration and customisation costs which are distinct and within the control of the Group. Such software costs are capitalised and carried at cost less any accumulated amortisation and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used. Amortisation commences when the development is complete and the asset is available for use and is included in the operating costs item of the consolidated income statement. The amortisation is reviewed at least at the end of each reporting period and any changes are treated as changes in accounting estimates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "Other intangible assets Intangible assets, other than goodwill, include purchased licences, software (including internally generated software), customer relationships, customer contracts and trade names. Intangible assets are capitalised at cost and amortised on a straight-line basis over their useful economic lives from the date that they are available for use and are stated at cost less accumulated amortisation and impairment losses. The estimated useful economic lives are as follows: Licences 1 to 4 years Software 3 to 7 years Patents 2 to 7 years Customer relationships 5 to 7 years Customer contracts 1 to 2 years Trade names 5 to 7 years Software-as-a-service arrangements The Group\u2019s current SaaS arrangements are arrangements in which the Group does not control the underlying software used in the arrangement. Software development costs incurred to configure or customise application software provided under a cloud computing arrangement and associated fees are recognised as operating expenses as and when the services are received where the costs represent a distinct service provided to the Group. When such costs incurred do not provide a distinct service, the costs are recognised as expenses over the duration of the SaaS contract. The Group capitalises other software costs when the requirements of IAS 38 \u2018Intangible Assets\u2019 are satisfied, including configuration and customisation costs which are distinct and within the control of the Group. Such software costs are capitalised and carried at cost less any accumulated amortisation and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used. Amortisation commences when the development is complete and the asset is available for use and is included in the operating costs item of the consolidated income statement. The amortisation is reviewed at least at the end of each reporting period and any changes are treated as changes in accounting estimates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "Impairment of assets excluding goodwill The carrying values of property, plant and equipment, right-of-use assets and other intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value may be impaired. If any such indication exists, the recoverable amount, being the lower of their carrying amount and fair value less costs to sell, of the asset is estimated in order to determine the extent of impairment loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "Capital work in progress Capital work in progress represents expenditure on property, plant and equipment in the course of construction. Transfers are made to other property, plant and equipment categories when the assets are available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "Inventories Inventories are measured at the lower of cost and estimated net realisable value with allowance made for obsolete or slow-moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Write-downs to net realisable value are made for slow-moving, damaged or obsolete items based on evaluations made at the local level by reference to frequency of stock turnover or specific factors affecting the items concerned. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "Assets held for sale Assets are classified as held for sale if their carrying amount will be recovered by sale rather than by continuing use in the business. Assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell, with reference to comparable market transactions. Assets that are classified as held for sale are not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. The principal financial assets and liabilities of the Group are as follows: (a) Trade receivables and trade payables Trade receivables are initially recorded at fair value and subsequently measured at cost and reduced by allowances for estimated irrecoverable amounts. Trade receivables and contract assets are stated net of expected credit losses (ECLs). At each reporting date, the Group evaluates the estimated recoverability of trade receivables and contract assets and records allowances for ECLs based on experience. The Group applies the simplified approach to measurement of ECLs in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivable. Immediately after an individual trade receivable or contract asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between the carrying amount of the receivable and the present value of estimated future cash flows. Customer specific factors are considered when identifying impairments, which can include the geographic location and credit rating of a customer. Where there are no specific concerns over recovery, other than the increasing age of a trade receivable or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates are based on days past due. The provision matrix used reflects estimates based on past experience, current economic factors and consideration of forward looking estimates of economic conditions. Generally, trade receivables are written-off completely if past due for more than 180 days. Default is defined as the point where there is no further legal address available for the Group to recover the receivable amount. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in note 20. Trade payables that are not interest bearing are initially recognised at fair value and carried at amortised cost. (b) Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short-term deposits with a maturity of three months or less. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. Bank overdrafts are included within financial liabilities in current liabilities in the balance sheet. (c) Bank and other borrowings Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Subsequent to initial recognition, borrowings are stated at amortised cost, where applicable. Bank or other borrowings are derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated income statement. Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, ie to realise the assets and settle the liabilities simultaneously. (d) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to manage interest rate risk and to hedge fluctuations in foreign currencies in accordance with its risk management policy. In cases where these derivative instruments are significant, hedge accounting is applied as described below. The Group does not use derivative financial instruments for speculative purposes. Derivatives are initially recognised in the balance sheet at fair value on the date the derivative contract is entered into and are subsequently remeasured at reporting periods to their fair values. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Changes in the fair value of the effective portion of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (OCI). Changes in the fair value of the ineffective portion of cash flow hedges are recognised in the income statement. Amounts originally recognised in OCI are transferred to the income statement when the underlying transaction occurs or if the transaction results in the recognition of a non-financial asset or liability, the amount accumulated in equity is included in the initial cost or carrying amount of the hedged asset or liability. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in OCI is retained in equity until the hedged transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in OCI is transferred to the income statement in the period. For the purpose of hedge accounting, hedges are classified as: \u2022 Cash flow hedges when hedging the exposure or variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable transaction. \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-647": {
"value": "(a) Trade receivables and trade payables Trade receivables are initially recorded at fair value and subsequently measured at cost and reduced by allowances for estimated irrecoverable amounts. Trade receivables and contract assets are stated net of expected credit losses (ECLs). At each reporting date, the Group evaluates the estimated recoverability of trade receivables and contract assets and records allowances for ECLs based on experience. The Group applies the simplified approach to measurement of ECLs in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivable. Immediately after an individual trade receivable or contract asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between the carrying amount of the receivable and the present value of estimated future cash flows. Customer specific factors are considered when identifying impairments, which can include the geographic location and credit rating of a customer. Where there are no specific concerns over recovery, other than the increasing age of a trade receivable or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates are based on days past due. The provision matrix used reflects estimates based on past experience, current economic factors and consideration of forward looking estimates of economic conditions. Generally, trade receivables are written-off completely if past due for more than 180 days. Default is defined as the point where there is no further legal address available for the Group to recover the receivable amount. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in note 20. Trade payables that are not interest bearing are initially recognised at fair value and carried at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "(a) Trade receivables and trade payables Trade receivables are initially recorded at fair value and subsequently measured at cost and reduced by allowances for estimated irrecoverable amounts. Trade receivables and contract assets are stated net of expected credit losses (ECLs). At each reporting date, the Group evaluates the estimated recoverability of trade receivables and contract assets and records allowances for ECLs based on experience. The Group applies the simplified approach to measurement of ECLs in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivable. Immediately after an individual trade receivable or contract asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between the carrying amount of the receivable and the present value of estimated future cash flows. Customer specific factors are considered when identifying impairments, which can include the geographic location and credit rating of a customer. Where there are no specific concerns over recovery, other than the increasing age of a trade receivable or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates are based on days past due. The provision matrix used reflects estimates based on past experience, current economic factors and consideration of forward looking estimates of economic conditions. Generally, trade receivables are written-off completely if past due for more than 180 days. Default is defined as the point where there is no further legal address available for the Group to recover the receivable amount. The information about the ECLs on the Group\u2019s trade receivables and contract assets is disclosed in note 20. Trade payables that are not interest bearing are initially recognised at fair value and carried at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "(b) Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short-term deposits with a maturity of three months or less. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. Bank overdrafts are included within financial liabilities in current liabilities in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "(c) Bank and other borrowings Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Subsequent to initial recognition, borrowings are stated at amortised cost, where applicable. Bank or other borrowings are derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated income statement. Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, ie to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "(d) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to manage interest rate risk and to hedge fluctuations in foreign currencies in accordance with its risk management policy. In cases where these derivative instruments are significant, hedge accounting is applied as described below. The Group does not use derivative financial instruments for speculative purposes. Derivatives are initially recognised in the balance sheet at fair value on the date the derivative contract is entered into and are subsequently remeasured at reporting periods to their fair values. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Changes in the fair value of the effective portion of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (OCI). Changes in the fair value of the ineffective portion of cash flow hedges are recognised in the income statement. Amounts originally recognised in OCI are transferred to the income statement when the underlying transaction occurs or if the transaction results in the recognition of a non-financial asset or liability, the amount accumulated in equity is included in the initial cost or carrying amount of the hedged asset or liability. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in OCI is retained in equity until the hedged transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in OCI is transferred to the income statement in the period. For the purpose of hedge accounting, hedges are classified as: \u2022 Cash flow hedges when hedging the exposure or variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable transaction. \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "Provisions Provisions have been made for employee-related liabilities, restructuring commitments, onerous contracts, insured liabilities and legal claims, and other property-related commitments. These are recognised as management\u2019s best estimate of the expenditure required to settle the Group\u2019s liability at the reporting date. A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and where it is probable that an outflow will be required to settle the obligation and the amount of the obligation can be estimated reliably. If the effect is material, expected future cash flows are discounted using a current pre- tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to unwinding the discount is recognised as a finance cost. Details of provisions are set out in note 24. Provisions for insured liabilities and legal claims include the full estimated value of the liability. Any related insurance reimbursement asset that is virtually certain to be received is separately presented gross within trade and other receivables or other non-current assets on the consolidated balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-578": {
"value": "Contingent liabilities Contingent liabilities are possible obligations of the Group of which the timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised in the consolidated balance sheet, unless they are assumed by the Group as part of a business combination. They are however disclosed, unless they are considered to be remote. If a contingent liability becomes probable and the amount can be reliably measured it is no longer treated as contingent and recognised as a liability on the balance sheet. Contingent assets Contingent assets are possible assets of the Group of which the timing and amount are subject to significant uncertainty. Contingent assets are not recognised in the consolidated balance sheet. They are however disclosed, when they are considered to be probable. A contingent asset is recognised in the financial statements when the inflow of economic benefits is virtually certain. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-579": {
"value": "Share-based payments The Group operates a number of equity-settled executive and employee share plans. For all grants of share options and awards, the fair value of the employee services received in exchange for the grant of share options is recognised as an expense, calculated using appropriate option pricing models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions, with a corresponding increase in retained earnings. The charge is adjusted to reflect expected actual levels of options vesting due to non-market conditions. Shares purchased and held in trust in connection with the Group\u2019s share schemes are deducted from retained earnings. No gain or loss is recognised within the income statement on the market value of these shares compared with the original cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "Segmental reporting During the year the Group comprised three geographical divisions which have only one major product or service: specialist geotechnical services. North America; Europe; and Asia-Pacific, Middle East and Africa continue to be managed as separate geographical divisions. This is reflected in the Group\u2019s management structure and in the segment information reviewed by the Chief Operating Decision Maker. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-581": {
"value": "Dividends Interim dividends are recorded in the Group\u2019s consolidated financial statements when paid. Final dividends are recorded in the Group\u2019s consolidated financial statements in the period in which they receive shareholder approval. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-582": {
"value": "Non-underlying items Non-underlying items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. They are items which are exceptional by their size and/or are non-trading in nature, including amortisation of acquired intangibles, goodwill impairment, restructuring costs and other non-trading amounts, including those relating to acquisitions and disposals. Tax arising on these items, including movement in deferred tax assets arising from non-underlying provisions, is also classified as a non-underlying item. ",
"dimensions": {
"concept": "kellergroupplc:DescriptionOfAccountingPolicyForNonUnderlyingItems",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-583": {
"value": "Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies, reported amounts of assets and liabilities, revenue and expenses and the accompanying disclosures, and the disclosure of contingent liabilities. The estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Actual results may also differ from these estimates. The estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that and prior periods, or in the period of the revision and future periods if the revision affects both current and future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Construction contracts The Group\u2019s approach to key estimates and judgements relating to construction contracts is set out in the revenue recognition policy. In the Group consolidated balance sheet this impacts contract assets, contract liabilities and contract provisions (refer to notes 5 and 24). As described in the policy the default revenue recognition approach is the output method. When revenue is recognised based on the output method, there is little judgement involved in accounting for construction contracts as the amount of revenue that has not been certified/accepted by the client is typically small and is usually based on volumes achieved at agreed rates. These contracts can still be subject to claims and variations resulting in an adjustment to the revenue recognised. When revenue is recognised based on the input (cost) method, the main factors considered when making estimates and judgements include the cost of the work required to complete the contract in order to estimate the percentage completion, and the outcome of claims raised against the Group by customers or third parties. The Group performed around 6,000 contracts during 2022, at an average revenue of approximately \u00a3500,000 and a typical range of between \u00a325,000 and \u00a310m in value. The majority of contracts were completed in the year and therefore there are no estimates involved in accounting for these. For contracts that are not complete at year end, the Group estimates the total costs to complete in order to measure progress and therefore how much revenue to recognise, which may impact the contract asset or liability recorded in the balance sheet. Contract assets are \u00a3105.3m and contract liabilities are \u00a385.6m at 31 December 2022. The actual total costs incurred on these contracts will differ from the estimate at 31 December and it is reasonably possible that outcomes on these contracts within the next year could be materially different in aggregate to those estimated. However, due to the level of uncertainty and timing across a large portfolio of contracts, which will be at different stages of their contract life, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. The estimated costs to complete are management\u2019s best estimate at this point in time and no individual estimate or judgement is expected to have a materially different outcome. In the case of loss-making contracts, a full provision is made based on the estimated unavoidable costs of meeting the obligations of the contract, where these exceed the economic benefits expected to be received. The process for estimating the total cost to complete is the same as for in progress profitable contracts, and will include management\u2019s best estimate of all labour, equipment and materials costs required to complete the contracted work. All cost to complete estimates involve judgement over the likely future cost of labour, equipment and materials and the impact of inflation is included if material. The amount included within provisions in respect of contract provisions is \u00a337.8m (2021: \u00a341.9m). As stated in the revenue recognition accounting policy, variable consideration is assessed on a contract-by-contract basis, according to the terms, facts and circumstances of the project. Variable consideration is recognised only to the extent that it is highly probable that there will not be a significant reversal; management judgement is required in order to determine when variable consideration is highly probable. Uncertainty over whether a project will be completed or not can mean that it is appropriate to treat the contracted revenue as variable consideration. The restatement of the prior period financial statements for the impact of the financing reporting fraud at Austral has involved the use of estimates. Primarily this has been in calculating the correct accrued cost inputs at a project level and therefore the relevant revenue to be recognised on a percentage of completion basis. The estimated costs to complete included in the restatement of the 31 December 2020 and 2021 balance sheets are management\u2019s best estimate and no individual estimate or judgement would result in a materially different outcome. Non-underlying items Non-underlying items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. They are items which are exceptional by their size and/or are non-trading in nature, including amortisation of acquired intangibles, goodwill impairment, restructuring costs and other non-trading amounts, including those relating to acquisitions and disposals. Tax arising on these items, including movement in deferred tax assets arising from non-underlying provisions, is also classified as a non- underlying item. The Group exercises judgement in assessing whether restructuring items should be classified as non-underlying. This assessment covers the nature of the item, cause of the occurrence and scale of impact of that item on the reported performance. Typically, management will categorise restructuring costs incurred to exit a specific geography as non- underlying, in addition restructuring programmes which are incremental to normal operations undertaken to add value to the business are included in non-underlying items. The value of exceptional restructuring costs in 2022 (\u00a35.3m) is lower than in 2021 (\u00a37.3m). Carrying value of goodwill The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy set out above. Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value-in-use. The fair value less costs of disposal calculation is based on available market data for transactions conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The Group estimates the recoverable amount based on value-in-use calculations. The value-in-use calculation is based on a discounted cash flow (DCF) model. The cash flows are derived from the relevant budget and forecasts for the next three years, including a terminal value assumption. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash inflows, growth rates and maintainable earnings assumed within the calculation. Refer to note 15 for further information. Deferred tax assets Deferred tax assets are recognised for unused tax losses and other timing differences to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits (based on the same Board-approved information to support the going concern and goodwill impairment assessments). The Group uses judgement in assessing the recoverability of deferred tax assets, for which the significant assumption is forecast taxable profits. A 10% shortfall in expected profits would have a proportional impact on the value of the deferred tax assets recoverable Refer to note 12 for further information. The restatement of the prior period financial statements for the impact of the financing reporting fraud at Austral has involved the use of estimates in determining the amount of deferred tax assets that should be recognised on the restated balance sheets as at 31 December 2020 and 2021. The restatement impact was to reduce the deferred tax assets by \u00a32.0m at 31 December 2020 and by \u00a34.2m at 31 December 2021. This is the maximum impact, an increase in the forecast taxable profit of 10% would not have a material impact on the value of these adjustments. Insurance and legal provisions The recognition of provisions for insurance and legal disputes is subject to a significant degree of estimation. In making its estimates, management seek specialist input from legal advisers and the Group\u2019s insurance claims handler to estimate the most likely legal outcome. Provisions are reviewed regularly and amounts updated where necessary to reflect developments in the disputes. The ultimate liability may differ from the amount provided depending on the outcome of court proceedings and settlement negotiations or if investigations bring to light new facts. Refer to note 24 for further information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-584": {
"value": "3 Prior year correction of errors arising from the fraud at Austral and business combination measurement period adjustments as at 31 December 2021 As set out in the basis of preparation, following an internal management operational review at the Austral business in Australia, the Group has identified a historical overstatement of revenue and profit relating to the years ended 31 December 2021, 31 December 2020 and 31 December 2019 due to a financial reporting fraud. The errors have been corrected by restating each of the affected financial statement line items for the prior periods. In addition, the results and financial position for the year to 31 December 2021 have been restated to reflect the final purchase price allocation adjustments in respect of 2021 business combinations. The impact of the measurement period adjustments has been applied retrospectively, in accordance with IFRS 3 Business Combinations. Further detail is included in note 6. The following tables summarise the impacts on the Group\u2019s financial statements. Restatement of consolidated income statement for the year ended 31 December 2021 (statutory results) 2021 Statutory (as presented) \u00a3m Impact of prior period error \u00a3m Impact of measurement period adjustments \u00a3m 2021 Statutory (as restated) \u00a3m Revenue 2,224.4 (1.9) \u2013 2,222.5 Operating costs (2,141.6) (2.4) \u2013 (2,144.0) Amortisation of acquired intangible assets (2.8) \u2013 0.2 (2.6) Other operating income 0.7 \u2013 \u2013 0.7 Share of post-tax results of joint ventures (0.2) \u2013 \u2013 (0.2) Operating profit/(loss) 80.5 (4.3) 0.2 76.4 Finance income 0.4 \u2013 \u2013 0.4 Finance costs (9.3) \u2013 \u2013 (9.3) Profit/(loss) before taxation 71.6 (4.3) 0.2 67.5 Taxation (9.5) (2.4) \u2013 (11.9) Profit/(loss) for the year 62.1 (6.7) 0.2 55.6 Attributable to: Equity holders of the parent 63.0 (6.7) 0.2 56.5 Non-controlling interests (0.9) \u2013 \u2013 (0.9) 62.1 (6.7) 0.2 55.6 Earnings per share Basic 87.1p (9.3p) 0.3p 78.1p Diluted 86.1p (9.2p) 0.3p 77.2p Restatement of consolidated income statement for the year ended 31 December 2021 (underlying results) 2021 Underlying (as presented) \u00a3m Impact of prior period error \u00a3m Impact of measurement period adjustments \u00a3m 2021 Underlying (as restated) \u00a3m Revenue 2,224.4 (1.9) \u2013 2,222.5 Operating costs (2,132.0) (2.4) \u2013 (2,134.4) Share of post-tax results of joint ventures 0.4 \u2013 \u2013 0.4 Operating profit/(loss) 92.8 (4.3) \u2013 88.5 Finance income 0.4 \u2013 \u2013 0.4 Finance costs (9.3) \u2013 \u2013 (9.3) Profit/(loss) before taxation 83.9 (4.3) \u2013 79.6 Taxation (20.1) 1.2 \u2013 (18.9) Profit/(loss) for the year 63.8 (3.1) \u2013 60.7 Attributable to: Equity holders of the parent 64.7 (3.1) \u2013 61.6 Non-controlling interests (0.9) \u2013 \u2013 (0.9) 63.8 (3.1) \u2013 60.7 Earnings per share Basic 89.5p (4.3p) \u2013 85.2p Diluted 88.4p (4.2p) \u2013 84.2p The impact of the restatement of deferred tax in respect of the Austral accounting error is split between underlying and non-underlying as it comprises the reversal of a \u00a31.2m underlying deferred tax charge and a \u00a33.6m non-underlying deferred tax credit originally recognised in 2021. The restatement results in a net \u00a32.4m increase in the Group\u2019s statutory tax charge for 2021. Restatement of consolidated statement of comprehensive income for the year ended 31 December 2021 2021 (as presented) \u00a3m Impact of prior period error \u00a3m Impact of measurement period adjustments \u00a3m 2021 (as restated) \u00a3m Profit for the year 62.1 (6.7) 0.2 55.6 Other comprehensive income Items that may be reclassified subsequently to profit or loss: Exchange movements on translation of foreign operations (4.3) 0.5 \u2013 (3.8) Transfer of translation reserve on disposal of subsidiaries (0.4) \u2013 \u2013 (0.4) Items that will not be reclassified subsequently to profit or loss: Remeasurements of defined benefit pension schemes 1.2 \u2013 \u2013 1.2 Tax on remeasurements of defined benefit pension schemes (0.2) \u2013 \u2013 (0.2) Other comprehensive loss for the year, net of tax (3.7) 0.5 \u2013 (3.2) Total comprehensive income for the year 58.4 (6.2) 0.2 52.4 Attributable to: Equity holders of the parent 59.3 (6.2) 0.2 53.3 Non-controlling interests (0.9) \u2013 \u2013 (0.9) 58.4 (6.2) 0.2 52.4 3 Prior year correction of errors arising from the fraud at Austral and business combination measurement period adjustments as at 31 December 2021 continued Restatement of consolidated balance sheet at 1 January 2021 At 1 January 2021 (as presented) \u00a3m Impact of prior period error \u00a3m At 1 January 2021 (as restated) \u00a3m Assets Non-current assets Goodwill and intangible assets 118.8 \u2013 118.8 Property, plant and equipment 434.9 \u2013 434.9 Investments in joint ventures 4.4 \u2013 4.4 Deferred tax assets 10.3 (2.0) 8.3 Other assets 60.3 \u2013 60.3 628.7 (2.0) 626.7 Current assets Inventories 60.1 \u2013 60.1 Trade and other receivables 501.9 (6.5) 495.4 Current tax assets 2.1 \u2013 2.1 Cash and cash equivalents 66.3 \u2013 66.3 Assets held for sale 8.7 \u2013 8.7 639.1 (6.5) 632.6 Total assets 1, 267.8 (8.5) 1,259.3 Liabilities Current liabilities Loans and borrowings (67.0) \u2013 (67.0) Current tax liabilities (17.1) \u2013 (17.1) Trade and other payables (381.7) (0.2) (381.9) Provisions (54.4) \u2013 (54.4) (520.2) (0.2) (520.4) Non-current liabilities Loans and borrowings (191.8) \u2013 (191.8) Retirement benefit liabilities (31.1) \u2013 (31.1) Deferred tax liabilities (21.3) \u2013 (21.3) Provisions (71.4) \u2013 (71.4) Other liabilities (22.0) \u2013 (22.0) (337.6) \u2013 (337.6) Total liabilities (857.8) (0.2) (858.0) Net assets 410.0 (8.7) 401.3 Equity Share capital 7.3 \u2013 7.3 Share premium account 38.1 \u2013 38.1 Capital redemption reserve 7.6 \u2013 7.6 Translation reserve 16.3 \u2013 16.3 Other reserve 56.9 \u2013 56.9 Retained earnings 280.1 (8.7) 271.4 Equity attributable to equity holders of the parent 406.3 (8.7) 397.6 Non-controlling interests 3.7 \u2013 3.7 Total equity 410.0 (8.7) 401.3 Restatement of consolidated balance sheet at 31 December 2021 At 31 December 2021 (as presented) \u00a3m Impact of prior period error \u00a3m Impact of measurement period adjustments \u00a3m At 31 December 2021 (as restated) \u00a3m Assets Non-current assets Goodwill and intangible assets 141.5 \u2013 (2.0) 139.5 Property, plant and equipment 443.4 \u2013 \u2013 443.4 Investments in joint ventures 4.0 \u2013 \u2013 4.0 Deferred tax assets 13.0 (4.2) \u2013 8.8 Other assets 88.5 \u2013 \u2013 88.5 690.4 (4.2) (2.0) 684.2 Current assets Inventories 72.1 \u2013 \u2013 72.1 Trade and other receivables 592.0 (8.4) 1.9 585.5 Current tax assets 8.9 \u2013 \u2013 8.9 Cash and cash equivalents 82.7 \u2013 \u2013 82.7 Assets held for sale 3.4 \u2013 \u2013 3.4 759.1 (8.4) 1.9 752.6 Total assets 1,449.5 (12.6) (0.1) 1,436.8 Liabilities Current liabilities Loans and borrowings (29.8) \u2013 \u2013 (29.8) Current tax liabilities (17.9) \u2013 \u2013 (17.9) Trade and other payables (505.7) (2.3) \u2013 (508.0) Provisions (53.8) \u2013 \u2013 (53.8) (607.2) (2.3) \u2013 (609.5) Non-current liabilities Loans and borrowings (246.2) \u2013 \u2013 (246.2) Retirement benefit liabilities (25.7) \u2013 \u2013 (25.7) Deferred tax liabilities (28.6) \u2013 0.3 (28.3) Provisions (77.9) \u2013 \u2013 (77.9) Other liabilities (21.2) \u2013 \u2013 (21.2) (399.6) \u2013 0.3 (399.3) Total liabilities (1,006.8) (2.3) 0.3 (1,008.8) Net assets 442.7 (14.9) 0.2 428.0 Equity Share capital 7.3 \u2013 \u2013 7.3 Share premium account 38.1 \u2013 \u2013 38.1 Capital redemption reserve 7.6 \u2013 \u2013 7.6 Translation reserve 11.6 0.5 \u2013 12.1 Other reserve 56.9 \u2013 \u2013 56.9 Retained earnings 318.4 (15.4) 0.2 303.2 Equity attributable to equity holders of the parent 439.9 (14.9) 0.2 425.2 Non-controlling interests 2.8 \u2013 \u2013 2.8 Total equity 442.7 (14.9) 0.2 428.0 3 Prior year correction of errors arising from the fraud at Austral and business combination measurement period adjustments as at 31 December 2021 continued Restatement of consolidated cash flow statement for the year ended 31 December 2021 2021 (as presented) \u00a3m Impact of prior period error \u00a3m Impact of measurement period adjustments \u00a3m Presentation reclassification for proceeds from assets held for sale1 \u00a3m 2021 (as restated) \u00a3m Cash flows from operating activities Profit before taxation 71.6 (4.3) 0.2 \u2013 67.5 Non-underlying items 12.3 \u2013 (0.2) \u2013 12.1 Finance income (0.4) \u2013 \u2013 \u2013 (0.4) Finance costs 9.3 \u2013 \u2013 \u2013 9.3 Underlying operating profit 92.8 (4.3) \u2013 \u2013 88.5 Depreciation of property, plant and equipment 90.6 \u2013 \u2013 \u2013 90.6 Amortisation of intangible assets 0.6 \u2013 \u2013 \u2013 0.6 Share of underlying post-tax results of joint ventures (0.4) \u2013 \u2013 \u2013 (0.4) Profit on sale of property, plant and equipment (1.8) \u2013 \u2013 \u2013 (1.8) Other non-cash movements 8.3 \u2013 \u2013 \u2013 8.3 Foreign exchange losses 0.1 \u2013 \u2013 \u2013 0.1 Operating cash flows before movements in working capital and other underlying items 190.2 (4.3) \u2013 \u2013 185.9 (Increase)/decrease in inventories (18.3) \u2013 \u2013 \u2013 (18.3) (Increase)/decrease in trade and other receivables (104.4) 1.9 \u2013 \u2013 (102.5) Increase/(decrease) in trade and other payables 119.0 2.4 \u2013 \u2013 121.4 (Decrease)/increase in provisions, retirement benefit and other non-current liabilities (7.8) \u2013 \u2013 \u2013 (7.8) Cash generated from operations before non-underlying items 178.7 \u2013 \u2013 \u2013 178.7 Cash inflows from non-underlying items (2.0) \u2013 \u2013 (2.4) (4.4) Cash generated from operations 176.7 \u2013 \u2013 (2.4) 174.3 Interest paid (2.0) \u2013 \u2013 \u2013 (2.0) Interest element of lease rental payments (3.1) \u2013 \u2013 \u2013 (3.1) Income tax paid (15.9) \u2013 \u2013 \u2013 (15.9) Net cash inflow from operating activities 155.7 \u2013 \u2013 (2.4) 153.3 Net cash outflow from investing activities (97.0) \u2013 \u2013 2.4 (94.6) Net cash outflow from financing activities (37.6) \u2013 \u2013 \u2013 (37.6) Net increase/(decrease) in cash and cash equivalents 21.1 \u2013 \u2013 \u2013 21.1 Cash and cash equivalents at beginning of year 61.6 \u2013 \u2013 \u2013 61.6 Effect of exchange rate movements (0.9) \u2013 \u2013 \u2013 (0.9) Cash and cash equivalents at end of year 81.8 \u2013 \u2013 \u2013 81.8 1 The consolidated cash flow statement has also been restated to reclassify cash flows arising from the disposal of assets held for sale. These proceeds were previously disclosed as cash inflows from non-underlying items and have now been classified within proceeds from disposal of property, plant and equipment within net cash outflow from investing activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-585": {
"value": "4 Segmental analysis During the year the Group was managed as three geographical divisions and has only one major product or service: specialist geotechnical services. This is reflected in the Group\u2019s management structure and in the segment information reviewed by the Chief Operating Decision Maker. 2022 2021 (Restated) 4 Revenue \u00a3m Operating profit \u00a3m Revenue \u00a3m Operating profit \u00a3m North America 1,896.1 82.0 1,323.1 73.0 Europe 649.3 29.1 549.2 24.3 Asia-Pacific, Middle East and Africa 399.2 6.6 350.2 (0.9) 2,944.6 117.7 2,222.5 96.4 Central items \u2013 (9.1) \u2013 (7.9) Underlying 2,944.6 108.6 2,222.5 88.5 Non-underlying items (note 9) \u2013 (40.8) \u2013 (12.1) 2,944.6 67.8 2,222.5 76.4 2022 Segment assets \u00a3m Segment liabilities \u00a3m Capital employed \u00a3m Capital additions \u00a3m Depreciation 2 and amortisation \u00a3m Tangible3 and intangible assets \u00a3m North America 1,016.3 (349.1) 667.2 33.8 54.6 352.5 Europe 338.2 (208.0) 130.2 23.2 27. 8 158.9 Asia-Pacific, Middle East and Africa 251.1 (163.4) 87.7 24.7 13.7 109.6 1,605.6 (720.5) 885.1 81.7 96.1 621.0 Central items1 96.3 (484.6) (388.3) \u2013 0.9 2.7 1,701.9 (1,205.1) 496.8 81.7 97.0 623.7 20214 Segment assets \u00a3m Segment liabilities \u00a3m Capital employed \u00a3m Capital additions \u00a3m Depreciation 2 and amortisation \u00a3m Tangible3 and intangible assets \u00a3m North America 826.9 (349.6) 477.3 36.4 46.1 332.7 Europe 273.9 (184.7) 89.2 23.8 25.0 143.7 Asia-Pacific, Middle East and Africa 209.6 (102.2) 107.4 24.2 19.5 103.5 1,310.4 (636.5) 673.9 84.4 90.6 579.9 Central items1 126.4 (372.3) (245.9) \u2013 0.6 3.0 1,436.8 (1,008.8) 428.0 84.4 91.2 582.9 1 Central items include net debt and tax balances, which are managed by the Group. 2 Depreciation and amortisation excludes amortisation of acquired intangible assets. 3 Tangible and intangible assets comprise goodwill, intangible assets and property, plant and equipment. 4 The 31 December 2021 consolidated income statement and balance sheet has been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 4 Segmental analysis continued Revenue analysed by country: 2022 \u00a3m 2021 (Restated)1 \u00a3m United States 1,758.0 1,197.6 Australia 228.4 200.5 Canada 137.9 125.1 United Kingdom 127.4 100.4 Germany 115.9 110.0 Other 577.0 488.9 2,944.6 2,222.5 1 The 31 December 2021 consolidated revenue has been restated in respect of the correction of prior period errors arising from the fraud at Austral, as outlined in note 3 to the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-586": {
"value": "5 Revenue The Group\u2019s revenue is derived from contracts with customers. In the following table, revenue is disaggregated by primary geographical market, being the Group\u2019s operating segments (see note 4) and timing of revenue recognition: Year ended 31 December 2022 Year ended 31 December 2021 (Restated)1 Revenue recognised on performance obligations satisfied over time \u00a3m Revenue recognised on performance obligations satisfied at a point in time \u00a3m Total revenue \u00a3m Revenue recognised on performance obligations satisfied over time \u00a3m Revenue recognised on performance obligations satisfied at a point in time \u00a3m Total revenue \u00a3m North America 1,434.7 461.4 1,896.1 1,005.0 318.1 1,323.1 Europe 649.3 \u2013 649.3 549.2 \u2013 549.2 Asia-Pacific, Middle East and Africa 399.2 \u2013 399.2 350.2 \u2013 350.2 2,483.2 461.4 2,944.6 1,904.4 318.1 2,222.5 1 The 31 December 2021 consolidated revenue has been restated in respect of the correction of prior period errors arising from the fraud at Austral, as outlined in note 3 to the consolidated financial statements. The final contract value will not always have been agreed at the year end. The contract value, and therefore revenue allocated to a performance obligation, may change subsequent to the year end as variations and claims are agreed with the customer. The amount of revenue recognised in 2022 from performance obligations satisfied in previous periods is \u00a315.7m (2021: \u00a328.0m). The Group\u2019s order book comprises the unexecuted elements of orders on contracts that have been awarded. Where a contract is subject to variations, only secured variations are included in the reported order book. As at 31 December 2022, the total order book is \u00a31,407.1m (2021: \u00a31,302.1m). The order book as at 31 December 2021 has been restated in respect of prior period measurement adjustments. The order book for contracts with a total duration over one year is \u00a3384.5m (2021: \u00a3402.0m). Revenue on these contracts is expected to be recognised as follows: 2022 \u00a3m 2021 \u00a3m Less than one year 289.3 279.7 One to two years 87.1 103.7 More than two years 8.1 18.6 384.5 402.0 The following table provides information about trade receivables, contract assets and contract liabilities arising from contracts with customers: 2022 \u00a3m 2021 (Restated)1 \u00a3m Trade receivables 615.4 450.7 Contract assets 105.3 99.2 Contract liabilities (85.6) (46.5) 1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. Trade receivables include invoiced amounts for retentions, which are balances typically payable at the end of a construction project, when all contractual performance obligations have been met, and are therefore received over a longer period of time. Included in the trade receivables balance is \u00a3121.3m (2021: \u00a385.9m) in respect of retentions anticipated to be receivable within one year. Included in non-current other assets is \u00a316.3m (2021: \u00a324.4m) anticipated to be receivable in more than one year. All contract assets and liabilities are current. Significant changes in the contract assets and liabilities during the year are as follows: 2022 2021 (Restated)1 Contract assets \u00a3m Contract liabilities \u00a3m Contract assets \u00a3m Contract liabilities \u00a3m As at 1 January 99.2 (46.5) 64.7 (43.9) Revenue recognised in the current year 911.2 824.2 652.4 516.0 Acquired with businesses 0.6 \u2013 2.0 (0.3) Amounts transferred to trade receivables (914.1) \u2013 (619.5) \u2013 Cash received/invoices raised for performance obligations not yet satisfied \u2013 (858.9) \u2013 (518.3) Exchange movements 8.4 (4.4) (0.4) \u2013 As at 31 December 105.3 (85.6) 99.2 (46.5) 1 The 31 December 2021 consolidated contract asset has been restated in respect of the correction of prior period errors arising from the fraud at Austral as outlined in note 3 to the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-587": {
"value": "6 Acquisitions and disposals Acquisitions Current period GKM Consultants Inc. On 1 May 2022, the Group acquired 100% of the issued share capital of GKM Consultants Inc., an instrumentation and monitoring provider in Quebec, Canada, for an initial cash consideration of \u00a33.3m (CAD$5.3m). In addition, contingent consideration is payable dependent on the cumulative EBITDA in the three-year period post acquisition. At the acquisition date, the fair value of the contingent consideration was \u00a31.2m (CAD$2.0m), based on expected cashflows generated by the business over a three-year period at that point in time. At 31 December 2022, the fair value of the contingent consideration has been revised to \u00a30.9m, with the reduction in the amount payable recognised in the income statement as a non-underlying item. The maximum value of the contingent consideration is \u00a31.2m, the minimum payable would be zero. The fair value of intangible assets acquired represents the fair value of customer contracts at the date of acquisition, customer relationships and the tradename. Goodwill arising on acquisition is attributable to the knowledge and expertise of the assembled workforce, the expectation of future contracts and customer relationships and the operating synergies that arise from the Group\u2019s strengthened market position. The goodwill is not expected to be deductible for tax purposes. In the period to 31 December 2022, the acquisition contributed \u00a36.8m to revenue and a profit before tax of \u00a3nil. Had the acquisition taken place on 1 January 2022, total Group revenue would have been \u00a32,984.0m and statutory profit before tax for the period would have been \u00a364.4m. 6 Acquisitions and disposals continued The identifiable assets and liabilities as at the date of acquisition were: Carrying amount \u00a3m Fair value adjustment \u00a3m Fair value \u00a3m Assets Intangible assets \u2013 1.5 1.5 Property, plant and equipment 0.3 \u2013 0.3 Inventories 0.6 \u2013 0.6 Trade and other receivables1 2.8 (0.1) 2.7 Current tax assets 0.1 \u2013 0.1 Cash and cash equivalents 0.2 \u2013 0.2 4.0 1.4 5.4 Liabilities Trade and other payables (1.9) \u2013 (1.9) Deferred tax liabilities (0.1) (0.4) (0.5) (2.0) (0.4) (2.4) Total identifiable net assets 2.0 1.0 3.0 Goodwill 1.6 Total consideration 4.6 Satisfied by: Initial cash consideration 3.3 Contingent consideration 1.2 Purchase price adjustment 0.1 4.6 Acquisition of businesses per the cash flow statement: Initial cash consideration 3.3 Purchase price adjustment paid 0.1 Less cash acquired (0.2) 3.2 1 The fair value of trade receivables amounts to \u00a32.7m. The gross amount of trade receivables before the expected credit loss provision is \u00a32.8m and it is expected that the full contractual amounts can be collected. Nordwest Fundamentering AS On 15 November 2022, the Group acquired 100% of the issued share capital of Nordwest Fundamentering AS, a small specialist geotechnical contractor provider in Norway, for an initial cash consideration of \u00a35.5m (NOK65m). In addition, deferred consideration of \u00a30.5m (NOK6m) is payable. Due to the timing of the acquisition, the review of the fair value of net assets acquired is expected to be completed in H1 2023. The value of assets acquired is therefore provisional and will be finalised within 12 months of the acquisition date. All asset values, other than for cash and cash equivalents, are provisional, including the value of any intangible assets that have been acquired with the business but not yet separated from the goodwill balance. The provisional value of net assets acquired was \u00a31.0m, resulting in a goodwill and other intangibles value of \u00a35.3m. In the period to 31 December 2022, the acquisition contributed \u00a32.0m to revenue and a profit before tax of \u00a3nil. Had the acquisition taken place on 1 January 2022, total Group revenue would have been \u00a32,956.5m and statutory profit before tax for the period would have been \u00a366.2m. The identifiable assets and liabilities as at the date of acquisition were: Carrying amount \u00a3m Fair value adjustment \u00a3m Fair value \u00a3m Assets Property, plant and equipment 0.3 \u2013 0.3 Property, plant and equipment \u2013 right of use asset 2.1 \u2013 2.1 Trade and other receivables 1.5 \u2013 1.5 Cash and cash equivalents 1.1 \u2013 1.1 5.0 \u2013 5.0 Liabilities Trade and other payables (1.5) \u2013 (1.5) Loans and borrowings, including lease liabilities (2.2) \u2013 (2.2) Deferred tax liabilities (0.3) \u2013 (0.3) (4.0) \u2013 (4.0) Total identifiable net assets 1.0 \u2013 1.0 Goodwill 5.3 Total consideration 6.3 Satisfied by: Initial cash consideration 5.5 Deferred consideration 0.5 Purchase price adjustment 0.3 6.3 Acquisition of businesses per the cash flow statement: Initial cash consideration 5.5 Purchase price adjustment paid 0.3 Less cash acquired (1.1) 4.7 Prior year acquisitions On 13 July 2021, the Group acquired 100% of the issued share capital of RECON Services Inc., a geotechnical environmental remediation and industrial services company based in Texas, US. On 29 September 2021, the Group acquired the trade and assets of Subterranean (Manitoba) Ltd., a geotechnical contractor in Canada. On 1 November 2021, the Group acquired the trade and assets of Voges Drilling, a geotechnical foundation company based in Texas, US. Total contingent and deferred consideration in respect of prior year acquisitions of \u00a312.3m was paid during the period, comprising \u00a38.1m in respect of the RECON Services Inc. acquisition in 2021 and \u00a33.8m in respect of the Geo Construction Group (Bencor) acquisition in 2015. These both represent final agreements. Additionally, \u00a30.2m was paid in respect of the Geo Instruments acquisition and \u00a30.2m deferred consideration in respect of the Voges Drilling acquisition. 6 Acquisitions and disposals continued Prior period measurements adjustments Under IFRS 3 \u2018Business Combinations\u2019 there is a measurement period of no longer than 12 months in which to finalise the valuation of the acquired assets and liabilities. During the measurement period, the acquirer retrospectively adjusts the provisional amounts recognised at the acquisition date to reflect any new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognised as of that date. The valuation of the RECON Services Inc. acquired assets and liabilities is now final and the adjustments to the provisional fair values that were made during the measurement period are set out in the table below: Provisional fair value recognised on acquisition \u00a3m Adjustments during measurement period \u00a3m Revised provisional fair value recognised on acquisition \u00a3m Assets Intangible assets1 18.9 (1.4) 17.5 Property, plant and equipment 4.7 \u2013 4.7 Other non-current assets 0.1 \u2013 0.1 Trade and other receivables 20.4 \u2013 20.4 Current tax assets 1.4 \u2013 1.4 Cash and cash equivalents 0.9 \u2013 0.9 46.4 (1.4) 45.0 Liabilities Lease liabilities (1.4) \u2013 (1.4) Trade and other payables (11.2) \u2013 (11.2) Current tax liabilities (1.1) \u2013 (1.1) Deferred tax liabilities 2 (5.1) 0.3 (4.8) Provisions (1.4) \u2013 (1.4) Other non-current assets (0.3) \u2013 (0.3) (20.5) 0.3 (20.2) Total identifiable net assets 25.9 (1.1) 24.8 Goodwill 3.7 1.1 4.8 Total consideration 29.6 \u2013 29.6 Satisfied by: Initial cash consideration 20.2 \u2013 20.2 Initial valuation of contingent consideration 9.5 \u2013 9.5 Purchase price adjustment (0.1) \u2013 (0.1) 29.6 \u2013 29.6 1 The adjustment to intangible assets relates to the revised valuation of the tradename and customer relationships acquired. 2 The adjustment to deferred tax liabilities relates to the updated value of intangible assets. The impact of these adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021 have been restated, as detailed in note 2. The adjustment to intangible assets at acquisition resulted in a lower amortisation charge in the year to 31 December 2021 of \u00a30.2m, resulting in a net adjustment to the net book value of intangible assets of \u00a31.2m as at 31 December 2021. The valuation of the Subterranean (Manitoba) Ltd. and Voges Drilling acquired assets and liabilities is now final and the adjustments to the provisional fair values that were made during the measurement period are set out in the table below: Provisional fair value recognised on acquisition \u00a3m Adjustments during measurement period \u00a3m Revised provisional fair value recognised on acquisition \u00a3m Assets Intangible assets 0.4 \u2013 0.4 Property, plant and equipment 6.1 \u2013 6.1 Trade and other receivables1 2.7 1.9 4.6 9.2 1.9 11.1 Liabilities Trade and other payables (1.3) \u2013 (1.3) (1.3) \u2013 (1.3) Total identifiable net assets 7.9 1.9 9.8 Goodwill 1.9 (1.9) \u2013 Total consideration 9.8 \u2013 9.8 Satisfied by: Initial cash consideration 9.2 \u2013 9.2 Deferred consideration 0.8 \u2013 0.8 Purchase price adjustment (0.2) \u2013 (0.2) 9.8 \u2013 9.8 1 The adjustment to trade and other receivables relates to the revised valuation of fair value of the billed and unbilled receivables acquired with Subterranean in relation to their recoverability. The impact of these adjustments has been applied retrospectively, meaning that the results and financial position for the year to 31 December 2021 have been restated, as detailed in note 3. The adjustments did not result in any impact on the income statement for the year ended 31 December 2021. A summary of the prior period acquisitions after the final measurement period adjustments is set out in the table below: Acquisition Goodwill \u00a3m Acquired intangible assets \u00a3m Acquired deferred tax liabilities \u00a3m Fair value of other identifiable assets and liabilities \u00a3m Consideration paid \u00a3m Cash acquired \u00a3m Non-cash elements \u00a3m Net cash outflow \u00a3m RECON 4.8 17.5 (4.8) 12.1 29.6 0.9 8.0 (20.7) Subterranean and Voges \u2013 0.4 \u2013 9.4 9.8 \u2013 0.6 (9.2) 4.8 17.9 (4.8) 21.5 39.4 0.9 8.6 (29.9) Disposals Current year There were no material disposals during the year to 31 December 2022. Contingent consideration of \u00a30.7m was received in accordance with the terms of the sale and purchase agreement of Wannenwetsch GmbH, which was disposed of in 2020. Prior year In 2021, the Group disposed of its Cyntech Anchors operation in Canada, being 100% of the issued share capital of Keller Cyntech U.S. and Cyntech Anchors Ltd., for a total consideration of \u00a36.0m (CAD$10.2m), consisting of the sale price of \u00a33.1m (CAD$5.3m) and further sale price adjustments in relation to working capital of \u00a32.9m (CAD$4.9m). A non-underlying loss on disposal of \u00a30.2m was recognised. In 2021, the Group completed the disposal of its Colcrete business, being 100% of the issued share capital of Keller Colcrete Limited, for a cash consideration of \u00a30.4m. A non-underlying loss of disposal of \u00a30.4m was recognised in 2020. Contingent consideration of \u00a30.7m in relation to the disposal of Wannenwetsch GmbH was received in 2021 in addition to the initial cash consideration received in 2020. ",
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"fact-588": {
"value": "7 Operating costs Note 2022 \u00a3m 2021 (Restated)1 \u00a3m Raw materials and consumables 1,054.3 711.8 Staff costs 8 699.8 580.7 Other operating charges 764.7 583.2 Amortisation of intangible assets 15 0.5 0.6 Expenses relating to short-term leases and leases of low-value assets 201.7 154.8 Depreciation: Owned property, plant and equipment 16a 71.1 64.1 Right-of-use assets 16b 29.7 26.5 Net expected credit loss of trade receivables and contract assets 2 20 15.7 12.7 Underlying operating costs 2,837.5 2,134.4 Non-underlying items 9 30.0 9.6 Statutory operating costs 2,867.5 2,144.0 Other operating charges include: Redundancy and other reorganisation costs \u2013 \u2013 Fees payable to the company\u2019s auditor for the audit of the company\u2019s Annual Report and Accounts 1.4 1.1 Fees payable to the company\u2019s auditor for other services: The audit of the company\u2019s subsidiaries, pursuant to legislation 2.0 1.9 Other assurance services 0.1 0.1 1 The 31 December 2021 other operating charges has been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 Of this amount \u00a311.5m (2021: \u00a315.3m) are subject to enforcement activity. During the year, the Group received \u00a3nil (2021: \u00a32.4m) of direct subsidies with respect to COVID-19 related aid measures introduced by government bodies in various countries. These subsidies are recognised as an offset against the expense item which they are intended to compensate. ",
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"fact-589": {
"value": "8 Employees The aggregate staff costs of the Group were: 2022 \u00a3m 2021 \u00a3m Wages and salaries 606.7 505.6 Social security costs 66.7 57.5 Other pension costs 23.1 13.7 Share-based payments 3.3 3.9 699.8 580.7 These costs include Directors\u2019 remuneration. Fees payable to Non-executive Directors totalled \u00a30.5m (2021: \u00a30.5m). In the United States, the Coronavirus Aid, Relief, and Economic Security Act allowed employers to defer the payment of the employer\u2019s share of social security taxes otherwise required to be paid between 27 March and 31 December 2020. The payment of the deferred taxes is required in two instalments; the first half was paid on 3 January 2022 and the remainder was paid on 3 January 2023. The average number of staff, including Directors, employed by the Group during the year was: 2022 Number 2021 Number North America 4,604 4,722 Europe 3,043 2,922 Asia-Pacific, Middle East and Africa 2,174 2,080 9,821 9,724 ",
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"fact-590": {
"value": "9 Non-underlying items Non-underlying items include items which are exceptional by their size and/or are non-trading in nature, including amortisation of acquired intangibles, goodwill impairment, restructuring costs and other non-trading amounts, including those relating to acquisitions and disposals. Tax arising on these items, including movement in deferred tax assets arising from non-underlying provisions, is also classified as a non-underlying item. These are detailed in the table below. As underlying results include the benefits of restructuring programmes and acquisitions but exclude significant costs (such as major restructuring costs and the amortisation of acquired intangible assets) they should not be regarded as a complete picture of the Group\u2019s financial performance, which is presented in its total statutory results. The exclusion of non-underlying items may result in underlying earnings being materially higher or lower than total statutory earnings. In particular, when significant impairments and restructuring charges are excluded, underlying earnings will be higher than total statutory earnings. 2022 \u00a3m 2021 (Restated)1 \u00a3m ERP implementation costs 6.3 \u2013 Goodwill impairment 12.5 \u2013 Exceptional restructuring costs 5.3 7.3 Exceptional historic contract dispute 3.5 \u2013 Claims related to closed business 2.5 \u2013 Impairment costs 0.3 \u2013 Contingent consideration: additional amounts provided 0.1 1.3 Change in fair value of contingent consideration (0.7) \u2013 Loss on disposal of operations \u2013 0.5 Acquisition costs 0.2 0.5 Non-underlying items in operating costs 30.0 9.6 Amortisation of acquired intangible assets 10.3 2.6 Contingent consideration received (0.7) (0.7) Non-underlying items in other operating income (0.7) (0.7) Amortisation of joint venture acquired intangibles 1.2 0.6 Total non-underlying items in operating profit 40.8 12.1 Non-underlying items in finance income (3.6) \u2013 Total non-underlying items before taxation 37.2 12.1 Taxation (9.0) (7.0) Total non-underlying items after taxation 28.2 5.1 1 The 31 December 2021 consolidated amortisation of acquired intangible assets has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 9 Non-underlying items continued Non-underlying items in operating costs ERP implementation costs The Group has commenced a strategic project to implement a new cloud computing enterprise resource planning (ERP) system across the Group. Due to the size, nature and incidence of the relevant costs expected to be incurred, the costs are presented as a non-underlying item, as they are not reflective of underlying performance of the Group. As this is a complex implementation, project costs are expected to be incurred over the next five years. Non-underlying ERP costs of \u00a36.3m include only costs relating directly to the implementation including external consultancy costs and the cost of the dedicated implementation team. Non-underlying costs does not include operational post-deployment costs such as licence costs for businesses that have transitioned. There were no ERP implementation costs in 2021. Goodwill impairment The goodwill impairment of \u00a312.5m relates to Austral (\u00a37.7m) due to uncertainty over the future profitability of the cash-generating unit, following the discovery of the financial reporting fraud; and Sweden (\u00a34.8m) due to a downward revision to the medium-term forecast as forward projections did not fully support the carrying value of the goodwill. Refer to note 15 for further information. There was no goodwill impairment cost in 2021. Exceptional restructuring costs Exceptional restructuring costs of \u00a35.3m comprises \u00a33.4m in the North America Division, \u00a31.8m in the Europe Division, a credit of \u00a30.6m in AMEA and \u00a30.7m incurred centrally. In North America, the costs arose as a result of a management and property reorganisation within the parts of the business located in Texas. Costs include redundancy costs and property duplication costs. In Europe, the costs related to the scheduled exit of the Ivory Coast and Morocco businesses, including asset impairments and redundancy costs. In AMEA, the credit arose from restructuring costs provided for in prior years as costs incurred were lower than originally anticipated. The Group exercises judgement in assessing whether restructuring items should be classified as non-underlying. This assessment covers the nature of the item, cause of the occurrence and scale of impact of that item on the reported performance. Typically, management will categorise restructuring costs incurred to exit a specific geography as non-underlying, in addition restructuring programmes which are incremental to normal operations undertaken to add value to the business are included in non-underlying items. The value of exceptional restructuring costs in 2022 (\u00a35.3m) is lower than in 2021 (\u00a37.3m). In 2021, exceptional restructuring costs of \u00a37.3m comprised \u00a34.4m in Europe, \u00a32.5m in Asia-Pacific, Middle East and Africa, \u00a31.6m of central items and a credit of \u00a31.2m in North America. In Europe, these costs arose as a continuation of the strategic project to rationalise the Europe Division. The restructuring costs during the period comprised redundancy costs, property costs, asset impairments and costs of market exit which include project termination costs. In Asia-Pacific, Middle East and Africa these costs arose as part of the project to rationalise the Middle East and Africa business. The restructuring costs during the period comprised mainly asset impairments and redundancy costs. Centrally, restructuring costs were incurred in KGS, the in-house equipment manufacturer, as a result of a restructuring plan for this business. These costs comprised redundancy costs and asset impairments. In North America the credit arose from the reduction in restructuring costs provided for in 2020 as costs incurred were lower than originally anticipated. Exceptional historic contract dispute and claims related to closed business The \u00a33.5m exceptional charge relates to a provision made for additional legal costs relating to the historical Avonmouth contract dispute following a negotiation with insurers during 2022. In addition, a \u00a32.5m provision for a legal claim in respect of a closed business has been recognised. Impairment costs An impairment charge of \u00a30.3m by the North-East Europe Business Unit is in respect of trade receivables in Ukraine that are not expected to be recovered due to the ongoing conflict. Contingent consideration Additional contingent consideration of \u00a30.1m relates to the acquisition of the Geo Instruments US business in 2017. A credit of \u00a30.7m arose from the reduction in the fair value of contingent consideration payable in respect of the RECON and GKM acquisitions. The contingent consideration paid in respect of RECON has been finalised and was settled during the year. In 2021, additional contingent consideration payable of \u00a31.3m relates to the acquisition of the Geo Construction Group (Bencor) in 2015, following finalisation of items referenced in the sale and purchase agreement. Loss on disposal of operations The Cyntech Anchors operation in Canada was disposed of on 28 June 2021, resulting in a net loss on disposal of \u00a30.2m. During 2021 there was a true- up of the sale price of the Brazil disposal reflected in 2020, resulting in an additional loss of \u00a30.3m in the year. This increased the total non-underlying loss on disposal for this transaction to \u00a39.5m. Acquisition costs Acquisition and other costs of \u00a30.9m in the year comprised professional fees relating to the NWF acquisition in Norway and centrally incurred project costs. In 2021, acquisition costs of \u00a30.5m in the year comprised professional fees relating to the RECON and Subterranean acquisitions. Amortisation of acquired intangible assets Amortisation of acquired intangible assets relates to the RECON, GKM, Moretrench and Voges acquisitions, as restated for the prior period measurement adjustment to the RECON acquired intangible assets. Non-underlying items in other operating income During 2022, the second instalment of contingent consideration was received in relation to the Wannenwetsch disposal in September 2020, in accordance with the terms of the sale and purchase agreement. The first instalment was received during 2021. Amortisation of joint venture acquired intangibles Amortisation of joint venture intangibles relates to NordPile, an acquisition by the Group\u2019s joint venture interest KFS Finland Oy on 8 September 2021. Non-underlying finance income During the year the Group entered into an interest rate derivative with the purpose of hedging a highly probable forecast transaction. The forecast transaction did not take place and as a result the amount arising from the hedging instrument has been recognised in the income statement. This has resulted in the recognition of \u00a33.6m of finance income which has been included in non-underlying as it material in size and is not reflective of the underlying finance income and costs of the Group. Non-underlying taxation Refer to note 12 for details of the non-underlying tax items. ",
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"fact-627": {
"value": "10 Finance income 2022 \u00a3m 2021 \u00a3m Bank and other interest receivable 0.3 0.2 Net pension interest income 0.1 \u2013 Other finance income 0.1 0.2 Underlying finance income 0.5 0.4 Non-underlying finance income 3.6 \u2013 Total finance income 4.1 0.4 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-591": {
"value": "10 Finance income 2022 \u00a3m 2021 \u00a3m Bank and other interest receivable 0.3 0.2 Net pension interest income 0.1 \u2013 Other finance income 0.1 0.2 Underlying finance income 0.5 0.4 Non-underlying finance income 3.6 \u2013 Total finance income 4.1 0.4 11 Finance costs 2022 \u00a3m 2021 \u00a3m Interest payable on bank loans and overdrafts 7.8 3.1 Interest payable on other loans 2.4 1.3 Interest on lease liabilities 3.6 3.1 Net pension interest cost 0.1 0.2 Other interest costs 1.5 1.0 Total interest costs 15.4 8.7 Unwinding of discount and effect of changes in discount rates on provisions 0.2 0.6 Total finance costs 15.6 9.3 ",
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"fact-628": {
"value": "11 Finance costs 2022 \u00a3m 2021 \u00a3m Interest payable on bank loans and overdrafts 7.8 3.1 Interest payable on other loans 2.4 1.3 Interest on lease liabilities 3.6 3.1 Net pension interest cost 0.1 0.2 Other interest costs 1.5 1.0 Total interest costs 15.4 8.7 Unwinding of discount and effect of changes in discount rates on provisions 0.2 0.6 Total finance costs 15.6 9.3 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-629": {
"value": "12 Taxation 2022 \u00a3m 2021 (Restated)1 \u00a3m Current tax expense: Current year 46.6 14.0 Prior years (2.5) (3.0) Total current tax 44.1 11.0 Deferred tax expense: Current year (32.0) 0.7 Prior years (0.8) 0.2 Total deferred tax (32.8) 0.9 11.3 11.9 1 The 31 December 2021 consolidated tax expense has been restated in respect of the correction of prior period errors arising from the fraud at Austral as outlined in notes 3 and 6 to the consolidated financial statements. UK corporation tax is calculated at 19% (2021: 19%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The effective tax rate can be reconciled to the UK corporation tax rate of 19% (2021: 19%) as follows: 2022 2021 (Restated) 1 Underlying \u00a3m Non-underlying items (note 9) \u00a3m Statutory \u00a3m Underlying \u00a3m Non- underlying items (note 9) \u00a3m Statutory \u00a3m Profit/(loss) before tax 93.5 (37.2) 56.3 79.6 (12.1) 67.5 UK corporation tax charge/(credit) at 19% (2021: 19%) 17.8 (7.1) 10.7 15.1 (2.3) 12.8 Tax charged at rates other than 19% (2021: 19%) 3.1 (1.0) 2.1 5.1 (0.5) 4.6 Tax losses and other deductible temporary differences not recognised 6.6 0.8 7.4 3.3 1.2 4.5 Utilisation of tax losses and other deductible temporary differences previously unrecognised (0.7) (4.3) (5.0) (1.4) (5.5) (6.9) Permanent differences (2.8) 2.6 (0.2) (0.5) 0.1 (0.4) Adjustments to tax charge in respect of previous periods (3.3) \u2013 (3.3) (2.8) \u2013 (2.8) Other (0.4) \u2013 (0.4) 0.1 \u2013 0.1 Tax charge/(credit) 20.3 (9.0) 11.3 18.9 (7.0) 11.9 Effective tax rate 21.7% 24.2% 20.1% 23.7% 57.9% 17.6% 1 The 31 December 2021 consolidated profit/(loss) before tax and tax charge/(credit) have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. The tax credit of \u00a39.0m on non-underlying losses includes \u00a34.7m as the tax benefit of amounts which are expected to be deductible for tax purposes and \u00a34.3m from the re-recognition of deferred tax assets in Canada at 31 December 2022. The deferred tax asset has been reassessed as recoverable following the improved performance of the business demonstrating a more reliable source of taxable income in order to utilise the tax losses. As the de-recognition of the deferred tax asset was booked through the non-underlying tax charge, the credit from the re-recognition of the deferred tax asset has also been treated as a non-underlying item. The 2021 restated tax credit on non-underlying items is \u00a37.0m. This includes a partial re-recognition of Canadian deferred tax assets of \u00a35.5m and the benefit of a net tax credit on other non-underlying charges which are expected to be deductible for tax purposes. The effective tax rate in 2022 on non-underlying items before the re-recognition of the deferred tax asset is lower than the effective tax rate on underlying items due to the inclusion of goodwill impairment costs for which there is no corresponding tax credit. The Group is subject to taxation in over 40 countries worldwide and the risk of changes in tax legislation and interpretation from tax authorities in the jurisdictions in which it operates. The assessment of uncertain positions is subjective and subject to management\u2019s best judgement of the probability of the outcome in reaching agreement with the relevant tax authorities. Where tax positions are uncertain, provision is made where necessary based on interpretation of legislation, management experience and appropriate professional advice. Management do not expect the outcome of these estimates to be materially different from the position taken. The UK government has released draft legislation introducing a global minimum tax of 15% in line with the OECD\u2019s Pillar 2 rules. If enacted the rules will apply to Keller from 1 January 2024. Based on the draft legislation, it is not expected that the Pillar 2 rules will have a material impact on the group\u2019s overall tax charge. The following are the major deferred tax liabilities and assets recognised by the Group and the movements during the current and prior reporting periods: Unused tax losses \u00a3m Accelerated capital allowances \u00a3m Retirement benefit obligations \u00a3m Other employee- related liabilities \u00a3m Bad debts \u00a3m Other 2 temporary differences \u00a3m Total \u00a3m At 1 January 2021 (Restated) 1 (8.9) 34.4 (4.0) (6.5) (6.2) 4.2 13.0 (Credit)/charge to the income statement (4.2) 3.2 (0.7) 0.3 (2.4) 4.5 0.7 Charge to other comprehensive income \u2013 \u2013 0.2 \u2013 \u2013 \u2013 0.2 Acquisition and disposal of businesses \u2013 0.3 \u2013 \u2013 \u2013 4.4 4.7 Exchange movements 0.1 0.3 0.2 (0.1) (0.1) 0.2 0.6 Other reallocations/transfers \u2013 \u2013 0.1 \u2013 \u2013 0.2 0.3 At 31 December 2021 and 1 January 2022 (Restated)1 (13.0) 38.2 (4.2) (6.3) (8.7) 13.5 19.5 (Credit)/charge to the income statement (1.0) (31.2) 0.3 0.9 (0.3) (1.6) (32.9) Charge to other comprehensive income \u2013 \u2013 0.6 \u2013 \u2013 \u2013 0.6 Acquisition and disposal of businesses \u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8 Exchange movements (0.5) 3.9 0.1 (0.7) (1.1) 0.6 2.3 Other reallocations/transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) At 31 December 2022 (14.5) 10.9 (3.2) (6.1) (10.1) 13.2 (9.8) 1 The 1 January 2021 and 31 December 2021 consolidated deferred tax assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 Other temporary differences are mainly in respect of intangible assets. The movement from a net deferred tax liability of \u00a319.5m at 31 December 2021 to a net deferred tax asset of \u00a39.8m at 31 December 2022 is largely as a result of a change in law in the US with regards to the timing of the deductibility of R&D expenditure (totalling \u00a329.3m included in the charge in accelerated capital allowances for the year). Previously, R&D expenditure was tax deductible in the year that it was incurred, whereas following the law change in 2022 R&D expenditure is capitalised for tax purposes and amortised over five years. Deferred tax assets include amounts of \u00a315.1m (2021 as restated: \u00a38.8m) where recovery is based on forecasts of future taxable profits that are expected to be available to offset the reversal of the associated temporary differences. The deferred tax assets arise predominantly in Canada (\u00a39.1m), the US (\u00a34.1m) and the UK (\u00a31.8m). The amount of profits in each territory which are necessary to be realised over the forecast period to support these assets are \u00a337m, \u00a316m and \u00a37m respectively. Canadian tax rules currently allow tax losses to be carried forward up to 20 years. The UK and the US allow losses to be carried forward indefinitely. The recovery of deferred tax assets has been assessed by reviewing the likely timing and level of future taxable profits. The period assessed for recovery of assets is appropriate for each territory having regard to the specific facts and circumstances and the probability of achieving forecast profitability. A 10% shortfall in expected profits would have a proportional impact on the value of the deferred tax assets recoverable. The following is the analysis of the deferred tax balances: 2022 \u00a3m 2021 (Restated)1 \u00a3m Deferred tax liabilities 5.3 28.3 Deferred tax assets (15.1) (8.8) (9.8) 19.5 1 The 31 December 2021 consolidated deferred tax assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 12 Taxation continued At the balance sheet date, the Group had unused tax losses of \u00a3140.9m (2021: \u00a3125.0m), mainly arising in Canada, Australia, Malaysia and the UK, available for offset against future profits, on which no deferred tax asset has been recognised. Of these losses, \u00a3118.2m (2021: \u00a374.3m) may be carried forward indefinitely. Of the remaining losses, \u00a319.2m expire in 2025 and \u00a33.5m expire in 2035. At the balance sheet date, the aggregate of other deductible temporary differences for which no deferred tax asset has been recognised was \u00a318.0m (2021: \u00a313.9m). These differences have no expiry term. At the balance sheet date the aggregate of temporary differences associated with investments in subsidiaries, branches and joint ventures for which no deferred tax liability has been recognised is \u00a3156.7m (2021: \u00a3124.9m), on the basis that the Group can control the reversal of temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The unprovided deferred tax liability in respect of these timing differences is \u00a310.2m (2021: \u00a37.6m). ",
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"fact-592": {
"value": "12 Taxation 2022 \u00a3m 2021 (Restated)1 \u00a3m Current tax expense: Current year 46.6 14.0 Prior years (2.5) (3.0) Total current tax 44.1 11.0 Deferred tax expense: Current year (32.0) 0.7 Prior years (0.8) 0.2 Total deferred tax (32.8) 0.9 11.3 11.9 1 The 31 December 2021 consolidated tax expense has been restated in respect of the correction of prior period errors arising from the fraud at Austral as outlined in notes 3 and 6 to the consolidated financial statements. UK corporation tax is calculated at 19% (2021: 19%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The effective tax rate can be reconciled to the UK corporation tax rate of 19% (2021: 19%) as follows: 2022 2021 (Restated) 1 Underlying \u00a3m Non-underlying items (note 9) \u00a3m Statutory \u00a3m Underlying \u00a3m Non- underlying items (note 9) \u00a3m Statutory \u00a3m Profit/(loss) before tax 93.5 (37.2) 56.3 79.6 (12.1) 67.5 UK corporation tax charge/(credit) at 19% (2021: 19%) 17.8 (7.1) 10.7 15.1 (2.3) 12.8 Tax charged at rates other than 19% (2021: 19%) 3.1 (1.0) 2.1 5.1 (0.5) 4.6 Tax losses and other deductible temporary differences not recognised 6.6 0.8 7.4 3.3 1.2 4.5 Utilisation of tax losses and other deductible temporary differences previously unrecognised (0.7) (4.3) (5.0) (1.4) (5.5) (6.9) Permanent differences (2.8) 2.6 (0.2) (0.5) 0.1 (0.4) Adjustments to tax charge in respect of previous periods (3.3) \u2013 (3.3) (2.8) \u2013 (2.8) Other (0.4) \u2013 (0.4) 0.1 \u2013 0.1 Tax charge/(credit) 20.3 (9.0) 11.3 18.9 (7.0) 11.9 Effective tax rate 21.7% 24.2% 20.1% 23.7% 57.9% 17.6% 1 The 31 December 2021 consolidated profit/(loss) before tax and tax charge/(credit) have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. The tax credit of \u00a39.0m on non-underlying losses includes \u00a34.7m as the tax benefit of amounts which are expected to be deductible for tax purposes and \u00a34.3m from the re-recognition of deferred tax assets in Canada at 31 December 2022. The deferred tax asset has been reassessed as recoverable following the improved performance of the business demonstrating a more reliable source of taxable income in order to utilise the tax losses. As the de-recognition of the deferred tax asset was booked through the non-underlying tax charge, the credit from the re-recognition of the deferred tax asset has also been treated as a non-underlying item. The 2021 restated tax credit on non-underlying items is \u00a37.0m. This includes a partial re-recognition of Canadian deferred tax assets of \u00a35.5m and the benefit of a net tax credit on other non-underlying charges which are expected to be deductible for tax purposes. The effective tax rate in 2022 on non-underlying items before the re-recognition of the deferred tax asset is lower than the effective tax rate on underlying items due to the inclusion of goodwill impairment costs for which there is no corresponding tax credit. The Group is subject to taxation in over 40 countries worldwide and the risk of changes in tax legislation and interpretation from tax authorities in the jurisdictions in which it operates. The assessment of uncertain positions is subjective and subject to management\u2019s best judgement of the probability of the outcome in reaching agreement with the relevant tax authorities. Where tax positions are uncertain, provision is made where necessary based on interpretation of legislation, management experience and appropriate professional advice. Management do not expect the outcome of these estimates to be materially different from the position taken. The UK government has released draft legislation introducing a global minimum tax of 15% in line with the OECD\u2019s Pillar 2 rules. If enacted the rules will apply to Keller from 1 January 2024. Based on the draft legislation, it is not expected that the Pillar 2 rules will have a material impact on the group\u2019s overall tax charge. The following are the major deferred tax liabilities and assets recognised by the Group and the movements during the current and prior reporting periods: Unused tax losses \u00a3m Accelerated capital allowances \u00a3m Retirement benefit obligations \u00a3m Other employee- related liabilities \u00a3m Bad debts \u00a3m Other 2 temporary differences \u00a3m Total \u00a3m At 1 January 2021 (Restated) 1 (8.9) 34.4 (4.0) (6.5) (6.2) 4.2 13.0 (Credit)/charge to the income statement (4.2) 3.2 (0.7) 0.3 (2.4) 4.5 0.7 Charge to other comprehensive income \u2013 \u2013 0.2 \u2013 \u2013 \u2013 0.2 Acquisition and disposal of businesses \u2013 0.3 \u2013 \u2013 \u2013 4.4 4.7 Exchange movements 0.1 0.3 0.2 (0.1) (0.1) 0.2 0.6 Other reallocations/transfers \u2013 \u2013 0.1 \u2013 \u2013 0.2 0.3 At 31 December 2021 and 1 January 2022 (Restated)1 (13.0) 38.2 (4.2) (6.3) (8.7) 13.5 19.5 (Credit)/charge to the income statement (1.0) (31.2) 0.3 0.9 (0.3) (1.6) (32.9) Charge to other comprehensive income \u2013 \u2013 0.6 \u2013 \u2013 \u2013 0.6 Acquisition and disposal of businesses \u2013 \u2013 \u2013 \u2013 \u2013 0.8 0.8 Exchange movements (0.5) 3.9 0.1 (0.7) (1.1) 0.6 2.3 Other reallocations/transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) (0.1) At 31 December 2022 (14.5) 10.9 (3.2) (6.1) (10.1) 13.2 (9.8) 1 The 1 January 2021 and 31 December 2021 consolidated deferred tax assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 Other temporary differences are mainly in respect of intangible assets. The movement from a net deferred tax liability of \u00a319.5m at 31 December 2021 to a net deferred tax asset of \u00a39.8m at 31 December 2022 is largely as a result of a change in law in the US with regards to the timing of the deductibility of R&D expenditure (totalling \u00a329.3m included in the charge in accelerated capital allowances for the year). Previously, R&D expenditure was tax deductible in the year that it was incurred, whereas following the law change in 2022 R&D expenditure is capitalised for tax purposes and amortised over five years. Deferred tax assets include amounts of \u00a315.1m (2021 as restated: \u00a38.8m) where recovery is based on forecasts of future taxable profits that are expected to be available to offset the reversal of the associated temporary differences. The deferred tax assets arise predominantly in Canada (\u00a39.1m), the US (\u00a34.1m) and the UK (\u00a31.8m). The amount of profits in each territory which are necessary to be realised over the forecast period to support these assets are \u00a337m, \u00a316m and \u00a37m respectively. Canadian tax rules currently allow tax losses to be carried forward up to 20 years. The UK and the US allow losses to be carried forward indefinitely. The recovery of deferred tax assets has been assessed by reviewing the likely timing and level of future taxable profits. The period assessed for recovery of assets is appropriate for each territory having regard to the specific facts and circumstances and the probability of achieving forecast profitability. A 10% shortfall in expected profits would have a proportional impact on the value of the deferred tax assets recoverable. The following is the analysis of the deferred tax balances: 2022 \u00a3m 2021 (Restated)1 \u00a3m Deferred tax liabilities 5.3 28.3 Deferred tax assets (15.1) (8.8) (9.8) 19.5 1 The 31 December 2021 consolidated deferred tax assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 12 Taxation continued At the balance sheet date, the Group had unused tax losses of \u00a3140.9m (2021: \u00a3125.0m), mainly arising in Canada, Australia, Malaysia and the UK, available for offset against future profits, on which no deferred tax asset has been recognised. Of these losses, \u00a3118.2m (2021: \u00a374.3m) may be carried forward indefinitely. Of the remaining losses, \u00a319.2m expire in 2025 and \u00a33.5m expire in 2035. At the balance sheet date, the aggregate of other deductible temporary differences for which no deferred tax asset has been recognised was \u00a318.0m (2021: \u00a313.9m). These differences have no expiry term. At the balance sheet date the aggregate of temporary differences associated with investments in subsidiaries, branches and joint ventures for which no deferred tax liability has been recognised is \u00a3156.7m (2021: \u00a3124.9m), on the basis that the Group can control the reversal of temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The unprovided deferred tax liability in respect of these timing differences is \u00a310.2m (2021: \u00a37.6m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "13 Dividends payable to equity holders of the parent Ordinary dividends on equity shares: 2022 \u00a3m 2021 \u00a3m Amounts recognised as distributions to equity holders in the year: Final dividend for the year ended 31 December 2021 of 23.3p (2020: 23.3p) per share 16.8 16.8 Interim dividend for the year ended 31 December 2022 of 13.2p (2021: 12.6p) per share 9.6 9.1 26.4 25.9 The Board has recommended a final dividend for the year ended 31 December 2022 of \u00a317.7m, representing 24.5p (2021: 23.3p) per share. The proposed dividend is subject to approval by shareholders at the Annual General Meeting on 17 May 2023 and has not been included as a liability in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "14 Earnings per share Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. When the Group makes a profit, diluted earnings per share equals the profit attributable to equity holders of the parent adjusted for the dilutive impact divided by the weighted average diluted number of shares. When the Group makes a loss, diluted earnings per share equals the loss attributable to the equity holders of the parent divided by the basic average number of shares. This ensures that earnings per share on losses is shown in full and not diluted by unexercised share awards. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements. Basic and diluted earnings per share are calculated as follows: Underlying earnings attributable to the equity holders of the parent Earnings attributable to the equity holders of the parent 2022 2021 (Restated)1 2022 2021 (Restated)1 Basic and diluted earnings (\u00a3m) 74.2 61.6 46.0 56.5 Weighted average number of ordinary shares (m) 2 Basic number of ordinary shares outstanding 72.7 72.3 72.7 72.3 Effect of dilution from: Share options and awards 1.0 0.9 1.0 0.9 Diluted number of ordinary shares outstanding 73.7 73.2 73.7 73.2 Earnings per share Basic earnings per share (p) 102.1 85.2 63.3 78.1 Diluted earnings per share (p) 100.7 84.2 62.4 77.2 1 The 31 December 2021 consolidated earnings attributable to the equity holders of the parent has been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year. The weighted average number of shares excludes those held in the Employee Share Ownership Plan Trust and those held in treasury, which for the purpose of this calculation are treated as cancelled. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-648": {
"value": "15 Goodwill and intangible assets Goodwill \u00a3m Arising on acquisition \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 219.6 58.9 23.3 301.8 Additions \u2013 \u2013 0.4 0.4 Acquired with businesses1 4.8 17.9 \u2013 22.7 Disposals \u2013 \u2013 (0.7) (0.7) Exchange movements 1.1 0.5 (0.6) 1.0 At 31 December 2021 and 1 January 20221 225.5 77.3 22.4 325.2 Additions \u2013 \u2013 0.1 0.1 Acquired with businesses (note 6)2 6.9 1.5 \u2013 8.4 Exchange movements 15.8 3.2 4.6 23.6 At 31 December 2022 248.2 82.0 27.1 357.3 Accumulated amortisation and impairment At 1 January 2021 104.4 56.5 22.1 183.0 Amortisation charge for the year1 \u2013 2.6 0.6 3.2 Disposals \u2013 \u2013 (0.7) (0.7) Exchange movements 0.6 (0.1) (0.3) 0.2 At 31 December 2021 and 1 January 20221 105.0 59.0 21.7 185.7 Impairment charge for the year 12.5 \u2013 \u2013 12.5 Amortisation charge for the year \u2013 10.3 0.4 10.7 Exchange movements 5.4 1.4 4.4 11.2 At 31 December 2022 122.9 70.7 26.5 220.1 Carrying amount At 1 January 2021 115.2 2.4 1.2 118.8 At 31 December 2021 and 1 January 20221 120.5 18.3 0.7 139.5 At 31 December 2022 125.3 11.3 0.6 137.2 1 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 Goodwill arising on acquisition during the year relates to the acquisition of GKM Consultants Inc. and Nordwest Fundamentering AS. Intangible assets arising on acquisition represent customer contracts and relationships with a carrying amount of \u00a35.5m (2021: \u00a312.4m) and trade names with a carrying amount of \u00a35.8m (2021: \u00a35.9m). Other intangibles represent internally developed software and licences. There are no indicators of impairment for these assets at 31 December 2022. For the purposes of impairment testing, goodwill has been allocated to ten (2021: nine) separate cash-generating units (CGUs). The carrying amount of goodwill allocated to the five CGUs with the largest goodwill balances is significant in comparison to the total carrying amount of goodwill and comprises 95% of the total (2021: 92%). The relevant CGUs and the carrying amount of the goodwill allocated to each are as set out below, together with the pre- tax discount rate and medium-term growth rate used in their value-in-use calculations: CGU Geographical segment 2022 2021 Carrying value \u00a3m Pre-tax discount rate1 % Forecast growth rate % Carrying value \u00a3m Pre-tax discount rate1 % Forecast growth rate % Keller US North America 51.9 13.6 2.0 45.0 11.6 2.0 Suncoast North America 35.5 13.5 2.0 31.9 11.6 2.0 Keller Canada North America 13.7 12.7 2.0 13.1 11.8 2.0 Keller Limited Europe 12.1 13.2 2.0 12.1 10.1 3.0 Austral Asia-Pacific, Middle East and Africa \u2013 \u2013 \u2013 7.3 12.9 2.0 Other North America and Europe 12.1 11.1 125.3 120.5 1 Pre-tax discount rates and forecast growth rates are defined by market. 2 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 15 Goodwill and intangible assets continued The recoverable amount of the goodwill allocated to each CGU has been calculated on a value-in-use basis. The calculations use cash flow projections based on financial budgets and forecasts approved by management and cover a three-year period. The Group\u2019s businesses operate in a diverse geographical set of markets, some of which are expected to continue to face uncertain conditions in future years. The most important factors in the value-in-use calculations are the forecast revenues and operating margins during the forecast period, the growth rates and discount rates applied to future cash flows. The key assumptions underlying the cash flow forecasts are revenue and operating margins assumed throughout the forecast period. Revenue and operating margins are prepared as part of the Group\u2019s three-year forecast in line with the Group\u2019s annual business planning process. The Group\u2019s budget for 2023 and financial projections for 2024 and 2025 were approved by the Board, and have been used as the basis for input into the value-in-use calculation. Management considers all the forecast revenues, margins and profits to be reasonably achievable given recent performance and the historic trading results of the relevant CGUs. A margin for historical forecasting error has also been factored into the value-in-use model. Cash flows beyond 2025 which are deemed to be on a continuing basis have been extrapolated using the forecast growth rates above and do not exceed the long-term average growth rates for the markets in which the relevant CGUs operate. The growth rates used in the Group\u2019s value-in-use calculation into perpetuity are based on forecasted growth in the construction sector in each region where a CGU is located and adjusted for longer-term compound annual growth rates for each CGU as estimated by management. The discount rates used in the value-in-use calculations are based on the weighted average cost of capital of companies comparable to the relevant CGUs, adjusted as necessary to reflect the risk associated with the asset being tested. Management\u2019s assessment for Keller Limited is sensitive to the future successful execution of business plans designed to address the reduction in revenue, margins and profits from HS2 contracts, scheduled to be completed within the three year-forecast period. Following the discovery of the financial reporting fraud at Austral and the uncertainty over the forecast operating profit of this CGU, the goodwill in Austral of \u00a37.7m has been impaired. The goodwill in Keller Grundlaggning was impaired during the year by \u00a34.5m, and the goodwill in Keller Getec impaired during the year by \u00a30.3m. For the remaining CGUs, management believes that any reasonable possible change in the key assumptions on which the recoverable amounts of the CGUs are based would not cause any of their carrying amounts to exceed their recoverable amounts. A number of sensitivities were run on the projections to identify the changes required in each of the key assumptions that, in isolation, would give rise to an impairment of the following goodwill balances. CGU Geographical segment Increase in1 discount rate % Reduction in1 future growth rate % Reduction in final year cash flow % Keller US North America 28.1 48.9 89.4 Suncoast North America 45.1 112.9 101.0 Keller Canada North America 15.1 21.9 74.3 Keller Limited Europe 4.3 5.3 35.7 1 The increase in discount rate and reduction in future growth rate are presented as gross movements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "15 Goodwill and intangible assets Goodwill \u00a3m Arising on acquisition \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 219.6 58.9 23.3 301.8 Additions \u2013 \u2013 0.4 0.4 Acquired with businesses1 4.8 17.9 \u2013 22.7 Disposals \u2013 \u2013 (0.7) (0.7) Exchange movements 1.1 0.5 (0.6) 1.0 At 31 December 2021 and 1 January 20221 225.5 77.3 22.4 325.2 Additions \u2013 \u2013 0.1 0.1 Acquired with businesses (note 6)2 6.9 1.5 \u2013 8.4 Exchange movements 15.8 3.2 4.6 23.6 At 31 December 2022 248.2 82.0 27.1 357.3 Accumulated amortisation and impairment At 1 January 2021 104.4 56.5 22.1 183.0 Amortisation charge for the year1 \u2013 2.6 0.6 3.2 Disposals \u2013 \u2013 (0.7) (0.7) Exchange movements 0.6 (0.1) (0.3) 0.2 At 31 December 2021 and 1 January 20221 105.0 59.0 21.7 185.7 Impairment charge for the year 12.5 \u2013 \u2013 12.5 Amortisation charge for the year \u2013 10.3 0.4 10.7 Exchange movements 5.4 1.4 4.4 11.2 At 31 December 2022 122.9 70.7 26.5 220.1 Carrying amount At 1 January 2021 115.2 2.4 1.2 118.8 At 31 December 2021 and 1 January 20221 120.5 18.3 0.7 139.5 At 31 December 2022 125.3 11.3 0.6 137.2 1 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 Goodwill arising on acquisition during the year relates to the acquisition of GKM Consultants Inc. and Nordwest Fundamentering AS. Intangible assets arising on acquisition represent customer contracts and relationships with a carrying amount of \u00a35.5m (2021: \u00a312.4m) and trade names with a carrying amount of \u00a35.8m (2021: \u00a35.9m). Other intangibles represent internally developed software and licences. There are no indicators of impairment for these assets at 31 December 2022. For the purposes of impairment testing, goodwill has been allocated to ten (2021: nine) separate cash-generating units (CGUs). The carrying amount of goodwill allocated to the five CGUs with the largest goodwill balances is significant in comparison to the total carrying amount of goodwill and comprises 95% of the total (2021: 92%). The relevant CGUs and the carrying amount of the goodwill allocated to each are as set out below, together with the pre- tax discount rate and medium-term growth rate used in their value-in-use calculations: CGU Geographical segment 2022 2021 Carrying value \u00a3m Pre-tax discount rate1 % Forecast growth rate % Carrying value \u00a3m Pre-tax discount rate1 % Forecast growth rate % Keller US North America 51.9 13.6 2.0 45.0 11.6 2.0 Suncoast North America 35.5 13.5 2.0 31.9 11.6 2.0 Keller Canada North America 13.7 12.7 2.0 13.1 11.8 2.0 Keller Limited Europe 12.1 13.2 2.0 12.1 10.1 3.0 Austral Asia-Pacific, Middle East and Africa \u2013 \u2013 \u2013 7.3 12.9 2.0 Other North America and Europe 12.1 11.1 125.3 120.5 1 Pre-tax discount rates and forecast growth rates are defined by market. 2 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 15 Goodwill and intangible assets continued The recoverable amount of the goodwill allocated to each CGU has been calculated on a value-in-use basis. The calculations use cash flow projections based on financial budgets and forecasts approved by management and cover a three-year period. The Group\u2019s businesses operate in a diverse geographical set of markets, some of which are expected to continue to face uncertain conditions in future years. The most important factors in the value-in-use calculations are the forecast revenues and operating margins during the forecast period, the growth rates and discount rates applied to future cash flows. The key assumptions underlying the cash flow forecasts are revenue and operating margins assumed throughout the forecast period. Revenue and operating margins are prepared as part of the Group\u2019s three-year forecast in line with the Group\u2019s annual business planning process. The Group\u2019s budget for 2023 and financial projections for 2024 and 2025 were approved by the Board, and have been used as the basis for input into the value-in-use calculation. Management considers all the forecast revenues, margins and profits to be reasonably achievable given recent performance and the historic trading results of the relevant CGUs. A margin for historical forecasting error has also been factored into the value-in-use model. Cash flows beyond 2025 which are deemed to be on a continuing basis have been extrapolated using the forecast growth rates above and do not exceed the long-term average growth rates for the markets in which the relevant CGUs operate. The growth rates used in the Group\u2019s value-in-use calculation into perpetuity are based on forecasted growth in the construction sector in each region where a CGU is located and adjusted for longer-term compound annual growth rates for each CGU as estimated by management. The discount rates used in the value-in-use calculations are based on the weighted average cost of capital of companies comparable to the relevant CGUs, adjusted as necessary to reflect the risk associated with the asset being tested. Management\u2019s assessment for Keller Limited is sensitive to the future successful execution of business plans designed to address the reduction in revenue, margins and profits from HS2 contracts, scheduled to be completed within the three year-forecast period. Following the discovery of the financial reporting fraud at Austral and the uncertainty over the forecast operating profit of this CGU, the goodwill in Austral of \u00a37.7m has been impaired. The goodwill in Keller Grundlaggning was impaired during the year by \u00a34.5m, and the goodwill in Keller Getec impaired during the year by \u00a30.3m. For the remaining CGUs, management believes that any reasonable possible change in the key assumptions on which the recoverable amounts of the CGUs are based would not cause any of their carrying amounts to exceed their recoverable amounts. A number of sensitivities were run on the projections to identify the changes required in each of the key assumptions that, in isolation, would give rise to an impairment of the following goodwill balances. CGU Geographical segment Increase in1 discount rate % Reduction in1 future growth rate % Reduction in final year cash flow % Keller US North America 28.1 48.9 89.4 Suncoast North America 45.1 112.9 101.0 Keller Canada North America 15.1 21.9 74.3 Keller Limited Europe 4.3 5.3 35.7 1 The increase in discount rate and reduction in future growth rate are presented as gross movements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-595": {
"value": "15 Goodwill and intangible assets Goodwill \u00a3m Arising on acquisition \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 219.6 58.9 23.3 301.8 Additions \u2013 \u2013 0.4 0.4 Acquired with businesses1 4.8 17.9 \u2013 22.7 Disposals \u2013 \u2013 (0.7) (0.7) Exchange movements 1.1 0.5 (0.6) 1.0 At 31 December 2021 and 1 January 20221 225.5 77.3 22.4 325.2 Additions \u2013 \u2013 0.1 0.1 Acquired with businesses (note 6)2 6.9 1.5 \u2013 8.4 Exchange movements 15.8 3.2 4.6 23.6 At 31 December 2022 248.2 82.0 27.1 357.3 Accumulated amortisation and impairment At 1 January 2021 104.4 56.5 22.1 183.0 Amortisation charge for the year1 \u2013 2.6 0.6 3.2 Disposals \u2013 \u2013 (0.7) (0.7) Exchange movements 0.6 (0.1) (0.3) 0.2 At 31 December 2021 and 1 January 20221 105.0 59.0 21.7 185.7 Impairment charge for the year 12.5 \u2013 \u2013 12.5 Amortisation charge for the year \u2013 10.3 0.4 10.7 Exchange movements 5.4 1.4 4.4 11.2 At 31 December 2022 122.9 70.7 26.5 220.1 Carrying amount At 1 January 2021 115.2 2.4 1.2 118.8 At 31 December 2021 and 1 January 20221 120.5 18.3 0.7 139.5 At 31 December 2022 125.3 11.3 0.6 137.2 1 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 2 Goodwill arising on acquisition during the year relates to the acquisition of GKM Consultants Inc. and Nordwest Fundamentering AS. Intangible assets arising on acquisition represent customer contracts and relationships with a carrying amount of \u00a35.5m (2021: \u00a312.4m) and trade names with a carrying amount of \u00a35.8m (2021: \u00a35.9m). Other intangibles represent internally developed software and licences. There are no indicators of impairment for these assets at 31 December 2022. For the purposes of impairment testing, goodwill has been allocated to ten (2021: nine) separate cash-generating units (CGUs). The carrying amount of goodwill allocated to the five CGUs with the largest goodwill balances is significant in comparison to the total carrying amount of goodwill and comprises 95% of the total (2021: 92%). The relevant CGUs and the carrying amount of the goodwill allocated to each are as set out below, together with the pre- tax discount rate and medium-term growth rate used in their value-in-use calculations: CGU Geographical segment 2022 2021 Carrying value \u00a3m Pre-tax discount rate1 % Forecast growth rate % Carrying value \u00a3m Pre-tax discount rate1 % Forecast growth rate % Keller US North America 51.9 13.6 2.0 45.0 11.6 2.0 Suncoast North America 35.5 13.5 2.0 31.9 11.6 2.0 Keller Canada North America 13.7 12.7 2.0 13.1 11.8 2.0 Keller Limited Europe 12.1 13.2 2.0 12.1 10.1 3.0 Austral Asia-Pacific, Middle East and Africa \u2013 \u2013 \u2013 7.3 12.9 2.0 Other North America and Europe 12.1 11.1 125.3 120.5 1 Pre-tax discount rates and forecast growth rates are defined by market. 2 The 31 December 2021 consolidated balance sheet has been restated in respect of prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. 15 Goodwill and intangible assets continued The recoverable amount of the goodwill allocated to each CGU has been calculated on a value-in-use basis. The calculations use cash flow projections based on financial budgets and forecasts approved by management and cover a three-year period. The Group\u2019s businesses operate in a diverse geographical set of markets, some of which are expected to continue to face uncertain conditions in future years. The most important factors in the value-in-use calculations are the forecast revenues and operating margins during the forecast period, the growth rates and discount rates applied to future cash flows. The key assumptions underlying the cash flow forecasts are revenue and operating margins assumed throughout the forecast period. Revenue and operating margins are prepared as part of the Group\u2019s three-year forecast in line with the Group\u2019s annual business planning process. The Group\u2019s budget for 2023 and financial projections for 2024 and 2025 were approved by the Board, and have been used as the basis for input into the value-in-use calculation. Management considers all the forecast revenues, margins and profits to be reasonably achievable given recent performance and the historic trading results of the relevant CGUs. A margin for historical forecasting error has also been factored into the value-in-use model. Cash flows beyond 2025 which are deemed to be on a continuing basis have been extrapolated using the forecast growth rates above and do not exceed the long-term average growth rates for the markets in which the relevant CGUs operate. The growth rates used in the Group\u2019s value-in-use calculation into perpetuity are based on forecasted growth in the construction sector in each region where a CGU is located and adjusted for longer-term compound annual growth rates for each CGU as estimated by management. The discount rates used in the value-in-use calculations are based on the weighted average cost of capital of companies comparable to the relevant CGUs, adjusted as necessary to reflect the risk associated with the asset being tested. Management\u2019s assessment for Keller Limited is sensitive to the future successful execution of business plans designed to address the reduction in revenue, margins and profits from HS2 contracts, scheduled to be completed within the three year-forecast period. Following the discovery of the financial reporting fraud at Austral and the uncertainty over the forecast operating profit of this CGU, the goodwill in Austral of \u00a37.7m has been impaired. The goodwill in Keller Grundlaggning was impaired during the year by \u00a34.5m, and the goodwill in Keller Getec impaired during the year by \u00a30.3m. For the remaining CGUs, management believes that any reasonable possible change in the key assumptions on which the recoverable amounts of the CGUs are based would not cause any of their carrying amounts to exceed their recoverable amounts. A number of sensitivities were run on the projections to identify the changes required in each of the key assumptions that, in isolation, would give rise to an impairment of the following goodwill balances. CGU Geographical segment Increase in1 discount rate % Reduction in1 future growth rate % Reduction in final year cash flow % Keller US North America 28.1 48.9 89.4 Suncoast North America 45.1 112.9 101.0 Keller Canada North America 15.1 21.9 74.3 Keller Limited Europe 4.3 5.3 35.7 1 The increase in discount rate and reduction in future growth rate are presented as gross movements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-596": {
"value": "16 Property, plant and equipment Property, plant and equipment comprises owned and leased assets. Note 2022 \u00a3m 2021 \u00a3m Property, plant and equipment \u2013 owned assets 16a 409.5 375.5 Right-of-use assets \u2013 leased assets 16b 77.0 67.9 At 31 December 486.5 443.4 16 a) Property, plant and equipment \u2013 owned assets Land and buildings \u00a3m Plant, machinery and vehicles \u00a3m Capital work in progress \u00a3m Total \u00a3m Cost At 1 January 2021 68.9 878.7 7.3 954.9 Additions 3.4 79.3 1.3 84.0 Acquired with businesses 0.7 8.7 \u2013 9.4 Disposals (2.5) (41.4) \u2013 (43.9) Net transfers to held for sale \u2013 1.3 \u2013 1.3 Disposal of businesses \u2013 (1.2) (0.5) (1.7) Reclassification \u2013 2.4 (2.4) \u2013 Exchange movements (1.5) (16.9) (0.2) (18.6) At 31 December 2021 and 1 January 2022 69.0 910.9 5.5 985.4 Additions 1.9 72.4 7.3 81.6 Acquired with businesses (note 6) \u2013 0.7 \u2013 0.7 Disposals \u2013 (34.8) \u2013 (34.8) Net transfers to held for sale 1 \u2013 (1.5) \u2013 (1.5) Reclassification \u2013 2.2 (2.2) \u2013 Exchange movements 5.3 68.2 0.6 74.1 At 31 December 2022 76.2 1,018.1 11.2 1,105.5 Accumulated depreciation and impairment At 1 January 2021 21.4 568.1 \u2013 589.5 Charge for the year 1.7 62.4 \u2013 64.1 Disposals (0.7) (35.2) \u2013 (35.9) Net transfers to held for sale \u2013 0.9 \u2013 0.9 Disposal of businesses \u2013 (0.3) \u2013 (0.3) Impairments \u2013 3.4 \u2013 3.4 Exchange movements (0.5) (11.3) \u2013 (11.8) At 31 December 2021 and 1 January 2022 21.9 588.0 \u2013 609.9 Charge for the year 1.9 69.2 \u2013 71.1 Disposals \u2013 (30.1) \u2013 (30.1) Net transfers to held for sale 1 \u2013 (1.2) \u2013 (1.2) Exchange movements 1.6 44.7 \u2013 46.3 At 31 December 2022 25.4 670.6 \u2013 696.0 Carrying amount At 1 January 2021 47.5 310.6 7.3 365.4 At 31 December 2021 and 1 January 2022 47.1 322.9 5.5 375.5 At 31 December 2022 50.8 347.5 11.2 409.5 1 The carrying amount of assets held for sale at the balance sheet date are detailed in note 22. The Group had contractual commitments for the acquisition of property, plant and equipment of \u00a317.6m (2021: \u00a37.2m) at the balance sheet date. These amounts were not included in the balance sheet at the year end. In 2021, impairments included the write-down of surplus equipment to their value-in-use in the Middle East and Africa; and KGS, the in-house equipment manufacturer, where it was not relocated to other more active parts of the Group. The carrying amount of these assets was \u00a31.9m, compared to a value-in-use of \u00a30.3m, which resulted in a non-underlying impairment charge of \u00a31.6m. Details of restructuring are set out in note 9. Also included are impairments related to assets that are inaccessible due to a contract suspension. The carrying amount of these assets was \u00a31.8m, compared to a value- in-use of \u00a3nil, which resulted in an underlying impairment charge of \u00a31.8m. 16 Property, plant and equipment continued 16 b) Right-of-use assets \u2013 leased assets The Group has lease contracts for various items of land and buildings, plant, machinery and vehicles used in its operations. Leases of land and buildings generally have lease terms between three and 15 years, while plant, machinery and vehicles generally have lease terms between two and eight years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the lease assets. Generally, the Group is restricted from assigning and sub-leasing its leased assets. There are several lease contracts that include extension and termination options. The Group has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases. Set out below are the carrying amounts of the right-of-use assets recognised and the movements during the year: Land and buildings \u00a3m Plant, machinery and vehicles \u00a3m Total \u00a3m At 1 January 2021 42.2 27.3 69.5 Additions 11.3 12.1 23.4 Acquired with businesses 0.4 1.0 1.4 Depreciation expense (12.6) (13.9) (26.5) Impairment expense \u2013 (4.4) (4.4) Contract modifications 1.7 3.1 4.8 Exchange movements (0.1) (0.2) (0.3) At 31 December 2021 and 1 January 2022 42.9 25.0 67.9 Additions 5.9 18.9 24.8 Acquired with businesses \u2013 2.1 2.1 Depreciation expense (14.1) (15.6) (29.7) Impairment reversal \u2013 4.2 4.2 Contract modifications 6.0 (4.4) 1.6 Exchange movements 3.4 2.7 6.1 At 31 December 2022 44.1 32.9 77.0 The carrying amounts of lease liabilities (included within note 26 within loans and borrowings) and the movements during the year are set out in note 27. Impairments in 2021 related to assets that were inaccessible due to a contract suspension in AMEA. The carrying amount of these assets was \u00a34.4m, compared to a value-in-use of \u00a3nil, which resulted in an underlying impairment charge of \u00a34.4m. The impairment was subsequently reversed in the current year as the assets were transported off site and their value-in-use was reassessed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "16 b) Right-of-use assets \u2013 leased assets The Group has lease contracts for various items of land and buildings, plant, machinery and vehicles used in its operations. Leases of land and buildings generally have lease terms between three and 15 years, while plant, machinery and vehicles generally have lease terms between two and eight years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the lease assets. Generally, the Group is restricted from assigning and sub-leasing its leased assets. There are several lease contracts that include extension and termination options. The Group has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases. Set out below are the carrying amounts of the right-of-use assets recognised and the movements during the year: Land and buildings \u00a3m Plant, machinery and vehicles \u00a3m Total \u00a3m At 1 January 2021 42.2 27.3 69.5 Additions 11.3 12.1 23.4 Acquired with businesses 0.4 1.0 1.4 Depreciation expense (12.6) (13.9) (26.5) Impairment expense \u2013 (4.4) (4.4) Contract modifications 1.7 3.1 4.8 Exchange movements (0.1) (0.2) (0.3) At 31 December 2021 and 1 January 2022 42.9 25.0 67.9 Additions 5.9 18.9 24.8 Acquired with businesses \u2013 2.1 2.1 Depreciation expense (14.1) (15.6) (29.7) Impairment reversal \u2013 4.2 4.2 Contract modifications 6.0 (4.4) 1.6 Exchange movements 3.4 2.7 6.1 At 31 December 2022 44.1 32.9 77.0 The carrying amounts of lease liabilities (included within note 26 within loans and borrowings) and the movements during the year are set out in note 27. Impairments in 2021 related to assets that were inaccessible due to a contract suspension in AMEA. The carrying amount of these assets was \u00a34.4m, compared to a value-in-use of \u00a3nil, which resulted in an underlying impairment charge of \u00a34.4m. The impairment was subsequently reversed in the current year as the assets were transported off site and their value-in-use was reassessed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-597": {
"value": "17 Investments in joint ventures The Group\u2019s investment in joint ventures relates to a 50% interest in the ordinary shares of KFS Finland Oy, an entity incorporated in Finland. 2022 \u00a3m At 1 January 2022 4.0 Share of underlying post-tax results 1.5 Share of non-underlying post-tax results (note 9) (1.2) Exchange movements 0.1 At 31 December 2022 4.4 2021 \u00a3m At 1 January 2021 4.4 Share of underlying post-tax results 0.4 Share of non-underlying post-tax results (note 9) (0.6) Exchange movements (0.2) At 31 December 2021 4.0 In 2022, KFS Finland Oy earned total revenue of \u00a320.7m (2021: \u00a336.8m) and a statutory profit after tax for the year of \u00a30.3m (2021: statutory loss after tax of \u00a30.2m). The joint venture had no contingent liabilities or commitments as at 31 December 2022 (2021: \u00a3nil). Aggregate amounts relating to joint ventures: 2022 2021 Underlying \u00a3m Non-underlying items (note 9) \u00a3m Statutory \u00a3m Underlying \u00a3m Non-underlying items (note 9) \u00a3m Statutory \u00a3m Revenue 20.7 \u2013 20.7 18.4 \u2013 18.4 Operating costs1 (19.2) (1.2) (20.4) (17.9) (0.6) (18.5) Operating profit/(loss) 1.5 (1.2) 0.3 0.5 (0.6) (0.1) Finance costs (0.1) \u2013 (0.1) (0.1) \u2013 (0.1) Profit/(loss) before taxation 1.4 (1.2) 0.2 0.4 (0.6) (0.2) Taxation 0.1 \u2013 0.1 \u2013 \u2013 \u2013 Share of post-tax results 1.5 (1.2) 0.3 0.4 (0.6) (0.2) 1 Included within operating costs is depreciation on owned assets of \u00a31.0m (2021: \u00a30.8m). KFS Finland Oy (100% of results) Group\u2019s portion of the joint venture 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Non-current assets 18.0 20.4 9.0 10.2 Cash and cash equivalents 1.4 1.2 0.7 0.6 Other current assets 4.4 7.8 2.2 3.9 Tot al assets 23.8 29.4 11.9 14.7 Other current liabilities (3.4) (8.4) (1.7) (4.2) Non-current loans and borrowings (10.8) (11.2) (5.4) (5.6) Other non-current liabilities (0.8) (1.8) (0.4) (0.9) Total liabilities (15.0) (21.4) (7.5) (10.7) Share of net assets 8.8 8.0 4.4 4.0 On 8 September 2021, KFS Finland Oy acquired NordPile, a driven piling contractor, for \u00a37.3m (EUR8.5m). The fair value of the Group\u2019s share of intangibles acquired was \u00a32.1m (EUR2.4m), representing the fair value of customer contracts at the date of acquisition and customer relationships. Amortisation of these assets is recognised as a non-underlying item. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-598": {
"value": "18 Other non-current assets 2022 \u00a3m 2021 \u00a3m Fair value of derivative financial instruments \u2013 2.6 Non-qualifying deferred compensation plan assets 19.4 20.6 Customer retentions 16.3 24.4 Other assets 1.7 2.1 Insurance receivables 23.4 38.8 60.8 88.5 A non-qualifying deferred compensation plan (NQ) is available to US employees, whereby an element of eligible employee bonuses and salary is deferred over a period of four to six years. The plan allows participants to receive tax relief for contributions beyond the limits of the tax-free amounts allowed per the 401k defined contribution pension plan. The plan is administered by a professional investment provider with participants able to select their investments from an approved listing. An amount equal to each participant\u2019s compensation deferral is transferred into a trust and invested in various marketable securities. The related trust assets are not identical to investments held on behalf of the employee but are invested in similar funds with the objective that performance of the assets closely tracks the liabilities. The investments held in the trust are designated solely for the purpose of paying benefits under the non-qualified deferred compensation plan. The investments in the trust would however be available to all unsecured general creditors in the event of insolvency. The value of both the employee investments and those held in trust by the company are measured using Level 1 inputs per IFRS 13 (\u2018quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date\u2019) based on published market prices at the end of the period. Adjustments to the fair value are recorded within net finance costs in the consolidated income statement. At 31 December 2022, non-current assets in relation to the investments held in the trust were \u00a319.4m (2021: \u00a320.6m). The fair value movement on these assets was \u00a33.5m (2021: \u00a32.0m). During the period proceeds from the sale of NQ-related investments were \u00a3nil (2021: \u00a3nil). At 31 December 2022, non-current liabilities in relation to the participant investments were \u00a314.7m (2021: \u00a315.8m). These are accounted for as financial liabilities at fair value through profit or loss. The fair value movement on these liabilities was \u00a33.5m (2021: \u00a32.1m). During the year \u00a31.2m (2021: \u00a31.4m) of compensation was deferred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "19 Inventories 2022 \u00a3m 2021 \u00a3m Raw materials and consumables 56.3 40.6 Work in progress 1.9 1.8 Finished goods 66.2 29.7 124.4 72.1 During 2022, \u00a32.0m (2021: \u00a32.4m) of inventory write-downs were recognised as an expense for inventories carried at net realisable value. This is recognised within operating costs in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "20 Trade and other receivables 2022 \u00a3m 2021 (Restated)1 \u00a3m Trade receivables 615.5 450.7 Contract assets 105.3 99.2 Other receivables 20.7 15.9 Prepayments 23.1 19.6 Insurance receivables \u2013 0.1 764.6 585.5 1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. Trade receivables and contract assets included in the balance sheet are shown net of expected credit loss provisions as detailed in note 2. The movement in the allowance for expected credit losses of trade receivables and contract assets is as follows: 2022 \u00a3m 2021 \u00a3m At 1 January 53.7 42.9 Used during the year (4.4) (3.1) Additional provisions 13.8 24.6 Unused amounts reversed (29.5) (11.9) Acquisition with businesses 0.2 2.4 Exchange movements 2.2 (1.2) At 31 December 36.0 53.7 Set out below is information about the credit risk exposure on the Group\u2019s trade receivables and contract assets, detailing past due but not impaired,
based on agreed terms and conditions with the customer:
2022
Contract assets Trade receivables and non-current customer retentions
Total
\u00a3m
Current
\u00a3m
Days past due
Total
\u00a3m
<30 days
\u00a3m
31\u201390 days
\u00a3m
>90 days
\u00a3m
Expected credit loss rate 1% 1% 0% 0% 43% 5%
Estimated total gross carrying amount at default 106.4 395.9 112.3 91.2 67.3 666.7
Expected credit loss (1.1) (5.3) (0.3) (0.4) (28.9) (34.9)
Carry amount as shown in the balance sheet 105.3 390.6 112.0 90.8 38.4 631.8
2021 (Restated)
1
Contract assets Trade receivables and non-current customer retentions
Total
\u00a3m
Current
\u00a3m
Days past due
Total
\u00a3m
<30 days
\u00a3m
31\u201390 days
\u00a3m
>90 days
\u00a3m
Expected credit loss rate 1% 7% 0% 1% 63% 10%
Estimated total gross carrying amount at default 99.9 288.9 125.3 60.0 53.9 528.1
Expected credit loss (0.7) (18.8) (0.1) (0.4) (33.7) (53.0)
Carry amount as shown in the balance sheet 99.2 270.1 125.2 59.6 20.2 475.1
1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period
business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "21 Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Bank balances 97.0 77.9 Short-term deposits 4.1 4.8 Cash and cash equivalents in the balance sheet 101.1 82.7 Bank overdrafts (6.9) (0.9) Cash and cash equivalents in the cash flow statement 94.2 81.8 Cash and cash equivalents include \u00a38.5m (2021: \u00a32.7m) of the Group\u2019s share of cash and cash equivalents held by joint operations, and \u00a31.4m (2021: \u00a31.7m) of restricted cash which is subject to local country restrictions as it is held as collateral in support of bank guarantees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-602": {
"value": "22 Assets held for sale 2022 \u00a3m 2021 \u00a3m Plant and machinery 2.8 3.1 Inventories \u2013 0.3 2.8 3.4 Assets held for sale in 2022 and 2021 mainly comprises equipment in North America of \u00a31.2m (2021: \u00a31.3m), following a rationalisation exercise, and machinery in the AMEA Division of \u00a31.4m (2021: \u00a31.6m) as a result of the wind-down of the Waterway business. During the year, \u00a30.9m of the North American assets were disposed of. The Waterway assets remain in assets held for sale as they are currently being marketed for sale. No new assets have been added to the assets held for sale category during the year .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-603": {
"value": "23 Trade and other payables 2022 \u00a3m 2021 (Restated)1 \u00a3m Trade payables 229.4 268.8 Other taxes and social security payable 21.5 25.2 Other payables 139.4 119.5 Contract liabilities 85.6 46.5 Accruals 109.7 48.0 585.6 508.0 1 The 31 December 2021 consolidated other payables have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. Other payables includes contingent and deferred consideration of \u00a30.8m (2021: \u00a312.3m) and contract specific accruals of \u00a3117.6m (2021: \u00a378.7m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "24 Provisions Employee provisions \u00a3m Restructuring provisions \u00a3m Contract provisions \u00a3m Insurance and legal provisions \u00a3m Other provisions \u00a3m Total \u00a3m As at 31 December 2021 9.9 3.5 41.9 72.8 3.6 131.7 Charge for the year 3.6 4.3 38.8 24.1 0.1 70.9 Used during the year (3.2) (3.0) (30.2) (28.9) (1.4) (66.7) Unused amounts reversed (0.9) (1.0) (16.1) (4.7) (0.3) (23.0) Unwinding of discount and changes in the discount rate 0.1 \u2013 \u2013 0.1 \u2013 0.2 Exchange movements 0.9 0.3 3.4 1.6 0.3 6.5 At 31 December 2022 10.4 4.1 37.8 65.0 2.3 119.6 Current 3.5 3.8 32.4 10.8 2.2 52.7 Non-current 6.9 0.3 5.4 54.2 0.1 66.9 At 31 December 2022 10.4 4.1 37.8 65.0 2.3 119.6 Employee provisions Employee provisions relate to various liabilities in respect of employee rights and benefits, including the workers\u2019 compensation scheme in North America and long service leave benefits in Australia. At 31 December 2022, the provision in respect of workers\u2019 compensation was \u00a37.1m (2021: \u00a36.5m). A provision is recognised when the an employee informs the company of a workers\u2019 compensation claim. The provision is measured based on information provided by the workers\u2019 compensation insurer. The actual costs that may be incurred in respect of these claims are dependent on the assessment of an employee\u2019s claim and potential medical expenses, with timing of outflows variable depending on the claim. At 31 December 2022, the provision in respect of long service leave was \u00a31.9m (2021: \u00a31.7m). A provision is recognised at the point an employee joins the company, with an adjustment made to factor the likelihood that the employee will remain in continuous service with the company to meet the threshold to receive the benefits. It is measured on an IAS 19 basis, at the present value of expected future benefit for services provided by employees up to the reporting date. The actual costs that may be incurred are dependent on the length of service for employees and amended for any starters and leavers. The provision is utilised when the leave is taken by the employee or when unused leave is paid on termination of employment. Employee provisions also includes an amount of \u00a30.8m (2021: \u00a31.4m) in respect of social security contributions on share options. This provision is utilised as the options are exercised by employees, which occurs when the awards vest. Restructuring provisions A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, has raised a valid expectation in those individuals affected and liabilities have been identified. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring. The restructuring provisions in 2022 relate primarily to the relevant activities in the North America and Europe Divisions. The provisions comprise mainly amounts for redundancy costs. Estimates may differ from the actual charges depending on the finalisation of redundancy amounts. These provisions are expected to be utilised within the next 12 months. Contract provisions Contract provisions include onerous contracts where the forecast costs of completing the contract exceed the revenue. Provision is made in full when such losses are foreseen, based on the estimated unavoidable costs of meeting the obligations of the contract, where these exceed the economic benefits expected to be received. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The majority of this balance is expected to be utilised in the next 12 months, given the general short-term nature of contracts. The non-current element of the provision relates to longer-term contracts and customer claims and disputes. Insurance and legal provisions Insurance and legal provisions comprises the liability for legal claims against the Group, including those that are retained within the Group\u2019s captive insurer (the \u2018captive\u2019). The captive covers both public liability and professional indemnity claims for the Group. The captive covers liabilities below an upper limit above which third-party insurance applies. Provisions for insurance and legal claims are made based on the best estimate of the likely total settlement value of a claim against the Group. Management seek specialist input from legal advisers and the Group\u2019s insurance claims handler to estimate the most likely legal outcome. The outcome of legal negotiations is inherently uncertain; as a result, there can be no guarantee that the assumptions used to estimate the provision will result in an accurate prediction of the actual costs that may be incurred. A provision is recognised when it is judged likely that a legal claim will result in a payment to the claimant and the amount of the claim can be reliably estimated. Provisions are utilised as insurance claims are settled, which may take a number of years. A separate insurance receivable is recognised to the extent that confirmed third-party insurance is expected to cover any element of an estimated claim value and is virtually certain to be recovered. The asset is recognised within other non-current assets (refer to note 18) and trade and other receivables (refer to note 20). Management considers that there are no instances of reimbursable assets which are probable in nature. Other provisions Other provisions are in respect of property dilapidation arising from lease obligations and other operational provisions. Where a lease includes a \u2018make-good\u2019 requirement, provision for the cost is recognised as the obligation is incurred, either at the commencement of the lease or as a consequence of using the asset, and the cost of the expected work required can be reliably estimated. These are expected to be utilised over the relevant lease term which ranges from 3 to 15 years across the Group. ",
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"fact-605": {
"value": "25 Other non-current liabilities 2022 \u00a3m 2021 \u00a3m Non-qualifying compensation plan liabilities 14.7 15.8 Other liabilities 6.6 5.4 21.3 21.2 Other liabilities include deferred and contingent consideration of \u00a31.1m (2021: contingent consideration of \u00a30.4m) and \u00a35.2m (2021: \u00a34.7m) in respect of US social security tax deferrals, refer to note 8 for further information. Refer to note 18 for further information on the non-qualifying deferred compensation plan. ",
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"fact-606": {
"value": "26 Financial instruments Exposure to credit, interest rate and currency risks arise in the normal course of the Group\u2019s business and have been identified as risks for the Group. Derivative financial instruments are used to hedge exposure to fluctuations in foreign exchange and interest rates. The Group does not trade in financial instruments nor does it engage in speculative derivative transactions. Currency risk The Group faces currency risk principally on its net assets, most of which are in currencies other than sterling. The Group aims to reduce the impact that retranslation of these net assets might have on the consolidated balance sheet by matching the currency of its borrowings, where possible, with the currency of its assets. The majority of the Group\u2019s borrowings are held in sterling, US dollars and Australian dollars. The Group manages its currency flows to minimise transaction exchange risk. Forward contracts are used to hedge significant individual transactions. The majority of such currency flows within the Group relate to the repatriation of profits, intra-group loan repayments and any foreign currency cash flows associated with acquisitions. The Group\u2019s treasury risk management is performed at the Group\u2019s head office. As at 31 December 2022, the fair value of outstanding foreign exchange forward contracts was \u00a3nil (2021: \u00a3nil) included in current assets/liabilities. Interest rate risk Our objectives are to add stability to the interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use external debt and interest rate swaps as part of our interest rate risk management strategy. Interest rate risk is managed by either fixed or floating rate borrowings dependent upon the purpose and term of the financing. As at 31 December 2022, approximately 80% (2021: 99%) of the Group\u2019s third-party borrowings were at floating interest rates. Hedging currency risk and interest rate risk The Group hedges currency risk and interest rate risk. Where hedging instruments are used to hedge significant individual transactions, the Group ensures that the critical terms, including dates, currencies, nominal amounts, interest rates and lengths of interest periods, are matched. The Group uses both qualitative and quantitative methods to confirm this and to assess the effectiveness of the hedge. Credit risk The Group\u2019s principal financial assets are trade and other receivables, bank and cash balances and a limited number of investments and derivatives held to hedge certain Group exposures. These represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The Group has procedures to manage counterparty risk and the assessment of customer credit risk is embedded in the contract tendering processes. The counterparty risk on bank and cash balances is managed by limiting the aggregate amount of exposure to any one institution by reference to their credit rating and by regular review of these ratings. Customer credit risk is mitigated by the Group\u2019s relatively small average contract size and diversity, both geographically and in terms of end markets. No individual customer represented more than 6% of revenue in 2022 (2021: 3%). The ageing of trade receivables that were past due but not impaired is shown in note 20. The Group evaluates each new customer and assesses their creditworthiness before any contract is undertaken. The Group reviews customer receivables (including contract assets) on an ageing basis and provides against expected unrecoverable amounts. Experience has shown the level of historical provision required to be relatively low. Credit loss provisioning reflects past experience, economic factors and specific conditions. The Group\u2019s estimated exposure to credit risk for trade receivables and contract assets is disclosed in note 20. This amount is the accumulation of several years of provisions for known or expected credit losses. Liquidity risk and capital management The Group\u2019s capital structure is kept under constant review, taking into account the need for availability and cost of various sources of funding. The capital structure of the Group consists of net debt and equity as shown in the consolidated balance sheet. The Group maintains a balance between the certainty of funding and a flexible, cost-effective financing structure, with all main borrowings being from committed facilities. The Group\u2019s policy ensures that its capital structure is appropriate to support this balance and the Group\u2019s operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group\u2019s debt and committed facilities mainly comprise a $75m private placement repayable in December 2024 and a \u00a3375m syndicated revolving credit facility expiring in November 2025. In November 2022 the Group increased borrowing facilities by a $115m bilateral term loan facility, expiring November 2024. This facility has not been used to date. These facilities are subject to certain covenants linked to the Group\u2019s financing structure, specifically regarding the ratios of net debt and interest to profit. The covenants are calculated on an IAS 17 basis, EBITDA to net debt leverage must be below three times and EBITDA interest cover must be above four times. The Group has complied with these covenants throughout the year. At the year end, the Group also had other borrowing facilities available of \u00a375.8m (2021: \u00a376.0m), including overdraft facilities, of which \u00a33.2m was undrawn at 31 December 2022. Private placements In October and December 2014, $50m and $75m were raised through a private placement with US institutions. The proceeds of the issue of $50m Series A notes 3.81% due 2021 and $75m Series B notes 4.17% due 2024 were used to refinance maturing private placements. In October 2021 the $50m private placement was repaid, in line with the agreed terms. The US private placement notes are accounted for on an amortised cost basis and are retranslated at the exchange rate at each period end. The carrying value of the $75m private placement liability at 31 December 2022 was \u00a362.0m (2021: \u00a358.1m). Hedging The 2014 $50m and $75m fixed rate private placement liabilities were swapped into floating rates by means of US dollar interest rate swaps (the \u20182014 swaps\u2019). In October 2021, the interest rate swap hedging the tranche of the $50m private placement liability repaid in the year was closed out in line with the agreed terms. The outstanding 2014 swaps hedging the $75m private placement liability that held the same maturity and were designated as fair value hedges were settled on 18 May 2022 at a net loss of \u00a30.4m, which was reflected within finance costs in the income statement. The swaps were settled before the maturity of the private placement as a result of the implementation of Group\u2019s interest management strategy. The fair value of the 2014 swaps at 31 December 2022 was \u00a3nil (2021: \u00a32.6m); no amount was included in other non-current assets (2021: \u00a36.2m). The effective portion of the changes in the fair value of the 2014 swaps was \u00a3nil (2021: loss of \u00a33.6m), which has been taken to the income statement along with the equal and opposite movement in fair value of the corresponding hedged items. The Group entered into a Treasury lock on 25 August 2022. A Treasury lock is a synthetic forward sale of a US Treasury note, which is settled in cash based upon the difference between an agreed upon treasury rate and the prevailing treasury rate at settlement. Such Treasury locks are entered into to effectively fix the treasury component of an upcoming debt issuance. This was in order to hedge the treasury rates on the highly probable launch of a new US private placement issuance between the date the Treasury lock was entered into and the intended finalisation of the transaction on 28 September 2022. The financing transaction was deferred; therefore, the Treasury lock was settled on maturity. The treasury reference rates increased over the relevant period, and a net credit was received of \u00a33.6m, which was recognised as finance income in the income statement as a non-underlying item. All hedges are tested for effectiveness every six months. All hedging relationships remained effective during the year while they were in place. There are no designated hedging relationships at 31 December 2022. The interest rate hedging relationship in place during 2021 as referred to above remained effective in 2021. 26 Financial instruments continued Accounting classifications 2022 \u00a3m 2021 (Restated) 1 \u00a3m Financial assets measured at fair value through profit or loss Non-qualifying deferred compensation plan 19.4 20.6 Interest rate swaps \u2013 2.6 Financial assets measured at amortised cost Trade receivables 615.5 450.7 Contract assets 105.3 99.2 Cash and cash equivalents 101.1 82.7 Financial liabilities at fair value through profit or loss Contingent consideration payable (0.9) (12.7) Financial liabilities measured at amortised cost Trade payables (229.4) (268.8) Contract liabilities (85.6) (46.5) Bank and other loans (319.0) (200.6) Lease liabilities (81.0) (75.4) Deferred consideration payable (1.0) \u2013 1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. Effective interest rates and maturity analysis In respect of financial liabilities, the following table indicates their effective interest rates and undiscounted contractual cash flows at the balance sheet date: 2022 Effective interest rate % Due within 1 year \u00a3m Due within 1\u20132 years \u00a3m Due within 2\u20135 years \u00a3m Due after more than 5 years \u00a3m Total \u00a3m Carrying amount as shown in the balance sheet \u00a3m Bank loans and overdrafts 5.0 10.4 0.4 245.7 0.1 256.6 256.4 Other loans 4.2 3.2 64.6 \u2013 \u2013 67.8 62.6 Lease liabilities \u2013 28.3 21.4 32.9 7.1 89.7 81.0 Contract liabilities \u2013 85.6 \u2013 \u2013 \u2013 85.6 85.6 Trade payables \u2013 229.4 \u2013 \u2013 \u2013 229.4 229.4 Contingent and deferred consideration \u2013 0.8 1.1 \u2013 \u2013 1.9 1.9 357.7 87.5 278.6 7. 2 731.0 716.9 2021 Effective interest rate % Due within 1 year \u00a3m Due within 1\u20132 years \u00a3m Due within 2\u20135 years \u00a3m Due after more than 5 years \u00a3m Total \u00a3m Carrying amount as shown in the balance sheet \u00a3m Bank loans and overdrafts 1.0 1.5 0.4 139.3 0.1 141.3 141.8 Bonds and other loans 1.6 3.6 2.3 57.8 \u2013 63.7 58.8 Lease liabilities \u2013 30.3 17.4 27.3 7.6 82.6 75.4 Contract liabilities \u2013 46.5 \u2013 \u2013 \u2013 46.5 46.5 Trade payables \u2013 268.8 \u2013 \u2013 \u2013 268.8 268.8 Contingent consideration \u2013 12.3 0.4 \u2013 \u2013 12.7 12.7 363.0 20.5 224.4 7.7 615.6 604.0 Loans and borrowings analysis 2022 \u00a3m 2021 \u00a3m $75m private placement (due December 2024) 62.0 58.1 \u00a3375m syndicated revolving credit facility (expiring November 2025) 248.1 138.5 Bank overdrafts 6.9 0.9 Other bank borrowings 1.4 2.4 Other loans 0.6 0.7 Lease liabilities (note 27) 81.0 75.4 Total loans and borrowings 400.0 276.0 The Group has substantial borrowing facilities available to it. The undrawn committed facilities available at 31 December 2022 amounted to \u00a3227.6m (2021: \u00a3235.5m). This mainly comprised the unutilised portion of the Group\u2019s \u00a3375m revolving credit facility, which expires on 23 November 2025. In addition, the Group had undrawn uncommitted borrowing facilities totalling \u00a346.1m at 31 December 2022 (2021: \u00a356.4m). Other uncommitted bank borrowing facilities are normally reaffirmed by the banks annually, although they can theoretically be withdrawn at any time. Facilities totalling \u00a31.5m (2021: \u00a33.2m) are secured against certain assets. Future obligations under finance leases on a former IAS 17 basis totalled \u00a30.9m (2021: \u00a31.5m), including interest of \u00a30.1m (2021: \u00a30.1m). Changes in loans and borrowings were as follows: 2021 \u00a3m Cash flows \u00a3m Other 1 \u00a3m New leases \u00a3m Acquisition of businesses \u00a3m Foreign exchange movements \u00a3m Fair value changes \u00a3m 2022 \u00a3m Bank overdrafts (0.9) (5.9) \u2013 \u2013 \u2013 (0.1) \u2013 (6.9) Bank loans (140.9) (98.2) (0.5) \u2013 (0.1) (9.8) \u2013 (249.5) Other loans (58.8) 0.3 \u2013 \u2013 \u2013 (6.5) 2.4 (62.6) Lease liabilities (note 27) (75.4) 33.1 (5.2) (24.8) (2.1) (6.6) \u2013 (81.0) Total loans and borrowings (276.0) (70.7) (5.7) (24.8) (2.2) (23.0) 2.4 (400.0) Derivative financial instruments 2.6 (0.2) \u2013 \u2013 \u2013 \u2013 (2.4) \u2013 1 Other comprises disposals and contract modifications and interest accretion on lease liabilities. and the amortisation of deferred financing costs on bank loans. The Group has managed the transition to alternative benchmark rates that are linked to existing interest rate benchmarks related to borrowings, leases and derivative contracts. The impact of IBOR reform on the Group was limited. The changes only applied to one hedge relationship associated with managing the fixed rate on the US private placement expiring in December 2024 (refer to note 25) which was closed out in May 2022. In 2021, the Group amended and restated the \u00a3375m syndicated revolving credit facility to replace any reference to IBOR with reference to applicable risk-free rates. There is no impact on the incremental borrowing rate for calculating leases liabilities. Cash flow hedges At 31 December 2022, the Group held no instruments to hedge exposures to changes in foreign currency rates (2021: \u00a3nil). At 31 December 2021, the Group\u2019s net value of instruments held to hedge exposures to changes in foreign currency rates was \u00a3nil (2021: \u00a3nil). 26 Financial instruments continued Fair value hedges The Group held the following instruments to hedge exposures to changes in interest rates: 2022 Maturity Carrying amount Change in fair value used for calculating hedge ineffectiveness \u00a3m Nominal2 amount $m <1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Asset 1 \u00a3m Liability \u00a3m Interest rate swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2021 Maturity Carrying amount Change in fair value used for calculating hedge ineffectiveness \u00a3m Nominal2 amount $m <1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Asset 1 \u00a3m Liability \u00a3m Interest rate swaps \u2013 \u2013 2.6 \u2013 2.6 \u2013 \u2013 9.4 1 Included within other assets. 2 The average fixed interest rate is 4.2%. The Group had the following hedged items relating to the above instruments: 2022 2021 Carrying 1 amount liability \u00a3m Change in fair value used for calculating hedge ineffectiveness \u00a3m Hedge 2 ineffectiveness in profit or loss \u00a3m Carrying1 amount liability \u00a3m Change in fair value used for calculating hedge ineffectiveness \u00a3m Hedge 2 ineffectiveness in profit or loss \u00a3m $75m private placements \u2013 \u2013 \u2013 (58.1) \u2013 \u2013 Fair value hedge adjustments \u2013 \u2013 \u2013 3.6 \u2013 \u2013 1 Included within loans and borrowings. 2 Included in operating profit for the year. Non-interest-bearing financial liabilities comprise trade payables and contract liabilities of \u00a3315.8m (2021: \u00a3315.3m), payable within one year . Fair values The fair values of the Group\u2019s financial assets and liabilities are not materially different from their carrying values. The following summarises the major methods and assumptions used in estimating the fair values of financial instruments; being derivatives, interest-bearing loans and borrowings, contingent and deferred consideration and payables, receivables and contract assets, cash and cash equivalents. Derivatives The fair values of interest rate and cross-currency swaps are calculated based on expected future principal and interest cash flows, discounted using market rates prevailing at the balance sheet date. The valuation methods of all of the Group\u2019s derivative financial instruments carried at fair value are categorised as Level 2. Level 2 assets are financial assets and liabilities that do not have regular market pricing, but whose fair value can be determined based on other data values or market prices. During the period, the interest rate swaps on the $75m private placement were terminated. Interest-bearing loans and borrowings Fair value is calculated based on expected future principal and interest cash flows discounted using appropriate discount rates prevailing at the balance sheet date. Contingent and deferred consideration Fair value is calculated based on the amounts expected to be paid, determined by reference to forecasts of future performance of the acquired businesses, discounted using appropriate discount rates prevailing at the balance sheet date and the probability of contingent events and targets being achieved. The valuation methods of the Group\u2019s contingent consideration carried at fair value are categorised as Level 3. Level 3 assets are financial assets and liabilities that are considered to be the most illiquid. Their values have been estimated using available management information, including subjective assumptions. The one individually significant unobservable input used in the fair value measurement of the Group\u2019s contingent consideration as at 31 December 2022 is the estimation of future profits at GKM in order to determine the expected outcome of the earnout arrangement. The following table shows a reconciliation from the opening to closing balances for contingent and deferred consideration: 2022 \u00a3m 2021 \u00a3m At 1 January 12.7 3.0 Acquisition of businesses (note 6) 1.7 8.8 Additional amounts provided (note 9) 0.1 1.3 Paid during the period (12.3) (0.4) Fair value in the income statement during the period (note 9) (0.7) (0.1) Exchange movements 0.4 0.1 At 31 December 1.9 12.7 On 1 May 2022, the Group acquired GKM Consultants Inc. Contingent consideration is payable dependent on the cumulative EBITDA in the three-year period post acquisition. The fair value of the contingent consideration was recognised at the date of acquisition at \u00a31.2m, but has been subsequently reduced following movements in its fair value to \u00a30.8m at 31 December 2022. On 15 November 2022, the Group acquired Nordwest Fundamentering AS, and the deferred contingent consideration payable relating to this acquisition is \u00a30.5m. Additional contingent consideration provided of \u00a30.1m relates to the acquisition of the Geo Instruments US business in 2017. Total contingent and deferred consideration of \u00a312.3m was paid during the period, comprising \u00a38.1m in respect of the RECON Services Inc. acquisition in 2021 and \u00a33.8m in respect of the Geo Construction Group (Bencor) acquisition in 2015. These both represent final agreements. Additionally, \u00a30.2m was paid in respect of the Geo Instruments acquisition and \u00a30.2m deferred consideration in respect of the Voges Drilling acquisition in 2021. Fair value movements during the period of \u00a30.7m relate to a fair value adjustment of the RECON contingent consideration on finalisation of the amount payable (\u00a30.3m) and the reduction in the GKM payable noted above (\u00a30.4m). Payables, receivables and contract assets For payables, receivables and contract assets with an expected maturity of one year or less, the carrying amount is deemed to reflect the fair value. Non-qualifying deferred compensation plan assets and liabilities The value of both the employee investments and those held in trust by the company are measured using Level 1 inputs per IFRS 13 (\u2018quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date\u2019) based on published market prices at the end of the period. Adjustments to the fair value of the assets and related liabilities are recorded within net finance costs in the consolidated income statement. Refer to note 18 for further information on the non-qualifying deferred compensation plan. 26 Financial instruments continued Interest rate and currency profile The profile of the Group\u2019s financial assets and financial liabilities after taking account of the impact of hedging instruments was as follows: 2022 GBP USD EUR CAD AUD Other Total Weighted average fixed debt interest rate (%) \u2013 4.2 1.4 \u2013 \u2013 3.5 \u2013 Weighted average fixed debt period (years) \u2013 2.0 3.2 \u2013 \u2013 0.1 \u2013 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Fixed rate financial liabilities \u2013 (62.0) (1.4) \u2013 \u2013 (0.6) (64.0) Floating rate financial liabilities (75.3) (153.8) (0.2) \u2013 25.6 (0.1) (255.0) Lease liabilities (2.9) (48.4) (10.4) (4.4) (4.6) (10.3) (81.0) Financial assets 7.1 4.4 14.9 4.7 11.6 58.4 101.1 Net debt (71.1) (259.8) 2.9 0.3 (18.6) 47.4 (298.9) 2021 GBP USD EUR CAD Other1 Total Weighted average fixed debt interest rate (%) \u2013 \u2013 1.5 \u2013 6.1 \u2013 Weighted average fixed debt period (years) \u2013 \u2013 4.1 \u2013 0.3 \u2013 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Fixed rate financial liabilities \u2013 \u2013 (1.7) \u2013 (1.3) (3.0) Floating rate financial liabilities (63.3) (111.8) (0.1) \u2013 (22.4) (197.6) Lease liabilities (3.5) (45.1) (12.7) (3.2) (10.9) (75.4) Financial assets 4.3 14.7 6.9 8.4 48.4 82.7 Net debt (62.5) (142.2) (7.6) 5.2 13.8 (193.3) 1 Included within other floating rate financial liabilities are AUD revolver loans of \u00a321.5m. Included within other financial assets are AUD cash balances of \u00a34.1m. Sensitivity analysis At 31 December 2022, it is estimated that a general movement of one percentage point in interest rates would increase or decrease the Group\u2019s profit before taxation by approximately \u00a31.5m (2021: \u00a31.2m). It is estimated that a general increase of 10 percentage points in the value of sterling against other principal foreign currencies would have decreased the Group\u2019s profit before taxation and non-underlying items by approximately \u00a38.8m for the year ended 31 December 2022 (2021: \u00a35.0m). The estimated impact of a 10 percentage point decrease in the value of sterling is an increase of \u00a37.2m (2021: \u00a36.1m) in the Group\u2019s profit before taxation and non-underlying items. This sensitivity relates to the impact of retranslation of foreign earnings only. The impact on the Group\u2019s earnings of currency transaction exchange risk is not significant. These sensitivities assume all other factors remain constant. ",
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"fact-632": {
"value": "Currency risk The Group faces currency risk principally on its net assets, most of which are in currencies other than sterling. The Group aims to reduce the impact that retranslation of these net assets might have on the consolidated balance sheet by matching the currency of its borrowings, where possible, with the currency of its assets. The majority of the Group\u2019s borrowings are held in sterling, US dollars and Australian dollars. The Group manages its currency flows to minimise transaction exchange risk. Forward contracts are used to hedge significant individual transactions. The majority of such currency flows within the Group relate to the repatriation of profits, intra-group loan repayments and any foreign currency cash flows associated with acquisitions. The Group\u2019s treasury risk management is performed at the Group\u2019s head office. As at 31 December 2022, the fair value of outstanding foreign exchange forward contracts was \u00a3nil (2021: \u00a3nil) included in current assets/liabilities. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-633": {
"value": "Interest rate risk Our objectives are to add stability to the interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use external debt and interest rate swaps as part of our interest rate risk management strategy. Interest rate risk is managed by either fixed or floating rate borrowings dependent upon the purpose and term of the financing. As at 31 December 2022, approximately 80% (2021: 99%) of the Group\u2019s third-party borrowings were at floating interest rates. ",
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"fact-634": {
"value": "Hedging currency risk and interest rate risk The Group hedges currency risk and interest rate risk. Where hedging instruments are used to hedge significant individual transactions, the Group ensures that the critical terms, including dates, currencies, nominal amounts, interest rates and lengths of interest periods, are matched. The Group uses both qualitative and quantitative methods to confirm this and to assess the effectiveness of the hedge. ",
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"entity": "scheme:549300QO4MBL43UHSN10",
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},
"fact-635": {
"value": "Credit risk The Group\u2019s principal financial assets are trade and other receivables, bank and cash balances and a limited number of investments and derivatives held to hedge certain Group exposures. These represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The Group has procedures to manage counterparty risk and the assessment of customer credit risk is embedded in the contract tendering processes. The counterparty risk on bank and cash balances is managed by limiting the aggregate amount of exposure to any one institution by reference to their credit rating and by regular review of these ratings. Customer credit risk is mitigated by the Group\u2019s relatively small average contract size and diversity, both geographically and in terms of end markets. No individual customer represented more than 6% of revenue in 2022 (2021: 3%). The ageing of trade receivables that were past due but not impaired is shown in note 20. The Group evaluates each new customer and assesses their creditworthiness before any contract is undertaken. The Group reviews customer receivables (including contract assets) on an ageing basis and provides against expected unrecoverable amounts. Experience has shown the level of historical provision required to be relatively low. Credit loss provisioning reflects past experience, economic factors and specific conditions. The Group\u2019s estimated exposure to credit risk for trade receivables and contract assets is disclosed in note 20. This amount is the accumulation of several years of provisions for known or expected credit losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-649": {
"value": "Liquidity risk and capital management The Group\u2019s capital structure is kept under constant review, taking into account the need for availability and cost of various sources of funding. The capital structure of the Group consists of net debt and equity as shown in the consolidated balance sheet. The Group maintains a balance between the certainty of funding and a flexible, cost-effective financing structure, with all main borrowings being from committed facilities. The Group\u2019s policy ensures that its capital structure is appropriate to support this balance and the Group\u2019s operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group\u2019s debt and committed facilities mainly comprise a $75m private placement repayable in December 2024 and a \u00a3375m syndicated revolving credit facility expiring in November 2025. In November 2022 the Group increased borrowing facilities by a $115m bilateral term loan facility, expiring November 2024. This facility has not been used to date. These facilities are subject to certain covenants linked to the Group\u2019s financing structure, specifically regarding the ratios of net debt and interest to profit. The covenants are calculated on an IAS 17 basis, EBITDA to net debt leverage must be below three times and EBITDA interest cover must be above four times. The Group has complied with these covenants throughout the year. At the year end, the Group also had other borrowing facilities available of \u00a375.8m (2021: \u00a376.0m), including overdraft facilities, of which \u00a33.2m was undrawn at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-636": {
"value": "Liquidity risk and capital management The Group\u2019s capital structure is kept under constant review, taking into account the need for availability and cost of various sources of funding. The capital structure of the Group consists of net debt and equity as shown in the consolidated balance sheet. The Group maintains a balance between the certainty of funding and a flexible, cost-effective financing structure, with all main borrowings being from committed facilities. The Group\u2019s policy ensures that its capital structure is appropriate to support this balance and the Group\u2019s operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group\u2019s debt and committed facilities mainly comprise a $75m private placement repayable in December 2024 and a \u00a3375m syndicated revolving credit facility expiring in November 2025. In November 2022 the Group increased borrowing facilities by a $115m bilateral term loan facility, expiring November 2024. This facility has not been used to date. These facilities are subject to certain covenants linked to the Group\u2019s financing structure, specifically regarding the ratios of net debt and interest to profit. The covenants are calculated on an IAS 17 basis, EBITDA to net debt leverage must be below three times and EBITDA interest cover must be above four times. The Group has complied with these covenants throughout the year. At the year end, the Group also had other borrowing facilities available of \u00a375.8m (2021: \u00a376.0m), including overdraft facilities, of which \u00a33.2m was undrawn at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "Private placements In October and December 2014, $50m and $75m were raised through a private placement with US institutions. The proceeds of the issue of $50m Series A notes 3.81% due 2021 and $75m Series B notes 4.17% due 2024 were used to refinance maturing private placements. In October 2021 the $50m private placement was repaid, in line with the agreed terms. The US private placement notes are accounted for on an amortised cost basis and are retranslated at the exchange rate at each period end. The carrying value of the $75m private placement liability at 31 December 2022 was \u00a362.0m (2021: \u00a358.1m). ",
"dimensions": {
"concept": "kellergroupplc:DisclosureOfPrivatePlacements",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "Hedging The 2014 $50m and $75m fixed rate private placement liabilities were swapped into floating rates by means of US dollar interest rate swaps (the \u20182014 swaps\u2019). In October 2021, the interest rate swap hedging the tranche of the $50m private placement liability repaid in the year was closed out in line with the agreed terms. The outstanding 2014 swaps hedging the $75m private placement liability that held the same maturity and were designated as fair value hedges were settled on 18 May 2022 at a net loss of \u00a30.4m, which was reflected within finance costs in the income statement. The swaps were settled before the maturity of the private placement as a result of the implementation of Group\u2019s interest management strategy. The fair value of the 2014 swaps at 31 December 2022 was \u00a3nil (2021: \u00a32.6m); no amount was included in other non-current assets (2021: \u00a36.2m). The effective portion of the changes in the fair value of the 2014 swaps was \u00a3nil (2021: loss of \u00a33.6m), which has been taken to the income statement along with the equal and opposite movement in fair value of the corresponding hedged items. The Group entered into a Treasury lock on 25 August 2022. A Treasury lock is a synthetic forward sale of a US Treasury note, which is settled in cash based upon the difference between an agreed upon treasury rate and the prevailing treasury rate at settlement. Such Treasury locks are entered into to effectively fix the treasury component of an upcoming debt issuance. This was in order to hedge the treasury rates on the highly probable launch of a new US private placement issuance between the date the Treasury lock was entered into and the intended finalisation of the transaction on 28 September 2022. The financing transaction was deferred; therefore, the Treasury lock was settled on maturity. The treasury reference rates increased over the relevant period, and a net credit was received of \u00a33.6m, which was recognised as finance income in the income statement as a non-underlying item. All hedges are tested for effectiveness every six months. All hedging relationships remained effective during the year while they were in place. There are no designated hedging relationships at 31 December 2022. The interest rate hedging relationship in place during 2021 as referred to above remained effective in 2021. Cash flow hedges At 31 December 2022, the Group held no instruments to hedge exposures to changes in foreign currency rates (2021: \u00a3nil). At 31 December 2021, the Group\u2019s net value of instruments held to hedge exposures to changes in foreign currency rates was \u00a3nil (2021: \u00a3nil). Fair value hedges The Group held the following instruments to hedge exposures to changes in interest rates: 2022 Maturity Carrying amount Change in fair value used for calculating hedge ineffectiveness \u00a3m Nominal2 amount $m <1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Asset 1 \u00a3m Liability \u00a3m Interest rate swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2021 Maturity Carrying amount Change in fair value used for calculating hedge ineffectiveness \u00a3m Nominal2 amount $m <1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Asset 1 \u00a3m Liability \u00a3m Interest rate swaps \u2013 \u2013 2.6 \u2013 2.6 \u2013 \u2013 9.4 1 Included within other assets. 2 The average fixed interest rate is 4.2%. The Group had the following hedged items relating to the above instruments: 2022 2021 Carrying 1 amount liability \u00a3m Change in fair value used for calculating hedge ineffectiveness \u00a3m Hedge 2 ineffectiveness in profit or loss \u00a3m Carrying1 amount liability \u00a3m Change in fair value used for calculating hedge ineffectiveness \u00a3m Hedge 2 ineffectiveness in profit or loss \u00a3m $75m private placements \u2013 \u2013 \u2013 (58.1) \u2013 \u2013 Fair value hedge adjustments \u2013 \u2013 \u2013 3.6 \u2013 \u2013 1 Included within loans and borrowings. 2 Included in operating profit for the year. Non-interest-bearing financial liabilities comprise trade payables and contract liabilities of \u00a3315.8m (2021: \u00a3315.3m), payable within one year ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "Accounting classifications 2022 \u00a3m 2021 (Restated) 1 \u00a3m Financial assets measured at fair value through profit or loss Non-qualifying deferred compensation plan 19.4 20.6 Interest rate swaps \u2013 2.6 Financial assets measured at amortised cost Trade receivables 615.5 450.7 Contract assets 105.3 99.2 Cash and cash equivalents 101.1 82.7 Financial liabilities at fair value through profit or loss Contingent consideration payable (0.9) (12.7) Financial liabilities measured at amortised cost Trade payables (229.4) (268.8) Contract liabilities (85.6) (46.5) Bank and other loans (319.0) (200.6) Lease liabilities (81.0) (75.4) Deferred consideration payable (1.0) \u2013 1 The 31 December 2021 consolidated trade receivables and contract assets have been restated in respect of the correction of prior period errors arising from the fraud at Austral and prior period business combination measurement adjustments, as outlined in notes 3 and 6 to the consolidated financial statements. ",
"dimensions": {
"concept": "kellergroupplc:DisclosureOfAccountingClassifications",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "Effective interest rates and maturity analysis In respect of financial liabilities, the following table indicates their effective interest rates and undiscounted contractual cash flows at the balance sheet date: 2022 Effective interest rate % Due within 1 year \u00a3m Due within 1\u20132 years \u00a3m Due within 2\u20135 years \u00a3m Due after more than 5 years \u00a3m Total \u00a3m Carrying amount as shown in the balance sheet \u00a3m Bank loans and overdrafts 5.0 10.4 0.4 245.7 0.1 256.6 256.4 Other loans 4.2 3.2 64.6 \u2013 \u2013 67.8 62.6 Lease liabilities \u2013 28.3 21.4 32.9 7.1 89.7 81.0 Contract liabilities \u2013 85.6 \u2013 \u2013 \u2013 85.6 85.6 Trade payables \u2013 229.4 \u2013 \u2013 \u2013 229.4 229.4 Contingent and deferred consideration \u2013 0.8 1.1 \u2013 \u2013 1.9 1.9 357.7 87.5 278.6 7. 2 731.0 716.9 2021 Effective interest rate % Due within 1 year \u00a3m Due within 1\u20132 years \u00a3m Due within 2\u20135 years \u00a3m Due after more than 5 years \u00a3m Total \u00a3m Carrying amount as shown in the balance sheet \u00a3m Bank loans and overdrafts 1.0 1.5 0.4 139.3 0.1 141.3 141.8 Bonds and other loans 1.6 3.6 2.3 57.8 \u2013 63.7 58.8 Lease liabilities \u2013 30.3 17.4 27.3 7.6 82.6 75.4 Contract liabilities \u2013 46.5 \u2013 \u2013 \u2013 46.5 46.5 Trade payables \u2013 268.8 \u2013 \u2013 \u2013 268.8 268.8 Contingent consideration \u2013 12.3 0.4 \u2013 \u2013 12.7 12.7 363.0 20.5 224.4 7.7 615.6 604.0 ",
"dimensions": {
"concept": "kellergroupplc:DisclosureOfEffectiveInterestRatesAndMaturityAnalysis",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "Loans and borrowings analysis 2022 \u00a3m 2021 \u00a3m $75m private placement (due December 2024) 62.0 58.1 \u00a3375m syndicated revolving credit facility (expiring November 2025) 248.1 138.5 Bank overdrafts 6.9 0.9 Other bank borrowings 1.4 2.4 Other loans 0.6 0.7 Lease liabilities (note 27) 81.0 75.4 Total loans and borrowings 400.0 276.0 The Group has substantial borrowing facilities available to it. The undrawn committed facilities available at 31 December 2022 amounted to \u00a3227.6m (2021: \u00a3235.5m). This mainly comprised the unutilised portion of the Group\u2019s \u00a3375m revolving credit facility, which expires on 23 November 2025. In addition, the Group had undrawn uncommitted borrowing facilities totalling \u00a346.1m at 31 December 2022 (2021: \u00a356.4m). Other uncommitted bank borrowing facilities are normally reaffirmed by the banks annually, although they can theoretically be withdrawn at any time. Facilities totalling \u00a31.5m (2021: \u00a33.2m) are secured against certain assets. Future obligations under finance leases on a former IAS 17 basis totalled \u00a30.9m (2021: \u00a31.5m), including interest of \u00a30.1m (2021: \u00a30.1m). Changes in loans and borrowings were as follows: 2021 \u00a3m Cash flows \u00a3m Other 1 \u00a3m New leases \u00a3m Acquisition of businesses \u00a3m Foreign exchange movements \u00a3m Fair value changes \u00a3m 2022 \u00a3m Bank overdrafts (0.9) (5.9) \u2013 \u2013 \u2013 (0.1) \u2013 (6.9) Bank loans (140.9) (98.2) (0.5) \u2013 (0.1) (9.8) \u2013 (249.5) Other loans (58.8) 0.3 \u2013 \u2013 \u2013 (6.5) 2.4 (62.6) Lease liabilities (note 27) (75.4) 33.1 (5.2) (24.8) (2.1) (6.6) \u2013 (81.0) Total loans and borrowings (276.0) (70.7) (5.7) (24.8) (2.2) (23.0) 2.4 (400.0) Derivative financial instruments 2.6 (0.2) \u2013 \u2013 \u2013 \u2013 (2.4) \u2013 1 Other comprises disposals and contract modifications and interest accretion on lease liabilities. and the amortisation of deferred financing costs on bank loans. The Group has managed the transition to alternative benchmark rates that are linked to existing interest rate benchmarks related to borrowings, leases and derivative contracts. The impact of IBOR reform on the Group was limited. The changes only applied to one hedge relationship associated with managing the fixed rate on the US private placement expiring in December 2024 (refer to note 25) which was closed out in May 2022. In 2021, the Group amended and restated the \u00a3375m syndicated revolving credit facility to replace any reference to IBOR with reference to applicable risk-free rates. There is no impact on the incremental borrowing rate for calculating leases liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-642": {
"value": "Fair values The fair values of the Group\u2019s financial assets and liabilities are not materially different from their carrying values. The following summarises the major methods and assumptions used in estimating the fair values of financial instruments; being derivatives, interest-bearing loans and borrowings, contingent and deferred consideration and payables, receivables and contract assets, cash and cash equivalents. Derivatives The fair values of interest rate and cross-currency swaps are calculated based on expected future principal and interest cash flows, discounted using market rates prevailing at the balance sheet date. The valuation methods of all of the Group\u2019s derivative financial instruments carried at fair value are categorised as Level 2. Level 2 assets are financial assets and liabilities that do not have regular market pricing, but whose fair value can be determined based on other data values or market prices. During the period, the interest rate swaps on the $75m private placement were terminated. Interest-bearing loans and borrowings Fair value is calculated based on expected future principal and interest cash flows discounted using appropriate discount rates prevailing at the balance sheet date. Contingent and deferred consideration Fair value is calculated based on the amounts expected to be paid, determined by reference to forecasts of future performance of the acquired businesses, discounted using appropriate discount rates prevailing at the balance sheet date and the probability of contingent events and targets being achieved. The valuation methods of the Group\u2019s contingent consideration carried at fair value are categorised as Level 3. Level 3 assets are financial assets and liabilities that are considered to be the most illiquid. Their values have been estimated using available management information, including subjective assumptions. The one individually significant unobservable input used in the fair value measurement of the Group\u2019s contingent consideration as at 31 December 2022 is the estimation of future profits at GKM in order to determine the expected outcome of the earnout arrangement. The following table shows a reconciliation from the opening to closing balances for contingent and deferred consideration: 2022 \u00a3m 2021 \u00a3m At 1 January 12.7 3.0 Acquisition of businesses (note 6) 1.7 8.8 Additional amounts provided (note 9) 0.1 1.3 Paid during the period (12.3) (0.4) Fair value in the income statement during the period (note 9) (0.7) (0.1) Exchange movements 0.4 0.1 At 31 December 1.9 12.7 On 1 May 2022, the Group acquired GKM Consultants Inc. Contingent consideration is payable dependent on the cumulative EBITDA in the three-year period post acquisition. The fair value of the contingent consideration was recognised at the date of acquisition at \u00a31.2m, but has been subsequently reduced following movements in its fair value to \u00a30.8m at 31 December 2022. On 15 November 2022, the Group acquired Nordwest Fundamentering AS, and the deferred contingent consideration payable relating to this acquisition is \u00a30.5m. Additional contingent consideration provided of \u00a30.1m relates to the acquisition of the Geo Instruments US business in 2017. Total contingent and deferred consideration of \u00a312.3m was paid during the period, comprising \u00a38.1m in respect of the RECON Services Inc. acquisition in 2021 and \u00a33.8m in respect of the Geo Construction Group (Bencor) acquisition in 2015. These both represent final agreements. Additionally, \u00a30.2m was paid in respect of the Geo Instruments acquisition and \u00a30.2m deferred consideration in respect of the Voges Drilling acquisition in 2021. Fair value movements during the period of \u00a30.7m relate to a fair value adjustment of the RECON contingent consideration on finalisation of the amount payable (\u00a30.3m) and the reduction in the GKM payable noted above (\u00a30.4m). Payables, receivables and contract assets For payables, receivables and contract assets with an expected maturity of one year or less, the carrying amount is deemed to reflect the fair value. Non-qualifying deferred compensation plan assets and liabilities The value of both the employee investments and those held in trust by the company are measured using Level 1 inputs per IFRS 13 (\u2018quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date\u2019) based on published market prices at the end of the period. Adjustments to the fair value of the assets and related liabilities are recorded within net finance costs in the consolidated income statement. Refer to note 18 for further information on the non-qualifying deferred compensation plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-643": {
"value": "Interest rate and currency profile The profile of the Group\u2019s financial assets and financial liabilities after taking account of the impact of hedging instruments was as follows: 2022 GBP USD EUR CAD AUD Other Total Weighted average fixed debt interest rate (%) \u2013 4.2 1.4 \u2013 \u2013 3.5 \u2013 Weighted average fixed debt period (years) \u2013 2.0 3.2 \u2013 \u2013 0.1 \u2013 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Fixed rate financial liabilities \u2013 (62.0) (1.4) \u2013 \u2013 (0.6) (64.0) Floating rate financial liabilities (75.3) (153.8) (0.2) \u2013 25.6 (0.1) (255.0) Lease liabilities (2.9) (48.4) (10.4) (4.4) (4.6) (10.3) (81.0) Financial assets 7.1 4.4 14.9 4.7 11.6 58.4 101.1 Net debt (71.1) (259.8) 2.9 0.3 (18.6) 47.4 (298.9) 2021 GBP USD EUR CAD Other1 Total Weighted average fixed debt interest rate (%) \u2013 \u2013 1.5 \u2013 6.1 \u2013 Weighted average fixed debt period (years) \u2013 \u2013 4.1 \u2013 0.3 \u2013 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Fixed rate financial liabilities \u2013 \u2013 (1.7) \u2013 (1.3) (3.0) Floating rate financial liabilities (63.3) (111.8) (0.1) \u2013 (22.4) (197.6) Lease liabilities (3.5) (45.1) (12.7) (3.2) (10.9) (75.4) Financial assets 4.3 14.7 6.9 8.4 48.4 82.7 Net debt (62.5) (142.2) (7.6) 5.2 13.8 (193.3) 1 Included within other floating rate financial liabilities are AUD revolver loans of \u00a321.5m. Included within other financial assets are AUD cash balances of \u00a34.1m. Sensitivity analysis At 31 December 2022, it is estimated that a general movement of one percentage point in interest rates would increase or decrease the Group\u2019s profit before taxation by approximately \u00a31.5m (2021: \u00a31.2m). It is estimated that a general increase of 10 percentage points in the value of sterling against other principal foreign currencies would have decreased the Group\u2019s profit before taxation and non-underlying items by approximately \u00a38.8m for the year ended 31 December 2022 (2021: \u00a35.0m). The estimated impact of a 10 percentage point decrease in the value of sterling is an increase of \u00a37.2m (2021: \u00a36.1m) in the Group\u2019s profit before taxation and non-underlying items. This sensitivity relates to the impact of retranslation of foreign earnings only. The impact on the Group\u2019s earnings of currency transaction exchange risk is not significant. These sensitivities assume all other factors remain constant. ",
"dimensions": {
"concept": "kellergroupplc:DisclosureOfInterestRateAndCurrencyProfile",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "27 Lease liabilities Set out below are the carrying amounts of lease liabilities (included within note 26 within loans and borrowings) and the movements during the year: 2022 \u00a3m 2021 \u00a3m At 1 January 75.4 73.8 Additions 24.8 24.8 Acquired with businesses 2.1 \u2013 Contract modifications 1.6 4.0 Interest expense 3.6 3.1 Payments (33.1) (29.8) Exchange movements 6.6 (0.5) At 31 December 81.0 75.4 Current 24.5 27.5 Non-current 56.5 47.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "28 Share capital and reserves 2022 \u00a3m 2021 \u00a3m Allotted, called up and fully paid equity share capital: 73,099,735 ordinary shares of 10p each (2021: 73,099,735) 7.3 7.3 The company has one class of ordinary shares, which carries no rights to fixed income. There are no restrictions on the transfer of these shares. The capital redemption reserve of \u00a37.6m is a non-distributable reserve created when the company\u2019s shares were redeemed or purchased other than from the proceeds of a fresh issue of shares. The other reserve of \u00a356.9m is a non-distributable reserve created when merger relief was applied to an issue of shares under section 612 of the Companies Act 2006 to part-fund the acquisition of Keller Canada. The reserve becomes distributable should Keller Canada be disposed of. As at 31 December 2022, the total number of shares held in treasury was 328,954 (2021: 777,917). During the year to 31 December 2022, 135,050 ordinary shares were purchased by the Keller Group Employee Benefit Trust (2021: 417,240), to be used to satisfy future obligations of the company under the Keller Group plc Long-Term Incentive Plan. This brings the total ordinary shares held by the Employee Benefit Trust to 552,290 (2021: 417,240). The cost of the market purchases was \u00a31.2m (2021: \u00a33.7m). There is a dividend waiver in place for both shares held in treasury and by the Keller Group Employee Benefit Trust. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "29 Related party transactions Transactions between the parent, its subsidiaries and joint operations, which are related parties, have been eliminated on consolidation. Other related party transactions are disclosed below: Compensation of key management personnel The remuneration of the Board and Executive Committee, who are the key management personnel, comprised: 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 4.5 8.2 Post-employment benefits 0.3 0.3 Termination payments 0.4 0.4 5.2 8.9 Other related party transactions As at 31 December 2022, there was a net balance of \u00a30.1m owed by (2021: \u00a30.1m owed by) the joint venture. These amounts are unsecured, have no fixed date of repayment and are repayable on demand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-644": {
"value": "30 Commitments Capital commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred was \u00a317.6m (2021: \u00a37.2m) and relates to property, plant and equipment purchases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "30 Commitments Capital commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred was \u00a317.6m (2021: \u00a37.2m) and relates to property, plant and equipment purchases. 31 Guarantees, contingent liabilities and contingent assets Claims and disputes arise, both in the normal course of business and in relation to the historic construction activities of the Group, some of which lead to litigation or arbitration procedures. Such claims are predominantly covered by the Group\u2019s insurance arrangements. The Group recognises provisions for liabilities when it is more likely than not that a settlement will be required and the value of such a payment can be reliably estimated. At 31 December 2022, the Group had outstanding standby letters of credit and surety bonds for the Group\u2019s captive insurance arrangements totalling \u00a328.1m (2021: \u00a326.5m). The Group enters into performance and advance payment bonds and other undertakings in the ordinary course of business, using guarantee facilities with financial institutions to provide these bonds to customers. At 31 December 2022, the Group has \u00a3190.6m outstanding related to performance and advanced payment bonds (2021: \u00a3138.3m). These are treated as a contingent liability until such time it becomes probable that payment will be required under the individual terms of each arrangement. It is judged to be a remote possibility that a payment will be required under any of the current performance or advance payment bonds. At 31 December 2022, the Group had no contingent assets (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-645": {
"value": "31 Guarantees, contingent liabilities and contingent assets Claims and disputes arise, both in the normal course of business and in relation to the historic construction activities of the Group, some of which lead to litigation or arbitration procedures. Such claims are predominantly covered by the Group\u2019s insurance arrangements. The Group recognises provisions for liabilities when it is more likely than not that a settlement will be required and the value of such a payment can be reliably estimated. At 31 December 2022, the Group had outstanding standby letters of credit and surety bonds for the Group\u2019s captive insurance arrangements totalling \u00a328.1m (2021: \u00a326.5m). The Group enters into performance and advance payment bonds and other undertakings in the ordinary course of business, using guarantee facilities with financial institutions to provide these bonds to customers. At 31 December 2022, the Group has \u00a3190.6m outstanding related to performance and advanced payment bonds (2021: \u00a3138.3m). These are treated as a contingent liability until such time it becomes probable that payment will be required under the individual terms of each arrangement. It is judged to be a remote possibility that a payment will be required under any of the current performance or advance payment bonds. At 31 December 2022, the Group had no contingent assets (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "32 Share-based payments The Group operates a Long-Term Incentive Plan (the \u2018Plan\u2019). Under the Plan, Executive Directors and certain members of senior management are granted nil-cost share options with a vesting period of three years. The awards are exercised automatically on vesting with the exception of Executive Directors who are subject to a two-year post-vesting holding period. Performance share awards are granted to Executive Directors and key management personnel which are subject to performance conditions including total shareholder return, earnings per share, return on capital employed and operating profit margin. Conditional awards are granted under which senior management receive shares subject only to service conditions, ie the requirement for participants to remain in employment with the Group over the vesting period. Participants are entitled to receive dividend equivalents on these awards. Outstanding awards are as follows: Number Outstanding at 1 January 2021 2,063,410 Granted during 2021 805,367 Lapsed during 2021 (782,525) Exercised during 2021 (111,816) Outstanding at 31 December 2021 and 1 January 2022 1,974,436 Granted during 2022 817,381 Lapsed during 2022 (365,677) Exercised during 2022 (448,963) Outstanding at 31 December 2022 1,977,177 Exercisable at 1 January 2021 \u2013 Exercisable at 31 December 2021 and 1 January 2022 \u2013 Exercisable at 31 December 2022 \u2013 The average share price during the year was 759.3p (2021: 865.1p). Under IFRS 2, the fair value of services received in return for share awards granted is measured by reference to the fair value of share options granted. The estimate of the fair value of share awards granted is measured based on a stochastic model. The contractual life of the award is used as an input into this model, with expectations of early exercise being incorporated into the model. The inputs into the stochastic model are as follows: 2022 2021 Share price at grant 800.0p 856.0p Weighted average exercise price 0.0p 0.0p Expected volatility 41.2% 47.3% Expected life 3 years 3 years Risk-free rate 1.35% 0.14% Expected dividend yield 0.00% 0.00% Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three years, adjusted for any expected changes to future volatility due to publicly available information. The Group recognised total expenses (included in operating costs) of \u00a32.9m (2021: \u00a33.9m) related to equity-settled, share-based payment transactions. The weighted average fair value of options granted in the year was 724.2p (2021: 827.6p). Options outstanding at the year-end have a weighted average remaining contractual life of 1.2 years (2021: 1.1 years). The awards, which are taken as shares, are intended to be satisfied from shares held under the Keller Group Employee Benefit Trust (the \u2018Trust\u2019) or from treasury shares held. The shares held by the Trust are accounted for as a deduction from equity in retained earnings. At 31 December 2022, 552,290 (2021: 417,240) ordinary shares were held by the Trust with a value of \u00a34.9m (2021: \u00a33.7m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "33 Retirement benefit liabilities The Group operates pension schemes in the UK and overseas. In the UK, the Group operates the Keller Group Pension Scheme (the \u2018Scheme\u2019), a defined benefit scheme, which has been closed to new members since 1999 and was closed to all future benefit accrual with effect from 31 March 2006. Under the Scheme, employees are normally entitled to retirement benefits on attainment of a retirement age of 65. The Scheme is subject to UK pensions legislation which, inter alia, provides for the regulation of work-based pension schemes by The Pensions Regulator. The trustees are aware of and adhere to the Codes of Practice issued by The Pensions Regulator. The Scheme trustees currently comprise one member-nominated trustee and two employer-nominated trustees. An employer-nominated trustee is also the Chair of the trustees. The Scheme exposes the Group to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk, which are managed through the investment strategy to acceptable levels established by the trustees. The Scheme can invest in a wide range of asset classes including equities, bonds, cash, property, alternatives (including private equity, commodities, hedge funds, infrastructure, currency, high yield debt and derivatives) and annuity policies. Any investment in derivative instruments is only made to contribute to a reduction in the overall level of risk in the portfolio or for the purposes of efficient portfolio management. With effect from the most recent actuarial valuation date (5 April 2020), the Group has agreed to pay annual contributions of \u00a32.7m, to increase by 3.6% per annum, until 5 August 2024, subject to a review of the level of employer contributions at the next actuarial review in 2023. Between 1990 and 1997, the Scheme members accrued a Guaranteed Minimum Pension (GMP). This amount differed between men and women in accordance with the rules which were applicable at that time. On 26 October 2018, there was a court judgement (in the case of Lloyds Banking Group Pensions Trustees Limited v Lloyds Bank PLC) that confirmed that GMP is to be made equal for men and women. In 2018, the estimated increase in the Scheme\u2019s liabilities was \u00a31.3m, which was recognised as a past service cost in 2018 as a charge to non-underlying items. On 20 November 2020, there was an updated judgement requiring an allowance to be made for past transfers. The estimated increase in the Scheme\u2019s liability in respect of this is less than \u00a30.1m. These estimates remain appropriate for 2022. The actual cost may differ when the GMP equalisation exercise is complete. The Group has two UK defined contribution retirement benefit schemes. There were no contributions outstanding in respect of these schemes at 31 December 2022 (2021: \u00a3nil). The total UK defined contribution pension charge for the year was \u00a31.6m (2021: \u00a31.4m). The Group has defined benefit retirement obligations in Germany and Austria. Under these schemes, employees are entitled to retirement benefits on attainment of a retirement age of 65, provided they have either five or ten years of employment with the Group, depending on the area or field they are working in. The amount of benefit payable depends on the grade of the employee and the number of years of service. Benefits under these schemes only apply to employees who joined the Group prior to 1997. These defined benefit retirement obligations are funded on the Group\u2019s balance sheet and obligations are met as and when required by the Group. The Group has a number of end of service schemes in the Middle East as required by local laws and regulations. The amount of benefit payable depends on the current salary of the employee and the number of years of service. These retirement obligations are funded on the Group\u2019s balance sheet and obligations are met as and when required by the Group. The Group operates a defined contribution scheme for employees in North America, where the Group is required to match employee contributions up to a certain level in accordance with the scheme rules. The total North America pension charge for the year was \u00a314.6m (2021: \u00a36.4m). In Australia, there is a defined contribution scheme where the Group is required to ensure that a prescribed level of superannuation support of an employee\u2019s notional base earnings is made. This prescribed level of support is currently 10.5% (2021: 10.0%). The total Australian pension charge for the year was \u00a34.6m (2021: \u00a33.8m). Details of the Group\u2019s defined benefit schemes are as follows: The Keller Group Pension Scheme (UK) 2022 \u00a3m The Keller Group Pension Scheme (UK) 2021 \u00a3m German1, Austrian and other schemes 2022 \u00a3m German1, Austrian and other schemes 2021 \u00a3m Present value of the scheme liabilities (39.0) (58.3) (16.7) (18.9) Fair value of assets 42.2 63.7 \u2013 \u2013 Surplus/(deficit) in the scheme 3.2 5.4 (16.7) (18.9) Irrecoverable surplus (7.3) (12.2) \u2013 \u2013 Net defined benefit liability (4.1) (6.8) (16.7) (18.9) 1 Included in this balance is \u00a33.5m (2021: \u00a33.0m) in relation to the end of service schemes in the Middle East. For the Keller Group Pension Scheme, based on the net deficit of the Scheme as at 31 December 2022 and the committed payments under the Schedule of Contributions agreed on 17 November 2020, there is a irrecoverable surplus of \u00a37.3m (2021: \u00a312.2m). Management is of the view that, based on the Scheme rules, it does not have an unconditional right to a refund of a surplus under IFRIC 14, and therefore an additional balance sheet liability in respect of a \u2018minimum funding requirement\u2019 has been recognised. The minimum funding requirement is calculated using the agreed contributions of \u00a32.7m a year with effect from 1 January 2021, increasing by 3.6% per annum on 1 January going forward to 5 August 2024. The contributions will be reviewed following the next actuarial review to be prepared as at 5 April 2023. 33 Retirement benefit liabilities continued The value of the scheme liabilities has been determined by the actuary using the following assumptions: The Keller Group Pension Scheme (UK) 2022 % The Keller Group Pension Scheme (UK) 2021 % German and Austrian schemes 2022 % German and Austrian schemes 2021 % Discount rate 4.8 2.0 3.5 0.8 Interest on assets 4.8 2.0 \u2013 \u2013 Rate of increase in pensions in payment 3.4 3.5 2.5 2.0 Rate of increase in pensions in deferment 2.7 2.9 8.3 3.2 Rate of inflation 3.3 3.5 8.3 3.2 The mortality rate assumptions are based on published statistics. The average remaining life expectancy, in years, of a pensioner retiring at the age of 65 at the balance sheet date is: The Keller Group Pension Scheme (UK) 2022 The Keller Group Pension Scheme (UK) 2021 German and Austrian schemes 2022 German and Austrian schemes 2021 Male currently aged 65 21.0 21.0 19.9 19.5 Female currently aged 65 23.4 23.3 23.3 22.8 The assets of the schemes were as follows: The Keller Group Pension Scheme (UK) 2022 \u00a3m The Keller Group Pension Scheme (UK) 2021 \u00a3m German, Austrian and other schemes 2022 \u00a3m German, Austrian and other schemes 2021 \u00a3m Equities 7.8 16.8 \u2013 \u2013 Target return funds1 5.0 8.1 \u2013 \u2013 Gilts \u2013 \u2013 \u2013 \u2013 Bonds 13.6 19.7 \u2013 \u2013 Liability driven investing (LDI) portfolios2 12.9 15.9 \u2013 \u2013 Cash 2.9 3.2 \u2013 \u2013 42.2 63.7 \u2013 \u2013 1 A diversified growth fund split between mainly UK listed equities, bonds and alternative investments which are capped at 20% of the total fund. 2 A portfolio of gilt and swap contracts, backed by investment-grade credit instruments, that is designed to hedge the majority of the interest rate and inflation risks associated with the Schemes\u2019 obligations. The Keller Group Pension Scheme (UK) 2022 \u00a3m The Keller Group Pension Scheme (UK) 2021 \u00a3m German1, Austrian and other schemes 2022 \u00a3m German1, Austrian and other schemes 2021 \u00a3m Changes in scheme liabilities Opening balance (58.3) (65.0) (18.9) (21.9) Current service cost \u2013 \u2013 (0.8) (0.6) Interest cost (1.1) (0.8) \u2013 (0.1) Benefits paid 2.1 2.1 1.0 1.5 Exchange movements \u2013 \u2013 (0.8) 1.0 Experience loss on defined benefit obligation (0.5) \u2013 \u2013 \u2013 Changes to demographic assumptions \u2013 (0.6) \u2013 \u2013 Changes to financial assumptions 18.8 6.0 2.8 1.2 Closing balance (39.0) (58.3) (16.7) (18.9) Changes in scheme assets Opening balance 63.7 58.0 \u2013 \u2013 Interest on assets 1.2 0.7 \u2013 \u2013 Administration costs (0.2) (0.2) \u2013 \u2013 Employer contributions 2.8 2.7 \u2013 \u2013 Benefits paid (2.1) (2.1) \u2013 \u2013 Return on plan assets less interest (23.2) 4.6 \u2013 \u2013 Closing balance 42.2 63.7 \u2013 \u2013 Actual return on scheme assets (22.0) 5.3 \u2013 \u2013 Statement of comprehensive income Return on plan assets less interest (23.2) 4.6 \u2013 \u2013 Experience gain on defined benefit obligation (0.5) \u2013 \u2013 \u2013 Changes to demographic assumptions \u2013 (0.6) \u2013 \u2013 Changes to financial assumptions 18.8 6.0 2.8 1.2 Change in irrecoverable surplus 4.9 (10.0) \u2013 \u2013 Remeasurements of defined benefit plans \u2013 \u2013 2.8 1.2 Cumulative remeasurements of defined benefit plans (25.6) (25.6) (6.4) (9.2) Expense recognised in the income statement Current service cost \u2013 \u2013 0.8 0.6 Administration costs 0.2 0.2 \u2013 \u2013 Operating costs 0.2 0.2 0.8 0.6 Net pension interest cost (0.1) 0.1 \u2013 0.1 Expense recognised in the income statement 0.1 0.3 0.8 0.7 Movements in the balance sheet liability Net liability at start of year 6.8 9.2 18.9 21.9 Expense recognised in the income statement 0.1 0.3 0.8 0.7 Employer contributions (2.8) (2.7) \u2013 \u2013 Benefits paid \u2013 \u2013 (1.0) (1.5) Exchange movements \u2013 \u2013 0.8 (1.0) Remeasurements of defined benefit plans \u2013 \u2013 (2.8) (1.2) Net liability at end of year 4.1 6.8 16.7 18.9 1 Other comprises end of service schemes in the Middle East of \u00a33.5m (2021: \u00a33.0m). 33 Retirement benefit liabilities continued A reduction in the discount rate of 0.5% would increase the deficit in the schemes by \u00a32.5m (2021: reduction in the discount rate of 0.1% would increase the deficit in the scheme by \u00a31.1m), whilst a reduction in the inflation assumption of 0.5%, including its impact on the revaluation in deferment and pension increases in payment, would decrease the deficit by \u00a31.3m (2021: reduction in the inflation assumption of 0.1% would decrease the deficit by \u00a30.7m). A decrease in the mortality rate by one year would decrease the deficit in the schemes by \u00a31.8m. Note that these sensitivities do not include end of service schemes in the Middle East as these are not material to the Group. The weighted average duration of the defined benefit obligation is approximately 13 years for the UK scheme and 12 years for the German and Austrian schemes. The history of experience adjustments on scheme assets and liabilities for all the Group\u2019s defined benefit pension schemes, including the end of service schemes in the Middle East, are as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2019 \u00a3m 2018 \u00a3m Present value of defined benefit obligation (55.7) (77.2) (86.9) (81.1) (71.7) Fair value of scheme assets 42.2 63.7 58.0 52.2 45.2 Deficit in the schemes (13.5) (13.5) (28.9) (28.9) (26.5) Irrecoverable surplus (7. 3) (12.2) (2.2) (1.8) (1.4) Net defined benefit liability (20.8) (25.7) (31.1) (30.7) (27.9) Experience adjustments on scheme liabilities 21.1 6.6 (7.9) (8.2) 3.7 Experience adjustments on scheme assets (23.2) 4.6 6.1 5.4 (1.5) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "34 Non-controlling interests Financial information of subsidiaries that have a material non-controlling interest is provided below: Name Country of incorporation 2022 2021 Keller Fondations Speciales SPA Algeria 49% 49% Keller Turki Company Limited Saudi Arabia 35% 35% Loss attributable to non-controlling interests: 2022 \u00a3m 2021 \u00a3m Keller Fondations Speciales SPA (0.5) (0.5) Keller Turki Company Limited (0.3) (0.3) Other interests (0.2) (0.1) (1.0) (0.9) Share of net assets of non-controlling interests: 2022 \u00a3m 2021 \u00a3m Keller Fondations Speciales SPA 2.7 2.9 Keller Turki Company Limited (0.6) (0.3) Other interests 0.2 0.2 2.3 2.8 Aggregate amounts relating to material non-controlling interests: 2022 \u00a3m 2021 \u00a3m Keller Fondations Speciales SPA Keller Turki Company Limited Keller Fondations Speciales SPA Keller Turki Company Limited Revenue 0.1 4.6 0.9 4.2 Operating costs (0.6) (4.9) (1.2) (4.5) Operating loss (0.5) (0.3) (0.3) (0.3) Finance costs \u2013 \u2013 \u2013 \u2013 Loss before taxation (0.5) (0.3) (0.3) (0.3) Taxation \u2013 \u2013 (0.2) \u2013 Loss attributable to non-controlling interests (0.5) (0.3) (0.5) (0.3) 2022 \u00a3m 2021 \u00a3m Keller Fondations Speciales SPA Keller Turki Company Limited Keller Fondations Speciales SPA Keller Turki Company Limited Non-current assets 0.8 0.7 0.9 0.7 Current assets 2.8 6.0 2.8 2.4 Current liabilities (0.9) (6.2) (0.8) (2.8) Non-current liabilities \u2013 (1.1) \u2013 (0.6) Share of net assets/(liabilities) 2.7 (0.6) 2.9 (0.3) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "35 Post balance sheet events There were no material post balance sheet events between the balance sheet date and the date of this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300QO4MBL43UHSN10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}